cityam--2020-08-28--Exclusive: Sky to open first retail stores as it takes on high street rivals

Sky is set to open its first ever brick-and-mortar retail stores in the UK as the broadcaster and telecoms giant defies faltering footfall to turn up the heat on its rivals .
The media group is poised to open its first outlets in the coming months , providing a physical point of sale for its mobile , TV and broadband offerings , people with knowledge of the plans told City A.M. Read more : Sky Arts to become free to air channel in bid to boost culture sector The first store is set to open in Liverpool , with at @ @ @ @ @ @ @ the end of the year .
London is not thought to be among the initial opening locations .
Some sites will also feature in-store partnerships with iSmash , the popular tech repair chain that currently operates 32 locations across the UK .
Sources said the plans reflect Sky ’ s increased focus on customer service over sales , and the stores are set to favour open-plan layouts similar to those favoured by US tech giant Apple .
The shops will offer help to existing customers as well as allowing new customers to test @ @ @ @ @ @ @ s flagship Sky Q TV subscription package — before committing to a contract .
The brick-and-mortar project suggests the Comcast-owned company has faith in the British high street despite a steep decline in footfall sparked by the coronavirus crisis .
However , while many businesses have withdrawn from brick-and-mortar sites in recent years , telecoms firms have retained a strong presence on the high street .
Last year BT returned to the high street after setting up shop in co-branded stores with its mobile subsidiary EE , while O2 and Three have also @ @ @ @ @ @ @ the retail downturn .
But Sky will be hoping to stand out from its rivals through its combined offering of TV , broadband and mobile amid increased consolidation in the industry .
Read more : Sky to claw back £330m from sports cancellations ahead of Premier League restart Sky has struck a number of deals in recent months with the likes of Disney and the BBC to integrate streaming services into its Sky Q platform as it looks to provide a single access point to a wide range of services .
It has @ @ @ @ @ @ @ and mobile services .
However , the company posted a 15.5 per cent decline in revenue for the second quarter , largely driven by a collapse in the advertising market caused by the coronavirus pandemic .

Exclusive: Sky to open first retail stores as it takes on high street rivals
Sky is set to open its first ever brick-and-mortar retail stores in the UK as the broadcaster and telecoms giant defies faltering footfall to turn up the heat on its rivals.
The media group is poised to open its first outlets in the coming months, providing a physical point of sale for its mobile, TV and broadband offerings, people with knowledge of the plans told City A.M.
The first store is set to open in Liverpool, with at least three further sites to open by the end of the year. London is not thought to be among the initial opening locations.
Some sites will also feature in-store partnerships with iSmash, the popular tech repair chain that currently operates 32 locations across the UK.
Sources said the plans reflect Sky’s increased focus on customer service over sales, and the stores are set to favour open-plan layouts similar to those favoured by US tech giant Apple.
The shops will offer help to existing customers as well as allowing new customers to test products — such as the company’s flagship Sky Q TV subscription package — before committing to a contract.
The brick-and-mortar project suggests the Comcast-owned company has faith in the British high street despite a steep decline in footfall sparked by the coronavirus crisis.
However, while many businesses have withdrawn from brick-and-mortar sites in recent years, telecoms firms have retained a strong presence on the high street.
Last year BT returned to the high street after setting up shop in co-branded stores with its mobile subsidiary EE, while O2 and Three have also kept their store portfolio relatively steady despite the retail downturn.
But Sky will be hoping to stand out from its rivals through its combined offering of TV, broadband and mobile amid increased consolidation in the industry.
Sky has struck a number of deals in recent months with the likes of Disney and the BBC to integrate streaming services into its Sky Q platform as it looks to provide a single access point to a wide range of services.
It has also pursued aggressive expansion of its broadband and mobile services.
However, the company posted a 15.5 per cent decline in revenue for the second quarter, largely driven by a collapse in the advertising market caused by the coronavirus pandemic.
Sky declined to comment.


cityam--2020-08-28--Waitrose launches Deliveroo trial as Ocado partnership ends

Waitrose has launched a partnership with Deliveroo as its deal with online supermarket Ocado comes to an end .
The grocer said that more than 500 products will be available to order through Deliveroo as part of an initial 12 week trial .
Read more : Waitrose hires ex-Sainsbury ’ s director as new boss Customers will be able to order from stores in Bracknell and Clifton from Tuesday , with Surbiton , Fitzroy Street in Cambridge and Notting Hill shops set to join the trial from 3 September .
Waitrose has been ramping up its delivery options as its @ @ @ @ @ @ @ , with M & S waiting to take over .
The upmarket supermarket said the Deliveroo trial will complement its Waitrose Rapid service , which has seen a three-fold increase in customers since the beginning of the coronavirus pandemic .
The supermarket also has plans to increase the number of available delivery slots to 250,000 as it prepares to compete with the Ocado and M & S tie-up .
Waitrose executive director James Bailey said : “ We have laid down a marker for our future strategy with the growth of Waitrose.com and @ @ @ @ @ @ @ opportunity to give our customers a taste of what the future of convenience shopping could look like for us .
“ Our trial with Deliveroo has huge potential to give new and existing customers greater choice and flexibility for when and how they want to shop with Waitrose.
” “ Deliveroo ’ s on-demand grocery services have proven vital for so many people during this difficult period , allowing families to get the items they want and need quickly without having to leave home , ” Deliveroo vice president of new business Ajay @ @ @ @ @ @ @ will bring Waitrose ’ s fantastic product range to people in as little as 30 minutes .
We are excited about working with such a brilliant British brand , bringing people the food they need and want , on-demand .
”

Waitrose launches Deliveroo trial as Ocado partnership ends
Photo credit: Waitrose/Deliveroo/Fiona Hanson
Waitrose has launched a partnership with Deliveroo as its deal with online supermarket Ocado comes to an end.
The grocer said that more than 500 products will be available to order through Deliveroo as part of an initial 12 week trial.
Customers will be able to order from stores in Bracknell and Clifton from Tuesday, with Surbiton, Fitzroy Street in Cambridge and Notting Hill shops set to join the trial from 3 September.
Waitrose has been ramping up its delivery options as its partnership with Ocado draws to a close, with M&S waiting to take over.
The upmarket supermarket said the Deliveroo trial will complement its Waitrose Rapid service, which has seen a three-fold increase in customers since the beginning of the coronavirus pandemic.
The supermarket also has plans to increase the number of available delivery slots to 250,000 as it prepares to compete with the Ocado and M&S tie-up.
Waitrose executive director James Bailey said: “We have laid down a marker for our future strategy with the growth of Waitrose.com and Waitrose Rapid and this gives us another opportunity to give our customers a taste of what the future of convenience shopping could look like for us.
“Our trial with Deliveroo has huge potential to give new and existing customers greater choice and flexibility for when and how they want to shop with Waitrose.”
“Deliveroo’s on-demand grocery services have proven vital for so many people during this difficult period, allowing families to get the items they want and need quickly without having to leave home,” Deliveroo vice president of new business Ajay Lakhani added.
“This new partnership will bring Waitrose’s fantastic product range to people in as little as 30 minutes. We are excited about working with such a brilliant British brand, bringing people the food they need and want, on-demand.”


cityam--2020-08-28--Andrew Bailey says Bank of England 'not out of firepower'

Bank of England governor Andrew Bailey has said the central bank is “ not out of firepower ” with which to tackle the coronavirus downturn “ by any means ” .
In fact it seemed like the Bank underestimated the amount of firepower it had left before coronavirus hit , the governor told the online Jackson Hole economic policy symposium .
Read more : Fed to tolerate higher inflation in major policy shift Yet he said it was important that central banks appreciate the need to make sure they have enough “ headroom ” to deal with future crises .
@ @ @ @ @ @ @ should at some point think about reducing the stock of government bonds they bought through quantitative easing to ensure they can “ go big and go fast ” to tackle future crises .
The speech came the day after US Federal Reserve chairman Jay Powell announced a new approach to inflation in a major policy shift .
The Fed will now tolerate inflation overshooting two per cent to make up for periods when it has been lower .
It paves the way for the world ’ s most important central bank to leave @ @ @ @ @ @ @ time to come .
Bailey ’ s speech was less dramatic and more reflective .
He said the quantitative easing ( QE ) – bond-buying with the aim of calming markets and spurring lending – launched during the Covid crisis had “ worked effectively ” .
“ QE clearly acted to break a dangerous risk of transmission from severe market stress to the macro-economy , by avoiding a sharp tightening in financial conditions and thus an increase in effective interest rates.
” Yet Bailey struck a note of caution , saying central bankers @ @ @ @ @ @ @ manage central bank balance sheets ” to make sure they can take sufficient action in the future .
Read more : BoE governor Andrew Bailey : Some parts of economy no longer ‘ viable ’ Simon French , chief economist at Panmure Gordon , tweeted that he read the speech “ as a little bit hawkish ” – that is , in favour of tightening policy .
He said it suggests central banks should be “ reloading the balance sheet headroom to be prepared for new shocks ” .
However , Bailey said @ @ @ @ @ @ @ not seem like an imminent issue in current conditions ” .

Andrew Bailey says Bank of England ‘not out of firepower’
Bank of England governor Andrew Bailey took his post in March
Bank of England governor Andrew Bailey has said the central bank is “not out of firepower” with which to tackle the coronavirus downturn “by any means”.
In fact it seemed like the Bank underestimated the amount of firepower it had left before coronavirus hit, the governor told the online Jackson Hole economic policy symposium.
Yet he said it was important that central banks appreciate the need to make sure they have enough “headroom” to deal with future crises.
Bailey suggested that the BoE and others should at some point think about reducing the stock of government bonds they bought through quantitative easing to ensure they can “go big and go fast” to tackle future crises.
The speech came the day after US Federal Reserve chairman Jay Powell announced a new approach to inflation in a major policy shift.
The Fed will now tolerate inflation overshooting two per cent to make up for periods when it has been lower. It paves the way for the world’s most important central bank to leave interest rates near record lows for some time to come.
Bailey says QE has ‘worked effectively’
Bailey’s speech was less dramatic and more reflective. He said the quantitative easing (QE) – bond-buying with the aim of calming markets and spurring lending – launched during the Covid crisis had “worked effectively”.
“QE clearly acted to break a dangerous risk of transmission from severe market stress to the macro-economy, by avoiding a sharp tightening in financial conditions and thus an increase in effective interest rates.”
Yet Bailey struck a note of caution, saying central bankers must not “ignore the need to manage central bank balance sheets” to make sure they can take sufficient action in the future.
Simon French, chief economist at Panmure Gordon, tweeted that he read the speech “as a little bit hawkish” – that is, in favour of tightening policy. He said it suggests central banks should be “reloading the balance sheet headroom to be prepared for new shocks”.
However, Bailey said that unwinding the balance sheet “does not seem like an imminent issue in current conditions”.


cityam--2020-08-28--Business groups cautiously welcome government’s back to work campaign

UK business groups have welcomed the government ’ s back to work campaign with some caution , calling for more guidance and government incentives .
The government will launch a major media campaign next week to promote the advantages of returning to work and reassure employees about safety measures .
Read more : Coronavirus : Government to launch back-to-work campaign It comes after a swathe of major City firms announced plans to extend remote working , including fund manager Schroders which has permanently embraced a flexible approach .
However industry bodies and business groups have welcomed the government ’ s @ @ @ @ @ @ @ of office work and its impact on local economies .
John Dickie , Director of Strategy and Policy at London First said : “ There are some things that just aren ’ t the same on a video call and our future prosperity relies on getting more people back to their workplaces , more often.
” It is a view shared by many employees in the capital , particularly as many are restricted in cramped living conditions .
But business groups also note that while important for local economies , the decision ultimately @ @ @ @ @ @ @ Tej Parikh , chief economist at the Institute of Directors ( IoD ) , said : “ It ’ s right for the Government to encourage and enable those who want to return .
However , the decision ultimately rests with individual firms and staff , many of whom have found remote working much more suitable than expected.
” Read more : Exclusive : Majority of companies will allow staff to work from home Business groups are calling for further clarity in what a return to the office looks like , particularly in @ @ @ @ @ @ @ of the Federation of Small Businesses ( FSB ) Mike Cherry said : “ It ’ s critical that the government continues to set out crystal clear , regularly updated guidance around returning to workplaces safely , especially in areas where restrictions have been reimposed.
” “ Every premises is different , so it ’ s key that small firms are able to draw on the vast array of safety measures that are available , rather than having one model forced on them ” , he added .
Read more : Sir Graham @ @ @ @ @ @ @ back to the office It is a view shared by BCC Director General Adam Marshall who said businesses need “ crystal-clear official guidance and confidence in test and trace systems.
” The productivity push will coincide with the proposed reopening of schools in England and Wales but Marshall said a rapid return to work presents logistical issues .
“ For many employees , returning to the workplace depends on schools reopening , the availability of childcare , and confidence that they can use public transport safely.
” Read more : Coronavirus travel hacks @ @ @ @ @ @ @ the crowds As well as informal development for employees , a return to offices would help local businesses which are reliant on commuter custom .
CBI boss Dame Carolyn Fairbairn yesterday warned that cities risked becoming “ ghost towns ” and said a return to work was vital for reviving the economy .
She is echoed by Kate Nicholls , chief executive of UK Hospitality , who today said : “ Hospitality in London is hugely reliant on office workers .
All the while they stay away , hospitality businesses are going to @ @ @ @ @ @ @ ’ s strategy is the fear that an extended period of remote working will decimate the hospitality sector as city centres remain deserted .
“ Shops and cafes are struggling , with footfall down by half due to people working remotely ” , Helen Dickinson , chief executive of the British Retail Consortium ( BRC ) said .
“ Office workers are an integral part of a thriving city centre and without them , many businesses simply won ’ t be able to survive.
” This came into sharp focus last night with @ @ @ @ @ @ @ cut 2,800 jobs , and more are likely to follow .
The BRC said : “ We welcome efforts by businesses to make workplaces safe so that people are able to return to offices , and encourage the government to create incentives to get people travelling into our towns and cities again , supporting the local economies that depend on them.
” Even with further guidance for workplaces , the huge costs associated with bringing staff back to the office is putting firms off .
Research from the FSB reveals more than a @ @ @ @ @ @ @ premises to comply with safety measures will cost in excess of £1,000 .
National chairman Mike Cherry suggests Back to Work vouchers which would incentivise a return in an affordable way .
Read more : Brits more hesitant to return to the office than European neighbours “ No doubt businesses are considering the futures of their premises .
As things stand , rent and business rates make building occupation costly – tackling those overheads will help to keep our firms who have to occupy premises , not least those on our high streets @ @ @ @ @ @ @ added .
Similarly BCC director Adam Marshall said : “ Businesses working to help their staff return to the office should also be able to offset the investments they make to ensure their premises are Covid-secure against their tax bill , which would help many get back into city and town centres over the coming months .
”

Business groups cautiously welcome government’s back to work campaign
Business groups have welcomed the government’s campaign to push workers back to the office.
UK business groups have welcomed the government’s back to work campaign with some caution, calling for more guidance and government incentives.
The government will launch a major media campaign next week to promote the advantages of returning to work and reassure employees about safety measures.
It comes after a swathe of major City firms announced plans to extend remote working, including fund manager Schroders which has permanently embraced a flexible approach.
However industry bodies and business groups have welcomed the government’s productivity push, emphasising the positive benefits of office work and its impact on local economies.
John Dickie, Director of Strategy and Policy at London First said: “There are some things that just aren’t the same on a video call and our future prosperity relies on getting more people back to their workplaces, more often.”
It is a view shared by many employees in the capital, particularly as many are restricted in cramped living conditions.
But business groups also note that while important for local economies, the decision ultimately rests with individual companies and staff.
Tej Parikh, chief economist at the Institute of Directors (IoD), said: “It’s right for the Government to encourage and enable those who want to return. However, the decision ultimately rests with individual firms and staff, many of whom have found remote working much more suitable than expected.”
Companies need ‘crystal clear’ guidance
Business groups are calling for further clarity in what a return to the office looks like, particularly in regards to safety measures.
National chairman of the Federation of Small Businesses (FSB) Mike Cherry said: “It’s critical that the government continues to set out crystal clear, regularly updated guidance around returning to workplaces safely, especially in areas where restrictions have been reimposed.”
“Every premises is different, so it’s key that small firms are able to draw on the vast array of safety measures that are available, rather than having one model forced on them”, he added.
It is a view shared by BCC Director General Adam Marshall who said businesses need “crystal-clear official guidance and confidence in test and trace systems.”
The productivity push will coincide with the proposed reopening of schools in England and Wales but Marshall said a rapid return to work presents logistical issues.
“For many employees, returning to the workplace depends on schools reopening, the availability of childcare, and confidence that they can use public transport safely.”
Hospitality industry welcomes return of office workers
As well as informal development for employees, a return to offices would help local businesses which are reliant on commuter custom.
CBI boss Dame Carolyn Fairbairn yesterday warned that cities risked becoming “ghost towns” and said a return to work was vital for reviving the economy.
She is echoed by Kate Nicholls, chief executive of UK Hospitality, who today said: “Hospitality in London is hugely reliant on office workers. All the while they stay away, hospitality businesses are going to suffer.”
Underpinning much of the government’s strategy is the fear that an extended period of remote working will decimate the hospitality sector as city centres remain deserted.
“Shops and cafes are struggling, with footfall down by half due to people working remotely”, Helen Dickinson, chief executive of the British Retail Consortium (BRC) said.
“Office workers are an integral part of a thriving city centre and without them, many businesses simply won’t be able to survive.”
This came into sharp focus last night with the announcement that Pret A Manger would cut 2,800 jobs, and more are likely to follow.
The BRC said: “We welcome efforts by businesses to make workplaces safe so that people are able to return to offices, and encourage the government to create incentives to get people travelling into our towns and cities again, supporting the local economies that depend on them.”
Government incentives are essential
Even with further guidance for workplaces, the huge costs associated with bringing staff back to the office is putting firms off.
Research from the FSB reveals more than a quarter of small firms say setting up premises to comply with safety measures will cost in excess of £1,000. National chairman Mike Cherry suggests Back to Work vouchers which would incentivise a return in an affordable way.
“No doubt businesses are considering the futures of their premises. As things stand, rent and business rates make building occupation costly – tackling those overheads will help to keep our firms who have to occupy premises, not least those on our high streets, vibrant and successful”, he added.
Similarly BCC director Adam Marshall said: “Businesses working to help their staff return to the office should also be able to offset the investments they make to ensure their premises are Covid-secure against their tax bill, which would help many get back into city and town centres over the coming months.”


cityam--2020-08-28--Gap posts surprise jump in sales as online business doubles

Fashion retailer Gap posted a surprise jump in quarterly sales as its online business almost doubled due to consumers buying comfortable “ stay at home ” clothes during the coronavirus pandemic .
The US firm said same-store sales were up 13 per cent in the second quarter , compared to analysts ’ forecast of a 20.97 per cent drop .
Read more : Gap reports $ 932m quarterly loss due to coronavirus closures The retailer ’ s online business almost doubled in the quarter ended 1 August and added about 3.5m new customers .
“ We won in the value @ @ @ @ @ @ @ won in the premium space of Athleta , ” chief executive Sonia Syngal said , according to Reuters .
The firm sold about $ 130 million worth of face masks during the period .
The company expects demand for its Old Navy and Athleta brands to continue to drive sales .
However it is preparing to close more than 225 unprofitable Gap and Banana Republic stores globally as a part of its restructuring plan .
Gap posted a net loss of $ 62m in the quarter compared to a profit of $ 168m @ @ @ @ @ @ @ 18 per cent to $ 3.28bn , but beat expectations of $ 2.91bn .
“ Our strong performance in the second quarter reflects the customer response to our brands , products and experiences , particularly as we ’ ve rapidly adapted to the changing environment .
“ We nearly doubled our ecommerce business , with approximately 50 per cent online penetration , demonstrating our ability to pivot to a digitally-led culture , ” Syngal said .
“ I ’ m confident that our purposedriven lifestyle brands , size and scale , and advantaged @ @ @ @ @ @ @ and position us for growth in the future .
”

Gap posts surprise jump in sales as online business doubles
Gap will close 19 of its stores, while the remainder of UK and Ireland stores remain under review.
Fashion retailer Gap posted a surprise jump in quarterly sales as its online business almost doubled due to consumers buying comfortable “stay at home” clothes during the coronavirus pandemic.
The US firm said same-store sales were up 13 per cent in the second quarter, compared to analysts’ forecast of a 20.97 per cent drop.
The retailer’s online business almost doubled in the quarter ended 1 August and added about 3.5m new customers.
“We won in the value space with Old Navy, and we won in the premium space of Athleta,” chief executive Sonia Syngal said, according to Reuters.
The firm sold about $130 million worth of face masks during the period.
The company expects demand for its Old Navy and Athleta brands to continue to drive sales.
However it is preparing to close more than 225 unprofitable Gap and Banana Republic stores globally as a part of its restructuring plan.
Gap posted a net loss of $62m in the quarter compared to a profit of $168m the previous year. Net sales plunged 18 per cent to $3.28bn, but beat expectations of $2.91bn.
“Our strong performance in the second quarter reflects the customer response to our brands, products and experiences, particularly as we’ve rapidly adapted to the changing environment.
“We nearly doubled our ecommerce business, with approximately 50 per cent online penetration, demonstrating our ability to pivot to a digitally-led culture,” Syngal said.
“I’m confident that our purposedriven lifestyle brands, size and scale, and advantaged digital capabilities are helping us win now and position us for growth in the future.”


cityam--2020-08-28--Share and share alike: electronically?

Share and share alike: electronically?

Where – if you ’ re lucky enough to own shares – do you store the paperwork ?
A drawer ?
The attic ?
Share certificates – possessed by millions of Britons – and dividend cheques seem on a path becoming obsolete .
A trend towards digital delivery of shareholder-related communications means that the era of private investors filing away their written proof of part-ownership of a company and , in the case of dividend cheques ( share of company profits ) , enjoying ‘ envelope open ’ moments could increasingly be a thing of the past .
As with @ @ @ @ @ @ @ not been an entirely smooth ride – with some way to go yet .
But the digital turbo-boost triggered by the coronavirus pandemic is likely to nudge things along , as well as a process known as dematerialisation .
This is the move from paper share certificates to electronic format , with – crucially – the shares being held by an intermediary .
“ Hard-copy share certificates and dividend cheques are unquestionably on the way out , ” says Mark Bullen , managing director for share registration services at EQ , which managed @ @ @ @ @ @ @ The company , known as Equiniti until a recent rebrand , says that 46 % of shareholders receive dividends by cheque , with the rest either being paid by bank transfer , being reinvested or a combination of both .
Clients that have moved to chequeless dividends over the past couple of years include Marks & Spencer , Smiths Group and GSK , while those planning to , include Old Mutual , Iberdrola and Segro .
“ In the past two years we have seen more than 700,000 cheques taken out of the @ @ @ @ @ @ @ .
This reduces cost to the company , and ultimately its shareholders , and reduces the risk of fees as a result of lost certificates and reissued dividend cheques and the shareholder experiencing delayed payment value , ” says Bullen .
Reassurance and rights all-important “ Most people – including me – like the system whereby the company pays the dividend into your bank account , ” Peter Parry from the UK Shareholders ’ Association tells City AM .
“ It is relatively safe , there ’ s no trip to the bank @ @ @ @ @ @ @ so on .
The companies hate sending out dividend cheques – they get lost in the post or the recipients lose them or forget to pay them in and then want them re-issued .
Surprisingly , there are a few people who still like receiving a cheque – they say it gives them more control .
But when you ask a company to pay your cheque into your bank you get a paper ( or electronic ) tax certificate showing how much dividend was paid and tax deducted .
To my mind this @ @ @ @ @ @ @ cheque.
” Cliff Weight , director of ShareSoc , the individual shareholders ’ campaigning group , is likeminded , preferring dividends to be paid directly into his bank or share-trading platform account .
He is similarly in favour of the move towards digital systems for paper share certificates , albeit with an important caveat .
“ An electronic system is needed , but it must pass on my ownership rights to vote and receive information – far too many trading platforms fail to pass on these rights to the beneficial owners of shares @ @ @ @ @ @ @ has changed how many firms interact ’ During the coronavirus-triggered economic recession , dividends have been in the headlines for a very different reason – many companies have opted against paying them .
The speed and extent to which they are likely to bounce back is an open question .
Regardless of the answer , the proportion of shareholders continuing to receive dividends as postal cheques is expected to continue to decline .
“ Lockdown has changed how many firms have had to interact with their customers , ” says Tim Fassam , @ @ @ @ @ @ @ the Personal Investment Management & Financial Advice Association ( PIMFA ) .
“ Most of our members have been pleasantly surprised by how staff and customers have adapted to communicating electronically and are looking to maintain this method of communication , as well as looking at ways to improve the shareholder experience.
” “ Registrars and investment firms are looking at ways to eliminate dividend cheques and physical certificates , as a large number of shareholders from the ‘ privatisations ’ era still retain certificates in their name , and receive cheques , @ @ @ @ @ @ @ of electronic systems for the payment of dividends and maintaining shareholder registries would make life a lot easier for industry , and would benefit the shareholders from fewer errors and inevitable lost paperwork .
But for this to work , a solution needs to be implemented across the industry and shareholders , including those who are either unable or unwilling to use these systems.
” EQ ’ s Bullen says the firm is conscious of those who struggle with technology , and has staff trained to spot and support potentially vulnerable customers .
@ @ @ @ @ @ @ have their eyes on government .
The Department for Business , Energy & Industrial Strategy asked the Law Commission to run a ‘ scoping study ’ on what are known as intermediated securities in 2019 ( the report will be published later this year ) .
Meanwhile , the ball is in HM Treasury ’ s court as regards dematerialisation .
Within the European Union no new share certificates will be issued from January 2023 as part of the European Central Securities Depositories Regulation ( CSDR ) .
Brexit is a curveball – @ @ @ @ @ @ @ of the EU ’ s CSDR regime that mandate the dematerialisation of shares will not be in force at the end of this year , and therefore will not form part of domestic UK law .
As a result , there will not be a mandatory obligation to dematerialise shares in UK legislation .
“ With the government preoccupied by Brexit and the threat of a second wave , it ’ s hard to imagine dematerialisation will be high on Whitehall ’ s to-do list anytime soon , ” reflects EQ ’ s @ @ @ @ @ @ @ who thrill to see dividend envelopes landing on their doormat – when companies are opting to pay them , of course – can enjoy those moments for a while longer at least , it seems .

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Share and share alike: electronically?
Shareholders: trend towards digital delivery of communications, Getty
Where – if you’re lucky enough to own shares – do you store the paperwork? A drawer? The attic? Share certificates – possessed by millions of Britons – and dividend cheques seem on a path becoming obsolete.
A trend towards digital delivery of shareholder-related communications means that the era of private investors filing away their written proof of part-ownership of a company and, in the case of dividend cheques (share of company profits), enjoying ‘envelope open’ moments could increasingly be a thing of the past.
As with most analogue-to-digital journeys, it’s not been an entirely smooth ride – with some way to go yet. But the digital turbo-boost triggered by the coronavirus pandemic is likely to nudge things along, as well as a process known as dematerialisation. This is the move from paper share certificates to electronic format, with – crucially – the shares being held by an intermediary.
Cheque-ing out of popularity
“Hard-copy share certificates and dividend cheques are unquestionably on the way out,” says Mark Bullen, managing director for share registration services at EQ, which managed £35bn of dividend payments last year.
The company, known as Equiniti until a recent rebrand, says that 46% of shareholders receive dividends by cheque, with the rest either being paid by bank transfer, being reinvested or a combination of both. Clients that have moved to chequeless dividends over the past couple of years include Marks & Spencer, Smiths Group and GSK, while those planning to, include Old Mutual, Iberdrola and Segro.
“In the past two years we have seen more than 700,000 cheques taken out of the process by clients moving to digital payments. This reduces cost to the company, and ultimately its shareholders, and reduces the risk of fees as a result of lost certificates and reissued dividend cheques and the shareholder experiencing delayed payment value,” says Bullen.
Reassurance and rights all-important
“Most people – including me – like the system whereby the company pays the dividend into your bank account,” Peter Parry from the UK Shareholders’ Association tells City AM. “It is relatively safe, there’s no trip to the bank to pay in a cheque, and so on. The companies hate sending out dividend cheques – they get lost in the post or the recipients lose them or forget to pay them in and then want them re-issued. Surprisingly, there are a few people who still like receiving a cheque – they say it gives them more control. But when you ask a company to pay your cheque into your bank you get a paper (or electronic) tax certificate showing how much dividend was paid and tax deducted. To my mind this provides all the reassurance of a paper cheque.”
Cliff Weight, director of ShareSoc, the individual shareholders’ campaigning group, is likeminded, preferring dividends to be paid directly into his bank or share-trading platform account. He is similarly in favour of the move towards digital systems for paper share certificates, albeit with an important caveat. “An electronic system is needed, but it must pass on my ownership rights to vote and receive information – far too many trading platforms fail to pass on these rights to the beneficial owners of shares,” he says.
‘Lockdown has changed how many firms interact’
During the coronavirus-triggered economic recession, dividends have been in the headlines for a very different reason – many companies have opted against paying them.
The speed and extent to which they are likely to bounce back is an open question. Regardless of the answer, the proportion of shareholders continuing to receive dividends as postal cheques is expected to continue to decline.
“Lockdown has changed how many firms have had to interact with their customers,” says Tim Fassam, director of government relations and policy at the Personal Investment Management & Financial Advice Association (PIMFA). “Most of our members have been pleasantly surprised by how staff and customers have adapted to communicating electronically and are looking to maintain this method of communication, as well as looking at ways to improve the shareholder experience.”
“Registrars and investment firms are looking at ways to eliminate dividend cheques and physical certificates, as a large number of shareholders from the ‘privatisations’ era still retain certificates in their name, and receive cheques,” Fassam continues. “Greater use of electronic systems for the payment of dividends and maintaining shareholder registries would make life a lot easier for industry, and would benefit the shareholders from fewer errors and inevitable lost paperwork. But for this to work, a solution needs to be implemented across the industry and shareholders, including those who are either unable or unwilling to use these systems.”
EQ’s Bullen says the firm is conscious of those who struggle with technology, and has staff trained to spot and support potentially vulnerable customers.
Dematerialisation: ‘tbc’?
Corporate governance experts and shareholder rights advocates have their eyes on government.
The Department for Business, Energy & Industrial Strategy asked the Law Commission to run a ‘scoping study’ on what are known as intermediated securities in 2019 (the report will be published later this year).
Meanwhile, the ball is in HM Treasury’s court as regards dematerialisation. Within the European Union no new share certificates will be issued from January 2023 as part of the European Central Securities Depositories Regulation (CSDR).
Brexit is a curveball – landing zone apparently unknown. The elements of the EU’s CSDR regime that mandate the dematerialisation of shares will not be in force at the end of this year, and therefore will not form part of domestic UK law. As a result, there will not be a mandatory obligation to dematerialise shares in UK legislation.
“With the government preoccupied by Brexit and the threat of a second wave, it’s hard to imagine dematerialisation will be high on Whitehall’s to-do list anytime soon,” reflects EQ’s Bullen.
Despite digital trends, shareholders who thrill to see dividend envelopes landing on their doormat – when companies are opting to pay them, of course – can enjoy those moments for a while longer at least, it seems.


cityam--2020-08-29--Mark Hix tosses a celebratory salad to welcome you back to the office

I ’ m now back up and running at the Oyster and Fish House in Lyme Regis and it ’ s been surprisingly busy .
Both locals and London-folk have been making the journey , which is really heartening after a terrible few months .
This week ’ s recipe is my take on a Salade Nicoise .
Tuna stocks are not in a good way , so the humble mackerel , a distant relative of the tuna , steps in .
There are actually similarities in flavour to the canned tuna that is generally used for a run of @ @ @ @ @ @ @ ’ s my opinion that mackerel cooked like this tastes better anyway .
It ’ s a cheap and very cheerful dish that will give you a healthy lift as you prepare to head back to the office .
• 2tbls cider vinegar , plus a little more for the dressing • 150ml or enough rapeseed oil to cover the mackerel • 2 free range hens eggs , semi soft boiled for five minutes then cooled under the cold tap • 12-6 new potatoes , cooked in their skins and halved or quartered @ @ @ @ @ @ @ rapeseed oil in a saucepan and gently cook the shallot , garlic and all the spices for 2-3 minutes , without colouring , until soft .
Add the rest of the rapeseed oil , the cider vinegar and lemon and heat to a gentle simmer and season well with sea salt .
• Lightly season the mackerel fillets , heat a little of the rapeseed oil in a heavy or non stick frying pan and fry on a high heat , skin side down first for 2-3 minutes on each side .
Drop @ @ @ @ @ @ @ and leave to cool .
• Carefully peel the eggs and rinse under the cold tap .
Remove the mackerel from the oil and strain the liquid through a fine meshed sieve .
Whisk the oil up and add some more vinegar to taste for the dressing .
• To serve , cut the tomatoes into wedges or chunks .
Toss the little gems with some of the dressing , beans , potatoes and tomatoes , season , then arrange in bowls .
Break the mackerel into chunks and arrange on the leaves @ @ @ @ @ @ @ and arrange on top .
Spoon over more dressing and serve .

Mark Hix tosses a celebratory salad to welcome you back to the office
I’m now back up and running at the Oyster and Fish House in Lyme Regis and it’s been surprisingly busy. Both locals and London-folk have been making the journey, which is really heartening after a terrible few months.
This week’s recipe is my take on a Salade Nicoise. Tuna stocks are not in a good way, so the humble mackerel, a distant relative of the tuna, steps in. There are actually similarities in flavour to the canned tuna that is generally used for a run of the mill Nicoise salad, and it’s my opinion that mackerel cooked like this tastes better anyway.
It’s a cheap and very cheerful dish that will give you a healthy lift as you prepare to head back to the office.
Fish House salad (serves 4):
1 shallot, peeled, halved and finely chopped
2 cloves of garlic, peeled and sliced
½ tsp cumin seeds
A few sprigs of thyme
2tbls cider vinegar, plus a little more for the dressing
150ml or enough rapeseed oil to cover the mackerel
The juice of half a lemon
4 medium or 8 small mackerel fillets
2 free range hens eggs, semi soft boiled for five minutes then cooled under the cold tap
12-6 new potatoes, cooked in their skins and halved or quartered
200-250g ripe tomatoes
80-100g green beans, cooked
100-120g podded weight of broad beans, cooked
2 little gems, cleaned and leaves washed
Salt and freshly ground black pepper
Method
Heat a couple tablespoons of the rapeseed oil in a saucepan and gently cook the shallot, garlic and all the spices for 2-3 minutes, without colouring, until soft. Add the rest of the rapeseed oil, the cider vinegar and lemon and heat to a gentle simmer and season well with sea salt.
Lightly season the mackerel fillets, heat a little of the rapeseed oil in a heavy or non stick frying pan and fry on a high heat, skin side down first for 2-3 minutes on each side. Drop in the mackerel fillets into the oil and leave to cool.
Carefully peel the eggs and rinse under the cold tap. Remove the mackerel from the oil and strain the liquid through a fine meshed sieve. Whisk the oil up and add some more vinegar to taste for the dressing.


cityam--2020-08-29--How to ease back to the gym: What to avoid and how to set new habits

August is usually a dead month for the City , with so many people travelling away for the month .
But this year it ’ s a real ghost town .
Thankfully , every week I write these articles , it gets a little busier .
And now that office life is starting up again , it ’ s time to get back in the gym .
Here are my top tips to ease back in safely and effectively .
The hardest part is getting through the door .
With everybody ’ s schedules being torn up over the last @ @ @ @ @ @ @ for people to break out of their comfort zones .
Understand that you will meet some resistance .
The dreaded aches and pains , the thought of getting up early , the anticipation of the rowing machine .
This is all normal , so try think about the rewards instead .
More energy , less fat , more confidence , better sleep .
• Your body is not what it used to be When returning to your fitness regime , it ’ s important to remember that the person who went to the @ @ @ @ @ @ @ the same as the person you are right now .
Take it easy and gradually build up .
Drop your weight selection right down , lower the intensity , and go for a full body approach rather than hammering one muscle group .
Look on the bright side : no leg day .
Your body simply won ’ t be used to the stresses of a heavy weights workout , and pushing too hard too fast is sure to result in pulled muscles , demotivating fatigue and days-long aches .
Be patient , @ @ @ @ @ @ @ least three sessions before starting to crank up the intensity .
It ’ s been five months since most of us last visited a gym , just enjoy the endorphins for a while .
An extension of the last point : leave some sets out of your routine altogether .
Avoid heavy deadlifts , squats and any sort of clean and press .
These exercises are very taxing on the body , involving lots of rhythm and timing , and if you haven ’ t been training for a while , it ’ @ @ @ @ @ @ @ , leading to injury .
Start with lighter weights or dumbbells with higher reps – anything above 12 will be enough to refamiliarise your body with these movements .
After three or four sessions , slowly start reintroducing these exercises into your routine .
Don ’ t worry , it won ’ t take long to get back to where you used to be .
New world , new you .
Take this opportunity to mix up your routine .
Update and set new goals , ask what is it that you want @ @ @ @ @ @ @ to have something to work towards as it will give you motivation and direction when training .
Set some strength or distance goals .
Set the bar high : give yourself six months to lift your record weight , or even to compete in an event .
• Take your diary to the gym Over the first few weeks , take loads of notes .
Write down the weights you lifted , distance you covered , how many reps and sets you completed , how good your technique was , how long each @ @ @ @ @ @ @ any changes in posture , energy , clothes size , weight on the scales .
Each session , challenge yourself to keep progressing .
After a few weeks you will see huge improvements .
Time in the gym doesn ’ t have to be all the pain all the time .
Treat yourself to a massage instead of a weights or cardio session .
Skip the treadmill and head straight for the mats , where you can spend your session doing breathing exercises , meditation or light stretches .
These first few sessions @ @ @ @ @ @ @ environment and setting new habits .
Try to enjoy it – we certainly deserve it right now .

How to ease back to the gym: What to avoid and how to set new habits
August is usually a dead month for the City, with so many people travelling away for the month. But this year it’s a real ghost town. Thankfully, every week I write these articles, it gets a little busier. And now that office life is starting up again, it’s time to get back in the gym. Here are my top tips to ease back in safely and effectively.
Just go!
The hardest part is getting through the door. With everybody’s schedules being torn up over the last few months, it’s difficult for people to break out of their comfort zones. Understand that you will meet some resistance. The dreaded aches and pains, the thought of getting up early, the anticipation of the rowing machine. This is all normal, so try think about the rewards instead. More energy, less fat, more confidence, better sleep.
Your body is not what it used to be
When returning to your fitness regime, it’s important to remember that the person who went to the gym a few months ago is not the same as the person you are right now. Take it easy and gradually build up. Drop your weight selection right down, lower the intensity, and go for a full body approach rather than hammering one muscle group. Look on the bright side: no leg day.
Your body simply won’t be used to the stresses of a heavy weights workout, and pushing too hard too fast is sure to result in pulled muscles, demotivating fatigue and days-long aches.
Be patient, get your body moving and do at least three sessions before starting to crank up the intensity. It’s been five months since most of us last visited a gym, just enjoy the endorphins for a while.
Avoid these exercises
An extension of the last point: leave some sets out of your routine altogether. Avoid heavy deadlifts, squats and any sort of clean and press.
These exercises are very taxing on the body, involving lots of rhythm and timing, and if you haven’t been training for a while, it’s easy to get something slightly off, leading to injury.
Start with lighter weights or dumbbells with higher reps – anything above 12 will be enough to refamiliarise your body with these movements.
After three or four sessions, slowly start reintroducing these exercises into your routine. Don’t worry, it won’t take long to get back to where you used to be.
Set new goals
New world, new you. Take this opportunity to mix up your routine. Update and set new goals, ask what is it that you want to achieve. It’s important to have something to work towards as it will give you motivation and direction when training.
Set some strength or distance goals. Set the bar high: give yourself six months to lift your record weight, or even to compete in an event.
Take your diary to the gym
Over the first few weeks, take loads of notes. Write down the weights you lifted, distance you covered, how many reps and sets you completed, how good your technique was, how long each set took you to complete. Note any changes in posture, energy, clothes size, weight on the scales. Each session, challenge yourself to keep progressing. After a few weeks you will see huge improvements.
Treat yourself
Time in the gym doesn’t have to be all the pain all the time. Treat yourself to a massage instead of a weights or cardio session. Skip the treadmill and head straight for the mats, where you can spend your session doing breathing exercises, meditation or light stretches. These first few sessions are about reacclimating your body to the environment and setting new habits. Try to enjoy it – we certainly deserve it right now.


cityam--2020-08-29--Back to business: Top Cuvée's Brodie Meah on how corona has made people value local restaurants

We talk to London ’ s top chefs about how they are dealing with the strange ‘ new normal ’ .
This week Top Cuvée ’ s Brodie Meah talks about missing the buzz of service and taking solace in a spot of wine-tasting .
Who are you and what do you do ?
I ’ m Brodie Meah and , along with Max Venning , I operate Stoke Newington ’ s neighbourhood wine bar Top Cuvée .
We also operate an online wine shop , Shop Cuvée , selling seasonal British plates and natural wines .
How has coronavirus @ @ @ @ @ @ @ months ?
It ’ s certainly forced us to make a few changes ; we made the decision to close the restaurant and start trading solely as a shop , and serving heat-at-home ready-meals before the lockdown fully kicked in .
We began by couriering by wine by bike .
We ’ re a neighbourhood restaurant so listening to what the community wanted was really important .
We ’ re constantly adapting the offering as we learn what our customers really want .
When were you able to open back up and how @ @ @ @ @ @ @ restaurant side of the business back up as soon as we were allowed on 4 July – the very act of welcoming guests felt like a celebration in itself !
We realised that while we love the new online side of our business , we ’ re hosts at heart .
It was great to welcome back to many people and see the area so vibrant again .
How are you managing the ongoing effects of the virus ?
We ’ ve reduced the number of tables inside , have hand sanitiser on @ @ @ @ @ @ @ the current guidelines .
Due to the reduced capacity in the restaurant we are pushing online and retail sales to offset the reduced revenue until we can get back to full capacity .
We ’ ve seen huge success with our online retail shop , having to expand storage space too .
It means we ’ ve been able to expand our fanbase and community too , with those who may have not have visited our restaurant learning about how we approach wine .
We hope to be able to welcome those people @ @ @ @ @ @ @ .
How have you kept sane when the restaurant was closed ?
Opening up the shop has meant we haven ’ t had time to think about anything else , but being surrounded by a constantly changing selection of wines that all need tasting certainly helps .
What did you miss most when the London dining scene was closed ?
The social aspect of working in the food industry , not being able to pop into our friend ’ s places for a glass of wine and a chat on the way to @ @ @ @ @ @ @ our social life is entwined with the industry .
That and not being able to enjoy a delicious pint of Guinness with a roast on my day off .
Where was the first place you went when lockdown was eased ?
I went straight to Three Sheets for a vodka martini and I ’ m looking forward to getting down to Leroy as soon as possible for an indulgent night raiding their cellar .
The list is very long so the prospect of working my way around all my favourite London restaurants is @ @ @ @ @ @ @ restaurant world will go back to ‘ normal ’ ?
I hope some form of normality will return with regards to people dining out with friends .
The rise of working from home should have a positive impact on small , local businesses , with more people in neighbourhoods who usually would have been commuting .
I also think people see how important local establishments are and will be more willing to support them .
• For more information or to book a table visit topcuvee.com

Back to business: Top Cuvée’s Brodie Meah on how corona has made people value local restaurants
We talk to London’s top chefs about how they are dealing with the strange ‘new normal’. This week Top Cuvée’s Brodie Meah talks about missing the buzz of service and taking solace in a spot of wine-tasting.
Who are you and what do you do?
I’m Brodie Meah and, along with Max Venning, I operate Stoke Newington’s neighbourhood wine bar Top Cuvée. We also operate an online wine shop, Shop Cuvée, selling seasonal British plates and natural wines.
How has coronavirus affected your business over the last four months?
It’s certainly forced us to make a few changes; we made the decision to close the restaurant and start trading solely as a shop, and serving heat-at-home ready-meals before the lockdown fully kicked in. We began by couriering by wine by bike. We’re a neighbourhood restaurant so listening to what the community wanted was really important. We’re constantly adapting the offering as we learn what our customers really want.
When were you able to open back up and how did you celebrate?
We opened the restaurant side of the business back up as soon as we were allowed on 4 July – the very act of welcoming guests felt like a celebration in itself! We realised that while we love the new online side of our business, we’re hosts at heart. It was great to welcome back to many people and see the area so vibrant again.
How are you managing the ongoing effects of the virus?
We’ve reduced the number of tables inside, have hand sanitiser on every table and encourage people to observe the current guidelines. Due to the reduced capacity in the restaurant we are pushing online and retail sales to offset the reduced revenue until we can get back to full capacity. We’ve seen huge success with our online retail shop, having to expand storage space too. It means we’ve been able to expand our fanbase and community too, with those who may have not have visited our restaurant learning about how we approach wine. We hope to be able to welcome those people to our restaurant in due time too.
Brodie Meah and his partner Max Venning
How have you kept sane when the restaurant was closed?
Opening up the shop has meant we haven’t had time to think about anything else, but being surrounded by a constantly changing selection of wines that all need tasting certainly helps.
What did you miss most when the London dining scene was closed?
The social aspect of working in the food industry, not being able to pop into our friend’s places for a glass of wine and a chat on the way to work shone a light on how much our social life is entwined with the industry. That and not being able to enjoy a delicious pint of Guinness with a roast on my day off.
Where was the first place you went when lockdown was eased?
I went straight to Three Sheets for a vodka martini and I’m looking forward to getting down to Leroy as soon as possible for an indulgent night raiding their cellar. The list is very long so the prospect of working my way around all my favourite London restaurants is a welcome one.
Do you the restaurant world will go back to ‘normal’?
I hope some form of normality will return with regards to people dining out with friends. The rise of working from home should have a positive impact on small, local businesses, with more people in neighbourhoods who usually would have been commuting. I also think people see how important local establishments are and will be more willing to support them.
• For more information or to book a table visit topcuvee.com


cityam--2020-08-29--Where to eat in London: Old favourites reopening and new places to check out

Coronavirus may have shuttered the food industry for months , but the business is bouncing back , with more of our favourite places to eat and drink reopening every day , and some new ones joining them too .
In this regular column , we ’ ll bring you the latest news from the front-line of the food business , complete with the details you need to book a table .
Mama Shelter will reopen the doors to its hotel and restaurant , Mama London .
Located in the heart of the East End , Mama London ’ s restaurant @ @ @ @ @ @ @ al fresco spot for drinkers and diners to reunite .
Situated in the centre of the hotel with an open roof and terrace-style seating , it ’ s ideal for social distancing .
Sexy Fish on Berkeley Square is back , offering its mash-up of spenny cocktails , mad wall-art , decent Asian cuisine and tunez from the in-house DJ .
Authentic Italian neighbourhood restaurant Daphne ’ s has reopened , including its conservatory , which is available for private bookings for lunch or dinner , or up to 50 for a standing @ @ @ @ @ @ @ Sumosan Twiga is back serving its signature Japanese and Italian menu .
Throughout lockdown , the Sumosan Twiga kitchen has been developing a new menu for the reopening which sticks to the frankly bonkers Japanese/Italian combo .
Honouring Joël Robuchon ’ s vision for excellence , simplicity and consistency , Le Deli Robuchon returns as the ideal all day dining solution , serving breakfast , lunch , supper and snacks with eat-in or take-away options and offer the very best in French products to purchase , many of which Joël Robuchon chose and @ @ @ @ @ @ @ Lounge and Bar The 5-star hotel Prince Akatoki Londonl in Marylebone has reopened , meaning TOKii and The Malt Lounge and Bar also return , offering a new summer menu , picnic hampers , Japanese inspired afternoon tea and delivery services .

Where to eat in London: Old favourites reopening and new places to check out
A cocktail at TOKii and The Malt Lounge and Bar
Coronavirus may have shuttered the food industry for months, but the business is bouncing back, with more of our favourite places to eat and drink reopening every day, and some new ones joining them too.
In this regular column, we’ll bring you the latest news from the front-line of the food business, complete with the details you need to book a table.
Mama
Sexy Fish
Le Deli Robuchon
Daphne’s
Sumosan Twiga
Mama London
Mama Shelter will reopen the doors to its hotel and restaurant, Mama London. Located in the heart of the East End, Mama London’s restaurant, bar and terrace offer a handy al fresco spot for drinkers and diners to reunite. Situated in the centre of the hotel with an open roof and terrace-style seating, it’s ideal for social distancing.
Go to mamashelter.com
Sexy Fish
Sexy Fish on Berkeley Square is back, offering its mash-up of spenny cocktails, mad wall-art, decent Asian cuisine and tunez from the in-house DJ.
Go to sexyfish.com
Daphne’s
Authentic Italian neighbourhood restaurant Daphne’s has reopened, including its conservatory, which is available for private bookings for lunch or dinner, or up to 50 for a standing cocktail reception.
Go to daphnes-restaurant.co.uk
Sumosan Twiga
Knightsbridge restaurant and bar Sumosan Twiga is back serving its signature Japanese and Italian menu. Throughout lockdown, the Sumosan Twiga kitchen has been developing a new menu for the reopening which sticks to the frankly bonkers Japanese/Italian combo.
Go to sumosantwigalondon.com
Le Deli Robuchon
Honouring Joël Robuchon’s vision for excellence, simplicity and consistency, Le Deli Robuchon returns as the ideal all day dining solution, serving breakfast, lunch, supper and snacks with eat-in or take-away options and offer the very best in French products to purchase, many of which Joël Robuchon chose and championed himself.
Go to robuchonlondon.co.uk
TOKii and The Malt Lounge and Bar
The 5-star hotel Prince Akatoki Londonl in Marylebone has reopened, meaning TOKii and The Malt Lounge and Bar also return, offering a new summer menu, picnic hampers, Japanese inspired afternoon tea and delivery services.
Go to tokii.co.uk


cityam--2020-08-29--The Audi RS Q3 is a super-quick compact SUV that splits opinion

This is the kind of car that motoring journalists love to hate .
A hot hatchback blunted by SUV stature .
A family car compromised by fashion .
An Audi for the price of a Porsche .
The RS Q3 Sportback is all of these and , frankly , it ’ s not my cup of milk-and-one-sugar .
Still , people adore this thing .
Family and friends queued up with compliments during the week it spent in my care .
A van driver shouted “ Nice car !
” at the petrol station .
And one afternoon , I @ @ @ @ @ @ @ outside my house .
In the past , that ’ s only happened with supercars .
The spec of this particular RS Q3 probably helped .
Audi press cars always arrive with an options list longer than War and Peace .
Here they included 21-inch alloys ( £995 ) , the RS Design Pack ( £895 ) , matrix LED headlights ( £850 ) , ceramic brakes with red calipers ( £4,795 ) and a meaty sports exhaust ( £1,000 ) .
When everything was totted up , the basic price of £51,605 @ @ @ @ @ @ @ That sounds a lot for a compact SUV based on the Audi A3 , but bear in mind rivals such as the BMW X3 40i , Mercedes-AMG GLB 35 and Porsche Macan S all cost £50k or thereabouts .
Also , the RS Q3 punches hardest of them all , with a 400hp wallop from its 2.5-litre five-cylinder engine .
Factor in Audi ’ s trademark Quattro four-wheel drive and the result is 0-62mph in 4.5 seconds .
Top speed is 155mph – or 174mph if you pay £1,600 to have the limiter @ @ @ @ @ @ @ bother .
There ’ s a standard , more SUV-shaped version of the RS Q3 , but Audi expects nearly two thirds of buyers to choose the sleeker Sportback .
It loses 45mm of headroom , but gains a more rakish roofline , and its 530-litre boot capacity is identical .
It ’ s certainly practical enough for a family holdall , with a lofty seating position and plenty of gadgets .
The 10.1in touchscreen media system is super-slick , while the Virtual Cockpit driver display ( widely imitated , never bettered ) @ @ @ @ @ @ @ Audi ’ s quality halo seems to have slipped ; some of the interior plastics don ’ t befit that premium price tag .
Five-cylinder engines have featured in fast Audis since the original quattro ( note small ‘ q ’ ) of 1980 .
This one – shared with the TT RS – isn ’ t quite as rambunctious as you ’ d expect , being muted by a petrol particulate filter , but its gravelly gargle is augmented via the stereo speakers .
It isn ’ t wholly convincing .
You @ @ @ @ @ @ @ RS Q3 ’ s performance , though .
It feels explosively quick , blamming through seven dual-clutch ratios with ruthless intensity .
Peak torque of 354lb ft arrives at 1,850rpm and stays constant until 5,850rpm , so there ’ s never any shortfall of muscle .
Just find yourself a suitable B-road , then : Ready .
Aim .
Fire .
Switch into RS mode and you feel the whole car tense .
Body-roll is effectively quashed as Quattro traction slingshots you between corners .
This is an easy and reassuring car to @ @ @ @ @ @ @ missing is that final frisson of driver engagement .
Its steering feels aloof and the brittle suspension , instead of breathing with the road , does battle with it .
The Porsche Macan still leads the pack here .
I see why the Great British Public loves the RS Q3 .
It looks good , feels plush , goes fast and wears the right badge .
It ’ s not the hotted-up compact SUV coupe for me , but neither are any of its competitors .
I ’ d rather forgo a few @ @ @ @ @ @ @ wonderful Audi RS4 Avant .
It ’ s a performance estate car that knows exactly what it wants to be .

The Audi RS Q3 is a super-quick compact SUV that splits opinion
This is the kind of car that motoring journalists love to hate. A hot hatchback blunted by SUV stature. A family car compromised by fashion. An Audi for the price of a Porsche. The RS Q3 Sportback is all of these and, frankly, it’s not my cup of milk-and-one-sugar.
Still, people adore this thing. Family and friends queued up with compliments during the week it spent in my care. A van driver shouted “Nice car!” at the petrol station. And one afternoon, I spotted two teenagers taking photos of it outside my house. In the past, that’s only happened with supercars.
The spec of this particular RS Q3 probably helped. Audi press cars always arrive with an options list longer than War and Peace. Here they included 21-inch alloys (£995), the RS Design Pack (£895), matrix LED headlights (£850), ceramic brakes with red calipers (£4,795) and a meaty sports exhaust (£1,000). When everything was totted up, the basic price of £51,605 had swollen to a weighty £66,630.
That sounds a lot for a compact SUV based on the Audi A3, but bear in mind rivals such as the BMW X3 40i, Mercedes-AMG GLB 35 and Porsche Macan S all cost £50k or thereabouts. Also, the RS Q3 punches hardest of them all, with a 400hp wallop from its 2.5-litre five-cylinder engine. Factor in Audi’s trademark Quattro four-wheel drive and the result is 0-62mph in 4.5 seconds. Top speed is 155mph – or 174mph if you pay £1,600 to have the limiter removed. Seriously, don’t bother.
There’s a standard, more SUV-shaped version of the RS Q3, but Audi expects nearly two thirds of buyers to choose the sleeker Sportback. It loses 45mm of headroom, but gains a more rakish roofline, and its 530-litre boot capacity is identical.
It’s certainly practical enough for a family holdall, with a lofty seating position and plenty of gadgets. The 10.1in touchscreen media system is super-slick, while the Virtual Cockpit driver display (widely imitated, never bettered) is Vorsprung durch Technik distilled. Shame Audi’s quality halo seems to have slipped; some of the interior plastics don’t befit that premium price tag.
Five-cylinder engines have featured in fast Audis since the original quattro (note small ‘q’) of 1980. This one – shared with the TT RS – isn’t quite as rambunctious as you’d expect, being muted by a petrol particulate filter, but its gravelly gargle is augmented via the stereo speakers. It isn’t wholly convincing.
You’ll have no qualms about the RS Q3’s performance, though. It feels explosively quick, blamming through seven dual-clutch ratios with ruthless intensity. Peak torque of 354lb ft arrives at 1,850rpm and stays constant until 5,850rpm, so there’s never any shortfall of muscle. Just find yourself a suitable B-road, then: Ready. Aim. Fire.
Switch into RS mode and you feel the whole car tense. Body-roll is effectively quashed as Quattro traction slingshots you between corners. This is an easy and reassuring car to drive quickly, but what’s missing is that final frisson of driver engagement. Its steering feels aloof and the brittle suspension, instead of breathing with the road, does battle with it. The Porsche Macan still leads the pack here.
I see why the Great British Public loves the RS Q3. It looks good, feels plush, goes fast and wears the right badge. It’s not the hotted-up compact SUV coupe for me, but neither are any of its competitors. I’d rather forgo a few options and spend my £66,000 on the wonderful Audi RS4 Avant. It’s a performance estate car that knows exactly what it wants to be.
Tim Pitt works for motoringresearch.com


cityam--2020-08-29--World's most valuable Ferraris to star at Hampton Court

The grand gardens of Hampton Court Palace will soon reverberate to the roar of V12 engines as Concours of Elegance gets underway .
The opulent classic car show , which takes place from 4-6 September , includes a line-up of the most iconic Ferraris ever made .
Top billing goes to a 250 GTO ( above ) – one of 36 built and Ferrari ’ s original test prototype .
The car finished second at the 12 Hours of Sebring , driven by Phil Hill and Olivier Gendebien , and later raced at Le Mans and Daytona .
More recently @ @ @ @ @ @ @ by Ferrari Classiche specialist Joe Macari in Wandsworth .
The 250 GTO is widely considered the most desirable classic car in the world , with one example selling for a record $ 70 million ( £53.1 million ) in 2018 .
But it won ’ t be the only special Ferrari at Concours of Elegance 2020… On the face of it , the 250 LM was a failure .
Launched in 1963 to replace the 250 GTO , it wasn ’ t initially accepted by ( motorsport ’ s governing body ) the @ @ @ @ @ @ @ as a prototype .
Thankfully , a few plucky privateers helped the LM achieve the on-track success it deserved .
This is the penultimate 250 LM built , sold new to the Ecurie Francorchamps racing team in 1965 .
Its best result was second place at the Le Mans 24 Hours , driven by Pierre Dumay and Gustave Gosselin .
Blisteringly quick and exquisitely beautiful , it ’ s everything a classic Ferrari should be .
Speaking of beauty , take a moment to drink in this 1965 Ferrari 275 P2 ( later @ @ @ @ @ @ @ here ) .
Today ’ s competition cars are peppered with air scoops , splitters and spoilers , but Ferraris of the 1960s epitomised function and form .
The P series models lost to Ford at Le Mans ( a story retold in the recent Le Mans ’ 66 movie ) , but this very car won the Targa Florio and Nurburgring 1,000km endurance races in 1965 .
It was later repainted from original Rosso Corsa to the yellow of the Belgian Ecurie Francorchamps team , and has since been restored .
You @ @ @ @ @ @ @ a luxurious grand tourer .
And for the most part , it was .
However , Maranello also produced a handful of Competizione Clienti ( customer racing ) versions , enhanced with lightweight aluminium body panels , an external fuel filler and a larger 140-litre petrol tank .
This car , chassis number 07407 , is one of 10 such racers built in 1965 .
Its 3.3-litre Colombo V12 boasts six twin-choke Weber carburettors and spikier cams for nearly 300hp .
Finally , a Ferrari that ’ s very definitely a road car @ @ @ @ @ @ @ number 17 of 50 made by coachbuilder Carrozzeria Ellena in Brescia .
Company owner Ezio Ellena was the son-in-law of Mario Boano , who legendary Italian styling house Pininfarina turned to for help producing cars .
But Ellena soon put his own spin on classic Ferrari style .
Concours of Elegance is just about more than just Ferraris , of course .
The event will also include a Le Mans-winning McLaren F1 GTR , displays from numerous car clubs ( Aston Martin , Bentley , Jaguar ) and plenty of crowd-pleasing modern hypercars @ @ @ @ @ @ @ top classic car dealers will have their own stands , too .
The event will be run according to social distancing guidelines and tickets must be booked in advance .
Look out for my photos from the show next weekend ( @ timpitt100 on Twitter and Instagram ) .

World’s most valuable Ferraris to star at Hampton Court
The grand gardens of Hampton Court Palace will soon reverberate to the roar of V12 engines as Concours of Elegance gets underway. The opulent classic car show, which takes place from 4-6 September, includes a line-up of the most iconic Ferraris ever made.
Top billing goes to a 250 GTO (above) – one of 36 built and Ferrari’s original test prototype. The car finished second at the 12 Hours of Sebring, driven by Phil Hill and Olivier Gendebien, and later raced at Le Mans and Daytona. More recently, it was restored to factory specification by Ferrari Classiche specialist Joe Macari in Wandsworth.
The 250 GTO is widely considered the most desirable classic car in the world, with one example selling for a record $70 million (£53.1 million) in 2018. But it won’t be the only special Ferrari at Concours of Elegance 2020…
Ferrari 250 LM
On the face of it, the 250 LM was a failure. Launched in 1963 to replace the 250 GTO, it wasn’t initially accepted by (motorsport’s governing body) the FIA, and was forced to race as a prototype. Thankfully, a few plucky privateers helped the LM achieve the on-track success it deserved.
This is the penultimate 250 LM built, sold new to the Ecurie Francorchamps racing team in 1965. Its best result was second place at the Le Mans 24 Hours, driven by Pierre Dumay and Gustave Gosselin. Blisteringly quick and exquisitely beautiful, it’s everything a classic Ferrari should be.
Ferrari 275 P2 / 365 P2
Speaking of beauty, take a moment to drink in this 1965 Ferrari 275 P2 (later upgraded to 365 P2 specification – seen here). Today’s competition cars are peppered with air scoops, splitters and spoilers, but Ferraris of the 1960s epitomised function and form.
The P series models lost to Ford at Le Mans (a story retold in the recent Le Mans ’66 movie), but this very car won the Targa Florio and Nurburgring 1,000km endurance races in 1965. It was later repainted from original Rosso Corsa to the yellow of the Belgian Ecurie Francorchamps team, and has since been restored.
Ferrari 275 GTB Competizione Clienti
You probably think of the 275 GTB as a luxurious grand tourer. And for the most part, it was. However, Maranello also produced a handful of Competizione Clienti (customer racing) versions, enhanced with lightweight aluminium body panels, an external fuel filler and a larger 140-litre petrol tank.
This car, chassis number 07407, is one of 10 such racers built in 1965. Its 3.3-litre Colombo V12 boasts six twin-choke Weber carburettors and spikier cams for nearly 300hp.
Ferrari 250 GT Ellena
Finally, a Ferrari that’s very definitely a road car. This elegant 250 GT Ellena is number 17 of 50 made by coachbuilder Carrozzeria Ellena in Brescia. Company owner Ezio Ellena was the son-in-law of Mario Boano, who legendary Italian styling house Pininfarina turned to for help producing cars. But Ellena soon put his own spin on classic Ferrari style.
Concours of Elegance is just about more than just Ferraris, of course. The event will also include a Le Mans-winning McLaren F1 GTR, displays from numerous car clubs (Aston Martin, Bentley, Jaguar) and plenty of crowd-pleasing modern hypercars. Many of the UK’s top classic car dealers will have their own stands, too.
The event will be run according to social distancing guidelines and tickets must be booked in advance. Look out for my photos from the show next weekend (@timpitt100 on Twitter and Instagram).
Tim Pitt writes for Retro Motor


cityam--2020-08-29--Tenet film review: Can Christopher Nolan save cinema with his latest time-bending blockbuster?

Inception filmmaker Christopher Nolan is one of the few remaining directors whose name alone can draw in a crowd .
His post-Batman films stand as outliers in this industry – adult-targeted , original stories with no potential for sequels or spin-offs .
In fact , Warner Bros have such confidence in the director ’ s brand that all but the most basic plot details of Tenet have been kept secret .
Heralded as the defender of traditional film making , Nolan has long been seen as the man who could ‘ bring back cinema ’ .
Now this has been @ @ @ @ @ @ @ with Tenet seen as a klaxon to signal Hollywood ’ s return ( the reason its six-week delay caused so much anxiety for movie makers and fans ) .
Perhaps appropriately , the release will herald a New Normal for film distribution , with international audiences seeing the film first , while US audiences get a staggered release dictated by infection rate in various states .
So , it ’ s finally here , but is it any good ?
Blackkklansman star John David Washington plays The Protagonist , a skilled secret service @ @ @ @ @ @ @ duty convinces his superiors to offer him a unique mission .
His job is to save the world , armed with only one word : tenet .
Through investigation , he learns that this word is related to an unknown conflict years from now , of which we are seeing fragments through Time Inversion ( objects and people moving backwards through time ) .
With the help of a man called Neil ( Robert Pattinson ) , The Protagonist traces these events to wealthy Russian arms dealer Andrei Sator ( Kenneth Branagh ) @ @ @ @ @ @ @ .
“ Don ’ t try to understand it .
Feel it , ” explains Clémence Poésy ’ s scientist early on , which feels like good advice for tackling this plot .
Nolan ’ s films don ’ t deal in magic , so while the Time Inversion device is fantastical , it is , like Inception , grounded in vaguely scientific explanations that lead to some very wordy moments .
This creates a densely plotted maze that can be overwhelming at times , and has you thinking when you should be @ @ @ @ @ @ @ does your head hurt yet ?
” you may nod in reply .
Fortunately , beneath the narrative gymnastics is an extraordinary spy thriller .
It ’ s filled with glamorous locations , with plenty of tense meetings in penthouses and private yachts , but a drained colour palette gives everything a sense of distance and unease .
The series of heists embarked upon by Washington and his team , meanwhile , are nothing short of cinematic ballet .
Nolan wows you with stunts like bungee jumping up a tower block in India @ @ @ @ @ @ @ sequences such as a heist in an airport , or a car chase where each vehicle is moving in different time frames .
For all the work you have to do keeping up with the story , you are paid extravagantly in spectacle .
Washington fits effortlessly into this world .
He ’ s Nolan ’ s 007 , a man who can blend into any situation , one moment eliciting information in a fancy restaurant , the next beating up heavies in the kitchen .
He has an excellent co-star in Elizabeth @ @ @ @ @ @ @ ’ s unhappy wife , upon whom much of this mission relies .
With her mix of fear , anger , and despair , she ’ s the emotional saviour of a film that threatens to get lost in technicalities .
Pattinson is full of charisma , always hinting that he perhaps knows a little more than he ’ s letting on .
It ’ s another mark of the fine actor he ’ s become , having spent the last few years in independent film , and another reason to be excited @ @ @ @ @ @ @ with Nolan after Dunkirk , Branagh appears to have entered Nolan ’ s heavy rotation , a replacement for the sort of role Michael Caine played years ago ( Caine also makes a brief appearance in the first act ) .
As the villain , he provides a legitimate threat even if he often sways into melodrama with his heavily-accented rants .
His determination to watch the world burn makes for an anxious final act , set in various temporal layers reminiscent of the ending of Inception .
Nolan ’ s legacy means @ @ @ @ @ @ @ high bar .
When a new film arrives , the question isn ’ t if it ’ s good , but if it ’ s a masterpiece .
And perhaps it is .
It ’ s a film people will debate and examine for years to come , a story people will try to explain to others , probably badly , who will in turn head to the multiplex to form their own opinion .
If the mission was to create a discussion , then Tenet is a huge success .

Tenet film review: Can Christopher Nolan save cinema with his latest time-bending blockbuster?
Inception filmmaker Christopher Nolan is one of the few remaining directors whose name alone can draw in a crowd. His post-Batman films stand as outliers in this industry – adult-targeted, original stories with no potential for sequels or spin-offs. In fact, Warner Bros have such confidence in the director’s brand that all but the most basic plot details of Tenet have been kept secret.
Heralded as the defender of traditional film making, Nolan has long been seen as the man who could ‘bring back cinema’. Now this has been realised in a very literal way, with Tenet seen as a klaxon to signal Hollywood’s return (the reason its six-week delay caused so much anxiety for movie makers and fans). Perhaps appropriately, the release will herald a New Normal for film distribution, with international audiences seeing the film first, while US audiences get a staggered release dictated by infection rate in various states.
So, it’s finally here, but is it any good?
Blackkklansman star John David Washington plays The Protagonist, a skilled secret service agent whose bravery in the line of duty convinces his superiors to offer him a unique mission. His job is to save the world, armed with only one word: tenet. Through investigation, he learns that this word is related to an unknown conflict years from now, of which we are seeing fragments through Time Inversion (objects and people moving backwards through time). With the help of a man called Neil (Robert Pattinson), The Protagonist traces these events to wealthy Russian arms dealer Andrei Sator (Kenneth Branagh) who has a link to the future.
“Don’t try to understand it. Feel it,” explains Clémence Poésy’s scientist early on, which feels like good advice for tackling this plot. Nolan’s films don’t deal in magic, so while the Time Inversion device is fantastical, it is, like Inception, grounded in vaguely scientific explanations that lead to some very wordy moments. This creates a densely plotted maze that can be overwhelming at times, and has you thinking when you should be feeling. When Pattinson asks Washington “does your head hurt yet?” you may nod in reply.
Fortunately, beneath the narrative gymnastics is an extraordinary spy thriller. It’s filled with glamorous locations, with plenty of tense meetings in penthouses and private yachts, but a drained colour palette gives everything a sense of distance and unease. The series of heists embarked upon by Washington and his team, meanwhile, are nothing short of cinematic ballet. Nolan wows you with stunts like bungee jumping up a tower block in India, then straps you in for breath-taking sequences such as a heist in an airport, or a car chase where each vehicle is moving in different time frames. For all the work you have to do keeping up with the story, you are paid extravagantly in spectacle.
Washington fits effortlessly into this world. He’s Nolan’s 007, a man who can blend into any situation, one moment eliciting information in a fancy restaurant, the next beating up heavies in the kitchen. He has an excellent co-star in Elizabeth Debicki, who plays Kat, Sator’s unhappy wife, upon whom much of this mission relies. With her mix of fear, anger, and despair, she’s the emotional saviour of a film that threatens to get lost in technicalities. Pattinson is full of charisma, always hinting that he perhaps knows a little more than he’s letting on. It’s another mark of the fine actor he’s become, having spent the last few years in independent film, and another reason to be excited for his upcoming Dark Knight.
Reuniting with Nolan after Dunkirk, Branagh appears to have entered Nolan’s heavy rotation, a replacement for the sort of role Michael Caine played years ago (Caine also makes a brief appearance in the first act). As the villain, he provides a legitimate threat even if he often sways into melodrama with his heavily-accented rants. His determination to watch the world burn makes for an anxious final act, set in various temporal layers reminiscent of the ending of Inception.
Nolan’s legacy means his work now comes with an impossibly high bar. When a new film arrives, the question isn’t if it’s good, but if it’s a masterpiece. And perhaps it is. It’s a film people will debate and examine for years to come, a story people will try to explain to others, probably badly, who will in turn head to the multiplex to form their own opinion. If the mission was to create a discussion, then Tenet is a huge success.


cityam--2020-08-29--Could AI help Rishi Sunak revive the UK economy?

This was once meant to be the year the government balanced the books , a literal pay off for years of tight purse strings under George Osborne ’ s austerity programme .
Instead , 2020 has seen government debt balloon to over £2 trillion .
The coronavirus pandemic has meant UK spending has rocketed far beyond any previous peacetime records , leaving the deficit at an all-time high .
Read more : Cut National Insurance tax after furlough scheme ends , says BCC boss Rishi Sunak , the nation ’ s new favourite Tory , has gone far beyond even @ @ @ @ @ @ @ turning on the spending taps amid a lockdown that has sunk the UK into its deepest recession on record .
Under Sunak , the Treasury has forked out over £34bn on a furlough scheme credited with avoiding mass unemployment , and underwritten the vast majority of £53.5bn of loans to keep struggling businesses afloat , not to mention numerous bailouts and tax breaks to companies , investors and house buyers to keep the economy treading water .
However , now the worst appears to be over , it is widely acknowledged that taxes @ @ @ @ @ @ @ huge black hole in the government ’ s coffers .
But the chancellor faces a tricky balancing act knowing when and how to do it in a way that avoids inhibiting growth or hurting people most impacted by the pandemic .
No doubt Treasury economists are mooting various ideas , some of which have already been leaked : an online sales tax to protect ailing high streets ; prolonging the stamp duty cut to prop up house prices ; and hiking VAT as the economy recovers to claw back much-needed tax receipts .
@ @ @ @ @ @ @ pay down the coronavirus deficit ?
Other , more controversial ideas like a wealth tax are likely to prove anathema to traditional Tory voters , but these are extraordinary times and it is unlikely Sunak will have ruled anything out .
While Sunak has an army of civil servants busy modelling an enormous number of scenarios to help him decide what will work best , it ’ s unlikely any of them is an AI .
Tech giant Salesforce is working to change that .
The Silicon Valley software firm was experimenting with @ @ @ @ @ @ @ coronavirus to model economic theories .
In short , it seeks to supplement economic ideologies with data to help politicians find the most effective tax policies .
Since the pandemic , the project ’ s leaders are using the algorithm to see what policies would prove most effective in inspiring an economic recovery .
“ We ’ ll need a lot of new thinking and technology to help get us out of the pandemic slump , ” says Stephan Zheng , a lead research scientist on the AI Economist project .
The project @ @ @ @ @ @ @ the economic levers being pulled , but also how citizens react .
“ The way economists do that normally is in a very aggregate way , ” Zheng tells City A.M. “ They write down a model of labour and how that responds to taxation.
” Where the AI Economist is different is in its use of machine learning to simulate “ economic agents ” – you and I – who have differing motivations that make it harder to paint economic policy in such broad brush strokes .
“ It ’ s acting @ @ @ @ @ @ @ can have a model of an economic worker who cares about working , but not working too much , ” Zheng posits .
“ So what ’ s the right behavioural model for that ?
“ One way is to let them act to optimise their own lifetime and happiness – how would they respond to a policy ?
” That offers economists a much more complex , and comprehensive , picture of how a society will react to a particular taxation system .
David Parkes , a computer scientist at Harvard University @ @ @ @ @ @ @ explains : “ You all have different trade-offs as you can consider what people think about their family and their country and populate those in and get the AI to optimise for certain goals.
” It also means Salesforce ’ s AI workers adapt to the model ’ s various tax policies to find ways to dodge tax or lower how much they pay – a virtual Cayman Islands probably exists in one simulation .
The AI policymaker can then tweak its policies as it learns from workers ’ reactions .
The advantage @ @ @ @ @ @ @ to experiment with many different economic models over a short period of time , substituting economic ideology for data on what policy delivers the best result .
That is a clear benefit at a time when a virus has wrecked the world ’ s current economic model .
People are frequenting city centres much less now they are working from their kitchen tables , and it is hard to know how long the knock-on impact on property , retail and travel will linger .
But the unprecedented nature of the pandemic means economists @ @ @ @ @ @ @ when it comes to tax policy .
Using a data-driven AI to help might well help economists make more accurate predictions , Salesforce hopes .
“ One advantage of an AI-powered simulation though is that you can tweak parameters to explore different scenarios , ” Zheng adds .
“ For example , more abstractly one could potentially model the impact of a pandemic by adding constraints like social distancing and restricted access to resources , or modifying the workforce.
” The tool could also make up for the lack of historical comparisons by @ @ @ @ @ @ @ simulations over a short timespan to discover what policies are most effective .
“ If you have an epidemic in a world where many people work remotely… that is likely to have wide-ranging consequences for the economy , ” Parkes says .
“ We are looking at how do you use this tool to quickly understand what ’ s happening without waiting for 15 years of data.
” However , one of the tool ’ s main drawbacks is its small number of economic agents .
The team is working towards creating 100 @ @ @ @ @ @ @ believes that long term , the number will hit at least the tens of thousands : Monaco , the world ’ s smallest nation state , has a population of around 40,000 .
The other next step for Salesforce is to work with economists to develop the system .
“ To advance economics we want to let economic theorists develop new ideas of economic systems by using this technology as well , ” Parkes says .
Salesforce has designed the AI Economist as an open source project , and is now inviting AI @ @ @ @ @ @ @ get involved .
“ A lot of the success of the model will come from researchers , policy makers , academics and others who can add their own objectives , ” Zheng explains .

Could AI help Rishi Sunak revive the UK economy?
Could AI help Sunak figure out what tax policies will boost UK growth after coronavirus?
This was once meant to be the year the government balanced the books, a literal pay off for years of tight purse strings under George Osborne’s austerity programme. Instead, 2020 has seen government debt balloon to over £2 trillion.
The coronavirus pandemic has meant UK spending has rocketed far beyond any previous peacetime records, leaving the deficit at an all-time high.
Rishi Sunak, the nation’s new favourite Tory, has gone far beyond even Jeremy Corbyn’s wildest dreams in turning on the spending taps amid a lockdown that has sunk the UK into its deepest recession on record.
Under Sunak, the Treasury has forked out over £34bn on a furlough scheme credited with avoiding mass unemployment, and underwritten the vast majority of £53.5bn of loans to keep struggling businesses afloat, not to mention numerous bailouts and tax breaks to companies, investors and house buyers to keep the economy treading water.
However, now the worst appears to be over, it is widely acknowledged that taxes will have to rise to narrow the huge black hole in the government’s coffers.
But the chancellor faces a tricky balancing act knowing when and how to do it in a way that avoids inhibiting growth or hurting people most impacted by the pandemic.
No doubt Treasury economists are mooting various ideas, some of which have already been leaked: an online sales tax to protect ailing high streets; prolonging the stamp duty cut to prop up house prices; and hiking VAT as the economy recovers to claw back much-needed tax receipts.
Other, more controversial ideas like a wealth tax are likely to prove anathema to traditional Tory voters, but these are extraordinary times and it is unlikely Sunak will have ruled anything out.
While Sunak has an army of civil servants busy modelling an enormous number of scenarios to help him decide what will work best, it’s unlikely any of them is an AI.
Tech giant Salesforce is working to change that.
The Silicon Valley software firm was experimenting with its very own AI Economist even before coronavirus to model economic theories. In short, it seeks to supplement economic ideologies with data to help politicians find the most effective tax policies.
Rishi Sunak has sought to boost restaurants like his Eat Out to Help Out scheme throughout July and August
Since the pandemic, the project’s leaders are using the algorithm to see what policies would prove most effective in inspiring an economic recovery.
“We’ll need a lot of new thinking and technology to help get us out of the pandemic slump,” says Stephan Zheng, a lead research scientist on the AI Economist project.
The project uses machine learning to model not only the economic levers being pulled, but also how citizens react.
“The way economists do that normally is in a very aggregate way,” Zheng tells City A.M. “They write down a model of labour and how that responds to taxation.”
Where the AI Economist is different is in its use of machine learning to simulate “economic agents” – you and I – who have differing motivations that make it harder to paint economic policy in such broad brush strokes.
“It’s acting in a world we simulate. You can have a model of an economic worker who cares about working, but not working too much,” Zheng posits. “So what’s the right behavioural model for that?
“One way is to let them act to optimise their own lifetime and happiness – how would they respond to a policy?”
Finding loopholes
That offers economists a much more complex, and comprehensive, picture of how a society will react to a particular taxation system.
David Parkes, a computer scientist at Harvard University who is involved with the project, explains: “You all have different trade-offs as you can consider what people think about their family and their country and populate those in and get the AI to optimise for certain goals.”
It also means Salesforce’s AI workers adapt to the model’s various tax policies to find ways to dodge tax or lower how much they pay – a virtual Cayman Islands probably exists in one simulation.
The AI policymaker can then tweak its policies as it learns from workers’ reactions.
Modelling a pandemic
London’s offices have been empty since March, with huge consequences for retailers in the centre of the capital
The advantage of using AI is it allows economists to experiment with many different economic models over a short period of time, substituting economic ideology for data on what policy delivers the best result.
That is a clear benefit at a time when a virus has wrecked the world’s current economic model. People are frequenting city centres much less now they are working from their kitchen tables, and it is hard to know how long the knock-on impact on property, retail and travel will linger.
But the unprecedented nature of the pandemic means economists are playing something of a guessing game when it comes to tax policy.
Using a data-driven AI to help might well help economists make more accurate predictions, Salesforce hopes.
“One advantage of an AI-powered simulation though is that you can tweak parameters to explore different scenarios,” Zheng adds.
“For example, more abstractly one could potentially model the impact of a pandemic by adding constraints like social distancing and restricted access to resources, or modifying the workforce.”
The tool could also make up for the lack of historical comparisons by allowing economists to run a multitude of simulations over a short timespan to discover what policies are most effective.
“If you have an epidemic in a world where many people work remotely… that is likely to have wide-ranging consequences for the economy,” Parkes says. “We are looking at how do you use this tool to quickly understand what’s happening without waiting for 15 years of data.”
Scaling up
However, one of the tool’s main drawbacks is its small number of economic agents. The team is working towards creating 100 workers to simulate citizens. But Zheng believes that long term, the number will hit at least the tens of thousands: Monaco, the world’s smallest nation state, has a population of around 40,000.
The other next step for Salesforce is to work with economists to develop the system.
“To advance economics we want to let economic theorists develop new ideas of economic systems by using this technology as well,” Parkes says.
Salesforce has designed the AI Economist as an open source project, and is now inviting AI researchers, economists and policy experts to get involved.
“A lot of the success of the model will come from researchers, policy makers, academics and others who can add their own objectives,” Zheng explains.