cityam--2020-08-13--Is bitcoin gearing up for an unprecedented move?

As debates on bitcoin and alternative asset classes circle the internet , all signs point towards bitcoin leap-frogging the entire cryptocurrency industry into the next paradigm – and the best part is : this is not hyperbole .
Indeed , the news that emerged this week about MicroStrategy purchasing a total of 21,454 bitcoin ( $ 250,000,000 ) can not not be taken lightly – not by any stretch of the imagination .
With this move , this billion-dollar publicly traded company has now set a major precedent for industry peers to follow suit .
Additionally , the reasons for @ @ @ @ @ @ @ that has been touted since the inception of cryptocurrency ; i.e .
bitcoin is sound money with proven absolute digital scarcity that can not be debased , censored or manipulated by any government or group of governments .
Briefly , MicroStrategy ’ s CEO Michael Saylor pointed to a topic that is frequently covered in our newsletter , which is the fact that “ unprecedented government financial stimulus measures including quantitative easing… may well have a significant depreciating effect on the long-term real value of fiat currencies and many other conventional asset types @ @ @ @ @ @ @ fitting into the global macroeconomic picture at length .
Any reasonably effective analyst will tell you that confluence is a major guide in an investor ’ s decision-making process .
In this vein , several moving parts are rapidly coming together and are set to take this industry into the next paradigm .
Today , bitcoin is seen as a tangible inflationary hedge , and immutable store of value against infinite federal reserve and central bank money printing .
When seeing bitcoin ’ s price-action since the covid-19 inspired sell-off against precious metals @ @ @ @ @ @ @ ’ s hard to conclude otherwise .
As it happens , the US Federal Reserve is now expected to fully commit to a higher inflation figure ( 4 % ) via a fresh policy that could be announced as soon as September .
For years , the Fed and other global central banks have been trying to ramp up inflation while assuming that price appreciation is healthy for a growing economy , in spite of the fact normal economic cycles preclude this from happening indefinitely .
Of course , they also worry that @ @ @ @ @ @ @ rates low as the monetary policy tool box becomes smaller and smaller over time .
In essence , the Fed is telling markets that it is fully dedicated to printing more money , and they will announce this within the coming months .
“ We believe that the Fed publicly would welcome inflation in a range of 2 % up to 4 % as a long overdue offset to inflation running below 2 % for so long in the past , ” said Ed Yardeni , head of Yardeni Research .
Yardeni went @ @ @ @ @ @ @ be “ wildly bullish ” for alternative asset classes and in particular growth stocks and precious metals like gold and silver .
As is common practice with dinosaur institutions , the elephant in the room that is bitcoin is only spoken about in dark corners – away from prying eyes .
Meanwhile , the US Dollar standard is stress-testing ( and arguably beaking ) a major channel present since the 2008 great recession .
Provided that macro-economic factors continue to play out , and money printers continue working on over-drive , there ’ @ @ @ @ @ @ @ .
Suffice it to say , any dramatic devaluation of the US Dollar would have a rippling effect on other fiat currencies while propping up alternative assets such as bitcoin and cryptocurrencies , as is already happening .
The story of fiat currency debasement isn ’ t a new one .
In fact , on-chain analytics firm Arcane Research recently charted bitcoin ’ s price history against several fiat currencies since the $ 20,000 all-time high .
The results speak to a trend that is hard to escape : all fiat converges to @ @ @ @ @ @ @ time .
As an analyst , it ’ s your job to retain a level-headed approach to all data points .
However , it truly is an uphill struggle to not become optimistic on alternative assets like bitcoin and cryptocurrencies in light of universally infinite cash handouts .
The facts on the ground point towards bitcoin , and I suspect mass market will realise this sooner rather than later .
This is not financial advice .
Author Credit : Christopher Attard , journalism and content specialist who covers bitcoin and crypto markets .
@ @ @ @ @ @ @

Is bitcoin gearing up for an unprecedented move?
As debates on bitcoin and alternative asset classes circle the internet, all signs point towards bitcoin leap-frogging the entire cryptocurrency industry into the next paradigm – and the best part is: this is not hyperbole.
Indeed, the news that emerged this week about MicroStrategy purchasing a total of 21,454 bitcoin ($250,000,000) cannot not be taken lightly – not by any stretch of the imagination. With this move, this billion-dollar publicly traded company has now set a major precedent for industry peers to follow suit.
Additionally, the reasons for acquiring bitcoin lends credence to a narrative that has been touted since the inception of cryptocurrency; i.e. bitcoin is sound money with proven absolute digital scarcity that cannot be debased, censored or manipulated by any government or group of governments.
Briefly, MicroStrategy’s CEO Michael Saylor pointed to a topic that is frequently covered in our newsletter, which is the fact that “unprecedented government financial stimulus measures including quantitative easing… may well have a significant depreciating effect on the long-term real value of fiat currencies and many other conventional asset types”.
The CEO spoke about bitcoin fitting into the global macroeconomic picture at length.
Bitcoin, gold and silver move hand in hand
Any reasonably effective analyst will tell you that confluence is a major guide in an investor’s decision-making process. In this vein, several moving parts are rapidly coming together and are set to take this industry into the next paradigm.
Today, bitcoin is seen as a tangible inflationary hedge, and immutable store of value against infinite federal reserve and central bank money printing. When seeing bitcoin’s price-action since the covid-19 inspired sell-off against precious metals such as gold and silver, it’s hard to conclude otherwise.
Fiat currency debasement will continue
As it happens, the US Federal Reserve is now expected to fully commit to a higher inflation figure (4%) via a fresh policy that could be announced as soon as September.
For years, the Fed and other global central banks have been trying to ramp up inflation while assuming that price appreciation is healthy for a growing economy, in spite of the fact normal economic cycles preclude this from happening indefinitely. Of course, they also worry that inflation feeds on itself, keeping interest rates low as the monetary policy tool box becomes smaller and smaller over time.
In essence, the Fed is telling markets that it is fully dedicated to printing more money, and they will announce this within the coming months.
“We believe that the Fed publicly would welcome inflation in a range of 2% up to 4% as a long overdue offset to inflation running below 2% for so long in the past,” said Ed Yardeni, head of Yardeni Research.
Yardeni went on to say that the approach would be “wildly bullish” for alternative asset classes and in particular growth stocks and precious metals like gold and silver.
As is common practice with dinosaur institutions, the elephant in the room that is bitcoin is only spoken about in dark corners – away from prying eyes.
USD index slips into dangerous territory
Meanwhile, the US Dollar standard is stress-testing (and arguably beaking) a major channel present since the 2008 great recession.
Provided that macro-economic factors continue to play out, and money printers continue working on over-drive, there’s only one way forward from here. Suffice it to say, any dramatic devaluation of the US Dollar would have a rippling effect on other fiat currencies while propping up alternative assets such as bitcoin and cryptocurrencies, as is already happening.
The story of fiat currency debasement isn’t a new one. In fact, on-chain analytics firm Arcane Research recently charted bitcoin’s price history against several fiat currencies since the $20,000 all-time high.
The results speak to a trend that is hard to escape: all fiat converges to its inherent value of zero given enough time.
As an analyst, it’s your job to retain a level-headed approach to all data points. However, it truly is an uphill struggle to not become optimistic on alternative assets like bitcoin and cryptocurrencies in light of universally infinite cash handouts.
The facts on the ground point towards bitcoin, and I suspect mass market will realise this sooner rather than later.
This is not financial advice.
Author Credit: Christopher Attard, journalism and content specialist who covers bitcoin and crypto markets.
Get in touch at contact@chrisoncrypto.com


cityam--2020-08-13--Just Group shares jump as profit survives pandemic

Just Group ’ s shares leapt today after it posted slightly higher profit for the first six months of 2020 today despite the pandemic .
Read more : British life insurers paid £90m in coronavirus death claims by the end of May Underlying operating profit rose £3m to £117m year on year for the first half of 2020 .
Profit from active life insurance policies shot up 25 per cent year on year to £50.6m to mitigate a 10 per cent fall in business profit fell to £73m .
A 10 per cent drop in retirement income sales to £744.9m @ @ @ @ @ @ @ predicted sales in the second half will “ significantly ” out strip those in the first six months .
The firm said its capital coverage ratio – a measure of its capital compared to its risk – has risen to 145 per cent .
Basic earnings per share more than doubled to 22.58p .
The company has chosen not to reinstate its dividend during the pandemic after cancelling it in March 2019 due to uncertainty around regulatory changes relating to equity release mortgages .
Just Group enjoyed a bumper share price boost of @ @ @ @ @ @ @ back of today ’ s results , though that is still far off its pre-pandemic level of 83p .
It enjoyed an IFRS profit before tax of £305m , more than double the £125m it posted for the first half of 2019 .
The insurer credited the leap to investment and economic profits partly thanks to the record low interest rate of 0.1 per cent .
Just Group ’ s board called the balance sheet “ resilient ” but said it would continue to manage its outlook and capital position after “ significant @ @ @ @ @ @ @ Coupled with economic uncertainty , that persuaded the company not to resume the payment of a dividend .
What Just Group said Group chief executive David Richardson said “ I am very pleased with our progress in the first half of 2020 – our capital coverage ratio has increased to 145 per cent during a turbulent and difficult time in financial markets .
“ The solvency balance sheet has been resilient and we ’ ve achieved substantial organic capital generation , driven by a number of significant management actions .
We recognise there @ @ @ @ @ @ @ the UK property market , but we have multiple levers at our disposal , and we are demonstrating our execution credentials .
”

Just Group shares jump as profit survives pandemic
Just Group’s shares leapt today after it posted slightly higher profit for the first six months of 2020 today despite the pandemic.
The figures
Underlying operating profit rose £3m to £117m year on year for the first half of 2020. Profit from active life insurance policies shot up 25 per cent year on year to £50.6m to mitigate a 10 per cent fall in business profit fell to £73m.
A 10 per cent drop in retirement income sales to £744.9m hurt business profit.
But Just Group predicted sales in the second half will “significantly” out strip those in the first six months.
The firm said its capital coverage ratio – a measure of its capital compared to its risk – has risen to 145 per cent.
Basic earnings per share more than doubled to 22.58p.
The company has chosen not to reinstate its dividend during the pandemic after cancelling it in March 2019 due to uncertainty around regulatory changes relating to equity release mortgages.
Why it’s interesting
Just Group enjoyed a bumper share price boost of 14.5 per cent to 58.3p on the back of today’s results, though that is still far off its pre-pandemic level of 83p.
Credit: London Stock Exchange
It enjoyed an IFRS profit before tax of £305m, more than double the £125m it posted for the first half of 2019. The insurer credited the leap to investment and economic profits partly thanks to the record low interest rate of 0.1 per cent.
Just Group’s board called the balance sheet “resilient” but said it would continue to manage its outlook and capital position after “significant” changes to equity release mortgages.
Coupled with economic uncertainty, that persuaded the company not to resume the payment of a dividend.
What Just Group said
Group chief executive David Richardson said “I am very pleased with our progress in the first half of 2020 – our capital coverage ratio has increased to 145 per cent during a turbulent and difficult time in financial markets.
“The solvency balance sheet has been resilient and we’ve achieved substantial organic capital generation, driven by a number of significant management actions. We recognise there are short term macroeconomic uncertainties, including the UK property market, but we have multiple levers at our disposal, and we are demonstrating our execution credentials.”


cityam--2020-08-13--UK job vacancies see biggest weekly rise in 2020

The number of online job adverts has risen according to new data , despite an increasing number of people being made redundant across the UK .
The total volume of online job adverts saw its biggest weekly increase in 2020 between 31 July and 7 August , data from the Office of National Statistics has revealed .
Job adverts rose from 53 per cent of its 2019 average to 62 per cent .
Read more : Two-in-five businesses expect to cut jobs in the next six months The transport , logistics and warehousing categories saw the largest increase in vacancies @ @ @ @ @ @ @ the 2019 average to show increased demand amid the coronavirus pandemic .
Facilities and maintenance saw the next biggest rise and stands at 136 per cent of the 2019 average , although some roles may be affected by seasonal variations .
Media , arts and culture suffered the biggest decrease in vacancies and was just 41 per cent of the its average last year .
However , the recent rise in vacancies should be met with caution , those in recruitment have warned .
Independent headhunter Jonathan Planner said figures “ should be @ @ @ @ @ @ @ ” .
“ Pretty much all of my clients have shut up shop until next year so the increase in the number of online job ads is an enigma , ” commented Planner .
“ I can only think that some employers are having to hire additional junior staff as people who have been working for them over the summer start heading off to university.
” Meanwhile , director of GlosJobs.co.uk , Belinda Wilson , suggested that employers are recruiting for roles with “ different skillsets in a post-pandemic world ” .
Read @ @ @ @ @ @ @ bumpy ’ months ahead after decade-high job losses “ Many employers are making roles redundant and telling people they won ’ t be returning from furlough , but at the same time are using recruiters to fill newly created roles , ” she said .
“ We are seeing systemic changes in the jobs market .
Covid-19 has changed the way businesses operate irreversibly and while many people will lose their jobs , others could find their skills are suddenly more relevant to employers and that they are in demand .
”

UK job vacancies see biggest weekly rise in 2020
The number of online job adverts has risen according to new data, despite an increasing number of people being made redundant across the UK.
The total volume of online job adverts saw its biggest weekly increase in 2020 between 31 July and 7 August, data from the Office of National Statistics has revealed.
Job adverts rose from 53 per cent of its 2019 average to 62 per cent.
The transport, logistics and warehousing categories saw the largest increase in vacancies, rising to 117 per cent of the 2019 average to show increased demand amid the coronavirus pandemic.
Facilities and maintenance saw the next biggest rise and stands at 136 per cent of the 2019 average, although some roles may be affected by seasonal variations.
Media, arts and culture suffered the biggest decrease in vacancies and was just 41 per cent of the its average last year.
However, the recent rise in vacancies should be met with caution, those in recruitment have warned.
Independent headhunter Jonathan Planner said figures “should be taken with a gargantuan pinch of salt”.
“Pretty much all of my clients have shut up shop until next year so the increase in the number of online job ads is an enigma,” commented Planner.
“I can only think that some employers are having to hire additional junior staff as people who have been working for them over the summer start heading off to university.”
Meanwhile, director of GlosJobs.co.uk, Belinda Wilson, suggested that employers are recruiting for roles with “different skillsets in a post-pandemic world”.
“Many employers are making roles redundant and telling people they won’t be returning from furlough, but at the same time are using recruiters to fill newly created roles,” she said.
“We are seeing systemic changes in the jobs market. Covid-19 has changed the way businesses operate irreversibly and while many people will lose their jobs, others could find their skills are suddenly more relevant to employers and that they are in demand.”


cityam--2020-08-13--The City View: Euan Blair on why apprenticeships are key to unlocking talent

In this episode Christian is joined by Euan Blair , co-founder of tech firm Whitehat which matches apprentices with employers including Facebook , Morgan Stanley and other blue chip giants .
Euan is on a mission to change the way people think about apprenticeships and to provide opportunities for disadvantaged young people and those who feel university isn ’ t for them .
He also discusses the role of the controversial apprenticeship levy ; how employers can start bringing apprentices onboard ; and what the exam grading fiasco tells us about education and the options facing school leavers .
Also @ @ @ @ @ @ @ Khan ’ s warning on a hollowed-out London ; a new survey by Aviva showing optimism among employees returning to work ; and the surge of holiday bookings for summer 2021 .
ETX Capital is one of the UK ’ s leading spread betting and CFD trading providers , offering services to retail , institutional , professional and high net worth customers via an award-winning trading platform .
With over 50 years of experience in the financial markets , customers and service are always put first at ETX , and the company prides @ @ @ @ @ @ @ to every customer .
The multi-device TraderPro platform delivers a fully customisable , award-winning trading technology with customisable charts , instant execution and over 5,000 markets to trade .
Disclaimer : Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
76 % of retail investor accounts lose money when spread betting or trading CFDs with ETX .
You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing @ @ @ @ @ @ @ the Financial Conduct Authority with Financial Services register number 124721 .
ETX Capital provides an execution-only service and therefore any market analysis , opinion , commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice .
ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View: Euan Blair on why apprenticeships are key to unlocking talent
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
In this episode Christian is joined by Euan Blair, co-founder of tech firm Whitehat which matches apprentices with employers including Facebook, Morgan Stanley and other blue chip giants. Euan is on a mission to change the way people think about apprenticeships and to provide opportunities for disadvantaged young people and those who feel university isn’t for them. He also discusses the role of the controversial apprenticeship levy; how employers can start bringing apprentices onboard; and what the exam grading fiasco tells us about education and the options facing school leavers.
Also in this episode Christian looks at Sadiq Khan’s warning on a hollowed-out London; a new survey by Aviva showing optimism among employees returning to work; and the surge of holiday bookings for summer 2021.
In association with ETX Capital
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Disclaimer: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money. Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721. ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.


cityam--2020-08-13--PM Johnson toughens enforcement measures ahead of lockdown easing

Enforcement measures in the UK are set to get tougher ahead of further lockdown easing this weekend , with fines for breaking the rules set to double .
Fines for repeat offenders of mandatory face covering rules will double to a maximum of £3,200 in the coming weeks , the government said today .
New fines will also be introduced for people hosting raves or other unlawful gatherings of more than 30 people , as Britain seeks to combat a spike in partying in breach of UK lockdown rules .
“ Most people in this country are following the rules @ @ @ @ @ @ @ virus , but we must remain focused and we can not be complacent .
That is why we are strengthening the enforcement powers available to use against those who repeatedly flout the rules , ” said Prime Minister Boris Johnson .
Read more : Six per cent of people in England may have already contracted coronavirus It comes as some of the final parts of England ’ s economy left to reopen will be permitted to restart business on Saturday .
Indoor theatres , music and performance venues will be able to reopen @ @ @ @ @ @ @ pilot of a small number of sporting events will be run ahead of allowing spectators to return on 1 October .
Wedding receptions in the form of a sit-down meal for up to 30 guests will now be permitted , as long as the venue and event has been determined Covid-19 secure under UK lockdown rules .
Indoor play and indoor soft play , bowling alleys , skating rinks and casinos will be permitted to reopen .
Beauty salons , tattoo studios , spas and barbers across England will be allowed to offer @ @ @ @ @ @ @ of the face treatments such as eyebrow threading , eyelash treatments and facials .
Finally the government will allow a number of pilots to take place at event venues to help plan how best to restart indoor business events , with conferences allowed to resume from 1 October .
Nightclubs , dance halls , and discotheques , as well as sexual entertainment venues and hostess bars , will be ordered to remain closed .
Additionally , the easing of lockdown rules will not apply to any UK region currently under watch by local @ @ @ @ @ @ @ Read more : Coronavirus : Which English towns are at risk of a local lockdown ?

PM Johnson toughens enforcement measures ahead of lockdown easing
Enforcement measures in the UK are set to get tougher ahead of further lockdown easing this weekend, with fines for breaking the rules set to double.
Fines for repeat offenders of mandatory face covering rules will double to a maximum of £3,200 in the coming weeks, the government said today.
New fines will also be introduced for people hosting raves or other unlawful gatherings of more than 30 people, as Britain seeks to combat a spike in partying in breach of UK lockdown rules.
“Most people in this country are following the rules and doing their bit to control the virus, but we must remain focused and we cannot be complacent. That is why we are strengthening the enforcement powers available to use against those who repeatedly flout the rules,” said Prime Minister Boris Johnson.
It comes as some of the final parts of England’s economy left to reopen will be permitted to restart business on Saturday.
What’s opening this weekend?
Indoor theatres, music and performance venues will be able to reopen with socially distanced audiences, while a pilot of a small number of sporting events will be run ahead of allowing spectators to return on 1 October.
Wedding receptions in the form of a sit-down meal for up to 30 guests will now be permitted, as long as the venue and event has been determined Covid-19 secure under UK lockdown rules.
Indoor play and indoor soft play, bowling alleys, skating rinks and casinos will be permitted to reopen.
Beauty salons, tattoo studios, spas and barbers across England will be allowed to offer all close contact services — including front of the face treatments such as eyebrow threading, eyelash treatments and facials.
Finally the government will allow a number of pilots to take place at event venues to help plan how best to restart indoor business events, with conferences allowed to resume from 1 October.
What’s staying shut under lockdown?
Nightclubs, dance halls, and discotheques, as well as sexual entertainment venues and hostess bars, will be ordered to remain closed.
Additionally, the easing of lockdown rules will not apply to any UK region currently under watch by local health authorities for increased infection rates.
These include:


cityam--2020-08-13--Apple boots Fortnite off App Store after challenge to payment rules

Apple has removed Fortnite off its App Store , after the game ’ s creator Epic Games instituted a new way of buying in-game benefits that circumvents Apple ’ s rules .
Epic Games has in turn initiated legal action against Apple , it said in a statement .
“ Apple ’ s removal of Fortnite is yet another example of Apple flexing its enormous power in order to impose unreasonable restraints and unlawfully maintain its 100 per cent monopoly over the iOS In-App Payment Processing Market , ” Epic said .
The App Store is the only way to @ @ @ @ @ @ @ game remains available on Google ’ s Play Store .
Epic Games introduced a new way to buy digital goods like character outfits and weapons today , in which users will receive a 20 per cent discount if they pay Epic directly rather than through an app store .
This is banned by both Apple and Google ’ s store rules for developers .
Apple said in a statement : “ Today , Epic Games took the unfortunate step of violating the App Store guidelines that are applied equally to every developer and @ @ @ @ @ @ @ our users .
As a result their Fortnite app has been removed from the store .
“ Epic enabled a feature in its app which was not reviewed or approved by Apple , and they did so with the express intent of violating the App Store guidelines regarding in-app payments that apply to every developer who sells digital goods or services.
” Apple is currently facing scrutiny by EU regulators for its App Store rules on commission , which charge a 30 per cent fee to developers for any subscription or purchase made @ @ @ @ @ @ @ : EU opens antitrust cases against Apple over App Store and Apple Pay Epic Games raised almost $ 1.8bn in fresh investment earlier this month , taking its valuation to $ 17.3bn .
Its investors include Chinese tech giant Tencent , posing a potential threat to Epic ’ s business in the US as the Trump administration cracks down on companies with Chinese roots .

Apple boots Fortnite off App Store after challenge to payment rules
Apple has removed Fortnite off its App Store, after the game’s creator Epic Games instituted a new way of buying in-game benefits that circumvents Apple’s rules.
Epic Games has in turn initiated legal action against Apple, it said in a statement.
“Apple’s removal of Fortnite is yet another example of Apple flexing its enormous power in order to impose unreasonable restraints and unlawfully maintain its 100 per cent monopoly over the iOS In-App Payment Processing Market,” Epic said.
The App Store is the only way to download Fortnite on an iPhone. The game remains available on Google’s Play Store.
Epic Games introduced a new way to buy digital goods like character outfits and weapons today, in which users will receive a 20 per cent discount if they pay Epic directly rather than through an app store.
This is banned by both Apple and Google’s store rules for developers.
Apple said in a statement: “Today, Epic Games took the unfortunate step of violating the App Store guidelines that are applied equally to every developer and designed to keep the store safe for our users. As a result their Fortnite app has been removed from the store.
“Epic enabled a feature in its app which was not reviewed or approved by Apple, and they did so with the express intent of violating the App Store guidelines regarding in-app payments that apply to every developer who sells digital goods or services.”
Apple is currently facing scrutiny by EU regulators for its App Store rules on commission, which charge a 30 per cent fee to developers for any subscription or purchase made through the App Store.
Epic Games raised almost $1.8bn in fresh investment earlier this month, taking its valuation to $17.3bn.
Its investors include Chinese tech giant Tencent, posing a potential threat to Epic’s business in the US as the Trump administration cracks down on companies with Chinese roots.


cityam--2020-08-13--Johnson says UK will be 'ruthless' over quarantine as French cases spike

Prime Minister Boris Johnson has said said Downing Street is prepared to be “ ruthless ” with countries over quarantine rules , after he was asked whether France would be removed from the government ’ s safe-travel list .
The UK has imposed a 14-day quarantine period for arrivals from countries such as Spain and Belgium , as infections rates rise and fears mount of a second wave in the UK .
Read more : France on the verge of being added to UK quarantine list “ We ’ ve got to be absolutely ruthless about this , even with @ @ @ @ @ @ @ around the world , ” Johnson told reporters on a visit to Northern Ireland .
“ We will be looking at the data a bit later on this afternoon… looking at exactly where France and other countries are getting to , and you know we can ’ t be remotely complacent about our own situation.
” France today reported its highest number of new coronavirus infections since lockdown restrictions began , charting 2,524 new cases .
Read more : Sadiq Khan says coronavirus app delay has ‘ cost valuable time ’ France is @ @ @ @ @ @ @ behind Spain , with nearly 13m Brit travelling there in 2017 .
The UK on the other hand usually welcomes about 3.5m visitors from France each year .
This makes France the second biggest market for tourists coming into the UK , behind the US .

Johnson says UK will be ‘ruthless’ over quarantine as French cases spike
Prime Minister Boris Johnson has said said Downing Street is prepared to be “ruthless” with countries over quarantine rules, after he was asked whether France would be removed from the government’s safe-travel list.
The UK has imposed a 14-day quarantine period for arrivals from countries such as Spain and Belgium, as infections rates rise and fears mount of a second wave in the UK.
“We’ve got to be absolutely ruthless about this, even with our closest and dearest friends and partners around the world,” Johnson told reporters on a visit to Northern Ireland.
“We will be looking at the data a bit later on this afternoon… looking at exactly where France and other countries are getting to, and you know we can’t be remotely complacent about our own situation.”
France today reported its highest number of new coronavirus infections since lockdown restrictions began, charting 2,524 new cases.
France is the second most-visited country for UK holidaymakers behind Spain, with nearly 13m Brit travelling there in 2017.
The UK on the other hand usually welcomes about 3.5m visitors from France each year. This makes France the second biggest market for tourists coming into the UK, behind the US.


cityam--2020-08-13--Irish PM: 'Landing zone' for a Brexit trade deal in sight

The UK ’ s chief Brexit negotiator has today said an EU trade deal can be struck next month as the Irish Prime Minister also sees a potential “ landing zone ” .
Boris Johnson ’ s chief negotiator – and close ally – David Frost said on Twitter today that “ our assessment is that agreement can be reached in September ” , with formal talks set to resume next week .
Read more : Brexit : UK-EU free trade deal ‘ now unlikely ’ after last round of talks Johnson also met with Irish Prime Minister Micheál Martin @ @ @ @ @ @ @ UK-EU trade deal .
Martin was optimistic about the prospect of a deal being ratified before the post-Brexit transition period ends on 31 December .
Both sides have said a deal must be agreed several months before this date to have enough time to pass it through the EU parliament and give businesses enough time to prepare for the new regulations .
“ It seems to me that there is a landing zone if that will is there on both sides , and I think it is , ” Martin said .
“ @ @ @ @ @ @ @ is a shared understanding that we don ’ t need another shock to the economic system that a sub-optimal trade agreement would give alongside of the enormous shock of Covid.
” Talks between the UK and EU were deadlocked at the end of the last round of negotiations last month , with EU chief negotiator Michel Barnier saying a deal was “ now unlikely ” .
Before the Open newsletter : Start your day with the City View podcast and key market data The two largest areas of contention are still EU fishing @ @ @ @ @ @ @ regulations known as the level playing field .
Barnier said the last negotiating round yielded “ no progress ” on these two areas .
UK negotiators are asking for fishing rights to British waters to be decided on a “ zonal attachment ” basis , which reflects where the fish actually live .
Under the previous arrangement , EU countries had extensive access to UK fishing waters under the Common Fisheries Policy .
Barnier said the UK ’ s position on fisheries would lead to a “ near total exclusion of EU fishing @ @ @ @ @ @ @ is also asking the UK to match EU regulations on a number of areas such as labour laws , environmental laws and state aid provision to ensure a level playing field for businesses on both sides of the channel .
The UK has made it clear that it will not be locked in to regulations set by the EU , while Barnier today said the level playing field was non-negotiable .
Read more : EU prepared to soften state aid demand to reach Brexit deal City A.M. understands the largest point of dispute @ @ @ @ @ @ @ the UK commit to future standards .
Today , Frost said : “ The UK ’ s sovereignty , over our laws , our courts , or our fishing waters , is of course not up for discussion and we will not accept anything which compromises it – just as we aren ’ t looking for anything which threatens the integrity of the EU ’ s single market .
”

Irish PM: ‘Landing zone’ for a Brexit trade deal in sight
BELFAST, NORTHERN IRELAND – AUGUST 13: Prime Minister Boris Johnson (right) and Taoiseach Micheal Martin greet each other with an elbow bump at Hillsborough Castle during the Prime Minister’s visit to Belfast on August 13, 2020 in Belfast, Northern Ireland. (Photo by Brian Lawless – WPA Pool/Getty Images)
The UK’s chief Brexit negotiator has today said an EU trade deal can be struck next month as the Irish Prime Minister also sees a potential “landing zone”.
Boris Johnson’s chief negotiator – and close ally – David Frost said on Twitter today that “our assessment is that agreement can be reached in September”, with formal talks set to resume next week.
Johnson also met with Irish Prime Minister Micheál Martin today where they spoke about a potential UK-EU trade deal.
Martin was optimistic about the prospect of a deal being ratified before the post-Brexit transition period ends on 31 December.
Both sides have said a deal must be agreed several months before this date to have enough time to pass it through the EU parliament and give businesses enough time to prepare for the new regulations.
“It seems to me that there is a landing zone if that will is there on both sides, and I think it is,” Martin said.
“My own gut instinct is that there is a shared understanding that we don’t need another shock to the economic system that a sub-optimal trade agreement would give alongside of the enormous shock of Covid.”
Talks between the UK and EU were deadlocked at the end of the last round of negotiations last month, with EU chief negotiator Michel Barnier saying a deal was “now unlikely”.
Before the Open newsletter: Start your day with the City View podcast and key market data
The two largest areas of contention are still EU fishing access to UK waters and business competition regulations known as the level playing field.
Barnier said the last negotiating round yielded “no progress” on these two areas.
UK negotiators are asking for fishing rights to British waters to be decided on a “zonal attachment” basis, which reflects where the fish actually live.
Under the previous arrangement, EU countries had extensive access to UK fishing waters under the Common Fisheries Policy.
Barnier said the UK’s position on fisheries would lead to a “near total exclusion of EU fishing access to UK waters”.
Brussels is also asking the UK to match EU regulations on a number of areas such as labour laws, environmental laws and state aid provision to ensure a level playing field for businesses on both sides of the channel.
The UK has made it clear that it will not be locked in to regulations set by the EU, while Barnier today said the level playing field was non-negotiable.
City A.M. understands the largest point of dispute is that Brussels is trying to make the UK commit to future standards.
Today, Frost said: “The UK’s sovereignty, over our laws, our courts, or our fishing waters, is of course not up for discussion and we will not accept anything which compromises it – just as we aren’t looking for anything which threatens the integrity of the EU’s single market.”


cityam--2020-08-13--New Look seeks turnover-based rent in second restructuring plan

New Look has proposed another restructuring of its retail network , its second in three years , after coronavirus significantly impacted its finances .
The fashion retailer has asked landlords to agree new turnover-based leases across its portfolio , having already closed stores and negotiated rent reductions as part of a company voluntary arrangement ( CVA ) two years ago .
“ Out of absolute necessity , we are preparing to launch a CVA that would reset our rental cost base back to market rent through a turnover-based model that fairly reflects the future performance of the company and wider @ @ @ @ @ @ @ Read more : McDonalds , Topshop and New Look close stores due to coronavirus The new restructuring plan is expected to be launched on 26 August .
New Look has also agreed the key terms of a recapitalisation with its banks and bondholders , including a debt for equity swap which will reduce its debt from £550m to £100m .
It will also decrease interest costs , gain an extension of working capital facilities and secure an injection of £40m of new capital .
New Look chief executive Nigel Oddy said the recapitalisation @ @ @ @ @ @ @ jobs , “ can only be delivered if we secure the support of our landlords for our forthcoming CVA ” .
Read more : Debenhams axes 2,500 jobs in bid to cut costs after coronavirus lockdown Since lockdown ended , New Look has reopened 459 of its 496 stores in the UK and Ireland .
Store sales are down 38 per cent since the beginning of June , which New Look said was due to reduced footfall as a result of the pandemic .
New Look ’ s adviser PWP will also be @ @ @ @ @ @ @ any potential interest in buying New Look ’ s shares or assets .

New Look seeks turnover-based rent in second restructuring plan
New Look has proposed another restructuring of its retail network, its second in three years, after coronavirus significantly impacted its finances.
The fashion retailer has asked landlords to agree new turnover-based leases across its portfolio, having already closed stores and negotiated rent reductions as part of a company voluntary arrangement (CVA) two years ago.
“Out of absolute necessity, we are preparing to launch a CVA that would reset our rental cost base back to market rent through a turnover-based model that fairly reflects the future performance of the company and wider retail market,” it said.
The new restructuring plan is expected to be launched on 26 August.
New Look has also agreed the key terms of a recapitalisation with its banks and bondholders, including a debt for equity swap which will reduce its debt from £550m to £100m.
It will also decrease interest costs, gain an extension of working capital facilities and secure an injection of £40m of new capital.
New Look chief executive Nigel Oddy said the recapitalisation, which is aimed at saving 12,000 jobs, “can only be delivered if we secure the support of our landlords for our forthcoming CVA”.
Since lockdown ended, New Look has reopened 459 of its 496 stores in the UK and Ireland.
Store sales are down 38 per cent since the beginning of June, which New Look said was due to reduced footfall as a result of the pandemic.
New Look’s adviser PWP will also be contacting strategic and financial investors to determine any potential interest in buying New Look’s shares or assets.


cityam--2020-08-13--Business groups find little reason to celebrate US call to not raise UK tariffs

Major UK business advocacy groups have said the US ’ decision to not slap more tariffs on British goods is no cause to celebrate as businesses continue to feel the pinch from existing measures .
The US made the decision today to not impose planned punitive tariffs on £5.75bn of British goods as a part of a long-running dispute between Airbus and Boeing .
Read more : UK says US whisky tariff ‘ in nobody ’ s interest ’ in trade deal talks However , it did not lift existing 15 per cent tariffs on Airbus aircraft – partially manufactured @ @ @ @ @ @ @ cent tariffs on goods such as Scottish Whisky .
Tariffs on UK made shortbreads were lifted and replaced with taxes on other German and French goods .
CBI head of trade Jonathan Brenton said businesses “ across the country will be relieved with the decision to not increase tariffs ” , but that “ existing tariffs continue to have damaging effects across industries unrelated to the aircraft industry ” .
Before the Open newsletter : Start your day with the City View podcast and key market data “ We urge the US government @ @ @ @ @ @ @ the European Commission to resolve existing trade barriers as soon as possible , ” he said .
“ A resolution that protects people ’ s livelihoods , communities and minimises further disruption so firms can focus on their recovery is possible.
” The Institute of Directors ’ head of EU trade and policy Alexandra Renison added : “ This now a full-blown trade war , and while the US has now removed some tariffs thanks to the efforts of government , deeply damaging ones on whisky remain .
Read more : UK companies @ @ @ @ @ @ @ and end tariff dispute “ Given this issue predates FTA talks , these barriers need to come down with or without a deal.
” The UK and US are currently negotiating a free trade deal , with talks still far from yielding an agreement .
Read more : UK companies lobby Mike Pompeo to ease travel restrictions and end tariff dispute Last year , some government figures said the aim was to have a deal done this year , however this was always considered unlikely .
Some of the key sticking points in @ @ @ @ @ @ @ and digital services .

Business groups find little reason to celebrate US call to not raise UK tariffs
Major UK business advocacy groups have said the US’ decision to not slap more tariffs on British goods is no cause to celebrate as businesses continue to feel the pinch from existing measures.
The US made the decision today to not impose planned punitive tariffs on £5.75bn of British goods as a part of a long-running dispute between Airbus and Boeing.
However, it did not lift existing 15 per cent tariffs on Airbus aircraft – partially manufactured in the UK – and 25 per cent tariffs on goods such as Scottish Whisky.
Tariffs on UK made shortbreads were lifted and replaced with taxes on other German and French goods.
CBI head of trade Jonathan Brenton said businesses “across the country will be relieved with the decision to not increase tariffs”, but that “existing tariffs continue to have damaging effects across industries unrelated to the aircraft industry”.
Before the Open newsletter: Start your day with the City View podcast and key market data
“We urge the US government to reconsider these actions and reconvene with the European Commission to resolve existing trade barriers as soon as possible,” he said.
“A resolution that protects people’s livelihoods, communities and minimises further disruption so firms can focus on their recovery is possible.”
The Institute of Directors’ head of EU trade and policy Alexandra Renison added: “This now a full-blown trade war, and while the US has now removed some tariffs thanks to the efforts of government, deeply damaging ones on whisky remain.
“Given this issue predates FTA talks, these barriers need to come down with or without a deal.”
The UK and US are currently negotiating a free trade deal, with talks still far from yielding an agreement.
Last year, some government figures said the aim was to have a deal done this year, however this was always considered unlikely.
Some of the key sticking points in negotiations are agriculture exports from the US and digital services.


cityam--2020-08-13--Markets live: Wall Street falters and FTSE 100 sinks as US jobless claims fall

Wall Street faltered and the FTSE 100 finished lower today as bullish sentiment faded and traders turned their attention to US jobless data .
The blue-chip index closed down 1.30 per cent to 6,198 points , reversing gains earlier in the week that saw it smash through the 6,200 mark .
Read more : Rishi Sunak says ‘ hard times are here ’ as UK plunges into worst recession on record The hesitant start marks an end to a recent bullish run for the FTSE , which has benefited from optimism over a US stimulus package .
The nerves spread @ @ @ @ @ @ @ s Dax slipping 0.38 per cent to 13,009 points and the French benchmark Cac 40 closing down 0.61 per cent at 5,042 .
It comes a day after the FTSE 100 shrugged off bleak UK GDP data that showed Britain fell to its worst ever recession in the first half of the year .
Traders have also been buoyed by optimism about a US stimulus package and capital gains tax cut as well as hopes of a coronavirus vaccine .
Markets have also set aside jitters about US-China tensions in recent sessions .
@ @ @ @ @ @ @ , as traders turned their attention to US jobless data .
Moreover , optimism about a US stimulus package has also been hit after Speaker Nancy Pelosi warned Democrats and the Trump administration were “ miles apart ” on a new fiscal policy .
“ Despite this week ’ s optimistic tone , there remains an undercurrent of concern about the prospect for any sort of agreement between US policymakers , ” said Michael Hewson , chief markets analyst at CMC Markets .
There were mixed feelings on Wall Street as markets opened @ @ @ @ @ @ @ S & P 500 ticked up a marginal 0.04 per cent in early trading , slamming the brakes on its rapid ascent towards new record highs .
The Dow Jones was down 0.18 per cent , but the tech-heavy Nasdaq proved resilient with a rise of 0.80 per cent .
Traders were buoyed by better-than-expected US jobless data earlier this afternoon , which showed weekly jobless claims fell below 1m for the first time since the start of the coronavirus pandemic .
“ The initial jobless claims number was much better than the @ @ @ @ @ @ @ equity futures higher , ” said Naeem Aslam , chief market analyst at Ava Trade .
“ The fact is that the US economy has become more resilient to pandemic and it is trying its best to find its way out.
” But this confidence failed to translate into market open , with uncertainty over a US stimulus package tempering gains .
“ Let ’ s not overstate how great the unemployment claims figure was , ” said Connor Campbell , financial analyst at Spreadex .
“ At 963,000 , it is still @ @ @ @ @ @ @ .
Nevertheless , it is another move in the right direction , shaving more than 150,000 off of analysts ’ estimates.
” Michael Hewson , chief market analyst at CMC Markets , said : “ At the end of July there was much handwringing at the prospect of the loss of the weekly $ 600 unemployment enhancement , and the effect it might have on the US jobs market .
Yet here we are , two weeks into August and the weekly claims numbers have continued to fall , as have the continuing @ @ @ @ @ @ @ markets at record highs and the jobless claims numbers still on a downward track , US politicians have little incentive to arrive at any sort of new stimulus deal , and so the procrastination is likely to go on , until one or other of these two factors goes into reverse.
” This morning ’ s losses reversed a large portion of yesterday ’ s gains on the FTSE 100 as bullish sentiment appeared to falter .
“ It seems that investors aren ’ t feeling quite so confident in the FTSE now @ @ @ @ @ @ @ latest GDP data , ” said Connor Campbell , financial analyst at Spreadex .
But the blue-chip index was also dragged down by ex-dividend stock , with BP , Shell , Diageo , Astrazeneca , GSK and Legal & General among the companies to go ex-dividend .
“ A combination of some big stocks trading without the rights to their dividend and a bit of profit taking after a strong run for equities so far in August saw the FTSE 100 on the back foot on Thursday morning , ” said Russ Mould @ @ @ @ @ @ @ Read more : Weekly US jobless claims beat expectations and drop to 1.2m Funeral provider Dignity led the FTSE risers today , soaring more than 38 per cent in morning trading .
It came after the competition watchdog said it would hold off on price controls in the funeral sector .
Watches of Switzerland followed close behind , with shares jumping more than 25 per cent following a strong set of interim results .
The luxury retailer said sales in June and July were up on the previous year as it bounced back @ @ @ @ @ @ @ By contrast , National Express dropped almost 13 per cent after it posted a £30m loss for the first half of the year .
The downbeat figures came after the coach operator suffered an 80 per cent drop in passenger demand due to the Covid-19 crisis .
National Express has ramped up its liquidity in a bid to counteract the downturn , and has placed more than 40,000 employees on furlough .

Markets live: Wall Street falters and FTSE 100 sinks as US jobless claims fall
Fauci said the US could see its “general population” vaccinated from April
Wall Street faltered and the FTSE 100 finished lower today as bullish sentiment faded and traders turned their attention to US jobless data.
The blue-chip index closed down 1.30 per cent to 6,198 points, reversing gains earlier in the week that saw it smash through the 6,200 mark.
Rally runs out
The hesitant start marks an end to a recent bullish run for the FTSE, which has benefited from optimism over a US stimulus package.
The nerves spread elsewhere in Europe, with Germany’s Dax slipping 0.38 per cent to 13,009 points and the French benchmark Cac 40 closing down 0.61 per cent at 5,042.
It comes a day after the FTSE 100 shrugged off bleak UK GDP data that showed Britain fell to its worst ever recession in the first half of the year.
Traders have also been buoyed by optimism about a US stimulus package and capital gains tax cut as well as hopes of a coronavirus vaccine.
Markets have also set aside jitters about US-China tensions in recent sessions.
Stimulus fears return
But the bullish sentiment stalled this morning, as traders turned their attention to US jobless data.
Moreover, optimism about a US stimulus package has also been hit after Speaker Nancy Pelosi warned Democrats and the Trump administration were “miles apart” on a new fiscal policy.
“Despite this week’s optimistic tone, there remains an undercurrent of concern about the prospect for any sort of agreement between US policymakers,” said Michael Hewson, chief markets analyst at CMC Markets.
Wall Street wavers
There were mixed feelings on Wall Street as markets opened in New York this afternoon.
The S&P 500 ticked up a marginal 0.04 per cent in early trading, slamming the brakes on its rapid ascent towards new record highs.
The Dow Jones was down 0.18 per cent, but the tech-heavy Nasdaq proved resilient with a rise of 0.80 per cent.
Traders were buoyed by better-than-expected US jobless data earlier this afternoon, which showed weekly jobless claims fell below 1m for the first time since the start of the coronavirus pandemic.
“The initial jobless claims number was much better than the market anticipation and this has pushed the equity futures higher,” said Naeem Aslam, chief market analyst at Ava Trade.
“The fact is that the US economy has become more resilient to pandemic and it is trying its best to find its way out.”
But this confidence failed to translate into market open, with uncertainty over a US stimulus package tempering gains.
“Let’s not overstate how great the unemployment claims figure was,” said Connor Campbell, financial analyst at Spreadex.
“At 963,000, it is still far more swollen than anything seen pre-pandemic. Nevertheless, it is another move in the right direction, shaving more than 150,000 off of analysts’ estimates.”
Michael Hewson, chief market analyst at CMC Markets, said: “At the end of July there was much handwringing at the prospect of the loss of the weekly $600 unemployment enhancement, and the effect it might have on the US jobs market. Yet here we are, two weeks into August and the weekly claims numbers have continued to fall, as have the continuing claims numbers.”
“With US stock markets at record highs and the jobless claims numbers still on a downward track, US politicians have little incentive to arrive at any sort of new stimulus deal, and so the procrastination is likely to go on, until one or other of these two factors goes into reverse.”
Ex-dividend dent
This morning’s losses reversed a large portion of yesterday’s gains on the FTSE 100 as bullish sentiment appeared to falter.
“It seems that investors aren’t feeling quite so confident in the FTSE now that the dust has settled on the latest GDP data,” said Connor Campbell, financial analyst at Spreadex.
But the blue-chip index was also dragged down by ex-dividend stock, with BP, Shell, Diageo, Astrazeneca, GSK and Legal & General among the companies to go ex-dividend.
“A combination of some big stocks trading without the rights to their dividend and a bit of profit taking after a strong run for equities so far in August saw the FTSE 100 on the back foot on Thursday morning,” said Russ Mould, investment director at AJ Bell.
FTSE risers and fallers
Funeral provider Dignity led the FTSE risers today, soaring more than 38 per cent in morning trading.
It came after the competition watchdog said it would hold off on price controls in the funeral sector.
Watches of Switzerland followed close behind, with shares jumping more than 25 per cent following a strong set of interim results.
The luxury retailer said sales in June and July were up on the previous year as it bounced back from a sharp drop during lockdown.
By contrast, National Express dropped almost 13 per cent after it posted a £30m loss for the first half of the year.
The downbeat figures came after the coach operator suffered an 80 per cent drop in passenger demand due to the Covid-19 crisis.
National Express has ramped up its liquidity in a bid to counteract the downturn, and has placed more than 40,000 employees on furlough.


cityam--2020-08-13--Hedge funds make more than $1bn betting against travel stocks

Hedge funds made profits of more than $ 1bn ( £760m ) from betting against travel companies in the year to July .
They also have $ 2.98bn in short positions outstanding in the industry , analysis by Reuters of regulatory filings and investment bank stock lending data showed .
Read more : Holiday firm Tui falls to €1.1bn loss as coronavirus halts travel The coronavirus pandemic has inflicted huge losses and share price falls on airlines , hotels and cruise ship companies as lockdowns , travel bans and quarantines disrupted summer holiday plans for millions across the world .
@ @ @ @ @ @ @ index has fallen 30 per cent so far this year , and today the world ’ s largest tourism firm TUI posted second-quarter losses of €1.1bn ( £990m ) .
Big hedge funds such as Citadel , Sandbar Asset Management and Marshall Wace homed in on the tourism industry to take short positions , filings show .
Calculations by data provider Ortex Analytics showed short sellers earned €853.6m in the first seven months of the year , up from €174.1m over the same period in 2019 from shorting tourism related stocks .
Hedge @ @ @ @ @ @ @ from an institutional investor and sell it back when the price falls , pocketing the difference , a practice known as short-selling .
Read more : Lufthansa posts worst loss in history amid warnings of prolonged air travel slump Airline Deutsche Lufthansa proved one of the most profitable , making short-sellers more than €150.3m in profit over the period , according to the Ortex data .
Other heavily shorted stocks were French hotel company Accor , TUI and cruise line Carnival , based on Ortex data .
Some hedge funds ramped up short @ @ @ @ @ @ @ May , before easing them as Europe seemed to become successful at reducing infections .
But fresh localised outbreaks and new lockdowns induced them to renew the shorts .
Sandbar , for example , steadily upped its Deutsche Lufthansa short position to 0.7 per cent between April and July , then lowered it to 0.57 per cent on 2 July .
It then increased it again from 24 July , filings showed .
Travel and tourism companies currently have $ 2.978bn shorts currently outstanding against them , up $ 200m in the past @ @ @ @ @ @ @ stocks have staged a modest rally since early August , but that has largely attracted more short-sellers , Peter Hillerberg , co-founder of Ortex , said .
“ This isn ’ t the end of the story ; already in recent days we ’ ve seen new positions open as investors seek to take advantage of higher share prices .
”

Hedge funds make more than $1bn betting against travel stocks
Hedge funds made profits of more than $1bn (£760m) from betting against travel companies in the year to July.
They also have $2.98bn in short positions outstanding in the industry, analysis by Reuters of regulatory filings and investment bank stock lending data showed.
The coronavirus pandemic has inflicted huge losses and share price falls on airlines, hotels and cruise ship companies as lockdowns, travel bans and quarantines disrupted summer holiday plans for millions across the world.
Europe’s travel and tourism share index has fallen 30 per cent so far this year, and today the world’s largest tourism firm TUI posted second-quarter losses of €1.1bn (£990m).
Big hedge funds such as Citadel, Sandbar Asset Management and Marshall Wace homed in on the tourism industry to take short positions, filings show.
The hedge funds declined to comment.
Calculations by data provider Ortex Analytics showed short sellers earned €853.6m in the first seven months of the year, up from €174.1m over the same period in 2019 from shorting tourism related stocks.
Hedge funds profit when they borrow a stock from an institutional investor and sell it back when the price falls, pocketing the difference, a practice known as short-selling.
Airline Deutsche Lufthansa proved one of the most profitable, making short-sellers more than €150.3m in profit over the period, according to the Ortex data.
Other heavily shorted stocks were French hotel company Accor, TUI and cruise line Carnival, based on Ortex data.
Some hedge funds ramped up short positions during strict lockdowns between March and May, before easing them as Europe seemed to become successful at reducing infections. But fresh localised outbreaks and new lockdowns induced them to renew the shorts.
Sandbar, for example, steadily upped its Deutsche Lufthansa short position to 0.7 per cent between April and July, then lowered it to 0.57 per cent on 2 July. It then increased it again from 24 July, filings showed.
Travel and tourism companies currently have $2.978bn shorts currently outstanding against them, up $200m in the past month, Ortex data shows.
The stocks have staged a modest rally since early August, but that has largely attracted more short-sellers, Peter Hillerberg, co-founder of Ortex, said.
“This isn’t the end of the story; already in recent days we’ve seen new positions open as investors seek to take advantage of higher share prices.”


cityam--2020-08-13--Social media news consumption drops as trust declines

The number of people accessing news through social media has fallen in the last year as trust in online platforms has slipped , new figures have revealed .
The proportion of Brits using social media sites to stay up to date with the latest stories slipped to 45 per cent in 2020 , down from 49 per cent last year , according to media watchdog Ofcom .
Read more : Twitter bans Donald Trump ’ s presidential campaign over coronavirus fake news It came as social media users reported lower levels of satisfaction with the platforms , rating them lower @ @ @ @ @ @ @ accuracy .
Facebook , Instagram and Twitter users also said they were less inclined to share or retweet trending articles and videos than they were in 2019 .
Social media firms have come under fierce criticism during the coronavirus crisis amid accusations they were not doing enough to crack down on misinformation posted to their platforms .
Overall , TV remains the most popular platform for accessing news , winning 75 per cent of the vote .
This was followed by the internet with 65 per cent , while radio came in third @ @ @ @ @ @ @ a third of UK adults get their news from print newspapers , though this rises to 47 per cent when newspaper websites and apps are taken into account .
The figures , which do not cover news consumption during the Covid-19 lockdown , highlight the enduring popularity of traditional media even amid a steady decline in reader and viewer numbers .
Separate Ofcom research shows traditional media use was even higher during the pandemic , with 87 per cent of adults naming broadcast , newspaper and radio as their go-to sources of news @ @ @ @ @ @ @ survey .
While BBC One remains the most popular news source overall , the figures show its popularity has decreased over the last year .
Read more : MPs urge watchdog to probe BBC jobs cuts amid fears over local output The proportion of adults using BBC channels has slipped from 85 per cent to 83 per cent in the last year .
Meanwhile , commercial rival Sky has increased its usage from 30 per cent to 33 per cent .
It comes during a turbulent period for the public service broadcaster , @ @ @ @ @ @ @ funding model , accusations of impartiality and a black hole in its finances due to Covid-19 .

Social media news consumption drops as trust declines
The global agreement is designed to crack down on tax avoidance by tech giants
The number of people accessing news through social media has fallen in the last year as trust in online platforms has slipped, new figures have revealed.
The proportion of Brits using social media sites to stay up to date with the latest stories slipped to 45 per cent in 2020, down from 49 per cent last year, according to media watchdog Ofcom.
It came as social media users reported lower levels of satisfaction with the platforms, rating them lower on measures including trust, impartiality and accuracy.
Facebook, Instagram and Twitter users also said they were less inclined to share or retweet trending articles and videos than they were in 2019.
Social media firms have come under fierce criticism during the coronavirus crisis amid accusations they were not doing enough to crack down on misinformation posted to their platforms.
Overall, TV remains the most popular platform for accessing news, winning 75 per cent of the vote. This was followed by the internet with 65 per cent, while radio came in third at 42 per cent.
More than a third of UK adults get their news from print newspapers, though this rises to 47 per cent when newspaper websites and apps are taken into account.
The figures, which do not cover news consumption during the Covid-19 lockdown, highlight the enduring popularity of traditional media even amid a steady decline in reader and viewer numbers.
Separate Ofcom research shows traditional media use was even higher during the pandemic, with 87 per cent of adults naming broadcast, newspaper and radio as their go-to sources of news and information about coronavirus in the latest survey.
While BBC One remains the most popular news source overall, the figures show its popularity has decreased over the last year.
The proportion of adults using BBC channels has slipped from 85 per cent to 83 per cent in the last year. Meanwhile, commercial rival Sky has increased its usage from 30 per cent to 33 per cent.
It comes during a turbulent period for the public service broadcaster, which is facing political pressure over its funding model, accusations of impartiality and a black hole in its finances due to Covid-19.


cityam--2020-08-14--Coronavirus lockdown: Casinos, theatres and bowling alleys to reopen on Saturday

Lockdown rules are set to be eased further across England on Saturday as the country continues to tentatively open back up .
Prime Minister Boris Johnson was forced to postpone the latest phase of a recovery on August 1 amid concerns the rate of coronavirus infection had increased slightly .
However , data from the Office for National Statistics last week suggested this was levelling off .
Read more : UK signs deal for 90m more coronavirus vaccine doses Which lockdown rules are being lifted ?
From Saturday , casinos , theatres and bowling alleys will be allowed to reopen @ @ @ @ @ @ @ small wedding receptions will also be permitted as restrictions are eased .
The new rules will allow socially distanced audiences at theatre , music and performance venues , as well as the continuation of a trial of a small number of fans at sporting events .
The final of the World Snooker Championship in Sheffield will be the first pilot event .
The current timeline hopes to allow spectators back at sporting events from October 1 .
Beauty saloons , spas and tattoo studios will be able to offer an almost full range @ @ @ @ @ @ @ contact ” permitted .
Skating rinks and soft play centres will be allowed to reopen too .
Prime Minister Johnson said the new rules “ will allow more people to return to work and the public to get back to more of the things they have missed ” .
He added : “ We will not hesitate to put on the brakes if required , or to continue to implement local measures to help to control the spread of the virus ” .
All will be required to be “ Covid-secure ” , @ @ @ @ @ @ @ Read more : Sadiq Khan says coronavirus app delay has ‘ cost valuable time ’ The easing of restrictions applies only to England .
Devolved powers in Scotland , Wales and Northern Ireland mean they are able to set their own timelines .
The new guidance will not apply to areas that are in a local lockdown .
This currently includes Preston , which was added to a list of 18 other areas that were kept in local lockdown last week .
The full list for England is as follows : The lockdown @ @ @ @ @ @ @ masks .
The government is also set to introduce tougher fines for those failing to wear a mask where it is compulsory to do so , such as on public transport and in shops .
The updated rules will see the fine for not wearing a mask doubled for each offence .
The current fine is £100 – halved if paid within 14 days – but could now rise to a maximum of £3,200 for repeat offenders .
“ Most people in this country are following the rules and doing their bit to @ @ @ @ @ @ @ remain focused and we can not be complacent , ” Johnson said .
“ That is why we are strengthening the enforcement powers available to use against those who repeatedly flout the rules.
” People are also now required to wear a face mask in museums , galleries , cinemas and places of worship .
However , they are not necessary at hairdressers , gyms and leisure centres , dentists and opticians .
The easing of the England lockdown will also now allow for up to 30 guests at wedding and civil partnership @ @ @ @ @ @ @ photographers , security and caterers , as well as the couple and their guests , but does not include staff employed by the venue .
Wedding receptions or parties following the ceremony will also be allowed for the first time .
These will also be allowed no more than 30 guests .
However , they must be held in a “ Covid-secure ” way .
The guidance remains keen to address the danger of spreading the virus through droplets or aerosol means by singing or shouting .

What are the new lockdown rules as casinos and theatres prepare to reopen?
Casinos will be among the places able to reopen in the UK from Saturday
Lockdown rules are set to be eased further across England on Saturday as the country continues to tentatively open back up.
Prime Minister Boris Johnson was forced to postpone the latest phase of a recovery on August 1 amid concerns the rate of coronavirus infection had increased slightly.
However, data from the Office for National Statistics last week suggested this was levelling off.
Which lockdown rules are being lifted?
From Saturday, casinos, theatres and bowling alleys will be allowed to reopen in England.
Live indoor performances and small wedding receptions will also be permitted as restrictions are eased.
The new rules will allow socially distanced audiences at theatre, music and performance venues, as well as the continuation of a trial of a small number of fans at sporting events.
The final of the World Snooker Championship in Sheffield will be the first pilot event.
The current timeline hopes to allow spectators back at sporting events from October 1.
Beauty saloons, spas and tattoo studios will be able to offer an almost full range of services and treatment with “close contact” permitted.
Skating rinks and soft play centres will be allowed to reopen too.
People will be able to attend theatres and other indoor performances in a social distanced manner
Prime Minister Johnson said the new rules “will allow more people to return to work and the public to get back to more of the things they have missed”.
He added: “We will not hesitate to put on the brakes if required, or to continue to implement local measures to help to control the spread of the virus”.
All will be required to be “Covid-secure”, which will include limits on capacity.
Local lockdowns
The easing of restrictions applies only to England. Devolved powers in Scotland, Wales and Northern Ireland mean they are able to set their own timelines.
The new guidance will not apply to areas that are in a local lockdown.
This currently includes Preston, which was added to a list of 18 other areas that were kept in local lockdown last week. The full list for England is as follows:
Blackburn with Darwen
Leicester
Oldham
Bradford
Hyndburn (Lancashire)
Rochdale
Pendle (Lancashire)
Trafford
Calderdale
Kirklees
Manchester
Bolton
Salford
Burnley (Lancashire)
Tameside
Stockport
Bury
Wigan
Rossendale
Oadby and Wigston (Leicestershire)
Luton
Swindon
Eden (Cumbria)
Sandwell
Northampton (Northamptonshire)
Peterborough
Wakefield
Preston
Bedford
Face masks rules
The lockdown rules will also get tougher on face masks.
The government is also set to introduce tougher fines for those failing to wear a mask where it is compulsory to do so, such as on public transport and in shops.
The updated rules will see the fine for not wearing a mask doubled for each offence.
The current fine is £100 – halved if paid within 14 days – but could now rise to a maximum of £3,200 for repeat offenders.
Fines for not wearing face masks in mandatory settings such as public transport are set to increase
“Most people in this country are following the rules and doing their bit to control the virus, but we must remain focused and we cannot be complacent,” Johnson said.
“That is why we are strengthening the enforcement powers available to use against those who repeatedly flout the rules.”
People are also now required to wear a face mask in museums, galleries, cinemas and places of worship.
However, they are not necessary at hairdressers, gyms and leisure centres, dentists and opticians.
Weddings
The easing of the England lockdown will also now allow for up to 30 guests at wedding and civil partnership ceremonies.
That number includes officiants, photographers, security and caterers, as well as the couple and their guests, but does not include staff employed by the venue.
Wedding receptions or parties following the ceremony will also be allowed for the first time. These will also be allowed no more than 30 guests.
However, they must be held in a “Covid-secure” way. The guidance remains keen to address the danger of spreading the virus through droplets or aerosol means by singing or shouting.


cityam--2020-08-14--Made in Dagenham: Mayor approves new east London film studios

London is set to gain yet another major film studio after plans for a new production complex in Dagenham were approved by mayor Sadiq Khan today .
The east London movie hub will boast six sound stages , production offices and set construction workshops built on former industrial land .
Read more : Green light for £250m Netflix and Amazon film studio complex in Kent The complex , which was approved by Barking and Dagenham Council last month , is expected to create 1,200 jobs and contribute £35m per year to the local economy .
“ These spectacular new studios @ @ @ @ @ @ @ boost for the borough , the industry and our city , ” Khan said in a statement .
“ Our culture and creative industries have been significantly impacted by Covid-19 , but our successful film and TV industries can play a key role in our economic recovery.
” The development follows a 2017 study that identified Dagenham East as a prime location for new world-class studio space amid growing demand in the capital .
Since then a temporary studio has been established in the area , playing host to major productions including Marvel @ @ @ @ @ @ @ and Sony ’ s vampire thriller Morbius .
The Dagenham project marks the latest in a string of major studio projects in and around the capital as developers rush to meet surging demand for new films and TV shows to fuel the escalating streaming wars .
In April developers were given the green light to build a £250m film complex in Kent providing studio space for streaming giants Netflix and Amazon .
Meanwhile plans have been outlined for the UK ’ s largest purpose-built studio complex near Reading , while Sky is set @ @ @ @ @ @ @ in Elstree .
Adrian Wootton , chief executive of Film London and the British Film Commission , said the plans were “ fantastic news for the screens sector , for London and for the UK ” .
Read more : UK tycoons buy Twickenham Studios as they launch £500m film venture “ Prior to the Covid-19 pandemic , the UK screen industries were enjoying record growth , ” he said .
“ As UK film and TV production safely restarts , I am confident we shall return to those levels , and exceed @ @ @ @ @ @ @ our part in the capital and country ’ s recovery .
”

Made in Dagenham: Hollywood real estate firm to build new east London film studios
The expansion takes HCP’s investment in the east London film complex to £350m
A Hollywood real estate firm that owns studios where classics such as Citizen Kane and Gone With the Wind were filmed will invest £300m in a major new production complex in east London.
Hackman Capital Partners (HCP) will take control of the construction of Eastbrook Studios, a new film and TV hub spread across more than half a million square feet in Dagenham.
The east London movie hub will boast up to 12 sound stages, production offices and set construction workshops built on former industrial land.
The complex, which has been approved by the local council and mayor Sadiq Khan, is expected to create 1,200 jobs and contribute £35m per year to the local economy.
“Today we’re making history. Dagenham used to be famous for factories and Fords but in the future, we will be equally famous for making films,” said councillor Darren Rodwell, leader of Barking and Dagenham Council.
“It’s not for the glamour or glory. It’s about bringing in thousands of jobs, providing education and training opportunities for local young people, and giving people hope in these gloomy Covid times.”
Thanks for this wonderful introduction to London’s new world-class film studios in Dagenham, @IdrisElba.
They will be a major investment for the area and a huge boost to London's economy — creating 1,200 jobs when they’re so urgently needed. Congratulations to all involved. pic.twitter.com/4sghTDSsw4 — Mayor of London, Sadiq Khan (@MayorofLondon) November 3, 2020
Los Angeles-based HCP, which was founded in 1986, owns a string of major US film studios, including The Culver Studios, Television City Studios and Silvercup Studios.
Its sound stages have played host to numerous blockbusters over the years, as well as CBS TV hits including The Late Late Show with James Corden.
The development follows a 2017 study that identified Dagenham East as a prime location for new world-class studio space amid growing demand in the capital.
Since then a temporary studio has been established in the area, playing host to major productions including Marvel’s upcoming superhero film Black Widow and Sony’s vampire thriller Morbius.
The Dagenham project marks the latest in a string of major studio projects in and around the capital as developers rush to meet surging demand for new films and TV shows to fuel the escalating streaming wars.
In April developers were given the green light to build a £250m film complex in Kent providing studio space for streaming giants Netflix and Amazon.
Meanwhile plans have been outlined for the UK’s largest purpose-built studio complex near Reading, while Sky is set to open a new 32-acre production hub in Elstree.
Adrian Wootton, chief executive of Film London and the British Film Commission, said the plans were “fantastic news for the screens sector, for London and for the UK”.
“Prior to the Covid-19 pandemic, the UK screen industries were enjoying record growth,” he said.
“As UK film and TV production safely restarts, I am confident we shall return to those levels, and exceed them, in coming years, playing our part in the capital and country’s recovery.”
Main image credit: BeFirst London


cityam--2020-08-14--University is still the safest bet to a good life

Every year without fail , school leavers and their parents have to hear the boasting , masquerading as reassurance , of some of society ’ s success stories .
Here ’ s Jeremy Clarkson : “ I got a C and 2 Us and I ’ m currently building a large house with far reaching views of the Cotswolds.
” Lord Sugar goes further : “ University is a waste of time.
” They ’ re wrong .
Good grades and going to university do matter .
A lot .
Of course there are exceptions , but they ’ re @ @ @ @ @ @ @ enjoy significantly greater career opportunities and rewards .
Examining those who attended university in the mid noughties , the Institute for Fiscal Studies recently forecast male graduate lifetime earnings—net even of tax and student loan repayments—were on average £130,000 higher than non-graduates with the same credentials .
So this year ’ s flawed and confusing A-level grading system , only introduced because Coronavirus cancelled exams , has life-changing consequences .
The grade moderation of teacher assessments by the regulator Ofqual is understandable : relying on those assessments alone , as Scotland has now @ @ @ @ @ @ @ , making the process both unfair to other cohorts and utterly discredited .
Read more : With five months to prepare , the A-level results fiasco is a scandal of the government ’ s own making But this moderation has led to the disproportionate marking down of disadvantaged students , and a big jump in the awarding of top grades to those from independent schools .
The government allowing those who feel aggrieved , and there will be many , to take later exams or rely on mock marks , will make things @ @ @ @ @ @ @ year , the government has an unenviable and impossible task of trying to make the system fair to each individual and across the whole cohort .
In truth , there is no perfect system to capture pupil attainment and aptitude , not even in normal times with the final , high-stakes exam .
Especially but not exclusively this year , universities and employers need to be imaginative and use other measures and metrics to judge applicants .
As a prompt , even in decades to come , this unlucky cohort should write “ @ @ @ @ @ @ @ any CV .
This government could still do better , though .
It should immediately lift the temporary cap on the number of students that universities can admit , originally reinstated this year to prevent institutions from granting unconditional and lenient offers to shore up their finances as a result of the anticipated plummeting of applicants , especially from overseas .
Better respected universities could have poached from others their usual pool of students , ruining their finances .
Well , UCAS figures just released show that record numbers of 18-year-olds from the @ @ @ @ @ @ @ , and places granted to international applicants have remained strong , albeit somewhat reduced for those from inside the EU .
Read more : Labour call for government U-turn on A-levels ‘ fiasco ’ Allowing universities to expand their intakes would increase the probability of those disadvantaged pupils who haven ’ t got their anticipated grades to , through clearing , secure a place at a good university .
Letting more young people move on to the next stage of their lives as soon as possible , rather than stressing about an exam @ @ @ @ @ @ @ marks , would be preferable , surely .
Also , we should expand university places , now and in the future .
The current education secretary last month , however , criticised the ambition of the Blair government for at least 50 per cent of young adults to participate in higher education , instead arguing that greater focus and esteem should be granted to vocational and technical education .
But presenting this binary between higher and vocational education is misjudged .
More than 40 per cent of university courses are technical , professional @ @ @ @ @ @ @ trends , too : other countries already have much higher proportions of under 35s with degrees—Canada at 61 per cent and Japan at 60 per cent .
The ideal would be more people participating in both university and work-based training at different stages in their working lives , benefiting from the unique skills and opportunities each offer to careers .
To be fair , there are a small proportion of mostly male graduates from certain universities and in certain subjects such as English and the creative arts who , in terms of salary @ @ @ @ @ @ @ university .
However , there is actually no significant loss in investment for them , as salaries are so low that they repay no or very low amounts of their student loan back .
These graduates may feel there has been an opportunity loss , but there are demonstrable non-financial benefits to attending too .
Regardless , these poor labour market returns are an argument for policymakers improving the quality of higher education , not restricting access to it .
With the labour market contracting rapidly , the Class of Covid need all @ @ @ @ @ @ @ to attend university , which is still the safest route to a good life .
Read more : Our university sector was broken long before Covid-19

University is still the safest bet to a good life
Going to university is still the safest route to a good life and offers many non-financial benefits (Getty)
Every year without fail, school leavers and their parents have to hear the boasting, masquerading as reassurance, of some of society’s success stories.
Here’s Jeremy Clarkson: “I got a C and 2 Us and I’m currently building a large house with far reaching views of the Cotswolds.” Lord Sugar goes further: “University is a waste of time.”
They’re wrong. Good grades and going to university do matter. A lot. Of course there are exceptions, but they’re rare; those with higher educational qualifications enjoy significantly greater career opportunities and rewards. Examining those who attended university in the mid noughties, the Institute for Fiscal Studies recently forecast male graduate lifetime earnings—net even of tax and student loan repayments—were on average £130,000 higher than non-graduates with the same credentials.
So this year’s flawed and confusing A-level grading system, only introduced because Coronavirus cancelled exams, has life-changing consequences. The grade moderation of teacher assessments by the regulator Ofqual is understandable: relying on those assessments alone, as Scotland has now done, would have been provably inflationary, making the process both unfair to other cohorts and utterly discredited.
Read more: With five months to prepare, the A-level results fiasco is a scandal of the government’s own making
But this moderation has led to the disproportionate marking down of disadvantaged students, and a big jump in the awarding of top grades to those from independent schools. The government allowing those who feel aggrieved, and there will be many, to take later exams or rely on mock marks, will make things even more imprecise and messy.
This year, the government has an unenviable and impossible task of trying to make the system fair to each individual and across the whole cohort. In truth, there is no perfect system to capture pupil attainment and aptitude, not even in normal times with the final, high-stakes exam. Especially but not exclusively this year, universities and employers need to be imaginative and use other measures and metrics to judge applicants. As a prompt, even in decades to come, this unlucky cohort should write “Covid” next to their grades on any CV.
This government could still do better, though. It should immediately lift the temporary cap on the number of students that universities can admit, originally reinstated this year to prevent institutions from granting unconditional and lenient offers to shore up their finances as a result of the anticipated plummeting of applicants, especially from overseas. Better respected universities could have poached from others their usual pool of students, ruining their finances.
Well, UCAS figures just released show that record numbers of 18-year-olds from the UK have been accepted onto university courses, and places granted to international applicants have remained strong, albeit somewhat reduced for those from inside the EU.
Read more: Labour call for government U-turn on A-levels ‘fiasco’
Allowing universities to expand their intakes would increase the probability of those disadvantaged pupils who haven’t got their anticipated grades to, through clearing, secure a place at a good university. Letting more young people move on to the next stage of their lives as soon as possible, rather than stressing about an exam or getting into a fight about their marks, would be preferable, surely.
Also, we should expand university places, now and in the future. The current education secretary last month, however, criticised the ambition of the Blair government for at least 50 per cent of young adults to participate in higher education, instead arguing that greater focus and esteem should be granted to vocational and technical education.
But presenting this binary between higher and vocational education is misjudged. More than 40 per cent of university courses are technical, professional or vocational. It goes against global trends, too: other countries already have much higher proportions of under 35s with degrees—Canada at 61 per cent and Japan at 60 per cent. The ideal would be more people participating in both university and work-based training at different stages in their working lives, benefiting from the unique skills and opportunities each offer to careers.
To be fair, there are a small proportion of mostly male graduates from certain universities and in certain subjects such as English and the creative arts who, in terms of salary, would have been better not attending university. However, there is actually no significant loss in investment for them, as salaries are so low that they repay no or very low amounts of their student loan back. These graduates may feel there has been an opportunity loss, but there are demonstrable non-financial benefits to attending too. Regardless, these poor labour market returns are an argument for policymakers improving the quality of higher education, not restricting access to it.
With the labour market contracting rapidly, the Class of Covid need all the help and encouragement they can get to attend university, which is still the safest route to a good life.
Read more: Our university sector was broken long before Covid-19
Main image credit: Getty


cityam--2020-08-14--Brits dash for the Channel in bid to beat France quarantine

British holidaymakers are scrambling to get home before they are forced to quarantine for 14 days after the government last night announced that it was removing France from its travel corridors list .
According to transport secretary Grant Shapps , there are roughly 160,000 UK holidaymakers currently in France who have been caught out by the ministers ’ decision .
Read more : Grant Shapps : ‘ No choice ’ but to impose quarantine rules on France The restrictions were first announced late last night , and will come into effect at 4 o ’ clock on Saturday morning , @ @ @ @ @ @ @ the Channel .
However , although it has said it will try to lay on extra services , Getlink , which operates the Channel Tunnel , warned Brits not to turn up unless they had a booking .
“ Do not turn up unless you have a booking .
You won ’ t get on a crossing ” , it said .
“ This being a peak August weekend , we are already full up with bookings.
” The firm ’ s director of public affairs John Cliffe told the BBC that there @ @ @ @ @ @ @ available .
Before the Open newsletter : Start your day with the City View podcast and key market data Brittany Ferries also said that it would not lay on extra ferry services to repatriate marooned Brits .
However , airlines such as Easyjet and British Airways said they would continue to operate their flights as planned .
Shapps also ruled out the possibility of providing compensation for those affected by the disruption , saying that they had been aware of the risks when they decided to travel .
When the government reimposed the @ @ @ @ @ @ @ weeks ago Shapps was himself forced to cut short his holiday there to come back to the UK and quarantine .
Read more : France and the Netherlands placed on UK quarantine list As well as its two largest holiday destinations , the UK has now imposed restrictions on Belgium , the Netherlands , Luxembourg , and a number of other countries .
It has said it will not hesitate to act again if the spike in cases calls for it .

Brits dash for the Channel in bid to beat France quarantine
British holidaymakers are scrambling to get home before they are forced to quarantine for 14 days after the government last night announced that it was removing France from its travel corridors list.
According to transport secretary Grant Shapps, there are roughly 160,000 UK holidaymakers currently in France who have been caught out by the ministers’ decision.
The restrictions were first announced late last night, and will come into effect at 4 o’clock on Saturday morning, prompting many to make a dash for the Channel.
However, although it has said it will try to lay on extra services, Getlink, which operates the Channel Tunnel, warned Brits not to turn up unless they had a booking.
“Do not turn up unless you have a booking. You won’t get on a crossing”, it said. “This being a peak August weekend, we are already full up with bookings.”
The firm’s director of public affairs John Cliffe told the BBC that there was unlikely to be any additional capacity available.
Before the Open newsletter: Start your day with the City View podcast and key market data
Brittany Ferries also said that it would not lay on extra ferry services to repatriate marooned Brits.
However, airlines such as Easyjet and British Airways said they would continue to operate their flights as planned.
Shapps also ruled out the possibility of providing compensation for those affected by the disruption, saying that they had been aware of the risks when they decided to travel.
When the government reimposed the same restrictions on Spain a number of weeks ago Shapps was himself forced to cut short his holiday there to come back to the UK and quarantine.
As well as its two largest holiday destinations, the UK has now imposed restrictions on Belgium, the Netherlands, Luxembourg, and a number of other countries.
It has said it will not hesitate to act again if the spike in cases calls for it.