cityam--2020-10-19--UK watchdog ramps up pressure on tech giants as it sets one-year ultimatum

The UK competition watchdog has urged the government to step up plans for a new digital regulator as it warned it is preparing to take action against tech giants such as Facebook and Google .
Andrea Coscelli , chief executive of the Competition and Markets Authority ( CMA ) , said his organisation was “ actively considering ” potential enforcement cases in the digital sector .
Read more : Amazon to escape UK tech tax as global crackdown falters Ministers are set to appoint media watchdog Ofcom as the UK ’ s first internet regulator , and the CMA is @ @ @ @ @ @ @ on the new regulatory regime .
But Coscelli has ramped up pressure on the government to finalise its new tech regulation , warning that the competition watchdog was prepared to wait one year before intervening alone .
“ Plan A is to have a regulatory framework , ” he said in an interview with the Financial Times .
“ If [ within a year ] there is little action because of Covid-19 and Brexit then we would certainly do something ourselves directly — that is plan B.
” In July the CMA published @ @ @ @ @ @ @ online platforms and the digital advertising market , which found that large tech firms such as Google and Facebook had built an “ unassailable market position ” .
The study concluded that the companies ’ huge user bases served to weaken competition , drive up prices for consumers and act as a “ brake on innovation ” .
However , the watchdog opted not to launch investigations into the so-called duopoly , stating it would first complete its work with the government through the digital markets taskforce .
Nevertheless , Coscelli has insisted @ @ @ @ @ @ @ active ” in competition enforcement in the digital sector over the coming years , especially after the UK has left the EU in January .
In addition to a code of conduct and competition enforcement , authorities are considering a merger regime for acquisitions by companies with so-called strategic market status .
“ We are considering whether the evidence supports a policy justification for such a regime , based on the particular features of digital markets that increase the risks of consumer harm arising from acquisitions by particularly powerful companies , and the @ @ @ @ @ @ @ said .
It comes a week after EU regulators drew up a “ hit list ” of around 20 tech giants they have earmarked for curbs on market power .
The US antitrust committee has also drawn up a roadmap for a potential break-up of large tech firms after accusing them of abusing their market power .

UK watchdog ramps up pressure on tech giants as it sets one-year ultimatum
The CMA has warned that Facebook and Google have an ‘unassailable market position’
The UK competition watchdog has urged the government to step up plans for a new digital regulator as it warned it is preparing to take action against tech giants such as Facebook and Google.
Andrea Coscelli, chief executive of the Competition and Markets Authority (CMA), said his organisation was “actively considering” potential enforcement cases in the digital sector.
Ministers are set to appoint media watchdog Ofcom as the UK’s first internet regulator, and the CMA is leading a digital markets taskforce to advise on the new regulatory regime.
But Coscelli has ramped up pressure on the government to finalise its new tech regulation, warning that the competition watchdog was prepared to wait one year before intervening alone.
“Plan A is to have a regulatory framework,” he said in an interview with the Financial Times. “If [within a year] there is little action because of Covid-19 and Brexit then we would certainly do something ourselves directly — that is plan B.”
In July the CMA published its findings from a year-long study into online platforms and the digital advertising market, which found that large tech firms such as Google and Facebook had built an “unassailable market position”.
The study concluded that the companies’ huge user bases served to weaken competition, drive up prices for consumers and act as a “brake on innovation”.
However, the watchdog opted not to launch investigations into the so-called duopoly, stating it would first complete its work with the government through the digital markets taskforce.
Nevertheless, Coscelli has insisted that the CMA will be “increasingly active” in competition enforcement in the digital sector over the coming years, especially after the UK has left the EU in January.
In addition to a code of conduct and competition enforcement, authorities are considering a merger regime for acquisitions by companies with so-called strategic market status.
“We are considering whether the evidence supports a policy justification for such a regime, based on the particular features of digital markets that increase the risks of consumer harm arising from acquisitions by particularly powerful companies, and the heightened risks of under-enforcement,” Coscelli said.
It comes a week after EU regulators drew up a “hit list” of around 20 tech giants they have earmarked for curbs on market power.
The US antitrust committee has also drawn up a roadmap for a potential break-up of large tech firms after accusing them of abusing their market power.


cityam--2020-10-19--Mergers can improve banks’ profitability, says ECB vice president

The vice president of the European Central Bank has called for further consolidation by eurozone banks to improve lenders ’ profitability during the Covid-19 crisis .
Banks in Spain and other EU countries have come under pressure to consolidate as the sector faces rising bad loans and rock bottom interest rates due to the coronavirus pandemic .
Read more : Sabadell to speed up cost cutting at TSB , chief executive says “ Removing cost excesses , over-capacity is more necessary than it was before the pandemic , ” the ECB ’ s Luis de Guindos told an event hosted @ @ @ @ @ @ @ .
“ Consolidation is a tool , it is not a goal in itself , but can be helpful in cost savings , in removing over-capacity , ” he added .
Before the Open newsletter : Start your day with the City View podcast and key market data More flexibility from the ECB on capital requirements could pave the way for more consolidation among banks in the bloc .
Last month Spanish lenders Caixabank and Bankia announced a merger that ’ s set to Spain ’ s largest domestic bank .
News of @ @ @ @ @ @ @ new wave of consolidation in the country ’ s banking sector .
The number of banks in Spain has already fallen from 55 to 12 since the 2008 financial crisis .
Speaking today , de Guindos said eurozone banks ’ return on capital ( ROE ) — a key measure of profitability — had declined to around two per cent due to the pandemic , which has led to higher provisions for bad loans and lower revenues .
Before Covid-19 hit , the measure had stood around five per cent , the central @ @ @ @ @ @ @ the event that any withdrawal stimulus measures introduced to boost European economies should be done gradually and in a calibrated manner .

Mergers can improve banks’ profitability, says ECB vice president
ECB vice president Luis de Guindos said consolidation could help lenders make cost savings
The vice president of the European Central Bank has called for further consolidation by eurozone banks to improve lenders’ profitability during the Covid-19 crisis.
Banks in Spain and other EU countries have come under pressure to consolidate as the sector faces rising bad loans and rock bottom interest rates due to the coronavirus pandemic.
“Removing cost excesses, over-capacity is more necessary than it was before the pandemic,” the ECB’s Luis de Guindos told an event hosted by newspaper Expansion and accountancy giant KPMG.
“Consolidation is a tool, it is not a goal in itself, but can be helpful in cost savings, in removing over-capacity,” he added.
Before the Open newsletter: Start your day with the City View podcast and key market data
More flexibility from the ECB on capital requirements could pave the way for more consolidation among banks in the bloc.
Last month Spanish lenders Caixabank and Bankia announced a merger that’s set to Spain’s largest domestic bank.
News of the tie-up has fuelled expectations of a new wave of consolidation in the country’s banking sector. The number of banks in Spain has already fallen from 55 to 12 since the 2008 financial crisis.
Speaking today, de Guindos said eurozone banks’ return on capital (ROE) — a key measure of profitability — had declined to around two per cent due to the pandemic, which has led to higher provisions for bad loans and lower revenues.
Before Covid-19 hit, the measure had stood around five per cent, the central banker said.
De Guindos also told the event that any withdrawal stimulus measures introduced to boost European economies should be done gradually and in a calibrated manner.


cityam--2020-10-19--Sabadell to speed up cost cutting at TSB, chief executive says

TSB-owner Banco Sabadell is planning to speed up cost-cutting measures at the British lender , the Spanish lender ’ s @ @ @ @ @ cost reduction plan at TSB that was initially set to take three years will now @ @ @ @ @ , said Jaime Guardiola .
Read more : Coronavirus : TSB to axe a third @ @ @ @ @ jobs TSB announced plans to axe a third of its branches last month with the @ @ @ @ @ it grapples with the impact of Covid-19 .
The lender said at the time that @ @ @ @ @ cut TSB ’ s workforce by 10 per cent , were part of its three-year @ @ @ @ @ City A.M. has reached out to TSB for comment .

Sabadell to speed up cost cutting at TSB, chief executive says
TSB-owner Banco Sabadell is planning to speed up cost-cutting measures at the British lender, the Spanish lender’s chief executive said.
A cost reduction plan at TSB that was initially set to take three years will now be implemented over two years, said Jaime Guardiola.
TSB announced plans to axe a third of its branches last month with the loss of 900 jobs as it grapples with the impact of Covid-19.
The lender said at the time that the cuts, which will cut TSB’s workforce by 10 per cent, were part of its three-year plan to trim spending.
City A.M. has contacted TSB for comment.
More to follow.


cityam--2020-10-19--Breaking: Wales to enter strict 'fire break' lockdown

Wales will enter a strict , two-week lockdown from 6pm on Friday , the Welsh First Minister Mark Drakeford has @ @ @ @ @ the Wales lockdown as a “ short , sharp shock ” that would help “ @ @ @ @ @ on rising Covid-19 cases .
Wales residents will be expected to stay at home throughout @ @ @ @ @ and critical work permitted .
Read more : What do London ’ s Tier 2 @ @ @ @ @ Drakeford also demanded all non-essential retail to close as well as hospitality sites to close @ @ @ @ @ be open at reduced capacity in the second week of the lockdown .
The strict @ @ @ @ @ half-term .
Additionally , the First Minister announced an economic resilience package of £300m , @ @ @ @ @ businesses in the country support to ride out the second lockdown .
Cases of Covid-19 @ @ @ @ @ even in areas that are already subject to restrictions , such as Cardiff .

Breaking: Wales to enter strict ‘fire break’ lockdown
Welsh residents will be subject to a ‘fire break’ lockdown from Friday (Photo by Stu Forster/Getty Images)
Wales will enter a strict, two-week lockdown from 6pm on Friday, the Welsh First Minister Mark Drakeford has announced today.
Drakeford described the Wales lockdown as a “short, sharp shock” that would help “turn back the clock” on rising Covid-19 cases.
Wales residents will be expected to stay at home throughout, with only essential shopping and critical work permitted.
Drakeford also demanded all non-essential retail to close as well as hospitality sites to close.
However, schools will be open at reduced capacity in the second week of the lockdown.
The strict restrictions coincide with the October half-term.
Additionally, the First Minister announced an economic resilience package of £300m, which is hoped will give businesses in the country support to ride out the second lockdown.
Read more: What do London’s Tier 2 restrictions mean for you?
First Minister of Wales Mark Drakeford said that Wales will go into national lockdown from Friday until 9 November (Photo by Matthew Horwood/Getty Images)
Cases of Covid-19 continue to rise in Wales even in areas that are already subject to restrictions, such as Cardiff.


cityam--2020-10-19--London hospitality industry marches on parliament - live updates

Members of the London and UK hospitality industry are staging a protest on Parliament Square , urging the government to revise its policies relating to hospitality venues .
Reporter Poppy Wood is down in Westminster : follow live updates and responses here .
Update 11:50 Chef and restaurateur Jason Atherton tells City A.M. that “ what Boris Johnson has done to the sector is criminal ” .
“ I just think it ’ s just unbelievable what what what ’ s happened to our country , from where we were a year ago to where we are today , ” @ @ @ @ @ @ @ that we were one of the greatest nations on Earth , with London being one of the best capitals in the world .
And we ’ re in chaos .
We ’ re in total chaos.
” Atherton , who owns Michelin star London restaurant Pollen Street Social , adds the industry is “ absolutely furious ” at the lack of government support for the sector ahead of further restrictions .
“ Let ’ s not forget [ ministers ] have given us government loans — which have got to be paid back @ @ @ @ @ @ @ through the first wave , now we ’ re talking about getting through the next 18 months to two years.
” “ I think hospitality is needed even more now than ever .
And actually it is one of the biggest industries in the UK… It ’ s just unbelievable what the government are doing to us.
” Update 11.30 Chefs , waiters , waitresses , pub landlords , farmers and caterers have been banging their pots and pans for more than half an hour in Parliament Square making their calls for further @ @ @ @ @ @ @ than 25,000 UK hospitality venues have already buckled under the weight of the pandemic , with industry figures warning that hundreds of thousands of redundancies linger on the horizon as further restrictions sweep the country .
Update 10:50 – Rachel Harty , organiser of the protest , tells City A.M that the government should “ if necessary close places down and provide the necessary support those businesses need rather than forcing them to stay open without any help ” .
“ The hospitality industry has been incredibly cooperative , in doing everything the @ @ @ @ @ @ @ by creating these highly controlled environments , ” she adds , noting new restrictions [ such as ] social distancing between tables , the 10pm curfew and a ban on mixing between households indoors .
“ A lot of places are stuck in limbo right now , and they need to either be able to stay open with the previous restrictions or they should be closed down and given financial support.
” Harty adds that fresh restrictions imposed on the capital over the weekend mean London ’ s hospitality industry will be particularly @ @ @ @ @ @ @ .
“ London is in this sort of no man ’ s land right now , ” she says , adding that chancellor Rishi Sunak ’ s suggestion that staff in jobs considered unviable during the pandemic should retrain is “ horrifying ” .
“ I just think it ’ s nonsensical .
The hospitality industry is one of the best things about this country and brings millions of tourists every single year , ” she sayssaid .
“ Today we ’ re urging [ the government ] to base policy on facts @ @ @ @ @ @ @ curfew seem completely arbitrary and will wipe out a whole sector ” .
Update 10:24 – “ We are here to demonstrate and demand more support for hospitality ” explains Jan Konetzki , sommelier at Four Seasons .
Update 10:11 – as protesters and media make their way down to Parliament Square , London mayor Sadiq Khan just released this statement : “ I support those from across our hospitality sector protesting today deeply anxious about their future .
“ The 80 per cent furlough scheme was a lifeline for many businesses at @ @ @ @ @ @ @ it is this level of support London ’ s hospitality sector now needs to prevent further widespread unemployment and ensure this world-leading sector can return to business when the virus is under control.
” “ Until the government gets a grip on this virus , ministers have an obligation to give businesses the support they need to survive while restrictions remain in place .
”

London hospitality industry marches on parliament – live updates
Parliament Square at the moment
Members of the London and UK hospitality industry are staging a protest on Parliament Square, urging the government to revise its policies relating to hospitality venues.
Reporter Poppy Wood is down in Westminster: follow live updates and responses here.
Update 11:50 Chef and restaurateur Jason Atherton tells City A.M. that “what Boris Johnson has done to the sector is criminal”.
“I just think it’s just unbelievable what’s happened to our country, from where we were a year ago to where we are today,” he says.
“I genuinely believe that we were one of the greatest nations on Earth, with London being one of the best capitals in the world. And we’re in chaos. We’re in total chaos.”
Atherton, who owns Michelin star London restaurant Pollen Street Social, adds the industry is “absolutely furious” at the lack of government support for the sector ahead of further restrictions.
“Let’s not forget [ministers] have given us government loans — which have got to be paid back. But that’s got us through the first wave, now we’re talking about getting through the next 18 months to two years.”
“I think hospitality is needed even more now than ever. And actually it is one of the biggest industries in the UK… It’s just unbelievable what the government’s doing to us.”
Update 11.30 Chefs, waiters, waitresses, pub landlords, farmers and caterers have been banging their pots and pans for more than half an hour in Parliament Square making their calls for further government support heard across Westminster.
More than 25,000 UK hospitality venues have already buckled under the weight of the pandemic, with industry figures warning that hundreds of thousands of redundancies linger on the horizon as further restrictions sweep the country.
Farmers warned that venue closures will cause a ripple effect across supply chains Source: Poppy Wood
Demonstrators from the hospitality industry were seen wearing masks as they called for further support for the sector amid the coronavirus pandemic
Update 10:50 – Rachel Harty, organiser of the protest, tells City A.M that the government should “if necessary close places down and provide the necessary support those businesses need rather than forcing them to stay open without any help”.
“The hospitality industry has been incredibly cooperative, in doing everything the government’s asked them to do by creating these highly controlled environments,” she adds, noting new restrictions [such as] social distancing between tables, the 10pm curfew and a ban on mixing between households indoors.
“A lot of places are stuck in limbo right now, and they need to either be able to stay open with the previous restrictions or they should be closed down and given financial support.”
Protesters took to Parliament Square to demand further financial support from the government to prop up the UK’s ailing hospitality industry Source: Poppy Wood
Harty adds that fresh restrictions imposed on the capital over the weekend mean London’s hospitality industry will be particularly damaged by a second wave of coronavirus.
“London is in this sort of no man’s land right now,” she says, adding that chancellor Rishi Sunak’s suggestion that staff in jobs considered unviable during the pandemic should retrain is “horrifying”.
“I just think it’s nonsensical. The hospitality industry is one of the best things about this country and brings millions of tourists every single year,” she says.
“Today we’re urging [the government] to base policy on facts and science. Things like the 10pm curfew seem completely arbitrary and will wipe out a whole sector”.
Update 10:24 – “We are here to demonstrate and demand more support for hospitality” explains Jan Konetzki, sommelier at Four Seasons.
Update 10:11 – as protesters and media make their way down to Parliament Square, London mayor Sadiq Khan just released this statement:
“I support those from across our hospitality sector protesting today deeply anxious about their future.
“The huge failures in the test and trace system have meant that further COVID restrictions are now necessary, but our bars, restaurants and other venues must now get the extra financial support they need urgently to stay afloat. Sadiq Khan
“The 80 per cent furlough scheme was a lifeline for many businesses at the start of the pandemic, and it is this level of support London’s hospitality sector now needs to prevent further widespread unemployment and ensure this world-leading sector can return to business when the virus is under control.”
“Until the government gets a grip on this virus, ministers have an obligation to give businesses the support they need to survive while restrictions remain in place.”


cityam--2020-10-19--Brexit: EU needs to show 'maturity' in trade talks, says minister

The EU has been immature and inflexible in trade negotiations but the door is “ still ajar ” for a Brexit trade deal , according to a cabinet minister .
Boris Johnson said on Friday that the UK was finished negotiating with the EU unless it is willing to intensify talks and make key concessions .
Read more : Pound jumps on signs a Brexit deal can still be done His words were seen by many as a last ditch bluff to try to draw concessions on fisheries policy , which is the largest barrier to a deal being struck @ @ @ @ @ @ @ UK will leave the EU ’ s single market and customs union .
UK chief Brexit negotiator Lord David Frost and his EU counterpart Michel Barnier will still speak over the phone today , after a planned face-to-face meeting was cancelled .
Investors are still bullish about the prospect of talks resuming and a deal being struck , with Sterling up 0.7 per cent today to $ 1.30 .
Housing secretary Robert Jenrick told Sky News today that the ball was now firmly in the EU ’ s court .
“ The EU @ @ @ @ @ @ @ wished them to have shown , ” he said .
“ So unless something changes , unless they ’ re willing to come back to us to show that degree of flexibility and maturity , we will leave at the end of the year the transition period and trade on the sorts of arrangements Australia has and a number of other countries have around the world .
“ It ’ s important that we move forward , because businesses need certainty , the country wants to move forward.
” Read more : Boris @ @ @ @ @ @ @ preparations Jenrick ’ s comments come as Johnson prepares to speak to business leaders this week to urge them to ramp up preparations for the UK ’ s exit from the EU single market and customs union next year .
It comes as a part of the government ’ s new “ Time is Running Out ” advertising campaign that aims to inform businesses of the changes in customs procedures from next year .

Brexit: EU needs to show ‘maturity’ in trade talks, says minister
The EU has been immature and inflexible in trade negotiations but the door is “still ajar” for a Brexit trade deal, according to a cabinet minister.
Boris Johnson said on Friday that the UK was finished negotiating with the EU unless it is willing to intensify talks and make key concessions.
His words were seen by many as a last ditch bluff to try to draw concessions on fisheries policy, which is the largest barrier to a deal being struck by 31 December – the date the UK will leave the EU’s single market and customs union.
UK chief Brexit negotiator Lord David Frost and his EU counterpart Michel Barnier will still speak over the phone today, after a planned face-to-face meeting was cancelled.
Investors are still bullish about the prospect of talks resuming and a deal being struck, with Sterling up 0.7 per cent today to $1.30.
Housing secretary Robert Jenrick told Sky News today that the ball was now firmly in the EU’s court.
“The EU has not shown the flexibility we have wished them to have shown,” he said.
“So unless something changes, unless they’re willing to come back to us to show that degree of flexibility and maturity, we will leave at the end of the year the transition period and trade on the sorts of arrangements Australia has and a number of other countries have around the world.
“It’s important that we move forward, because businesses need certainty, the country wants to move forward.”
Jenrick’s comments come as Johnson prepares to speak to business leaders this week to urge them to ramp up preparations for the UK’s exit from the EU single market and customs union next year.
It comes as a part of the government’s new “Time is Running Out” advertising campaign that aims to inform businesses of the changes in customs procedures from next year.


cityam--2020-10-19--British Airways boss piles pressure on the government to scrap quarantine

The new British Airways boss has called on the government to introduce pre-departure testing warning the UK risks being left behind in the economic recovery .
Sean Doyle , who became chief executive of the airline last week , said the UK needed to get the economy going again but “ this just isn ’ t possible when you ’ re asking people to quarantine for 14 days.
” Read more : Travel industry calls for ‘ decisive ’ action on airport testing “ It ’ s our view that even if that quarantine period is reduced to say seven @ @ @ @ @ @ @ the UK will get left behind , ” Doyle said in a keynote address at the Airlines 2050 conference .
He noted that air connectivity between the UK and the US in particular is “ fundamental for supporting growth and trade on both sides of the Atlantic.
” Before the pandemic British Airways flew to almost 30 destinations in the US , now it is less than half .
The new BA boss today joined other figures in the travel industry who have called on the government for more support with the introduction @ @ @ @ @ @ @ has called on the government to move away from the quarantine regime which it claims has driven down demand for holidays .
Read more : Heathrow Airport passenger numbers plummet over 80 per cent in September “ We believe the best way to reassure people is to introduce a reliable and affordable test before flying , ” Doyle said .
Doyle pointed to figures from the global aviation industry body IATA which show that since the start of 2020 there have been 44 cases of coronavirus linked to flights .
Over the same @ @ @ @ @ @ @ We need to work together on a testing pilot , so flights can start between London and New York , traditionally one of the busiest airline routes in the world… We need an agreement between the US and UK governments to reopen without blanket quarantine measures.
” Doyle slammed the government for not offering any support or action despite the industry offering its expertise .
Transport secretary Grant Shapps told the aviation conference that the government is developing a “ test and release ” system for international arrivals based on a single test @ @ @ @ @ @ @ a cost to the passenger .
“ The next step is to develop how this approach can be implemented .
It will mean a single test for international arrivals , a week after arrival ” , he added .

British Airways boss piles pressure on the government to scrap quarantine
The new British Airways boss has called on the government to introduce pre-departure testing warning the UK risks being left behind in the economic recovery.
Sean Doyle, who became chief executive of the airline last week, said the UK needed to get the economy going again but “this just isn’t possible when you’re asking people to quarantine for 14 days.”
“It’s our view that even if that quarantine period is reduced to say seven days, people will travel here and the UK will get left behind,” Doyle said in a keynote address at the Airlines 2050 conference.
He noted that air connectivity between the UK and the US in particular is “fundamental for supporting growth and trade on both sides of the Atlantic.”
Before the pandemic British Airways flew to almost 30 destinations in the US, now it is less than half.
The new BA boss today joined other figures in the travel industry who have called on the government for more support with the introduction of airport testing.
The aviation industry has called on the government to move away from the quarantine regime which it claims has driven down demand for holidays.
“We believe the best way to reassure people is to introduce a reliable and affordable test before flying,” Doyle said.
Doyle pointed to figures from the global aviation industry body IATA which show that since the start of 2020 there have been 44 cases of coronavirus linked to flights. Over the same period some 1.2bn people travelled.
“We need to work together on a testing pilot, so flights can start between London and New York, traditionally one of the busiest airline routes in the world… We need an agreement between the US and UK governments to reopen without blanket quarantine measures.”
Doyle slammed the government for not offering any support or action despite the industry offering its expertise.
Transport secretary Grant Shapps told the aviation conference that the government is developing a “test and release” system for international arrivals based on a single test provided by the private sector and at a cost to the passenger.
“The next step is to develop how this approach can be implemented. It will mean a single test for international arrivals, a week after arrival”, he added.


cityam--2020-10-19--Firefighters tackle blaze at City office block

More than two dozen firefighters are tackling a blaze at an office block in the heart of the City .
@ @ @ @ @ 25 firefighters were called to a building on Houndsditch near Aldgate Tube station this morning @ @ @ @ @ said it was alerted to the fire following reports of smoke billowing from a “ @ @ @ @ @ in the City .
City of London Police said it was assisting the fire department @ @ @ @ @ was a suspected electrical fire .
“ The road is currently closed and buses are @ @ @ @ @ police force said in a statement .
“ Other nearby roads may be busier than @ @ @ @ @ routes if possible.
” This is a breaking news story .
More follows .

Firefighters tackle blaze at City office block
Four fire engines and 25 fire fighters are tackling the blaze
More than two dozen firefighters are tackling a blaze at an office block in the heart of the City.
Four fire engines and around 25 firefighters were called to a building on Houndsditch near Aldgate Tube station this morning.
The London Fire Brigade said it was alerted to the fire following reports of smoke billowing from a “range of office blocks” in the City.
City of London Police said it was assisting the fire department, adding that the incident was a suspected electrical fire.
“The road is currently closed and buses are being diverted,” the police force said in a statement.
“Other nearby roads may be busier than usual. Please find alternative routes if possible.”
This is a breaking news story. More follows.


cityam--2020-10-19--Tiered coronavirus restrictions hit UK high street shopper numbers

The UK ’ s new tiered coronavirus restrictions contributed to a drop in footfall at retail sites across the country last week , in a worrying sign for the shaky economy .
Visits to high street shops and malls fell 3.1 per cent in the week ending 17 October , according to data company Springboard .
It was the fourth consecutive drop , but was steeper than in previous weeks .
Read more : London Tory MPs call for extra support for businesses facing Tier 2 restrictions Big cities were hit particularly hard , with shopper numbers declining 5.7 per @ @ @ @ @ @ @ 2.3 per cent was lower than most .
But Springboard said this reflected the fact that footfall had fallen further in the capital previously .
The figures suggested the government ’ s new tiered coronavirus restrictions weighed on activity in the north of England in particular .
In the “ north and Yorkshire ” region , footfall dropped five per cent , the biggest fall in the UK .
It comes after the government put in place a new three-tiered system of coronavirus restrictions .
Liverpool and Lancashire have been put in the @ @ @ @ @ @ @ other households is banned and pubs and bars that do not serve “ substantial meals ” have to close .
Tier 2 now covers London and parts of Cumbria , Derbyshire and Yorkshire .
Mixing with other households indoors is banned .
“ The additional Covid tiered restrictions had an immediate impact on footfall in retail destinations last week , ” said Diane Wehrle , insights director at Springboard .
She added : “ The 10pm closure of hospitality is having a clear impact on high street activity during the evening , with @ @ @ @ @ @ @ Read more : London , Essex and parts of Surrey to enter Tier 2 lockdown restrictions The fall in footfall was widespread across Springboard ’ s three categories of “ retail destinations ” : high streets , retail parks , and shopping centres .
However , the high street remains the worst affected .
Footfall was down 40 per cent year on year last week .
Retail parks have held up better , with footfall down 13.2 per cent .

Tiered coronavirus restrictions hit UK high street shopper numbers
The government is currently in talks with Manchester leaders about the city going into ‘Tier 3’ restrictions
The UK’s new tiered coronavirus restrictions contributed to a drop in footfall at retail sites across the country last week, in a worrying sign for the shaky economy.
Visits to high street shops and malls fell 3.1 per cent in the week ending 17 October, according to data company Springboard.
It was the fourth consecutive drop, but was steeper than in previous weeks.
Big cities were hit particularly hard, with shopper numbers declining 5.7 per cent.
London’s drop of 2.3 per cent was lower than most. But Springboard said this reflected the fact that footfall had fallen further in the capital previously.
The figures suggested the government’s new tiered coronavirus restrictions weighed on activity in the north of England in particular. In the “north and Yorkshire” region, footfall dropped five per cent, the biggest fall in the UK.
Tiered restrictions have ‘immediate impact’
It comes after the government put in place a new three-tiered system of coronavirus restrictions. Liverpool and Lancashire have been put in the highest tier. That means mixing with other households is banned and pubs and bars that do not serve “substantial meals” have to close.
Tier 2 now covers London and parts of Cumbria, Derbyshire and Yorkshire. Mixing with other households indoors is banned.
“The additional Covid tiered restrictions had an immediate impact on footfall in retail destinations last week,” said Diane Wehrle, insights director at Springboard.
She added: “The 10pm closure of hospitality is having a clear impact on high street activity during the evening, with far greater declines in footfall post-6pm.”
The fall in footfall was widespread across Springboard’s three categories of “retail destinations”: high streets, retail parks, and shopping centres.
However, the high street remains the worst affected. Footfall was down 40 per cent year on year last week. Retail parks have held up better, with footfall down 13.2 per cent.


cityam--2020-10-19--First pre-departure testing facility opens at Heathrow Airport

Swissport and Collinson have today teamed up to launch the UK ’ s first pre-departure airport coronavirus testing facility at Heathrow Airport .
The facilities , located in Terminals 2 and 5 , will initially offer passengers travelling to Hong Kong and Italy the option to fulfil those countries ’ pre-departure testing requirements at the airport before they fly .
Read more : Travel industry calls for ‘ decisive ’ action on airport testing The private tests cost £80 each and aims to provide departing passengers with their results in around 60 minutes .
The two firms have already launched @ @ @ @ @ @ @ same site but the government have still not given it the go-ahead to be used .
Ministers have been resistant to the idea of airport testing so far , arguing that such a regime would only catch seven per cent of coronavirus cases .
Their reluctance to adopt a testing regime , as countries such as Germany have already done , has enraged airlines and travel companies , who insist it is the best way of getting flying going again .
Before the Open newsletter : Start your day with the City View @ @ @ @ @ @ @ secretary Grant Shapps told an aviation conference that the UK was looking to implement a testing regime which would allow people to half the length of time for which they have to quarantine to seven days by December .
Commenting on the launch of the facility , aviation bosses again urged ministers to act more swiftly on getting a testing regime in place .
Heathrow chief exec John Holland-Kaye said : “ We need a Common International Standard for pre-departure testing , and we welcome the UK government ’ s recent announcement that @ @ @ @ @ @ @ in establishing this .
Read more : British Airways boss piles pressure on the government to scrap quarantine “ We will work with them to make this happen as soon as possible , so that we protect livelihoods as well as lives.
” New British Airways boss Sean Doyle added : “ The UK ’ s economic recovery depends on the swift re-opening of the UK ’ s skies and we need a worldwide agreement that fast , reliable pre-departure testing is the safest and quickest way to get people flying again .

Start of airport testing ‘shot in the arm’ for travel industry
The UK’s trade routes continue to be the worst impacted, as the airport reported the UK’s trade with the EU and the US to be down 92 per cent below pre-pandemic levels.
The launch of the UK’s first pre-departure testing facility at Heathrow Airport has been lauded today amid hopes that it can boost the ailing travel industry.
Swissport and Collinson teamed up to launch the facility this morning, with tests costing passengers £80.
The programme aims to give travellers their results in less than an hour.
Patrick Ikhena, head of travel insurance at Compare the Market, said the move would give more passengers the confidence to fly this winter.
“The start of Covid-19 testing at Heathrow airport will likely give a shot in the arm to the struggling travel industry during a period of prolonged uncertainty.
“With the pandemic showing no signs of abating, prospective travellers can take steps that could help to protect themselves against Covid-related disruptions before heading abroad.”
Pilots’ union Balpa also welcomed the move, but said that the tests should be made cheaper if the scheme was to encourage “widespread uptake”.
General secretary Brian Strutton said: “It’s a step forward, but we still have miles to go.
“The travelling public need a comprehensive, easy to understand system to replace the chaotic, everchanging, confusing travel corridors and quarantine systems.
Before the Open newsletter: Start your day with the City View podcast and key market data
“The tests also need to be cheaper if we want to see a widespread uptake amongst business and leisure passengers.
He urged the government to “act swiftly” in rolling out a “comprehensive” airport testing scheme.
Ministers aim for testing regime by 1 December
The facilities, located in Terminals 2 and 5, will initially offer passengers travelling to Hong Kong and Italy the option to fulfil those countries’ pre-departure testing requirements at the airport before they fly.
Swissport and Collinson have already launched a test on arrival facility at the same site but the government have still not given it the go-ahead to be used.
Ministers have been resistant to the idea of airport testing so far, arguing that such a regime would only catch seven per cent of coronavirus cases.
Their reluctance to adopt a testing regime, as countries such as Germany have already done, has enraged airlines and travel companies, who insist it is the best way of getting flying going again.
Yesterday transport secretary Grant Shapps told an aviation conference that the UK was looking to implement a testing regime which would allow people to half the length of time for which they have to quarantine to seven days by December.
Commenting on the launch of the facility, aviation bosses again urged ministers to act more swiftly on getting a testing regime in place.
Heathrow chief exec John Holland-Kaye said: “We need a Common International Standard for pre-departure testing, and we welcome the UK government’s recent announcement that it wants to take a global lead in establishing this.
“We will work with them to make this happen as soon as possible, so that we protect livelihoods as well as lives.”
New British Airways boss Sean Doyle added: “The UK’s economic recovery depends on the swift re-opening of the UK’s skies and we need a worldwide agreement that fast, reliable pre-departure testing is the safest and quickest way to get people flying again.


cityam--2020-10-19--Energy price cap extended for a year protecting 11m households

About 11m UK households will be protected from being overcharged for their energy bills for another year after the government decided to extend its price cap .
The cap , which saves households on standard variable and default tariffs between £75 and £100 every year , will now last until the end of 2021 .
Read more : SSE sells energy from waste plants for £1bn Since it was first introduced at the beginning of 2019 , the protection has saved consumers an average of £1bn a year .
It has also hit the margins of some energy companies hard @ @ @ @ @ @ @ the cap hit an already crowded market .
An additional 4m households with prepayment meters on default tariffs will also come under its protection from January .
Business secretary Alok Sharma said : “ The Energy Price Cap has been vital in ensuring customers do not pay too much on their bills , which is why we are keeping it in place for at least another year.
” He also encouraged customers to look into switching energy supplier in order to get the best value for money .
Before the Open newsletter : @ @ @ @ @ @ @ podcast and key market data Around 2.8m customers switched electricity providers in the first six months of the year .
Today ’ s decision came after watchdog Ofgem made the recommendation to extend the price cap back in August .
Richard Neudegg , head of regulation at Uswitch.com , said it was no surprise that ministers had heeded the regulator ’ s advice .
“ The extension of the energy price cap will be reassuring news for millions of people who are facing financial uncertainty this winter .
“ [ But ] there @ @ @ @ @ @ @ be done reforming and modernising the way the energy market works.
” Earlier today Ofgem also announced extra protections for vulnerable customers who could struggle to pay their bills over the winter .
Suppliers will be required to offer emergency credit to customers who can not top up prepayment meters .
And if customers are in debt , suppliers must put them on “ realistic and sustainable ” repayment plans .

Energy price cap extended for a year protecting 11m households
About 11m UK households will be protected from being overcharged for their energy bills for another year after the government decided to extend its price cap.
The cap, which saves households on standard variable and default tariffs between £75 and £100 every year, will now last until the end of 2021.
Since it was first introduced at the beginning of 2019, the protection has saved consumers an average of £1bn a year.
It has also hit the margins of some energy companies hard, with multiple suppliers going bust as the cap hit an already crowded market.
An additional 4m households with prepayment meters on default tariffs will also come under its protection from January.
Business secretary Alok Sharma said: “The Energy Price Cap has been vital in ensuring customers do not pay too much on their bills, which is why we are keeping it in place for at least another year.”
He also encouraged customers to look into switching energy supplier in order to get the best value for money.
Before the Open newsletter: Start your day with the City View podcast and key market data
Around 2.8m customers switched electricity providers in the first six months of the year.
Today’s decision came after watchdog Ofgem made the recommendation to extend the price cap back in August.
Richard Neudegg, head of regulation at Uswitch.com, said it was no surprise that ministers had heeded the regulator’s advice.
“The extension of the energy price cap will be reassuring news for millions of people who are facing financial uncertainty this winter.
“[But] there is a lot of work still to be done reforming and modernising the way the energy market works.”
Earlier today Ofgem also announced extra protections for vulnerable customers who could struggle to pay their bills over the winter.
Suppliers will be required to offer emergency credit to customers who cannot top up prepayment meters.
And if customers are in debt, suppliers must put them on “realistic and sustainable” repayment plans.


cityam--2020-10-19--Wall Street closes in the red as stimulus talks grind on

Wall Street closed lower this evening as deadlock over a new stimulus package raised concerns that time was running out to agree a deal before the election on 3 November .
The Dow Jones Industrial Average fell 1.4 per cent , to 28,207 , the S & P 500 lost 1.6 per cent to hit 3,427.37 and the tech-heavy Nasdaq shed the same margin to stand at 11,481.07 .
Read more : Record 30m Americans vote early ahead of US election Yesterday , Democrat speaker of the house Nancy Pelosi said that a deal would have to be agreed by @ @ @ @ @ @ @ before the election .
The two sides have been in negotiations over new economic measures for over a month but continue to be at loggerheads .
Last week , the White House proposed a $ 1.8 trillion stimulus package that Pelosi rejected because it fell short of Democrat demands for $ 2.2 trillion in aid .
With an additional 900,000 Americans making new claims for unemployment benefits last week , the US ’ economic recovery seems to have stagnated .
Before the Open newsletter : Start your day with the City View podcast @ @ @ @ @ @ @ anxious on account of the continued rise in coronavirus cases , which have now topped 393,000 .
According to analysis from Reuters , the number of new daily infections is now approaching the summer ’ s record highs .
“ The lack of news on stimulus is worrisome compounded by worsening virus trends and uncertainty ahead of the elections , ” said Mona Mahajan , an investment strategist at Allianz Global Investors .
Read more : FTSE 100 goes in reverse as sterling strengthened while Covid restrictions increased With just 15 days until @ @ @ @ @ @ @ almost 30m citizens have already cast their ballots .
The record figure is five times the number that had voted by this stage in the previous election .

Wall Street closes in the red as stimulus talks grind on
Wall Street closed lower this evening as deadlock over a new stimulus package raised concerns that time was running out to agree a deal before the election on 3 November.
The Dow Jones Industrial Average fell 1.4 per cent, to 28,207, the S&P 500 lost 1.6 per cent to hit 3,427.37 and the tech-heavy Nasdaq shed the same margin to stand at 11,481.07.
Yesterday, Democrat speaker of the house Nancy Pelosi said that a deal would have to be agreed by tomorrow in order to push it through before the election.
The two sides have been in negotiations over new economic measures for over a month but continue to be at loggerheads.
Last week, the White House proposed a $1.8 trillion stimulus package that Pelosi rejected because it fell short of Democrat demands for $2.2 trillion in aid.
With an additional 900,000 Americans making new claims for unemployment benefits last week, the US’ economic recovery seems to have stagnated.
Before the Open newsletter: Start your day with the City View podcast and key market data
Investors were also anxious on account of the continued rise in coronavirus cases, which have now topped 393,000.
According to analysis from Reuters, the number of new daily infections is now approaching the summer’s record highs.
“The lack of news on stimulus is worrisome compounded by worsening virus trends and uncertainty ahead of the elections,” said Mona Mahajan, an investment strategist at Allianz Global Investors.
With just 15 days until the US goes to the polls, almost 30m citizens have already cast their ballots.
The record figure is five times the number that had voted by this stage in the previous election.


cityam--2020-10-19--Record 30m Americans vote early ahead of US election

Almost 30m US citizens have already voted ahead of November ’ s presidential election , more than a fifth of 2016 ’ s total tally of ballots .
With early voting today having opened in the swing state of Florida , over 29.6m in person or postal votes have already been counted .
Read more : Why I ’ m calling the US election for Biden and the Democrats In 2016 , there were 136.6m votes cast in total , but just 5.9m of these were submitted by this point in the previous race .
The surge in early voters @ @ @ @ @ @ @ to avoid the risk of catching coronavirus in voting queues on 3 November .
With only 15 days to go , turnout has been especially strong among Democrats keen to vote out the incumbent , President Donald Trump .
In states that publicly report the party registration of voters , nearly 54 per cent of ballots came from registered Democrats , compared with 25 per cent from Republicans .
Before the Open newsletter : Start your day with the City View podcast and key market data The record figures came as Trump headed @ @ @ @ @ @ @ whip up support before Election Day .
Most opinion polls show that the President continues to trail Democratic challenger Joe Biden , who held no public events today .
The two will meet for a second debate on Thursday following a tempestuous affair earlier this month .
Read more : US election : Kamala Harris suspends campaign as aide tests positive for Covid Polls from Florida , which is likely to prove a key step in Trump ’ s route to the White House , showed that Biden was leading by 49 points @ @ @ @ @ @ @ showed that Trump had cut into Biden ’ s lead in the Democrat ’ s home state of Pennsylvania .

Record 30m Americans vote early ahead of US election
President Donald trump at a recent rally in Iowa
Almost 30m US citizens have already voted ahead of November’s presidential election, more than a fifth of 2016’s total tally of ballots.
With early voting today having opened in the swing state of Florida, over 29.6m in person or postal votes have already been counted.
In 2016, there were 136.6m votes cast in total, but just 5.9m of these were submitted by this point in the previous race.
The surge in early voters is largely down to voters’ desire to avoid the risk of catching coronavirus in voting queues on 3 November.
With only 15 days to go, turnout has been especially strong among Democrats keen to vote out the incumbent, President Donald Trump.
In states that publicly report the party registration of voters, nearly 54 per cent of ballots came from registered Democrats, compared with 25 per cent from Republicans.
Before the Open newsletter: Start your day with the City View podcast and key market data
The record figures came as Trump headed to Arizona in a final bid to whip up support before Election Day.
Most opinion polls show that the President continues to trail Democratic challenger Joe Biden, who held no public events today.
The two will meet for a second debate on Thursday following a tempestuous affair earlier this month.
Polls from Florida, which is likely to prove a key step in Trump’s route to the White House, showed that Biden was leading by 49 points to 47.
However, another poll showed that Trump had cut into Biden’s lead in the Democrat’s home state of Pennsylvania.


cityam--2020-10-19--ITV to launch streaming unit and cut London office space in restructuring plan

ITV is set to launch a new business division focused on streaming and reduce its London office space as part of a restructuring plan aimed at overhauling its business for the on-demand age .
The public service broadcaster will establish a new on-demand unit dedicated to ITV Hub and Britbox , its joint streaming service with the BBC .
Read more : UK broadcasters call for new regulation amid threat from streaming rivals ITV will also reduce its office space in the capital over the coming years in a bid to cut costs and respond to an increase in home @ @ @ @ @ @ @ would “ drive improvements in efficiency and reduce cost ” , but declined to comment on how many jobs would be cut .
The new structure , which is set to be in place by March next year , marks ITV ’ s efforts to update its business model to reflect fierce competition from streaming rivals such as Netflix and Amazon .
An ITV insider told City A.M. the company was upping its focus on streaming as this was “ obviously where the public are going ” .
“ We felt there was @ @ @ @ @ @ @ structure to support that , ” the source added .
While traditional linear programming remains ITV ’ s main source of revenue , the broadcaster said its on-demand unit will be the main area of growth .
ITV Hub , the company ’ s online streaming platform , now has 32m subscribers , while Britbox has grown rapidly since its UK launch in November last year .
“ ITV will continue to broadcast shows which entertain millions of viewers , ” said ITV chief executive Carolyn McCall .
“ Linear channels will be @ @ @ @ @ @ @ but we also need an on-demand business which will increasingly be the focus of our new investments in content and technology and which will be our growth engine attracting younger and more targeted audiences to ITV.
” The overhaul will see ITV establish a new media and entertainment division , which in turn will be split into a broadcast unit and an on-demand unit .
The company said these divisions would be “ supported by leaner central support services ” , allowing it to cut costs .
Kevin Lygo , currently ITV ’ @ @ @ @ @ @ @ up the new media and entertainment division and continue to run the broadcast unit .
Chief marketing officer Rufus Radcliffe will lead the on-demand unit .
Read more : FTSE 100 reshuffle : ITV set to tumble from the big league As a result , ITV said it will now recruit for a new chief marketing officer , as well as a chief operating officer for media and entertainment .
The broadcaster , which has sites at Holborn , Gray ’ s Inn Road and Wood Lane , said no decisions had been @ @ @ @ @ @ @ office space .

ITV to launch streaming unit and cut London office space in restructuring plan
ITV is upping its focus on streaming amid competition from Netflix and Amazon (Image: ITV)
ITV is set to launch a new business division focused on streaming and reduce its London office space as part of a restructuring plan aimed at overhauling its business for the on-demand age.
The public service broadcaster will establish a new on-demand unit dedicated to ITV Hub and Britbox, its joint streaming service with the BBC.
ITV will also reduce its office space in the capital over the coming years in a bid to cut costs and respond to an increase in home working.
The company said the restructuring would “drive improvements in efficiency and reduce cost”, but declined to comment on how many jobs would be cut.
The new structure, which is set to be in place by March next year, marks ITV’s efforts to update its business model to reflect fierce competition from streaming rivals such as Netflix and Amazon.
An ITV insider told City A.M. the company was upping its focus on streaming as this was “obviously where the public are going”.
“We felt there was more we could do to change our structure to support that,” the source added.
While traditional linear programming remains ITV’s main source of revenue, the broadcaster said its on-demand unit will be the main area of growth.
ITV Hub, the company’s online streaming platform, now has 32m subscribers, while Britbox has grown rapidly since its UK launch in November last year.
“ITV will continue to broadcast shows which entertain millions of viewers,” said ITV chief executive Carolyn McCall.
“Linear channels will be around and be profitable for many years but we also need an on-demand business which will increasingly be the focus of our new investments in content and technology and which will be our growth engine attracting younger and more targeted audiences to ITV.”
The overhaul will see ITV establish a new media and entertainment division, which in turn will be split into a broadcast unit and an on-demand unit.
The company said these divisions would be “supported by leaner central support services”, allowing it to cut costs.
Kevin Lygo, currently ITV’s director of television, will head up the new media and entertainment division and continue to run the broadcast unit. Chief marketing officer Rufus Radcliffe will lead the on-demand unit.
As a result, ITV said it will now recruit for a new chief marketing officer, as well as a chief operating officer for media and entertainment.
The broadcaster, which has sites at Holborn, Gray’s Inn Road and Wood Lane, said no decisions had been taken about how it will reduce its office space.


cityam--2020-10-19--Russia on cyber offensive to sabotage Olympic Games in Tokyo

Dominic Raab today said there have already been attempts by Russian military intelligence to disrupt the Olympic Games in Tokyo with malicious cyberattacks .
Officials said Unit 74455 of Russia ’ s GRU military intelligence agency had conducted “ cyber reconnaissance ” operations against Games organisers , logistics suppliers and sponsors .
They declined to give further details about the types of attacks or whether they were successful , but said the activity included creating fake websites and online accounts posing as key individuals to use in future hacking attempts .
Read more : Over 1,000 Russian athletes benefited from @ @ @ @ @ @ @ “ The GRU ’ s actions against the Olympic and Paralympic Games are cynical and reckless .
We condemn them in the strongest possible terms , ” said the Foreign Secretary .
Raab added that the announcement had been coordinated with international allies as part of an effort to “ call out and counter ” Russia ’ s actions in cyberspace .
The United States is expected to issue a statement later today .
Russia was banned from the world ’ s top sporting events for four years in December over widespread doping @ @ @ @ @ @ @ were originally scheduled for this year but postponed due to the coronavirus outbreak .
Read more : UK sanctions six Russian officials over Alexey Navalny poisoning The attacks on the 2020 Games are the latest in a string of hacking attempts against international sporting organizations that Western officials and cybersecurity experts say have been orchestrated by Russia since its doping scandal erupted five years ago .
Moscow has repeatedly denied the allegations .
Officials in Westminster today said those attacks included a hack of the 2018 Winter Olympics opening ceremony in South Korea @ @ @ @ @ @ @ took down Internet access and disrupted broadcast feeds .
The attack in South Korea had previously been linked to Russia by cybersecurity researchers but was made to look like the work of Chinese or North Korean hackers , Britain ’ s foreign ministry said in a statement .
“ The attacks on the 2020 Summer Games are the latest in a campaign of Russian malicious activity against the Olympic and Paralympic Games , ” it said .
“ The UK is confirming for the first time today the extent of GRU targeting of @ @ @ @ @ @ @ in Pyeongchang , Republic of Korea .
”

Russia on cyber offensive to sabotage Olympic Games in Tokyo
The next Olympic Games in Tokyo, now due next year, have already been victim of malicious cyber attacks by Russia, according to Dominic Raab
Dominic Raab today said there have already been attempts by Russian military intelligence to disrupt the Olympic Games in Tokyo with malicious cyberattacks.
Officials said Unit 74455 of Russia’s GRU military intelligence agency had conducted “cyber reconnaissance” operations against Games organisers, logistics suppliers and sponsors.
They declined to give further details about the types of attacks or whether they were successful, but said the activity included creating fake websites and online accounts posing as key individuals to use in future hacking attempts.
“The GRU’s actions against the Olympic and Paralympic Games are cynical and reckless. We condemn them in the strongest possible terms,” said the Foreign Secretary.
Raab added that the announcement had been coordinated with international allies as part of an effort to “call out and counter” Russia’s actions in cyberspace.
The United States is expected to issue a statement later today.
Russia was banned from the world’s top sporting events for four years in December over widespread doping offenses, including the Tokyo Games which were originally scheduled for this year but postponed due to the coronavirus outbreak.
String of attacks
The attacks on the 2020 Games are the latest in a string of hacking attempts against international sporting organizations that Western officials and cybersecurity experts say have been orchestrated by Russia since its doping scandal erupted five years ago. Moscow has repeatedly denied the allegations.
Officials in Westminster today said those attacks included a hack of the 2018 Winter Olympics opening ceremony in South Korea, which compromised hundreds of computers, took down Internet access and disrupted broadcast feeds.
The attack in South Korea had previously been linked to Russia by cybersecurity researchers but was made to look like the work of Chinese or North Korean hackers, Britain’s foreign ministry said in a statement.
“The attacks on the 2020 Summer Games are the latest in a campaign of Russian malicious activity against the Olympic and Paralympic Games,” it said.
“The UK is confirming for the first time today the extent of GRU targeting of the 2018 Winter Olympic and Paralympic Games in Pyeongchang, Republic of Korea.”


cityam--2020-10-19--FTSE 100 goes in reverse as sterling strengthened while Covid restrictions increased

The FTSE 100 slipped 0.4 per cent lower in afternoon trading today , by fears over coronavirus and new restrictions .
London ’ s main stock index fell 0.4 per cent at 5,898 points .
The FTSE 250 was 0.1 per cent higher .
Read more : China ’ s economy grew 4.9 per cent in third quarter Rolls-Royce and Rentokil were the largest drags on the FTSE 100 .
The FTSE 250 index , considered a barometer for Brexit sentiment , closed 0.2 per cent up , boosted by shares of flexible office space provider IWG which jumped five @ @ @ @ @ @ @ to “ buy.
” Meanwhile , European stock exchange operator Euronext said trading would resume after it fixed a glitch that froze all transactions in Amsterdam , Brussels , Lisbon and Paris for more than three hours .
Overnight in Asia , China ’ s SSE composite index fell 0.7 per cent after economic data slightly undershot expectations .
China ’ s economy grew 4.9 per cent in the third quarter compared to a year earlier , official data showed .
That was after 3.2 per cent growth in the second quarter .
@ @ @ @ @ @ @ per cent forecast by economists , however .
Nonetheless , the reaction markets was muted , with the IMF expecting China to be the only economy that grows in 2020 .
The pound climbed 0.7 per cent against the dollar to $ 1.30 .
Investors expect talks between the UK and EU over a post-Brexit trade deal to resume after only a short delay .
Cabinet Office minister Michael Gove said this weekend that the door was still “ ajar ” for talks .
Reports said EU officials expect discussions to resume soon @ @ @ @ @ @ @ MUFG , said : “ Market participants continue to believe that a trade deal will be reached.
” A higher pound weighs on the FTSE , however , as it makes the overseas earnings of multinational companies worth less in relative terms .
Read more : Boris Johnson urges businesses to speed up Brexit preparations Domestically focused stocks fared the best during the session .
Retailer Next rose along with online supermarket Ocado .
Property companies British Land , Land Securities and Rightmove also climbed as house prices continued their ascent .

FTSE 100 goes in reverse as sterling strengthened while Covid restrictions increased
Investors in the City of London – working virtually – bought FTSE 100 stocks this morning
The FTSE 100 slipped 0.4 per cent lower in afternoon trading today, by fears over coronavirus and new restrictions.
London’s main stock index fell 0.4 per cent at 5,898 points. The FTSE 250 was 0.1 per cent higher.
Read more: China’s economy grew 4.9 per cent in third quarter
Rolls-Royce and Rentokil were the largest drags on the FTSE 100.
The FTSE 250 index, considered a barometer for Brexit sentiment, closed 0.2 per cent up, boosted by shares of flexible office space provider IWG which jumped five per cent after Berenberg upgraded the stock to “buy.”
Meanwhile, European stock exchange operator Euronext said trading would resume after it fixed a glitch that froze all transactions in Amsterdam, Brussels, Lisbon and Paris for more than three hours.
FTSE 100 shrugs off China growth miss
Overnight in Asia, China’s SSE composite index fell 0.7 per cent after economic data slightly undershot expectations.
China’s economy grew 4.9 per cent in the third quarter compared to a year earlier, official data showed. That was after 3.2 per cent growth in the second quarter.
The figure was lower than the 5.2 per cent forecast by economists, however. Nonetheless, the reaction markets was muted, with the IMF expecting China to be the only economy that grows in 2020.
Pound weighs but domestic stocks rise
The pound climbed 0.7 per cent against the dollar to $1.30. Investors expect talks between the UK and EU over a post-Brexit trade deal to resume after only a short delay.
Cabinet Office minister Michael Gove said this weekend that the door was still “ajar” for talks. Reports said EU officials expect discussions to resume soon.
Lee Hardman, currency analyst at MUFG, said: “Market participants continue to believe that a trade deal will be reached.”
A higher pound weighs on the FTSE, however, as it makes the overseas earnings of multinational companies worth less in relative terms.
Read more: Boris Johnson urges businesses to speed up Brexit preparations
Domestically focused stocks fared the best during the session. Retailer Next rose along with online supermarket Ocado.
Property companies British Land, Land Securities and Rightmove also climbed as house prices continued their ascent.


cityam--2020-10-19--Brexit: Boris Johnson turns down EU offer to restart trade talks

Boris Johnson has knocked back the EU ’ s offer to restart Brexit trade talks , saying the olive branch from Brussels did not provide a “ basis to resume talks ” .
The EU ’ s chief Brexit negotiator Michel Barnier said today that Brussels was willing to “ intensify ” trade talks and provide legal texts in a bid to get the UK back to the negotiating table , after Johnson walked away on Friday .
Read more : Brexit : EU vows to ‘ intensify ’ trade talks to get UK back to negotiating table Barnier ’ @ @ @ @ @ @ @ today with the UK ’ s chief negotiator Lord David Frost .
A statement released by Downing Street said the conversation had been “ constructive ” , but there had not been enough assurances by Barnier to restart talks .
“ The UK has noted the EU ’ s proposal to genuinely intensify talks , which is what would be expected at this stage in a negotiation , ” the statement read .
Before the Open newsletter : Start your day with the City View podcast and key market data “ However , @ @ @ @ @ @ @ no basis to resume talks unless there is a fundamental change of approach from the EU .
“ This means an EU approach consistent with trying to find an agreement between sovereign equals and with acceptance that movement needs to come from the EU side as well as the UK .
“ The two teams agreed to remain in close touch.
” Cabinet Office minister Michael Gove told MPs today that the UK had walked away from talks , because the EU had been unwilling to intensify talks and provide legal texts in @ @ @ @ @ @ @ UK can be a ‘ free agent ’ in financial markets after Brexit , says think tank He also said there was no point negotiating unless Brussels made key concessions on fisheries agreements and state aid policy .
The EU is demanding that its member states retain the same access they had to UK fishing waters as they did when Britain was a part of the bloc .
Brussels is also asking the UK to sign up to a level playing field of business regulations , which would see the government agree to @ @ @ @ @ @ @ .
Gove said that neither of these positions were tenable and the UK would not continue negotiations unless the EU moved on these issues .
Read more : Pound jumps on signs a Brexit deal can still be done “ There ’ s no point in negotiations proceeding as long as the EU sticks with its position , ” he said “ This country should get ready for 1 January 2021 for arrangements that are more like Australia ’ s – based on simple principles of global free trade .
”

Brexit: EU not serious about restarting trade talks, says minister
The EU’s securities watchdog has said there is no call for a fundamental change in how investment funds in the European Union can be run by asset managers based outside the bloc.
The EU’s offer to restart broken down Brexit trade talks amounted only to “lip service”, according to a UK business minister.
Nadhim Zahawi said today that the UK still wanted a Brexit trade deal, despite Boris Johnson refusing to come back to the negotiating table, but that talks would not continue until Brussels treats Britain as an “equal”.
Johnson yesterday knocked back the EU’s offer to restart Brexit trade talks, saying the olive branch from Brussels did not provide a “basis to resume talks”. He told Greek Prime Minster Kyriakos Mitsotakis today that talks were finished unless Brussels “fundamentally changes its position”.
The EU’s chief Brexit negotiator Michel Barnier said he was willing to “intensify” trade talks and provide legal texts in a bid to get the UK back to the negotiating table, after Johnson walked away on Friday.
Barnier’s comments came after a phone call today with the UK’s chief negotiator Lord David Frost.
Constructive but not enough from EU
A statement released by Downing Street said the conversation had been “constructive”, but there had not been enough assurances by Barnier to restart talks.
“The UK has noted the EU’s proposal to genuinely intensify talks, which is what would be expected at this stage in a negotiation,” the statement read.
Before the Open newsletter: Start your day with the City View podcast and key market data
“However, the UK continues to believe there is no basis to resume talks unless there is a fundamental change of approach from the EU.
“This means an EU approach consistent with trying to find an agreement between sovereign equals and with acceptance that movement needs to come from the EU side as well as the UK.
“The two teams agreed to remain in close touch.”
Zahawi echoed the Prime Minister’s comments in a Sky News interview this morning.
“As long as they agree to negotiate with us as a sovereign in the way the EU has treated Norway on fishing, then we’re happy to intensify,” he said.
“But until they make it very clear that they are willing to negotiate with us as an equal, as a sovereign, then there’s no point simply just paying lip service.
“There’s no point saying they’ll intensify negotiations when the reality is that they don’t accept the principle that the UK has left the EU and we are now sovereign.”
Cabinet Office minister Michael Gove told MPs yesterday that the UK had walked away from talks, because the EU had been unwilling to intensify talks and provide legal texts in the negotiating rounds.
He also said there was no point negotiating unless Brussels made key concessions on fisheries agreements and state aid policy.
The EU is demanding that its member states retain the same access they had to UK fishing waters as they did when Britain was a part of the bloc.
Brussels is also asking the UK to sign up to a level playing field of business regulations, which would see the government agree to follow EU rules on state subsidy regulations.
Gove said that neither of these positions were tenable and the UK would not continue negotiations unless the EU moved on these issues.
“There’s no point in negotiations proceeding as long as the EU sticks with its position,” he said
“This country should get ready for 1 January 2021 for arrangements that are more like Australia’s – based on simple principles of global free trade.”


cityam--2020-10-19--Kantar appoints former Heineken bigwig as new chief executive

Market research giant Kantar has tapped a former Heineken boss as its new chief executive , marking the first major appointment by new owner Bain Capital .
Alexis Nasard , who currently leads Swiss shoemaker Bata , will take over as chief executive on 30 December .
Read more : Kantar boss ousted ahead of departure as Bain lays down the law He previously served as global chief marketing officer at Heineken and worked for 17 years at consumer goods group Procter & Gamble .
Nasard replaces Kantar ’ s long-standing boss Eric Salama , who was ousted from the @ @ @ @ @ @ @ Salama had already announced his intention to stand down in 2020 , but was sacked amid disagreements with the board over long-term planning at the company .
The appointment marks a major move by Bain Capital , which bought WPP ’ s majority stake in Kantar for $ 4bn ( £3.2bn ) last year and has set about overhauling the group ’ s management .
The US private equity firm has installed former ITV boss Adam Crozier — who led the search for the new chief executive — as chairman .
It has @ @ @ @ @ @ @ as chief financial officer .
“ This appointment is another important step on Kantar ’ s journey to become the world ’ s leading advisor on data-driven marketing and commercial strategies and a key ecosystem partner for global technology leaders , ” said Bain managing director Christophe Jacobs .
Under Bain ’ s ownership , Kantar bosses are eyeing up longer term plans for the market research group , including a potential stock market float in the coming years .
Read more : Kantar snaps up digital consultancy Mavens of London In a @ @ @ @ @ @ @ appointed a “ world-class ” chief executive .
“ Throughout his career Alexis has built a reputation for innovation , creativity and operational excellence .
As we transform our business and position ourselves for growth , Alexis ’ leadership and international experience will be instrumental in fulfilling the ambition that we have for Kantar .
”

Kantar appoints former Heineken bigwig as new chief executive
Alexis Nasard formerly served as Heineken’s global marketing chief
Market research giant Kantar has tapped a former Heineken boss as its new chief executive, marking the first major appointment by new owner Bain Capital.
Alexis Nasard, who currently leads Swiss shoemaker Bata, will take over as chief executive on 30 December.
He previously served as global chief marketing officer at Heineken and worked for 17 years at consumer goods group Procter & Gamble.
Nasard replaces Kantar’s long-standing boss Eric Salama, who was ousted from the data and consulting company in February.
Salama had already announced his intention to stand down in 2020, but was sacked amid disagreements with the board over long-term planning at the company.
The appointment marks a major move by Bain Capital, which bought WPP’s majority stake in Kantar for $4bn (£3.2bn) last year and has set about overhauling the group’s management.
The US private equity firm has installed former ITV boss Adam Crozier — who led the search for the new chief executive — as chairman. It has also appointed fellow ITV veteran Ian Griffiths as chief financial officer.
“This appointment is another important step on Kantar’s journey to become the world’s leading advisor on data-driven marketing and commercial strategies and a key ecosystem partner for global technology leaders,” said Bain managing director Christophe Jacobs.
Under Bain’s ownership, Kantar bosses are eyeing up longer term plans for the market research group, including a potential stock market float in the coming years.
In a statement today chairman Crozier said Kantar had appointed a “world-class” chief executive.
“Throughout his career Alexis has built a reputation for innovation, creativity and operational excellence. As we transform our business and position ourselves for growth, Alexis’ leadership and international experience will be instrumental in fulfilling the ambition that we have for Kantar.”


cityam--2020-10-19--London Metal Exchange 'Ring' to remain shut for six more months

The London Metal Exchange ’ s ( LME ) iconic “ Ring trading ” floor will remain shut for six more months , it was revealed today , raising the prospect of its permanent closure .
Since the 1800s , traders at the LME have shouted buy and sell orders for metals while seated around a red curricular sofa but the days of one of Europe ’ s last open-outcry trading floors could be numbered .
Read more : FTSE 100 goes in reverse as sterling strengthened while Covid restrictions increased Speaking to a virtual webinar today , chief exec @ @ @ @ @ @ @ be shut until the new year .
He reaffirmed his commitment to reopening the Ring , but admitted that it was unlikely this would happen soon due to the surge in coronavirus cases , Bloomberg first reported .
In the meantime , the bourse will set up a body to look into ways to improve its electronic trading and the way that the exchange currently conducts its trades .
The world ’ s oldest market for industrial metals has set three criteria for reopening the ring , including the end of social distancing @ @ @ @ @ @ @ of a vaccine for the disease .
Before the Open newsletter : Start your day with the City View podcast and key market data A spokesperson for the London Metal Exchange said : “ Given that social distancing measures in respect of Covid-19 are likely to be in place for at least the next six months , the LME is forming a working group , made up of user committee representatives , to help to plan and prepare for the prolonged suspension of Ring trading .
“ The group will consider whether it @ @ @ @ @ @ @ which the Ring will not reopen , whether enhancements could be made to the LME ’ s electronic pricing mechanism to ensure it is working as effectively as possible – particularly in respect of the Closing Price forward curve , and finally whether any longer-term re-balancing of the LME ’ s pricing and trading set-up would be helpful or desirable .
Read more : Rishi Sunak mulls plans to block suspect companies listing on stock exchange “ Outcomes from the working group will be communicated to the market for broader consideration in due @ @ @ @ @ @

London Metal Exchange ‘Ring’ to remain shut for six more months
The London Metal Exchange’s (LME) iconic “Ring trading” floor will remain shut for six more months, it was revealed today, raising the prospect of its permanent closure.
Since the 1800s, traders at the LME have shouted buy and sell orders for metals while seated around a red curricular sofa but the days of one of Europe’s last open-outcry trading floors could be numbered.
Speaking to a virtual webinar today, chief exec Matthew Chamberlain said that the floor would be shut until the new year.
He reaffirmed his commitment to reopening the Ring, but admitted that it was unlikely this would happen soon due to the surge in coronavirus cases, Bloomberg first reported.
In the meantime, the bourse will set up a body to look into ways to improve its electronic trading and the way that the exchange currently conducts its trades.
The world’s oldest market for industrial metals has set three criteria for reopening the ring, including the end of social distancing in the UK and the broad rollout of a vaccine for the disease.
Before the Open newsletter: Start your day with the City View podcast and key market data
A spokesperson for the London Metal Exchange said: “Given that social distancing measures in respect of Covid-19 are likely to be in place for at least the next six months, the LME is forming a working group, made up of user committee representatives, to help to plan and prepare for the prolonged suspension of Ring trading.
“The group will consider whether it is helpful to set a date before which the Ring will not reopen, whether enhancements could be made to the LME’s electronic pricing mechanism to ensure it is working as effectively as possible – particularly in respect of the Closing Price forward curve, and finally whether any longer-term re-balancing of the LME’s pricing and trading set-up would be helpful or desirable.
“Outcomes from the working group will be communicated to the market for broader consideration in due course”, they added.


cityam--2020-10-20--Sadiq Khan calls for 10pm Covid curfew to be scrapped

Sadiq Khan has called for England ’ s 10pm curfew to be scrapped in a bid to save London ’ s ailing hospitality industry .
The mayor of London said the curfew made no sense now that household mixing was banned indoors as a part of the latest Tier 2 restrictions placed on the capital last week .
Read more : Minister flags potential extension of England curfew to 11pm “ Immediately scrapping the 10pm curfew would allow more sittings of single households in restaurants throughout the evening , helping with cashflow at a time when venues need all the @ @ @ @ @ @ @ said .
Hundreds of hospitality workers descended on Parliament Squre yesterday to protest against the curfew and the wider set of Covid restrictions imposed in London .
The curfew has been much criticised by the hospitality industry for severely reducing customer numbers at a time where the sector is already suffering mass job losses .
Before the Open newsletter : Start your day with the City View podcast and key market data The 10pm lockout has also been criticised for creating bottlenecks at Tube stations after venues are forced to close , which @ @ @ @ @ @ @ minister Paul Scully said last week that the government was considering extending the curfew to 11pm to bring it in line with Northern Ireland .
Emma McClarkin , chief executive of the British Beer and Pubs Association , said when the curfew was announced two weeks ago that it would be “ devastating ” for the pub trade .
“ Pubs were struggling to break even before [ the curfew ] and these latest restrictions will push some to breaking point , ” she said .
“ Removing a key trading hour on @ @ @ @ @ @ @ reduced capacity pubs already face will put thousands more pubs and jobs at risk.
” Khan also today called for greater support to businesses and an improved test and trace programme to prevent further coronavirus outbreaks in the capital .
“ The government still haven ’ t got a grip on this virus and provided a functioning test and trace system , ” he said .
Read more : Pubs and bars in row over late night levy as 10pm curfew sinks sales “ Ministers must give businesses the support they need to @ @ @ @ @ @ @ “ This includes access to a proper job retention scheme in line with the 80 per cent furlough scheme in place at the start of the pandemic .
”

Sadiq Khan calls for 10pm Covid curfew to be scrapped
Hospitality workers protest against the government’s Covid restrictions
Sadiq Khan has called for England’s 10pm curfew to be scrapped in a bid to save London’s ailing hospitality industry.
The mayor of London said the curfew made no sense now that household mixing was banned indoors as a part of the latest Tier 2 restrictions placed on the capital last week.
“Immediately scrapping the 10pm curfew would allow more sittings of single households in restaurants throughout the evening, helping with cashflow at a time when venues need all the support they can get,” Khan said.
Hundreds of hospitality workers descended on Parliament Squre yesterday to protest against the curfew and the wider set of Covid restrictions imposed in London.
The curfew has been much criticised by the hospitality industry for severely reducing customer numbers at a time where the sector is already suffering mass job losses.
The 10pm lockout has also been criticised for creating bottlenecks at Tube stations after venues are forced to close, which could potentially help spread Covid.
Before the Open newsletter: Start your day with the City View podcast and key market data
London minister Paul Scully said last week that the government was considering extending the curfew to 11pm to bring it in line with Northern Ireland.
Emma McClarkin, chief executive of the British Beer and Pubs Association, said when the curfew was announced two weeks ago that it would be “devastating” for the pub trade.
Britain’s pub industry is bearing the brunt of new restrictions introduced to combat rising coronavirus infection rates. (Photo by JUSTIN TALLIS/AFP via Getty Images)
Today she added that the government should commit to reviewing its measures on a “regular basis” and remove them if they were not effective:
“It remains the case there is no hard evidence as yet to suggest that pubs, with their strict adherence to government guidelines, are unsafe, making it unclear if local lockdowns, or indeed the 10pm curfew, will have any material impact at all on transmission.”
Michael Kill, chief executive of the Night Time Industries Association, threw his support behind the Mayor’s call.
“These restrictions have had a catastrophic impact on trade within the Night Time Economy, and are further exacerbated by an insufficient financial support package presented by the Chancellor in an attempt to sustain businesses through this period.
“We are seeing businesses being systematically closed right across the UK with over 700,000 jobs at risk within the Night Time Economy”, he added.
Katie Nicholls of UK Hospitality said that the curfew had been “evidently counterproductive”, with the mass exodus of punters leading to crowding on the streets and public transport.
Khan also today called for greater support to businesses and an improved test and trace programme to prevent further coronavirus outbreaks in the capital.
“The government still haven’t got a grip on this virus and provided a functioning test and trace system,” he said.
“Ministers must give businesses the support they need to survive while restrictions remain in place.
“This includes access to a proper job retention scheme in line with the 80 per cent furlough scheme in place at the start of the pandemic.”
Conservative mayoral candidate Shaun Bailey said Khan went from “calling for a lockdown” last week to “asking the government to scrap the 10pm curfew that he himself demanded”.
“These ridiculous flip flops show that Sadiq Khan’s out of his depth,” he said.
“If he wants to help the hospitality industry, he should listen to businesses and reverse his congestion charge hike.”


cityam--2020-10-20--BoE policymaker: New Covid slowdown could require more stimulus

The resurgence in coronavirus cases in the UK is likely to set back the economic recovery and could require more monetary stimulus , a Bank of England policymaker has said .
Monetary policy committee ( MPC ) member Gertjan Vlieghe said that the growth in new cases meant there could well be more job losses than the Bank initially expected .
Coronavirus cases have surged in the UK in recent weeks .
In response the government has introduced a “ tiered ” system of restrictions .
It has put the toughest measures in place in Liverpool and Lancashire .
The @ @ @ @ @ @ @ the economy would shrink 9.5 per cent this year – a modern record .
It said unemployment would rise to 7.5 per cent .
However , Vlieghe said in a webinar today that the recovery “ is likely to be slower ” .
He also said there is a risk of “ a higher and/or more prolonged trajectory ” of job losses .
The economist and external MPC member said : “ The increase in virus prevalence since the summer [ is ] both a public health concern and an economic concern .
@ @ @ @ @ @ @ extent a crystallisation of the downside risks that the MPC has highlighted in our communications in the past six months ” .
Addressing monetary policy , he said more support could well be needed as the economy slows again .
“ The risks to the monetary policy stance are therefore skewed towards additional monetary stimulus , ” he said .
Simon French , chief economist at Panmure Gordon , said on Twitter : “ Vlieghe sounds like he is voting for extra asset purchases next month.
” The Bank has slashed interest rates @ @ @ @ @ @ @ per cent .
It has also ramped up its asset purchase programme , often known as quantitative easing ( QE ) , to £745bn .
Economists polled by Reuters think that the Bank will announce another £100bn of purchases when it meets next month .
It is also due to give its quarterly update on the economy .
The Bank is also weighing up whether cutting interest rates into negative territory is possible .
It is currently looking into how such a policy would work in practice , having added it to its @ @ @ @ @ @ @ Andrew Bailey says Bank of England ‘ not there yet ’ on negative interest rates Vlieghe said : “ My own view is that the risk that negative rates end up being counterproductive to the aims of monetary policy is low.
” He said that , given how low interest rates already are , “ we must consider ways to extend that headroom ” .

BoE policymaker: New Covid slowdown could require more stimulus
The Bank of England has intervened massively in the economy during coronavirus
The resurgence in coronavirus cases in the UK is likely to set back the economic recovery and could require more monetary stimulus, a Bank of England policymaker has said.
Monetary policy committee (MPC) member Gertjan Vlieghe said that the growth in new cases meant there could well be more job losses than the Bank initially expected.
Coronavirus cases have surged in the UK in recent weeks. In response the government has introduced a “tiered” system of restrictions. It has put the toughest measures in place in Liverpool and Lancashire.
The Bank of England in August predicted that the economy would shrink 9.5 per cent this year – a modern record. It said unemployment would rise to 7.5 per cent.
However, Vlieghe said in a webinar today that the recovery “is likely to be slower”. He also said there is a risk of “a higher and/or more prolonged trajectory” of job losses.
The economist and external MPC member said: “The increase in virus prevalence since the summer [is] both a public health concern and an economic concern.
He said it “represents to some extent a crystallisation of the downside risks that the MPC has highlighted in our communications in the past six months”.
Monetary policy ‘skewed towards more stimulus’
Addressing monetary policy, he said more support could well be needed as the economy slows again.
“The risks to the monetary policy stance are therefore skewed towards additional monetary stimulus,” he said.
Simon French, chief economist at Panmure Gordon, said on Twitter: “Vlieghe sounds like he is voting for extra asset purchases next month.”
The Bank has slashed interest rates to a record low level of 0.1 per cent. It has also ramped up its asset purchase programme, often known as quantitative easing (QE), to £745bn.
Economists polled by Reuters think that the Bank will announce another £100bn of purchases when it meets next month. It is also due to give its quarterly update on the economy.
The Bank is also weighing up whether cutting interest rates into negative territory is possible. It is currently looking into how such a policy would work in practice, having added it to its “toolbox”.
Vlieghe said: “My own view is that the risk that negative rates end up being counterproductive to the aims of monetary policy is low.”
He said that, given how low interest rates already are, “we must consider ways to extend that headroom”.


cityam--2020-10-20--Brexit: EU not serious about restarting trade talks, says minister

The EU ’ s offer to restart broken down Brexit trade talks amounted only to “ lip service ” , according to a UK business minister .
Nadhim Zahawi said today that the UK still wanted a Brexit trade deal , despite Boris Johnson refusing to come back to the negotiating table , but that talks would not continue until Brussels treats Britain as an “ equal ” .
Read more : Brexit : EU vows to ‘ intensify ’ trade talks to get UK back to negotiating table Johnson yesterday knocked back the EU ’ s offer to restart @ @ @ @ @ @ @ branch from Brussels did not provide a “ basis to resume talks ” .
The EU ’ s chief Brexit negotiator Michel Barnier said he was willing to “ intensify ” trade talks and provide legal texts in a bid to get the UK back to the negotiating table , after Johnson walked away on Friday .
Barnier ’ s comments came after a phone call today with the UK ’ s chief negotiator Lord David Frost .
Constructive but not enough from EU A statement released by Downing Street said the conversation @ @ @ @ @ @ @ there had not been enough assurances by Barnier to restart talks .
“ The UK has noted the EU ’ s proposal to genuinely intensify talks , which is what would be expected at this stage in a negotiation , ” the statement read .
Before the Open newsletter : Start your day with the City View podcast and key market data “ However , the UK continues to believe there is no basis to resume talks unless there is a fundamental change of approach from the EU .
“ This means an @ @ @ @ @ @ @ an agreement between sovereign equals and with acceptance that movement needs to come from the EU side as well as the UK .
“ The two teams agreed to remain in close touch.
” Zahawi echoed the Prime Minister ’ s comments in a Sky News interview this morning .
“ As long as they agree to negotiate with us as a sovereign in the way the EU has treated Norway on fishing , then we ’ re happy to intensify , ” he said .
“ But until they make it very @ @ @ @ @ @ @ with us as an equal , as a sovereign , then there ’ s no point simply just paying lip service .
“ There ’ s no point saying they ’ ll intensify negotiations when the reality is that they don ’ t accept the principle that the UK has left the EU and we are now sovereign.
” Cabinet Office minister Michael Gove told MPs yesterday that the UK had walked away from talks , because the EU had been unwilling to intensify talks and provide legal texts in the negotiating rounds @ @ @ @ @ @ @ a ‘ free agent ’ in financial markets after Brexit , says think tank He also said there was no point negotiating unless Brussels made key concessions on fisheries agreements and state aid policy .
The EU is demanding that its member states retain the same access they had to UK fishing waters as they did when Britain was a part of the bloc .
Brussels is also asking the UK to sign up to a level playing field of business regulations , which would see the government agree to follow EU rules @ @ @ @ @ @ @ that neither of these positions were tenable and the UK would not continue negotiations unless the EU moved on these issues .
Read more : Pound jumps on signs a Brexit deal can still be done “ There ’ s no point in negotiations proceeding as long as the EU sticks with its position , ” he said “ This country should get ready for 1 January 2021 for arrangements that are more like Australia ’ s – based on simple principles of global free trade .
”