cityam--2020-07-21--Chris Whitty: Second wave of coronavirus is a 'really serious concern'

Professor Chris Whitty has said that a second wave of coronavirus in Britain this winter is a “ really serious concern ” , as the chief medical officer faced a grilling over the UK ’ s response to Covid-19 .
Facing questions from former health secretary Jeremy Hunt in a virtual meeting of the Health and Social Care Committee , Whitty said : “ A surge in winter is a really serious concern looking forward [ and ] where I spend most of my thinking time.
” Read more : UK unemployment rate could hit 15 per cent with second @ @ @ @ @ @ @ are now much more secure than we were a couple of months ago .
But if we have a major surge in the winter that is simultaneous with a major surge in the winter in many other countries , I think it would be foolish to say that the risk of this has completely gone away.
” The chief medical officer said the UK needs asymptomatic testing capabilities to defeat a potential second wave , adding : “ If there was a big surge , I would absolutely be in favour of going @ @ @ @ @ @ @ of knowing the optimum frequency.
” In a tense stand-off between Hunt and Whitty , the chief medical officer admitted that the UK death toll was exacerbated because Britain did not have sufficient testing capacity to contain the virus before the lockdown was introduced .
There have now been more than 295,000 registered cases of the virus in the UK , and 45,312 fatalities .
Prime Minister Boris Johnson announced a national lockdown on 23 March , two weeks after Italy and nine days after Spain , despite the fact that 6,650 people @ @ @ @ @ @ @ died in the UK by that point .
But Hunt suggested that the true scale of the crisis was veiled by the lack of testing in the UK before the lockdown was introduced .
Whitty said : “ We had no capacity to [ test ] on the scale that was needed for the kind of epidemic that we had.
” “ I think it ’ s well known at that stage we had incredibly limited testing capacity , and we were at the tail end of the winter respiratory illness system .
@ @ @ @ @ @ @ all the cases and do the kind of isolation that you would need to do if you think about the scale of what we ’ ve got.
” The UK ’ s testing capacity has been plagued with accusations of inadequacy .
In February , the government ’ s Scientific Advisory Group for Emergencies ( Sage ) , concluded that the UK ’ s strained public health system was incapable of widespread Covid-19 testing , even by the end of the year .
In April , the UK met its target to rollout @ @ @ @ @ @ @ that capacity the next month .
However , the pledge has since been watered down , with Downing Street later stressing that the 200,000 target set by the Prime Minister related only to testing capacity and not to the number of tests actually carried out .
However , Whitty dug his heels in over claims that the UK failed to appropriately respond to increasing infection rates around the country , adding : “ Given that capacity , that was in my view the correct advice.
” Asked whether MPs had “ followed the @ @ @ @ @ @ @ was at the core of the government ’ s response , Whitty said : “ I am confident that the ministers at the time , who were put in an incredibly difficult position , in my view , followed the advice given by Sage.
” But Professor John Bell , Regius Professor at University of Oxford , told the Commons committee that the UK ’ s failure to test health care workers for coronavirus was a “ major oversight ” .
Bell said : “ The failure to aggressively approach health care testing @ @ @ @ @ @ @ I am not entirely sure what the motives were ” .
“ It was well documented in Italy that the problem was hospital testing .
So it wasn ’ t a novelty to think : ‘ oh gosh , we should test health care workers ’ .
It was a fact that we knew about from other places , ” he said .
Professor Devi Sridhar , Professor of global public health at University of Edinburgh told the committee that another national lockdown was still on the horizon .
Read more : Lessons @ @ @ @ @ @ @ avoid a second Covid wave ?
“ If you have existing community transmission , where England is at now , you ’ re going to see spikes .
It is inevitable .
As we ’ ve seen with Australia in Melbourne , you ’ re going to have to tip into a local lockdown , ” she said .
“ Then if the local lockdown gets too stretched then you ’ re going to have to go into a national lockdown and that ’ s what ’ s happened in other places .
@

Chris Whitty: Second wave of coronavirus is a ‘really serious concern’
Professor Chris Whitty has said a second wave of coronavirus in Britain this winter is a “really serious concern”, as the chief medical officer today faced a grilling over the UK’s response to Covid-19.
Facing questions from former health secretary Jeremy Hunt in a virtual meeting of the Health and Social Care Committee, Whitty said: “A surge in winter is a really serious concern looking forward [and] where I spend most of my thinking time.”
“We are now much more secure than we were a couple of months ago. But if we have a major surge in the winter that is simultaneous with a major surge in the winter in many other countries, I think it would be foolish to say that the risk of this has completely gone away.”
The chief medical officer said the UK needs asymptomatic testing capabilities to defeat a potential second wave, adding: “If there was a big surge, I would absolutely be in favour of going for regular testing, even in advance of knowing the optimum frequency.”
In a tense stand-off between Hunt and Whitty, the chief medical officer admitted that the UK death toll was exacerbated because Britain did not have sufficient testing capacity to contain the virus before the lockdown was introduced.
There have now been more than 295,000 registered cases of the virus in the UK, and 45,312 fatalities.
Prime Minister Boris Johnson announced a national lockdown on 23 March, two weeks after Italy and nine days after Spain, despite the fact that 6,650 people had tested positive and 335 people had died in the UK by that point.
But Hunt suggested that the true scale of the crisis was veiled by the lack of testing in the UK before the lockdown was introduced.
Whitty said: “We had no capacity to [test] on the scale that was needed for the kind of epidemic that we had.”
“I think it’s well known at that stage we had incredibly limited testing capacity, and we were at the tail end of the winter respiratory illness system. We therefore had no capacity to find all the cases and do the kind of isolation that you would need to do if you think about the scale of what we’ve got.”
The UK’s testing capacity has been plagued with accusations of inadequacy. In February, the government’s Scientific Advisory Group for Emergencies (Sage), concluded that the UK’s strained public health system was incapable of widespread Covid-19 testing, even by the end of the year.
In April, the UK met its target to rollout 100,000 coronavirus tests a day, doubling that capacity the next month. However, the pledge has since been watered down, with Downing Street later stressing that the 200,000 target set by the Prime Minister related only to testing capacity and not to the number of tests actually carried out.
However, Whitty dug his heels in over claims that the UK failed to appropriately respond to increasing infection rates around the country, adding: “Given that capacity, that was in my view the correct advice.”
Asked whether MPs had “followed the science”, as Johnson repeatedly stated was at the core of the government’s response, Whitty said: “I am confident that the ministers at the time, who were put in an incredibly difficult position, in my view, followed the advice given by Sage.”
But Professor John Bell, Regius Professor at University of Oxford, told the Commons committee that the UK’s failure to test health care workers for coronavirus was a “major oversight”.
Bell said: “The failure to aggressively approach health care testing was a major oversight and one where I am not entirely sure what the motives were”.
“It was well documented in Italy that the problem was hospital testing. So it wasn’t a novelty to think: ‘oh gosh, we should test health care workers’. It was a fact that we knew about from other places,” he said.
Professor Devi Sridhar, Professor of global public health at University of Edinburgh told the committee that another national lockdown was still on the horizon.
“If you have existing community transmission, where England is at now, you’re going to see spikes. It is inevitable. As we’ve seen with Australia in Melbourne, you’re going to have to tip into a local lockdown,” she said.
“Then if the local lockdown gets too stretched then you’re going to have to go into a national lockdown and that’s what’s happened in other places.”


cityam--2020-07-21--Robinhood cancels launch of its investing app in the UK

The tech giant told people signed up to its UK waiting list that it had paused its expansion ambitions to focus primarily on its home market in the US .
It follows a City A.M. scoop last month which revealed Robinhood had pushed back the launch date but remained committed to becoming available by the end of the year .
The scaleup , which is based in California and valued at $ 8.3bn , has more than 13m users .
It has won favour with Wall Street and millennials alike , with the average user age of 31 .
“ @ @ @ @ @ @ @ over the past few months , and we ’ ve made the difficult decision to postpone our UK launch indefinitely , ” Robinhood said in a statement .
“ As a company , we are refocusing our efforts on strengthening our core business in the U.S. ” “ Although our global expansion plans are on hold for now , we ’ re committed to democratising finance for more people around the world .
We look forward to the day when we can bring this mission to the UK.
” Read more : Trading @ @ @ @ @ @ @ Revolut challenge The coronavirus pandemic and subsequent stock market volatility has proved fruitful for the platform , which said it gained a record 3m new customers in the first quarter of 2020 alone .
However its popularity has also led to Robinhood being beset by outages at crucial trading times .
The tech firm was hit by three outages in two weeks as markets boiled over in March , with one lasting as long as 17 hours .
Get the news as it happens by following City A.M. on Twitter .

Robinhood cancels launch of its investing app in the UK
Commission-free stock trading app Robinhood has postponed its UK launch indefinitely.
The tech giant told people signed up to its UK waiting list that it had paused its expansion ambitions to focus primarily on its home market in the US.
It follows a City A.M. scoop last month which revealed Robinhood had pushed back the launch date but remained committed to becoming available by the end of the year.
The scaleup, which is based in California and valued at $8.3bn, has more than 13m users. It has won favour with Wall Street and millennials alike, with the average user age of 31.
“A lot has changed in the world over the past few months, and we’ve made the difficult decision to postpone our UK launch indefinitely,” Robinhood said in a statement. “As a company, we are refocusing our efforts on strengthening our core business in the U.S.”
“Although our global expansion plans are on hold for now, we’re committed to democratising finance for more people around the world. We look forward to the day when we can bring this mission to the UK.”
The coronavirus pandemic and subsequent stock market volatility has proved fruitful for the platform, which said it gained a record 3m new customers in the first quarter of 2020 alone.
However its popularity has also led to Robinhood being beset by outages at crucial trading times. The tech firm was hit by three outages in two weeks as markets boiled over in March, with one lasting as long as 17 hours.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-07-21--McDonald's to open 700 restaurants for dine-in from tomorrow

McDonald ’ s is preparing to reopen hundreds of UK restaurants for dine-in customers for the first time since the coronavirus lockdown began in March .
The fast food chain said 700 UK branches will reopen from tomorrow following successful pilots .
Read more : McDonald ’ s , KFC and Wetherspoon among chains to slash prices after government VAT cut Ramped up social distancing measures will be in place and diners will also be required to leave their contact details to enable contract tracing .
The number of customers within the store will be restricted and fewer members of @ @ @ @ @ @ @ to reduce the risk of infection .
McDonald ’ s said food will be served to the table , and customers will be able to order via an app or at the till or kiosk .
The move to reopen the restaurants for dine-in customers will allow McDonald ’ s to participate in the government ’ s 50 per cent discount scheme next month .
Chancellor Rishi Sunak earlier this month announced the “ Eat Out To Help Out ” scheme , to encourage consumers to support restaurants and cafes throughout August .
@ @ @ @ @ @ @ restaurants for takeaway and drive-thru since the government began lifting lockdown restrictions last month .
The dine-in reopening plans exclude Wales where restrictions on dining in restaurants have not been lifted .
In a statement this morning McDonald ’ s said : “ Social distancing measures will be in place and , to prevent congestion , the restaurant will carefully manage the number of customers inside .
Read more : McDonald ’ s breakfast menu returns to all but 28 of its restaurants tomorrow “ When arriving , customers will be asked to @ @ @ @ @ @ @ the safety measures laid out in restaurants to help keep them , other customers and restaurant teams safe .
“ Food will be served by table-service only with customers able to order directly to their table via the My McDonald ’ s App , at the till or kiosk .
”

McDonald’s to open 700 restaurants for dine-in from tomorrow
McDonald’s is preparing to reopen hundreds of UK restaurants for dine-in customers for the first time since the coronavirus lockdown began in March.
The fast food chain said 700 UK branches will reopen from tomorrow following successful pilots.
Ramped up social distancing measures will be in place and diners will also be required to leave their contact details to enable contract tracing.
The number of customers within the store will be restricted and fewer members of staff will be working on each shift to reduce the risk of infection.
McDonald’s said food will be served to the table, and customers will be able to order via an app or at the till or kiosk.
The move to reopen the restaurants for dine-in customers will allow McDonald’s to participate in the government’s 50 per cent discount scheme next month.
Chancellor Rishi Sunak earlier this month announced the “Eat Out To Help Out” scheme, to encourage consumers to support restaurants and cafes throughout August.
McDonald’s has gradually been reopening restaurants for takeaway and drive-thru since the government began lifting lockdown restrictions last month.
The dine-in reopening plans exclude Wales where restrictions on dining in restaurants have not been lifted.
In a statement this morning McDonald’s said: “Social distancing measures will be in place and, to prevent congestion, the restaurant will carefully manage the number of customers inside.
“When arriving, customers will be asked to use the hand sanitiser provided and follow the safety measures laid out in restaurants to help keep them, other customers and restaurant teams safe.
“Food will be served by table-service only with customers able to order directly to their table via the My McDonald’s App, at the till or kiosk.”


cityam--2020-07-21--Treasury announces big extension of Making Tax Digital scheme

The government will extend its tax digitisation programme to the UK ’ s smallest companies from April 2022 , it said today , as part of a drive to “ modernise ” Britain ’ s tax system .
HMRC ’ s Making Tax Digital programme will be extended to firms with turnover below the VAT threshold of £85,000 the start of the 2022 financial year .
The extension risks angering small businesses , however .
They are already under enormous strain due to the coronavirus pandemic and have previously complained that Making Tax Digital is too onerous .
Under the @ @ @ @ @ @ @ keep digital records and provide VAT returns through software .
Since its launch last year more than 1.4m businesses have joined the programme .
The scheme is designed to make it easier for businesses and people to pay tax and reduce avoidable errors – which cost the exchequer £8.5bn in 2018-19 – and fraud .
The government also says it could boost productivity .
Taxpayers who file income tax self-assessment tax returns for business or property income over £10,000 annually will have to follow the rules of the scheme from 2023 , the @ @ @ @ @ @ @ Digital will make it easier for businesses to keep on top of their tax affairs , ” said financial secretary to the Treasury Jesse Norman .
“ But it also has huge potential to improve the productivity of our economy , and its resilience in times of crisis.
” However , the initial rollout of the scheme was controversial last year .
Peers in the House of Lords attempted to delay the policy ’ s implementation , arguing that businesses simply were not ready .

Small companies slam plans for big Making Tax Digital extension
Financial secretary to the Treasury Jesse Norman (second from left) announced the changes today
Small businesses have slammed the government’s planned expansion of the Making Tax Digital programme, saying it means more cost and paperwork for companies at a time when they are under great pressure.
The government today said it will extend its tax digitisation programme to 4.7m of the UK’s smallest companies and self-employed workers from April 2022. It comes as part of a drive to “modernise” Britain’s tax system.
HMRC’s Making Tax Digital programme will be extended to firms with turnover below the VAT threshold of £85,000. The change will come into force at the start of the 2022 financial year.
Under the tax-modernisation programme, companies are required to keep digital records and provide VAT returns through software.
Those who file self-assessment income tax returns for business or property income over £10,000 a year will have to follow the rules from 2023, the Treasury said today. Of the 4.7m entities the changes will cover, around 3.4m are landlords or self-employed.
But Mike Cherry, chairman of the Federation of Small Businesses (FSB), said: “The last thing we need is wholesale expansion of Making Tax Digital without the right support in place.”
“Government should be backing small businesses and the self-employed to drive recovery from a severe recession,” he said. He added that the changes would “mean more costs and paperwork for small firms at a critical time”.
He also said the government “must deliver on the promise of free Making Tax Digital software”. The FSB argues that would reduce the burden on firms.
Treasury says productivity gains outweigh costs
Yet the Treasury argues that the productivity gains far outweigh the up-front costs of tax digitisation. It said the cost of compliance is about £180 and then £20 per year.
It pointed to a report by Lloyds Bank that found businesses the most digitally engaged firms save a day a week in admin.
However, Cherry said FSB members report that the average year one cost of compliance is £564.
Since its launch last year more than 1.4m businesses have joined the programme. So the 2022 and 2023 changes would amount to a huge extension of the scheme.
The scheme is designed to make it easier for businesses and people to pay tax and reduce avoidable errors and fraud. The Treasury says mistakes cost the exchequer £8.5bn in 2018-19.
“Making Tax Digital will make it easier for businesses to keep on top of their tax affairs,” said financial secretary to the Treasury Jesse Norman.
“But it also has huge potential to improve the productivity of our economy, and its resilience in times of crisis.”


cityam--2020-07-21--Taxi and private hire drivers to undergo criminal record checks every six months

Taxi and private hire drivers will have to undergo criminal record checks every six months as part of a suite of new measures to protect passengers .
Under new licensing standards introduced today by the government , drivers will also be given safeguarding training so they can help passengers being exploited or abused .
Read more : Uber faces final Supreme Court appeal to argue drivers are not employees In addition , the standards recommend that local authorities could fit cabs with CCTV where it would be “ beneficial and proportionate ” .
The new standards are being implemented after @ @ @ @ @ @ @ cities around the UK .
In a statement , the Department for Transport said that local authorities would be expected to “ fully implement ” the new measures as soon as possible .
Transport secretary Grant Shapps said : “ We know the majority of drivers provide an important and safe service for communities , but in light of appalling incidents in places like Rochdale , Oxford , Newcastle and Rotherham , more must be done to protect passengers from those who abuse their position of trust .
Before the Open newsletter : @ @ @ @ @ @ @ podcast and key market data “ That ’ s why we ’ re looking to licensing authorities to enforce these rigorous new standards , ensuring drivers are fit to transport passengers in a safe environment and to stop those who aren ’ t .
“ We expect all licensing authorities to implement the standards and won ’ t hesitate to introduce legislation if they don ’ t fulfil their responsibilities to keep the public safe ” .
In addition , all drivers now applying for a license will have to disclose whether they @ @ @ @ @ @ @ while local authorities will be expected to to have “ robust reporting systems ” in place so passengers feel comfortable to report incidents .
The new licensing standards come as ride-hailing app Uber attempts to win back its license , which Transport for London removed after a “ pattern of failures ” on passenger safety .
Read more : Exclusive : Uber ’ s UK boss ‘ optimistic ’ it will win back London licence The appeal is set for September 14-17 , with Uber ’ s general manager Jamie Heywood telling City @ @ @ @ @ @ @ the firm would get the license back .
Also today Uber began its appeal against a ruling that deemed that its drivers constitute employees and thus qualify for basic rights such as holiday pay and the minimum wage .

Taxi and private hire drivers to undergo criminal record checks every six months
Taxi and private hire drivers will have to undergo criminal record checks every six months as part of a suite of new measures to protect passengers.
Under new licensing standards introduced today by the government, drivers will also be given safeguarding training so they can help passengers being exploited or abused.
In addition, the standards recommend that local authorities could fit cabs with CCTV where it would be “beneficial and proportionate”.
The new standards are being implemented after a number of incidents of abuse in cities around the UK.
In a statement, the Department for Transport said that local authorities would be expected to “fully implement” the new measures as soon as possible.
Transport secretary Grant Shapps said: “We know the majority of drivers provide an important and safe service for communities, but in light of appalling incidents in places like Rochdale, Oxford, Newcastle and Rotherham, more must be done to protect passengers from those who abuse their position of trust.
Before the Open newsletter: Start your day with the City View podcast and key market data
“That’s why we’re looking to licensing authorities to enforce these rigorous new standards, ensuring drivers are fit to transport passengers in a safe environment and to stop those who aren’t.
“We expect all licensing authorities to implement the standards and won’t hesitate to introduce legislation if they don’t fulfil their responsibilities to keep the public safe”.
In addition, all drivers now applying for a license will have to disclose whether they held one in a previous area, while local authorities will be expected to to have “robust reporting systems” in place so passengers feel comfortable to report incidents.
The new licensing standards come as ride-hailing app Uber attempts to win back its license, which Transport for London removed after a “pattern of failures” on passenger safety.
The appeal is set for September 14-17, with Uber’s general manager Jamie Heywood telling City A.M. that he was “optimistic” the firm would get the license back.
Also today Uber began its appeal against a ruling that deemed that its drivers constitute employees and thus qualify for basic rights such as holiday pay and the minimum wage.


cityam--2020-07-21--Cryptoforhealth Twitter Scam exposes the benefits of cryptocurrency, not the flaws

Bitcoin tends to get a bad wrap and has ever since its inception .
It ’ s a useful headline for the media , doom mongers and legacy protectors that always have a go .
The truth is that the scale of this activity in the cryptocurrency space pales in significance compared to the multi billion dollars scammed everyday from bank accounts , credit cards , identity theft etc .
The reason City AM and I got together to deliver you Crypto AM was to share what we learn about the space and this is the right occasion to defend @ @ @ @ @ @ @ very different , the real issue is the fact that Twitter – it appears with the complicity of a rogue employee – was hacked and only the coveted blue tick verified account holders were targeted .
Brad Garlinghouse , CEO of Ripple , tweeted ‘ Seems there is finally consensus across the board that this hack is NOT a crypto problem , this is a social media platform problem .
Malicious scams on Twitter , YouTube and others have persisted for years without these platforms taking any real action or accountability to address @ @ @ @ @ @ @ ’ In the AI space CTO of Fetch.ai Toby Simpson tweeted ‘ We ’ ve got Twitter to thank for a highly effective demonstration of why decentralisation is so important .
In a centralised world , break into one place , compromise everyone .
With decentralisation , where individuals own and control their digital identity , that isn ’ t possible.
’ Changpeng Zhao ‘ CZ ’ one of those affected by the hack tweeted once his account was restored : - “ Bitcoin hack ?
” No , bitcoin didn ’ t @ @ @ @ @ @ @ , because it ’ s valuable .
When bank robbers want cash , it ’ s not called a “ cash robbery ” .
It ’ s a bank robbery .
“ Bitcoin scam ?
” No , bitcoin didn ’ t scam anyone .
Do we have to explain this every time ?
“ Twitter hack ?
” Yes .
But this incident highlights a bigger issue .
With the increased # crypto adoption , existing social and internet platforms need to revamp their security .
Internet platforms are no longer just @ @ @ @ @ @ @ transfer value .
This situation should not be used to be critical of the cryptocurrency industry , as the above statement shows it has actually once again shown the benefits of this technology .
Not only does its applications distribute risk but in cases where funds are tied to nefarious actions the capability to conduct anti money laundering and forensic investigations far exceeds what ’ s capable in the traditional financial industry .
We ’ ve collaborated with an industry leader in this segment before , Coinfirm , who provides analytics , investigatory @ @ @ @ @ @ @ of the biggest companies in the space .
Currently the AML effectiveness in the traditional financial industry sits at about 2 % while solutions such as Coinfirm for blockchain assets take that effectiveness into the 90 percentiles , dispelling many of the fears and borders to adoption around cryptocurrencies .
Taking a look at the recent Twitter hack related scams using Coinfirm ’ s technology , cryptocurrencies such as bitcoin provide a whole new level of transparency and data analysis due to its inherent nature and turns AML into a real-time , automated @ @ @ @ @ @ @ visualization shows the connection between the two addresses along with the funds coming in from victims .
Approx $ 1 600 went to bc1q0kznuxzk6d82e27p7gplwl68zkv40swyy4d24x ( Address A ) that was used in the Cash App related scam .
Approx $ 117 000 worth of BTC at the time of analysis went to bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0wlh ( Address B ) that was used in the Elon Musk , Bill Gates and Uber scams among others .
Address A sent it ’ s funds to address B from where address B began sending the funds to a @ @ @ @ @ @ @ .
The address with the largest amount sitting is 1Ai52Uw6usjhpcDrwSmkUvjuqLpcznUuyF with approximately $ 52,000 worth of BTC .
Now , any entity using Coinfirm ’ s Platform will be able to analyze and catch any transaction entering their ecosystems that are related to this scam and act appropriately , further protecting the integrity and security of the crypto economy Even scams that use the “ get rich ” communication around bitcoin mixed with fake celebrity statements and other lies using the identity of celebrities to scam victims are actually mainly doing so by @ @ @ @ @ @ @ This has helped protect these enterprises as the transparency and traceability of these transactions and related funds are unable to be done on the technological level of bitcoin and other popular cryptocurrencies .

Cryptoforhealth Twitter Scam exposes the benefits of cryptocurrency, not the flaws
Twitter said it hoped to have as many as 100,000 participants in the trial
Bitcoin tends to get a bad wrap and has ever since its inception. It’s a useful headline for the media, doom mongers and legacy protectors that always have a go. The truth is that the scale of this activity in the cryptocurrency space pales in significance compared to the multi billion dollars scammed everyday from bank accounts, credit cards, identity theft etc. The reason City AM and I got together to deliver you Crypto AM was to share what we learn about the space and this is the right occasion to defend the nascent industry.
This hack feels very different, the real issue is the fact that Twitter – it appears with the complicity of a rogue employee – was hacked and only the coveted blue tick verified account holders were targeted.
Brad Garlinghouse, CEO of Ripple, tweeted ‘Seems there is finally consensus across the board that this hack is NOT a crypto problem, this is a social media platform problem. Malicious scams on Twitter, YouTube and others have persisted for years without these platforms taking any real action or accountability to address the issue with more than a band-aid.’
In the AI space CTO of Fetch.ai Toby Simpson tweeted ‘We’ve got Twitter to thank for a highly effective demonstration of why decentralisation is so important. In a centralised world, break into one place, compromise everyone. With decentralisation, where individuals own and control their digital identity, that isn’t possible.’
Changpeng Zhao ‘CZ’ one of those affected by the hack tweeted once his account was restored:- “Bitcoin hack?” No, bitcoin didn’t get hacked. The hackers want bitcoin, because it’s valuable. When bank robbers want cash, it’s not called a “cash robbery”. It’s a bank robbery. “Bitcoin scam?” No, bitcoin didn’t scam anyone. Do we have to explain this every time? “Twitter hack?” Yes. But this incident highlights a bigger issue. With the increased #crypto adoption, existing social and internet platforms need to revamp their security. Internet platforms are no longer just for selfies, it is used to transfer value.
This situation should not be used to be critical of the cryptocurrency industry, as the above statement shows it has actually once again shown the benefits of this technology. Not only does its applications distribute risk but in cases where funds are tied to nefarious actions the capability to conduct anti money laundering and forensic investigations far exceeds what’s capable in the traditional financial industry.
We’ve collaborated with an industry leader in this segment before, Coinfirm, who provides analytics, investigatory and Anti Money Laundering solutions to some of the biggest companies in the space. Currently the AML effectiveness in the traditional financial industry sits at about 2% while solutions such as Coinfirm for blockchain assets take that effectiveness into the 90 percentiles, dispelling many of the fears and borders to adoption around cryptocurrencies. Taking a look at the recent Twitter hack related scams using Coinfirm’s technology, cryptocurrencies such as bitcoin provide a whole new level of transparency and data analysis due to its inherent nature and turns AML into a real-time, automated, and effective process.
The first visualization shows the connection between the two addresses along with the funds coming in from victims. Approx $1 600 went to bc1q0kznuxzk6d82e27p7gplwl68zkv40swyy4d24x (Address A) that was used in the Cash App related scam. Approx $117 000 worth of BTC at the time of analysis went to bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0wlh (Address B) that was used in the Elon Musk, Bill Gates and Uber scams among others.
Address A sent it’s funds to address B from where address B began sending the funds to a variety of addresses where they currently sit. The address with the largest amount sitting is 1Ai52Uw6usjhpcDrwSmkUvjuqLpcznUuyF with approximately $52,000 worth of BTC. Now, any entity using Coinfirm’s Platform will be able to analyze and catch any transaction entering their ecosystems that are related to this scam and act appropriately, further protecting the integrity and security of the crypto economy
Even scams that use the “get rich” communication around bitcoin mixed with fake celebrity statements and other lies using the identity of celebrities to scam victims are actually mainly doing so by accepting credit cards from the victims. This has helped protect these enterprises as the transparency and traceability of these transactions and related funds are unable to be done on the technological level of bitcoin and other popular cryptocurrencies.


cityam--2020-07-21--Social licence: How financial markets can switch focus and help solve humanity's greatest challenges

If there was ever any question as to whether we value human life more than money , the coronavirus pandemic has surely answered it .
The protection of ordinary people , in this country and indeed in almost every country in the world , has come at an extraordinary economic cost .
Yet only a minority of people have dared to suggest that this was too high a price to pay .
Life has intrinsic value .
But the financial world often seems to operate largely as if this were not the case .
Its functioning rests on a set @ @ @ @ @ @ @ invisible hand ” of markets to those of the Wolf of Wall Street kind , which suggest that its inhabitants are fundamentally self-interested .
Read more : The Boohoo scandal shouldn ’ t shock anyone — modern slavery is a pandemic No one really believes this to be true .
But the narratives are so deeply embedded nonetheless that they shape market practice , legislation , and the everyday behaviour of people in finance and beyond .
It is partly because of this that a fracture exists between the financial world and the @ @ @ @ @ @ @ anger towards business and capitalism , and a feeling — fair or not — that those responsible for the crash of 2008 were never punished for it .
There is a widespread belief that the financial world acts without regard for wider society .
But the challenges we face today , from the pandemic to the climate crisis , demand an urgent solution in which the world of finance is key .
We need to heal that fracture — and to do that , we must reorient the financial world more fully towards @ @ @ @ @ @ @ trust and , as a society , meet humanity ’ s greatest challenges with confidence .
If we do not make that transition , then a catastrophe awaits .
Few appreciated the significance when former Bank of England governor Mark Carney spoke of “ social licence for financial markets ” in his June 2015 Mansion House speech .
This social licence is essentially a permission given by society to the financial world to act in a way that serves the best interests of all .
It can be seen in regulatory licensing regimes @ @ @ @ @ @ @ .
It also implies an aspiration for what financial activity could be at its best : something that operates in such a way that everyone ’ s intrinsic human value is most fully realised .
Our failure to recognise that this licence exists and to conduct ourselves by reference to it allows narratives of self-interest to continue to inform , and even dictate , financial activity .
The question financial operators must always be asking themselves is one with which , over the course of our present crisis , we have all become @ @ @ @ @ @ @ for me and everyone else ?
” The aim is to turn a vicious cycle into a virtuous one .
If the financial world is oriented more fully towards the public good by pursuing just ends by just means , we can establish a new and different relationship between the world of finance and society , and strengthen the social cohesion on which finance depends , leaving us better placed to tackle current challenges .
This begins by dismantling false narratives that encourage or excuse predominantly self-interested behaviour — not denying the crucial @ @ @ @ @ @ @ in the context of broader goals .
We can also look to change simplistic laws that imply the absence of a social licence by assuming people are naturally self-interested .
In other areas this is not the assumption : UK rules on organ donation assume people are willing to donate unless they opt out , for instance .
Policy measures may help more directly .
We could consider having firms articulate their statements of purpose by reference to the social licence .
And we might also look into the value of integrated reporting @ @ @ @ @ @ @ a company is achieving both financial and broader human goals — as some firms are already doing .
Current work on corporate purpose is valuable , but will only lead to systemic change if it operates by reference to an understanding of systemic purpose .
We need to engage with the account of financial life advanced by the social licence at every level of the financial ecosystem — individuals and firms , and groups within firms .
Just as “ global warming ” became “ global heating ” , and “ climate change @ @ @ @ @ @ @ , we can change the language we use and the story we tell about the financial world — and in doing so change behaviour .
Now , we are at a hinge moment in history .
Even before the pandemic , intuition was growing that something was badly wrong and needed fixing .
Now , we are turning to increasingly radical solutions — political and otherwise — as a result .
Society ’ s frustrations with the financial world may in part be justified .
But though that world is part of the @ @ @ @ @ @ @ of the solution .
Read more : Businesses must find their purpose , or risk becoming the next corporate scandal

Social licence: How financial markets can switch focus and help solve humanity’s greatest challenges
There is a widespread belief that the financial world acts without regard for wider society
If there was ever any question as to whether we value human life more than money, the coronavirus pandemic has surely answered it.
The protection of ordinary people, in this country and indeed in almost every country in the world, has come at an extraordinary economic cost. Yet only a minority of people have dared to suggest that this was too high a price to pay. Life has intrinsic value.
But the financial world often seems to operate largely as if this were not the case. Its functioning rests on a set of false narratives, from the “invisible hand” of markets to those of the Wolf of Wall Street kind, which suggest that its inhabitants are fundamentally self-interested.
No one really believes this to be true. But the narratives are so deeply embedded nonetheless that they shape market practice, legislation, and the everyday behaviour of people in finance and beyond.
It is partly because of this that a fracture exists between the financial world and the rest of society. There is growing anger towards business and capitalism, and a feeling — fair or not — that those responsible for the crash of 2008 were never punished for it. There is a widespread belief that the financial world acts without regard for wider society.
But the challenges we face today, from the pandemic to the climate crisis, demand an urgent solution in which the world of finance is key.
We need to heal that fracture — and to do that, we must reorient the financial world more fully towards the public good. We can restore trust and, as a society, meet humanity’s greatest challenges with confidence.
If we do not make that transition, then a catastrophe awaits.
Few appreciated the significance when former Bank of England governor Mark Carney spoke of “social licence for financial markets” in his June 2015 Mansion House speech. This social licence is essentially a permission given by society to the financial world to act in a way that serves the best interests of all. It can be seen in regulatory licensing regimes, but is not confined to them. It also implies an aspiration for what financial activity could be at its best: something that operates in such a way that everyone’s intrinsic human value is most fully realised.
Our failure to recognise that this licence exists and to conduct ourselves by reference to it allows narratives of self-interest to continue to inform, and even dictate, financial activity. The question financial operators must always be asking themselves is one with which, over the course of our present crisis, we have all become very familiar: “Is this right for me and everyone else?”
The aim is to turn a vicious cycle into a virtuous one. If the financial world is oriented more fully towards the public good by pursuing just ends by just means, we can establish a new and different relationship between the world of finance and society, and strengthen the social cohesion on which finance depends, leaving us better placed to tackle current challenges.
This begins by dismantling false narratives that encourage or excuse predominantly self-interested behaviour — not denying the crucial role of self-interest, but situating it in the context of broader goals. We can also look to change simplistic laws that imply the absence of a social licence by assuming people are naturally self-interested. In other areas this is not the assumption: UK rules on organ donation assume people are willing to donate unless they opt out, for instance.
Policy measures may help more directly. We could consider having firms articulate their statements of purpose by reference to the social licence. And we might also look into the value of integrated reporting — reporting on the degree to which a company is achieving both financial and broader human goals — as some firms are already doing.
Current work on corporate purpose is valuable, but will only lead to systemic change if it operates by reference to an understanding of systemic purpose. We need to engage with the account of financial life advanced by the social licence at every level of the financial ecosystem — individuals and firms, and groups within firms. Just as “global warming” became “global heating”, and “climate change” became “the climate crisis”, we can change the language we use and the story we tell about the financial world — and in doing so change behaviour.
Now, we are at a hinge moment in history. Even before the pandemic, intuition was growing that something was badly wrong and needed fixing. Now, we are turning to increasingly radical solutions — political and otherwise — as a result.
Society’s frustrations with the financial world may in part be justified. But though that world is part of the problem, it is also a part of the solution.
Main image credit: Getty


cityam--2020-07-21--Spotify founders launch e-bike subscription service

The former founders of Soundcloud have launched an e-bike subscription service , backed by European investors .
The service , Dance , is co-founded by SoundCloud founders Eric Quidenus-Wahlforss and Alexander Ljung , together with the co-founder of website builder Jimdo , Christian Springub .
Read more : More ‘ Boris bikes ’ to be rolled out after record numbers take to two wheels Quidenus-Wahlforss and Ljung are known for co-founding Soundcloud as chief technical officer and chief executive respectively .
Quidenus-Wahlforss will take the chief executive role at Dane , while Ljung will be chairman .
Ljung remains chairman @ @ @ @ @ @ @ subscription service will start in Berlin , with an all-inclusive package of a €59-a-month ‘ introductory price ’ and its own design of e-bike , according to Tech Crunch .
The main institutional backer is venture capital firm Blueyard Capital , as well as investors such as Ilkka Paananen , the founder and boss of Supercell .
Users of Dance will download the app and register .
Within 24 hours the fully assembled e-bike will be delivered within 24 hours , and if the bike needs maintenance or is stolen , the user @ @ @ @ @ @ @ “ immediately ” .
Quidenus-Wahlforss , co-founder and chief executive told TechCrunch : “ Dance means having a state-of-the-art e-bike always and only available to you , but without the hassle of buying and owning it… Dance is the perfect solution for those who are looking for a healthy , environmentally friendly , time-saving and joyful form of mobility.
” Read more : Brompton Bikes boss : long-term thinking is needed after coronavirus “ We are convinced that DANCE provides the missing piece of the puzzle at the right time to accelerate a @ @ @ @ @ @ @ ownership to daily use of e-bikes , ” he added .
Ljung said : “ You save time and you save the environment .
You exercise , but you don ’ t sweat .
And besides that , riding an e-bike is simply joyful .
Music was one of the first industries to experience the shift from ownership to subscription .
At Soundcloud we helped usher in this transformation… Now we want to transfer this experience to the mobility space and start a movement that will ultimately make our cities more livable .
@

Soundcloud founders launch e-bike subscription service
The former founders of Soundcloud have launched an e-bike subscription service, backed by European investors.
The service, Dance, is co-founded by Soundcloud founders Eric Quidenus-Wahlforss and Alexander Ljung, together with the co-founder of website builder Jimdo, Christian Springub.
Quidenus-Wahlforss and Ljung are known for co-founding Soundcloud as chief technical officer and chief executive respectively. Quidenus-Wahlforss will take the chief executive role at Dane, while Ljung will be chairman. Ljung remains chairman of Soundcloud in the meantime.
The subscription service will start in Berlin, with an all-inclusive package of a €59-a-month ‘introductory price’ and its own design of e-bike, according to Tech Crunch.
The main institutional backer is venture capital firm Blueyard Capital, as well as investors such as Ilkka Paananen, the founder and boss of Supercell.
Users of Dance will download the app and register. Within 24 hours the fully assembled e-bike will be delivered within 24 hours, and if the bike needs maintenance or is stolen, the user alerts Dance and the bike is replaced “immediately”.
Quidenus-Wahlforss, co-founder and chief executive told TechCrunch: “Dance means having a state-of-the-art e-bike always and only available to you, but without the hassle of buying and owning it… Dance is the perfect solution for those who are looking for a healthy, environmentally friendly, time-saving and joyful form of mobility.”
“We are convinced that DANCE provides the missing piece of the puzzle at the right time to accelerate a broad and lasting movement from individual car ownership to daily use of e-bikes,” he added.
Ljung said: “You save time and you save the environment. You exercise, but you don’t sweat. And besides that, riding an e-bike is simply joyful. Music was one of the first industries to experience the shift from ownership to subscription. At Soundcloud we helped usher in this transformation… Now we want to transfer this experience to the mobility space and start a movement that will ultimately make our cities more livable.”


cityam--2020-07-21--Boris Johnson unveils £350m to fuel decarbonisation of industry

Boris Johnson has unveiled £350m in funding to help industry to reduce carbon emissions in a bid to speed up progress towards the UK ’ s 2050 net zero goal .
The funding will go to a range of businesses and projects working across industries such as heavy industry , construction , space and transport .
Read more : Boris Johnson to ‘ build , build , build ’ UK back from coronavirus slump Johnson said that the coronavirus pandemic meant that it was “ more important than ever that we keep up the pace of change to fuel a @ @ @ @ @ @ @ UK now has a huge opportunity to cement its place at the vanguard of green innovation , setting an example worldwide while growing the economy and creating new jobs ’ .
Of the funding , £139m will go to heavy industry to support the transition from natural gas to hydrogen , as well as scaling up the development of carbon capture and storage ( CCUS ) technologies .
The two technologies have both long been earmarked as critical to the transition to a green economy , with 40 businesses last month writing to @ @ @ @ @ @ @ country-wide hydrogen strategy .
In addition , £149m will go towards developing the use of innovative materials , such as so-called “ green steel ” across industry , while £26m will be put towards supporting low-carbon building techniques .
Before the Open newsletter : Start your day with the City View podcast and key market data The remainder of the money will be put towards a national space innovation programme and research and development projects in the automotive industry .
Business secretary Alok Sharma said : “ This funding will reduce emissions , @ @ @ @ @ @ @ strong , clean economic recovery – all essential to achieving net zero emissions by 2050.
” The new funding comes in addition to the £100bn announced in March ’ s budget for the rollout of a super-fast charging network for electric vehicles .
The government has also committed to consulting on ending the sale of petrol , diesel and hybrid cars by 2035 , and launched a transport decarbonisation plan .
Read more : UK aims to build world ’ s first transatlantic net zero plane Finally , Johnson will also launch the @ @ @ @ @ @ @ Zero Council ’ , which has been tasked with developing the world ’ s first zero emission long haul airliner .
“ The Jet Zero Council is a huge step forward in making change – as we push forward with innovative technologies such as sustainable fuels and eventually fully electric planes , we will achieve guilt-free flying and boost sustainability for years to come ” , said transport secretary Grant Shapps .

Boris Johnson unveils £350m to fuel decarbonisation of industry
Boris Johnson has unveiled £350m in funding to help industry to reduce carbon emissions in a bid to speed up progress towards the UK’s 2050 net zero goal.
The funding will go to a range of businesses and projects working across industries such as heavy industry, construction, space and transport.
Johnson said that the coronavirus pandemic meant that it was “more important than ever that we keep up the pace of change to fuel a green, sustainable recovery.
“The UK now has a huge opportunity to cement its place at the vanguard of green innovation, setting an example worldwide while growing the economy and creating new jobs’.
Of the funding, £139m will go to heavy industry to support the transition from natural gas to hydrogen, as well as scaling up the development of carbon capture and storage (CCUS) technologies.
The two technologies have both long been earmarked as critical to the transition to a green economy, with 40 businesses last month writing to chancellor Rishi Sunak in support of a country-wide hydrogen strategy.
In addition, £149m will go towards developing the use of innovative materials, such as so-called “green steel” across industry, while £26m will be put towards supporting low-carbon building techniques.
Before the Open newsletter: Start your day with the City View podcast and key market data
The remainder of the money will be put towards a national space innovation programme and research and development projects in the automotive industry.
Business secretary Alok Sharma said: “This funding will reduce emissions, create green collar jobs and fuel a strong, clean economic recovery – all essential to achieving net zero emissions by 2050.”
The new funding comes in addition to the £100bn announced in March’s budget for the rollout of a super-fast charging network for electric vehicles.
The government has also committed to consulting on ending the sale of petrol, diesel and hybrid cars by 2035, and launched a transport decarbonisation plan.
Finally, Johnson will also launch the first meeting of the new ‘Jet Zero Council’, which has been tasked with developing the world’s first zero emission long haul airliner.
“The Jet Zero Council is a huge step forward in making change – as we push forward with innovative technologies such as sustainable fuels and eventually fully electric planes, we will achieve guilt-free flying and boost sustainability for years to come”, said transport secretary Grant Shapps.


cityam--2020-07-21--The City View: Modwenna Rees-Mogg on angel investing

Today Andy Silvester is joined by Modwenna Rees-Mogg , founder of AngelNews and the Pluralists ’ Club .
Modwenna discusses the angel investing ecosystem , how it ’ s been hit by the Covid-19 pandemic , and the steps Government can take with the ‘ future fund ’ to ensure the UK remains a world leader .
They also take about entrepreneurialism and the future of work – with multiple jobs potentially the way of the future .
Andy also looks at the EU rescue deal , Ryanair ’ s latest squabble with pilots and the latest figures from the @ @ @ @ @ @ @ is one of the UK ’ s leading spread betting and CFD trading providers , offering services to retail , institutional , professional and high net worth customers via an award-winning trading platform .
With over 50 years of experience in the financial markets , customers and service are always put first at ETX , and the company prides itself in offering a tailor-made trading experience to every customer .
The multi-device TraderPro platform delivers a fully customisable , award-winning trading technology with customisable charts , instant execution and over 5,000 markets to @ @ @ @ @ @ @ complex instruments and come with a high risk of losing money rapidly due to leverage .
76 % of retail investor accounts lose money when spread betting or trading CFDs with ETX .
You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721.ETX Capital provides an execution-only service and therefore any market analysis , opinion , commentary or other information provided during this webinar @ @ @ @ @ @ @ not intended to be a personal recommendation or construed as advice .
ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View: Modwenna Rees-Mogg on angel investing
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Today Andy Silvester is joined by Modwenna Rees-Mogg, founder of AngelNews and the Pluralists’ Club.
Modwenna discusses the angel investing ecosystem, how it’s been hit by the Covid-19 pandemic, and the steps Government can take with the ‘future fund’ to ensure the UK remains a world leader. They also take about entrepreneurialism and the future of work – with multiple jobs potentially the way of the future.
Andy also looks at the EU rescue deal, Ryanair’s latest squabble with pilots and the latest figures from the UK coronavirus loan schemes.
In association with ETX Capital
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721.ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.


cityam--2020-07-21--Snap beats estimates after short-lived coronavirus bounce

Snap has surpassed analyst revenue estimates for its second quarter , as advertisers cashed in on an initial boom in user numbers during the pandemic .
The Snapchat parent said its daily active users ( DAUs ) , which advertisers watch to measure its growth , rose 17 per cent to 238m in the three months to the end of June .
Analysts had been expecting DAUs of 238.44m , according to IBES data from Refinitiv .
Snap ’ s revenue jumped by the same amount to $ 454.2m during the quarter , above estimates of $ 440.8m .
Snap @ @ @ @ @ @ @ usually volatile after it reports results , fell as much as 11 per cent in after-hours trading as its losses jumped .
The company ’ s net loss increased to about $ 326m , up from $ 255.2m a year earlier .
The figures come as many major companies pivoted away from advertising on rival platforms such as Facebook , due to concerns over the proliferation of hate speech .
Read more : Facebook fails to address ad boycott concerns at ‘ disappointing ’ summit “ The growing focus on brand safety and @ @ @ @ @ @ @ in a unique position of strength as we have invested in these areas from the beginning of our business , ” Snap chief executive Evan Spiegel said in a statement .
Meawhile in the current quarter , revenue growth is so far charting at 32 per cent — surpassing Snap ’ s internal model of revenue growth of 20 per cent , according to finance chief Derek Andersen .
The company also forecast DAUs to be between 242m and 244m in the current quarter .

Snap beats estimates after short-lived coronavirus bounce
Snap snaps and Big Tech feels the heat: What’s next for advertising?
Snap has surpassed analyst revenue estimates for its second quarter, as advertisers cashed in on an initial boom in user numbers during the pandemic.
The Snapchat parent said its daily active users (DAUs), which advertisers watch to measure its growth, rose 17 per cent to 238m in the three months to the end of June.
Analysts had been expecting DAUs of 238.44m, according to IBES data from Refinitiv.
Snap’s revenue jumped by the same amount to $454.2m during the quarter, above estimates of $440.8m.
Snap’s share price, which is usually volatile after it reports results, fell as much as 11 per cent in after-hours trading as its losses jumped.
The company’s net loss increased to about $326m, up from $255.2m a year earlier.
The figures come as many major companies pivoted away from advertising on rival platforms such as Facebook, due to concerns over the proliferation of hate speech.
“The growing focus on brand safety and privacy across the entire industry places us in a unique position of strength as we have invested in these areas from the beginning of our business,” Snap chief executive Evan Spiegel said in a statement.
Meawhile in the current quarter, revenue growth is so far charting at 32 per cent — surpassing Snap’s internal model of revenue growth of 20 per cent, according to finance chief Derek Andersen.
The company also forecast DAUs to be between 242m and 244m in the current quarter.


cityam--2020-07-21--Musk qualifies for $2.1bn payday after Tesla rally

A prolonged bounce in Tesla ’ s share price means its chief executive Elon Musk has qualified for a $ 2.1bn payout , in his second award since May .
The electric carmaker ’ s six-month average market capitalisation officially surpassed $ 150bn today , triggering the vesting of the second of 12 tranches of options granted to Musk in 2018 .
Musk , who is also majority owner and chief executive of rocket firm Space X , receives no salary .
Tesla is now the world ’ s most valuable carmaker , almost reaching $ 300bn this month to @ @ @ @ @ @ @ of Toyota , Ford , General Motors and Fiat Chrysler combined .
Read more : Tesla nears record for first stock to reach $ 20bn short interest It is set to report its quarterly earnings on Wednesday evening , which if profitable , will determine whether Tesla can enter the S & P 500 index on Wall Street .
Analysts ’ estimates for Tesla currently range from an adjusted loss as steep as $ 2.53 a share to a $ 1.41 per share profit .
However on average , they expect an adjusted @ @ @ @ @ @ @ net loss of $ 240m , according to Refinitiv data .
Tesla shares have surged more than 275 per cent so far this year , though reporting a loss this evening could send its stock plummeting .
Earlier this month , Tesla surpassed expectations when it announced it had delivered more than 90,000 vehicles in the quarter , defying a wider industry downturn .
But while vehicle deliveries increased 2.5 per cent on a quarterly basis , production dropped nearly 20 per cent .
Tesla had previously predicted it would deliver at least @ @ @ @ @ @ @ year .
Its main Fremont carmaking plant was shut for six weeks earlier this year due to lockdown measures during the coronavirus pandemic , putting a dampener on production numbers .
Tesla has said it plans to open a new plant in the south-west of the US as soon as the third quarter , but it has yet to announce a location .

Musk qualifies for $2.1bn payday after Tesla rally
Tesla has had a phenomenal year.
A prolonged bounce in Tesla’s share price means its chief executive Elon Musk has qualified for a $2.1bn payout, in his second award since May.
The electric carmaker’s six-month average market capitalisation officially surpassed $150bn today, triggering the vesting of the second of 12 tranches of options granted to Musk in 2018.
Musk, who is also majority owner and chief executive of rocket firm Space X, receives no salary.
Tesla is now the world’s most valuable carmaker, almost reaching $300bn this month to be worth more than the market values of Toyota, Ford, General Motors and Fiat Chrysler combined.
It is set to report its quarterly earnings on Wednesday evening, which if profitable, will determine whether Tesla can enter the S&P 500 index on Wall Street.
Analysts’ estimates for Tesla currently range from an adjusted loss as steep as $2.53 a share to a $1.41 per share profit.
However on average, they expect an adjusted 11 cents loss per share and a net loss of $240m, according to Refinitiv data.
Tesla shares have surged more than 275 per cent so far this year, though reporting a loss this evening could send its stock plummeting.
Earlier this month, Tesla surpassed expectations when it announced it had delivered more than 90,000 vehicles in the quarter, defying a wider industry downturn.
But while vehicle deliveries increased 2.5 per cent on a quarterly basis, production dropped nearly 20 per cent. Tesla had previously predicted it would deliver at least 500,000 vehicles by the end of the year.
Its main Fremont carmaking plant was shut for six weeks earlier this year due to lockdown measures during the coronavirus pandemic, putting a dampener on production numbers.
Tesla has said it plans to open a new plant in the south-west of the US as soon as the third quarter, but it has yet to announce a location.


cityam--2020-07-21--Tapestry chief executive quits after less than a year

The chief executive of Tapestry , the parent company of luxury brands Coach and Kate Spade , has stepped down after less than a year in the job .
Jide Zeitlin , who was also chairman , has today resigned from the New York-based firm , citing “ personal reasons ” .
The Wall Street Journal , citing people familiar with the matter , said Tapestry ’ s board had hired a law firm to investigate allegations raised by at least one woman of Zeitlin posing as a photographer under an alias to lure her into a romantic relationship more @ @ @ @ @ @ @ in a statement to the Journal that he was compelled to resign because he did “ not want to create a distraction ” for the company .
He signed up for a three-year commitment when he was appointed chief executive , less than a year ago , Reuters said .
Zeitlin ’ s departure has sparked a shake-up of Tapestry ’ s top management team , with chief financial officer Joanne Crevoiserat and chief administrative officer Todd Kahn stepping in as interim chief executives .
Andrea Shaw Resnick , head of investor relations @ @ @ @ @ @ @ interim finance chief .
Lead independent director Susan Kropf has been appointed as chair .
Kropf said : “ Jide has made meaningful contributions to Tapestry over the past 14 years , first as a director , and then as chairman , and most recently as chief executive .
“ During his tenure as chief executive , he played a key role in driving the development of Tapestry ’ s strategic growth agenda .
“ Importantly , he led with purpose during these unprecedented times .
We thank him for all he has @ @ @ @ @ @ @ to continuing this important work .
”

Tapestry chief executive quits after less than a year
The chief executive of Tapestry, the parent company of luxury brands Coach and Kate Spade, has stepped down after less than a year in the job.
Jide Zeitlin, who was also chairman, has today resigned from the New York-based firm, citing “personal reasons”.
The Wall Street Journal, citing people familiar with the matter, said Tapestry’s board had hired a law firm to investigate allegations raised by at least one woman of Zeitlin posing as a photographer under an alias to lure her into a romantic relationship more than a decade ago.
Zeitlin said in a statement to the Journal that he was compelled to resign because he did “not want to create a distraction” for the company. He signed up for a three-year commitment when he was appointed chief executive, less than a year ago, Reuters said.
Zeitlin’s departure has sparked a shake-up of Tapestry’s top management team, with chief financial officer Joanne Crevoiserat and chief administrative officer Todd Kahn stepping in as interim chief executives.
Andrea Shaw Resnick, head of investor relations and corporate communications, has been named interim finance chief. Lead independent director Susan Kropf has been appointed as chair.
Kropf said: “Jide has made meaningful contributions to Tapestry over the past 14 years, first as a director, and then as chairman, and most recently as chief executive.
“During his tenure as chief executive, he played a key role in driving the development of Tapestry’s strategic growth agenda.
“Importantly, he led with purpose during these unprecedented times. We thank him for all he has done for the company and remain committed to continuing this important work.”


cityam--2020-07-21--US accuses Chinese nationals of hacking spree for Covid-19 trade secrets

US prosecutors today said the Justice Department had indicted two Chinese nationals for hacking defence contractors , coronavirus researchers and hundreds of others globally .
US authorities said Chinese nationals Li Xiaoyu and Dong Jiazhi were part of “ one of the most prolific groups of hackers ” the FBI has ever investigated .
Officials alleged the pair participated in a multi-year campaign that stole information on weapons designs , drugs , software source code as well as targeting dissidents and Chinese opposition figures .
Read more : Mike Pompeo calls for global coalition to ‘ push back ’ against @ @ @ @ @ @ @ companies , but said the investigation was launched when the hackers broke into a decommissioned nuclear site in the state of Washington .
It added that Li and Dong stole terabytes of data from computers around the world , including the US , the UK , Germany , Australia and Belgium .
The hackers are alleged to have acted as contractors for China ’ s state intelligence agency the Ministry of Security ( MSS ) , which supplied the hackers with information of critical software vulnerabilities .
Among the politically motivated targets were @ @ @ @ @ @ @ the Dalai Lama and a Chinese Christian non-profit .
“ Using these freelancers allows the government to access a wider array of talent , while also providing some deniability in conducting these operations , ” said Ben Read , a senior analyst at cyber-security company Fire Eye .
The indictment alleged that hackers operated from 2014 to 2020 and most recently attempted to steal cancer research .
The Chinese Embassy in Washington did not immediately respond to Reuters ’ request for comment .
Beijing has repeatedly denied hacking the United States and other @ @ @

US accuses Chinese nationals of hacking spree for Covid-19 trade secrets
US prosecutors today said the Justice Department had indicted two Chinese nationals for hacking defence contractors, coronavirus researchers and hundreds of others globally.
US authorities said Chinese nationals Li Xiaoyu and Dong Jiazhi were part of “one of the most prolific groups of hackers” the FBI has ever investigated.
Officials alleged the pair participated in a multi-year campaign that stole information on weapons designs, drugs, software source code as well as targeting dissidents and Chinese opposition figures.
The indictment did not name any companies, but said the investigation was launched when the hackers broke into a decommissioned nuclear site in the state of Washington.
It added that Li and Dong stole terabytes of data from computers around the world, including the US, the UK, Germany, Australia and Belgium.
The hackers are alleged to have acted as contractors for China’s state intelligence agency the Ministry of Security (MSS), which supplied the hackers with information of critical software vulnerabilities.
Among the politically motivated targets were Hong Kong protesters, the office of the Dalai Lama and a Chinese Christian non-profit.
“Using these freelancers allows the government to access a wider array of talent, while also providing some deniability in conducting these operations,” said Ben Read, a senior analyst at cyber-security company Fire Eye.
The indictment alleged that hackers operated from 2014 to 2020 and most recently attempted to steal cancer research.
The Chinese Embassy in Washington did not immediately respond to Reuters’ request for comment. Beijing has repeatedly denied hacking the United States and other rival powers.


cityam--2020-07-21--Coronavirus: Cobra and Sage committees sidelined, says Matt Hancock

The government ’ s crisis committees Cobra and Sage are no longer leading the UK ’ s coronavirus response , according to health secretary Matt Hancock .
Hancock told a parliamentary committee today that new coronavirus committees have been set up across government , with the new Joint Biosecurity Centre taking charge on major decisions .
Read more : Matt Hancock calls for ‘ urgent review ’ into England coronavirus deaths tally Sage ( the Scientific Advisory Group for Emergencies ) is made up of dozens of top UK scientists and was used as the government ’ s most important @ @ @ @ @ @ @ the first few months of the crisis .
However , it appears it has now been benched in favour of two new committees and the Joint Biosecurity Centre .
It is not clear who runs the new centre or if they are providing independent advice .
Speaking to Westminster ’ s Science and Technology Committee , Hancock said : “ The decision-making for coronavirus that ’ s in place is that there ’ s a Covid-O , which takes the operational decisions and meets two or three times a week , and then @ @ @ @ @ @ @ the strategic decisions and is chaired by the Prime Minister , and that works effectively .
“ Sage , remember , is the Scientific Advisory Group on Emergencies – it ’ s not a body that is just there for coronavirus or , indeed , for communicable diseases and epidemics and pandemics .
“ As we build our capability to deal with epidemics on a grand scale we are building the capability together in one place under the [ Joint Biosecurity Centre ] .
” Cobra is Downing Street ’ s committee that @ @ @ @ @ @ @ regularly at the start of the pandemic .
However , the health secretary today could not even name the last time a Cobra meeting took place when asked .
Hancock ’ s revelations come just a week after Boris Johnson said there would be an independent inquiry into the UK ’ s response to the coronavirus .
This was the first time the government had conceded a probe would take place .
Just a day later , chief scientific adviser Sir Patrick Vallance – who has helped lead the UK ’ s battle @ @ @ @ @ @ @ of the government ’ s response had not been good .
Read more : Coronavirus vaccine likely to be limited to the elderly , says top scientist Hancock said today that “ hindsight was a wonderful thing ” .
“ We took the best decisions we could , with the information we had at the time , ” he said .

Coronavirus: Cobra and Sage committees sidelined, says Matt Hancock
LONDON, ENGLAND – JULY 21: Health Secretary Matt Hancock arrives at the Foreign and Commonwealth Office (FCO) in London, ahead of a Cabinet meeting to be held at the FCO, for the first time since the lockdown on July 21, 2020 in London, England. The meeting in the FCO will take place in a ventilated room in the Foreign Office large enough to allow ministers to sit at least one metre apart. (Photo by Stefan Rousseau – WPA Pool/Getty Images)
The government’s crisis committees Cobra and Sage are no longer leading the UK’s coronavirus response, according to health secretary Matt Hancock.
Hancock told a parliamentary committee today that new coronavirus committees have been set up across government, with the new Joint Biosecurity Centre taking charge on major decisions.
Sage (the Scientific Advisory Group for Emergencies) is made up of dozens of top UK scientists and was used as the government’s most important source of independent information and advice for the first few months of the crisis.
However, it appears it has now been benched in favour of two new committees and the Joint Biosecurity Centre.
It is not clear who runs the new centre or if they are providing independent advice.
Speaking to Westminster’s Science and Technology Committee, Hancock said: “The decision-making for coronavirus that’s in place is that there’s a Covid-O, which takes the operational decisions and meets two or three times a week, and then that reports into Covid-S, which takes the strategic decisions and is chaired by the Prime Minister, and that works effectively.
“Sage, remember, is the Scientific Advisory Group on Emergencies – it’s not a body that is just there for coronavirus or, indeed, for communicable diseases and epidemics and pandemics.
“As we build our capability to deal with epidemics on a grand scale we are building the capability together in one place under the [Joint Biosecurity Centre].”
Cobra is Downing Street’s committee that is called for national crises and met regularly at the start of the pandemic.
However, the health secretary today could not even name the last time a Cobra meeting took place when asked.
Hancock’s revelations come just a week after Boris Johnson said there would be an independent inquiry into the UK’s response to the coronavirus.
This was the first time the government had conceded a probe would take place.
Just a day later, chief scientific adviser Sir Patrick Vallance – who has helped lead the UK’s battle against the virus – said the outcome of the government’s response had not been good.
Hancock said today that “hindsight was a wonderful thing”.
“We took the best decisions we could, with the information we had at the time,” he said.


cityam--2020-07-21--Facebook flags Trump post on mail-in voting

Facebook today placed a so-called voting info disclaimer on US President Donald Trump ’ s post on mail-in voting , following criticism of the social network ’ s relaxed approach to regulating the President ’ s content .
“ Mail-In Voting , unless changed by the courts , will lead to the most CORRUPT ELECTION in our Nation ’ s History !
# RIGGEDELECTION , ” Trump wrote in the post .
Nearly a quarter of US voters cast their 2016 presidential ballots by post .
Routine methods make it very hard to interfere with mailed ballots , experts have @ @ @ @ @ @ @ the post redirects users to details from a US government website on how to vote in the 2020 elections .
Similar labels have also been placed on posts by Democratic presidential candidate Joe Biden since the tech firm launched a policy to add information to posts by candidates and elected officials .
Read more : Facebook fails to address ad boycott concerns at ‘ disappointing ’ summit It comes a day after the social network ’ s chief executive Mark Zuckerberg was forced to deny the presence of a deal with Trump that @ @ @ @ @ @ @ posts .
Trump ’ s social media posts are regularly flagged by tech giants such as Twitter as containing misleading or potentially harmful information , but Facebook has taken a light-touch approach to his content .
“ I ’ ve heard this speculation , too , so let me be clear : There ’ s no deal of any kind , ” Zuckerberg told Axios in an interview yesterday .
“ Actually , the whole idea of a deal is pretty ridiculous.
” Reports of a deal between the pair stemmed from an @ @ @ @ @ @ @ and billionaire tech ally Peter Thiel in October last year .
Read more : Twitter removes image tweeted by Trump over copyright complaint “ I accepted the invite for dinner because I was in town and he is the president of the United States , ” Zuckerberg said , adding that he had done the same while former US President Barack Obama was in office .
“ The fact that I met with a head of state should not be surprising , and does not suggest we have some kind of deal.
” @ @ @ @ @ @ @ question and answer session that “ giving people some space for discourse ” was not the same as agreeing with their beliefs .

Facebook flags Trump post on mail-in voting
Facebook today placed a so-called voting info disclaimer on US President Donald Trump’s post on mail-in voting, following criticism of the social network’s relaxed approach to regulating the President’s content.
“Mail-In Voting, unless changed by the courts, will lead to the most CORRUPT ELECTION in our Nation’s History! #RIGGEDELECTION,” Trump wrote in the post.
Nearly a quarter of US voters cast their 2016 presidential ballots by post. Routine methods make it very hard to interfere with mailed ballots, experts have said.
The disclaimer by Facebook on the post redirects users to details from a US government website on how to vote in the 2020 elections.
Similar labels have also been placed on posts by Democratic presidential candidate Joe Biden since the tech firm launched a policy to add information to posts by candidates and elected officials.
It comes a day after the social network’s chief executive Mark Zuckerberg was forced to deny the presence of a deal with Trump that he be excluded from monitoring of political posts.
Trump’s social media posts are regularly flagged by tech giants such as Twitter as containing misleading or potentially harmful information, but Facebook has taken a light-touch approach to his content.
“I’ve heard this speculation, too, so let me be clear: There’s no deal of any kind,” Zuckerberg told Axios in an interview yesterday. “Actually, the whole idea of a deal is pretty ridiculous.”
Reports of a deal between the pair stemmed from an undisclosed dinner attended by Zuckerberg, Trump and billionaire tech ally Peter Thiel in October last year.
“I accepted the invite for dinner because I was in town and he is the president of the United States,” Zuckerberg said, adding that he had done the same while former US President Barack Obama was in office.
“The fact that I met with a head of state should not be surprising, and does not suggest we have some kind of deal.”
Zuckerberg said last week in an online question and answer session that “giving people some space for discourse” was not the same as agreeing with their beliefs.


cityam--2020-07-21--Rishi Sunak launches spending review and warns of ‘tough choices’

Chancellor Rishi Sunak has warned that “ tough choices ” will have to be made over government spending from 2021 onwards as he launched a comprehensive review of public sector budgets .
The spending review comes as Sunak revises the overall spending plans made in the March Budget to reflect the huge impact coronavirus has had on the economy and the public finances .
Earlier today , the Office for National Statistics ( ONS ) said government borrowing skyrocketed to a record £128bn between April and June .
That was more than double the amount borrowed in the entire previous @ @ @ @ @ @ @ announced another £30bn of spending to try to shore up the UK economy as the government winds down the job retention scheme .
Analysts said he will likely have to do more in the autumn Budget .
With an eye to the future , the chancellor today announced a comprehensive review of government spending plans .
It will look at government day-to-day budgets for the years 2021-22 to 2023-24 .
It will also consider investment budgets for 2021-22 to 2024-25 .
And it will look at the grants of the devolved administrations of @ @ @ @ @ @ @ Sunak said the review will prioritise election promises to “ level up and invest in people and places spreading opportunities more evenly across the nation ” .
He did not set a fixed spending amount , citing “ unprecedented uncertainty ” .
The chancellor also warned that “ there will need to be tough choices in other areas of spending at the review ” .
“ Departments should therefore be identifying opportunities to reprioritise and deliver savings , ” he said .
The Institute for Fiscal Studies ( IFS ) think tank said @ @ @ @ @ @ @ cut spending in some departments after 10 years of austerity .
IFS research economist Ben Zaranko said : “ Given the large amounts already promised for priority areas like the NHS , schools and police , and Rishi Sunak ’ s emphasis on the need for ‘ tough choices ’ , another round of budget cuts for other , lower priority departments is a very real possibility.
” Torsten Bell , chief executive of the Resolution Foundation think tank , said Sunak had given himself “ more flexibility to reduce the size of @ @ @ @ @ @ @ , rowing back on significant increases announced as recently as March ” .
“ The planned 2.8 per cent real terms growth a year has now become a far vaguer promise of some growth in real terms , ” he said .
The UK ’ s budget watchdog has said government borrowing could balloon to £370bn this year , around 18 per cent of GDP .
That would be by far the biggest peacetime deficit .
Read more : Now ’ s not the time to worry about £500bn of borrowing , says @ @ @ @ @ @ @ month that tax rises or spending cuts to tackle the public debt should not be implemented “ any time soon ” as they may choke off an economic recovery .
It said there must eventually be a “ reckoning , ” however .
The IFS said it would most likely be “ in the form of higher taxes ” after a decade of spending cuts .

Rishi Sunak launches spending review and warns of ‘tough choices’
Chancellor Rishi Sunak told government departments to look for fat to cut
Chancellor Rishi Sunak has warned that “tough choices” will have to be made over government spending from 2021 onwards as he launched a comprehensive review of public sector budgets.
The spending review comes as Sunak revises the overall spending plans made in the March Budget to reflect the huge impact coronavirus has had on the economy and the public finances.
Earlier today, the Office for National Statistics (ONS) said government borrowing skyrocketed to a record £128bn between April and June. That was more than double the amount borrowed in the entire previous financial year.
Sunak earlier this month announced another £30bn of spending to try to shore up the UK economy as the government winds down the job retention scheme. Analysts said he will likely have to do more in the autumn Budget.
With an eye to the future, the chancellor today announced a comprehensive review of government spending plans. It will look at government day-to-day budgets for the years 2021-22 to 2023-24.
It will also consider investment budgets for 2021-22 to 2024-25. And it will look at the grants of the devolved administrations of Scotland, Wales and Northern Ireland.
Sunak said the review will prioritise election promises to “level up and invest in people and places spreading opportunities more evenly across the nation”. He did not set a fixed spending amount, citing “unprecedented uncertainty”.
The chancellor also warned that “there will need to be tough choices in other areas of spending at the review”.
“Departments should therefore be identifying opportunities to reprioritise and deliver savings,” he said.
IFS: Spending cuts a ‘real possibility’
The Institute for Fiscal Studies (IFS) think tank said the announcement means the government could again cut spending in some departments after 10 years of austerity.
IFS research economist Ben Zaranko said: “Given the large amounts already promised for priority areas like the NHS, schools and police, and Rishi Sunak’s emphasis on the need for ‘tough choices’, another round of budget cuts for other, lower priority departments is a very real possibility.”
Torsten Bell, chief executive of the Resolution Foundation think tank, said Sunak had given himself “more flexibility to reduce the size of public spending increases over the coming years, rowing back on significant increases announced as recently as March”.
“The planned 2.8 per cent real terms growth a year has now become a far vaguer promise of some growth in real terms,” he said.
The UK’s budget watchdog has said government borrowing could balloon to £370bn this year, around 18 per cent of GDP. That would be by far the biggest peacetime deficit.
Yet the IFS said earlier this month that tax rises or spending cuts to tackle the public debt should not be implemented “any time soon” as they may choke off an economic recovery.
It said there must eventually be a “reckoning,” however. The IFS said it would most likely be “in the form of higher taxes” after a decade of spending cuts.


cityam--2020-07-22--Robert Jenrick says decision to save developer £40m was 'perfectly fair'

Housing secretary Robert Jenrick has defended his controversial decision to approve a 1500-home housing development a day before taxes would have cost the developer £40m as “ perfectly fair ” .
The housing secretary has come under fire for alleged links with the developer , and Tory donor , Richard Desmond , with Labour calling the saga an example of “ cash for favours ” – an allegation Jenrick strenuously denies .
Read more : Robert Jenrick faces fresh questions over new planning row Jenrick took the planning decision for the East London Westferry development away from the Tower Hamlets @ @ @ @ @ @ @ said the project should not go ahead .
He then approved the project shortly after sitting next to Desmond at a Conservative party dinner , with the developer then donating thousands of pounds to the Tories days later .
Jenrick eventually was forced to overturn his own decision on grounds of “ apparent bias ” , but he maintains there was no intentional preferable treatment given to Desmond .
Desmond would have escaped having to pay an estimated £40m in extra taxes from Tower Hamlets as Jenrick approved the development just one day @ @ @ @ @ @ @ come in place .
Before the Open newsletter : Start your day with the City View podcast and key market data The housing secretary told the House of Common ’ s housing committee today that the decision to save Desmond millions of pounds was perfectly reasonable as new taxes could have put the project ’ s profitability in question .
“ It was consistent with our policy and previous decisions…which show it is a material and legitimate decision to try , if one can , to make a decision before a material change @ @ @ @ @ @ @ said .
“ The inspector ’ s report also restated the point that the viability of the project might be compromised if the community infrastructure levy were to come in .
“ The developer in their submission to the planning inspector had made that point as well.
” Jenrick has come under fire over the past six weeks during the saga , with a slow drip of information appearing to show he may have had extensive contact with the developer before making the decision .
This includes a series of text messages after @ @ @ @ @ @ @ in December .
Shadow communities secretary Steve Reed said last month that the decision had “ blown apart confidence in the planning system ” and that it was an example of “ cash for favours ” .
Jenrick said today that “ nothing the developer said to me had any bearing on my decision whatsoever ” .
Read more : Robert Jenrick warned by civil service about £1bn development before approving it He added : “ Would it have been better to have not sat next to the applicant ?
Yes , but @ @ @ @ @ @ @ Would it ave been better not to have had text messages with him ?
Yes and both myself and the department will learn lessons from this experience .
”

Robert Jenrick says decision to save developer £40m was ‘perfectly fair’
LONDON, ENGLAND – JULY 21: Housing Secretary Robert Jenrick arrives at the Foreign
Housing secretary Robert Jenrick has defended his controversial decision to approve a 1500-home housing development a day before taxes would have cost the developer £40m as “perfectly fair”.
The housing secretary has come under fire for alleged links with the developer, and Tory donor, Richard Desmond, with Labour calling the saga an example of “cash for favours” – an allegation Jenrick strenuously denies.
Jenrick took the planning decision for the East London Westferry development away from the Tower Hamlets Council last year, after its inspector said the project should not go ahead.
He then approved the project shortly after sitting next to Desmond at a Conservative party dinner, with the developer then donating thousands of pounds to the Tories days later.
Jenrick eventually was forced to overturn his own decision on grounds of “apparent bias”, but he maintains there was no intentional preferable treatment given to Desmond.
Desmond would have escaped having to pay an estimated £40m in extra taxes from Tower Hamlets as Jenrick approved the development just one day before a new council levy was to come in place.
Before the Open newsletter: Start your day with the City View podcast and key market data
The housing secretary told the House of Common’s housing committee today that the decision to save Desmond millions of pounds was perfectly reasonable as new taxes could have put the project’s profitability in question.
“It was consistent with our policy and previous decisions…which show it is a material and legitimate decision to try, if one can, to make a decision before a material change in circumstance might occur,” he said.
“The inspector’s report also restated the point that the viability of the project might be compromised if the community infrastructure levy were to come in.
“The developer in their submission to the planning inspector had made that point as well.”
Jenrick has come under fire over the past six weeks during the saga, with a slow drip of information appearing to show he may have had extensive contact with the developer before making the decision.
This includes a series of text messages after they met at the Tory party dinner in December.
Shadow communities secretary Steve Reed said last month that the decision had “blown apart confidence in the planning system” and that it was an example of “cash for favours”.
Jenrick said today that “nothing the developer said to me had any bearing on my decision whatsoever”.
He added: “Would it have been better to have not sat next to the applicant? Yes, but that was not my decision.
“Would it ave been better not to have had text messages with him? Yes and both myself and the department will learn lessons from this experience.”


cityam--2020-07-22--Commercial rent collection 'exceeds expectations' in June

The amount of commercial rent collected in June “ exceeded expectations ” in the wake of the coronavirus crisis , the latest data showed .
Real estate services company Cushman & Wakefield said it collected 69.1 per cent of rent in June on behalf of its clients , compared to 69.5 per cent collected in March just after the UK went into lockdown .
Read more : Great Portland Estates collects just 28 per cent of June retail rent The result “ far exceeds initial expectations ” , the firm said .
The office sector led the way , with @ @ @ @ @ @ @ June , up four percentage points compared to March .
In the industrial sector , June rent collection stood at 70 per cent compared to 72 per cent at the same point in March .
However , just 45 per cent of rent was paid by struggling retail tenants compared to 52 per cent in March , despite the reopening of non-essential stores .
Around a third of companies have sought help from landlords since the Covid-19 epidemic took hold by way of rent holiday , concession or renegotiation , Cushman & Wakefield @ @ @ @ @ @ @ UK asset services Nick Ridley said : “ The latest numbers still show a significant impact from the Covid-19 pandemic , but are holding up better than initial expectations , and we feel we can see real signs of recovery starting to take hold .
Read more : JD Sports calls for ‘ rental realism ’ as coronavirus impacts footfall “ There is a significant variance by sector when it comes to rent collections and these reflect the struggles that have been caused by the pandemic , with retail and leisure taking a @ @ @ @ @ @ @ Our view is that we have seen the worst of the decline in terms of commercial tenant rent payments , and we would now like to see incremental improvements in rent collections as the economy slowly starts to reopen and consumers and businesses become more confident and start to navigate this ‘ new normal ’

Commercial rent collection ‘exceeds expectations’ in June
Oxford Street during the UK coronavirus lockdown
The amount of commercial rent collected in June “exceeded expectations” in the wake of the coronavirus crisis, the latest data showed.
Real estate services company Cushman & Wakefield said it collected 69.1 per cent of rent in June on behalf of its clients, compared to 69.5 per cent collected in March just after the UK went into lockdown.
The result “far exceeds initial expectations”, the firm said.
The office sector led the way, with 81 per cent of rent collected in June, up four percentage points compared to March.
In the industrial sector, June rent collection stood at 70 per cent compared to 72 per cent at the same point in March.
However, just 45 per cent of rent was paid by struggling retail tenants compared to 52 per cent in March, despite the reopening of non-essential stores.
Around a third of companies have sought help from landlords since the Covid-19 epidemic took hold by way of rent holiday, concession or renegotiation, Cushman & Wakefield estimated.
Cushman & Wakefield head of UK asset services Nick Ridley said: “The latest numbers still show a significant impact from the Covid-19 pandemic, but are holding up better than initial expectations, and we feel we can see real signs of recovery starting to take hold.
“There is a significant variance by sector when it comes to rent collections and these reflect the struggles that have been caused by the pandemic, with retail and leisure taking a significant proportion of the brunt.
“Our view is that we have seen the worst of the decline in terms of commercial tenant rent payments, and we would now like to see incremental improvements in rent collections as the economy slowly starts to reopen and consumers and businesses become more confident and start to navigate this ‘new normal’