cityam--2020-07-29--Sadiq Khan tasks advisers to create emerging tech plan for London

Sadiq Khan has tasked his advisers with identifying which emerging technology trends would most benefit London and its residents , as he seeks upgrade the capital ’ s infrastructure and policies .
The mayor of London has appointed his chief digital officer Theo Blackwell and the Smart London Board to create an Emerging Technology Charter , which will set out criteria that new technologies must meet before they can be deployed in the capital .
Khan is seeking a framework that will set expectations around design , security , privacy and ways of working so that innovators can pitch , @ @ @ @ @ @ @ , the mayor ’ s office told City A.M. Read more : Sadiq Khan backs proposal for quicker 5G rollout in London Londoners are expected to be involved in the process , with public consultations to be held on new developments .
The charter will cover criteria such as how the technologies are trialled , how data is collected , used and stored by City Hall , whether they are sufficiently inclusive and accessible and if they meet high cybersecurity standards .
The move is part of a longstanding roadmap for establishing London @ @ @ @ @ @ @ new technologies and more advanced data practices within local government .
City Hall said it would take advice from similar charters which have been created in other major cities , including San Francisco , Boston and Helsinki .
“ Cities need a framework to steer the emergence of new tools and applications which affect our open spaces , transport systems and public services , ” said Khan .
“ It ’ s vital Londoners and public bodies understand the full impact of any new technology launched in the capital — and that innovations @ @ @ @ @ @ @ needs firmly in mind.
” A report published today by consultancy Digital Catapult identified the top technologies which London could benefit from , including artificial intelligence , 5G connectivity and robotics .
It will work with Khan and his advisers on the charter , which is expected to set out plans for the city over the next 15 years .

Sadiq Khan tasks advisers to create emerging tech plan for London
Sadiq Khan has tasked his advisers with identifying which emerging technology trends would most benefit London and its residents, as he seeks upgrade the capital’s infrastructure and policies.
The mayor of London has appointed his chief digital officer Theo Blackwell and the Smart London Board to create an Emerging Technology Charter, which will set out criteria that new technologies must meet before they can be deployed in the capital.
Khan is seeking a framework that will set expectations around design, security, privacy and ways of working so that innovators can pitch, develop and deploy new solutions in London, the mayor’s office told City A.M.
Londoners are expected to be involved in the process, with public consultations to be held on new developments.
The charter will cover criteria such as how the technologies are trialled, how data is collected, used and stored by City Hall, whether they are sufficiently inclusive and accessible and if they meet high cybersecurity standards.
The move is part of a longstanding roadmap for establishing London as a so-called smart city, embedding new technologies and more advanced data practices within local government.
City Hall said it would take advice from similar charters which have been created in other major cities, including San Francisco, Boston and Helsinki.
“Cities need a framework to steer the emergence of new tools and applications which affect our open spaces, transport systems and public services,” said Khan.
“It’s vital Londoners and public bodies understand the full impact of any new technology launched in the capital — and that innovations are designed with the public’s needs firmly in mind.”
A report published today by consultancy Digital Catapult identified the top technologies which London could benefit from, including artificial intelligence, 5G connectivity and robotics.
It will work with Khan and his advisers on the charter, which is expected to set out plans for the city over the next 15 years.


cityam--2020-07-29--London commercial rents set to slump amid 'drastic' change to market

Commercial rents in London are widely expected to fall across the board in the next three months , a new survey from RICS has shown , as the coronavirus pandemic continues to hammer the property market .
According to the data , 95 per cent of survey respondents expect retail rents in the capital to decline in the next quarter , the poorest reading since 2008 .
Read more : Countryside Properties taps investors for £250m after lockdown Meanwhile , in the office sector , a net balance of 68 per cent of London respondents expect rents to fall in @ @ @ @ @ @ @ industrial sector are more resolute , although the survey found that six per cent of respondents still expected a decline in rents .
In addition , 93 per cent of respondents across the country expect that businesses will scale back their space requirements in the coming two years .
The forecasts come after a second quarter in which 66 per cent of respondents said that they had seen occupier demand fall as people took to home working en masse due to lockdown .
This decline was especially pronounced in the retail sector , @ @ @ @ @ @ @ shops saw a 90 per cent decline in demand .
Before the Open newsletter : Start your day with the City View podcast and key market data Due to the increase in people working from home , demand for office space also fell dramatically this quarter with a net balance of 80 % of agents reporting the fall .
For the first time since 2012 , respondents reported a marginal fall in interest for London ’ s industrial space .
Tarrant Parsons , RICS economist , said that the rise of home working @ @ @ @ @ @ @ office sector , with respondents expecting businesses to re-evaluate their office space requirements over the next two years ” .
“ With demand from both occupiers and investors falling sharply , respondents now anticipate rents and capital values will come under downward pressure while the market adjusts to a drastically changed economic environment ” , he said .
Over the next twelve months , expectations for London ’ s retail space suggest there will be a further decline , with rents are likely to fall by 11 per cent and 17 per cent @ @ @ @ @ @ @ the coming year .
Respondents expect slight growth in rents for the prime industrial sector , but the capital ’ s office space is set to see rents fall by 5 per cent for prime office space and 9 per cent for secondary space .

London commercial rents set to slump amid ‘drastic’ change to market
Commercial rents in London are widely expected to fall across the board in the next three months, a new survey from RICS has shown, as the coronavirus pandemic continues to hammer the property market.
According to the data, 95 per cent of survey respondents expect retail rents in the capital to decline in the next quarter, the poorest reading since 2008.
Meanwhile, in the office sector, a net balance of 68 per cent of London respondents expect rents to fall in the same period.
Expectations for the industrial sector are more resolute, although the survey found that six per cent of respondents still expected a decline in rents.
In addition, 93 per cent of respondents across the country expect that businesses will scale back their space requirements in the coming two years.
The forecasts come after a second quarter in which 66 per cent of respondents said that they had seen occupier demand fall as people took to home working en masse due to lockdown.
This decline was especially pronounced in the retail sector, as the shuttering of all but essential shops saw a 90 per cent decline in demand.
Before the Open newsletter: Start your day with the City View podcast and key market data
Due to the increase in people working from home, demand for office space also fell dramatically this quarter with a net balance of 80% of agents reporting the fall.
For the first time since 2012, respondents reported a marginal fall in interest for London’s industrial space.
Tarrant Parsons, RICS economist, said that the rise of home working had “raised many questions across the office sector, with respondents expecting businesses to re-evaluate their office space requirements over the next two years”.
“With demand from both occupiers and investors falling sharply, respondents now anticipate rents and capital values will come under downward pressure while the market adjusts to a drastically changed economic environment”, he said.
Over the next twelve months, expectations for London’s retail space suggest there will be a further decline, with rents are likely to fall by 11 per cent and 17 per cent for prime and secondary retail space over the coming year.
Respondents expect slight growth in rents for the prime industrial sector, but the capital’s office space is set to see rents fall by 5 per cent for prime office space and 9 per cent for secondary space.


cityam--2020-07-29--Carmakers shed 11,000 jobs as production set for worst year since 1957

More than 11,000 people in the automotive industry have lost their job in the last six months due to coronavirus , as the sector heads for its worst year of car production since 1957 .
According to new figures from industry body the Society of Motor Manufacturers and Traders ( SMMT ) , just 880,000 cars are expected to be built in the UK in 2020 , 32 per cent lower than last year .
Read more : One in six auto jobs at risk , car industry body warns Thus far this year , a mere 381,357 units have @ @ @ @ @ @ @ than the 666,521 cars built in the same period last year .
The last six months have been the weakest for vehicle manufacturing since 1954 .
In April , at the height of the lockdowns caused by the virus , carmakers built just 197 units .
In June , this sprang back to 56,594 , a figure which still represents a 48.2 per cent fall in production year on year .
As a consequence of the crisis , at least 11,349 job cuts have already been announced across the industry , including manufacturing @ @ @ @ @ @ @ month the SMMT warned that one in every six auto jobs could be cut as a result of the pandemic .
Before the Open newsletter : Start your day with the City View podcast and key market data More than 168,000 people are directly employed in motor manufacturing in the UK , while th industry supports over 820,000 roles in total through its supply chain .
With the industry beginning a snail ’ s-pace recovery , attention has now begun to turn to the UK ’ s departure from the EU at the @ @ @ @ @ @ @ Auto Analysis , the production of more than 1.46m units , worth over £40bn , might be lost if the UK fails to agree a trade deal with European officials .
SMMT chief executive Mike Hawes warned that the importance of a trade deal was “ self-evident for UK Automotive ” .
“ Our factories were once set to make 2m cars in 2020 but could now produce less than half that number , a result of the devastating effects of the pandemic on top of already challenging market conditions and years of @ @ @ @ @ @ @ Read more : UK car industry flatlines as just 197 cars built in April If , as the SMMT hopes , the government can negotiate a trade deal with zero tariffs and quotas , production could recover to 1.2m units a year .
However , on World Trade Organization terms with 10 per cent tariffs , production would remain around the 800,000 mark , Auto Analysis said .

Carmakers shed 11,000 jobs as production set for worst year since 1957
More than 11,000 people in the automotive industry have lost their job in the last six months due to coronavirus, as the sector heads for its worst year of car production since 1957.
According to new figures from industry body the Society of Motor Manufacturers and Traders (SMMT), just 880,000 cars are expected to be built in the UK in 2020, 32 per cent lower than last year.
Thus far this year, a mere 381,357 units have been made, 42.8 per cent fewer than the 666,521 cars built in the same period last year.
The last six months have been the weakest for vehicle manufacturing since 1954. In April, at the height of the lockdowns caused by the virus, carmakers built just 197 units.
In June, this sprang back to 56,594, a figure which still represents a 48.2 per cent fall in production year on year.
As a consequence of the crisis, at least 11,349 job cuts have already been announced across the industry, including manufacturing, supply chain and retail.
Last month the SMMT warned that one in every six auto jobs could be cut as a result of the pandemic.
Before the Open newsletter: Start your day with the City View podcast and key market data
More than 168,000 people are directly employed in motor manufacturing in the UK, while th industry supports over 820,000 roles in total through its supply chain.
With the industry beginning a snail’s-pace recovery, attention has now begun to turn to the UK’s departure from the EU at the end of this year.
According to Auto Analysis, the production of more than 1.46m units, worth over £40bn, might be lost if the UK fails to agree a trade deal with European officials.
SMMT chief executive Mike Hawes warned that the importance of a trade deal was “ self-evident for UK Automotive”.
“Our factories were once set to make 2m cars in 2020 but could now produce less than half that number, a result of the devastating effects of the pandemic on top of already challenging market conditions and years of Brexit uncertainty”, he said.
If, as the SMMT hopes, the government can negotiate a trade deal with zero tariffs and quotas, production could recover to 1.2m units a year.
However, on World Trade Organization terms with 10 per cent tariffs, production would remain around the 800,000 mark, Auto Analysis said.


cityam--2020-07-29--Treasury tells banks to lend more after EU state aid rules change

The Treasury has told banks they should be lending more to struggling companies through the main coronavirus loan scheme after changes to EU state aid rules come into effect today .
European Union rules had meant some viable British firms with significant debts or that were growing and spending fast were classed as “ undertakings in difficulty ” .
This barred them from borrowing through the UK ’ s coronavirus business interruption loan scheme ( CBILS ) .
Read more : Exclusive : MPs ask banks for clarity on state aid rules and coronavirus loans However the EU changed its @ @ @ @ @ @ @ than 50 employees and less than £9m in turnover .
And the British Business Bank which runs CBILS put the new rules into force today .
The Treasury today said it has written to banks “ setting out their expectation that these changes will be implemented to ensure more businesses are receiving support ” .
It also said it would be issuing new guidance to banks to try help larger businesses access loans .
This is because they are not included in the state aid rules changes .
Last week , City A.M. @ @ @ @ @ @ @ banks asking them to take into account the rule changes .
They feared that the alterations may not lead to more lending .
Allie Renison of the Institute of Directors today said : “ The onus is now on lenders to heed this development and ensure support reaches where it needs to be.
” Stephen Pegge of banking body UK Finance said : “ Lenders will now be able to help more viable businesses.
” He said they will “ assess any new lending applications against the revised rules ” .
Small business @ @ @ @ @ @ @ will mean that even more small firms will be able to access much-needed financial support ” .
Under CBILS , firms can borrow up to £5m from banks .
The government guarantees 80 per cent of the sum .
It has faced criticism , however , for initially lending too slowly and then for having a low approval rate .
Just under £13bn has been lent out through CBILS but only around 50 per cent of applications have been successful .
Business groups and the Treasury argued that EU regulations were part of @ @ @ @ @ @ @ removed .
The state aid rules are designed to encourage fair competition and stop states propping up failing firms .
Economic secretary to the Treasury John Glen today said : “ I ’ m delighted that our work… has paid off.
” However , business groups remain concerned as the EU ’ s rule changes do not apply to bigger firms .
Those with more than 50 employees or £9m in turnover can still be considered “ undertakings in difficulty ” .
Kate Nicholls , the chief executive of UK Hospitality , told @ @ @ @ @ @ @ intensive , fast-growing hospitality firms such as restaurants would still be excluded from CBILS .
Read more : Treasury welcomes change in state aid rules for government-backed loans Nicholls argued that the Treasury could “ widen ” its interpretation of the EU rules .
“ The UK government has had one of the strictest definitions of an undertaking in difficulty , ” she said .
The Treasury today said it would shortly be issuing new guidance which will help viable larger businesses access support too .

Treasury tells banks to boost coronavirus lending after rule change
Some hospitality businesses were ruled out of the government-backed coronavirus lending schemes
The Treasury has told banks they should be lending more to struggling companies through the main coronavirus loan scheme after changes to EU state aid rules come into effect today.
European Union rules had meant some viable British firms with significant debts or that were growing and spending fast were classed as “undertakings in difficulty”. This barred them from borrowing through the UK’s coronavirus business interruption loan scheme (CBILS).
However the EU changed its rules last month for companies with fewer than 50 employees and less than £9m in turnover. And the British Business Bank which runs CBILS put the new rules into force today.
The Treasury today said it has written to banks “setting out their expectation that these changes will be implemented to ensure more businesses are receiving support”.
It also said it would be issuing new guidance to banks to try help larger businesses access loans. This is because they are not included in the state aid rules changes.
Last week, City A.M. revealed that MPs and Lords had contacted banks asking them to take into account the rule changes. They feared that the alterations may not lead to more lending.
Allie Renison of the Institute of Directors today said: “The onus is now on lenders to heed this development and ensure support reaches where it needs to be.”
Stephen Pegge of banking body UK Finance said: “Lenders will now be able to help more viable businesses.” He said they will “assess any new lending applications against the revised rules”.
Small business minister Paul Scully said the changes “will mean that even more small firms will be able to access much-needed financial support”.
EU state aid rules could still exclude bigger firms
Under CBILS, firms can borrow up to £5m from banks. The government guarantees 80 per cent of the sum.
It has faced criticism, however, for initially lending too slowly and then for having a low approval rate. Just under £13bn has been lent out through CBILS but only around 50 per cent of applications have been successful.
Business groups and the Treasury argued that EU regulations were part of the problem and lobbied to have them removed. The state aid rules are designed to encourage fair competition and stop states propping up failing firms.
Economic secretary to the Treasury John Glen today said: “I’m delighted that our work… has paid off.”
However, business groups remain concerned as the EU’s rule changes do not apply to bigger firms. Those with more than 50 employees or £9m in turnover can still be considered “undertakings in difficulty”.
Kate Nicholls, the chief executive of UK Hospitality, told City A.M. last week that many labour intensive, fast-growing hospitality firms such as restaurants would still be excluded from CBILS.
Nicholls argued that the Treasury could “widen” its interpretation of the EU rules. “The UK government has had one of the strictest definitions of an undertaking in difficulty,” she said.
The Treasury today said it would shortly be issuing new guidance which will help viable larger businesses access support too.


cityam--2020-07-29--Five years in the making: the hard fork to end all hard forks

Ever since entering the blockchain space , with a view to building my own project Vaureum , I have been searching out best of breed partners to work with .
It was in November 2017 when an associate with a number of patents under his belt said to me ‘ if you are looking to do anything in the blockchain space – check out a project called Cardano.
’ With that I tracked down the engineering company behind the project IOHK led by the incredibly talented mathematician Charles Hoskinson .
Whilst Vaureum was in research and development mode , I @ @ @ @ @ @ @ AM newspaper here in London .
Since then I have had the privilege to meet pretty much the whole team involved with Cardano and IOHK .
With their employment of Formal Methods and the desire to achieve interoperability , scalability and sustainability I have never made any secret about how impressed I am with the ethos that drives this complex project .
Learn more below in City AM ’ s Crypto Insider .
At the time of writing , Bitcoin ( BTC ) is trading at US $ 11,110.20 / GB£8,600.55 ; Ethereum @ @ @ @ @ @ @ 322.92 / GB£249.80 ; Ripple ( XRP ) is at US $ 0.2412 / GB£0.1891 ; Binance ( BNB ) is at US $ 20.09 / GB£15.55 and Cardano ( ADA ) is at US $ 0.1421 / GB£0.1107 Overall Market Cap is up 14.5 % since the last edition at US $ 326.20bn / GB£251.28bn ( data source : www.CryptoCompare.com – Happy Birthday to Charlie Hayter CEO of CryptoCompare ! )
Today is a special day for the blockchain industry .
Following five years of intensive research and development , almost 80 @ @ @ @ @ @ @ been peer reviewed at the world ’ s leading academic conferences – multiple testnet iterations , and a series of independent , third-party code audits , verifying the robust nature of Cardano ’ s underlying codebase , the ‘ Shelley ’ upgrade to the system , which will see Cardano reborn as a fully decentralised system , is taking place .
The new version of the Cardano blockchain will become 50-100 times more decentralized than other leading blockchain networks , and hand the keys to its future to its community of ada holders @ @ @ @ @ @ @ go next and how the system will evolve .
Any individuals who hold the Cardano blockchain ’ s associated token , ada will now also be able to delegate their ada to a stake pool to earn rewards , financially incentivising them to be a part of the network , helping to keep it running smoothly and accurately .
The Shelley upgrade is the first of many planned improvements to the network in the coming months , which are set to create what many believe will be the most advanced , feature-rich blockchain @ @ @ @ @ @ @ We can expect the delivery of the Voltaire and Goguen upgrades to Cardano , which will see robust governance arrangements and smart contracts functionality added , will be delivered before the end of the year .
The ‘ smart contract ’ functionality will allow Cardano to play the role of an ‘ operating system ’ , where developers can build apps which provide a potentially infinite range of services from banking to loans and digital identity services .
Speaking exclusively to CryptoAM.io , Tamara Haasen , Chief of Staff at IOHK , said @ @ @ @ @ @ @ not only represents a monumental achievement for the Cardano team following years of incredibly hard work , but also the potential dawn of a new technological era .
We spent five years working to solve the problems faced by blockchain technology across the board – scalability to meet global demand , sustainability , durability and interoperability .
Solving these problems represents a real coming of age for blockchain , as the tech finally becomes mature enough to live up to all of its promises .
“ From today , the idea of a @ @ @ @ @ @ @ which will provide economic identity to the 2bn who currently don ’ t have access to financial services , finally allowing them to become economically active on a global scale , starts to become a reality .
An idea which could be implemented not in decades , but a matter of years.
” It is very timely therefore that World Mobile , another project that inspires me so much , and one that is also aligned in ambition with IOHK to make a true difference to the unbanked and unconnected , has come @ @ @ @ @ @ @ also very proud to announce that I have been involved directly with World Mobile since meeting its CEO and Founder Micky Watkins in late 2018 and am delighted to be dedicating time to the project as the World Mobile Global Ambassador .
Yesterday I spoke with Micky before he went public with his statement of purpose ( see it in full here ) and thought you ’ d be interested to hear his key points “ Much of the world has moved online .
We talk to our friends and families through instant @ @ @ @ @ @ @ a couple of swipes .
We can access most information in a matter of seconds .
All enabled by near-constant mobile connectivity .
But for 4 billion people around the world , this sort of access and opportunity just doesn ’ t exist.
” “ Current telecoms infrastructure and business models simply do not allow half of the people on this planet to get connected .
And that ’ s not because it is impossible .
It ’ s because it is not as profitable .
To grant everyone access would require that @ @ @ @ @ @ @ would need to put inclusivity before profitability , pursue different ways to connect remote communities , and find more cost-effective solutions to inner city connectivity .
“ At World Mobile , we know that things can be done better .
That ’ s why we ’ ve made it our mission to connect the unconnected , and create a mobile internet that works for everyone , everywhere .
Why ?
Because we think it ’ s much better if all people have access to the same information , services and opportunities as each @ @ @ @ @ @ @ .
We care about creating a world in which everyone is able to participate in economic empowerment without the restraints of location or origin .
And we believe that the first step to achieving this , is to create a fairer point of access.
” As August arrives , I am going to do my best to take a break but will continue to ensure that there is plenty of engaging content for you to enjoy online .
The great news is that the print version of City AM will return – assuming @ @ @ @ @ @ @ of London on the 7th September and Crypto AM should once again be in print on Tuesday , 8th September .
As mentioned in last week ’ s edition DeDays 2020 will be taking place on the 15th & 16th of September .
In keeping with the Spanish government guidelines there will only be 100 tickets available and it isn ’ t going to be cheap , but it is your first chance to escape the lockdown blues and head for sunnier climes .
The festival will be held at the amazing Puro @ @ @ @ @ @ @ breathtaking – watch this teaser !
The €1,950 ticket will mean that DeDayers will be picked up at the airport , or at their hotel , shuttled to the conference and not have to worry about one thing .
All of the amazing food , drink and evening events with DJ Sets from prominent artists are included in the price .
This event is going forward and it will happen , but should the Spanish government decide to stop the party a full refund is guaranteed .
So pack your swim trunks and @ @ @ @ @ @ @ one of the first COVID-friendly learning and networking events ( with a strong dose of fun ! )
and certainly the first in Mallorca .
To find out more please visit here and do make sure that enter the following promo code CRYPTOAM for VIP add ons !

Five years in the making: the hard fork to end all hard forks
Ever since entering the blockchain space, with a view to building my own project Vaureum, I have been searching out best of breed partners to work with. It was in November 2017 when an associate with a number of patents under his belt said to me ‘if you are looking to do anything in the blockchain space – check out a project called Cardano.’ With that I tracked down the engineering company behind the project IOHK led by the incredibly talented mathematician Charles Hoskinson. Whilst Vaureum was in research and development mode, I created Crypto AM with the wonderful City AM newspaper here in London. Since then I have had the privilege to meet pretty much the whole team involved with Cardano and IOHK. With their employment of Formal Methods and the desire to achieve interoperability, scalability and sustainability I have never made any secret about how impressed I am with the ethos that drives this complex project. Learn more below in City AM’s Crypto Insider.
Price Watch
At the time of writing, Bitcoin (BTC) is trading at US$11,110.20 / GB£8,600.55 ; Ethereum (ETH) is at US$322.92 / GB£249.80; Ripple (XRP) is at US$0.2412 / GB£0.1891; Binance (BNB) is at US$20.09 / GB£15.55 and Cardano (ADA) is at US$0.1421 / GB£0.1107 Overall Market Cap is up 14.5% since the last edition at US$326.20bn / GB£251.28bn (data source: www.CryptoCompare.com – Happy Birthday to Charlie Hayter CEO of CryptoCompare!)
City AM’s Crypto Insider
Today is a special day for the blockchain industry. Following five years of intensive research and development, almost 80 research papers – most of them having been peer reviewed at the world’s leading academic conferences – multiple testnet iterations, and a series of independent, third-party code audits, verifying the robust nature of Cardano’s underlying codebase, the ‘Shelley’ upgrade to the system, which will see Cardano reborn as a fully decentralised system, is taking place.
The new version of the Cardano blockchain will become 50-100 times more decentralized than other leading blockchain networks, and hand the keys to its future to its community of ada holders, who will decide where it will go next and how the system will evolve. Any individuals who hold the Cardano blockchain’s associated token, ada will now also be able to delegate their ada to a stake pool to earn rewards, financially incentivising them to be a part of the network, helping to keep it running smoothly and accurately.
The Shelley upgrade is the first of many planned improvements to the network in the coming months, which are set to create what many believe will be the most advanced, feature-rich blockchain platform the industry has yet seen. We can expect the delivery of the Voltaire and Goguen upgrades to Cardano,which will see robust governance arrangements and smart contracts functionality added, will be delivered before the end of the year. The ‘smart contract’ functionality will allow Cardano to play the role of an ‘operating system’, where developers can build apps which provide a potentially infinite range of services from banking to loans and digital identity services.
Speaking exclusively to CryptoAM.io, Tamara Haasen, Chief of Staff at IOHK, said: “Today’s hard fork not only represents a monumental achievement for the Cardano team following years of incredibly hard work, but also the potential dawn of a new technological era. We spent five years working to solve the problems faced by blockchain technology across the board – scalability to meet global demand, sustainability, durability and interoperability. Solving these problems represents a real coming of age for blockchain, as the tech finally becomes mature enough to live up to all of its promises.
“From today, the idea of a totally new global financial operating system, which will provide economic identity to the 2bn who currently don’t have access to financial services, finally allowing them to become economically active on a global scale, starts to become a reality. An idea which could be implemented not in decades, but a matter of years.”
It is very timely therefore that World Mobile, another project that inspires me so much, and one that is also aligned in ambition with IOHK to make a true difference to the unbanked and unconnected, has come out of planning mode. I am also very proud to announce that I have been involved directly with World Mobile since meeting its CEO and Founder Micky Watkins in late 2018 and am delighted to be dedicating time to the project as the World Mobile Global Ambassador.
Yesterday I spoke with Micky before he went public with his statement of purpose (see it in full here) and thought you’d be interested to hear his key points “Much of the world has moved online. We talk to our friends and families through instant messaging. We move our money with a couple of swipes. We can access most information in a matter of seconds. All enabled by near-constant mobile connectivity. But for 4 billion people around the world, this sort of access and opportunity just doesn’t exist.”
“Current telecoms infrastructure and business models simply do not allow half of the people on this planet to get connected. And that’s not because it is impossible. It’s because it is not as profitable. To grant everyone access would require that current operators change their tack. They would need to put inclusivity before profitability, pursue different ways to connect remote communities, and find more cost-effective solutions to inner city connectivity.
“At World Mobile, we know that things can be done better. That’s why we’ve made it our mission to connect the unconnected, and create a mobile internet that works for everyone, everywhere. Why? Because we think it’s much better if all people have access to the same information, services and opportunities as each other. We care about mass inclusion. We care about creating a world in which everyone is able to participate in economic empowerment without the restraints of location or origin. And we believe that the first step to achieving this, is to create a fairer point of access.”
And Finally
As August arrives, I am going to do my best to take a break but will continue to ensure that there is plenty of engaging content for you to enjoy online. The great news is that the print version of City AM will return – assuming no second wave – to the City of London on the 7th September and Crypto AM should once again be in print on Tuesday, 8th September.
As mentioned in last week’s edition DeDays 2020 will be taking place on the 15th & 16th of September. In keeping with the Spanish government guidelines there will only be 100 tickets available and it isn’t going to be cheap, but it is your first chance to escape the lockdown blues and head for sunnier climes. The festival will be held at the amazing Puro Beach Resort Palma, which is simply breathtaking – watch this teaser!
The €1,950 ticket will mean that DeDayers will be picked up at the airport, or at their hotel, shuttled to the conference and not have to worry about one thing. All of the amazing food, drink and evening events with DJ Sets from prominent artists are included in the price. This event is going forward and it will happen, but should the Spanish government decide to stop the party a full refund is guaranteed.
So pack your swim trunks and your flip flops and join me for one of the first COVID-friendly learning and networking events (with a strong dose of fun!) and certainly the first in Mallorca.
To find out more please visit here and do make sure that enter the following promo code CRYPTOAM for VIP add ons!


cityam--2020-07-29--The City View: Surrey cricket chief Richard Gould

Today Andy Silvester is joined by Richard Gould , chief executive of Surrey County Cricket Club .
Richard talks about the business of sport , the trial events at the Kia Oval and the future of cricket as it looks to attract new audiences .
Andy also looks at Barclays results and Jes Staley ’ s call to get people back in to the office , the ongoing tit for tat in the big tech world and hopes for a UK–US trade deal .
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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 @ @ @ @ @ @ @ 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: Surrey cricket chief Richard Gould
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Today Andy Silvester is joined by Richard Gould, chief executive of Surrey County Cricket Club. Richard talks about the business of sport, the trial events at the Kia Oval and the future of cricket as it looks to attract new audiences.
Andy also looks at Barclays results and Jes Staley’s call to get people back in to the office, the ongoing tit for tat in the big tech world and hopes for a UK–US trade deal.
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--2020-07-29--Big Tech vs Congress live: Facebook, Google, Apple and Amazon face Washington grilling

Welcome to City A.M. ’ s Big Tech vs Congress live blog .
Please refresh this page for live updates .
Big Tech faces its day of reckoning today as the world ’ s four biggest tech moguls appear before the US Congress in Washington to face a grilling over their companies ’ size and power .
Facebook ’ s Mark Zuckerberg , Amazon ’ s Jeff Bezos , Google ’ s Sundar Pichai and Apple ’ s Tim Cook are answering questions from the House judiciary antitrust subcommittee , as a US government panel caps its year-long investigation of @ @ @ @ @ @ @ 9:25 Zuckerberg under fire again over Snapchat bids The committee comes back to Zuckerberg for more questions on Facebook ’ s history of acquisitions .
He is asked whether he ever threatened Snapchat owner Evan Spiegel while attempting to buy the photo-messaging app .
Earlier , the committee shared documents from Instagram founder Kevin Systrom which said the Instagram founder had felt threatened during talks with Facebook .
Zuckerberg says that he can not remember the conversations .
Democrat Jamie Raskin follows up with a raft of questions on Amazon ’ s Echo @ @ @ @ @ @ @ is sold for below its cost price .
No , says Bezos , but he adds that it is often on sale , and thus may be below its cost price .
Raskin then asks whether virtual assistant Alexa has ever been trained to promote Amazon products .
Bezos responds that it “ wouldn ’ t surprise ” him if it did “ sometimes promote certain products ” .
Back to Jayapal , who asks Zuckerberg whether Facebook has ever taken steps to prevent competitors gaining a market foothold by copying them .
@ @ @ @ @ @ @ has ever threatened to copy a competitor ’ s products while buying them .
She cites the example of Facebook Camera , which it was building during the acquisition of Instagram , and asks whether Facebook had threatened the firm using it , as the latter ’ s founder Kevin Systrom alleged in committee testimony .
Zuckerberg says he disagrees with the characterisation .
“ It was clear that this was a space that we were going to compete in one way or another .
I don ’ t view those conversations as @ @ @ @ @ @ @ first round of questioning concludes , and chairman Cicilline takes over proceedings .
He asks Bezos why Amazon refers to its third party sellers as “ internal competitors ” , as suggested by internal documents .
He cites one such seller who likened Amazon to a “ drug dealer ” , ultimately causing the independent seller ’ s downfall .
Bezos says that Amazon does its best for consumers .
Ciciline hits back , asking why a small company would work with Amazon if it could use its data to undercut prices and @ @ @ @ @ @ @ Joe Neguse , the Colorado Democrat , zones in on Facebook ’ s acquisition strategy , citing an employee ’ s description of it as a “ land grab ” .
Neguse says that Facebook ’ s purchase of apps such as Instagram and Whatsapp over the last year had made it a monopoly .
“ You used your market power to purchase or replicate the competition ” , he says .
“ We have a word for that : a monopoly ” .
Democratic congresswoman Mary Scanlon takes over the questioning , @ @ @ @ @ @ @ rather than “ fringe conspiracy theories ” .
Jim Jordan doesn ’ t like it , lashing out at Scanlon ’ s comments .
It all gets a bit heated and chair Cicilline has to step in to calm things down .
Florida Republican Greg Steube has followed up on fellow Republican Jim Jordan ’ s comments earlier on Google ’ s alleged anti-conservative bias .
He said that campaign emails from conservative Republicans were now being sent to supporters ’ junk boxes on Gmail , rather than their personal email .
He @ @ @ @ @ @ @ .
Pichai said the platform ’ s algorithm separates personal emails from general ones like campaign emails .
“ Nothing in our algorithm has anything to do with ideology ” , he says .
“ We approach our work in a non-partisan way ” .
Democrat Val Demings says the same thing has happened to her .
Jordan then returned to ask Pichai to guarantee Google would not use its algorithm to help Democratic candidate Joe Biden in the autumn ’ s election .
He accused Google of electioneering in 2016 , citing @ @ @ @ @ @ @ in key swing states .
Pichai says Google complied with election laws in 2016 and would do again in 2020 .
7.57pm Bezos gets his first grilling Jayapal cited an April newspaper report which said Amazon uses data it gains from third-party sellers on its marketplace to inform its own product strategy .
She added that the committee ’ s own investigation had found Amazon uses aggregate data to gain access to highly detailed information on smaller product categories so it can exploit it for its own competing products .
Bezos said he @ @ @ @ @ @ @ ” , but that it had “ not yet gotten to the bottom of it ” .
We ’ ve had to take a break while Congress works out a technical issue with the feed of one of the witnesses .
So far we ’ ve heard from Pichai , Cook and Zuckerberg .
Not one question has been directed at Bezos , despite it being his first time in front of politicians ever .
He was last seen having a snack , with reports suggesting it was his feed that was experiencing @ @ @ @ @ @ @ s Tim Cook whether it treats all app developers the same , and whether there were any mechanisms in place to prevent it from raising its own App Store commission fees to exorbitant rates .
Cook said Apple treats all app submissions the same , regardless of the size of the business .
He added that Apple faces “ a street fight for market share in the smartphone business ” , and therefore seeks to appeal to developers in the same way as it does consumers .
These are the same concerns as @ @ @ @ @ @ @ raises issues with the fact that all apps on Apple ’ s store are required to use Apple ’ s payment processing service , with no option but to pay the tech firm ’ s 30 per cent commission fee .
Ranking member John Sensenbrenner asked Mark Zuckerberg why Facebook took down a video posted by Donald Trump Jr. that advocated for the use of hydroxychloroquine as a treatment for Covid-19 .
The video in question was in fact posted on Twitter .
However Zuckerberg said Facebook ’ s policy would be to @ @ @ @ @ @ @ “ proven ” treatment for Covid-19 , when no drug has yet been found and widely established by a variety of sources .
Cicilline starts off by questioning Google boss Sundar Pichai , saying the committee ’ s investigation showed it stole other web pages ’ content from competitors to better its own search business .
He cited examples such as showing Yelp reviews on Google rather than directing users to open Yelp ’ s website themselves , without gaining consent from Yelp to show that data .
Cicilline also likened Google to @ @ @ @ @ @ @ internet , privileging its own websites — with 60 per cent of searches starting on Google ending on a site related to Google .
Pichai said Google sees “ vigorous competition ” from other websites , and that it does not suppress rival content .
Republican representative Jim Jordan used his opening statement to lay into the tech companies present for allegedly censoring conservative views on their platforms .
Meanwhile other politicians on the committee took differing approaches : some lambasted the companies for abusing their size to harm rivals , while others @ @ @ @ @ @ @ not inherently bad ” .
The subcommittee chair is now opening the session .
First we ’ ll hear opening remarks from each of the chief executives , which were published online this morning ahead of the hearing .
Read our analysis and coverage of those remarks here : Read more : Zuckerberg defends Facebook : ‘ Companies aren ’ t bad just because they ’ re big ’ Setting a precedent for how this hearing might be about to go , chair David Cicilline said : “ Our founders would not bow @ @ @ @ @ @ @ bow before the emperors of the online economy.
” US President Donald J Trump has given his two cents before Congress begins questioning .
He said if they aren ’ t tough enough , he ’ ll start taking matters into his own hands .
5.20pm : The hearing has been delayed slightly Due to a logistical issue , the hearing is set to be delayed by 30 to 45 minutes .
It is expected that proceedings will now begin around 1pm EST ( 6pm BST ) .
5pm : And we ’ @ @ @ @ @ @ @ are starting to enter the room at the US House judiciary antitrust subcommittee hearing , while the tech chief executives will all be appearing via videolink .
While each of their respective companies owns and operates a form of video-conferencing software , all the bosses will be using Cisco ’ s Webex .
During the hearing , the 15 members of the antitrust subcommittee will have five minutes for each question .
It ’ s up to the chair to decide how many rounds of questioning there will be , leaving the duration @ @ @ @ @ @ @ What to expect from each tech boss Jeff Bezos , currently the richest person in the world , is set to make the case for Amazon ’ s large contribution to the US economy over the last decade .
The e-commerce giant , worth more than $ 1.5 trillion ( $ 1.2 trillion ) , has injected more than $ 270bn into the US over the last 10 years and created more than 270,000 jobs .
The tech titan has seen soaring success throughout the pandemic , with people around the world turning @ @ @ @ @ @ @ and everyday needs during months of lockdown .
Bezos will emphasise the company ’ s dedication to getting its products to customers , which he says are roles that can not be outsourced “ to China or anywhere else ” .
He will also draw on the so-called American Dream and highlight his humble roots , having founded Amazon in his Seattle garage in 1994 .
Mark Zuckerberg will follow suit , arguing that he nurtured the billion-dollar company “ the American way , by starting out with nothing and providing products that @ @ @ @ @ @ @ currently the fourth-richest person in the world , will tell Congress that Facebook faces competition from large rivals .
“ We compete against the companies appearing at this hearing , plus many others that sell advertising and connect people .
We also compete globally , including against companies that have access to markets that we aren ’ t in , ” he will say .
Zuckerberg will also face a grilling over Facebook ’ s acquisition of WhatsApp and Instagram , following calls for the US government to break up of the social @ @ @ @ @ @ @ will tell the House committee that the popular apps are better off under the corporate umbrella of Facebook .
“ Facebook has made Instagram and WhatsApp successful as part of our family of apps , ” Zuckerberg will say , according to in pre-prepared testimony .
Tim Cook will tell the committee that Apple “ does not have a dominant market share in any market where we do business .
That is not just true for iPhone , it is true for any product category ” .
He will also defend the company @ @ @ @ @ @ @ that its fees for developers are “ comparable to or lower ” than those offered by its rivals .
“ They are vastly lower that the 50 to 70 per cent that software developers paid to distribute their work before we launched the App Store , ” Cook will say .
Google chief executive Sundar Pichai is set to address concerns that the company ’ s overwhelming share of the search market has driven up prices for digital adverts .
According to prepared statements released ahead of the hearing , Pichai will argue @ @ @ @ @ @ @ relevant as younger generations increasingly turn to Twitter , Tiktok and other platforms for information .
“ Google ’ s continued success is not guaranteed , ” he will say .
“ You can ask Alexa a question from your kitchen ; read your news on Twitter ; ask friends for information via WhatsApp ; and get recommendations on Snapchat or Pinterest .
“ When searching for products online , you may be visiting Amazon , eBay , Walmart , or any one of a number of e-commerce providers , where most online @ @ @ @ @ @ @ all about ?
The hearing marks a seminal moment for the global technology stage , following mounting criticism that the world ’ s biggest tech firms do not do enough to protect their customers .
Former regulators have described the committee meeting as “ tech ’ s Big Tobacco moment ” .
Senators are set to scrutinise the four tech bosses over whether they actively work to harm and eliminate smaller rivals .
The technology chiefs , who will give testimony via video link due to social distancing measures , plan to tell @ @ @ @ @ @ @ competition from each other and from other rivals .
The hotly-anticipated hearing was due to take place on Monday , but was postponed because Representative John Lewis will be lying in state until this evening .

Big Tech vs Congress live: Facebook, Google, Apple and Amazon face Washington grilling
Facebook’s Mark Zuckerbeg, Google’s Sundar Pichai, Apple’s Tim Cook and Amazon’s Jeff Bezos will face a grilling in Congress today
Welcome to City A.M.’s Big Tech vs Congress live blog. Please refresh this page for live updates.
Big Tech faces its day of reckoning today as the world’s four biggest tech moguls appear before the US Congress in Washington to face a grilling over their companies’ size and power.
Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, Google’s Sundar Pichai and Apple’s Tim Cook are answering questions from the House judiciary antitrust subcommittee, as a US government panel caps its year-long investigation of market dominance in the tech industry.
9:25 Zuckerberg under fire again over Snapchat bids
The committee comes back to Zuckerberg for more questions on Facebook’s history of acquisitions.
He is asked whether he ever threatened Snapchat owner Evan Spiegel while attempting to buy the photo-messaging app.
Earlier, the committee shared documents from Instagram founder Kevin Systrom which said the Instagram founder had felt threatened during talks with Facebook.
Zuckerberg says that he cannot remember the conversations.
9:06 Virtual assistant Alexa under microscope
Democrat Jamie Raskin follows up with a raft of questions on Amazon’s Echo smart speaker system, asking whether it is sold for below its cost price.
No, says Bezos, but he adds that it is often on sale, and thus may be below its cost price.
Raskin then asks whether virtual assistant Alexa has ever been trained to promote Amazon products.
Bezos responds that it “wouldn’t surprise” him if it did “sometimes promote certain products”.
8:54 Facebook under fire for ‘threatening’ competitors
Back to Jayapal, who asks Zuckerberg whether Facebook has ever taken steps to prevent competitors gaining a market foothold by copying them.
She follows up, asking whether it has ever threatened to copy a competitor’s products while buying them.
She cites the example of Facebook Camera, which it was building during the acquisition of Instagram, and asks whether Facebook had threatened the firm using it, as the latter’s founder Kevin Systrom alleged in committee testimony.
Zuckerberg says he disagrees with the characterisation.
“It was clear that this was a space that we were going to compete in one way or another. I don’t view those conversations as a threat in any way.”
8.42pm Amazon treats third party sellers like a ‘drug dealer’
The first round of questioning concludes, and chairman Cicilline takes over proceedings.
He asks Bezos why Amazon refers to its third party sellers as “internal competitors”, as suggested by internal documents.
He cites one such seller who likened Amazon to a “drug dealer”, ultimately causing the independent seller’s downfall.
Bezos says that Amazon does its best for consumers.
Ciciline hits back, asking why a small company would work with Amazon if it could use its data to undercut prices and drive smaller players out of business.
8.31pm Zuckerberg grilled over acquisition ‘land grab’
Joe Neguse, the Colorado Democrat, zones in on Facebook’s acquisition strategy, citing an employee’s description of it as a “land grab”.
Neguse says that Facebook’s purchase of apps such as Instagram and Whatsapp over the last year had made it a monopoly.
“You used your market power to purchase or replicate the competition”, he says. “We have a word for that: a monopoly”.
Zuckerberg demurs.
8.21pm Jordan kicks off at fellow committee member
Democratic congresswoman Mary Scanlon takes over the questioning, saying she will focus on competition issues rather than “fringe conspiracy theories”.
Jim Jordan doesn’t like it, lashing out at Scanlon’s comments.
It all gets a bit heated and chair Cicilline has to step in to calm things down.
“Put your mask back on”, he tells Jordan.
8.10pm Google questioned over anti-conservative bias
Florida Republican Greg Steube has followed up on fellow Republican Jim Jordan’s comments earlier on Google’s alleged anti-conservative bias.
He said that campaign emails from conservative Republicans were now being sent to supporters’ junk boxes on Gmail, rather than their personal email. He names his father as one such case.
Pichai said the platform’s algorithm separates personal emails from general ones like campaign emails.
“Nothing in our algorithm has anything to do with ideology”, he says. “We approach our work in a non-partisan way”.
Democrat Val Demings says the same thing has happened to her.
Jordan then returned to ask Pichai to guarantee Google would not use its algorithm to help Democratic candidate Joe Biden in the autumn’s election.
He accused Google of electioneering in 2016, citing emails that suggested they had done so in key swing states.
Pichai says Google complied with election laws in 2016 and would do again in 2020.
7.57pm Bezos gets his first grilling
Jayapal cited an April newspaper report which said Amazon uses data it gains from third-party sellers on its marketplace to inform its own product strategy.
She added that the committee’s own investigation had found Amazon uses aggregate data to gain access to highly detailed information on smaller product categories so it can exploit it for its own competing products.
Bezos said he was looking into the report “carefully”, but that it had “not yet gotten to the bottom of it”.
7.40pm Another recess for technical issues
We’ve had to take a break while Congress works out a technical issue with the feed of one of the witnesses.
So far we’ve heard from Pichai, Cook and Zuckerberg. Not one question has been directed at Bezos, despite it being his first time in front of politicians ever.
He was last seen having a snack, with reports suggesting it was his feed that was experiencing issues.
7.26pm Apple’s App Store in focus
Representative Johnson asked Apple’s Tim Cook whether it treats all app developers the same, and whether there were any mechanisms in place to prevent it from raising its own App Store commission fees to exorbitant rates.
Cook said Apple treats all app submissions the same, regardless of the size of the business.
He added that Apple faces “a street fight for market share in the smartphone business”, and therefore seeks to appeal to developers in the same way as it does consumers.
These are the same concerns as an ongoing EU investigation into Apple that raises issues with the fact that all apps on Apple’s store are required to use Apple’s payment processing service, with no option but to pay the tech firm’s 30 per cent commission fee.
7.07pm Misinformation on coronavirus
Ranking member John Sensenbrenner asked Mark Zuckerberg why Facebook took down a video posted by Donald Trump Jr. that advocated for the use of hydroxychloroquine as a treatment for Covid-19.
The video in question was in fact posted on Twitter.
However Zuckerberg said Facebook’s policy would be to take down any content that promoted a “proven” treatment for Covid-19, when no drug has yet been found and widely established by a variety of sources.
6.56pm Questioning begins
Cicilline starts off by questioning Google boss Sundar Pichai, saying the committee’s investigation showed it stole other web pages’ content from competitors to better its own search business.
He cited examples such as showing Yelp reviews on Google rather than directing users to open Yelp’s website themselves, without gaining consent from Yelp to show that data.
Cicilline also likened Google to a “walled garden” around the internet, privileging its own websites — with 60 per cent of searches starting on Google ending on a site related to Google.
Pichai said Google sees “vigorous competition” from other websites, and that it does not suppress rival content.
6.31pm Republican representatives lay into Big Tech for bias
Republican representative Jim Jordan used his opening statement to lay into the tech companies present for allegedly censoring conservative views on their platforms.
Meanwhile other politicians on the committee took differing approaches: some lambasted the companies for abusing their size to harm rivals, while others said being a big company is “not inherently bad”.
6.05pm And we’re back
The subcommittee chair is now opening the session. First we’ll hear opening remarks from each of the chief executives, which were published online this morning ahead of the hearing.
Read our analysis and coverage of those remarks here:
Setting a precedent for how this hearing might be about to go, chair David Cicilline said: “Our founders would not bow before a king, nor should we bow before the emperors of the online economy.”
5.30pm: President Trump weighs in
US President Donald J Trump has given his two cents before Congress begins questioning. He said if they aren’t tough enough, he’ll start taking matters into his own hands.
https://twitter.com/realDonaldTrump/status/1288506554585505793
5.20pm: The hearing has been delayed slightly
Due to a logistical issue, the hearing is set to be delayed by 30 to 45 minutes. It is expected that proceedings will now begin around 1pm EST (6pm BST).
5pm: And we’re (almost) off!
Lawmakers are starting to enter the room at the US House judiciary antitrust subcommittee hearing, while the tech chief executives will all be appearing via videolink.
While each of their respective companies owns and operates a form of video-conferencing software, all the bosses will be using Cisco’s Webex.
During the hearing, the 15 members of the antitrust subcommittee will have five minutes for each question. It’s up to the chair to decide how many rounds of questioning there will be, leaving the duration of the meeting open-ended.
4pm: What to expect from each tech boss
Amazon
Jeff Bezos, currently the richest person in the world, is set to make the case for Amazon’s large contribution to the US economy over the last decade. The e-commerce giant, worth more than $1.5 trillion ($1.2 trillion), has injected more than $270bn into the US over the last 10 years and created more than 270,000 jobs.
The tech titan has seen soaring success throughout the pandemic, with people around the world turning to their screens for shopping, grocery and everyday needs during months of lockdown.
Bezos will emphasise the company’s dedication to getting its products to customers, which he says are roles that cannot be outsourced “to China or anywhere else”.
He will also draw on the so-called American Dream and highlight his humble roots, having founded Amazon in his Seattle garage in 1994.
Facebook
Mark Zuckerberg will follow suit, arguing that he nurtured the billion-dollar company “the American way, by starting out with nothing and providing products that people find valuable”.
Zuckerberg, currently the fourth-richest person in the world, will tell Congress that Facebook faces competition from large rivals.
“We compete against the companies appearing at this hearing, plus many others that sell advertising and connect people. We also compete globally, including against companies that have access to markets that we aren’t in,” he will say.
Zuckerberg will also face a grilling over Facebook’s acquisition of WhatsApp and Instagram, following calls for the US government to break up of the social media giant over competition concerns.
Zuckerberg will tell the House committee that the popular apps are better off under the corporate umbrella of Facebook. “Facebook has made Instagram and WhatsApp successful as part of our family of apps,” Zuckerberg will say, according to in pre-prepared testimony.
Apple
Tim Cook will tell the committee that Apple “does not have a dominant market share in any market where we do business. That is not just true for iPhone, it is true for any product category”.
He will also defend the company’s App Store, and claim that its fees for developers are “comparable to or lower” than those offered by its rivals.
“They are vastly lower that the 50 to 70 per cent that software developers paid to distribute their work before we launched the App Store,” Cook will say.
Google
Google chief executive Sundar Pichai is set to address concerns that the company’s overwhelming share of the search market has driven up prices for digital adverts.
According to prepared statements released ahead of the hearing, Pichai will argue that he remains concerned about Google staying relevant as younger generations increasingly turn to Twitter, Tiktok and other platforms for information.
“Google’s continued success is not guaranteed,” he will say. “You can ask Alexa a question from your kitchen; read your news on Twitter; ask friends for information via WhatsApp; and get recommendations on Snapchat or Pinterest.
“When searching for products online, you may be visiting Amazon, eBay, Walmart, or any one of a number of e-commerce providers, where most online shopping queries happen.”
What is this all about?
The hearing marks a seminal moment for the global technology stage, following mounting criticism that the world’s biggest tech firms do not do enough to protect their customers. Former regulators have described the committee meeting as “tech’s Big Tobacco moment”.
Senators are set to scrutinise the four tech bosses over whether they actively work to harm and eliminate smaller rivals.
The technology chiefs, who will give testimony via video link due to social distancing measures, plan to tell the antitrust hearing that they face intense competition from each other and from other rivals.
The hotly-anticipated hearing was due to take place on Monday, but was postponed because Representative John Lewis will be lying in state until this evening.


cityam--2020-07-29--Buildmeupbuttercup won’t break your heart in Galway Hurdle

AS WITH Goodwood this week , it has been strange to watch Galway without the normal huge crowds and general hullabaloo .
That won ’ t matter one bit , though , to whoever wins Thursday ’ s valuable Guinness Galway Hurdle ( 6.45pm ) .
Willie Mullins has won two of the last four runnings and another victory would see him become the race ’ s winning most trainer with four successes .
He fires seven bullets and although Aramon is the shortest in the betting , the six-year-old mare BUILDMEUPBUTTERCUP could be the one to be on at @ @ @ @ @ @ @ , she was a good third in the Ladbrokes Hurdle at Leopardstown in February before finishing fourth in the County Hurdle at Cheltenham .
She was getting eight pounds from Aramon that day who finished second and she gets 12 pounds in this which might see her turn the form around .
She won her maiden on the Flat at this meeting 12 months ago , so the track should hold no fears and she looks a good win and place bet with Tote.co.uk .
Charles Byrnes ’ Wonder Laish will have been @ @ @ @ @ @ @ , while Felix Desjy was a Grade One winner at Aintree last year and reappeared with a fine maiden success at Navan earlier this month .
Back over at Goodwood and I like the look of Charlie Fellowes ’ GOLDEN BEAR in the closing nursery ( 4.55pm ) Tim Easterby ’ s Winter Power is a hot favourite here after running away with a nursery handicap at Redcar on Monday .
However , this comes just three days later and she looks worth taking on at 8/11 .
Golden Bear made a promising @ @ @ @ @ @ @ and was then well supported at Windsor when fifth to Twaasol .
He was a bit coltish in the preliminaries so has been gelded since and with the Fellowes team in great form he could improve for that operation as well as the step back to five furlongs .
Andrea Atzeni has been booked and at 7/1 he is a fair each-way price .

Buildmeupbuttercup won’t break your heart in Galway Hurdle
Willie Mullins is seeking a record fourth Galway Hurdle
AS WITH Goodwood this week, it has been strange to watch Galway without the normal huge crowds and general hullabaloo.
That won’t matter one bit, though, to whoever wins Thursday’s valuable Guinness Galway Hurdle (6.45pm).
Willie Mullins has won two of the last four runnings and another victory would see him become the race’s winning most trainer with four successes.
He fires seven bullets and although Aramon is the shortest in the betting, the six-year-old mare BUILDMEUPBUTTERCUP could be the one to be on at 9/1.
The mount of Paul Townend, she was a good third in the Ladbrokes Hurdle at Leopardstown in February before finishing fourth in the County Hurdle at Cheltenham.
She was getting eight pounds from Aramon that day who finished second and she gets 12 pounds in this which might see her turn the form around.
She won her maiden on the Flat at this meeting 12 months ago, so the track should hold no fears and she looks a good win and place bet with Tote.co.uk.
Charles Byrnes’ Wonder Laish will have been targeted at this race for some time, while Felix Desjy was a Grade One winner at Aintree last year and reappeared with a fine maiden success at Navan earlier this month.
Back over at Goodwood and I like the look of Charlie Fellowes’ GOLDEN BEAR in the closing nursery (4.55pm)
Tim Easterby’s Winter Power is a hot favourite here after running away with a nursery handicap at Redcar on Monday.
However, this comes just three days later and she looks worth taking on at 8/11.
Golden Bear made a promising debut at Kempton behind Army Of India and was then well supported at Windsor when fifth to Twaasol.
He was a bit coltish in the preliminaries so has been gelded since and with the Fellowes team in great form he could improve for that operation as well as the step back to five furlongs.
Andrea Atzeni has been booked and at 7/1 he is a fair each-way price.
POINTERS
Golden Bear e/w 7/1 4.55pm Goodwood
Buildmeupbuttercup e/w 9/1 6.45pm Galway


cityam--2020-07-29--Richard Moore named as new MI6 spy chief

Former diplomat and ambassador Richard Moore has been hired as the next boss of the UK ’ s Secret Intelligence Service ( SIS ) , also known as MI6 .
Moore has worked in the past as the UK ’ s ambassador to Turkey , the Deputy National Security Adviser in the Cabinet Office and is currently the Foreign Office ’ s political director .
Read more : Labour calls for review of Russia Today ’ s UK TV licence He also worked for MI6 for an extensive period , beginning in 1987 , and was previously a director for @ @ @ @ @ @ @ outgoing spy chief Sir Alex Younger in the autumn .
“ SIS plays a vital role – with MI5 and GCHQ – in keeping the British people safe and promoting UK interests overseas , ” Moore said .
“ I look forward to continuing that work alongside the brave and dedicated team at SIS.
” Foreign secretary Dominic Raab said : “ I am delighted to appoint Richard as the next Chief of the Secret Intelligence Service .
Read more : Former MI6 chief amps up fears coronavirus came from Wuhan lab “ @ @ @ @ @ @ @ and will oversee the work of a group of men and women whose tireless efforts are rarely seen in public , but which are critical for the security and prosperity of the UK .
“ I pay tribute to Sir Alex Younger for everything he has done during his time leading the Secret Intelligence Service .
He has carefully and effectively guided the service during a time of increased and more diverse threats .
”

Richard Moore named as new MI6 spy chief
Former diplomat and ambassador Richard Moore has been hired as the next boss of the UK’s Secret Intelligence Service (SIS), also known as MI6.
Moore has worked in the past as the UK’s ambassador to Turkey, the Deputy National Security Adviser in the Cabinet Office and is currently the Foreign Office’s political director.
He also worked for MI6 for an extensive period, beginning in 1987, and was previously a director for the agency.
Moore will replace the outgoing spy chief Sir Alex Younger in the autumn.
“SIS plays a vital role – with MI5 and GCHQ – in keeping the British people safe and promoting UK interests overseas,” Moore said.
“I look forward to continuing that work alongside the brave and dedicated team at SIS.”
Foreign secretary Dominic Raab said: “I am delighted to appoint Richard as the next Chief of the Secret Intelligence Service.
“He returns to SIS with tremendous experience and will oversee the work of a group of men and women whose tireless efforts are rarely seen in public, but which are critical for the security and prosperity of the UK.
“I pay tribute to Sir Alex Younger for everything he has done during his time leading the Secret Intelligence Service. He has carefully and effectively guided the service during a time of increased and more diverse threats.”


cityam--2020-07-29--Prime house price growth slows to lowest rate in 11 years

House price growth in global prime residential markets slowed to the lowest rate in 11 years in June as the coronavirus pandemic took its toll .
The Knight Frank prime global cities index increased 0.9 per cent in the year to June , down from 2.3 per cent in March .
Read more : How badly will coronavirus hit UK house prices in 2020 ?
It is the slowest rate of growth since the height of the financial crisis .
In the second quarter of 2020 the index fell 0.3 per cent , Knight Frank said .
London was one @ @ @ @ @ @ @ property prices dropping five per cent in the 12-months to June and 3.7 per cent in the three months .
Manila , Tokyo and Seoul were Asia ’ s top performers year-on-year , while Stockholm , Geneva and Paris lead the way in Europe .
However five of those six cities registered flat or falling prime prices in the three months to June .
Prime prices in Australasia and North America were the most resilient in the year to June 2020 .
“ This is the first opportunity we have had to take @ @ @ @ @ @ @ since the Covid-19 pandemic hit large parts of Europe and the Americas , ” the Knight Frank report said .
“ At the time of our last update ( first quarter 2020 ) Asia and parts of the Middle East were already reeling from its effects and this was evident in the index results – the five cities registering the weakest growth in the first quarter were all in Asia .
“ Fast forward three months and the story , as well as the pandemic , has moved on .
“ The index @ @ @ @ @ @ @ in prime prices across 45 cities , has reached its lowest rate of annual growth since the fourth quarter 2009 when the world was in the grip of the global financial crisis .
“ Prices increased by 0.9 per cent on average in the year to June 2020 , down from 2.3 per cent in March .
”

Prime house price growth slows to lowest rate in 11 years
The average price of a property coming to market jumped 5.7 per cent annually to £338,447 in July
House price growth in global prime residential markets slowed to the lowest rate in 11 years in June as the coronavirus pandemic took its toll.
The Knight Frank prime global cities index increased 0.9 per cent in the year to June, down from 2.3 per cent in March.
It is the slowest rate of growth since the height of the financial crisis.
In the second quarter of 2020 the index fell 0.3 per cent, Knight Frank said.
London was one of the poorest performers, with prime property prices dropping five per cent in the 12-months to June and 3.7 per cent in the three months.
Manila, Tokyo and Seoul were Asia’s top performers year-on-year, while Stockholm, Geneva and Paris lead the way in Europe.
However five of those six cities registered flat or falling prime prices in the three months to June.
Prime prices in Australasia and North America were the most resilient in the year to June 2020.
“This is the first opportunity we have had to take the pulse of prime residential markets globally since the Covid-19 pandemic hit large parts of Europe and the Americas,” the Knight Frank report said.
“At the time of our last update (first quarter 2020) Asia and parts of the Middle East were already reeling from its effects and this was evident in the index results – the five cities registering the weakest growth in the first quarter were all in Asia.
“Fast forward three months and the story, as well as the pandemic, has moved on.
“The index, an unweighted average of the change in prime prices across 45 cities, has reached its lowest rate of annual growth since the fourth quarter 2009 when the world was in the grip of the global financial crisis.
“Prices increased by 0.9 per cent on average in the year to June 2020, down from 2.3 per cent in March.”


cityam--2020-07-30--Retail vacancies to spike in coming months, experts warn

Retail vacancies crept up in the second quarter but the industry warned of a spike in empty properties when the full impact of the coronavirus pandemic hits the high street .
In the second quarter the shop vacancy rate in Britain increased to 12.4 per cent , from 12.2 per cent in the first three months of the year , which was the eighth consecutive quarter of increasing rates .
Read more : BRC : Retailers ease discounting in July as lockdown relaxed In the first three weeks of the third quarter vacancies saw a 0.2 percentage point increase , @ @ @ @ @ @ @ trend .
Greater London suffered the biggest increase in vacancies , rising from 8.9 per cent to 9.1 per cent , according to the latest data from the British Retail Consortium and The Local Data Company .
Experts predicted there will be a surge in retail vacancies in coming months as the full impact of the pandemic hits the high street as government support is withdrawn .
BRC chief executive Helen Dickenson said : “ Covid has accelerated many of the changes in retailing already underway .
“ Online continues to grow and @ @ @ @ @ @ @ role in our communities , supporting jobs and other businesses which rely on retail footfall .
“ The shuttering of too many shops on our high streets will threaten the vibrancy of town centres , and damage local economies .
“ With many months of rent having built up during lockdown , the Government must ensure local stores are not shouldered with unpayable debts .
“ Without action , there will be unprecedented retail and business failures , job losses and knock on consequences for highly geared property owners.
” All retail locations @ @ @ @ @ @ @ second quarter .
Read more : A digital tax is no way to reward our innovative online retailers Shopping centre vacancies jumped from 14.1 per cent to 14.3 per cent , and empty spaces on high streets increased to 12.4 per cent from 12.3 per cent .
Vacancies at retail parks were up from 8.2 per cent to 8.3 per cent .

Retail vacancies to spike in coming months, experts warn
Retail vacancies crept up in the second quarter but the industry warned of a spike in empty properties when the full impact of the coronavirus pandemic hits the high street.
In the second quarter the shop vacancy rate in Britain increased to 12.4 per cent, from 12.2 per cent in the first three months of the year, which was the eighth consecutive quarter of increasing rates.
In the first three weeks of the third quarter vacancies saw a 0.2 percentage point increase, suggesting the increase will be a sustained trend.
Greater London suffered the biggest increase in vacancies, rising from 8.9 per cent to 9.1 per cent, according to the latest data from the British Retail Consortium and The Local Data Company.
Experts predicted there will be a surge in retail vacancies in coming months as the full impact of the pandemic hits the high street as government support is withdrawn.
BRC chief executive Helen Dickenson said: “Covid has accelerated many of the changes in retailing already underway.
“Online continues to grow and retail stores should also have a vital role in our communities, supporting jobs and other businesses which rely on retail footfall.
“The shuttering of too many shops on our high streets will threaten the vibrancy of town centres, and damage local economies.
“With many months of rent having built up during lockdown, the Government must ensure local stores are not shouldered with unpayable debts.
“Without action, there will be unprecedented retail and business failures, job losses and knock on consequences for highly geared property owners.”
All retail locations reported an increase in vacancies in the second quarter.
Shopping centre vacancies jumped from 14.1 per cent to 14.3 per cent, and empty spaces on high streets increased to 12.4 per cent from 12.3 per cent.
Vacancies at retail parks were up from 8.2 per cent to 8.3 per cent.


cityam--2020-07-30--Exclusive: Top Tory MP labels Chinese ambassador a 'bully'

A senior Tory MP has called China ’ s ambassador to the UK a “ bully ” , after the Beijing official accused Britain of cooking up “ lies and slander ” about the country and of getting too involved in its internal affairs .
Speaking on City A.M. ‘ s daily podcast The City View , Tom Tugendhat said China ’ s recent aggressive behaviour was “ hugely damaging , not just to the UK but to everyone ” .
“ It ’ s hard not to hear the press conference that the Chinese ambassador gave today and not @ @ @ @ @ @ @ bully us , ” Tugendhat said , who is also the chair of the foreign affairs select committee .
“ This is not the correct attitude for someone who is supposed to be building relations… I know this guy came from North Korea as his last posting , and so maybe he ’ s forgotten that actually we ’ re not another Communist dictatorship .
“ But it certainly does feel as though we ’ re just here to be bullied by him , and I ’ m afraid we ’ re not.
@ @ @ @ @ @ @ considers evidence of China ’ s human rights abuses against Uighur Muslims “ a matter for the whole world ” to take a stand on .
“ I think it ’ s a great shame .
We ’ re not getting involved in China ’ s internal affairs , I don ’ t think anyone particularly wants to , ” he said .
“ This is not in any way an intervention on China ’ s sovereignty , this is simply trying to hold China to the agreements they signed up to.
” @ @ @ @ @ @ @ this week that he believed Chinese state-sponsored hackers were behind a series of cyber attacks against him , including email impersonations and hacking attempts .
Read more : Chinese hackers target senior Tory MP in impersonation campaign “ It ’ s rather second-rate attempts to gently threaten and gently bully .
It ’ s attempts to confuse and to cause people to doubt whether or not they ’ re getting real information from a real person , and so someone has been using email accounts that look like mine to send out false @ @ @ @ @ @ @ and family , ” Tugendhat said .
He added that while he could not prove Beijing was behind the attacks , researchers had been able to identify the campaign came from internet addresses in mainland China .
“ That doesn ’ t mean it ’ s the Chinese state doing it… but it does seem rather unlikely that this is not in some way connected to the state.
” Separately , a top UK security committee this week caused a stir when it released a report which revealed Russian attempts to influence British @ @ @ @ @ @ @ .
Read more : Russia report : What were the key findings ?
It also said London had become awash with illegal money from Russian actors , with many having close ties to the Kremlin .
“ The Russia report didn ’ t say anything that most of us were surprised about , ” said Tugendhat .
“ It ’ s extremely sad , and it ’ s entirely down to the fact that the Russian state has been taken hostage by a mafia gang led by an old KGB cabal.
” He @ @ @ @ @ @ @ one where “ the entire country has been taken hostage by a small clique of mafia dons who have quite literally raped it blind , leaving [ Russian President ] Putin one of the richest men in the world ” .
“ It ’ s really left what was once a great country a broken shell of its former self , and that ’ s not good for anyone .
”

City View exclusive: Foreign Affairs Committee chief labels Chinese ambassador ‘bully’
The chair of the Commons’ Foreign Affairs Committee has called China’s ambassador to the UK a “bully”, after the Beijing official accused Britain of cooking up “lies and slander” about the country and of getting too involved in its internal affairs.
Speaking on City A.M.‘s daily podcast The City View, Tom Tugendhat said China’s recent aggressive behaviour was “hugely damaging, not just to the UK but to everyone”.
“It’s hard not to hear the press conference that the Chinese ambassador gave today and not feel that he’s attempting to bully us,” Tugendhat said, who is also the chair of the foreign affairs select committee.
“This is not the correct attitude for someone who is supposed to be building relations… I know this guy came from North Korea as his last posting, and so maybe he’s forgotten that actually we’re not another Communist dictatorship.
“But it certainly does feel as though we’re just here to be bullied by him, and I’m afraid we’re not.”
The Tory MP said the UK considers evidence of China’s human rights abuses against Uighur Muslims “a matter for the whole world” to take a stand on.
“I think it’s a great shame. We’re not getting involved in China’s internal affairs, I don’t think anyone particularly wants to,” he said.
“This is not in any way an intervention on China’s sovereignty, this is simply trying to hold China to the agreements they signed up to.”
His comments come after Tugendhat said earlier this week that he believed Chinese state-sponsored hackers were behind a series of cyber attacks against him, including email impersonations and hacking attempts.
“It’s rather second-rate attempts to gently threaten and gently bully. It’s attempts to confuse and to cause people to doubt whether or not they’re getting real information from a real person, and so someone has been using email accounts that look like mine to send out false information to the media, some friends and family,” Tugendhat said.
He added that while he could not prove Beijing was behind the attacks, researchers had been able to identify the campaign came from internet addresses in mainland China.
“That doesn’t mean it’s the Chinese state doing it… but it does seem rather unlikely that this is not in some way connected to the state.”
Russia report ‘not surprising’
Separately, a top UK security committee last week caused a stir when it released a report which revealed Russian attempts to influence British politics were “the new normal”.
It also said London had become awash with illegal money from Russian actors, with many having close ties to the Kremlin.
“The Russia report didn’t say anything that most of us were surprised about,” said Tugendhat.
“It’s extremely sad, and it’s entirely down to the fact that the Russian state has been taken hostage by a mafia gang led by an old KGB cabal.”
He described the current situation in Russia as one where “the entire country has been taken hostage by a small clique of mafia dons who have quite literally raped it blind, leaving [Russian President] Putin one of the richest men in the world”.
“It’s really left what was once a great country a broken shell of its former self, and that’s not good for anyone.”


cityam--2020-07-30--The City View: Tom Tugendhat MP on China, Russia and foreign affairs

Today Andy is joined by Tom Tugendhat MP , the chair of the Foreign Affairs Commons Select Committee .
Tom responds to the latest warnings from the Chinese ambassador , warns Beijing it should not attempt to “ bully ” Britain , and Hong Kong ’ s economic future .
He also offers us his take on the Russia report and the “ cabal ” at the top of the Moscow government , as well as warning that great powers need to see eye to eye — but basic rights need to be respected by them all .
Andy also @ @ @ @ @ @ @ Trump ’ s Twitter , more woe for the travel industry , the collapse of a Saudi-backed bid to buy Newcastle United and the end of an era at Argos .
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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: Tom Tugendhat MP on China, Russia and foreign affairs
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Today Andy is joined by Tom Tugendhat MP, the chair of the Foreign Affairs Commons Select Committee. Tom responds to the latest warnings from the Chinese ambassador, warns Beijing it should not attempt to “bully” Britain, and Hong Kong’s economic future.
He also offers us his take on the Russia report and the “cabal” at the top of the Moscow government, as well as warning that great powers need to see eye to eye — but basic rights need to be respected by them all.
Andy also looks at dire US economic data, Trump’s Twitter, more woe for the travel industry, the collapse of a Saudi-backed bid to buy Newcastle United and the end of an era at Argos.
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--2020-07-30--Strong iPhone sales power Apple past expectations

Sales of Apple ’ s hallmark iPhone surpassed analyst expectations by $ 4bn in its fiscal third quarter , pushing the tech firm to report revenue gains in every product category and geography .
With 60 per cent of its smartphone sales coming from international markets , the California-headquartered tech giant posted iPhone revenues of $ 26.42bn , leapfrogging analyst expectations of $ 22.37bn .
Overall Apple ’ s third-quarter revenue and profit were $ 59.69bn and $ 2.58 per share , compared with analyst expectations of $ 52.25bn and $ 2.04 per share .
Its shares reached an all-time @ @ @ @ @ @ @ than four per cent to cross the $ 400 per share mark .
Apple also announced a 4 to 1 stock split — meaning each Apple shareholder of record at the close of business on 24 August this year will receive three additional shares for every share held on the record date .
Read more : Apple shares sink on US deceptive practices probe report Sales in its services segment , which also includes offerings such as iCloud and Apple Music , rose 14.8 per cent to $ 13.16bn .
This was compared @ @ @ @ @ @ @ and analyst expectations of $ 13.18bn .
Its chief executive Tim Cook told Reuters that Apple now has 550m paying subscribers on its platform , up from 515m in the previous quarter .
Meanwhile sales in its growing wearables segment , which includes the Apple Watch and its popular Airpods , rose 16.7 per cent to $ 6.45bn .
This was compared with $ 5.53 bn a year ago and estimates of $ 6bn .
However the company declined to give a fourth-quarter forecast , as the coronavirus pandemic leaves some retailers with @ @ @ @ @ @ @ .
The US economy reported its worst performance since the Great Depression earlier today , as GDP collapsed at a 32.9 per cent annualised rate last quarter .
Read more : US economy shrinks by record 33 per cent amid coronavirus pandemic The company saw strong sales in its greater China region , where aggressive pricing during a June holiday shopping season and lower-priced iPhone SE model released in April helped boost sales by two per cent to $ 9.33bn .
Cook said the release of the iPhone SE put Apple in a @ @ @ @ @ @ @ “ I think the economic stimulus that was in place — and I ’ m not just focused on the US , but more broadly — was a help , ” he added .

Strong iPhone sales power Apple past expectations
Sales of Apple’s hallmark iPhone surpassed analyst expectations by $4bn in its fiscal third quarter, pushing the tech firm to report revenue gains in every product category and geography.
With 60 per cent of its smartphone sales coming from international markets, the California-headquartered tech giant posted iPhone revenues of $26.42bn, leapfrogging analyst expectations of $22.37bn.
Overall Apple’s third-quarter revenue and profit were $59.69bn and $2.58 per share, compared with analyst expectations of $52.25bn and $2.04 per share.
Its shares reached an all-time high in after-market trading, rising more than four per cent to cross the $400 per share mark.
Apple also announced a 4 to 1 stock split — meaning each Apple shareholder of record at the close of business on 24 August this year will receive three additional shares for every share held on the record date.
Sales in its services segment, which also includes offerings such as iCloud and Apple Music, rose 14.8 per cent to $13.16bn. This was compared with $11.46bn a year ago, and analyst expectations of $13.18bn.
Its chief executive Tim Cook told Reuters that Apple now has 550m paying subscribers on its platform, up from 515m in the previous quarter.
Meanwhile sales in its growing wearables segment, which includes the Apple Watch and its popular Airpods, rose 16.7 per cent to $6.45bn. This was compared with $5.53 bn a year ago and estimates of $6bn.
However the company declined to give a fourth-quarter forecast, as the coronavirus pandemic leaves some retailers with cause for concern on consumer spending ability.
The US economy reported its worst performance since the Great Depression earlier today, as GDP collapsed at a 32.9 per cent annualised rate last quarter.
The company saw strong sales in its greater China region, where aggressive pricing during a June holiday shopping season and lower-priced iPhone SE model released in April helped boost sales by two per cent to $9.33bn.
Cook said the release of the iPhone SE put Apple in a stronger position during a pandemic-ravaged quarter.
“I think the economic stimulus that was in place — and I’m not just focused on the US, but more broadly — was a help,” he added.


cityam--2020-07-30--Google parent Alphabet sees revenue fall for first time ever

Google parent Alphabet saw revenue fall for the first time in its history today , although it beat analyst expectations for its second quarter earnings .
Revenue fell to $ 38.3bn from $ 38.9bn in the second quarter , compared to Refinitiv estimates of $ 37.4bn .
Read more : Amazon blows past estimates in revenue and profit beat It also beat expectations for earnings per share , which came in at $ 10.13 , instead of $ 8.21 as forecast .
YouTube advertising revenue increased 5.6 per cent to $ 3.8bn , up from $ 3.6bn the year before @ @ @ @ @ @ @ slippped nearly 10 per cent to $ 21.3bn .
Meanwhile Google Cloud pulled in $ 3bn – up from $ 2.7bn in the same period last year .
“ We ’ re working to help people , businesses and communities in these uncertain times , ” said Sundar Pichai , Google and Alphabet ’ s chief executive .
Before the Open newsletter : Start your day with the City View podcast and key market data “ As people increasingly turn to online services , our platforms — from Cloud to Google Play to @ @ @ @ @ @ @ important services and support their businesses.
” At the end of the first quarter , finance chief Ruth Porat warned that the second period would be “ difficult ” as the coronavirus lockdowns began .
Although Google has become central to many people due to increased internet usage during lockdown , many companies were forced into cutting ad revenues and marketing spending in a bid to shore up their finances .
Read more : Facebook smashes revenue expectations as more people login in lockdown Shares yo-yoed in after-hours trading , but currently stand @ @ @ @ @

Google parent Alphabet sees revenue fall for first time ever
Google parent Alphabet saw revenue fall for the first time in its history today, although it beat analyst expectations for its second quarter earnings.
Revenue fell to $38.3bn from $38.9bn in the second quarter, compared to Refinitiv estimates of $37.4bn.
It also beat expectations for earnings per share, which came in at $10.13, instead of $8.21 as forecast.
YouTube advertising revenue increased 5.6 per cent to $3.8bn, up from $3.6bn the year before. However, sales from Google Search slippped nearly 10 per cent to $21.3bn.
Meanwhile Google Cloud pulled in $3bn – up from $2.7bn in the same period last year.
“We’re working to help people, businesses and communities in these uncertain times,” said Sundar Pichai, Google and Alphabet’s chief executive.
Before the Open newsletter: Start your day with the City View podcast and key market data
“As people increasingly turn to online services, our platforms — from Cloud to Google Play to YouTube — are helping our partners provide important services and support their businesses.”
At the end of the first quarter, finance chief Ruth Porat warned that the second period would be “difficult” as the coronavirus lockdowns began.
Although Google has become central to many people due to increased internet usage during lockdown, many companies were forced into cutting ad revenues and marketing spending in a bid to shore up their finances.
Shares yo-yoed in after-hours trading, but currently stand 0.5 per cent up.