cityam--2020-12-14--FTSE100 company disputes could cost £13.8bn

Tax disputes with tax authorities globally could cost FTSE100 companies £13.8bn , research by Thomson Reuters shows .
This figure Includes £11.7bn in extra tax related to disputes that the companies believe they will ultimately win , however , the FTSE100 set aside £2.1bn to cover the costs of these disputes last year .
In total FTSE100 companies were involved in 677 tax disputes globally that they believe are significant enough to be disclosed to their shareholders .
The high cost of tax litigation is partly due to the increasingly tough stance adopted by tax authorities in developed countries .
@ @ @ @ @ @ @ to closely scrutinise the tax affairs of corporates and take steps to reduce evasion and avoidance .
Read more : Wanted : A wealth tax to fund the Covid recovery “ Falling foul of tax laws costs FTSE100 billions of pounds a year .
This is why tax compliance has become a top risk area for boards .
Some argue tax is a huge reputational issue for corporates but the cash costs , in themselves , are enormous , ” says Brian Peccarelli , chief operating officer , Customer Markets at Thomson Reuters @ @ @ @ @ @ @ reported they were involved in some form of dispute with HMRC in their latest annual reports .
This is also partly because tax authorities are also likely to become more aggressive as they look to increase receipts to cover for coronavirus-related spending .
Emerging and frontier markets have represented the biggest tax compliance risk for FTSE100 companies in recent years .
FTSE100 companies reported last year that they were involved in disputes with authorities in Brazil , Bangladesh , Egypt , India and Russia .
A report from the Brazilian Institute for Planning @ @ @ @ @ @ @ the last 30 years , an average of 35 tax rules were changed every day in the country .
“ FTSE100 companies are managing tax compliance risk on several fronts – authorities in developed countries are being increasingly aggressive in pursuing companies whilst in emerging markets companies are exposed to the risk of falling foul of local laws , ” Peccarelli adds .
Read more : Jacob Rees-Mogg tells Rishi Sunak that raising taxes will cost Tories next election

FTSE100 company disputes could cost £13.8bn
Tax disputes with tax authorities globally could cost FTSE100 companies £13.8bn, research by Thomson Reuters shows.
This figure Includes £11.7bn in extra tax related to disputes that the companies believe they will ultimately win, however, the FTSE100 set aside £2.1bn to cover the costs of these disputes last year.
In total FTSE100 companies were involved in 677 tax disputes globally that they believe are significant enough to be disclosed to their shareholders.
The high cost of tax litigation is partly due to the increasingly tough stance adopted by tax authorities in developed countries. There has been mounting pressure on governments to closely scrutinise the tax affairs of corporates and take steps to reduce evasion and avoidance.
“Falling foul of tax laws costs FTSE100 billions of pounds a year. This is why tax compliance has become a top risk area for boards. Some argue tax is a huge reputational issue for corporates but the cash costs, in themselves, are enormous,” says Brian Peccarelli, chief operating officer, Customer Markets at Thomson Reuters.
The research shows 18 FTSE100 companies reported they were involved in some form of dispute with HMRC in their latest annual reports.
This is also partly because tax authorities are also likely to become more aggressive as they look to increase receipts to cover for coronavirus-related spending.
Emerging markets
Emerging and frontier markets have represented the biggest tax compliance risk for FTSE100 companies in recent years. FTSE100 companies reported last year that they were involved in disputes with authorities in Brazil, Bangladesh, Egypt, India and Russia.
A report from the Brazilian Institute for Planning and Taxation in 2019 found that during the last 30 years, an average of 35 tax rules were changed every day in the country.
“FTSE100 companies are managing tax compliance risk on several fronts – authorities in developed countries are being increasingly aggressive in pursuing companies whilst in emerging markets companies are exposed to the risk of falling foul of local laws,” Peccarelli adds.


cityam--2020-12-13--London pandemic update: How many Covid-19 infections are there in your local borough?

London recorded 4,166 new coronavirus cases in the past 24 hours , as the capital passed 200,000 positive cases since the beginning of the pandemic .
Since March , London has now recorded 201,243 positive Covid-19 cases .
Latest data from Public Health England showed that London ’ s infection rate now stands at 191.8 per 100,000 — the highest in the country .
Read more : London ‘ facing Tier 3 before Christmas ’ as coronavirus cases hike in two-thirds of boroughs A spike in cases in 21 out of 32 London boroughs in the last couple of weeks @ @ @ @ @ @ @ be placed under tier three measures by the end of the week .
Figures released by Public Health England showed that Redbridge has overtaken Ealing as the worst-affected borough , after recording a further 228 cases in the past 24 hours .
It has now recorded 9,663 confirmed Covid-19 cases since the start of the pandemic .
Sam Tarry , Labour MP for Ilford South in Redbridge told City A.M the spike in cases was a “ major concern just days after the lockdown ended ” .
Tarry added that it should “ @ @ @ @ @ @ @ bows to all those who think they ’ re out of the woods ” .
“ We have a long way to go and must continue to observe social distancing guidelines over the Christmas period to prevent us being forced into yet another lockdown which would be devastating for all those who , live , work and run businesses… across Redbridge ” .
Read more : Coronavirus cases ‘ levelling off ’ across England ahead of three-tier system Ealing reported 129 new cases in the last 24 hours to climb to 9,117 in @ @ @ @ @ @ @ with 9,304 confirmed cases , after recording 187 new cases on Sunday .
Barnet also confirmed a further 149 cases to climb to 8,449 in total .
Several other boroughs in East London have recorded a high rate of new cases , with Dagenham and Tower Hamlets also reporting spikes in infections .
Read more : Two-thirds of London boroughs launch their own local contact tracing systems It comes as the UK recorded a further 18,447 coronavirus cases , bringing the total number of people who have tested positive since the start of @ @ @ @ @ @ @ official UK death toll officially passed the 60,000 mark last week , with a further 144 fatalities recorded in the past 24 hours bringing the total number of Covid-related deaths to 64,170 .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Data sourced from Public Health England , accurate as of 4pm on Sunday 13 December Before the Open newsletter : Start your day with the City View podcast and key market data

How many Covid-19 infections are there in your London borough?
London has seen a sharp drop in the number of recorded coronavirus cases over the past few days, after figures released on Friday showed the capital currently has the lowest R rate in the country.
A further 629 cases were recorded in the past 24 hours, taking the total number of positive tests in London since the start of the pandemic to 697,278.
It marks a significant drop since a record 19,871 daily cases were recorded on 29 December, as lockdown measures continue to drive down infections.
Several areas in the capital have seen case numbers drop threefold over the past fortnight, which in turn has pushed down the spread of infection.
Most boroughs in the capital now have a seven-day rate below 100 new cases per 100,000, but that figure is below 50 in some areas in central London.
Twenty-nine London borough areas, including the whole of east London which was hardest hit by the second wave, have a seven-day case rate below 100 new confirmed cases per 100,000.
Meanwhile, Southwark, Westminster, Camden, Kensington and Chelsea all recorded seven-day rates below 50. Lewisham saw the lowest case rate in the capital in the week to 24 February, with an average of 43 people infected per 100,000 population.
Meanwhile, Ealing currently has the highest case rate, with 123 cases per 100,000, followed by Hounslow at 115 and Hillingdon on 97.
Health chiefs have said all London boroughs need to get below a case rate of 100 before restrictions can begin to be lifted, starting with the reopening of schools on 8 March.
It comes after figures released last Friday showed London’s R rate remains at a best estimate of 0.6 to 0.8 — the lowest in the country, alongside the east of England and the South West.
The figure means infections may be falling anywhere between five and eight per cent each day.
However, separate figures released last week showed the percentage of people testing positive for coronavirus in London remains the highest of any English region.
Data published by the Office for National Statistics (ONS) showed around 1 in 63 Londoners were infected with the virus last week.
That compares to an estimated 1 in 80 people who contracted the virus in England as a whole in the week to 6 February, according to ONS figures.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
London coronavirus cases by borough (in alphabetical order)
Data sourced from Public Health England, accurate as of 4pm on Tuesday 2 March
Boroughs Rate of infection per 100,000 people in last 7 days Total confirmed cases since start of pandemic Barking and Dagenham 86 22,925 Barnet 75 29,569 Bexley 58 21,812 Brent 91 27,577 Bromley 48 23,857 Camden 42 13,683 Croydon 73 30,213 Ealing 123 29,807 Enfield 48 29,217 Greenwich 55 21,769 Hackney and City of London 57 21,234 Hammersmith and Fulham 76 12,564 Haringey 58 20,345 Harrow 95 19,917 Havering 65 26,383 Hillingdon 97 25,287 Hounslow 115 23,817 Islington 43 14,574 Kensington and Chelsea 43 8,643 Kingston upon Thames 47 11,764 Lambeth 49 23,625 Lewisham 39 21,226 Merton 79 15,719 Newham 61 34,574 Redbridge 72 31,965 Richmond upon Thames 55 10,430 Southwark 42 21,947 Sutton 80 15,509 Tower Hamlets 53 28,074 Waltham Forest 52 24,325 Wandsworth 63 21,377 Westminster 41 13,577
Before the Open newsletter: Start your day with the City View podcast and key market data


cityam--2020-12-13--McLaren sells minority stake in F1 team to MSP Sports Capital

McLaren has sold a 33 per cent stake in its F1 team to US-based MSP Sports Capital as part of attempts to raise extra cash amid the coronavirus pandemic .
The sports investment group will pay £185m for its share of McLaren Racing , valuing the team at £560m .
Read more : McLaren considering listing in bid to raise £500m – report It comes just days after the supercar maker told the FT that it was seeking to raise around £500m in new equity through a number of different approaches .
Executive chairman Paul Walsh said : “ The @ @ @ @ @ @ @ important step in our proactive strategy to position McLaren Group for long-term success .
“ Bringing partner capital and expertise into McLaren Racing will support the team ’ s return to the front of the grid and further strengthen our financial position.
” McLaren ’ s drive to raise new equity comes after a year in which it saw sales fall more than 60 per cent , while its pre-tax loss increased to £312.9m .
Before the Open newsletter : Start your day with the City View podcast and key market data As @ @ @ @ @ @ @ firm was forced to lay off a quarter of its staff over the summer and seek emergency funding to see it through the pandemic .
It is also continuing with the sale-and-leaseback of its iconic headquarters in Woking , which would help to reduce the amount it needed to raise .
Finally , the firm has confirmed that it is mulling going public through a “ spac ” – special purpose acquisition company – to get the equity it needs .
MSP has a range of interests , including media rights , betting @ @ @ @ @ @ @ data .
The firm is co-investing with its strategic partners UBS O ’ Connor and the Najafi Companies .
Read more : From Mini to McLaren : our favourite new cars of 2020 Current McLaren Racing chief executive Zak Brown will remain in position , with Walsh as chairman .
Jahm Najafi and Shaikh Mohammed bin Essa Al Khalifa will become vice-chairmen .
The consortium will initially acquire a 15 per cent stake in McLaren Racing , rising to 33 per cent by the end of 2022 .

McLaren sells minority stake in F1 team to MSP Sports Capital
McLaren
McLaren has sold a 33 per cent stake in its F1 team to US-based MSP Sports Capital as part of attempts to raise extra cash amid the coronavirus pandemic.
The sports investment group will pay £185m for its share of McLaren Racing, valuing the team at £560m.
It comes just days after the supercar maker told the FT that it was seeking to raise around £500m in new equity through a number of different approaches.
Executive chairman Paul Walsh said: “The partnership we are announcing today represents another important step in our proactive strategy to position McLaren Group for long-term success.
“Bringing partner capital and expertise into McLaren Racing will support the team’s return to the front of the grid and further strengthen our financial position.”
McLaren’s drive to raise new equity comes after a year in which it saw sales fall more than 60 per cent, while its pre-tax loss increased to £312.9m.
Before the Open newsletter: Start your day with the City View podcast and key market data
As a result of the pandemic, the firm was forced to lay off a quarter of its staff over the summer and seek emergency funding to see it through the pandemic.
It is also continuing with the sale-and-leaseback of its iconic headquarters in Woking, which would help to reduce the amount it needed to raise.
Finally, the firm has confirmed that it is mulling going public through a “spac” – special purpose acquisition company – to get the equity it needs.
MSP has a range of interests, including media rights, betting, content creation, esports, and data.
The firm is co-investing with its strategic partners UBS O’Connor and the Najafi Companies.
Current McLaren Racing chief executive Zak Brown will remain in position, with Walsh as chairman. Jahm Najafi and Shaikh Mohammed bin Essa Al Khalifa will become vice-chairmen.
The consortium will initially acquire a 15 per cent stake in McLaren Racing, rising to 33 per cent by the end of 2022.


cityam--2020-12-13--Supermarkets begin stockpiling food in case of no-deal Brexit

The UK ’ s largest supermarkets have begun stockpiling food and other products , after being warned about the potential of a no-deal Brexit by the government .
Supermarkets and ministers are reportedly worried about the prospect of consumers panic buying before 1 January if the UK leaves the EU without a deal , while food producers are warning of three-month shortages of vegetables .
Read more : Brexit : Boris Johnson and EU chief von der Leyen to speak at lunchtime in last ditch bid to save a trade deal Boris Johnson will speak to EU chief Ursula von @ @ @ @ @ @ @ described as a final deadline for talks .
The pair will decide today whether there is the possibility of a breakthrough or if it is time to prepare for the UK to leave the EU ’ s single market and customs union on no-deal terms .
Yesterday saw miles-long queues of lorries on the A20 outside Dover , after 10-mile long tailbacks in Calais on Friday .
The lorry queues have been blamed by some on supermarkets stockpiling food due to no-deal Brexit fears .
A senior consultant to one of the UK @ @ @ @ @ @ @ Times : “ There was a conversation a week ago when ministers said prepare for no-deal .
This weekend the message is that it ’ s no-deal .
“ Supermarkets and ministers are hugely worried about panic-buying .
They saw what happened over Covid when people started hoarding toilet rolls and know how quickly it can go wrong .
Before the Open newsletter : Start your day with the City View podcast and key market data “ That will be nothing compared to what will happen.
” Foreign secretary Dominic Raab disputed the @ @ @ @ @ @ @ this morning , saying “ we ’ re not going to see shelves running bare ” .
“ We ’ ve got diversity of supply – fifty per cent of UK food comes from within the UK , ” he said .
Fears of a no-deal Brexit have risen dramatically over the past week as both sides continue to say they are far apart in negotiations .
Future fisheries arrangements , business subsidy regulations as a part of level playing field talks and the overall governance of the deal are the three largest @ @ @ @ @ @ @ : London retains finance jobs as Brexit fails to deliver blow to the City Von der Leyen reportedly told EU leaders on Friday that there was now a “ higher probability for no-deal than deal ” .
Raab told the BBC that von der Leyen must today make compromises on fisheries and level playing field for Brexit talks to continue .

Supermarkets begin stockpiling food in case of no-deal Brexit
In March 2020 the nation was suffering a shortage of loo rolls on the shelves due to stockpiling
The UK’s largest supermarkets have begun stockpiling food and other products, after being warned about the potential of a no-deal Brexit by the government.
Supermarkets and ministers are reportedly worried about the prospect of consumers panic buying before 1 January if the UK leaves the EU without a deal, while food producers are warning of three-month shortages of vegetables.
Boris Johnson will speak to EU chief Ursula von der Leyen today in what has been described as a final deadline for talks.
The pair will decide today whether there is the possibility of a breakthrough or if it is time to prepare for the UK to leave the EU’s single market and customs union on no-deal terms.
Long queues outside Dover
Yesterday saw miles-long queues of lorries on the A20 outside Dover, after 10-mile long tailbacks in Calais on Friday.
The lorry queues have been blamed by some on supermarkets stockpiling food due to no-deal Brexit fears.
A senior consultant to one of the UK’s largest supermarkets told the Sunday Times: “There was a conversation a week ago when ministers said prepare for no-deal. This weekend the message is that it’s no-deal.
“Supermarkets and ministers are hugely worried about panic-buying. They saw what happened over Covid when people started hoarding toilet rolls and know how quickly it can go wrong.
Before the Open newsletter: Start your day with the City View podcast and key market data
“That will be nothing compared to what will happen.”
Foreign secretary Dominic Raab disputed the claims during an interview with Times Radio this morning, saying “we’re not going to see shelves running bare”.
“We’ve got diversity of supply – fifty per cent of UK food comes from within the UK,” he said.
Fears of a no-deal Brexit have risen dramatically over the past week as both sides continue to say they are far apart in negotiations.
Future fisheries arrangements, business subsidy regulations as a part of level playing field talks and the overall governance of the deal are the three largest barriers to a deal.
Von der Leyen reportedly told EU leaders on Friday that there was now a “higher probability for no-deal than deal”.
Raab told the BBC that von der Leyen must today make compromises on fisheries and level playing field for Brexit talks to continue.


cityam--2020-12-13--Brexit: UK draws up bailout package for farmers and fishermen in case of no-deal exit

The government is mapping out a multi-billion pound bailout package for British farmers and industry in case of a no-deal Brexit next month .
The plans reportedly include emergency assistance for sheep farmers , fishermen , car manufacturers and chemical suppliers who would be hit by disruption and/or increased EU tariffs in the event of a no-deal Brexit .
Read more : Brexit trade talks to continue in Brussels as EU and UK vow to ‘ go extra mile ’ The UK and EU agreed today to extend talks past today ’ s deadline , marking the latest of many @ @ @ @ @ @ @ the two sides .
There is now less than three weeks for a trade deal to be struck , before the UK leaves the EU ’ s customs union and single market on 31 December .
Leaving on a no-deal basis would see EU tariffs on British exports surge to as much as 40 per cent , with the agriculture and manufacturing sectors hit especially hard .
Before the Open newsletter : Start your day with the City View podcast and key market data The Sunday Telegraph reports that Whitehall ’ s bailout @ @ @ @ @ @ @ and that officials have identified the industries set to be worst hit by a no-deal exit – agriculture and food producers , chemical suppliers , the automotive industry and fishing .
The government will also reportedly carry out a Whitehall exercise on Wednesday called Operation Capstone , which will game the predicted effects of a no-deal Brexit on the UK economy .
Boris Johnson told Sky News today , after his phone call with EU chief Ursula von der Leyen , that no-deal was still the most likely outcome now .
He also @ @ @ @ @ @ @ is hope ” .
“ We ’ re going to keep going talking to see what we can do , ” he said .
Read more : Supermarkets warned to stockpile food in case of no-deal Brexit “ The UK won ’ t be walking away from talks.
” Von der Leyen reportedly told EU leaders on Friday that there was now a “ higher probability for no-deal than deal ” .

Brexit: UK draws up bailout package for farmers and fishermen in case of no-deal exit
The government is mapping out a multi-billion pound bailout package for British farmers and industry in case of a no-deal Brexit next month.
The plans reportedly include emergency assistance for sheep farmers, fishermen, car manufacturers and chemical suppliers who would be hit by disruption and/or increased EU tariffs in the event of a no-deal Brexit.
The UK and EU agreed today to extend talks past today’s deadline, marking the latest of many deadlines that has been rolled over by the two sides.
There is now less than three weeks for a trade deal to be struck, before the UK leaves the EU’s customs union and single market on 31 December.
Leaving on a no-deal basis would see EU tariffs on British exports surge to as much as 40 per cent, with the agriculture and manufacturing sectors hit especially hard.
Before the Open newsletter: Start your day with the City View podcast and key market data
The Sunday Telegraph reports that Whitehall’s bailout package would be between £8bn and £10bn and that officials have identified the industries set to be worst hit by a no-deal exit – agriculture and food producers, chemical suppliers, the automotive industry and fishing.
The government will also reportedly carry out a Whitehall exercise on Wednesday called Operation Capstone, which will game the predicted effects of a no-deal Brexit on the UK economy.
Boris Johnson told Sky News today, after his phone call with EU chief Ursula von der Leyen, that no-deal was still the most likely outcome now.
He also said “where there is life there is hope”.
“We’re going to keep going talking to see what we can do,” he said.
“The UK won’t be walking away from talks.”
Von der Leyen reportedly told EU leaders on Friday that there was now a “higher probability for no-deal than deal”.


cityam--2020-12-13--Brexit trade talks to continue in Brussels as EU and UK vow to 'go extra mile'

Post-Brexit trade talks will continue in Brussels next week after both sides vowed to “ go the extra mile ” to close a last minute deal , however Boris Johnson has also said the two sides are “ very far apart ” and that no-deal is now the most likely option .
European Commission President Ursula von der Leyen said she had a “ constructive and useful phone call with Boris Johnson ” this afternoon .
Read more : Brexit : Boris Johnson and EU chief von der Leyen to speak at lunchtime in last ditch bid to save a @ @ @ @ @ @ @ by the UK and EU as the absolute final deadline , after many previous deadlines had been rolled over in recent weeks .
“ Our negotiating teams have been working day and night over the recent days and despite the exhaustion…despite the fact that deadlines have been missed over and over , we both think it is responsible a this point in time to go the extra mile…to see whether an agreement can be reached even at this late stage.
” Before the Open newsletter : Start your day with the City View @ @ @ @ @ @ @ Sky News that the most likely scenario now is a no-deal Brexit , but “ where there is life there is hope ” .
“ We ’ re going to keep going talking to see what we can do , ” he said .
“ The UK won ’ t be walking away from talks.
” Fears of a no-deal Brexit have risen dramatically over the past week as both sides continue to say they are far apart in negotiations .
Von der Leyen reportedly told EU leaders on Friday that there was @ @ @ @ @ @ @ than deal ” .
Future fisheries arrangements , business subsidy regulations as a part of level playing field talks and the overall governance of the deal are the three largest barriers to an agreement .
Foreign secretary Dominic Raab told the BBC this morning that von der Leyen had to today make compromises on fisheries and level playing field for Brexit talks to continue .
Read more : Supermarkets warned to stockpile food in case of no-deal Brexit He said : “ Will the EU move on the two key issues of level @ @ @ @ @ @ @ is the will to do that , there is progress to be made .
“ The bar is quite high for us to keep talking – we would need a political commitment to move on those two key issues.
” Chief EU negotiator Michel Barnier and chief UK negotiator Lord David Frost have been wrangling over how much access it retains to the UK ’ s fishing waters next year .
It has been rumoured that the UK only want the EU to keep about 20 per cent of the fish it was @ @ @ @ @ @ @ closer to 80 per cent .
The EU is also asking the UK to sign up to its regulatory standards on things like labour and environmental laws and state subsidy regulations in what is known as a level playing field .
Read more : London retains finance jobs as Brexit fails to deliver blow to the City The UK has baulked at demands that the country would have to be locked into the EU ’ s laws long-term , which could include future changes that have not even been proposed yet .
Brussels @ @ @ @ @ @ @ EU businesses to not have a competitive advantage over each other if they are going to trade on a tariff-free basis .

Brexit trade talks to continue in Brussels as EU and UK vow to ‘go extra mile’
Prime Minister Boris Johnson and European Commission president Ursula von der Leyen before meeting for dinner earlier this week
Post-Brexit trade talks will continue in Brussels next week after both sides vowed to “go the extra mile” to close a last minute deal, however Boris Johnson has also said the two sides are “very far apart” and that no-deal is now the most likely option.
European Commission President Ursula von der Leyen said she had a “constructive and useful phone call with Boris Johnson” this afternoon.
Today had been talked up by the UK and EU as the absolute final deadline, after many previous deadlines had been rolled over in recent weeks.
“We discussed the major unsolved topics,” Von der Leyen said.
“Our negotiating teams have been working day and night over the recent days and despite the exhaustion…despite the fact that deadlines have been missed over and over, we both think it is responsible a this point in time to go the extra mile…to see whether an agreement can be reached even at this late stage.”
Before the Open newsletter: Start your day with the City View podcast and key market data
Johnson told Sky News that the most likely scenario now is a no-deal Brexit, but “where there is life there is hope”.
“We’re going to keep going talking to see what we can do,” he said.
“The UK won’t be walking away from talks.”
Fears of a no-deal Brexit have risen dramatically over the past week as both sides continue to say they are far apart in negotiations.
Von der Leyen reportedly told EU leaders on Friday that there was now a “higher probability for no-deal than deal”.
Future fisheries arrangements, business subsidy regulations as a part of level playing field talks and the overall governance of the deal are the three largest barriers to an agreement.
Foreign secretary Dominic Raab told the BBC this morning that von der Leyen had to today make compromises on fisheries and level playing field for Brexit talks to continue.
He said: “Will the EU move on the two key issues of level playing field and fisheries? If there is the will to do that, there is progress to be made.
“The bar is quite high for us to keep talking – we would need a political commitment to move on those two key issues.”
Chief EU negotiator Michel Barnier and chief UK negotiator Lord David Frost have been wrangling over how much access it retains to the UK’s fishing waters next year.
It has been rumoured that the UK only want the EU to keep about 20 per cent of the fish it was allocated pre-Brexit, while the EU want closer to 80 per cent.
The EU is also asking the UK to sign up to its regulatory standards on things like labour and environmental laws and state subsidy regulations in what is known as a level playing field.
The UK has baulked at demands that the country would have to be locked into the EU’s laws long-term, which could include future changes that have not even been proposed yet.
Brussels says it is necessary for UK and EU businesses to not have a competitive advantage over each other if they are going to trade on a tariff-free basis.


cityam--2020-12-14--Chinese regulator fines Alibaba and Tencent under antitrust laws

The Chinese markets regulator has fined Alibaba and Tencent for a string of deals in its latest bid to clamp down on tech companies .
The State Administration for Market Regulation announced on Monday it had fined Alibaba , Tencent-backed China Literature and Shenzhen Hive Box Technology 500,000 yuan .
Read more : Alibaba and Tencent circle ‘ Netflix of China ’ as tech regulation looms It comes after the regulator published draft regulations last month looking to curb tech monopolies , one of the most wide-sweeping proposals on Chinese tech .
The proposals include pricing , payment methods and @ @ @ @ @ @ @ up its effort to control the growing influence of big tech .
The SAMR said the fines are related to Alibaba ’ s bid to take a controlling stake in department store chain Intime , China Literature ’ s acquisition of New Classics Media and Hive Box ’ s acquisition of China Post Smart Logistics .
However the issue is not that the acquisitions restricted or eliminated competition , rather the companies failed to submit the relevant paperwork required by monopoly laws .
The watchdog also announced a probe into the merger of @ @ @ @ @ @ @ The two companies agreed a deal in October reportedly brokered by Tencent , which is a major shareholder of both companies .
“ Investment and takeovers are important means for development and growth of internet companies , ” the regulator said.
“ The above-mentioned companies have a large influence in the industry , carry out many investments and takeovers , have specialized legal teams and should be familiar with the regulations governing M & A .
Their failure to actively declare has a relatively severe impact.
” The announcement comes amid a growing @ @ @ @ @ @ @ giants and their practices .
Last week the US Federal Trade Commission announced it plans to sue Facebook claiming it had broken antitrust law .
In its complaint , with a coalition of 46 states , Washington DC and Guam , the FTC said it was looking at Facebook ’ s acquisitions of Instagram and Whatsapp .

Chinese regulator fines Alibaba and Tencent under antitrust laws
Alibaba’s Jack Ma today made his first public appearance in three months
The Chinese markets regulator has fined Alibaba and Tencent for a string of deals in its latest bid to clamp down on tech companies.
The State Administration for Market Regulation announced on Monday it had fined Alibaba, Tencent-backed China Literature and Shenzhen Hive Box Technology 500,000 yuan.
It comes after the regulator published draft regulations last month looking to curb tech monopolies, one of the most wide-sweeping proposals on Chinese tech.
The proposals include pricing, payment methods and use of data, as Beijing steps up its effort to control the growing influence of big tech.
The SAMR said the fines are related to Alibaba’s bid to take a controlling stake in department store chain Intime, China Literature’s acquisition of New Classics Media and Hive Box’s acquisition of China Post Smart Logistics.
However the issue is not that the acquisitions restricted or eliminated competition, rather the companies failed to submit the relevant paperwork required by monopoly laws.
The watchdog also announced a probe into the merger of Tencent-backed gaming platforms Huya and Douyu. The two companies agreed a deal in October reportedly brokered by Tencent, which is a major shareholder of both companies.
“Investment and takeovers are important means for development and growth of internet companies,” the regulator said.“The above-mentioned companies have a large influence in the industry, carry out many investments and takeovers, have specialized legal teams and should be familiar with the regulations governing M&A. Their failure to actively declare has a relatively severe impact.”
The announcement comes amid a growing move worldwide to clamp down on tech giants and their practices. Last week the US Federal Trade Commission announced it plans to sue Facebook claiming it had broken antitrust law.
In its complaint, with a coalition of 46 states, Washington DC and Guam, the FTC said it was looking at Facebook’s acquisitions of Instagram and Whatsapp.


cityam--2020-12-14--Professional recruitment market 'remains resilient' despite vacancy fall

Despite the looming uncertainly of Brexit and the disruption of a second national lockdown , the annual percentage drop in job hiring closed during November , suggesting the sector is fairing considerably well .
According to data provided by growth analytics platform Cube19 , in October , the year-on-year fall in professional job vacancies stood at -38 per cent for permanent jobs and -22 per cent for contract jobs .
In comparison , for November , this stood at -32 per cent and -16.2 per cent .
Read more : Snakes and Ladders : Who is moving jobs in the @ @ @ @ @ @ @ report by the Association of Professional Staff Companies shows that overall , there was a decline in hiring activities during November , with permanent vacancies dropping 6 per cent and contract jobs falling 3 per cent month-on-month .
“ The month-on-month fall in vacancy numbers comes as no real surprise and was what we predicted would happen as result of the second lockdown , ” says Ann Swain , CEO of APSCo .
” However , the fact that our data reveals that the annual hiring gap has closed suggests that the professional @ @ @ @ @ @ @ current climate ” , she adds .
Read more : London retains finance jobs as Brexit fails to deliver blow to the City

Professional recruitment market ‘remains resilient’ despite vacancy fall
Despite the looming uncertainly of Brexit and the disruption of a second national lockdown, the annual percentage drop in job hiring closed during November, suggesting the sector is fairing considerably well.
According to data provided by growth analytics platform Cube19, in October, the year-on-year fall in professional job vacancies stood at -38 per cent for permanent jobs and -22 per cent for contract jobs. In comparison, for November, this stood at -32 per cent and -16.2 per cent.
However, a report by the Association of Professional Staff Companies shows that overall, there was a decline in hiring activities during November, with permanent vacancies dropping 6 per cent and contract jobs falling 3 per cent month-on-month.
“The month-on-month fall in vacancy numbers comes as no real surprise and was what we predicted would happen as result of the second lockdown,” says Ann Swain, CEO of APSCo.
”However, the fact that our data reveals that the annual hiring gap has closed suggests that the professional recruitment sector is remains resilient in the current climate”, she adds.


cityam--2020-12-14--Rugby World Cup 2023 draw: England to face Japan and Argentina in pool stage

England have been drawn to play Japan and Argentina in the pool stage of the 2023 Rugby World Cup in @ @ @ @ @ relatively kind draw for Eddie Jones ’ s team , who were runners-up last year @ @ @ @ @ seeds .
Ireland and Scotland face a battle to escape from Pool B alongside holders @ @ @ @ @ : NFL poaches World Rugby boss Brett Gosper as it aims to increase its presence @ @ @ @ @ winners New Zealand are in Pool A with hosts France and Italy .
Wales face @ @ @ @ @ C. England bounced back from their defeat in last year ’ s final with two @ @ @ @ @ disrupted 2020 .
Eddie Jones ’ s team won the Six Nations in a tournament @ @ @ @ @ October .
They followed that by winning the inaugural Autumn Nations Cup , beating France @ @ @ @ @ month .

Rugby World Cup 2023 draw: England to face Japan and Argentina in pool stage
England, runners-up at the last Rugby World Cup, recently won the Autumn Nations Cup
England have been drawn to play Japan and Argentina in the pool stage of the 2023 Rugby World Cup in France.
It is a relatively kind draw for Eddie Jones’s team, who were runners-up last year and were among the top seeds.
Ireland and Scotland face a battle to escape from Pool B alongside holders South Africa.
Three-time winners New Zealand are in Pool A with hosts France and Italy.
Wales face Australia and Fiji in Pool C.
England bounced back from their defeat in last year’s final with two pieces of silverware in a disrupted 2020.
Eddie Jones’s team won the Six Nations in a tournament that did not finish until October.
They followed that by winning the inaugural Autumn Nations Cup, beating France in the final earlier this month.
Rugby World Cup 2023 draw in full
Pool A: New Zealand, France, Italy, Americas qualifier 1, African qualifier 1.
Pool B: South Africa, Ireland, Scotland, Asia-Pacific qualifier 1, European qualifier 2.
Pool C: Wales, Australia, Fiji, European qualifier 1, Final qualifier winner.
Pool D: England, Japan, Argentina, Oceania qualifier 1, Americas qualifier 2.


cityam--2020-12-14--Michel Barnier warns MEPS of short no-deal Brexit period even if deal closed this year

Brussels ’ chief Brexit negotiator Michel Barnier has warned MEPs today that there could still be a short period where the UK and EU have to operate on no-deal terms even if a trade deal is struck before 31 December .
Barnier reportedly told an emergency meeting with MEPs this morning that there may not be enough time for the European Parliament to ratify any UK-EU trade deal before 31 December if talks drag into Christmas and beyond .
Read more : Britain has ‘ most to lose from Brexit ’ , says French finance minister The Independent reports that @ @ @ @ @ @ @ the ratification process would instead have to happen early in 2021 , in this circumstance , in a bid to cause the least possible disruption .
The UK will leave the EU ’ s customs union and single market with or without a free trade deal on 31 December .
Fears of a no-deal Brexit have risen dramatically over the past week as both sides continue to say they are far apart in negotiations .
The two sides agreed to extend talks yesterday , however Boris Johnson said that a no-deal Brexit is @ @ @ @ @ @ @ der Leyen reportedly told EU leaders on Friday that there was now a “ higher probability for no-deal than deal ” .
Future fisheries arrangements , business subsidy regulations as a part of level playing field talks and the overall governance of the deal are the three largest barriers to an agreement .
Read more : Pound jumps more than one per cent after Brexit talks extended The Telegraph reports that Barnier also told EU ambassadors today that a trade deal could well be struck this week .
A diplomatic source said : @ @ @ @ @ @ @ of their trenches on fish , Barnier said there could be a deal this week .
“ He was a lot less gloomy than I was expecting .
”

Michel Barnier warns MEPS of short no-deal Brexit period even if deal closed this year
Michel Barnier, European Union (EU) chief negotiator, departs from his hotel on December 5
Brussels’ chief Brexit negotiator Michel Barnier has warned MEPs today that there could still be a short period where the UK and EU have to operate on no-deal terms even if a trade deal is struck before 31 December.
Barnier reportedly told an emergency meeting with MEPs this morning that there may not be enough time for the European Parliament to ratify any UK-EU trade deal before 31 December if talks drag into Christmas and beyond.
The Independent reports that Barnier told those at the meeting that the ratification process would instead have to happen early in 2021, in this circumstance, in a bid to cause the least possible disruption.
The UK will leave the EU’s customs union and single market with or without a free trade deal on 31 December.
Fears of a no-deal Brexit have risen dramatically over the past week as both sides continue to say they are far apart in negotiations.
The two sides agreed to extend talks yesterday, however Boris Johnson said that a no-deal Brexit is still the most likely outcome.
Von der Leyen reportedly told EU leaders on Friday that there was now a “higher probability for no-deal than deal”.
Future fisheries arrangements, business subsidy regulations as a part of level playing field talks and the overall governance of the deal are the three largest barriers to an agreement.
The Telegraph reports that Barnier also told EU ambassadors today that a trade deal could well be struck this week.
A diplomatic source said: “If both sides can come out of their trenches on fish, Barnier said there could be a deal this week.
“He was a lot less gloomy than I was expecting.”


cityam--2020-12-14--Google accounts back up again after global outage

Google ’ s UK accounts appear to be up and running again after multiple services including Gmail and Youtube all @ @ @ @ @ a huge downtime spike for Google ’ s services at around 11.30am GMT according to @ @ @ @ @ Read more : To be announced today : London to enter Tier 3 ‘ imminently @ @ @ @ @ Store , Drive and Calendar were also all reportedly down .
Problems have mainly been @ @ @ @ @ users in India , Pakistan , Australia and the US are also experiencing issues .
@ @ @ @ @ London to host ‘ back to work ’ week in bid to revive Square Mile @ @ @ @ @ Dashboard shows that every one of its services is experiencing an outage , including its @ @ @ @ @ just two weeks after streaming giant Spotify crashed for nearly an hour after a widespread @ @ @ @

Google accounts back up again after global outage
Google’s UK accounts appear to be up and running again after multiple services including Gmail and Youtube all experienced outages.
There was a huge downtime spike for Google’s services at around 11.30am GMT according to outage site Down Detector.
Google’s Play Store, Drive and Calendar were also all reportedly down.
Problems have mainly been reported in Europe but Twitter users in India, Pakistan, Australia and the US are also experiencing issues.
Google’s Workspace Status Dashboard shows that every one of its services is experiencing an outage, including its Google sites.
It comes just two weeks after streaming giant Spotify crashed for nearly an hour after a widespread outage across Europe.


cityam--2020-12-14--Bitcoin Maintains $19,000 Level As Corporate Adoption Keeps Growing

This week CryptoCompare data shows the price of Bitcoin ( BTC ) moved from about $ 19,200 at the start of the week to a low slightly above $ 17,500 before recovering back to $ 19,100 at press time .
The cryptocurrency has maintained this level despite a few pullbacks .
Ether ( ETH ) , the second-largest cryptocurrency by market capitalization , has similarly remained close to $ 600 , despite enduring several pullbacks to $ 535 , from which it recovered quickly .
At press time it ’ s trading at around $ 580 .
Headlines seen in @ @ @ @ @ @ @ kept on revealing institutional investors are moving into the space .
On December 10 the Massachusetts Mutual Life Insurance Company ( MassMutual ) , announced it made a $ 100 million investment in Bitcoin and bought a minority stake in institutional crypto provider NYDIG .
MassMutual is an insurance company founded 169 years ago , in 1851 , that focuses on the “ long-term interests ” of its members and participating policy owners .
According to Bloomberg , the $ 100 million investment in BTC represents 0.04 % of the general investment account @ @ @ @ @ @ @ as of Sept. 30 .
A company spokeswoman , Chealsea Haraty , was quoted as saying : Similarly MicroStrategy , a Nasdaq-listed business intelligence firm , announced it raised $ 650 million through a convertible senior note sale meant to raise funds for the firm to add more bitcoin to its treasury .
The company has estimated that its net proceeds of $ 634.8 million will be available for BTC allocations , per its treasury reserve policy .
The amount offered was boosted by $ 100 million from an already inflated $ 550 @ @ @ @ @ @ @ notes exercised in full an option to buy up an added $ 100 million .
Notably , MicroStrategy has already invested an estimated $ 475 million into the flagship cryptocurrency to buy a total of 40,824 coins .
These now are estimated to be worth over $ 777 million .
The funds raised via the sale of bonds could see the firm add another 34,000 BTC to its treasury .
The aggressive BTC push has seen Citigroup analysts downgrade their recommendation for MicroStrategy stock .
In a note to clients , Citigroup ’ @ @ @ @ @ @ @ issuance of new debt to fund Bitcoin purchases is aggressive and might be a deal-breaker for software investors , who may fear they now own a more risky asset management business .
Research from CryptoCompare has shown that Top-Tier cryptocurrency exchanges , defined by the firm Exchange Review , have seen their spot trading volume go up by 114 % in November , with Binance managing to capture 44 % of the total spot trading volume for the month .
The same report revealed derivatives trading volumes on cryptocurrency exchanges have surged 108 @ @ @ @ @ @ @ of $ 1.32 trillion .
The week also saw Canada ’ s leading digital asset manager , 3iQ Corp. , complete the initial public offering of its Ether Fund , with 7.24 million Class A Units and Class F Units being sold for aggregate gross proceeds of approximately $ 76.5 million .
The fund is now trading on the Toronto Stock Exchange ( TSX ) under the symbol QETH.U .
Fidelity Digital Assets has also reportedly started letting its institutional customers pledge bitcoin as collateral against cash loans through a new partnership with @ @ @ @ @ @ @ to hold the BTC pledged as collateral but not make the loans itself .
In a speech to the Federalist society this week , U.S. Securities and Exchange Commissioner Hester Peirce – often referred to as the “ Crypto Mom ” in the space over her pro-crypto views – has reiterated a stance that regulators should seek to embrace cryptoassets .
Peirce said the crypto space poses a challenge to regulators but added agencies “ should figure out a way to embrace the personal liberty principles undergirding it , ” and cautioned against @ @ @ @ @ @ @ regulators have been pushing forward new crypto-to-crypto transaction regulations that would harden know-your-customer ( KYC ) rules for businesses operating in the space .
Several agencies are reportedly involved in crypto discussions , and the stricter rules may be imposed over recent terrorist attacks on France .
Crypto AM : Market View in association with Ziglu

Bitcoin Maintains $19,000 Level As Corporate Adoption Keeps Growing
Unsplash.
This week CryptoCompare data shows the price of Bitcoin (BTC) moved from about $19,200 at the start of the week to a low slightly above $17,500 before recovering back to $19,100 at press time. The cryptocurrency has maintained this level despite a few pullbacks.
Ether (ETH), the second-largest cryptocurrency by market capitalization, has similarly remained close to $600, despite enduring several pullbacks to $535, from which it recovered quickly. At press time it’s trading at around $580.
Headlines seen in the cryptocurrency space throughout the week have kept on revealing institutional investors are moving into the space. On December 10 the Massachusetts Mutual Life Insurance Company (MassMutual), announced it made a $100 million investment in Bitcoin and bought a minority stake in institutional crypto provider NYDIG.
MassMutual is an insurance company founded 169 years ago, in 1851, that focuses on the “long-term interests” of its members and participating policy owners. According to Bloomberg, the $100 million investment in BTC represents 0.04% of the general investment account of nearly $235 billion MassMutual had as of Sept. 30. A company spokeswoman, Chealsea Haraty, was quoted as saying:
We see this initial investment as a first step, and like any investment, may explore future opportunities.
Similarly MicroStrategy, a Nasdaq-listed business intelligence firm, announced it raised $650 million through a convertible senior note sale meant to raise funds for the firm to add more bitcoin to its treasury.
The company has estimated that its net proceeds of $634.8 million will be available for BTC allocations, per its treasury reserve policy. The amount offered was boosted by $100 million from an already inflated $550 million after the investors who bought the notes exercised in full an option to buy up an added $100 million.
Notably, MicroStrategy has already invested an estimated $475 million into the flagship cryptocurrency to buy a total of 40,824 coins. These now are estimated to be worth over $777 million. The funds raised via the sale of bonds could see the firm add another 34,000 BTC to its treasury.
The aggressive BTC push has seen Citigroup analysts downgrade their recommendation for MicroStrategy stock. In a note to clients, Citigroup’s analysts wrote that “ “the issuance of new debt to fund Bitcoin purchases is aggressive and might be a deal-breaker for software investors, who may fear they now own a more risky asset management business.
Research from CryptoCompare has shown that Top-Tier cryptocurrency exchanges, defined by the firm Exchange Review, have seen their spot trading volume go up by 114% in November, with Binance managing to capture 44% of the total spot trading volume for the month.
The same report revealed derivatives trading volumes on cryptocurrency exchanges have surged 108% to a new monthly all-time high of $1.32 trillion.
🚀🚀📈 November’s #Bitcoin bull run brought about a significant surge in trading activity. #Derivatives volumes doubled to an all-time high of $1.32tn while spot volume increased by 60% to a monthly total of $906bn.
Read our latest Exchange Review: https://t.co/L9NWY094Sm pic.twitter.com/WtO37DTFUg — CryptoCompare (@CryptoCompare) December 8, 2020
The week also saw Canada’s leading digital asset manager, 3iQ Corp., complete the initial public offering of its Ether Fund, with 7.24 million Class A Units and Class F Units being sold for aggregate gross proceeds of approximately $76.5 million. The fund is now trading on the Toronto Stock Exchange (TSX) under the symbol QETH.U.
Fidelity Digital Assets has also reportedly started letting its institutional customers pledge bitcoin as collateral against cash loans through a new partnership with blockchain startup BlockFi. Fidelity is set to hold the BTC pledged as collateral but not make the loans itself.
SEC Commissioner Urges ‘Embrace’ Of Crypto’s Freedom Principles
In a speech to the Federalist society this week, U.S. Securities and Exchange Commissioner Hester Peirce – often referred to as the “Crypto Mom” in the space over her pro-crypto views – has reiterated a stance that regulators should seek to embrace cryptoassets.
Peirce said the crypto space poses a challenge to regulators but added agencies “should figure out a way to embrace the personal liberty principles undergirding it,” and cautioned against excessive central planning.
In France, regulators have been pushing forward new crypto-to-crypto transaction regulations that would harden know-your-customer (KYC) rules for businesses operating in the space. Several agencies are reportedly involved in crypto discussions, and the stricter rules may be imposed over recent terrorist attacks on France.
Crypto AM: Market View in association with Ziglu


cityam--2020-12-14--Government enters funding talks with EDF over Sizewell C nuclear plant

The government has today confirmed that it has entered talks with EDF over funding options for the Sizewell C nuclear power station in Suffolk .
The announcement , which came as ministers unveiled the long-awaited energy white paper , could see the government take a financial stake in the project .
Read more : Sizewell C : Nuclear plant under scrutiny over Chinese role It comes after months of uncertainty regarding the future of the UK ’ s nuclear stations , which many consider to be central to Boris Johnson ’ s climate change commitments .
Twin-reactor plant Sizewell C @ @ @ @ @ @ @ in Somerset , and could provide up to seven per cent of the country ’ s electricity .
At the moment , the project , which is slated to cost around £20bn , is part-funded by Chinese state-owned firm CGN .
However , in recent weeks there have been reports that the company is looking to pull out of the plant amid a worsening of relations between London and Beijing .
Until this morning , doing so would have called the future of the project into question , a potentially grave blow for @ @ @ @ @ @ @ Tom Greatrex , Chief Executive of the Nuclear Industry Association , said : “ The Government ’ s decision to enter advanced negotiations with EDF on Sizewell C is very good news for our environment and our economy .
“ Sizewell is a vital next step towards the net zero power mix we need for the future .
As well as at least 60 years of constantly available clean electricity , this project will provide thousands of highly skilled , well paid and long term jobs across the supply chain , at a @ @ @ @ @ @ @ Unions GMB and Unite both welcomed the talks , saying that the project could create 25,000 jobs – and 1,500 apprenticeships – during the construction phase .
But representatives for the Stop Sizewell C campaign pointed out that the talks were no guarantee the project would go ahead .
Read more : US consortium mulls taking on abandoned Wylfa nuclear project “ As Alok Sharma said , this is not a green light to build Sizewell C and the idea that it could provide value for money is pie in the sky ” @ @ @ @ @ @ @ Costing at least £20bn , Sizewell C remains too slow and expensive to help our climate emergency , and both the government and any pension funds considering the project must beware the reputational risk of investing in a still unproven reactor design that even the French are abandoning.
” At the moment , the UK has eight working power plants , providing around 20 per cent of the country ’ s power , but four of these are due to shut by 2024 .
In recent years , a number of newbuild projects @ @ @ @ @ @ @ , including Wylfa in north Wales , which Japanese firm Hitachi pulled out of in the summer .
With officials still consulting on a new funding model – the Regulated Asset Base – which would see consumers pay for the project through higher bills – the sector seemed to have reached a standstill .
Before the Open newsletter : Start your day with the City View podcast and key market data But last week the government ’ s climate advisers said that the country would need to develop eight gigawatts of new nuclear @ @ @ @ @ @ @ its climate targets .
New plan a ‘ decisive shift ’ away from fossil fuels Alongside the nuclear commitment , the white paper will also lay out a number of extra pledges , which it said would support 220,000 jobs around the country over the next decade .
These include a plan to save consumers money through a system which automatically switches them to a lower energy tariff .
In addition , it confirms that the UK will set up its own Emissions Trading Scheme ( ETS ) from 1 January to replace @ @ @ @ @ @ @ prospect of a carbon tax .
Read more : Can the government hit the targets in its 10 point climate plan ?
The replacement scheme will be more ambitious than the original , with the cap on emissions allowed within the system will be reduced by 5 per cent from day one .
The government also extended its commitments to developing carbon capture and storage ( CCS ) technologies , including plans to bring one such project online by 2030 .
It is hoped that the development technology , alongside other low-emissions energy @ @ @ @ @ @ @ support the North Sea oil and gas industry through the transition away from fossil fuels .
The paper also revealed that a North Sea Transition deal laying out these plans would be signed in the first half of 2021 .
Energy executives welcomed the new commitments , with SSE chief executive Alastair Philips-Davies commenting : “ Cost efficient renewables coupled with cutting edge carbon capture and storage technology and a robust and stable carbon price is the pathway to net zero and we welcome the Government ’ s focus on all three .
@ @ @ @ @ @ @ Johnson ’ s 10 point climate change plan , which was released last month , and included a pledge to ban the sale of all new petrol and diesel cars by 2030 .
Read more : Government seeks site for world ’ s first nuclear fusion plant Business secretary Alok Sharma said : “ Today ’ s plan establishes a decisive and permanent shift away from our dependence on fossil fuels , towards cleaner energy sources that will put our country at the forefront of the global green industrial revolution .
“ Through @ @ @ @ @ @ @ , we are determined to both decarbonise our economy in the most cost-effective way , while creating new sunrise industries and revitalising our industrial heartlands that will support new green jobs for generations to come .
”

Government enters funding talks with EDF over Sizewell C nuclear plant
Sizewell C is the next nuclear power plant proposed for construction – which could power six million homes
The government has today confirmed that it has entered talks with EDF over funding options for the Sizewell C nuclear power station in Suffolk.
The announcement, which came as ministers unveiled the long-awaited energy white paper, could see the government take a financial stake in the project.
It comes after months of uncertainty regarding the future of the UK’s nuclear stations, which many consider to be central to Boris Johnson’s climate change commitments.
Twin-reactor plant Sizewell C is a clone of Hinkley Point C in Somerset, and could provide up to seven per cent of the country’s electricity.
At the moment, the project, which is slated to cost around £20bn, is part-funded by Chinese state-owned firm CGN.
However, in recent weeks there have been reports that the company is looking to pull out of the plant amid a worsening of relations between London and Beijing.
Until this morning, doing so would have called the future of the project into question, a potentially grave blow for the nuclear industry in this country.
Tom Greatrex, Chief Executive of the Nuclear Industry Association, said: “The Government’s decision to enter advanced negotiations with EDF on Sizewell C is very good news for our environment and our economy.
“Sizewell is a vital next step towards the net zero power mix we need for the future. As well as at least 60 years of constantly available clean electricity, this project will provide thousands of highly skilled, well paid and long term jobs across the supply chain, at a time when they are badly needed.”
Unions GMB and Unite both welcomed the talks, saying that the project could create 25,000 jobs – and 1,500 apprenticeships – during the construction phase.
But representatives for the Stop Sizewell C campaign pointed out that the talks were no guarantee the project would go ahead.
“As Alok Sharma said, this is not a green light to build Sizewell C and the idea that it could provide value for money is pie in the sky”, said campaigner Alison Downes.
“Costing at least £20bn, Sizewell C remains too slow and expensive to help our climate emergency, and both the government and any pension funds considering the project must beware the reputational risk of investing in a still unproven reactor design that even the French are abandoning.”
At the moment, the UK has eight working power plants, providing around 20 per cent of the country’s power, but four of these are due to shut by 2024.
In recent years, a number of newbuild projects championed by former Tory governments have stalled, including Wylfa in north Wales, which Japanese firm Hitachi pulled out of in the summer.
With officials still consulting on a new funding model – the Regulated Asset Base – which would see consumers pay for the project through higher bills – the sector seemed to have reached a standstill.
Before the Open newsletter: Start your day with the City View podcast and key market data
But last week the government’s climate advisers said that the country would need to develop eight gigawatts of new nuclear power by 2035 in order to hit its climate targets.
New plan a ‘decisive shift’ away from fossil fuels
Alongside the nuclear commitment, the white paper will also lay out a number of extra pledges, which it said would support 220,000 jobs around the country over the next decade.
These include a plan to save consumers money through a system which automatically switches them to a lower energy tariff.
In addition, it confirms that the UK will set up its own Emissions Trading Scheme (ETS) from 1 January to replace the EU ETS, ruling out the prospect of a carbon tax.
The replacement scheme will be more ambitious than the original, with the cap on emissions allowed within the system will be reduced by 5 per cent from day one.
The government also extended its commitments to developing carbon capture and storage (CCS) technologies, including plans to bring one such project online by 2030.
It is hoped that the development technology, alongside other low-emissions energy sources such as hydrogen power, can support the North Sea oil and gas industry through the transition away from fossil fuels.
The paper also revealed that a North Sea Transition deal laying out these plans would be signed in the first half of 2021.
Energy executives welcomed the new commitments, with SSE chief executive Alastair Philips-Davies commenting:
“Cost efficient renewables coupled with cutting edge carbon capture and storage technology and a robust and stable carbon price is the pathway to net zero and we welcome the Government’s focus on all three.
Today’s commitments follow shortly after Johnson’s 10 point climate change plan, which was released last month, and included a pledge to ban the sale of all new petrol and diesel cars by 2030.
Business secretary Alok Sharma said: “Today’s plan establishes a decisive and permanent shift away from our dependence on fossil fuels, towards cleaner energy sources that will put our country at the forefront of the global green industrial revolution.
“Through a major programme of investment and reform, we are determined to both decarbonise our economy in the most cost-effective way, while creating new sunrise industries and revitalising our industrial heartlands that will support new green jobs for generations to come.”


cityam--2020-12-14--To be announced today: London to enter Tier 3 'imminently'

London is set to enter Tier 3 “ imminently ” following a sharp spike in coronavirus cases , with mayor of London Sadiq Khan warning it is “ possible ” the move could happen today .
Two government sources have confirmed to City A.M. that London should expect the announcement “ imminently ” , with an emergency press conference earmarked for 3.30pm .
Read more : Sadiq Khan urges PM to shut all London schools as cases spiral The latest data by Public Health England showed there was an increase in coronavirus case rates in all 32 London boroughs in @ @ @ @ @ @ @ The seven-day rate has also exceeded 200 cases per 100,000 people in 17 boroughs , meaning London now has the highest infection rate in the country .
Khan called the latest figures “ deeply concerning ” and urged the PM to consider immediate action .
Read more : London records highest jump in Covid cases in England as Tier 3 pressure mounts London MPs are understood to have held a meeting this morning over a decision whether or not to catapult the city into the highest level of restrictions ahead of a review @ @ @ @ @ @ @ in the worst-affected areas of the capital were warned of an “ exponential ” rise in cases , after London reported 4,166 further infections yesterday — almost a quarter of England ’ s total cases .
Figures released on Friday by the Office for National Statistics ( ONS ) showed the level of Covid in London jumped from around 1 per cent to 1.5 per cent of the capital ’ s population last week .
Read more : Brexit will not affect UK vaccine supplies , says business secretary Meanwhile , rates of @ @ @ @ @ @ @ the country , apart from the east of England which saw a very slight hike in new cases .
Under current Tier 2 restrictions in London , Liverpool and parts of the North , members of different households are not allowed to meet indoors , though they are allowed to abide by the rule of six in outdoor spaces .
Pubs and bars are only allowed to stay open if they serve a substantial meal alongside alcohol , with venues forced to shut at 11pm .
A move to Tier 3 would see @ @ @ @ @ @ @ gatherings among different households , with all pubs , bars and restaurants forced to shutter .
This is a breaking news story .
More to follow Read more : GPs to begin offering coronavirus vaccines from today

Capital Punishment: London to enter Tier 3 on Wednesday
London shoppers
London is set to enter Tier 3 from midnight tomorrow, as the government scrambles to contain a sharp spike in coronavirus cases in the capital.
The capital will enter the highest level of restrictions at 0.01am on Wednesday morning, the health secretary has announced.
Parts of Essex and Hertfordshire including Basildon, Brentwood, Chelmsford, Epping Forest and Harlow will join London in Tier 3, with a review on the tier allocation due on 23 December.
It comes after the latest data from Public Health England showed there was an increase in coronavirus case rates in all 32 London boroughs in the seven days to 9 December.
The seven-day rate has also exceeded 200 cases per 100,000 people in 17 boroughs, meaning London now has the highest infection rate in the country.
London mayor Sadiq Khan called the latest figures “deeply concerning” and urged the PM to consider immediate action to support businesses forced to shutter under Tier 3.
“The worst thing for London’s businesses and our economy would be yet another full lockdown in the new year. That’s why I urge Londoners to follow the Tier 3 rules that the government is putting in place very closely so that we can drive down infection rates as much as possible,” he added.
Cities of London and Westminster MP Nice Aiken said she was “bitterly disappointed” at the decision, but that it was the “right decision” having review the data.
“However there is no doubt that Tier 3 restrictions will have devastating economic consequences for central London — especially on our hospitality sector,” she added.
“I’ve seen our pubs, bars and restaurants working incredibly hard under very difficult circumstances to keep us all safe, and this is going to hurt them.”
A move to Tier 3 sees a total ban on indoor and outdoor gatherings among different households, with all pubs, bars and restaurants forced to close.
Non-essential shops will be allowed to remain open so long as they are Covid-secure, while all museums, galleries, cinemas, theatres and ice skating rinks will be off the menu over the Christmas period.
London MPs are understood to have held two emergency meetings this morning over whether or not to catapult the city into the highest level of restrictions.
Ministers had originally planned to review current tier allocations for the whole country on Wednesday, but were “very alarmed” about an escalation of cases in London and Essex, government sources told City A.M.
MPs in the worst-affected areas of the capital were warned of an “exponential” rise in cases, after London reported 4,166 further infections yesterday — almost a quarter of England’s total cases.
Figures released on Friday by the Office for National Statistics (ONS) showed the level of Covid in London jumped from around 1 per cent to 1.5 per cent of the capital’s population last week.
Meanwhile, rates of infection decreased across all other areas of the country, apart from the east of England which saw a very slight hike in new cases.
Bah humbug
The UK’s leading business bodies warned City A.M. placing London in Tier 3 would deliver a “killer blow” for the capital, which is only just beginning to recover from months of closure.
“Hospitality has continued to take on a disproportionate burden to allow other parts of the economy to reopen during this crisis,” said Kate Nicholls, chief executive of UK Hospitality.
“These businesses have invested significant time, effort and money to create Covid-secure spaces, and they can play a role in keeping transmission rates down.”
Nicholls pointed fingers at the retail industry for the recent spike in infections, after the capital’s major shopping destinations saw a 93.5 per cent jump in footfall over the weekend.
“The increase in infections that are being reported in London boroughs are also not a result of the recent reopening of the hospitality sector, as we know due to the incubation period of the disease,” she said.
“Any harsher restrictions placed on the capital’s hospitality sector would have questionable effect on reducing transmission whilst plunging the sector into an even deeper crisis that would result in many more business failures and jobs lost.”
‘Catastrophic’
More than 25,000 UK hospitality venues have already buckled under the weight of the pandemic, with industry figures warning that hundreds of thousands of redundancies linger on the horizon as the tier system looks set to stay until the spring.
London mayor Sadiq Khan this morning warned that placing London in Tier 3 would be “catastrophic” for businesses already struggling in the run-up to Christmas, and “could mean many shops, bars, pubs and restaurants going bust.”
Michael Kill, chief executive of the Night Time Industries Association (NTIA), urged the government to set out further support measures before announcing any fresh restrictions for the capital.
Kill told City A.M: “It’s hugely concerning that cases are rising, with a potential for further restrictions if London moves into Tier 3, but I can only reiterate that given the limitations faced by the restrictions against the hospitality sector we continue to be Covid-safe.”
“However there are concerns around the behaviour evidenced from the weekend across other sectors, and with this it’s hardly surprising that London is under scrutiny once again. Let’s just hope that government [is] as swift in its proportionate financial support as it is in placing restrictions on businesses within this key trading period,” the NTIA boss added.
The business body, which represents more than 1,200 bars, clubs, casinos and music venues across the country, last week warned that the new tier system will cause three-quarters of the country’s night-time venues to shut forever.
The night-time economy is the UK’s fifth-biggest industry, accounting for at least eight per cent of the UK’s employment and annual revenues of £66bn, according to data from the NTIA.
And London’s night time economy directly supports 723,000 jobs — one in eight in the capital, according to the Office for National Statistics.
Mass testing
London Chamber of Commerce and Industry (LCCI) chief executive Richard Burge added that a “mass testing plan is needed to ensure Covid-19 case numbers come down with the Christmas lights”.
“There must be a clear government plan with London’s councils for the rollout of wide-scale testing in the capital,” Burgeons told City A.M.
He added that business support measures, including cash packages for hospitality venues, and an extension of the business rates holiday, must be “sufficient and immediate”.
“[That] will help the whole of the high street to plan their outgoings and mitigate the impact of loss of trade due to restrictions deterring those outside London from travelling in,” he said.


cityam--2020-12-14--Champions League draw: Liverpool get RB Leipzig and Chelsea face Atletico Madrid in last 16

Liverpool have been paired with Manchester United ’ s conquerors RB Leipzig in the Champions League draw for the last 16 .
Barcelona face Paris Saint-Germain in perhaps the tie of the round , which begins in February .
Read more : Champions League 2020-21 : How prize money is calculated and why the winners don ’ t always get paid the most Holders Bayern Munich were drawn against Lazio , while Real Madrid face Atalanta .
In the other last 16 ties , Porto will meet Juventus and Sevilla play Borussia Dortmund .
The first legs are scheduled to @ @ @ @ @ @ @ 23 and 24 of February .
The return fixtures are three weeks later .
Leipzig beat United 3-2 last week to qualify ahead of them from Group H. They are currently one point off the top of the Bundesliga .
Chelsea face an Atletico side who are also in form , lying second in LaLiga , level on points with leaders Real Sociedad .
City ’ s opponents Moenchengladbach are in the last 16 for the first time , having come through a group that also contained Real Madrid and Inter Milan .

Champions League draw: Liverpool get RB Leipzig and Chelsea face Atletico Madrid in last 16
RB Leipzig, who knocked out Manchester United in the group stage, were paired with Liverpool in the Champions League draw
Liverpool have been paired with Manchester United’s conquerors RB Leipzig in the Champions League draw for the last 16.
Chelsea face Atletico Madrid, while Manchester City will play Borussia Moenchengladbach.
Barcelona face Paris Saint-Germain in perhaps the tie of the round, which begins in February.
Holders Bayern Munich were drawn against Lazio, while Real Madrid face Atalanta.
In the other last 16 ties, Porto will meet Juventus and Sevilla play Borussia Dortmund.
The first legs are scheduled to take place on 16, 17, 23 and 24 of February. The return fixtures are three weeks later.
Leipzig beat United 3-2 last week to qualify ahead of them from Group H. They are currently one point off the top of the Bundesliga.
Chelsea face an Atletico side who are also in form, lying second in LaLiga, level on points with leaders Real Sociedad.
City’s opponents Moenchengladbach are in the last 16 for the first time, having come through a group that also contained Real Madrid and Inter Milan.
Europa League last 32 draw
In the Europa League last 32, United will play Spain’s Real Sociedad after dropping into the competition.
Tottenham face Austrian side Wolfsberger, while faltering north London rivals Arsenal meet Benfica.
Leicester were drawn against Slavia Prague and Rangers are to play Antwerp.


cityam--2020-12-14--Britain has 'most to lose from Brexit', says French finance minister

The French finance minister Bruno Le Maire has said that he believes the UK has more to lose from Brexit @ @ @ @ @ The British people will be the biggest losers from Brexit … Brexit , to use @ @ @ @ @ John Le Carre is a political , economic and historical folly , ” Le Maire @ @ @ @ @ Le Maire also said that the impact of Brexit on the French economy would be @ @ @ @ @ of its gross domestic product in 2021 .
The comment from Le Maire comes following @ @ @ @ @ agreement between the UK and EU , but both sides still persist that they remain @ @ @ @ @ of critical issues .
Read more : Macron promises not to ‘ have cake and @ @ @ @ @ negotiations

Britain has ‘most to lose from Brexit’, says French finance minister
The French finance minister Bruno Le Maire has said that he believes the UK has more to lose from Brexit than the EU.
“The British people will be the biggest losers from Brexit … Brexit, to use an expression of the late John Le Carre is a political, economic and historical folly,” Le Maire told France info radio.
Le Maire also said that the impact of Brexit on the French economy would be limited to 0.1 percentage points of its gross domestic product in 2021.
The comment from Le Maire comes following a renewed possibility of an agreement between the UK and EU, but both sides still persist that they remain far apart on a number of critical issues.


cityam--2020-12-15--Exclusive: Tech Nation’s top London startups revealed

Tech Nation has announced London ’ s top five early stage tech companies as part of its Rising Stars competition .
In what has been a difficult year for small firms , Tech Nation has picked some of the most innovative startups from the capital .
In its third year , the Rising Stars programme is a national competition for innovative early-stage firms and the five regional winners across each region and nation are picked by a panel of industry experts .
Read more : Capita sells edtech business to Montagu for £400m The London startups , which range from @ @ @ @ @ @ @ nationally for the chance to be named as one of Tech Nation ’ s 10 Rising Stars .
“ London ’ s strength as a global leading ecosystem is demonstrated by its position as second in the world behind only Silicon Valley , ” said Eoin Marsh , Tech Nation ’ s entrepreneur engagement manager in London .
“ The quality of London applicants to Rising Stars was exceptional this year and for Ufurnish , Vimma , Define , Zobi and Dragonfly AI to be announced as our semi-finalists it is a real @ @ @ @ @ @ @ an extremely competitive process.
” It has been a strong year for ecommerce platform Ufurnish which has managed to captialise on the sharp pivot to online shopping amid the pandemic .
The furniture retailer has hired 14 people this year and is looking to raise a Series A investment round in the new year .
Digital entertainment brand Vimma has had a similarly successful year , growing its customer base significantly in the past few months .
The company describes itself as a “ productivity suite ” for influencers who do not have @ @ @

Exclusive: Tech Nation’s top London startups revealed
(Photo by Dan Kitwood/Getty Images)
Tech Nation has announced London’s top five early stage tech companies as part of its Rising Stars competition.
In what has been a difficult year for small firms, Tech Nation has picked some of the most innovative startups from the capital.
In its third year, the Rising Stars programme is a national competition for innovative early-stage firms and the five regional winners across each region and nation are picked by a panel of industry experts.
The London startups, which range from lawtech to ecommerce, will now compete nationally for the chance to be named as one of Tech Nation’s 10 Rising Stars.
“London’s strength as a global leading ecosystem is demonstrated by its position as second in the world behind only Silicon Valley,” said Eoin Marsh, Tech Nation’s entrepreneur engagement manager in London.
“The quality of London applicants to Rising Stars was exceptional this year and for Ufurnish, Vimma, Define, Zobi and Dragonfly AI to be announced as our semi-finalists it is a real validation for their businesses in coming through an extremely competitive process.”
It has been a strong year for ecommerce platform Ufurnish which has managed to captialise on the sharp pivot to online shopping amid the pandemic. The furniture retailer has hired 14 people this year and is looking to raise a Series A investment round in the new year.
Digital entertainment brand Vimma has had a similarly successful year, growing its customer base significantly in the past few months. The company describes itself as a “productivity suite” for influencers who do not have talent management.
Other regional winners include lawtech Define, cyber security startup Zobi and adtech Dragonfly AI.


cityam--2020-12-15--Fines, bans and directors liable: Government plans Big Tech crackdown

The government is set to announce sweeping new measures for social media companies , as part of a crackdown on big tech .
Digital Secretary Oliver Dowden and Home Secretary Priti Patel will today propose plans to hand Ofcom considerable powers over social media firms .
The regulator will be able to fine companies failing in their duty of care up to £18m or 10 per cent of their annual global turnover .
It will also have the power to block non-compliant services from being accessed in the UK and the legislation includes provisions to impose criminal sanctions on senior @ @ @ @ @ @ @ the government ’ s response to the Online Harms White Paper consultation , which Dowden has hailed as a “ new age of accountability for tech to protect children and vulnerable users ” .
The new regulations , which the government plans to bring forward in an Online Safety Bill next year , will apply to any company in the world hosting user-generated content online accessible by people in the UK .
“ I ’ m unashamedly pro tech but that can ’ t mean a tech free for all , ” said @ @ @ @ @ @ @ the global standard for safety online with the most comprehensive approach yet to online regulation.
” Chair of the DCMS Committee , Julian Knight MP welcomed the proposals but said “ even hefty fines can be small change to tech giants and it ’ s concerning that the prospect of criminal liability would be held as a last resort.
” This Thursday the sub-committee on Online Harms and Disinformation will hear evidence from Facebook , Youtube and TikTok on steps they are taking to tackle harmful online content .
“ The safety of @ @ @ @ @ @ @ our creators – is our top priority , and so we haven ’ t waited for legislation to act .
We have worked with industry , community groups and the Government to tackle harmful content , ” Ben McOwen Wilson , managing director of Youtube UK said .
Social media sites and other similar services will now have a duty to limit the spread of illegal content , with the government calling on tech platforms to do more to protect children from being exposed to “ harmful content ” .
The government will @ @ @ @ @ @ @ companies have different responsibilities for different categories of content .
All companies “ will need to take appropriate steps to address illegal content ” such as child sexual abuse and terrorism .
They will also be required to assess the likelihood of children accessing their services .
The role of social media has become particularly pertinent in recent weeks as the government attempts to battle coronavirus vaccine misinformation .
Under the new regulation , the most popular social media sites will be required to set out clear terms which state how they handle @ @ @ @ @ @ @ physical or psychological harm ” .
This includes disinformation and misinformation , “ such as misleading content about coronavirus vaccines ” .

Fines, bans and directors liable: Government plans Big Tech crackdown
TikTok is awash with gurus offering investment advice.
The government is set to announce sweeping new measures for social media companies, as part of a crackdown on big tech.
Digital Secretary Oliver Dowden and Home Secretary Priti Patel will today propose plans to hand Ofcom considerable powers over social media firms.
Ofcom handed new powers
The regulator will be able to fine companies failing in their duty of care up to £18m or 10 per cent of their annual global turnover.
It will also have the power to block non-compliant services from being accessed in the UK and the legislation includes provisions to impose criminal sanctions on senior managers.
The proposals are part of the government’s response to the Online Harms White Paper consultation, which Dowden has hailed as a “new age of accountability for tech to protect children and vulnerable users”.
The new regulations, which the government plans to bring forward in an Online Safety Bill next year, will apply to any company in the world hosting user-generated content online accessible by people in the UK.
“I’m unashamedly pro tech but that can’t mean a tech free for all,” said Dowden. “Today Britain is setting the global standard for safety online with the most comprehensive approach yet to online regulation.”
Chair of the DCMS Committee, Julian Knight MP welcomed the proposals but said “even hefty fines can be small change to tech giants and it’s concerning that the prospect of criminal liability would be held as a last resort.”
This Thursday the sub-committee on Online Harms and Disinformation will hear evidence from Facebook, Youtube and TikTok on steps they are taking to tackle harmful online content.
“The safety of our online communities – our users and our creators – is our top priority, and so we haven’t waited for legislation to act. We have worked with industry, community groups and the Government to tackle harmful content,” Ben McOwen Wilson, managing director of Youtube UK said.
Clampdown on illegal content
Social media sites and other similar services will now have a duty to limit the spread of illegal content, with the government calling on tech platforms to do more to protect children from being exposed to “harmful content”.
The government will adopt a categorised approach that will see companies have different responsibilities for different categories of content.
All companies “will need to take appropriate steps to address illegal content” such as child sexual abuse and terrorism. They will also be required to assess the likelihood of children accessing their services.
The role of social media has become particularly pertinent in recent weeks as the government attempts to battle coronavirus vaccine misinformation.
Under the new regulation, the most popular social media sites will be required to set out clear terms which state how they handle legal content but could cause “significant physical or psychological harm”. This includes disinformation and misinformation, “such as misleading content about coronavirus vaccines”.


cityam--2020-12-14--Redbridge overtakes Ealing: How many Covid-19 infections are there in your local borough?

London recorded 5,322 new coronavirus cases in the past 24 hours , as the capital braces itself to enter Tier 3 from midnight on Wednesday Since March , London has now recorded 206,565 positive Covid-19 cases .
Latest data from Public Health England showed that London ’ s infection rate now stands at 242 per 100,000 in the past seven days — the highest in the country .
Read more : Capital Punishment : London to enter Tier 3 on Wednesday A spike in cases in 21 out of 32 London boroughs in the last couple of weeks has led @ @ @ @ @ @ @ three measures from Wednesday .
Figures released by Public Health England showed that Redbridge has overtaken Ealing as the worst-affected borough , after recording a staggering 361 cases in the past 24 hours .
It has now recorded 10,024 confirmed Covid-19 cases since the start of the pandemic .
Health secretary Matt Hancock said that a new variant of coronavirus has been identified in the southeast of England , which is growing faster than existing variants .
The mutation is predominantly in the south of England which may be causing the steep rise @ @ @ @ @ @ @ more : Coronavirus cases ‘ levelling off ’ across England ahead of three-tier system Ealing reported 101 new cases in the last 24 hours to climb to 9,218 in total .
Newham has also overtaken it with 9,632 confirmed cases , after recording 328 new cases on Monday .
Several other boroughs in East London have recorded a high rate of new cases , with Dagenham and Tower Hamlets also reporting spikes in infections .
Enfield recorded 286 in the past day , with 8,448 confirmed cases as of Monday .
Read more @ @ @ @ @ @ @ own local contact tracing systems It comes as the UK recorded a further 20,263 coronavirus cases , bringing the total number of people who have tested positive since the start of the pandemic to almost 1.87 .
The official UK death toll officially passed the 60,000 mark last week , with a further 232 fatalities recorded in the past 24 hours bringing the total number of Covid-related deaths to 64,302 .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Data @ @ @ @ @ @ @ as of 4pm on Sunday 13 December Before the Open newsletter : Start your day with the City View podcast and key market data

How many Covid-19 infections are there in your London borough?
London has seen a sharp drop in the number of recorded coronavirus cases over the past few days, after figures released on Friday showed the capital currently has the lowest R rate in the country.
A further 629 cases were recorded in the past 24 hours, taking the total number of positive tests in London since the start of the pandemic to 697,278.
It marks a significant drop since a record 19,871 daily cases were recorded on 29 December, as lockdown measures continue to drive down infections.
Several areas in the capital have seen case numbers drop threefold over the past fortnight, which in turn has pushed down the spread of infection.
Most boroughs in the capital now have a seven-day rate below 100 new cases per 100,000, but that figure is below 50 in some areas in central London.
Twenty-nine London borough areas, including the whole of east London which was hardest hit by the second wave, have a seven-day case rate below 100 new confirmed cases per 100,000.
Meanwhile, Southwark, Westminster, Camden, Kensington and Chelsea all recorded seven-day rates below 50. Lewisham saw the lowest case rate in the capital in the week to 24 February, with an average of 43 people infected per 100,000 population.
Meanwhile, Ealing currently has the highest case rate, with 123 cases per 100,000, followed by Hounslow at 115 and Hillingdon on 97.
Health chiefs have said all London boroughs need to get below a case rate of 100 before restrictions can begin to be lifted, starting with the reopening of schools on 8 March.
It comes after figures released last Friday showed London’s R rate remains at a best estimate of 0.6 to 0.8 — the lowest in the country, alongside the east of England and the South West.
The figure means infections may be falling anywhere between five and eight per cent each day.
However, separate figures released last week showed the percentage of people testing positive for coronavirus in London remains the highest of any English region.
Data published by the Office for National Statistics (ONS) showed around 1 in 63 Londoners were infected with the virus last week.
That compares to an estimated 1 in 80 people who contracted the virus in England as a whole in the week to 6 February, according to ONS figures.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
London coronavirus cases by borough (in alphabetical order)
Data sourced from Public Health England, accurate as of 4pm on Tuesday 2 March
Boroughs Rate of infection per 100,000 people in last 7 days Total confirmed cases since start of pandemic Barking and Dagenham 86 22,925 Barnet 75 29,569 Bexley 58 21,812 Brent 91 27,577 Bromley 48 23,857 Camden 42 13,683 Croydon 73 30,213 Ealing 123 29,807 Enfield 48 29,217 Greenwich 55 21,769 Hackney and City of London 57 21,234 Hammersmith and Fulham 76 12,564 Haringey 58 20,345 Harrow 95 19,917 Havering 65 26,383 Hillingdon 97 25,287 Hounslow 115 23,817 Islington 43 14,574 Kensington and Chelsea 43 8,643 Kingston upon Thames 47 11,764 Lambeth 49 23,625 Lewisham 39 21,226 Merton 79 15,719 Newham 61 34,574 Redbridge 72 31,965 Richmond upon Thames 55 10,430 Southwark 42 21,947 Sutton 80 15,509 Tower Hamlets 53 28,074 Waltham Forest 52 24,325 Wandsworth 63 21,377 Westminster 41 13,577
Before the Open newsletter: Start your day with the City View podcast and key market data


cityam--2020-12-14--Millions worth of festive food could go to waste as London enters Tier 3

Millions of pounds worth of food could go to waste as a result of the government ’ s decision to send London into Tier 3 at midnight tomorrow .
In Tier 3 all bars and restaurants will be forced to close , although they are able to offer take-away and delivery services .
Restaurateurs say the rug has been pulled from beneath them as they prepared for the busiest week of the year .
In Tier 2 household groups of fewer than six were able to eat together in restaurants and even drink in bars , provided the alcohol was @ @ @ @ @ @ @ .
After the November lockdown , several restaurateurs told City A.M. bookings were healthy , with some restaurants fully booked in the run-up to Christmas .
Now many will struggle to shift their seasonal produce , especially City-based and central London restaurants , which tend to see less take-away business .
“ The amount of food going to waste as a result of the lack of warning we ’ ve had is devastating , ” says Tom Warren , founder of Wild by Tart .
David Moore , owner of Pied à Terre @ @ @ @ @ @ @ A.M. : “ Thousands of pounds worth of food and drink will go to waste as fridges full of food are emptied.
” Restaurants now face the prospect of giving their food away or throwing it in the bin .
M and Gaucho owner Rare Restaurants also has “ thousands of pounds ” worth of food going to waste .
It is now working with charity Only A Pavement Away to distribute its surplus food to the homeless .
Chefs across London reacted with dismay to the news today , with Pied à @ @ @ @ @ @ @ just feel like crying ” .
There have been calls across the sector for the introduction of a new hospitality minister to help steer the industry through its biggest crisis since World War 2 .
Industry bodies warn there is a ticking time bomb on the horizon when the moratorium on rent enforcement is eased at the end of March .

Millions worth of festive food could go to waste as London enters Tier 3
Turkeys bought by restaurants could go to waste as London prepares for tier 3
Millions of pounds worth of food could go to waste as a result of the government’s decision to send London into Tier 3 at midnight tonight.
In Tier 3 all bars and restaurants will be forced to close, although they are able to offer take-away and delivery services.
Restaurateurs say the rug has been pulled from beneath them as they prepared for the busiest week of the year.
In Tier 2 household groups of fewer than six were able to eat together in restaurants and even drink in bars, provided the alcohol was accompanied by a “substantial meal”.
After the November lockdown, several restaurateurs told City A.M. bookings were healthy, with some restaurants fully booked in the run-up to Christmas. Now many will struggle to shift their seasonal produce, especially City-based and central London restaurants, which tend to see less take-away business.
“The amount of food going to waste as a result of the lack of warning we’ve had is devastating,” says Tom Warren, founder of Wild by Tart.
David Moore, owner of Pied à Terre, echoed the sentiment, telling City A.M.: “Thousands of pounds worth of food and drink will go to waste as fridges full of food are emptied.”
Restaurants now face the prospect of giving their food away or throwing it in the bin. M and Gaucho owner Rare Restaurants also has “thousands of pounds” worth of food going to waste. It is now working with charity Only A Pavement Away to distribute its surplus food to the homeless.
Chefs across London reacted with dismay to the news today, with Pied à Terre’s Moore saying “I just feel like crying”. There have been calls across the sector for the introduction of a new hospitality minister to help steer the industry through its biggest crisis since World War 2.
Industry bodies warn there is a ticking time bomb on the horizon when the moratorium on rent enforcement is eased at the end of March.