cityam--2020-07-14--Give me Liberty or Give me TikTok

Give me Liberty or Give me TikTok

Bytedance ’ s superstar mobile app , TikTok has risen to hero status becoming the go-to source of entertainment during lockdown .
Viral dance challenges , comedic skits and short snippets of video content have grabbed the attention of over 1 billion monthly users .
In a time where uncertainty and boredom reigns , a bit of creative romance is received with open arms .
Its genius architect , Zhang Yiming describes his creation thus , “ Romance is all about imagining interesting things that could happen in theory but not in reality yet.
” With constant media fear-mongering related @ @ @ @ @ @ @ and even moral judgements have become more prevalent around the world .
Humans seeking an outlet for eccentricity , are flocking to a platform that showcases and understands their needs .
Here is precisely where the true brilliance behind the artificial intelligence of TikTok shines .
According to Bloomberg , “ Within a day , the app can get to know you so well it feels like it ’ s reading your mind.
” Launched by ByteDance in September 2016 , TikTok – known as Douyin 抖音 in China – is a social @ @ @ @ @ @ @ creating and sharing of videos .
It ’ s one of many apps in the “ Internet AI ” category , including Snapchat , Instagram , Twitter , and Facebook .
Algorithms within the application are able to perceive and interpret the world according to viewing patterns of users .
Bytedance ’ s first hit Toutiao , for example , automatically curates and recommends news content based on user preferences and habits .
Similarly TikTok ’ s recommendation engine has grown in sophistication .
It ’ s uncanny learning abilities harness intimate user @ @ @ @ @ @ @ Facebook ’ s secret sauce tapped into our social network to provide suggestions , TikTok digs deeper into our core .
Using the taps of our fingertips TikTok ’ s proprietary technology reveals the intricacies of our desires .
It feels great to be known .
Not only does TikTok learn its users to a T , it also gives a unique opportunity for the ordinary person to become a star .
Without agents or expensive production teams , everyday people can become celebrities and even earn income .
The flow of posting @ @ @ @ @ @ @ hack than convoluted YouTube algorithms and streaming links .
TikTok is an instant and daily virtual stage .
Due to the coronavirus lockdown , entire households , across generations have enjoyed laughs and fun , contributing to viral social media challenges .
Whether they are dances , re-enactments of skits or silly songs , TikTok creation is a pleasant and interactive release from the mundane .
TikTok ’ s homemade content has become prevalent , particularly among rural and poor areas of China , India and other emerging markets .
Originally , content @ @ @ @ @ @ @ , Bytedance acquisitions shows an evolving agenda to tap into news , politics and thought leadership .
Its globalization strategy included a series of mergers and acquisitions .
In January 2018 , ByteDance and BuzzFeed signed a partnership whereby ByteDance was licensed to distribute BuzzFeed ’ s entertainment content in China .
Its acquisition of Musical.ly in August 2018 cemented its growing dominance in the US and around the world .
Massive accumulation of data sets and global content has cemented this Chinese company as the leader of social influence .
In areas @ @ @ @ @ @ @ are often limited TikTok ’ s content recipe could become the predominant thought leader .
This could be a reason for the backlash from governments and corporations worldwide .
It ’ s also extremely popular among the tender age group of 14-26 .
In the US for example , 60 % of TikTok users fall in this category , according to the November 2019 release from Reuters .
Monopoly of attention has huge implications to future development and power .
Vulnerable groups could be susceptible to propaganda and manipulation placed between the fast @ @ @ @ @ @ @ their choice .
Users flock to TikTok as direct feeds so accurately match users interests .
Machine learning algorithms get smarter with the accumulation of data sets .
China clearly has an advantage simply due to their population numbers .
China ’ s population stands around 1.43 billion and as of the first quarter of 2020 , about 904 million people had access to the internet .
With ever increasing power in Bytedance artificial brainchild , the question remains , to what end is this AI learning and influencing users ?
How are @ @ @ @ @ @ @ mobile users are comfortable with sharing private data , in sharp contrast with western countries that enforce strict regulations .
In March 2019 TikTok was fined a record $ 5.7 million by the US Federal Trade Commission for collecting the personal data of children under 13 .
Fires have sparked around the world as companies denounce the dangers of TikTok .
It ’ s most recent foe was Amazon , following suit of the USA government and banning its use to employees .
Although they recently retracted their apparent ban , the damage @ @ @ @ @ @ @ real danger of the TikTok ?
Their data collection might seem intrusive , however Facebook , Google , and countless other apps do exactly the same with user permission .
Will Bytedance follow suit the way Cambridge Analytica manipulated voters with Facebook data or leverage the power of location pings to track users whereabouts ?
Facebook AI research team was apparently committed to “ advancing the field of machine intelligence and creating new technologies to give people better ways to communicate.
” [ 1 ] Similarly , CEO Yiming reassuringly stated , “ @ @ @ @ @ @ @ of our society , ByteDance believes that we – and our industry peers – have a duty to ensure that we understand and can anticipate the social impact of these new technologies , and manage this impact responsibly.
” ( December 1 , 2017 ) Viewer beware .
No matter what the actual or perceived danger of TikTok is , this unfolding drama highlights the critical need for continued discussion in the area of ethics in artificial intelligence .
“ We need to do a much better job at explaining how our algorithms @ @ @ @ @ @ @ of Twitter .
AI may have the potential to analyze and articulate our needs better than ourselves .
As this technology builds in sophistication , where will it lead society ?
Shall we trust the big tech executives to guide the formation of youthful minds ?
It seems the masses have chosen to do just that .
For better or for worse TikTok has become the definitive molder of collective thought .
[ 1 ] Minh H. Vo , Anne Yang .
ByteDance Beyond China : Leveraging Consumer Artificial Intelligence ( AI ) @ @ @ @ @ @ @ ChristyAna is a Digital Transformation Strategist and Co-Founder of ACT Ventures Consulting Group .
An advocate for inclusion in STEM education , she is a board member of Wonder Design Lab .
Originally based in Puerto Rico and South Korea she is launching a Virtual Startup Competition in the UK .

Give me Liberty or Give me TikTok
Bytedance’s superstar mobile app, TikTok has risen to hero status becoming the go-to source of entertainment during lockdown. Viral dance challenges, comedic skits and short snippets of video content have grabbed the attention of over 1 billion monthly users.
In a time where uncertainty and boredom reigns, a bit of creative romance is received with open arms. Its genius architect, Zhang Yiming describes his creation thus, “Romance is all about imagining interesting things that could happen in theory but not in reality yet.” With constant media fear-mongering related to the coronavirus outbreak restricted social behavior and even moral judgements have become more prevalent around the world.
Humans seeking an outlet for eccentricity, are flocking to a platform that showcases and understands their needs. Here is precisely where the true brilliance behind the artificial intelligence of TikTok shines. According to Bloomberg, “Within a day, the app can get to know you so well it feels like it’s reading your mind.”
What’s a TikTok?
Launched by ByteDance in September 2016, TikTok – known as Douyin 抖音 in China – is a social media app for the live broadcasting, creating and sharing of videos. It’s one of many apps in the “Internet AI” category, including Snapchat, Instagram, Twitter, and Facebook. Algorithms within the application are able to perceive and interpret the world according to viewing patterns of users. Bytedance’s first hit Toutiao, for example, automatically curates and recommends news content based on user preferences and habits.
Source: https://digit.hbs.org/submission/toutiao-an-ai-powered-news-platform/
Similarly TikTok’s recommendation engine has grown in sophistication. It’s uncanny learning abilities harness intimate user data to foster addictive behavior. While Facebook’s secret sauce tapped into our social network to provide suggestions, TikTok digs deeper into our core. Using the taps of our fingertips TikTok’s proprietary technology reveals the intricacies of our desires.
The Good:
It feels great to be known. Not only does TikTok learn its users to a T, it also gives a unique opportunity for the ordinary person to become a star. Without agents or expensive production teams, everyday people can become celebrities and even earn income. The flow of posting on TikTok is a lot easier to hack than convoluted YouTube algorithms and streaming links. TikTok is an instant and daily virtual stage.
Due to the coronavirus lockdown, entire households, across generations have enjoyed laughs and fun, contributing to viral social media challenges. Whether they are dances, re-enactments of skits or silly songs, TikTok creation is a pleasant and interactive release from the mundane.
The Bad:
TikTok’s homemade content has become prevalent, particularly among rural and poor areas of China, India and other emerging markets. Originally, content consisted mainly of mindless entertainment. However, Bytedance acquisitions shows an evolving agenda to tap into news, politics and thought leadership. Its globalization strategy included a series of mergers and acquisitions.
In January 2018, ByteDance and BuzzFeed signed a partnership whereby ByteDance was licensed to distribute BuzzFeed’s entertainment content in China. Its acquisition of Musical.ly in August 2018 cemented its growing dominance in the US and around the world. Massive accumulation of data sets and global content has cemented this Chinese company as the leader of social influence. In areas where access to varied digital entertainment options are often limited TikTok’s content recipe could become the predominant thought leader.
This could be a reason for the backlash from governments and corporations worldwide. It’s also extremely popular among the tender age group of 14-26. In the US for example, 60% of TikTok users fall in this category, according to the November 2019 release from Reuters. Monopoly of attention has huge implications to future development and power.
The Ugly:
Vulnerable groups could be susceptible to propaganda and manipulation placed between the fast and dirty content appearing to users without their choice. Users flock to TikTok as direct feeds so accurately match users interests. Machine learning algorithms get smarter with the accumulation of data sets. China clearly has an advantage simply due to their population numbers. China’s population stands around 1.43 billion and as of the first quarter of 2020, about 904 million people had access to the internet.
With ever increasing power in Bytedance artificial brainchild, the question remains, to what end is this AI learning and influencing users? How are users protected from malicious content?
Chinese mobile users are comfortable with sharing private data, in sharp contrast with western countries that enforce strict regulations.
In March 2019 TikTok was fined a record $5.7 million by the US Federal Trade Commission for collecting the personal data of children under 13. Fires have sparked around the world as companies denounce the dangers of TikTok. It’s most recent foe was Amazon, following suit of the USA government and banning its use to employees. Although they recently retracted their apparent ban, the damage is done. So what is the real danger of the TikTok? Their data collection might seem intrusive, however Facebook, Google, and countless other apps do exactly the same with user permission.
Will Bytedance follow suit the way Cambridge Analytica manipulated voters with Facebook data or leverage the power of location pings to track users whereabouts? Facebook AI research team was apparently committed to “advancing the field of machine intelligence and creating new technologies to give people better ways to communicate.” [1] Similarly, CEO Yiming reassuringly stated, “As AI becomes an increasingly integral part of our society, ByteDance believes that we – and our industry peers – have a duty to ensure that we understand and can anticipate the social impact of these new technologies, and manage this impact responsibly.” (December 1, 2017)
The Choice:
Viewer beware. No matter what the actual or perceived danger of TikTok is, this unfolding drama highlights the critical need for continued discussion in the area of ethics in artificial intelligence. “We need to do a much better job at explaining how our algorithms work.” says Jack Dorsey, CEO of Twitter. AI may have the potential to analyze and articulate our needs better than ourselves. As this technology builds in sophistication, where will it lead society? Shall we trust the big tech executives to guide the formation of youthful minds? It seems the masses have chosen to do just that. For better or for worse TikTok has become the definitive molder of collective thought.
[1] Minh H. Vo, Anne Yang. ByteDance Beyond China: Leveraging Consumer Artificial Intelligence (AI) from Toutiao to Musical.ly and TikTok”
ChristyAna is a Digital Transformation Strategist and Co-Founder of ACT Ventures Consulting Group. An advocate for inclusion in STEM education, she is a board member of Wonder Design Lab. Originally based in Puerto Rico and South Korea she is launching a Virtual Startup Competition in the UK.


cityam--2020-07-14--Marvin Liao talks to BEQUANT

Marvin Liao talks to BEQUANT

Marvin Liao is an angel investor , advisor to several Family offices , ex-VC and ex-Tech & Media Executive .
Marvin took a few minutes to talk to the team at BEQUANT about his views on COVID , crypto and the future of blockchain .
1 .
What in your view will happen to crypto post COVID ?
I think the growth of crypto will really come from the long term negative results of all the money printing that is happening across the globe , in almost every country .
By adding in massive governmental over-reach and control , I @ @ @ @ @ @ @ early mainstream people into decentralized products .
I think this is still a few years out .
2 .
What is your organization doing that is involving crypto and adaptation ?
I ’ m not associated with any organization right now although I am advising some Family Offices .
They are all becoming more interested in Crypto , particularly as there has been large signals of some adoption by icons like Paul Tudor Jones and some of the big Wall St Banks in this area .
3 .
Why do you think the @ @ @ @ @ @ @ now ?
I find their is too much liquidity in the market and as per question 1 , a lot of infrastructure has been laid in last 2 years .
The use cases are starting to be interesting .
4 .
Blockchain technology holds promise – what do you think is a good use for it in the current situation in the world ?
It ’ s still early days .
The biggest problem with blockchain is as it was few years back is the crappy UX and user interface .
It is @ @ @ @ @ @ @ which is hindering its adoption .

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Marvin Liao talks to BEQUANT
The photo shows physical imitations of cryptocurrency in Dortmund, western Germany, on January 27, 2020. (Photo by INA FASSBENDER / AFP) (Photo by INA FASSBENDER/AFP via Getty Images)
Marvin Liao is an angel investor, advisor to several Family offices, ex-VC and ex-Tech & Media Executive. Marvin took a few minutes to talk to the team at BEQUANT about his views on COVID, crypto and the future of blockchain.
1. What in your view will happen to crypto post COVID?
I think the growth of crypto will really come from the long term negative results of all the money printing that is happening across the globe, in almost every country. By adding in massive governmental over-reach and control, I think there will be increasing interest by early mainstream people into decentralized products. I think this is still a few years out.
2. What is your organization doing that is involving crypto and adaptation?
I’m not associated with any organization right now although I am advising some Family Offices. They are all becoming more interested in Crypto, particularly as there has been large signals of some adoption by icons like Paul Tudor Jones and some of the big Wall St Banks in this area.
3. Why do you think the crypto market is experiencing a high right now?
I find their is too much liquidity in the market and as per question 1, a lot of infrastructure has been laid in last 2 years. The use cases are starting to be interesting.
4. Blockchain technology holds promise – what do you think is a good
use for it in the current situation in the world?
It’s still early days. The biggest problem with blockchain is as it was few years back is the crappy UX and user interface. It is still not easy to understand or use which is hindering its adoption.


cityam--2020-07-14--Virgin Atlantic secures £1.2bn rescue deal after months of turbulence

Sir Richard Branson ’ s Virgin Atlantic is on the brink of announcing a £1.2bn rescue deal after nearly four months of uncertainty over its future .
The deal , which Sky News reported could be unveiled this afternoon , will save thousands of jobs at the embattled carrier .
Read more : Virgin Atlantic secures £200m from Virgin in bid for £1bn rescue deal As part of the package , Virgin Atlantic is set to be one of the first companies to use a new court process introduced by the government in order to improve restructuring processes during the @ @ @ @ @ @ @ the airline has now secured the backing of payment processing platform First Data , clearing the way for the package to be approved .
The total package is made up of a number of sources , with Branson ’ s Virgin Group set to put in £200m , while hedge fund Davidson Kempner will lend £170m .
In addition , the company ’ s shareholders – parent company Virgin and US carrier Delta – will defer around £400m in fees .
Before the Open newsletter : Start your day with the City View @ @ @ @ @ @ @ funding will be secured through further deferrals from lessors and payment firms , as well as a £200m cost savings plan being drawn up by chief executive Shai Weiss .
If announced , the deal will enable the transatlantic flier to continue operating for the medium term .
Along with many airlines , Virgin was devastated by the coronavirus crisis , with the carrier forced to ground almost all of its flights for nearly four months .
As a result , the company announced that it would slash a third of its workforce @ @ @ @ @ @ @ base at Gatwick Airport .
Read more : Virgin Atlantic to restart flights to 17 destinations in August It had been in negotiations with Treasury officials over a £500m bailout , but the funding failed to materialise .
It is set to begin flying again from next week , with further services slated to operate from August .

Virgin Atlantic secures £1.2bn rescue deal after months of turbulence
Sir Richard Branson’s Virgin Atlantic has secured a £1.2bn rescue deal after nearly four months of uncertainty over its future.
The deal, which Sky News reported could be unveiled this afternoon, will save thousands of jobs at the embattled carrier.
In a statement, chief executive Shai Weiss hailed the deal, saying that the “last six months have been the toughest we have faced in our 36-year history.
“We have taken painful measures, but we have accomplished what many thought impossible.
“The solvent recapitalisation of Virgin Atlantic will ensure that we can continue to provide vital connectivity and competition to consumers and businesses in Britain and beyond”.
As part of the package, Virgin Atlantic is set to be one of the first companies to use a new court process introduced by the government in order to improve restructuring processes during the coronavirus pandemic.
The airline confirmed it had now secured the backing of payment processing platform First Data, clearing the way for the package to be approved.
The total package is made up of a number of sources, with Branson’s Virgin Group set to put in £200m, while hedge fund Davidson Kempner will lend £170m.
Before the Open newsletter: Start your day with the City View podcast and key market data
In addition, the company’s shareholders – parent company Virgin and US carrier Delta – will defer around £400m in fees.
The additional funding will be secured through further deferrals from lessors and payment firms worth £450m, as well as a £280m cost savings plan being drawn up by Weiss.
The airline said the deal would enable it to return to profitability in 2022.
Along with many airlines, Virgin was devastated by the coronavirus crisis, with the carrier forced to ground almost all of its flights for nearly four months.
As a result, the company announced that it would slash a third of its workforce – 3,550 jobs – and quit its base at Gatwick Airport.
It had been in negotiations with Treasury officials over a £500m bailout, but the funding failed to materialise.
It is set to begin flying again from next week, with further services slated to operate from August.
However, Virgin Atlantic warned that it did not expect flying to return to pre-coronavirus levels until 2023.


cityam--2020-07-14--China threatens to sanction Lockheed Martin over Taiwan arms sales

Lockheed Martin looks set to be slapped with sanctions by China for its role in providing arms to Taiwan , in a move likely to further damage the US ’ relationship with the east Asian giant .
Last week the US government approved a $ 620m upgrade package for a surface-to-air missile system , in which Lockheed is the main contractor .
Read more : China retaliates with sanctions in US row over Uighur Muslims Speaking to the media , Chinese foreign ministry spokesman Zhao Lijian called on the US to stop selling arms to the contested state in the @ @ @ @ @ @ @ “ In order to safeguard the country ’ s interests , China has decided to take necessary steps , and put sanctions on the main contractor for this sale , Lockheed Martin ” , he said .
Further details on the sanctions were not forthcoming .
City A.M. has contacted Lockheed Martin for comment .
The company also provides Taiwan with other weapons , including Sikorsky ’ s Black Hawk and Seahawk helicopters .
Before the Open newsletter : Start your day with the City View podcast and key market data Although the @ @ @ @ @ @ @ ties with the island state , it has continued to sell arms and provide training to its military since the 1979 ’ s Taiwan Relations Act .
The US , along with the EU , stopped exporting arms to China after the Tiananmen square protests in 1989 .
In recent months , relations between the world ’ s two largest economies have worsened , leading to fears over the future of US president Donald Trump ’ s long-touted trade deal between the states .
The two have clashed repeatedly over a number of @ @ @ @ @ @ @ coronavirus pandemic and a new crackdown on democratic freedoms in the city-state of Hong Kong .
Yesterday China announced sanctions on the US after Washington penalised senior Chinese officials over the treatment of minority Uighur Muslims .
Read more : Europe is no longer America ’ s sidekick when it comes to China In recent years , China has repeatedly stressed its desire to take control of Taiwan by force if necessary , which has prompted the island state to bolster its military resources over fears of a potential invasion .
Its armed @ @ @ @ @ @ @ military exercises to test its defence systems .

China threatens to sanction Lockheed Martin over Taiwan arms sales
Lockheed Martin looks set to be slapped with sanctions by China for its role in providing arms to Taiwan, in a move likely to further damage the US’ relationship with the east Asian giant.
Last week the US government approved a $620m upgrade package for a surface-to-air missile system, in which Lockheed is the main contractor.
Speaking to the media, Chinese foreign ministry spokesman Zhao Lijian called on the US to stop selling arms to the contested state in the interests of stability in the region.
“In order to safeguard the country’s interests, China has decided to take necessary steps, and put sanctions on the main contractor for this sale, Lockheed Martin”, he said.
Further details on the sanctions were not forthcoming. City A.M. has contacted Lockheed Martin for comment.
The company also provides Taiwan with other weapons, including Sikorsky’s Black Hawk and Seahawk helicopters.
Before the Open newsletter: Start your day with the City View podcast and key market data
Although the US does not have any official diplomatic ties with the island state, it has continued to sell arms and provide training to its military since the 1979’s Taiwan Relations Act.
The US, along with the EU, stopped exporting arms to China after the Tiananmen square protests in 1989.
In recent months, relations between the world’s two largest economies have worsened, leading to fears over the future of US president Donald Trump’s long-touted trade deal between the states.
The two have clashed repeatedly over a number of subjects, including the origins of the coronavirus pandemic and a new crackdown on democratic freedoms in the city-state of Hong Kong.
Yesterday China announced sanctions on the US after Washington penalised senior Chinese officials over the treatment of minority Uighur Muslims.
In recent years, China has repeatedly stressed its desire to take control of Taiwan by force if necessary, which has prompted the island state to bolster its military resources over fears of a potential invasion.
Its armed forces are currently conducting five days of military exercises to test its defence systems.


cityam--2020-07-14--UK has now approved £46.7bn of coronavirus business loans

British businesses have now accessed £46.7bn of loans through the government ’ s package of emergency coronavirus support schemes .
New figures released today showed that £31.70bn of bounce back loans -lending of up to £50,000 which the government 100 per cent underwrites – have now been approved for 1.05m businesses .
A further £11.85bn to 54,538 businesses has been borrowed through Rishi Sunak ’ s original Coronavirus Business Loan Scheme ( CBILS ) , which sees the government undewrite 80 per cent of loans up to £5m .
The Coronavirus Large Business Interruption Loan Scheme ( CLBILS ) – @ @ @ @ @ @ @ – has facilitated £2.73bn of borrowing for 412 businesses .
Before the Open newsletter : Start your day with the City View podcast and key market data A further £419.6m was borrowed through the Future Fund , which is aimed at high-growth start-ups .
The government ’ s original CBILS scheme was plagued by a slow and laborious approvals process , with many complaining early in the coronavirus crisis that loans were not being provided quick enough .
Banks carried out stringent checks to see if companies applying would be viable in the @ @ @ @ @ @ @ cent of the default risk and not all of it .
The bounce back loan scheme was introduced as a way for banks to approve loans far quicker for small businesses , with the government taking on all of the default risk .
The new figures come as the Office for National Statistics ( ONS ) revealed that the UK economy grew by 1.8 per cent in May , which was much less than economists expected .
Read more : UK economy grows by much less than expected in May after April crash @ @ @ @ @ @ @ per cent in April thanks to the Covid-19 lockdown , however experts predicted a 5 per cent rebound in May .
May ’ s figures were “ a disappointing first step on the road to recovery , ” said Thomas Pugh , UK economist at consultancy Capital Economics .

UK has now approved £46.7bn of coronavirus business loans
British businesses have now accessed £46.7bn of loans through the government’s package of emergency coronavirus support schemes.
New figures released today showed that £31.70bn of bounce back loans -lending of up to £50,000 which the government 100 per cent underwrites – have now been approved for 1.05m businesses.
A further £11.85bn to 54,538 businesses has been borrowed through Rishi Sunak’s original Coronavirus Business Loan Scheme (CBILS), which sees the government undewrite 80 per cent of loans up to £5m.
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) – loans up to £200m for large businesses – has facilitated £2.73bn of borrowing for 412 businesses.
Before the Open newsletter: Start your day with the City View podcast and key market data
A further £419.6m was borrowed through the Future Fund, which is aimed at high-growth start-ups.
The government’s original CBILS scheme was plagued by a slow and laborious approvals process, with many complaining early in the coronavirus crisis that loans were not being provided quick enough.
Banks carried out stringent checks to see if companies applying would be viable in the long-term as the government took 80 per cent of the default risk and not all of it.
The bounce back loan scheme was introduced as a way for banks to approve loans far quicker for small businesses, with the government taking on all of the default risk.
The new figures come as the Office for National Statistics (ONS) revealed that the UK economy grew by 1.8 per cent in May, which was much less than economists expected.
UK GDP plummeted by a record 20.3 per cent in April thanks to the Covid-19 lockdown, however experts predicted a 5 per cent rebound in May.
May’s figures were “a disappointing first step on the road to recovery,” said Thomas Pugh, UK economist at consultancy Capital Economics.


cityam--2020-07-14--Number of jobs available in London plummets due to coronavirus

The number of jobs available in London during the second quarter plummeted as the coronavirus crisis took hold .
In April , there was a 72 per cent drop in the number of job vacancies with just a one per cent decrease in job seekers across the period , according to Morgan McKinley research .
Read more : Bank of England ’ s Andrew Bailey says he ’ s ‘ very worried about jobs ’ By the end of the second quarter , the number of jobseekers climbed 19 per cent but also brought a 72 per cent increase in @ @ @ @ @ @ @ director of Morgan McKinley said : “ Working from home had its benefits , with professionals more open to look for new opportunities .
As the months passed , working from home became the norm and by June , the number of job vacancies available increased by 72 % .
” “ Businesses recognised that investing in talent continues to be a main driver for survival , recovery and future growth.
” Last week the Chancellor announced the launch of the Kickstart scheme which will see the government subsidise hundreds of thousands of @ @ @ @ @ @ @ It is just one element of Rishi Sunak ’ s rescue package to help kickstart the economy again .
The Bank of England ’ s Monetary Policy Committee kept interest rates at a low of 0.1 per cent , while the double whammy of Brexit issues and pandemic prompted an increase in quantitative easing by the end of June .
The job retention scheme , which sees the government pay 80 per cent of furloughed staff ’ s wages , was widely praised but as it pares back in the autumn there are @ @ @ @ @ @ @ .
Read more : John Lewis to join Primark in rejecting government jobs retention bonus Even those who are employed are facing difficulties during the coronavirus crisis .
During the second quarter , the average change in salary of those moving from one job to another was 13 per cent .
The impact of the pandemic on productivity and sales has resulted in many firms cutting costs , which in turn resulted to a drop in average salary increases being offered to new staff .

Number of jobs available in London plummets due to coronavirus
The OECD has upgraded its forecasts for the UK economy but still predicts a recession knife-edge
The number of jobs available in London during the second quarter plummeted as the coronavirus crisis took hold.
In April, there was a 72 per cent drop in the number of job vacancies with just a one per cent decrease in job seekers across the period, according to Morgan McKinley research.
By the end of the second quarter, the number of jobseekers climbed 19 per cent but also brought a 72 per cent increase in jobs available.
Hakan Enver, managing director of Morgan McKinley said: “Working from home had its benefits, with professionals more open to look for new opportunities. As the months passed, working from home became the norm and by June, the number of job vacancies available increased by 72%.”
“Businesses recognised that investing in talent continues to be a main driver for survival, recovery and future growth.”
Last week the Chancellor announced the launch of the Kickstart scheme which will see the government subsidise hundreds of thousands of new jobs for unemployed young Britons.
It is just one element of Rishi Sunak’s rescue package to help kickstart the economy again. The Bank of England’s Monetary Policy Committee kept interest rates at a low of 0.1 per cent, while the double whammy of Brexit issues and pandemic prompted an increase in quantitative easing by the end of June.
The job retention scheme, which sees the government pay 80 per cent of furloughed staff’s wages, was widely praised but as it pares back in the autumn there are concerns it will lead to mass unemployment.
Even those who are employed are facing difficulties during the coronavirus crisis. During the second quarter, the average change in salary of those moving from one job to another was 13 per cent.
The impact of the pandemic on productivity and sales has resulted in many firms cutting costs, which in turn resulted to a drop in average salary increases being offered to new staff.


cityam--2020-07-14--Supermarket sector tops customer service list for pandemic performance

The supermarket sector topped the list for customer service during the coronavirus crisis , according to the latest research , as grocers stepped up to the challenge to serve shoppers throughout the lockdown .
The sector ’ s score increased four per cent compared to last year , according to analysis by KPMG .
Financial services , which was the next best performing sector , also increased its score by four per cent .
Meanwhile , logistics , restaurant and fast food and public sector brands saw the most improvement year-on-year with overall scores improving five per cent , demonstrating @ @ @ @ @ @ @ The only sector not to improve was travel and hotels , as the lockdown banned non-essential travel .
Sectors were rewarded for being focused on “ turning a poor experience into a great one ” and “ achieving a better understanding of a customer ’ s circumstances to drive a closer relationship ” , both of which have been important factors in the pandemic .
“ The pandemic called for purpose to be put before profit , and grocery businesses have certainly demonstrated the key role they play in local communities – consumers @ @ @ @ @ @ @ said KPMG ’ s UK head of retail Paul Martin .
He added : “ Looking ahead though , all consumer brands need to review their business models and ways of working , given how much consumers have changed their behavior in recent months.
” Read more : Founders and chief executive buy back control of supermarket giant Iceland Challenger bank First Direct topped the list of consumers ’ best brands , followed by shopping channel QVC and new entrant Starling Bank .
John Lewis & Partners jumped nine per cent to take @ @ @ @ @ @ @ , which dipped two per cent but secured the fifth spot .

Supermarket sector tops customer service list for pandemic performance
The supermarket sector topped the list for customer service during the coronavirus crisis, according to the latest research, as grocers stepped up to the challenge to serve shoppers throughout the lockdown.
The sector’s score increased four per cent compared to last year, according to analysis by KPMG.
Financial services, which was the next best performing sector, also increased its score by four per cent.
Meanwhile, logistics, restaurant and fast food and public sector brands saw the most improvement year-on-year with overall scores improving five per cent, demonstrating their importance to consumers during lockdown.
The only sector not to improve was travel and hotels, as the lockdown banned non-essential travel.
Sectors were rewarded for being focused on “turning a poor experience into a great one” and “achieving a better understanding of a customer’s circumstances to drive a closer relationship”, both of which have been important factors in the pandemic.
“The pandemic called for purpose to be put before profit, and grocery businesses have certainly demonstrated the key role they play in local communities – consumers will look favourably at that,” said KPMG’s UK head of retail Paul Martin.
He added: “Looking ahead though, all consumer brands need to review their business models and ways of working, given how much consumers have changed their behavior in recent months.”
Challenger bank First Direct topped the list of consumers’ best brands, followed by shopping channel QVC and new entrant Starling Bank.
John Lewis & Partners jumped nine per cent to take fourth place, followed by retailer Lush, which dipped two per cent but secured the fifth spot.


cityam--2020-07-14--Stamp duty holiday: Estate agent enquiries into homes worth £500,000 soar

Estate agents have seen a spike in enquiries for homes priced between £400,000 and £500,000 since the government announced a stamp duty holiday for homebuyers .
The government last week lifted the threshold for stamp duty from £125,000 to £500,000 in a bid to reignite the housing market after months at a standstill during the coronavirus lockdown .
Read more : Buyers return to UK housing market as lockdown lifts According to the latest research by online property platform Rightmove , enquiries to agents for homes priced between £400,000 to £500,000 surged 49 per cent since the stamp duty holiday @ @ @ @ @ @ @ in the Milton Keynes postcode soared 136 per cent , the biggest week on week increase , followed by Watford and Harrow .
Overall enquiries saw an uplift of 14 per cent following the stamp duty holiday announcement , the company said .
Enquiries for properties between £500,000 and £750,000 also saw enquiries jump 40 per cent .
Rightmove commercial director Miles Shipside said : “ The uplift in enquiries is likely a mixture of people looking in new areas to see what they can now afford , changing their search criteria to @ @ @ @ @ @ @ and new movers coming into the market because they now have enough extra budget to move home .
“ The savings of £15,000 on property above £500,000 may also help some people to trade up more easily .
Read more : Stamp duty holiday : What does it mean for the UK housing market ?
” Our analysis shows that this is going to help the mid-market the most , but all parts of a property chain are vital to keep the market moving.
” However , he said the stamp duty holiday @ @ @ @ @ @ @ buyers who already had a higher threshold of £300,000 .
“ Although low deposit mortgage options are slowly coming back to the market , first-time buyers who were already exempt from stamp duty up to £300,000 may find that they will be competing with some buy-to-let investors also looking to make the most of the stamp duty savings in this sector of the market , ” Shipside added .

Stamp duty holiday: Estate agent enquiries into homes worth £500,000 soar
Estate agents have seen a spike in enquiries for homes priced between £400,000 and £500,000 since the government announced a stamp duty holiday for homebuyers.
The government last week lifted the threshold for stamp duty from £125,000 to £500,000 in a bid to reignite the housing market after months at a standstill during the coronavirus lockdown.
According to the latest research by online property platform Rightmove, enquiries to agents for homes priced between £400,000 to £500,000 surged 49 per cent since the stamp duty holiday announcement was made last Wednesday.
Homes in the Milton Keynes postcode soared 136 per cent, the biggest week on week increase, followed by Watford and Harrow.
Overall enquiries saw an uplift of 14 per cent following the stamp duty holiday announcement, the company said.
Enquiries for properties between £500,000 and £750,000 also saw enquiries jump 40 per cent.
Rightmove commercial director Miles Shipside said: “The uplift in enquiries is likely a mixture of people looking in new areas to see what they can now afford, changing their search criteria to bigger, slightly more expensive homes, and new movers coming into the market because they now have enough extra budget to move home.
“The savings of £15,000 on property above £500,000 may also help some people to trade up more easily.
”Our analysis shows that this is going to help the mid-market the most, but all parts of a property chain are vital to keep the market moving.”
However, he said the stamp duty holiday could make it harder for first time buyers who already had a higher threshold of £300,000.
“Although low deposit mortgage options are slowly coming back to the market, first-time buyers who were already exempt from stamp duty up to £300,000 may find that they will be competing with some buy-to-let investors also looking to make the most of the stamp duty savings in this sector of the market,” Shipside added.


cityam--2020-07-14--The City View: David Gurlé on financial services regulation

Today Andy Silvester is joined by David Gurlé , the Chief Executive of Symphony – the $ 1.4bn-valued workflow managing software company .
They talk about financial services regulation , tech on the trading floor as well as the dangers remote working presents for big banks .
They also discuss his time at Microsoft working under Bill Gates and Hong Kong ’ s response to the Covid-19 pandemic .
Andy also talks about the OBR ’ s predictions for the UK economy , the Virgin Atlantic rescue deal and – of course – the ban on Huawei technology across the @ @ @ @ @ @ @ Capital is one of the UK ’ s leading spread betting and CFD trading providers , offering services to retail , institutional , professional and high net worth customers via an award-winning trading platform .
With over 50 years of experience in the financial markets , customers and service are always put first at ETX , and the company prides itself in offering a tailor-made trading experience to every customer .
The multi-device TraderPro platform delivers a fully customisable , award-winning trading technology with customisable charts , instant execution and over 5,000 markets @ @ @ @ @ @ @ and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
76 % of retail investor accounts lose money when spread betting or trading CFDs with ETX .
You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money .
Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721 .
ETX Capital provides an execution-only service and therefore any market analysis , opinion , commentary @ @ @ @ @ @ @ is for educational purposes only and is not intended to be a personal recommendation or construed as advice .
ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View: David Gurlé on financial services regulation
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Today Andy Silvester is joined by David Gurlé, the Chief Executive of Symphony – the $1.4bn-valued workflow managing software company. They talk about financial services regulation, tech on the trading floor as well as the dangers remote working presents for big banks. They also discuss his time at Microsoft working under Bill Gates and Hong Kong’s response to the Covid-19 pandemic.
Andy also talks about the OBR’s predictions for the UK economy, the Virgin Atlantic rescue deal and – of course – the ban on Huawei technology across the UK’s mobile infrastructure.
In association with ETX Capital
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Disclaimer: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money. Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721. ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.


cityam--2020-07-14--McDonald's to cut prices following government VAT break

McDonald ’ s has announced it will slash prices after the government announced a VAT cut , as the fast food giant gears up to open for dine-in customers for the first time since March .
McDonald ’ s said it had recommended that franchisees reduce prices on meal deals and classic products such as the Big Mac , Quarter Pounder with Cheese and six Chicken McNuggets .
Read more : McDonald ’ s breakfast menu returns to all but 28 of its restaurants tomorrow The recommendation includes a 40p reduction on Extra Value Meals , 30p for every Happy @ @ @ @ @ @ @ .
The discount will be available from 5am tomorrow , a week after Rishi Sunak slashed VAT for hospitality firms from 20 per cent to five per cent .
Read more : McDonald ’ s to open 22 restaurants for delivery this morning Meanwhile , McDonald ’ s announced it has reopened four restaurants across the UK and Ireland to test dine-in , with up to 70 per cent of capacity removed to ensure social distancing .
The pilot will see McDonald ’ s open with table service only , although customers will @ @ @ @ @ @ @ , till or table using the My McDonald ’ s App .
Paul Pomroy , McDonald ’ s UK and Ireland chief executive , said : “ Last week ’ s package of business support from the Chancellor was a vital boost for our sector .
Read more : Unhappy Meal : McDonald ’ s sales fried across the globe by coronavirus lockdowns “ Daily headlines on the challenges faced by retail and hospitality cause such uncertainty for so many .
“ I am very grateful for the support from our franchisees , @ @ @ @ @ @ @ businesses with that principle of returning their employees back to work and customer support ; many of them have faced challenges while we were closed , and are working hard to recover their businesses .
”

McDonald’s to cut prices following government VAT break
McDonald’s has announced it will slash prices after the government announced a VAT cut, as the fast food giant gears up to open for dine-in customers for the first time since March.
McDonald’s said it had recommended that franchisees reduce prices on meal deals and classic products such as the Big Mac, Quarter Pounder with Cheese and six Chicken McNuggets.
The recommendation includes a 40p reduction on Extra Value Meals, 30p for every Happy Meal, and 50p on breakfast meals.
The discount will be available from 5am tomorrow, a week after Rishi Sunak slashed VAT for hospitality firms from 20 per cent to five per cent.
Meanwhile, McDonald’s announced it has reopened four restaurants across the UK and Ireland to test dine-in, with up to 70 per cent of capacity removed to ensure social distancing.
The pilot will see McDonald’s open with table service only, although customers will be able to order at the kiosk, till or table using the My McDonald’s App.
Paul Pomroy, McDonald’s UK and Ireland chief executive, said: “Last week’s package of business support from the Chancellor was a vital boost for our sector.
“Daily headlines on the challenges faced by retail and hospitality cause such uncertainty for so many.
“I am very grateful for the support from our franchisees, who balance the needs of their local businesses with that principle of returning their employees back to work and customer support; many of them have faced challenges while we were closed, and are working hard to recover their businesses.”


cityam--2020-07-14--Rishi Sunak orders review into UK capital gains tax

Chancellor Rishi Sunak has commissioned a report into capital gains taxes , which could lead to the government increasing the tax burden to help pay for its coronavirus spending .
Sunak has asked the Office of Tax Simplification to conduct the review , with the body launching a survey today asking for “ evidence to seek views about capital gains tax ” .
Read more : Rishi Sunak Summer Statement : All the Chancellor ’ s spending pledges The survey has prompted suggestions that the Treasury is looking at raising capital gains taxes in an effort to offset its £350bn @ @ @ @ @ @ @ spending .
This includes £30bn of spending announced by the chancellor last week , which included a £2bn jobs programme , a £3bn green energy programme and a potential £9bn spend on giving money to companies that bring back furloughed employees .
The UK ’ s current swathe of capital gains tax exemptions could be the focus of any tax rises to help pay for this spending .
Anyone who sells their main residence is exempt from paying capital gains tax , however this could be up for the chop .
The tax-free @ @ @ @ @ @ @ in an attempt to raise more revenue .
Nathan Long , senior analyst at Hargreaves Lansdown , said the review looked like a “ tax claw back ” from Sunak .
“ We could be seeing the tips of the government ’ s fingernails , as it considers how to claw back the enormous sums spent on bailing the economy out of the Covid19 crisis , ” he said .
“ Capital gains tax currently doesn ’ t take account of how long people have held an investment , but it should .
@ @ @ @ @ @ @ to avoid incurring a tax penalty .
In the case of those with a second property they want to sell , this doesn ’ t really promote sale of housing stock to first time buyers .
“ But it would be naïve to assume the chancellor didn ’ t have his eye on tweaking taxes to refill his coffers.
” Read more : Rival firms prepare to scoop up Huawei market share after government ban Steven Cameron , pension director at financial services firm Aegon , added : “ The review of capital @ @ @ @ @ @ @ of Tax Simplification at the request of the chancellor is the biggest hint yet that a review of wealth taxes may be part of plans to get the nation ’ s finances back on a sounder footing .
“ It ’ s often the case that increases in wealth are taxed at a lower rate than income and this looks to be part of the Office of Tax Simplification deliberations .
”

Rishi Sunak orders review into UK capital gains tax
Chancellor Rishi Sunak has commissioned a report into capital gains taxes, which could lead to the government increasing the tax burden to help pay for its coronavirus spending.
Sunak has asked the Office of Tax Simplification to conduct the review, with the body launching a survey today asking for “evidence to seek views about capital gains tax”.
The survey has prompted suggestions that the Treasury is looking at raising capital gains taxes in an effort to offset its £350bn deficit this year caused by emergency coronavirus spending.
This includes £30bn of spending announced by the chancellor last week, which included a £2bn jobs programme, a £3bn green energy programme and a potential £9bn spend on giving money to companies that bring back furloughed employees.
The UK’s current swathe of capital gains tax exemptions could be the focus of any tax rises to help pay for this spending.
Anyone who sells their main residence is exempt from paying capital gains tax, however this could be up for the chop.
The tax-free allowance of £12,300 could also be reduced in an attempt to raise more revenue.
Nathan Long, senior analyst at Hargreaves Lansdown, said the review looked like a “tax claw back” from Sunak.
“We could be seeing the tips of the government’s fingernails, as it considers how to claw back the enormous sums spent on bailing the economy out of the Covid19 crisis,” he said.
“Capital gains tax currently doesn’t take account of how long people have held an investment, but it should. It also leaves investors semi-trapped in investments to avoid incurring a tax penalty. In the case of those with a second property they want to sell, this doesn’t really promote sale of housing stock to first time buyers.
“But it would be naïve to assume the chancellor didn’t have his eye on tweaking taxes to refill his coffers.”
Steven Cameron, pension director at financial services firm Aegon, added: “The review of capital gains tax being undertaken by the Office of Tax Simplification at the request of the chancellor is the biggest hint yet that a review of wealth taxes may be part of plans to get the nation’s finances back on a sounder footing.
“It’s often the case that increases in wealth are taxed at a lower rate than income and this looks to be part of the Office of Tax Simplification deliberations.”


cityam--2020-07-14--Johnny Depp v The Sun: Everything you need to know

The High Court today heard evidence from Johnny Depp ’ s former bodyguards and employees , as the Hollywood actor ’ s libel case against the Sun entered its sixth day .
The three-week trial , which was postponed due to coronavirus , is set to wrap up on 27 July after hearing evidence from Depp , his ex-wife Amber Heard , and a host of colleagues , friends and family of the former pair .
Why is the lawsuit happening ?
Depp is suing the Sun ’ s publisher News Group Newspapers ( NGN ) and the Sun ’ @ @ @ @ @ @ @ article from April 2018 that referred to Depp as a “ wifebeater ” , and which claimed there was “ overwhelming evidence ” that he attacked Heard , his wife at the time .
Depp and Heard met on the set of Hollywood film The Rum Diary in 2009 , and were married in Los Angeles in 2015 .
The pair split 15 months later in 2016 , and Heard obtained a restraining order against the actor , claiming he was “ emotionally and physically abusive ” .
The actor ’ s case @ @ @ @ @ @ @ article on the Sun ’ s website in April 2018 that urged author JK Rowling to scrap Depp from the Fantastic Beasts and Where to Find Them franchise over allegations of domestic assault .
Depp has argued that the article ’ s headline , “ Gone Potty : How can JK Rowling be ‘ genuinely happy ’ casting wife beater Johnny Depp in the new Fantastic Beasts film ?
” , is both untrue and defamatory .
Depp ’ s legal team has said the case is “ not about money ” , @ @ @ @ @ @ @ clear his reputation ” regarding the allegations .
Who needs to prove what ?
The Hollywood star ’ s lawyers are set to argue that the Sun ’ s allegations are not true and amount to “ serious harm ” as defined in the Defamation Act 2013 .
They are expected to claim that the accusations have caused significant reputational damage and have lost him lucrative film roles .
NGN is seeking to prove that the Sun newspaper was justified in its publication of the article because it claims allegations of abuse against @ @ @ @ @ @ @ on 14 separate accounts of alleged domestic violence by Depp against Heard in its defence case .
Because Depp is bringing a defamation suit against NGN and Wootton , the onus is on the defence to prove that the actor abused his ex-wife , and not on Depp to prove his innocence .
In order for NGN to win the case , Justice Nicol , the judge in the libel case , will have to determine that there is “ overwhelming evidence ” that Depp beat his ex-wife , causing her to suffer @ @ @ @ @ @ @ for her life on several occasions .
How is NGN trying to prove that ?
NGN ’ s defence relies heavily on trying to prove that Depp has an “ anger problem ” that is strongly inflamed by “ drugs and alcohol addiction ” .
Sasha Wass QC , representing NGN and Wootton , has argued that the actor frequently lost control of himself as a result of his heavy drug and alcohol use , and that his memory of frequent fights between the former couple has been impaired by substance abuse .
@ @ @ @ @ @ @ on texts , emails and medical notes that they claim back up Heard ’ s allegations of 14 separate accounts of domestic violence by Depp during their three-year relationship .
The court has also seen video footage and audio recordings of heated conversations between the pair , and seen photos of alleged abuse on both Heard and Depp ’ s bodies .
What has happened in court so far ?
Depp yesterday rounded off his fifth day in the witness box , during which he dealt with more than 25 hours of cross-examination @ @ @ @ @ @ @ team .
The court has heard explosive claims of various different alleged assaults both by Depp against Heard and vice versa .
Heard has accused Depp of throwing a phone at her face , slapping her , dragging her by the hair and punching her , among other claims .
Depp denies the allegations .
Depp has claimed that he himself was the victim of “ abuse ” by Heard during their relationship , and has accused her of throwing a “ haymaker ” punch at him , slicing the top of his @ @ @ @ @ @ @ defecating in his bed .
Depp yesterday told the High Court : “ It seemed like everything she would accuse me of was something she had done to me.
” In an important U-turn last week , Depp admitted he “ accidentally headbutted ” Heard during a scuffle at their shared apartment in Los Angeles in December 2015 , having previously denied that he had ever hit the Pineapple Express actress .
Depp claims the unintentional collision occurred as he was trying to stop Heard from attacking him during an argument .
What @ @ @ @ @ @ @ testimony from Heard as part of NGN ’ s defence , although it is not yet clear when the Zombieland actress will give evidence , after Depp ’ s cross-examination took two days longer than scheduled .
The three-week trial , which is due to finish on 27 July , will also hear testimony from current and former employees of both Depp and Heard , Heard ’ s sister Whitney , and friends and family of the former couple by video-link from Los Angeles .
The court is also set to hear testimony @ @ @ @ @ @ @ Paradis and Winona Ryder later this week , who are expected to back up the Pirates of the Caribbean star ’ s claims that he was not abusive .
French singer and model Paradis , who met Depp in 1998 and has two children with the actor , will give evidence at the trial from France via video-link .
She has previously described Depp as a “ kind , attentive , generous and non-violent person and father ” .
Ryder , who starred alongside Depp in Edward Scissorhands , will give evidence in @ @ @ @ @ @ @ later this week , and is also expected to say that her partner of four years was never violent towards her .
In a witness statement , Ryder has said : “ I obviously was not there during his marriage to Amber , but , from my experience , which was so wildly different , I was absolutely shocked , confused and upset when I heard the accusations against him.
” What happens if Depp wins ?
Damages for libel in England rarely surpass the £300,000 mark , but the financial costs of @ @ @ @ @ @ @ for each party regardless of who wins .
If Depp wins his case , Justice Nicol will have to decide what level of compensation he should receive for the harm to his reputation and for the “ distress , hurt and humiliation caused ” .
He may also be entitled to aggravated damages .
Depp has repeatedly argued that his reputation is on the line , and that he has seen his finances and movie offers dry up as a result of the domestic violence allegations against him .
When NGN ’ s @ @ @ @ @ @ @ oral testimony in the High Court last week , Depp said : “ This is my life ” .
The actor is also asking for a final injunction against NGN , who his legal team say “ have retained the article on their website and maintained their allegation to the bitter end ” .
Victory for Depp would also likely result in condemnation of the Sun newspaper , which has been the result of long-running boycott campaigns .
What happens if the Sun wins ?
If the Sun wins the case , NGN @ @ @ @ @ @ @ from Depp ’ s team , and will likely result in further reputational damage for the Hollywood actor .
Either way , Depp has subjected his life to forensic scrutiny and revealed private information about both him and Heard .
Emily Cox , partner at Stewarts law firm and expert in libel and defamation cases , said : “ When it comes to [ NGN ] winning their case , it doesn ’ t necessarily matter if the evidence suggests that Depp ’ s marriage or private life left a lot to be @ @ @ @ @ @ @ behaviour should expose him to criticism .
“ To win their defence , NGN and Wootton need to prove that their specific statement about Depp that was published in the Sun was in itself factually true.
” “ Their statement focused on an allegation of domestic violence by Depp against his former wife , Amber Heard .
Depp strenuously denies this , and the defendants will need to prove the truth of that specific allegation if they are to win this case.
” Before the Open : Get the jump on the markets @ @ @ @ @

Johnny Depp v The Sun: Everything you need to know
The High Court today heard evidence from Johnny Depp’s former bodyguards and employees, as the Hollywood actor’s libel case against the Sun entered its sixth day.
The three-week trial, which was postponed due to coronavirus, is set to wrap up on 27 July after hearing evidence from Depp, his ex-wife Amber Heard, and a host of colleagues, friends and family of the former pair.
Why is the lawsuit happening?
Depp is suing the Sun’s publisher News Group Newspapers (NGN) and the Sun’s executive editor Dan Wootton over an article from April 2018 that referred to Depp as a “wifebeater”, and which claimed there was “overwhelming evidence” that he attacked Heard, his wife at the time.
Depp and Heard met on the set of Hollywood film The Rum Diary in 2009, and were married in Los Angeles in 2015. The pair split 15 months later in 2016, and Heard obtained a restraining order against the actor, claiming he was “emotionally and physically abusive”.
Depp vehemently denies the claims.
The actor’s case against NGN follows the publication of an article on the Sun’s website in April 2018 that urged author JK Rowling to scrap Depp from the Fantastic Beasts and Where to Find Them franchise over allegations of domestic assault.
Depp has argued that the article’s headline, “Gone Potty: How can JK Rowling be ‘genuinely happy’ casting wife beater Johnny Depp in the new Fantastic Beasts film?”, is both untrue and defamatory.
Depp’s legal team has said the case is “not about money”, and that the actor wants to “clear his reputation” regarding the allegations.
Who needs to prove what?
The Hollywood star’s lawyers are set to argue that the Sun’s allegations are not true and amount to “serious harm” as defined in the Defamation Act 2013. They are expected to claim that the accusations have caused significant reputational damage and have lost him lucrative film roles.
NGN is seeking to prove that the Sun newspaper was justified in its publication of the article because it claims allegations of abuse against Depp are true. NGN is relying on 14 separate accounts of alleged domestic violence by Depp against Heard in its defence case.
Depp arriving at the High Court in London today
Because Depp is bringing a defamation suit against NGN and Wootton, the onus is on the defence to prove that the actor abused his ex-wife, and not on Depp to prove his innocence.
In order for NGN to win the case, Justice Nicol, the judge in the libel case, will have to determine that there is “overwhelming evidence” that Depp beat his ex-wife, causing her to suffer significant injury and leading her to fear for her life on several occasions.
How is NGN trying to prove that?
NGN’s defence relies heavily on trying to prove that Depp has an “anger problem” that is strongly inflamed by “drugs and alcohol addiction”.
Sasha Wass QC, representing NGN and Wootton, has argued that the actor frequently lost control of himself as a result of his heavy drug and alcohol use, and that his memory of frequent fights between the former couple has been impaired by substance abuse.
NGN’s lawyers are also relying on texts, emails and medical notes that they claim back up Heard’s allegations of 14 separate accounts of domestic violence by Depp during their three-year relationship.
The court has also seen video footage and audio recordings of heated conversations between the pair, and seen photos of alleged abuse on both Heard and Depp’s bodies.
What has happened in court so far?
Depp yesterday rounded off his fifth day in the witness box, during which he dealt with more than 25 hours of cross-examination from Wass and NGN’s defence team.
The court has heard explosive claims of various different alleged assaults both by Depp against Heard and vice versa.
Heard has accused Depp of throwing a phone at her face, slapping her, dragging her by the hair and punching her, among other claims. Depp denies the allegations.
Heard arriving at court on the sixth day of the libel trial at the High Court today
Depp has claimed that he himself was the victim of “abuse” by Heard during their relationship, and has accused her of throwing a “haymaker” punch at him, slicing the top of his finger off with a vodka bottle and defecating in his bed.
Depp yesterday told the High Court: “It seemed like everything she would accuse me of was something she had done to me.”
Heard denies the claims.
In an important U-turn last week, Depp admitted he “accidentally headbutted” Heard during a scuffle at their shared apartment in Los Angeles in December 2015, having previously denied that he had ever hit the Pineapple Express actress.
Depp claims the unintentional collision occurred as he was trying to stop Heard from attacking him during an argument.
What happens next?
The court will hear testimony from Heard as part of NGN’s defence, although it is not yet clear when the Zombieland actress will give evidence, after Depp’s cross-examination took two days longer than scheduled.
The three-week trial, which is due to finish on 27 July, will also hear testimony from current and former employees of both Depp and Heard, Heard’s sister Whitney, and friends and family of the former couple by video-link from Los Angeles.
The court is also set to hear testimony from Depp’s former partners Vanessa Paradis and Winona Ryder later this week, who are expected to back up the Pirates of the Caribbean star’s claims that he was not abusive.
French singer and model Paradis, who met Depp in 1998 and has two children with the actor, will give evidence at the trial from France via video-link. She has previously described Depp as a “kind, attentive, generous and non-violent person and father”.
Ryder, who starred alongside Depp in Edward Scissorhands, will give evidence in the trial via video-link from the US later this week, and is also expected to say that her partner of four years was never violent towards her.
In a witness statement, Ryder has said: “I obviously was not there during his marriage to Amber, but, from my experience, which was so wildly different, I was absolutely shocked, confused and upset when I heard the accusations against him.”
What happens if Depp wins?
Damages for libel in England rarely surpass the £300,000 mark, but the financial costs of the case are likely to reach £1m for each party regardless of who wins.
If Depp wins his case, Justice Nicol will have to decide what level of compensation he should receive for the harm to his reputation and for the “distress, hurt and humiliation caused”. He may also be entitled to aggravated damages.
Depp has repeatedly argued that his reputation is on the line, and that he has seen his finances and movie offers dry up as a result of the domestic violence allegations against him. When NGN’s lawyers tried to hurry his answers during oral testimony in the High Court last week, Depp said: “This is my life”.
The actor is also asking for a final injunction against NGN, who his legal team say “have retained the article on their website and maintained their allegation to the bitter end”.
Victory for Depp would also likely result in condemnation of the Sun newspaper, which has been the result of long-running boycott campaigns.
The pair married in 2015 and split 15 months later in 2016
What happens if the Sun wins?
If the Sun wins the case, NGN will be entitled to a legal payout from Depp’s team, and will likely result in further reputational damage for the Hollywood actor.
Either way, Depp has subjected his life to forensic scrutiny and revealed private information about both him and Heard.
Emily Cox, partner at Stewarts law firm and expert in libel and defamation cases, said: “When it comes to [NGN] winning their case, it doesn’t necessarily matter if the evidence suggests that Depp’s marriage or private life left a lot to be desired, or that some of his behaviour should expose him to criticism.
“To win their defence, NGN and Wootton need to prove that their specific statement about Depp that was published in the Sun was in itself factually true.”
“Their statement focused on an allegation of domestic violence by Depp against his former wife, Amber Heard. Depp strenuously denies this, and the defendants will need to prove the truth of that specific allegation if they are to win this case.”
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cityam--2020-07-14--COVID-19: How stock exchanges can help us #BuildBackBetter

Mark Oliphant , Head of Communications at The International Stock Exchange Group , explores how agile public markets can help the economic and social recovery from COVID-19 .
Stock exchanges have been somewhat out of fashion in recent years and this seemed to be a trend reinforced earlier this year during the onset of the coronavirus ( COVID-19 ) global pandemic .
However , the responsiveness of exchanges in the face of the COVID-19 outbreak has shown that an agile approach from public markets means that they can play a role , alongside private markets , in assisting ‘ corporate @ @ @ @ @ @ @ back better .
Even prior to the spread of COVID-19 , Initial Public Offerings ( IPOs ) have been steadily falling in recent years .
There has been a growing trend for companies to stay private for longer , with business owners increasingly choosing to exit by selling to private equity .
At first glance , COVID-19 seemed only likely to reinforce this trend as it sent the major stock exchange indices into a spin , listed open ended real estate funds were forced to suspend as the property market froze with uncertainty @ @ @ @ @ @ @ reporting and filing obligations .
However , the impact of COVID-19 has touched every business .
While some sectors , such as healthcare , technology and logistics , have seen what might be termed ‘ upsides ’ from the generally awful predicament and others such as travel , retail and hospitality have been hardest hit , across the board there has been no escape and little respite .
Companies have been able to access government assistance in addition to regular sources of funding and of course , private equity houses continue to sit @ @ @ @ @ @ @ , there is still room for stock exchanges , such as The International Stock Exchange ( TISE ) , to play a role in helping companies , both short and long term .
Established in 1998 , TISE provides a responsive and innovative exchange where today there are more than 3,000 listed equity and debt securities with a total market value of more than £400 billion .
Since the onset of the pandemic , we have encouraged current and prospective issuers on TISE to engage with us at an early stage regarding the @ @ @ @ @ @ @ as such , what it means in respect of their listing .
We are taking a pragmatic approach to balancing the interests of all market participants , including both issuers and investors , in order to ensure the continuation of a fully functioning market .
This is a similar approach to many other exchanges , which demonstrates the willingness of those overseeing venues to ensure that the public markets can mitigate the effects of COVID-19 .
Yet , unlike most traditional stock exchanges , a responsive approach is integral to our offering .
@ @ @ @ @ @ @ investment vehicles such as Real Estate Investment Trusts ( REITs ) , and debt issuers to our market .
This responsiveness can assist corporates as they start to turn their attention away from the short-term challenges and towards the long-term future .
While traditional venues are seen as overly bureaucratic and expensive for a trading company listing , TISE provides a more proportionate and cost-effective offering which makes it viable for businesses to IPO at an earlier stage , perhaps offering existing owner/managers of Small to Medium-sized Enterprises ( SMEs ) in particular @ @ @ @ @ @ @ Similarly , TISE is home to more than 30 % of all UK REITs because the regime is pragmatic and the fees are very competitive .
Equally , TISE ’ s value for money and efficient listing service has attracted companies ranging from blue chip multinationals and a wide variety of UK corporates that are raising debt finance .
This includes securities issued by private equity groups to help finance their acquisitions of portfolio companies ( which of course , themselves , could be exited via a listing at a later stage ) @ @ @ @ @ @ @ to enter our green market segment , TISE GREEN and more broadly , there has been a wave of listed sustainable and social bonds in response to COVID-19 .
Indeed , it is these issuances which beg the question about how we will operate as a society in the future and what this means for the future of many businesses .
Stock exchanges such as TISE can provide a complementary offering to the private markets and one which is well placed to help corporates adjust to the ‘ new normal ’ and ultimately @ @ @ @ @ @ @ build back but build back better .
Mark Oliphant is Head of Communications at The International Stock Exchange Group .
TISE is a registered trademark of The International Stock Exchange Group Limited ( registered in Guernsey with company number 57524 .
It wholly owns The International Stock Exchange Authority Limited ( Guernsey registered company number 57527 ) , which is licensed by the Guernsey Financial Services Commission to operate an investment exchange under the Protection of Investors ( Bailiwick of Guernsey ) Law , 1987 , as amended .
Note : this article @ @ @ @ @ @ @ advice and should not be construed as a recommendation to buy , sell , hold or solicit any investment , security or other financial instrument or product .

Sponsored Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
COVID-19: How stock exchanges can help us #BuildBackBetter
istock
Mark Oliphant, Head of Communications at The International Stock Exchange Group, explores how agile public markets can help the economic and social recovery from COVID-19.
Stock exchanges have been somewhat out of fashion in recent years and this seemed to be a trend reinforced earlier this year during the onset of the coronavirus (COVID-19) global pandemic. However, the responsiveness of exchanges in the face of the COVID-19 outbreak has shown that an agile approach from public markets means that they can play a role, alongside private markets, in assisting ‘corporate UK’ to build back and build back better.
Public markets out of favour
Even prior to the spread of COVID-19, Initial Public Offerings (IPOs) have been steadily falling in recent years. There has been a growing trend for companies to stay private for longer, with business owners increasingly choosing to exit by selling to private equity.
At first glance, COVID-19 seemed only likely to reinforce this trend as it sent the major stock exchange indices into a spin, listed open ended real estate funds were forced to suspend as the property market froze with uncertainty and quoted companies struggled to grapple with reporting and filing obligations.
However, the impact of COVID-19 has touched every business. While some sectors, such as healthcare, technology and logistics, have seen what might be termed ‘upsides’ from the generally awful predicament and others such as travel, retail and hospitality have been hardest hit, across the board there has been no escape and little respite.
A place for agile exchanges
Companies have been able to access government assistance in addition to regular sources of funding and of course, private equity houses continue to sit on plenty of dry powder. However, there is still room for stock exchanges, such as The International Stock Exchange (TISE), to play a role in helping companies, both short and long term.
Established in 1998, TISE provides a responsive and innovative exchange where today there are more than 3,000 listed equity and debt securities with a total market value of more than £400 billion.
Since the onset of the pandemic, we have encouraged current and prospective issuers on TISE to engage with us at an early stage regarding the impact of COVID-19 on their business and as such, what it means in respect of their listing.
We are taking a pragmatic approach to balancing the interests of all market participants, including both issuers and investors, in order to ensure the continuation of a fully functioning market. This is a similar approach to many other exchanges, which demonstrates the willingness of those overseeing venues to ensure that the public markets can mitigate the effects of COVID-19.
A responsive and cost-effective approach
Yet, unlike most traditional stock exchanges, a responsive approach is integral to our offering. It has helped attract trading companies, investment vehicles such as Real Estate Investment Trusts (REITs), and debt issuers to our market. This responsiveness can assist corporates as they start to turn their attention away from the short-term challenges and towards the long-term future.
While traditional venues are seen as overly bureaucratic and expensive for a trading company listing, TISE provides a more proportionate and cost-effective offering which makes it viable for businesses to IPO at an earlier stage, perhaps offering existing owner/managers of Small to Medium-sized Enterprises (SMEs) in particular a partial or full capital exit. Similarly, TISE is home to more than 30% of all UK REITs because the regime is pragmatic and the fees are very competitive.
Equally, TISE’s value for money and efficient listing service has attracted companies ranging from blue chip multinationals and a wide variety of UK corporates that are raising debt finance. This includes securities issued by private equity groups to help finance their acquisitions of portfolio companies (which of course, themselves, could be exited via a listing at a later stage).
All these products may be eligible to enter our green market segment, TISE GREEN and more broadly, there has been a wave of listed sustainable and social bonds in response to COVID-19. Indeed, it is these issuances which beg the question about how we will operate as a society in the future and what this means for the future of many businesses.
#BuildBackBetter
Stock exchanges such as TISE can provide a complementary offering to the private markets and one which is well placed to help corporates adjust to the ‘new normal’ and ultimately, assist us all to not just build back but build back better.
Mark Oliphant is Head of Communications at The International Stock Exchange Group.
Phone: +44 (0) 1481 753000
Twitter: @tisegroup
Email: mark.oliphant@tisegroup.com
Web: www.tisegroup.com
Address: PO Box 623, Helvetia Court, Block B, 3rd Floor, Les Echelons, St Peter Port, Guernsey, GY1 1AR
TISE is a registered trademark of The International Stock Exchange Group Limited (registered in Guernsey with company number 57524. It wholly owns The International Stock Exchange Authority Limited (Guernsey registered company number 57527), which is licensed by the Guernsey Financial Services Commission to operate an investment exchange under the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended.
Note: this article does not constitute investment or other professional advice and should not be construed as a recommendation to buy, sell, hold or solicit any investment, security or other financial instrument or product.


cityam--2020-07-14--Brewdog and Biff's team up to create UK's biggest vegan delivery brand

Brewdog is expanding its relationship with vegan brand Biff ’ s to create a fully vegan delivery-only operation across the UK .
The venture will use Brewdog and Draft House – part of the Brewdog group – sites to create new delivery hubs , which will serve Biff ’ s branded burgers , wings and fries .
Read more : BrewDog opens 102 virtual bars to encourage people in isolation to socialise The two brands launched their first all-vegan bar together in London last year .
The first eight sites are now operating in Shoreditch , Brixton , Paddington , @ @ @ @ @ @ @ , alongside Manchester , Liverpool , Glasgow and Edinburgh .
However the two brands intend to double this in the coming weeks , with more kitchens launched in cities across England , Scotland and Wales , creating the largest vegan food delivery business in the UK .
Biff ’ s began as a street food stall in 2017 , Biff ’ s Jack Shack , and has grown into both physical sites in London and a national wholesale food service business .
Co-founder Biff Bloom-Burrows said : “ ” Our mission at Biff @ @ @ @ @ @ @ people as possible the opportunity to eat exceptional vegan food , and creating a delivery-only operation means that consumers across the UK will now be able to have a ‘ Biff ’ s Night In ’ !
” Read more : Brewdog opens first alcohol-free bar as dry January kicks off Brewdog retail director James Brown added : “ Delivery is a huge part of our retail strategy for the next few years , with the launch of BrewDog Now App in all markets globally to bring fresh draft beer to your door @ @ @ @ @ @ @ ’ s partnership adds another income stream and opportunity to deliver great craft beer to people ’ s homes alongside some killer vegan food.
” Get the news as it happens by following City A.M. on Twitter .

Brewdog and Biff’s team up to create UK’s biggest vegan delivery brand
Brewdog is expanding its relationship with vegan brand Biff’s to create a fully vegan delivery-only operation across the UK.
The venture will use Brewdog and Draft House – part of the Brewdog group – sites to create new delivery hubs, which will serve Biff’s branded burgers, wings and fries.
The two brands launched their first all-vegan bar together in London last year.
The first eight sites are now operating in Shoreditch, Brixton, Paddington, Camden, and Shepherd’s Bush, alongside Manchester, Liverpool, Glasgow and Edinburgh.
However the two brands intend to double this in the coming weeks, with more kitchens launched in cities across England, Scotland and Wales, creating the largest vegan food delivery business in the UK.
Biff’s began as a street food stall in 2017, Biff’s Jack Shack, and has grown into both physical sites in London and a national wholesale food service business.
Co-founder Biff Bloom-Burrows said: “”Our mission at Biff’s is to give as many people as possible the opportunity to eat exceptional vegan food, and creating a delivery-only operation means that consumers across the UK will now be able to have a ‘Biff’s Night In’!”
Brewdog retail director James Brown added: “Delivery is a huge part of our retail strategy for the next few years, with the launch of BrewDog Now App in all markets globally to bring fresh draft beer to your door within the hour.”
“The Biff’s partnership adds another income stream and opportunity to deliver great craft beer to people’s homes alongside some killer vegan food.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-07-14--Coronavirus: Leicester lockdown to be reviewed on Thursday

The local Leicester lockdown will be reviewed on Thursday to assess whether it is safe for the city to partially reopen , health secretary Matt Hancock has confirmed .
Hancock said “ numbers have been coming down in Leicester ” , but that “ the number of positive cases in Leicester is still well above the rest of the country ” .
The health secretary told the House of Commons today that the government would assess data from the last fortnight to make a decision , but that he would not “ pre-judge ” the outcome .
“ We will @ @ @ @ @ @ @ it is now 14 days since it was introduced – we ’ ll look at that on Thursday of this week and make a public announcement as soon as is reasonably possible about whether and if any changes can be made to the situation in Leicester , ” he said .
Leicester became the first city in the UK to be put into a local lockdown on 30 June , after a spike in Covid-19 cases .
All non-essential shops were forced to close and schools were shut for all but the most @ @ @ @ @ @ @ not reopen on 4 July like the rest of England .
The city was put into lockdown after its coronavirus infection rate increased by 944 people in the week before 30 June – three-times higher than the next closest city .
The spike in infections came after a number of outbreaks in factories and food processing plants in Leicester .
Shadow health secretary Jon Ashworth today urged the government to provide targeted assistance to Leicester businesses affected by the local lockdown .
He also asked : “ What metrics will be used to @ @ @ @ @ @ @ lockdown later this week ?
” Hancock did not give an answer on whether targeted economic support would be given to the area .
Read more : Boohoo launches independent review of supply chain after Leicester factory claims He also did not give the specific metrics which the government will consult when making a decision on the lockdown .
“ We won ’ t set out specific thresholds , instead we ’ ll look at all the data – both the level and rate of change – and make the appropriate decision in @ @ @ @ @ @ @ he said .

Coronavirus: Leicester lockdown to be reviewed on Thursday
LEICESTER, ENGLAND – JULY 01: A man walks down a near empty shopping street during lockdown on July 01, 2020 in Leicester, England. Ten per cent of all the recent UKs Covid-19 deaths occurred in Leicester, which became the first British city to be put into regional lockdown on Tuesday night. (Photo by Darren Staples/Getty Images)
The local Leicester lockdown will be reviewed on Thursday to assess whether it is safe for the city to partially reopen, health secretary Matt Hancock has confirmed.
Hancock said “numbers have been coming down in Leicester”, but that “the number of positive cases in Leicester is still well above the rest of the country”.
The health secretary told the House of Commons today that the government would assess data from the last fortnight to make a decision, but that he would not “pre-judge” the outcome.
“We will look at 14 days of data – it is now 14 days since it was introduced – we’ll look at that on Thursday of this week and make a public announcement as soon as is reasonably possible about whether and if any changes can be made to the situation in Leicester,” he said.
Leicester became the first city in the UK to be put into a local lockdown on 30 June, after a spike in Covid-19 cases.
All non-essential shops were forced to close and schools were shut for all but the most vulnerable children.
Pubs and restaurants did not reopen on 4 July like the rest of England.
The city was put into lockdown after its coronavirus infection rate increased by 944 people in the week before 30 June – three-times higher than the next closest city.
The spike in infections came after a number of outbreaks in factories and food processing plants in Leicester.
Shadow health secretary Jon Ashworth today urged the government to provide targeted assistance to Leicester businesses affected by the local lockdown.
He also asked: “What metrics will be used to judge whether Leicester can ease out of lockdown later this week?”
Hancock did not give an answer on whether targeted economic support would be given to the area.
He also did not give the specific metrics which the government will consult when making a decision on the lockdown.
“We won’t set out specific thresholds, instead we’ll look at all the data – both the level and rate of change – and make the appropriate decision in consultation with the local authorities,” he said.