cityam--2020-10-20--Greater Manchester to move into Tier 3 from Friday

Greater Manchester will move into Tier 3 restrictions from midnight on Thursday night , Boris Johnson has announced .
The city will receive an extra £22m of financial support after talks between central and local government fell apart .
Mayor Andy Burnham described the offer as “ brutal ” .
Read more : Andy Burnham turns down £60m in Tier 3 funding for Manchester “ This is no way to run the country in a national crisis ” , he said.
” They should not be grinding people down , trying to accept the least they can get away with @ @ @ @ @ @ @ are in is frankly disgraceful.
” Under the new restrictions , bars and pubs will have to close unless they are serving substantial meals , while betting shops , casinos and bingo halls will all shut as well .
Around 1,900 pubs will be hit by the new restrictions .
Industry body the British Beer and Pub Association ( BBPA ) said their survival was “ hanging perilously in the balance ” .
“ Over the last ten days , we tried to get an approach with local leaders in Greater Manchester .
@ @ @ @ @ @ @ ” , Johnson said .
“ We made a generous and extensive offer to support Manchester ’ s business .
This offer was proportionate to the support we have given Merseyside and Lancashire .
“ The mayor did not accept this unfortunately and given the health situation I must now proceed with moving Greater Manchester to the very high alert level.
” The £22m in extra funding is in line with standard funding for Tier 3 areas and comes in addition to other support , as well as access to help with contact @ @ @ @ @ @ @ the CBI said that any further restrictions should “ be joined in lockstep by financial measures which protect livelihoods during what is certain to be a difficult winter ” .
The Prime Minister said that he “ bitterly regretted ” imposing the additional restrictions , but would continue to talk to local leaders .
Before the Open newsletter : Start your day with the City View podcast and key market data He added that he could not rule out a second national lockdown , but was trying to avoid that eventuality .
The @ @ @ @ @ @ @ turned down £60m in emergency funding in exchange for accepting the highest level of coronavirus restrictions .
Burham said he had originally asked for £90m , and was willing to accept £65m , but the government walked away from talks that lasted a week .
“ At no point today were we offered enough to protect our communities against the punishing reality of the winter to come , ” Burnham said .
“ I don ’ t believe we can proceed as a country on this basis through the pandemic by grinding communities @ @ @ @ @ @ @ Burnham had said he was still open to making a deal with the government , and in a statement to Parliament later health secretary Matt Hancock confirmed that a £60m offer was still on the table .
Manchester MPs reacted with fury to this evening ’ s announcement , with Labour shadow foreign secretary Lisa Nandy saying the government was “ waging war ” on the city .
“ We were told £22m is for test and trace , not a single extra penny promised to help businesses and minimum wage workers ” @ @ @ @ @ @ @ The Government appears to be waging war on the people of Greater Manchester .
I grew up under Thatcher but I ’ ve honestly never seen anything like this.
” BBPA boss Emma McClarkin said that thousands of jobs would be at risk in Greater Manchester unless ministers went further .
Read more : Number 10 : Manchester hospitals will be soon overrun without Tier 3 restrictions “ We are a people business – our staff and customers are everything – we are nothing without them .
In Greater Manchester alone , 32,000 @ @ @ @ @ @ @ ” , she said .
“ Government must now do the right thing and provide our sector with a job retention scheme that will truly protect jobs .
”

Greater Manchester to move into Tier 3 from Friday
The government handed multi-million pound contracts to small businesses and made orders for the wrong sort of PPE.
Greater Manchester will move into Tier 3 restrictions from midnight on Thursday night, Boris Johnson has announced.
The city will receive an extra £22m of financial support after talks between central and local government fell apart. Mayor Andy Burnham described the offer as “brutal”.
“This is no way to run the country in a national crisis”, he said.”They should not be grinding people down, trying to accept the least they can get away with. £22m to fight the situation we are in is frankly disgraceful.”
Under the new restrictions, bars and pubs will have to close unless they are serving substantial meals, while betting shops, casinos and bingo halls will all shut as well.
Around 1,900 pubs will be hit by the new restrictions. Industry body the British Beer and Pub Association (BBPA) said their survival was “hanging perilously in the balance”.
“Over the last ten days, we tried to get an approach with local leaders in Greater Manchester. Unfortunately, agreement wasn’t reached”, Johnson said.
“We made a generous and extensive offer to support Manchester’s business. This offer was proportionate to the support we have given Merseyside and Lancashire.
“The mayor did not accept this unfortunately and given the health situation I must now proceed with moving Greater Manchester to the very high alert level.”
The £22m in extra funding is in line with standard funding for Tier 3 areas and comes in addition to other support, as well as access to help with contact tracing and enforcement measures.
Business body the CBI said that any further restrictions should “be joined in lockstep by financial measures which protect livelihoods during what is certain to be a difficult winter”.
The Prime Minister said that he “bitterly regretted” imposing the additional restrictions, but would continue to talk to local leaders.
Before the Open newsletter: Start your day with the City View podcast and key market data
He added that he could not rule out a second national lockdown, but was trying to avoid that eventuality.
The announcement came after Burnham revealed he had turned down £60m in emergency funding in exchange for accepting the highest level of coronavirus restrictions.
Burham said he had originally asked for £90m, and was willing to accept £65m, but the government walked away from talks that lasted a week.
“At no point today were we offered enough to protect our communities against the punishing reality of the winter to come,” Burnham said.
“I don’t believe we can proceed as a country on this basis through the pandemic by grinding communities now, by punishing financial negotiations.”
Burnham had said he was still open to making a deal with the government, and in a statement to Parliament later health secretary Matt Hancock confirmed that a £60m offer was still on the table.
Manchester MPs reacted with fury to this evening’s announcement, with Labour shadow foreign secretary Lisa Nandy saying the government was “waging war” on the city.
“We were told £22m is for test and trace, not a single extra penny promised to help businesses and minimum wage workers”, she wrote on Twitter.
“The Government appears to be waging war on the people of Greater Manchester. I grew up under Thatcher but I’ve honestly never seen anything like this.”
BBPA boss Emma McClarkin said that thousands of jobs would be at risk in Greater Manchester unless ministers went further.
“We are a people business – our staff and customers are everything – we are nothing without them. In Greater Manchester alone, 32,000 livelihoods are supported by these local pubs”, she said.
“Government must now do the right thing and provide our sector with a job retention scheme that will truly protect jobs.”


cityam--2020-10-20--Monte dei Paschi ex-boss and former chairman sentenced to jail and ordered to pay damages to bank's

Monte dei Paschi ex-boss and former chairman sentenced to jail and ordered to pay damages to bank's savers

A Milan court convicted three former executives of Banca Monte dei Paschi di Siena at the end of a long-running false accounting case , a result that could hinder Italy ’ s bid to re-privatise the world ’ s oldest bank .
Former Monte dei Paschi chairman Alessandro Profumo , former CEO Fabrizio Viola and the former president of statutory auditors Paolo Salvadori were accused of not correctly booking two derivative transactions – known as Alexandria and Santorini – between 2012 and 2015 .
Prosecutors in the case had earlier this year asked for an acquittal , but the Italian @ @ @ @ @ @ @ conviction .
A lawyer representing the defendants said they planned to appeal .
After years of mismanagement , the Italian government rescued Monte dei Paschi in 2017 , spending €5.4bn ( £4.94bn ) on a 68 per cent stake which the EU said must be sold by mid-2022 .
Bankers say legal risks hanging over the lender could stand in the way of a potential deal .
Profumo , who currently serves as the CEO for state-controlled defence firm Leonardo , and Viola were each handed a jail sentence of six years , @ @ @ @ @ @ @ to a decision read out in court .
In a statement Leonardo said the conditions did not exist for him to relinquish his position .
“ The company expresses its full confidence in the actions of Mr. Profumo and wishes for his continuation in the role , ” it said .
Milan prosecutors had also asked in 2018 for the case to be dropped , saying the three executives had followed the regulators ’ accounting guidelines , but the judge rejected the request and sent them to trial .
As part of the @ @ @ @ @ @ @ ordered to pay damages claimed by some of the bank ’ s savers .
In a related trial , a separate Milan court in November 2019 convicted 13 former bankers from Deutsche Bank , Nomura and Monte dei Paschi over the derivative deals , which prosecutors said helped the Tuscan bank hide losses in one of Italy ’ s biggest financial scandals .

Monte dei Paschi ex-boss and former chairman sentenced to jail and ordered to pay damages to bank’s savers
Former executives of Monte Dei Paschi di Siena were sentenced to jail at the end of a long-running false accounting case (Photo by GIUSEPPE CACACE/AFP via Getty Images)
A Milan court convicted three former executives of Banca Monte dei Paschi di Siena at the end of a long-running false accounting case, a result that could hinder Italy’s bid to re-privatise the world’s oldest bank.
Former Monte dei Paschi chairman Alessandro Profumo, former CEO Fabrizio Viola and the former president of statutory auditors Paolo Salvadori were accused of not correctly booking two derivative transactions – known as Alexandria and Santorini – between 2012 and 2015.
Prosecutors in the case had earlier this year asked for an acquittal, but the Italian bank’s minority shareholders sought a conviction.
A lawyer representing the defendants said they planned to appeal.
After years of mismanagement, the Italian government rescued Monte dei Paschi in 2017, spending €5.4bn (£4.94bn) on a 68 per cent stake which the EU said must be sold by mid-2022.
Bankers say legal risks hanging over the lender could stand in the way of a potential deal.
A CEO from a cell?
Profumo, who currently serves as the CEO for state-controlled defence firm Leonardo, and Viola were each handed a jail sentence of six years, while Salvadori received three-and-a-half years, according to a decision read out in court.
In a statement Leonardo said the conditions did not exist for him to relinquish his position.
“The company expresses its full confidence in the actions of Mr. Profumo and wishes for his continuation in the role,” it said.
Milan prosecutors had also asked in 2018 for the case to be dropped, saying the three executives had followed the regulators’ accounting guidelines, but the judge rejected the request and sent them to trial.
As part of the sentence, the three former executives were ordered to pay damages claimed by some of the bank’s savers.
In a related trial, a separate Milan court in November 2019 convicted 13 former bankers from Deutsche Bank, Nomura and Monte dei Paschi over the derivative deals, which prosecutors said helped the Tuscan bank hide losses in one of Italy’s biggest financial scandals.


cityam--2020-10-20--Saudi crown prince sued over murder of Jamal Khashoggi

The fiancee of Jamal Khashoggi and a US human rights group have filed a lawsuit against Saudi crown prince Mohammed bin Salman over the journalist ’ s murder in 2018 .
The lawsuit , filed in Washington D.C. , alleges that Khashoggi was tortured , murdered and dismembered on the orders of prince Mohammed .
Read more : Five people sentenced to death for Jamal Khashoggi killing The crown prince is named alongside more than 20 other Saudis in the complaint , which was brought by Khashoggi ’ s Turkish fiancee Hatice Cengiz and Democracy for the Arab World , @ @ @ @ @ @ @ before his death .
The suit alleges that the defendants “ saw Khashoggi ’ s actions in the United States as an existential threat to their pecuniary and other interests and , accordingly , conspired to commit the heinous acts that are the subject of this suit , ” the Washington Post reported .
Lawyers Keith Harper and Faisal Gill , who are representing the plaintiffs , told reporters today that the aim of the legal action was to hold the crown prince responsible for the murder and obtain documents that revealed the @ @ @ @ @ @ @ the Washington Post , was killed and dismembered in the Saudi consulate in Istanbul in 2018 .
His remains have not been found .
The gruesome murder sparked a global uproar and threatened to derail Western ties with the kingdom .
Last month a Saudi court jailed eight people for the murder , but a UN official and human rights campaigners criticised the trial , arguing that the true masterminds of the killing remained free .
Read more : Saudi Crown Prince : Murder of journalist Khashoggi ‘ happened on my watch ’ @ @ @ @ @ @ @ the killing , but said he accepts “ full responsibility ” as it happened under his watch .
However , the CIA concluded in 2018 that the murder was carried out on direct orders from the crown prince .

Saudi crown prince sued over murder of Jamal Khashoggi
The fiancee of Jamal Khashoggi and a US human rights group have filed a lawsuit against Saudi crown prince Mohammed bin Salman over the journalist’s murder in 2018.
The lawsuit, filed in Washington D.C., alleges that Khashoggi was tortured, murdered and dismembered on the orders of prince Mohammed.
The crown prince is named alongside more than 20 other Saudis in the complaint, which was brought by Khashoggi’s Turkish fiancee Hatice Cengiz and Democracy for the Arab World, an advocacy group founded by the dissident before his death.
The suit alleges that the defendants “saw Khashoggi’s actions in the United States as an existential threat to their pecuniary and other interests and, accordingly, conspired to commit the heinous acts that are the subject of this suit,” the Washington Post reported.
Lawyers Keith Harper and Faisal Gill, who are representing the plaintiffs, told reporters today that the aim of the legal action was to hold the crown prince responsible for the murder and obtain documents that revealed the truth.
Khashoggi, a columnist for the Washington Post, was killed and dismembered in the Saudi consulate in Istanbul in 2018. His remains have not been found.
The gruesome murder sparked a global uproar and threatened to derail Western ties with the kingdom.
Last month a Saudi court jailed eight people for the murder, but a UN official and human rights campaigners criticised the trial, arguing that the true masterminds of the killing remained free.
Prince Mohammed has denied any involvement in the killing, but said he accepts “full responsibility” as it happened under his watch.
However, the CIA concluded in 2018 that the murder was carried out on direct orders from the crown prince.


cityam--2020-10-21--Business bodies slam government's TfL bailout conditions as a ‘mockery’

London business bodies have slammed the government ’ s demands for a potential bailout for Transport for London ( TfL ) as a “ mockery ” , accusing ministers of “ railroading ” policy through while the transport network is on its knees during the pandemic .
Ministers last night threatened to take direct control of TfL unless London mayor Sadiq Khan accepts a raft of conditions as part of any financial support package .
Read more : Sadiq Khan : Government ‘ playing politics ’ with Londoners ’ lives in TfL talks Khan has pushed for almost £5bn in @ @ @ @ @ @ @ the network running for the next 18 months , after warning that current support measures have run dry .
The mayor today said he “ can not accept ” the conditions attached to Whitehall ’ s potential bailout , adding that they would “ hit Londoners with a triple whammy of higher costs at a time when so many people are already facing hardship ” .
Leaked details of demands by transport secretary Grant Shapps included an extension to the congestion zone , council tax hikes for Londoners and higher-than-inflation fare rises .
@ @ @ @ @ @ @ representing more than 200 companies in the City , said there was an “ urgent need for the government to provide further short-term cash support ” for TfL during the coronavirus crisis .
“ Some of the policy ideas floated in recent days may have a role to play in the long term , but it will take time and cooperation to get them right , ” said chief executive Jasmine Whitbread .
“ Railroading these policies through as non-negotiable conditions attached to emergency support for an essential transport service used by millions @ @ @ @ @ @ @ way forward — and makes a mockery of the government ’ s commitment to devolution.
” The pushback comes after London saw a swathe of new restrictions come into force over the weekend , as the capital moved from Tier 1 to Tier 2 under the new local lockdown system .
Business bodies have warned the new restrictions , including an order to avoid public transport where possible , will “ decimate ” TfL , which has seen revenue plummet after months of reduced footfall in the capital .
The National Union of @ @ @ @ @ @ @ RMT ) , which represents more than 80,000 staff across the transport sector , said it pledged to wage an “ all-out fight ” to protect jobs , pensions and working conditions from the government ’ s “ savage cuts in TFL funding deal ” .
RMT general secretary Mick Cash said : “ It is appalling that the government are targeting staff pensions amongst a range of other savage measures in this short-term funding deal .
“ I put them on notice that any attempt to hack away at our members pension @ @ @ @ @ @ @ campaign of political and industrial resistance.
” Cash said the pandemic had presented “ difficult times for the staff who have kept London moving ” adding that it was “ a disgrace that they are now being set up for a battering in these cuts measures ” .
Support for Shapps ’ proposed bailout conditions was split across party lines , with furious Labour MPs warning the demands would destroy TfL after lockdown regulations hammered revenues across the network .
Shadow transport secretary Jim McMahon told City A.M. it was “ extremely worrying @ @ @ @ @ @ @ is offering only a papering-over-the-cracks funding package for Transport for London , with such punitive conditions.
” “ If the government gives financial support to the privately operated rail network , it is inconceivable that it does not do the same for publicly owned transport providers like TfL , which need long-term secure funding during what could be a lengthy period in which they won ’ t be able to operate at full capacity.
” But Tory MPs have accused the mayor of playing politics during the pandemic , and urged Khan to @ @ @ @ @ @ @ a bailout deal .
Nickie Aiken , Conservative MP for the Cities of London and Westminster , told City A.M : “ It ’ s clear that Khan has realised he has nowhere left to hide.
” “ His appalling management of TfL over the past four years has brought the most important strategy transport network in the country to its knees .
Rather than briefing the media and scaremongering what Londoners need and deserve is for the mayor to realised the mess he is in and work constructively with the government to @ @ @ @ @ @ @ : Sadiq Khan : Government ‘ playing politics ’ with Londoners ’ lives in TfL talks The TfL board is set to hold a crunch meeting regarding its future later today .
A spokesperson for the Department for Transport said it would be inappropriate to discuss the detailed discussions .
“ We have agreed an extension to the support period and to roll over unspent funding from the Transport for London Extraordinary Funding Agreement , allowing further time for negotiations for a new settlement .
”

Business bodies slam government’s TfL bailout conditions as a ‘mockery’
Despite the PM’s expected scrapping of mask guidelines later today, TfL boss Andy Byford holds the power to extend compulsory face coverings on the Tube beyond July 19.
London business bodies have slammed the government’s demands for a potential bailout for Transport for London (TfL) as a “mockery”, accusing ministers of “railroading” policy through while the transport network is on its knees during the pandemic.
Ministers last night threatened to take direct control of TfL unless London mayor Sadiq Khan accepts a raft of conditions as part of any financial support package.
Khan has pushed for almost £5bn in emergency funding from the government to keep the network running for the next 18 months, after warning that current support measures have run dry.
The mayor today said he “cannot accept” the conditions attached to Whitehall’s potential bailout, adding that they would “hit Londoners with a triple whammy of higher costs at a time when so many people are already facing hardship”.
Leaked details of demands by transport secretary Grant Shapps included an extension to the congestion zone, council tax hikes for Londoners and higher-than-inflation fare rises.
‘Mockery’
London First, a business campaign group representing more than 200 companies in the City, said there was an “urgent need for the government to provide further short-term cash support” for TfL during the coronavirus crisis.
“Some of the policy ideas floated in recent days may have a role to play in the long term, but it will take time and cooperation to get them right,” said chief executive Jasmine Whitbread.
“Railroading these policies through as non-negotiable conditions attached to emergency support for an essential transport service used by millions of people daily is not the right way forward — and makes a mockery of the government’s commitment to devolution.”
The pushback comes after London saw a swathe of new restrictions come into force over the weekend, as the capital moved from Tier 1 to Tier 2 under the new local lockdown system.
Business bodies have warned the new restrictions, including an order to avoid public transport where possible, will “decimate” TfL, which has seen revenue plummet after months of reduced footfall in the capital.
Details of the government’s proposed bailout conditions stoked further tensions today, with plans to hike council tax to offset funding drawing particular ire.
John Cullinane, tax policy director at the Chartered Institute of Taxation, told City A.M: “The risk is that maybe raising Londoners’ council tax bills is an early sign of the rows that could rage over the coming months and years over how to fill the big hole in the public finances left by coronavirus.
“It is important that there is an open and public debate about this, rather than government not acknowledging its existence but prompting less high profile local tax changes on people — and still with the risk of larger, unpleasant surprises down the track.”
Cullinane added: “We urge the government to consider in particular the impact of changes to council tax on low income people, especially those on a council tax support scheme.
“Lone parents, renters, and claimants in councils that already had relatively low council tax collection rates seem at particular risk of falling into council tax arrears as a result of being required to pay extra on their council tax bill because of coronavirus.”
‘All-out fight’
The National Union of Rail, Maritime and Transport Workers (RMT), which represents more than 80,000 staff across the transport sector, said it pledged to wage an “all-out fight” to protect jobs, pensions and working conditions from the government’s “savage cuts in TFL funding deal”.
RMT general secretary Mick Cash said: “It is appalling that the government are targeting staff pensions amongst a range of other savage measures in this short-term funding deal.
“I put them on notice that any attempt to hack away at our members pension rights will be met by an all-out campaign of political and industrial resistance.”
Cash said the pandemic had presented “difficult times for the staff who have kept London moving” adding that it was “a disgrace that they are now being set up for a battering in these cuts measures”.
Westminster reaction
Support for Shapps’ proposed bailout conditions was split across party lines, with furious Labour MPs warning the demands would destroy TfL after lockdown regulations hammered revenues across the network.
Shadow transport secretary Jim McMahon told City A.M. it was “extremely worrying that despite repeated requests, the government is offering only a papering-over-the-cracks funding package for TfL, with such punitive conditions.”
“If the government gives financial support to the privately operated rail network, it is inconceivable that it does not do the same for publicly owned transport providers like TfL, which need long-term secure funding during what could be a lengthy period in which they won’t be able to operate at full capacity.”
But Tory MPs have accused the mayor of playing politics during the pandemic, and urged Khan to seek a resolution with the government over a bailout deal.
Nickie Aiken, Conservative MP for the Cities of London and Westminster, told City A.M: “It’s clear that Khan has realised he has nowhere left to hide.”
“His appalling management of TfL over the past four years has brought the most important strategy transport network in the country to its knees. Rather than briefing the media and scaremongering what Londoners need and deserve is for the mayor to realised the mess he is in and work constructively with the government to find a workable solution.”
The TfL board is set to hold crunch meetings later today regarding the future of the rail network.
A spokesperson for the Department for Transport said it would be inappropriate to discuss the detailed discussions. “We have agreed an extension to the support period and to roll over unspent funding from the Transport for London Extraordinary Funding Agreement, allowing further time for negotiations for a new settlement.”


cityam--2020-10-21--Number of Tube journeys rises again ahead of Tier 2 restrictions

The number of Tube journeys rose again last week despite the announcement of harsher restrictions on the capital , new data from Transport for London ( TfL ) has shown .
Although London was moved into Tier 2 restrictions from midnight on Friday , there was no sign of a drop off in travel ahead of the new coronavirus limitations coming into effect .
Read more : Sadiq Khan : Government ‘ playing politics ’ with Londoners ’ lives in TfL talks In total , there were 1.61m Tube journeys on 16 October , around 50,000 more than were recorded @ @ @ @ @ @ @ Tube numbers now stand at around 40 per cent of pre-pandemic levels .
The rise was reflected in stations across the Square Mile , which saw a total of 220,000 taps in and out last Friday , up 10,000 on the week before .
Banking district Canary Wharf recorded over 2,000 more entries and exits on Friday than it had the week before , as did Bank .
Before the Open newsletter : Start your day with the City View podcast and key market data The figures show that in the month since @ @ @ @ @ @ @ ’ s back to work push and told staff to work from home where possible , more and more people have continued to use public transport .
The same increase was recorded on bus journeys , with 3.8m trips taken last week , roughly 60 per cent of levels in February and March .
The new figures come as it was revealed that the government had threatened to hike council tax for Londoners to pay for a new bailout of TfL .
The transport operator has been given two weeks of additional funding @ @ @ @ @ @ @ Khan has said that he will not accept the demands .
Read more : Government warns that it will ‘ take control ’ of TfL unless bailout demands met In addition , these would see an end to all concessionary travel and the extension of the congestion charge zone to the North and South Circular .

Number of Tube journeys rises again ahead of Tier 2 restrictions
The number of Tube journeys rose again last week despite the announcement of harsher restrictions on the capital, new data from Transport for London (TfL) has shown.
Although London was moved into Tier 2 restrictions from midnight on Friday, there was no sign of a drop off in travel ahead of the new coronavirus limitations coming into effect.
In total, there were 1.61m Tube journeys on 16 October, around 50,000 more than were recorded the prior week.
That means that Tube numbers now stand at around 40 per cent of pre-pandemic levels.
The rise was reflected in stations across the Square Mile, which saw a total of 220,000 taps in and out last Friday, up 10,000 on the week before.
Banking district Canary Wharf recorded over 2,000 more entries and exits on Friday than it had the week before, as did Bank.
Before the Open newsletter: Start your day with the City View podcast and key market data
The figures show that in the month since Boris Johnson abruptly u-turned on the government’s back to work push and told staff to work from home where possible, more and more people have continued to use public transport.
The same increase was recorded on bus journeys, with 3.8m trips taken last week, roughly 60 per cent of levels in February and March.
The new figures come as it was revealed that the government had threatened to hike council tax for Londoners to pay for a new bailout of TfL.
The transport operator has been given two weeks of additional funding while negotiations continue, but mayor Sadiq Khan has said that he will not accept the demands.
In addition, these would see an end to all concessionary travel and the extension of the congestion charge zone to the North and South Circular.


cityam--2020-10-21--Sadiq Khan: Government 'playing politics' with Londoners' lives in TfL talks

Sadiq Khan has accused the government of playing “ party political games ” during Transport for London bailout talks and of putting Londoners ’ lives in jeopardy .
The London mayor told TfL ’ s board meeting today that the government wrote a “ blank cheque without conditions ” when given emergency funding to other transport companies , while London has been is “ only being offered another six months financial support , but with ill advised and draconian conditions ” .
Read more : Government extends TfL funding for two weeks amid emergency bailout talks “ [ The government @ @ @ @ @ @ @ to London , fall on disproportionately on those least able to afford them would undermine the economic recovery of our city and contrast starkly with the support provided with the private train operating companies , ” he said .
Khan said last night he “ can not accept ” conditions attached to Whitehall ’ s bailout , which he claims those demands include the extension of the £15 congestion charge to the North and South Circular , above-inflation fare increases and a back-door increase to Londoners ’ Council Tax bills .
Central government @ @ @ @ @ @ @ over a settlement to plug a multi-billion pound hole in the transport body ’ s finances , after lockdown regulations reduced revenues across the network .
The row , which centres on what changes TfL would have to make in order to receive emergency funding , threatens the ability of the network to keep running .
On Tuesday evening , reports emerged that the Department for Transport were considering seizing control of TfL from City Hall .
Read more : TfL could be seized by Government if funding impasse continues Mayor Khan escalated @ @ @ @ @ @ @ saying : “ I simply can not accept this government plan , which would hit Londoners with a triple whammy of higher costs at a time when so many people are already facing hardship.
” Government figures have become increasingly frustrated over recent days with what one described to City A.M. as “ Khan ’ s bluster ” as negotiations turned sour .
Boris Johnson said at PMQ ’ s today that Khan had “ bankrupted TfL before coronavirus had even hit ” , despite the lockdown causing a 95 per cent drop @ @ @ @ @ @ @ for just shy of £5bn to keep the network running for the next 18 months .
A previous bailout deal of £1.6bn was signed in May .
The mayor claims the Department for Transport is asking for the congestion charge zone to be extended , for TfL fares to increase by more than one per cent above inflation and for the introduction of a new Council Tax precept charge in the capital .
The latter would be seen as particularly controversial as London boroughs already charge significantly above the national average .
“ @ @ @ @ @ @ @ this difficult time – not making ill-advised and draconian proposals which will choke off our economic recovery , ” the mayor said .
Read more : Exclusive : TfL set for crunch talks as London bosses call on Sunak to solve cash crisis He continued : “ Ministers already forced TfL to bring forward proposals to increase the cost and hours of the congestion charge in May – now they want to expand it to cover four million more Londoners.
” Negotiations will continue after a two-week sticking plaster was agreed last week @

Khan accuses PM of ‘blatant lie’ in tit-for-tat over TfL bailout
Sadiq Khan said today that the government wrote a “blank cheque without conditions” when given emergency funding to other transport companies, while London is “only being offered another six months financial support, but with ill advised and draconian conditions”.
Sadiq Khan has accused the government of “lying” and playing “party political games” during Transport for London (TfL) bailout talks, sparking a tit-for-tat with the Prime Minister over the future of the ailing transport network.
The London mayor told TfL’s board meeting today that the government wrote a “blank cheque without conditions” when giving emergency funding to other transport companies, while London is “only being offered another six months financial support, but with ill advised and draconian conditions”.
“[The government’s proposed conditions] are unfair to London, fall disproportionately on those least able to afford them… and contrast starkly with the support provided with the private train operating companies,” he said.
Khan said last night he “cannot accept” conditions attached to Whitehall’s bailout, which he claims include an extension to the congestion charge, above-inflation fare hikes and a back-door increase to Londoners’ Council Tax bills.
Prime Minister Boris Johnson hit back at today’s PMQs, claiming the mayor “bankrupted TfL before coronavirus had even hit”, despite the lockdown causing a 95 per cent drop in fare revenues.
“Any expansion of the congestion charge or any other measure taken to improve the finances of TfL are entirely the responsibility of the bankrupt current mayor of London,” said the PM.
The comments sparked a sour tit-for-tat between the current mayor and his predecessor, with Khan accusing Johnson of telling a “blatant lie”.
“The PM has lied to the House of Commons,” Khan said on Twitter. “Before Covid I was fixing his mess at TfL — reducing the deficit by 71 per cent since 2016. Covid-19 is the sole cause of TfL’s challenges.”
It comes as central government and TfL have been locked in negotiations over a settlement to plug a multi-billion pound hole in the transport body’s finances, after lockdown regulations hammered revenues across the network.
The row, which hinges on the changes TfL would have to make in order to receive emergency funding, threatens the ability of the network to keep running.
On Tuesday evening, reports emerged that the Department for Transport (DfT) was considering seizing control of TfL from City Hall if it failed to accept the bailout conditions.
Read more: TfL could be seized by Government if funding impasse continues
Mayor’s demands
Khan has asked for just shy of £5bn to keep the network running for the next 18 months. A previous support package of £1.6bn signed in May to propel up TfL throughout lockdown is understood to have run dry.
The mayor has slammed the DfT’s demands to extend the congestion charge, hike TfL fares by more than one per cent above inflation and introduce a new Council Tax precept charge in the capital as too “punitive”.
The latter would be seen as particularly controversial as London boroughs already charge significantly above the national average.
“The government should be supporting Londoners through this difficult time — not making ill-advised and draconian proposals which will choke off our economic recovery,” the mayor said.
Business bodies blasted the government’s demands for a potential bailout as a “mockery” this afternoon, accusing ministers of “railroading” policy through while the transport network is on its knees during the pandemic.
London First, a business campaign group representing more than 200 companies in the City, said there was an “urgent need for the government to provide further short-term cash support” for TfL during the coronavirus crisis.
“Railroading these policies through as non-negotiable conditions attached to emergency support for an essential transport service used by millions of people daily is not the right way forward — and makes a mockery of the government’s commitment to devolution,” said chief executive Jasmine Whitbread.
Shadow transport secretary Jim McMahon told City A.M. it was “extremely worrying that despite repeated requests, the government is offering only a papering-over-the-cracks funding package for TfL, with such punitive conditions.”
“If the government gives financial support to the privately operated rail network, it is inconceivable that it does not do the same for publicly owned transport providers like TfL, which need long-term secure funding during what could be a lengthy period in which they won’t be able to operate at full capacity.”


cityam--2020-10-21--Live music industry warns of 170,000 job losses by end of year

The UK ’ s live music industry has warned it will suffer 170,000 job losses before the end of the year if the government fails to offer further support .
LIVE , which represents the sector , said the country ’ s live music workforce was facing a “ cliff edge ” as the furlough scheme comes to an end at the end of the month .
Read more : Falling through the cracks : How Covid-19 has put London ’ s events sector on the brink Bosses warned that many venues and events are unable to operate profitably under @ @ @ @ @ @ @ from the government ’ s extended job support scheme as they have not been forced to close completely .
The report estimated that the live music sector , which last year contributed £4.5bn to the UK economy , will see its revenue drop more than 80 per cent this year , with many businesses pulling in zero revenue since March .
LIVE said more than three-quarters of the sector ’ s workers were using the furlough scheme at the end of August .
But it warned more than half of all permanent roles @ @ @ @ @ @ @ lost if further support is not provided .
This is in addition 144,000 temporary , self-employed and freelance jobs .
Phil Bowdery , chair of the Concert Promoters Association , said the sector was caught in a “ catch-22 ” , as it was unable to operate but excluded from job support .
“ We were one of the first sectors to close and we will be one of the last to reopen , ” he said .
“ If businesses can ’ t access that support soon then the majority of our @ @ @ @ @ @ @ gone.
” The report highlighted the positive impact of the government ’ s £257m survival fund for arts and culture organisations , which it said had saved roughly 10,000 jobs .
But it warned this was offset by the looming end of the furlough scheme .
Industry bosses have also raised concerns about the impact of the lockdown on the live events supply chain , which they say has been overlooked by government support measures .
Just five per cent of companies in the sector ’ s supply chain have received financial aid @ @ @ @ @ @ @ recovery fund , according to a survey by We Make Events .

Live music industry warns of 170,000 job losses by end of year
The UK’s live music industry has warned it will suffer 170,000 job losses before the end of the year if the government fails to offer further support.
LIVE, which represents the sector, said the country’s live music workforce was facing a “cliff edge” as the furlough scheme comes to an end at the end of the month.
Bosses warned that many venues and events are unable to operate profitably under new lockdown restrictions, but are excluded from the government’s extended job support scheme as they have not been forced to close completely.
The report estimated that the live music sector, which last year contributed £4.5bn to the UK economy, will see its revenue drop more than 80 per cent this year, with many businesses pulling in zero revenue since March.
LIVE said more than three-quarters of the sector’s workers were using the furlough scheme at the end of August.
But it warned more than half of all permanent roles, or 26,100 jobs, will be lost if further support is not provided. This is in addition 144,000 temporary, self-employed and freelance jobs.
Phil Bowdery, chair of the Concert Promoters Association, said the sector was caught in a “catch-22”, as it was unable to operate but excluded from job support.
“We were one of the first sectors to close and we will be one of the last to reopen,” he said. “If businesses can’t access that support soon then the majority of our specialist, highly trained workforce will be gone.”
The report highlighted the positive impact of the government’s £257m survival fund for arts and culture organisations, which it said had saved roughly 10,000 jobs.
But it warned this was offset by the looming end of the furlough scheme.
Industry bosses have also raised concerns about the impact of the lockdown on the live events supply chain, which they say has been overlooked by government support measures.
Just five per cent of companies in the sector’s supply chain have received financial aid through the government’s £1.57bn cultural recovery fund, according to a survey by We Make Events.


cityam--2020-10-21--Manchester United lose £23m as coronavirus cuts revenue by £120m

Manchester United suffered a £23m loss as revenue plunged by almost 20 per cent for the year ending 30 June .
Annual income fell to £509m , from £627m the previous year , as the coronavirus outbreak saw football suspended .
All three of Manchester United ’ s main revenue streams were hit during the fourth quarter , when most games were called off .
Matchday income was down 77 per cent on the same period last year , while broadcast income fell 59 per cent and commercial 11 per cent .
Debt more than doubled to £474m , which @ @ @ @ @ @ @ and the loss of ticket sales .
English football has been badly hit by the pandemic , which led to matches in the Premier League being halted from March until June .
Supporters remained unable to attend games even when play resumed , and their continued absence costs teams up to £3m per game in income .
Manchester United executive vice chairman Ed Woodward said : “ Our focus remains on protecting the health of our colleagues , fans and community while adapting to the significant economic ramifications of the pandemic .
“ @ @ @ @ @ @ @ is to get fans back into the stadium safely and as soon as possible.
” Woodward also addressed a mooted shake-up of English football , dubbed Project Big Picture , which United are credited with helping to draw up .
The overhaul would give more money to lower leagues but hand greater power to United and other big clubs .
It was defeated at a vote of Premier League teams last week , but there remains a sense that the richest teams remain restless .
“ We are also committed to playing a @ @ @ @ @ @ @ pyramid through this period of adversity , while exploring options for making the English game stronger and more sustainable in the long-term , ” he added .
“ This requires strategic vision and leadership from all stakeholders , and we look forward to helping drive forward that process in a timely manner .
”

Manchester United lose £23m as coronavirus cuts revenue by £120m
United’s financial results have suffered as a result of coronavirus hitting English football
Manchester United suffered a £23m loss as revenue plunged by almost 20 per cent for the year ending 30 June.
Annual income fell to £509m, from £627m the previous year, as the coronavirus outbreak saw football suspended.
All three of Manchester United’s main revenue streams were hit during the fourth quarter, when most games were called off.
Matchday income was down 77 per cent on the same period last year, while broadcast income fell 59 per cent and commercial 11 per cent.
Debt more than doubled to £474m, which the club attributed to deferred sponsor payments and the loss of ticket sales.
English football has been badly hit by the pandemic, which led to matches in the Premier League being halted from March until June.
Supporters remained unable to attend games even when play resumed, and their continued absence costs teams up to £3m per game in income.
Then club also suffered from not playing in the lucrative Champions League, having failed to qualify.
Manchester United executive vice chairman Ed Woodward said it had been “one of the most extraordinary and challenging seasons in recent history”.
“There are still big challenges and uncertainties ahead as the Covid-19 pandemic continues to disrupt our way of life across the globe,” he told investors on a call.
“This disruption is clear to see in the financial results we’re announcing today and we expect the impact to remain visible for quite some time to come.”
Woodward on Project Big Picture
Woodward also addressed a mooted shake-up of English football, dubbed Project Big Picture, which United are credited with helping to draw up.
The overhaul would give more money to lower leagues but hand greater power to United and other big clubs.
It was defeated at a vote of Premier League teams last week, but there remains a sense that the richest teams remain restless.
“We are also committed to playing a constructive role in helping the wider football pyramid through this period of adversity, while exploring options for making the English game stronger and more sustainable in the long-term,” he added.
“This requires strategic vision and leadership from all stakeholders, and we look forward to helping drive forward that process in a timely manner.”


cityam--2020-10-21--MPs demand update on audit reform progress from business secretary

An influential committee of MPs has written to business secretary Alok Sharma to demand an update on the government ’ s progress implementing audit reforms following a series of high-profile accounting scandals .
In a letter dated yesterday , Business Energy and Industrial Strategy ( BEIS ) committee chair Darren Jones asked Sharma to outline which reforms recommended by two recent reviews into the sector have been implemented , and which the government plans to implement .
Jones also asked Sharma to set out a timetable for the introduction of legislation required to implement some of the recommended changes to @ @ @ @ @ @ @ of a new regulator to replace the Financial Reporting Council ( FRC ) , which has been described as “ toothless ” by MPs .
Audit firms have come under increasing pressure in recent years following accounting scandals including the collapse of Patisserie Valerie , BHS and Carillion .
Three government-backed reviews have called for shake-ups to the sector , but no legislation mandating change has yet been introduced .
The BEIS committee accused the government of dragging its feet on audit reform earlier this year .
In July , the FRC ordered @ @ @ @ @ @ @ , KPMG , PwC and EY — to separate their audit units from the rest of their business by 2024 , following criticism for firms mixing audit and more lucrative non-audit work for the same clients .
However audit experts criticised the move to ring fence audit divisions as a “ cosmetic exercise ” .
“ It ’ s vitally important that investors and other stakeholders have confidence in audits .
Confidence has been shaken in recent years by a series of audit scandals , ” said Jones .
Read more : Boohoo @ @ @ @ @ @ @ “ The government and the regulator now need to step up and help improve corporate governance , boost audit quality and tackle competition in the audit market by pressing ahead with the practical measures recommended by a series of reviews.
” City A.M. has contacted the business department for comment .

MPs demand update on audit reform progress from business secretary
The business committee asked Alok Sharma for an update on the government’s progress implementing audit reform
An influential committee of MPs has written to business secretary Alok Sharma to demand an update on the government’s progress implementing audit reforms following a series of high-profile accounting scandals.
In a letter dated yesterday, Business Energy and Industrial Strategy (BEIS) committee chair Darren Jones asked Sharma to outline which reforms recommended by two recent reviews into the sector have been implemented, and which the government plans to implement.
Jones also asked Sharma to set out a timetable for the introduction of legislation required to implement some of the recommended changes to the audit sector, including the introduction of a new regulator to replace the Financial Reporting Council (FRC), which has been described as “toothless” by MPs.
Audit firms have come under increasing pressure in recent years following accounting scandals including the collapse of Patisserie Valerie, BHS and Carillion.
Three government-backed reviews have called for shake-ups to the sector, but no legislation mandating change has yet been introduced. The BEIS committee accused the government of dragging its feet on audit reform earlier this year.
In July, the FRC ordered the Big Four audit firms – Deloitte, KPMG, PwC and EY — to separate their audit units from the rest of their business by 2024, following criticism for firms mixing audit and more lucrative non-audit work for the same clients.
However audit experts criticised the move to ring fence audit divisions as a “cosmetic exercise”.
“It’s vitally important that investors and other stakeholders have confidence in audits. Confidence has been shaken in recent years by a series of audit scandals,” said Jones.
“The government and the regulator now need to step up and help improve corporate governance, boost audit quality and tackle competition in the audit market by pressing ahead with the practical measures recommended by a series of reviews.”
A spokesperson for the business department said: “Strengthening our corporate governance and audit regime will help to ensure that the UK remains a world leader in corporate transparency and advance its status as a place of the highest standards in audit.
“The Government will respond with comprehensive proposals for audit reform and will then bring forward legislation as soon as parliamentary time allows,” they added.


cityam--2020-10-21--The Maserati Levante S is the closest you'll get to a Ferrari SUV... for now

Next year , Ferrari will launch the most controversial car in its 81-year history .
The Purosangue ( ‘ Thoroughbred ’ in English ) is a super-SUV to rival the Aston Martin DBX and Lamborghini Urus .
Enzo wouldn ’ t have approved , but the shareholders surely will .
Can ’ t wait that long ?
The 430hp Maserati Levante S is the closest you ’ ll get to an SUV powered by prancing horses .
Its ‘ F160 ’ V6 engine is based on the F154 V8 from the Ferrari 488 .
Does it retain some Maranello magic @ @ @ @ @ @ @ the Levante ladder , which clambers up from the 350hp base model to the 580hp V8-engined Trofeo .
At £83,435 , it squares up to the Range Rover Sport and Porsche Cayenne , plus more exalted versions of the BMW X5 , Mercedes-Benz GLE and Jaguar F-Pace .
However , with just 11 Maserati dealers across the UK , it will be a rarer sight than any of them .
Exclusivity is a big part of the Levante ’ s appeal , as is how it looks .
That clenched-teeth grille makes a @ @ @ @ @ @ @ take note , BMW ) , while its profile is coupe-like without seeming contrived ( yep , BMW again ) .
Only the rather generic rear-end styling lets it down .
Top tip : go for GranSport rather than GranLusso spec ( seen here ) to best accentuate the sculpted sides and muscular haunches .
Forgetting Ferrari for a moment , the trident badge has an allure all its own – recently bolstered by the new MC20 supercar .
Maseratis of the past have been unorthodox and flawed , but – with the @ @ @ @ @ @ @ they have never been dull .
Nor is the Levante S. How could it be with this engine ?
The 3.0-litre twin-turbo V6 is glorious : zingy and athletic in the mid-range , then exuberant and visceral as the revs rise .
Driving all four wheels via an eight-speed automatic gearbox , it propels the portly 2,109kg Levante to 62mph in 5.2 seconds – on par with a Porsche Cayenne S. Its vocal repertoire ranges from subtle snarl to piercing howl , punctuated by crackles from the four tailpipes .
All Levantes ride @ @ @ @ @ @ @ decent balance between comfort and cornering composure .
You can also raise the car ’ s height for off-roading or hunker it down for high speeds .
Overall , the Maserati is softer and less tenacious than a Cayenne , but still fluid and enjoyable to drive .
Its steering is well weighted and the brakes feel powerful .
Only its sheer size , and the prospect of fuel economy in the high teens ( the official figure is 22.1mpg ) may temper your enthusiasm .
Being an SUV , of course , @ @ @ @ @ @ @ although the Levante is best suited to four ( the middle rear passenger must perch on a hump ) and its tapered tailgate cuts sharply into boot space .
Another top tip : leave the labrador at home .
Frankly , the Levante is too plush for dog duties anyway .
Rich leather swathes the doors and dashboard , the three-spoke steering wheel looks great and the metal gearshift paddles are deliciously tactile .
Sadly , the abundance of hard plastic switchgear doesn ’ t befit a luxury car , while the touchscreen @ @ @ @ @ @ @ Apple CarPlay and Android Auto are standard , so you can simply plug in your phone .
Like many charismatic Italian cars , then , the Levante is far from perfect .
It ’ s thirsty , not particularly practical and perceived quality could be better .
Yet its glamorous badge and glorious engine offer an irrational , emotional sucker-punch that no German rival – nor indeed the Range Rover Sport – can match .
It takes a lot to make an SUV feel exotic , but a Ferrari engine does just that @ @ @ @ @ @ @ so worried about the Purosangue after all .

The Maserati Levante S is the closest you’ll get to a Ferrari SUV… for now
Next year, Ferrari will launch the most controversial car in its 81-year history. The Purosangue (‘Thoroughbred’ in English) is a super-SUV to rival the Aston Martin DBX and Lamborghini Urus. Enzo wouldn’t have approved, but the shareholders surely will.
Can’t wait that long? The 430hp Maserati Levante S is the closest you’ll get to an SUV powered by prancing horses. Its ‘F160’ V6 engine is based on the F154 V8 from the Ferrari 488. Does it retain some Maranello magic?
This is the second rung on the Levante ladder, which clambers up from the 350hp base model to the 580hp V8-engined Trofeo. At £83,435, it squares up to the Range Rover Sport and Porsche Cayenne, plus more exalted versions of the BMW X5, Mercedes-Benz GLE and Jaguar F-Pace. However, with just 11 Maserati dealers across the UK, it will be a rarer sight than any of them.
Exclusivity is a big part of the Levante’s appeal, as is how it looks. That clenched-teeth grille makes a bold statement without being too gauche (take note, BMW), while its profile is coupe-like without seeming contrived (yep, BMW again). Only the rather generic rear-end styling lets it down.
Top tip: go for GranSport rather than GranLusso spec (seen here) to best accentuate the sculpted sides and muscular haunches.
Forgetting Ferrari for a moment, the trident badge has an allure all its own – recently bolstered by the new MC20 supercar.
Maseratis of the past have been unorthodox and flawed, but – with the notable exception of the Ghibli diesel – they have never been dull. Nor is the Levante S.
How could it be with this engine? The 3.0-litre twin-turbo V6 is glorious: zingy and athletic in the mid-range, then exuberant and visceral as the revs rise.
Driving all four wheels via an eight-speed automatic gearbox, it propels the portly 2,109kg Levante to 62mph in 5.2 seconds – on par with a Porsche Cayenne S. Its vocal repertoire ranges from subtle snarl to piercing howl, punctuated by crackles from the four tailpipes.
All Levantes ride on air suspension, which strikes a decent balance between comfort and cornering composure. You can also raise the car’s height for off-roading or hunker it down for high speeds.
Overall, the Maserati is softer and less tenacious than a Cayenne, but still fluid and enjoyable to drive. Its steering is well weighted and the brakes feel powerful.
Only its sheer size, and the prospect of fuel economy in the high teens (the official figure is 22.1mpg) may temper your enthusiasm.
Being an SUV, of course, you can bring the family along, although the Levante is best suited to four (the middle rear passenger must perch on a hump) and its tapered tailgate cuts sharply into boot space. Another top tip: leave the labrador at home.
Frankly, the Levante is too plush for dog duties anyway. Rich leather swathes the doors and dashboard, the three-spoke steering wheel looks great and the metal gearshift paddles are deliciously tactile.
Sadly, the abundance of hard plastic switchgear doesn’t befit a luxury car, while the touchscreen infotainment system is clunky. At least Apple CarPlay and Android Auto are standard, so you can simply plug in your phone.
Like many charismatic Italian cars, then, the Levante is far from perfect. It’s thirsty, not particularly practical and perceived quality could be better. Yet its glamorous badge and glorious engine offer an irrational, emotional sucker-punch that no German rival – nor indeed the Range Rover Sport – can match.
It takes a lot to make an SUV feel exotic, but a Ferrari engine does just that. Maybe we shouldn’t be so worried about the Purosangue after all.
PRICE: £83,435
0-62MPH: 5.2sec
TOP SPEED: 164mph
CO2 G/KM: 263
MPG COMBINED: 22.1
Tim Pitt writes for Motoring Research


cityam--2020-10-21--Snakes and Ladders: Who is moving jobs in the City this week?

Snakes and Ladders provides a roundup of the most important hires and job moves across the City , every Wednesday afternoon .
Email citymoves @ cityam.com to be featured .
City firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of the crisis .
This week , marketing firm Kantar has announced the appointment of a marketing veteran as its new chief executive and law firm Clifford Chance has bolstered is financial investor proposition with a new hire .
Read more @ @ @ @ @ @ @ moving jobs in the City this week ?
Meanwhile , Ringley , a property consultancy firm , has decided now is the right time to jump into the prime central London property market .
Alexis Nasard has been hired as the new chief executive of data , insights and consulting company Kantar to lead the transformation of the firm .
Read more : Kantar appoints former Heineken bigwig as new chief executive Nasard , who is currently chief executive of Swiss footwear company Bata , previously held senior marketing positions at Heineken and @ @ @ @ @ @ @ Crozier said Nasard is a “ world-class CEO ” who “ understands the value Kantar delivers , and the role it plays in advising the world ’ s biggest consumer brands ” .
He will join the company from 30 December .
appoints new boss of reinsurance and insurance-linked strategy International specialist insurer Hiscox has appointed Kathleen Reardon as chief executive of its Re and ILS unit , subject to regulatory approval .
Reardon , who was chief executive of Bermuda-based Hamilton Re for six years , will replace Mike Krefta , who @ @ @ @ @ @ @ down early next year .
She is a fellow of the Casualty Actuarial Society , served in 2020 as the chair of the Reinsurance Association of America , and is the former chair of Women in Reinsurance – an organisation she co-founded .
Aberdeen Standard Investments has appointed Justin Simler as head of multi-asset product strategy , to be based with the London team .
Simler , a Schroders veteran with more than 25 years of experience in investments , will lead the product strategy team to help drive innovation within the multi-asset @ @ @ @ @ @ @ Investments to take control of Woodford Income Focus fund Prior to his decade-long stint at Schroders , Simler worked for Investic , BZW , Barclays and Merrill Lynch in various roles including head of research , chief investment officer and fund manager .
ASI global head of product for public markets Emily Smart said : “ We are delighted that Justin has joined us to help drive growth in our multi-asset business at a very exciting time for Aberdeen Standard Investments.
” Property consultancy Ringley Group has appointed Lee Gregori to head up @ @ @ @ @ @ @ management service in central London .
In his new role as chief executive of Ringley Prime , Gregori will be responsible for building new relationships with developers , contractors and housebuilders within the capital ’ s most exclusive neighbourhoods .
The firm said now is the right time to expand into the prime central London market .
Gregori was previously an associate director of Warwick Estates Property Management and formerly ran the prime central London portfolio of FTSE-100 housebuilder Berkley Group .
International law firm Clifford Chance has created a new financial investor @ @ @ @ @ @ @ group .
The Magic Circle firm has promoted Singapore managing partner Kai-Niklas Schneider into the new position .
Read more : Clifford Chance kicks off Magic Circle reporting season with subdued performance He will have a remit to lead the firm ’ s global focus on financial investors , such as private equity firms and asset managers .
Clifford Chance global managing partner Matthew Layton said : “ With over $ 90 trillion under management , these organisatons play a growing and critical role in the economy , and they will be indispensable @ @ @ @ @ @ @ economic and business landscape as the disruption caused by Covid-19 .
“ This new global leadership role underpins our commitment to ensure we remain best-placed to help the preeminent investors now , and in the future , as the opportunities and challenges before them grow in scale and complexity .
”

Snakes and Ladders: Who is moving jobs in the City this week?
Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured.
City firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of the crisis.
This week, marketing firm Kantar has announced the appointment of a marketing veteran as its new chief executive and law firm Clifford Chance has bolstered is financial investor proposition with a new hire.
Meanwhile, Ringley, a property consultancy firm, has decided now is the right time to jump into the prime central London property market.
Kantar hires marketing veteran as new chief executive
Alexis Nasard joins Kantar from retailer Bata
Alexis Nasard has been hired as the new chief executive of data, insights and consulting company Kantar to lead the transformation of the firm.
Nasard, who is currently chief executive of Swiss footwear company Bata, previously held senior marketing positions at Heineken and Proctor and Gamble.
Kantar chairman Adam Crozier said Nasard is a “world-class CEO” who “understands the value Kantar delivers, and the role it plays in advising the world’s biggest consumer brands”.
He will join the company from 30 December.
Hiscox appoints new boss of reinsurance and insurance-linked strategy
International specialist insurer Hiscox has appointed Kathleen Reardon as chief executive of its Re and ILS unit, subject to regulatory approval.
Reardon, who was chief executive of Bermuda-based Hamilton Re for six years, will replace Mike Krefta, who announced in August that he will step down early next year.
She is a fellow of the Casualty Actuarial Society, served in 2020 as the chair of the Reinsurance Association of America, and is the former chair of Women in Reinsurance – an organisation she co-founded.
Aberdeen Standard Investments bolsters global multi-asset team with new hire
Justin Simler has more than 25 years of experience in investments
Aberdeen Standard Investments has appointed Justin Simler as head of multi-asset product strategy, to be based with the London team.
Simler, a Schroders veteran with more than 25 years of experience in investments, will lead the product strategy team to help drive innovation within the multi-asset business.
Prior to his decade-long stint at Schroders, Simler worked for Investic, BZW, Barclays and Merrill Lynch in various roles including head of research, chief investment officer and fund manager.
ASI global head of product for public markets Emily Smart said: “We are delighted that Justin has joined us to help drive growth in our multi-asset business at a very exciting time for Aberdeen Standard Investments.”
Ringley Group targets prime central London market with new unit
Property consultancy Ringley Group has appointed Lee Gregori to head up its new prime residential estate and block management service in central London.
In his new role as chief executive of Ringley Prime, Gregori will be responsible for building new relationships with developers, contractors and housebuilders within the capital’s most exclusive neighbourhoods.
The firm said now is the right time to expand into the prime central London market.
Gregori was previously an associate director of Warwick Estates Property Management and formerly ran the prime central London portfolio of FTSE-100 housebuilder Berkley Group.
Law firm Clifford Chance creates new financial investor role
Kai-Niklas Schneider has been promoted into a new leadership role
International law firm Clifford Chance has created a new financial investor role as part of its executive leadership group.
The Magic Circle firm has promoted Singapore managing partner Kai-Niklas Schneider into the new position.
He will have a remit to lead the firm’s global focus on financial investors, such as private equity firms and asset managers.
Clifford Chance global managing partner Matthew Layton said: “With over $90 trillion under management , these organisatons play a growing and critical role in the economy, and they will be indispensable in building back and shaping the new economic and business landscape as the disruption caused by Covid-19.
“This new global leadership role underpins our commitment to ensure we remain best-placed to help the preeminent investors now, and in the future, as the opportunities and challenges before them grow in scale and complexity.”


cityam--2020-10-21--FTSE 100 drops amid Covid worries and stronger pound

The FTSE 100 dropped as investors worried over new coronavirus restrictions and the pound rose amid hopes of a Brexit deal , hurting overseas earnings .
London ’ s blue-chip index opened flat but had tumbled 1.1 per cent by late morning to 5,824 points .
The FTSE 250 was down 0.7 per cent .
Read more : UK inflation climbs to 0.5 per cent after Eat Out to Help Out scheme ends The pound jumped 0.9 per cent against the dollar to $ 1.305 .
Comments from the EU ’ s chief Brexit negotiator that a trade deal with @ @ @ @ @ @ @ helped the currency .
Yet the higher pound weighed on the FTSE .
It makes the overseas earnings of the index ’ s multinational companies worth less in relative terms .
A surge in coronavirus cases across Europe and the US was also weighing on investors ’ minds .
Germany ’ s Dax index was 0.7 per cent lower .
France ’ s CAC 40 was down 0.9 per cent while the continent-wide Stoxx 600 had slipped 0.8 per cent .
“ Market sentiment has turned sour in Europe as investors are increasingly @ @ @ @ @ @ @ Covid-19 cases , ” said Milan Cutkovic , market analyst at trading platform Axi .
The rising pound hit the FTSE 100 ’ s more internationally focused stocks .
Miner Fresnillo was the biggest faller , with a 4.3 per cent drop .
Polymetal International also fell .
British Airways-owner IAG fell 2.6 per cent .
Packaging firms Smurfit Kappa and DS Smith both shed more than one per cent .
Drinks-makers Diageo and Coca Cola were down around two per cent .
FTSE 100 investors had some UK economic data to chew @ @ @ @ @ @ @ not have been hugely surprising .
Read more : UK inflation climbs to 0.5 per cent after Eat Out to Help Out scheme ends Inflation picked up to 0.5 per cent last month after the Eat Out to Help Out scheme ended .
The scheme had offered cheap meals in August , suppressing prices in the restaurant sector .
UK government borrowing unexpectedly picked up to £36.1bn in September , the Office for National Statistics said .
It meant the pile of public debt hit its highest level as a proportion of GDP @ @ @ @ @ @ @ over stimulus The will-they-won ’ t-they saga of US stimulus talks continued yesterday .
House speaker Nancy Pelosi yesterday said she ’ s hopeful that a stimulus deal could be reached this week .
Yet White House chief of staff Mark Meadows cautioned there was still a fair amount of work to be done .
US stocks were set to open only slightly higher , according to futures prices .
The dollar was down 0.3 per cent against a basket of other currencies .
Fiona Cincotta , market analyst at City Index , @ @ @ @ @ @ @ and Congress move closer towards a new covid rescue package , demand for riskier assets has picked up whilst the safe-haven US dollar is coming under pressure .
Read more : Boris Johnson tries to court Biden as Number 10 falls off Trump train “ With Trump saying that he is prepared to accept a larger bill , talks will continue past House Speaker Nancy Pelosi ’ s soft Tuesday deadline.
” Yet Cincotta said that the FTSE 100 and other indices will remain focused on “ concerns over rising covid cases and @ @ @ @ @

FTSE 100 drops as pound surges and Covid worries grow
London’s financial sector – the home of many FTSE 100 companies – has been all but deserted again amid rising coronavirus cases
The FTSE 100 dropped as investors worried over new coronavirus restrictions and the pound soared amid hopes of a Brexit deal, hurting firms’ overseas earnings.
London’s blue-chip index opened flat but had tumbled 1.3 per cent by late morning to 5,814 points. The FTSE 250 was down 0.3 per cent.
Read more: UK inflation climbs to 0.5 per cent after Eat Out to Help Out scheme ends
The pound jumped 1.4 per cent against the dollar to $1.313. Positive comments from the EU’s chief Brexit negotiator boosted the currency.
Yet the stronger pound weighed on the FTSE. It makes the overseas earnings of the index’s multinational companies worth less in relative terms.
Germany’s Dax index was 0.6 per cent lower, while the continent-wide Stoxx 600 had slipped 0.7 per cent.
“Market sentiment has turned sour in Europe as investors are increasingly concerned about the sharp rise in new Covid-19 cases,” said Milan Cutkovic, market analyst at trading platform Axi.
The major Wall Street indices were up between 0.5 and 0.7 per cent. They were buoyed by residual hopes that a stimulus deal might be reached in the US.
Industrials and miners weigh on FTSE 100
The rising pound hit the FTSE 100’s more internationally focused stocks. British Airways-owner IAG was the biggest faller, falling 4.7 per cent.
Miner Fresnillo tumbled around three per cent. Meanwhile, oil giants BP and Shell fell roughly two per cent as the Brent crude oil price slipped.
FTSE 100 investors had some UK economic data to chew on this morning. Inflation rose to 0.5 per cent last month after the Eat Out to Help Out scheme ended.
UK government borrowing unexpectedly picked up to £36.1bn in September, the Office for National Statistics said. It meant the pile of public debt hit its highest level as a proportion of GDP since 1960.
Pound soars on Brexit hopes
The pound’s recent rally continued, with the currency jumping to its highest level since August. It was also up 1.1 per cent against the euro at €1.106.
Despite the UK government’s tough rhetoric, traders believe the UK and EU will strike a free-trade agreement. The discussions have been one of the major influencing factors on sterling.
“The pound has been a top riser in the FX markets so far in today’s session,” said Fawad Razaqzada, market analyst at Thinkmarkets.
In particular, EU negotiator Michel Barnier’s comments that a trade deal was “within reach” boosted sterling.
“The pound tends to respond more profoundly to comments by top EU officials, rather than UK,” Razaqzada said. He said this was because “everyone knows Boris Johnson and co are merely talking tough because it is part of their negotiation tactics”.
All eyes on US over stimulus
The will-they-won’t-they saga of US stimulus talks continued. House speaker Nancy Pelosi yesterday said she’s hopeful that a stimulus deal could be reached this week.
Yet White House chief of staff Mark Meadows cautioned there was still a fair amount of work to be done, however.
Despite the uncertainty, US stocks opened higher. The S&P 500 was up 0.6 per cent and the tech-heavy Nasdaq climbed 0.8 per cent.
Fiona Cincotta, market analyst at City Index, said: “As the White House and Congress move closer towards a new covid rescue package, demand for riskier assets has picked up whilst the safe-haven US dollar is coming under pressure.
Yet Cincotta said that the FTSE 100 and other indices will remain focused on “concerns over rising covid cases and tighter lockdown restrictions”.


cityam--2020-10-21--Shakespeare: Lockdown pups give Pets at Home a boost

Last month , in the face of the coronavirus , Pets at Home reported glowing results making it the best-performing UK retail stock of the quarter .
The pet shop and veterinary services provider said it expected full-year underlying profits to be ahead of current market expectations .
Pets at Home said that while strong merchandising sales had helped to offset the closure of grooming salons and lower vet service revenue during lockdown , there were “ tangible signs of an increase in animal owners as people adopted new attitudes to work and leisure pursuits ” after lockdown .
Read @ @ @ @ @ @ @ the tank after shutting down screens New YouGov data this week backs this up .
It shows that more than a quarter ( 27 per cent ) of Britons had either acquired a new pet during lockdown or knew someone who had .
The number of new pet owners were highest in Scotland ( 36 per cent ) followed by Londoners ( 31 per cent ) .
More people owning domestic animals is naturally a positive thing for a pet retailer and veterinary services provider .
Since the start of lockdown in March @ @ @ @ @ @ @ that Pets at Home ’ s Consideration score increased among Britons who own a dog , cat or small animal such as a rabbit , hamster or guinea pig .
The score – which measures whether someone would consider purchasing from the brand in future – rose by 7.1 points from 38.0 at the start of March to 45.1 in May .
Since then scores have remained steady , reaching 45.4 in September .
Compared to the same period last year , its Consideration score look a lot different .
In 2019 the @ @ @ @ @ @ @ peaks in June , August and September , but dipping to the low 30s in-between .
Consideration of Pets at Home among animal owners this year has been much more level and sustained , contributing to the brand ’ s good performance this year .
In general , Pets at Home ’ s brand health improved over lockdown .
Its Index score – which is a measure of overall brand health calculated by taking the average of Impression , Quality , Value , Satisfaction , Recommend , and Reputation – increased from 19.4 @ @ @ @ @ @ @ If it can continue to provide the services and products its growing customer base desire for their animals , Pets at Home will have a strong foundation to survive and do well in any future lockdown scenario .

Shakespeare: Lockdown pups give Pets at Home a boost
(Photo by DIBYANGSHU SARKAR/AFP via Getty Images)
Last month, in the face of the coronavirus, Pets at Home reported glowing results making it the best-performing UK retail stock of the quarter. The pet shop and veterinary services provider said it expected full-year underlying profits to be ahead of current market expectations.
Pets at Home said that while strong merchandising sales had helped to offset the closure of grooming salons and lower vet service revenue during lockdown, there were “tangible signs of an increase in animal owners as people adopted new attitudes to work and leisure pursuits” after lockdown.
Read more: Cineworld’s reputation in the tank after shutting down screens
New YouGov data this week backs this up. It shows that more than a quarter (27 per cent) of Britons had either acquired a new pet during lockdown or knew someone who had. The number of new pet owners were highest in Scotland (36 per cent) followed by Londoners (31 per cent). More people owning domestic animals is naturally a positive thing for a pet retailer and veterinary services provider.
Since the start of lockdown in March, YouGov Plan & Track data shows that Pets at Home’s Consideration score increased among Britons who own a dog, cat or small animal such as a rabbit, hamster or guinea pig. The score – which measures whether someone would consider purchasing from the brand in future – rose by 7.1 points from 38.0 at the start of March to 45.1 in May. Since then scores have remained steady, reaching 45.4 in September.
Compared to the same period last year, its Consideration score look a lot different. In 2019 the data shows a pattern of three clear peaks in June, August and September, but dipping to the low 30s in-between. Consideration of Pets at Home among animal owners this year has been much more level and sustained, contributing to the brand’s good performance this year.
In general, Pets at Home’s brand health improved over lockdown. Its Index score – which is a measure of overall brand health calculated by taking the average of Impression, Quality, Value, Satisfaction, Recommend, and Reputation – increased from 19.4 in March to 22.8 in May.
If it can continue to provide the services and products its growing customer base desire for their animals, Pets at Home will have a strong foundation to survive and do well in any future lockdown scenario.


cityam--2020-10-21--British Steel pension scheme trustees secure £2bn buyout

Trustees of collapsed British Steel ’ s pension scheme have agreed a £2bn deal with insurers to secure the pensions of 30,000 staff .
The agreement will see the Pension Insurance Corporation buy out the existing scheme at or above the level of compensation supplied by the Pension Protection Fund ( PPF ) .
Read more : Liberty Steel snaps up British Steel ’ s former French rail assets The Old British Steel Pension Scheme ( OBSPS ) has been in the hands of the UK ’ s pension lifeboat since 2018 , after a restructuring of Tata Steel ’ @ @ @ @ @ @ @ , British Steel went bankrupt , threatening the jobs of 5,000 employees .
The majority of the British Steel Pension Scheme ’ s ( BSPS ) roughly 120,000 members had chosen to switch to a new scheme in 2018 , but the remainder chose to move into the PPF .
The decision to stay meant their retirement benefits were guaranteed , but at a lower level than they had accrued during their careers .
Members of the pension scheme were first informed about the possibility of a buy-out in April 2020 .
Before @ @ @ @ @ @ @ with the City View podcast and key market data The buy-out is expected to take place towards the end of 2021 .
Until that point , the scheme will still be protected by the PFF .
Jonathan Hazlett , managing director of Open Trustees , said : “ When we were first appointed as trustee of the OBSPS , we anticipated that the PPF would assume responsibility for OBSPS .
“ However , better than expected funding levels coupled with the adoption of scheme-specific mortality assumptions have meant that a wind-up outside of @ @ @ @ @ @ @ are delighted to have entered into this buy-in policy with PIC .
This transaction will eventually see OBSPS members receive benefits either at the same PPF level as those currently provided or , for many members , an uplift above that amount.
” Law firm Barnett Waddingham led the transaction on behalf of OBSPS .
Partner Rosie Fantom said : “ This is a significant step in what has been a long journey for OBSPS members , who now have the certainty that their benefits have been secured with an insurer on very @ @ @ @ @ @ @ .
“ Rigorous work carried out over the last two years allowed the scheme to take full advantage of longevity reinsurance .
”

British Steel pension scheme trustees secure £2bn buyout
Trustees of collapsed British Steel’s pension scheme have agreed a £2bn deal with insurers to secure the pensions of 30,000 staff.
The agreement will see the Pension Insurance Corporation buy out the existing scheme at or above the level of compensation supplied by the Pension Protection Fund (PPF).
The Old British Steel Pension Scheme (OBSPS) has been in the hands of the UK’s pension lifeboat since 2018, after a restructuring of Tata Steel’s UK operations.
A year later, British Steel went bankrupt, threatening the jobs of 5,000 employees.
The majority of the British Steel Pension Scheme’s (BSPS) roughly 120,000 members had chosen to switch to a new scheme in 2018, but the remainder chose to move into the PPF.
The decision to stay meant their retirement benefits were guaranteed, but at a lower level than they had accrued during their careers.
Members of the pension scheme were first informed about the possibility of a buy-out in April 2020.
Before the Open newsletter: Start your day with the City View podcast and key market data
The buy-out is expected to take place towards the end of 2021. Until that point, the scheme will still be protected by the PFF.
Jonathan Hazlett, managing director of Open Trustees, said: “When we were first appointed as trustee of the OBSPS, we anticipated that the PPF would assume responsibility for OBSPS.
“However, better than expected funding levels coupled with the adoption of scheme-specific mortality assumptions have meant that a wind-up outside of the PPF became possible.
“We are delighted to have entered into this buy-in policy with PIC. This transaction will eventually see OBSPS members receive benefits either at the same PPF level as those currently provided or, for many members, an uplift above that amount.”
Consultancy Barnett Waddingham led the transaction on behalf of OBSPS. Partner Rosie Fantom said: “This is a significant step in what has been a long journey for OBSPS members, who now have the certainty that their benefits have been secured with an insurer on very favourable pricing terms in a turbulent market.
“Rigorous work carried out over the last two years allowed the scheme to take full advantage of longevity reinsurance.”


cityam--2020-10-21--UK marketing slump continues after Covid-19 sparks record decline

British companies reported another “ drastic ” cut in marketing budgets in the third quarter after the outbreak of coronavirus sparked the largest ever decline in spend .
The Covid-19 pandemic has prompted a sharp drop in ad spend across all formats , with negative sentiment leading marketers to slash budgets .
Read more : “ Mind boggling ” crackdown on pavement advertising slammed by City restaurateur A net balance of -41.0 per cent of UK firms reported a reduction in their marketing budget in the third quarter , according to the latest IPA Bellwether report .
This marks the @ @ @ @ @ @ @ created in 2000 , second only to the record -50.7 per cent decline recorded in the second quarter of this year .
Over half of respondents reported a decrease in budgets from three months ago , compared to just 11.6 per cent citing an increase .
Marketers blamed the downturn on reduced revenue as a result of the Covid-19 crisis , with executives often cutting ad budgets in a bid to maintain profitability .
Paul Bainsfair , director general of the IPA , said the marketing sector was “ at the mercy of @ @ @ @ @ @ @ second quarter marked the nadir for UK marketing budgets , we had hoped for a slightly sharper rebound to UK marketing budgets this quarter than we see here , ” he said .
“ With a second wave of Covid-19 , coupled with ongoing Brexit negotiations , including bracing for no-deal , I think green shoots in the immediate term are increasingly unrealistic.
” The report showed that the downturn has taken its toll on all marketing categories .
Events , which have largely been cancelled since March , were the hardest hit @ @ @ @ @ @ @ per cent of firms registering downward revisions compared to last quarter .
Within main media advertising , online campaigns were the least badly affected , with a negative balance of just -6.5 per cent reporting lower funds .
Audio , video and published brands all posted improvements on the second quarter , but remained subject to significant cuts .
Out-of-home advertising , which has been among the hardest hit subsectors during the pandemic , improved from -61.2 per cent to -50.0 per cent .
“ The record reduction in budgets , and recurrent @ @ @ @ @ @ @ low on both confidence and optimism , ” said Azlan Raj , chief marketing officer for EMEA at Merkle .
But Raj said there were ways for brands to “ get ahead of the curve ” and return to growth .
“ As we try and get back to normal , consumers are still very much unsettled by what ’ s going on in the world , and not just Covid-19 , but the US election and Brexit too , ” he said .
“ Brands that can truly support their customers to @ @ @ @ @ @ @ 2020 , have much to gain.
” Read more : Finance watchdog slams Google for not removing scam adverts The report showed that despite some improvements since the second quarter , marketing chiefs remained pessimistic about the outlook for both their companies and the wider industry .
Overall , it forecast a 23.3 per cent fall in advertising spend for 2020 , though it forecast that spend would bounce back 11.3 per cent next year .
“ These outcomes , however , hinge largely on positive outcomes regarding the evolution of the pandemic @ @ @ @ @ @ @ the end of the transition period at the end of this year , ” the report added .

UK marketing slump continues after Covid-19 sparks record decline
Marketing budgets suffered the biggest fall on record in the second quarter
British companies reported another “drastic” cut in marketing budgets in the third quarter after the outbreak of coronavirus sparked the largest ever decline in spend.
The Covid-19 pandemic has prompted a sharp drop in ad spend across all formats, with negative sentiment leading marketers to slash budgets.
A net balance of -41.0 per cent of UK firms reported a reduction in their marketing budget in the third quarter, according to the latest IPA Bellwether report.
This marks the second-fastest quarterly decline since the survey was created in 2000, second only to the record -50.7 per cent decline recorded in the second quarter of this year.
Over half of respondents reported a decrease in budgets from three months ago, compared to just 11.6 per cent citing an increase.
Marketers blamed the downturn on reduced revenue as a result of the Covid-19 crisis, with executives often cutting ad budgets in a bid to maintain profitability.
Paul Bainsfair, director general of the IPA, said the marketing sector was “at the mercy of macro trends”.
“While the second quarter marked the nadir for UK marketing budgets, we had hoped for a slightly sharper rebound to UK marketing budgets this quarter than we see here,” he said.
“With a second wave of Covid-19, coupled with ongoing Brexit negotiations, including bracing for no-deal, I think green shoots in the immediate term are increasingly unrealistic.”
The report showed that the downturn has taken its toll on all marketing categories.
Events, which have largely been cancelled since March, were the hardest hit, with a net balance of -64.1 per cent of firms registering downward revisions compared to last quarter.
Within main media advertising, online campaigns were the least badly affected, with a negative balance of just -6.5 per cent reporting lower funds.
Audio, video and published brands all posted improvements on the second quarter, but remained subject to significant cuts. Out-of-home advertising, which has been among the hardest hit subsectors during the pandemic, improved from -61.2 per cent to -50.0 per cent.
“The record reduction in budgets, and recurrent Covid-19 lockdown restrictions have left the industry low on both confidence and optimism,” said Azlan Raj, chief marketing officer for EMEA at Merkle.
But Raj said there were ways for brands to “get ahead of the curve” and return to growth.
“As we try and get back to normal, consumers are still very much unsettled by what’s going on in the world, and not just Covid-19, but the US election and Brexit too,” he said.
“Brands that can truly support their customers to navigate safely through the stormy waters of 2020, have much to gain.”
The report showed that despite some improvements since the second quarter, marketing chiefs remained pessimistic about the outlook for both their companies and the wider industry.
Overall, it forecast a 23.3 per cent fall in advertising spend for 2020, though it forecast that spend would bounce back 11.3 per cent next year.
“These outcomes, however, hinge largely on positive outcomes regarding the evolution of the pandemic and the development of Brexit negotiations before the end of the transition period at the end of this year,” the report added.


cityam--2020-10-21--Fishing for likes: Facebook takes on Tinder as it rolls out dating service

Facebook is ramping up the pressure on apps such as Tinder and Bumble as it rolls out a new dating feature .
Facebook Dating was first launched in the US and 19 other countries last month , but will now be available to users in the UK and across Europe .
Read more : Love in a time of Covid : A guide to lockdown dating The social media platform said the new service will help people find love through things they have in common , such as interests , events and groups .
The service allows lonely hearts to @ @ @ @ @ @ @ account on their profile .
Users can also seek out kindred spirits by choosing to see other people involved in similar groups and events .
In a further twist on the traditional dating app , Facebook Dating also boasts a secret crush feature , enabling people to explore potential relationships with their existing Facebook friends and Instagram followers .
Facebook said its service has already racked up more than 1.5bn matches since its launch last month .
The launch marks Facebook ’ s latest efforts to crowd out rivals and become a one-stop @ @ @ @ @ @ @ services .
Read more : Dating app Bumble prepares for IPO above $ 6bn The dating app market is already flooded with rival services , including Tinder , Bumble , Hinge and Grindr , which have enjoyed a boost in engagement during the coronavirus pandemic .
Facebook said its dating service will offer virtual meet-ups , allowing potential paramours to date even if lockdown restrictions are in place .

Fishing for likes: Facebook takes on Tinder as it rolls out dating service
Facebook is hoping its new service will challenge dating apps such as Tinder
Facebook is ramping up the pressure on apps such as Tinder and Bumble as it rolls out a new dating feature.
Facebook Dating was first launched in the US and 19 other countries last month, but will now be available to users in the UK and across Europe.
The social media platform said the new service will help people find love through things they have in common, such as interests, events and groups.
The service allows lonely hearts to share Stories from their Facebook or Instagram account on their profile.
Users can also seek out kindred spirits by choosing to see other people involved in similar groups and events.
In a further twist on the traditional dating app, Facebook Dating also boasts a secret crush feature, enabling people to explore potential relationships with their existing Facebook friends and Instagram followers.
Facebook said its service has already racked up more than 1.5bn matches since its launch last month.
The launch marks Facebook’s latest efforts to crowd out rivals and become a one-stop shop for a wide range of online services.
The dating app market is already flooded with rival services, including Tinder, Bumble, Hinge and Grindr, which have enjoyed a boost in engagement during the coronavirus pandemic.
Facebook said its dating service will offer virtual meet-ups, allowing potential paramours to date even if lockdown restrictions are in place.