cityam--2020-06-25--Virgin Media down: Broadband outage hits thousands working from home

Virgin Media appeared to suffer an outage this morning , leaving thousands of customers working remotely without broadband .
The broadband operator had not acknowledged the issue by 10.15am on Twitter despite a flood of angry complaints from customers .
Downdetector , a website that records outages by tracking social media mentions , registered a surge of complaints of Virgin Media issues from 9.43am .
It tracked almost 10,000 complaints by 10.14am with the entirety of London appearing to be affected .
Paulius B tweeted Virgin Media to say : “ Broadband not working in London for the past hour @ @ @ @ @ @ @ , unacceptable .
Sort your house out.
” And Chino Tenn expressed his frustration with the broadband provider for not addressing the situation on Twitter .
“ Still nothing on their twitter TL [ timeline ] .
Their social media managers must double-hat as technical /security configuration specialists , ” he said .
Virgin Media did reply to one customer to apologise for the broadband outage issues .
The company advised they call 0800 561 0061 for local area updates .
The telecom company ’ s official status page failed to load results @ @ @ @ @ @ @ broadband connection .
Jayne , from Solihull , spelled out the problems for remote working Brits trying to join office meetings while Virgin Media ’ s outage continues .
“ Down in Solihull too , working from home is fun been tethered to my phone on teams calls all day !
!
!
It ’ s a nightmare !
” Tim Plumb suggested workers take a few hours off , even if it means a longer working day .
“ If anyone wants me while Virgin Media is down I ’ ll be @ @ @ @ @ @ @ .
Looks like half the country will be working late tonight , ” he said .
Others chimed in with some light-hearted reactions .
The company did not immediately respond to a request for comment .

Virgin Media down: Broadband outage hits thousands working from home
Virgin Media
Virgin Media appeared to suffer an outage this morning, leaving thousands of customers working remotely without broadband.
The broadband operator had not acknowledged the issue by 10.15am on Twitter despite a flood of angry complaints from customers.
Downdetector, a website that records outages by tracking social media mentions, registered a surge of complaints of Virgin Media issues from 9.43am.
It tracked almost 10,000 complaints by 10.14am with the entirety of London appearing to be affected.
A Virgin Media spokesperson said: “We’re aware that some customers in parts of London are experiencing an issue with their broadband. We are working as quickly as possible to restore services and apologise to those affected.”
The company only addressed the outage on Twitter at 1.30pm. It explained the nature of the fault meant customers could connect to their routers, but would still be without internet.
We’re aware that some customers in parts of London are experiencing an issue with their broadband. This means that, while affected customers may still be connected to their Virgin Media router, they will not have Internet access so web pages and other services will not load. Virgin Media
We’re aware that some customers in parts of London are experiencing an issue with their broadband.
This means that, while affected customers may still be connected to their Virgin Media router, they will not have Internet access so web pages and other services will not load. pic.twitter.com/gaM07iklvN — Virgin Media (@virginmedia) June 25, 2020
Londoners express anger over Virgin Media outage
City A.M. understands the outage is not nationwide, but limited to parts of the capital.
But one customer, Jayne, said she was experiencing problems in Solihull.
“Down in Solihull too, working from home is fun been tethered to my phone on teams calls all day!!! It’s a nightmare!”
Paulius B tweeted Virgin Media to say: “Broadband not working in London for the past hour. People need to work from home, unacceptable. Sort your house out.”
#virginmediadown
Broadband not working in London for the past hour. People need to work from home, unacceptable. Sort your house out — Fid3mus (@Fid3mus) June 25, 2020
And Chino Tenn expressed his frustration with the broadband provider for not initially addressing the situation on Twitter.
“Still nothing on their twitter TL [timeline]. Their social media managers must double-hat as technical /security configuration specialists,” he said.
Virgin Media did reply to one customer to apologise for the broadband outage issues. The company advised they call 0800 561 0061 for local area updates.
Virgin Media
The telecom company’s official status page failed to load results for customers trying to check their local broadband connection.
Down in Solihull too, working from home is fun been tethered to my phone on teams calls all day!!! It’s a nightmare! #virginmediadown — Jayne (@bryaniJ) June 25, 2020
Customer Tim Plumb suggested workers take a few hours off, even if it means a longer working day.
“If anyone wants me while Virgin Media is down I’ll be in the garden with a cold drink. Looks like half the country will be working late tonight,” he said.
Others chimed in with some light-hearted reactions.
Woke up this morning eager to work and get some projects finished. Made coffe and even showered 🤪.. but @virginmedia wont let me be productive… guess I'll walk my cat then. #virginmediadown #wfh pic.twitter.com/LXZE1LPXvq — The Geekiest One (Human) (@TheGeekiestOne) June 25, 2020
i thought they fixed it yesterday #virginmediadown pic.twitter.com/uYLYGYcaSQ — chocolate milk (@HassanIzzAlDin) June 25, 2020
Customers advised to switch to mobile data
Ernest Doku, a tech expert at comparison website Uswitch.com, said the outage today will be “frustrating to thousands of Virgin Media customers”.
“The lockdown period has put increased pressure on providers to ensure customers stay connected,” he added. “And it is important these vital services are not down for long.”
Doku advised Londoners experiencing the broadband outage to use their mobile phone data by tethering their device to their laptop.
“If your broadband is down, and you have the additional data on your mobile contract, you may be able to tether to your phone and use it as a hub to connect to the internet,” he said.
“Just remember that using your mobile phone data in this way will eat up your allowance far quicker than if you only used it for your smartphone.”


cityam--2020-06-25--Wirecard files for insolvency after disclosing €1.9bn financial hole

Wirecard has filed for insolvency after disclosing a €1.9bn financial hole in its accounts .
Shares in the firm were suspended by the Frankfurt Stock Exchange before the announcement .
Last week shares in the firm fell by 90 per cent after auditor EY refused to sign off Wirecard ’ s 2019 accounts .
Read more : Former Wirecard boss Markus Braun released from custody , says lawyer In a statement today , the embattled payments processor said its new management had applied for insolvency at a Munich court “ due to impending insolvency and over-indebtedness ” .
It also @ @ @ @ @ @ @ for insolvency for its subsidiaries .
The Munich prosecutor ’ s office , which is already investigating former boss Markus Braun , said : “ We will now look at all possible criminal offences.
” Braun , the longstanding chief executive who resigned last week , was arrested earlier this week and released on €5m bail .
He is accused of misrepresenting Wirecard ’ s accounts and of market manipulation by falsifying income from transactions with so-called third-party acquirers .
On Monday the firm said there was a likelihood that the missing billions @ @ @ @ @ @ @ .
Read more : Former Wirecard boss arrested as creditors hunt missing €1.9bn Wirecard ’ s problems arose last October after the Financial Times reported that Wirecard employees had appeared to have conspired to fraudulently inflate numbers at the firm ’ s subsidiaries in Dubai .
In April KPMG concluded it could not verify whether the “ lion ’ s share ” of profits reported between 2016 and 2018 were genuine , after a special audit .
Get the news as it happens by following City A.M. on Twitter .

Wirecard files for insolvency after disclosing €1.9bn financial hole
Wirecard has filed for insolvency after disclosing a €1.9bn financial hole in its accounts.
Shares in the firm were suspended by the Frankfurt Stock Exchange before the announcement. Last week shares in the firm fell by 90 per cent after auditor EY refused to sign off Wirecard’s 2019 accounts.
In a statement today, the embattled payments processor said its new management had applied for insolvency at a Munich court “due to impending insolvency and over-indebtedness”.
It also said it was evaluating whether to file for insolvency for its subsidiaries.
The Munich prosecutor’s office, which is already investigating former boss Markus Braun, said: “We will now look at all possible criminal offences.”
Braun, the longstanding chief executive who resigned last week, was arrested earlier this week and released on €5m bail.
He is accused of misrepresenting Wirecard’s accounts and of market manipulation by falsifying income from transactions with so-called third-party acquirers.
On Monday the firm said there was a likelihood that the missing billions from its accounts simply did not exist.
Wirecard’s problems arose last October after the Financial Times reported that Wirecard employees had appeared to have conspired to fraudulently inflate numbers at the firm’s subsidiaries in Dubai.
In April KPMG concluded it could not verify whether the “lion’s share” of profits reported between 2016 and 2018 were genuine, after a special audit.
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cityam--2020-06-25--Ebay calls for government funding to help charities innovate during pandemic

Ebay ’ s UK arm has put pressure on the government to do more to help charities during the coronavirus pandemic by establishing an innovation fund to support online retail and services .
The e-commerce giant is part of a coalition behind the initiative , which also includes Barnardo ’ s , the Charity Retail Association and New Philanthropy Capital .
The fund would be used to help charities develop solutions to shift towards online sales without diverting vital cash from essential frontline services , as footfall remains low during the pandemic .
Read more : Footfall still 54 per @ @ @ @ @ @ @ reopen for business Ebay said it will be providing unrestricted grants of £1.7m from its own income to 250 of the charities most affected by declines in online revenue on its platform as a result of the virus .
It will also establish a training programme for 500 UK charities , including those who do not already use Ebay ’ s services , to help their online sales be more effective .
“ Charities up and down the country can embrace online retail as a way to raise vital funds to keep operating @ @ @ @ @ @ @ is particularly important now , when so many traditional forms of fundraising remain unavailable , ” said Ebay UK vice president Rob Hattrell .
“ Covid-19 has accelerated the need for services and fundraising to have a strong digital presence and the sector is in danger of critical shortfalls without it .
That is why we hope the chancellor will take the opportunity in his forthcoming July Financial Statement to invest more in providing the digital step-change the SME and charity sector needs.
” Read more : Amazon launches accelerator for UK startups @ @ @ @ @ @ @ similar initiative launched by rival Amazon earlier this week to support British small businesses and startups with the transition to digitalisation and remote working .
The Amazon Small Business Accelerator will operate a free online training programme for 200,000 businesses , as well as a week-long bootcamp for up to 1,000 mostly offline businesses to help them expand digitally and trade online .

Ebay calls for government funding to help charities innovate during pandemic
Ebay’s UK arm has put pressure on the government to do more to help charities during the coronavirus pandemic by establishing an innovation fund to support online retail and services.
The e-commerce giant is part of a coalition behind the initiative, which also includes Barnardo’s, the Charity Retail Association and New Philanthropy Capital.
The fund would be used to help charities develop solutions to shift towards online sales without diverting vital cash from essential frontline services, as footfall remains low during the pandemic.
Ebay said it will be providing unrestricted grants of £1.7m from its own income to 250 of the charities most affected by declines in online revenue on its platform as a result of the virus.
It will also establish a training programme for 500 UK charities, including those who do not already use Ebay’s services, to help their online sales be more effective.
“Charities up and down the country can embrace online retail as a way to raise vital funds to keep operating during and after the pandemic. This is particularly important now, when so many traditional forms of fundraising remain unavailable,” said Ebay UK vice president Rob Hattrell.
“Covid-19 has accelerated the need for services and fundraising to have a strong digital presence and the sector is in danger of critical shortfalls without it. That is why we hope the chancellor will take the opportunity in his forthcoming July Financial Statement to invest more in providing the digital step-change the SME and charity sector needs.”
The announcement follows a similar initiative launched by rival Amazon earlier this week to support British small businesses and startups with the transition to digitalisation and remote working.
The Amazon Small Business Accelerator will operate a free online training programme for 200,000 businesses, as well as a week-long bootcamp for up to 1,000 mostly offline businesses to help them expand digitally and trade online.
Ebay’s charity upskilling programme will begin on 7 July.


cityam--2020-06-25--Car production slump continues in May despite factories restarting

The country ’ s car manufacturers produced a mere 5,314 vehicles in May as output stalled for the second consecutive month due to coronavirus .
New data from the Society of Motor Manufacturers and Traders ( SMMT ) showed that although two-thirds of the country ’ s car plants restarted work last month , output was severely curtailed due to social distancing requirements and a lack of demand .
Read more : UK car industry flatlines as just 197 cars built in April The 95.4 per cent drop in output was a minor improvement from April ’ s figures , @ @ @ @ @ @ @ resulting in just 197 cars being built .
In the first five months of the year , just 324,763 cars have rolled off UK production lines , a 41.4 per cent drop on 2019 ’ s numbers .
With English showrooms having not reopened until 1 June , only 1,054 of the cars were built for domestic buyers , with the remainder exported .
The figures come just days after the SMMT warned that one in six automotive jobs would be at risk in the UK if the government did not extend support @ @ @ @ @ @ @ have been cut already in June , while a third of all sector workers are still on the government ’ s job retention scheme , which finishes at the end of November .
Chief executive Mike Hawes reiterated his calls for the government to put together a bespoke package to stimulate the car market and get production rolling again .
Before the Open newsletter : Start your day with the City View podcast and key market data “ Government assistance so far has been vital in keeping many businesses afloat , but the @ @ @ @ @ @ @ he said .
“ Measures to boost cashflow , including additional and tailored finance schemes , tax relief and business rates deferral would deliver immediate results when liquidity is most acute .
“ We have to retain the highly skilled jobs the sector provides but also ensure the business conditions are competitive so we can unlock the investment that will drive long-term recovery – a green recovery – which is inextricably linked the sector ’ s success ” .
Speaking at the SMMT ’ s virtual summit on Tuesday , Ford UK chairman @ @ @ @ @ @ @ work with the industry on a strategy to hit its target of only selling zero emissions vehicles by 2035 .
“ We need government to partner with us and have joint equity in formulating and delivering a comprehensive and consistent strategy that encompasses all stakeholders and that provides a path to the future – a path that also encompasses a range of technologies , including mild hybrids , hybrids and plug-in hybrids on the route to zero emissions ” , he said Read more : One in six auto jobs at risk , @ @ @ @ @ @ @ government had planned to phase out petrol , diesel and hybrid cars by 2040 as part of its aspiration for the UK to be carbon neutral by 2050 .
However , in February Prime Minister Boris Johnson announced that the government would bring forward the ban to 2035 .

Car production slump continues in May despite factories restarting
The country’s car manufacturers produced a mere 5,314 vehicles in May as output stalled for the second consecutive month due to coronavirus.
New data from the Society of Motor Manufacturers and Traders (SMMT) showed that although two-thirds of the country’s car plants restarted work last month, output was severely curtailed due to social distancing requirements and a lack of demand.
The 95.4 per cent drop in output was a minor improvement from April’s figures, when production flatlined 99.7 per cent, resulting in just 197 cars being built.
In the first five months of the year, just 324,763 cars have rolled off UK production lines, a 41.4 per cent drop on 2019’s numbers.
With English showrooms having not reopened until 1 June, only 1,054 of the cars were built for domestic buyers, with the remainder exported.
The figures come just days after the SMMT warned that one in six automotive jobs would be at risk in the UK if the government did not extend support for the sector.
Over 6,000 jobs have been cut already in June, while a third of all sector workers are still on the government’s job retention scheme, which finishes at the end of November.
Chief executive Mike Hawes reiterated his calls for the government to put together a bespoke package to stimulate the car market and get production rolling again.
Before the Open newsletter: Start your day with the City View podcast and key market data
“Government assistance so far has been vital in keeping many businesses afloat, but the job isn’t done”, he said.
“Measures to boost cashflow, including additional and tailored finance schemes, tax relief and business rates deferral would deliver immediate results when liquidity is most acute.
“We have to retain the highly skilled jobs the sector provides but also ensure the business conditions are competitive so we can unlock the investment that will drive long-term recovery – a green recovery – which is inextricably linked the sector’s success”.
Speaking at the SMMT’s virtual summit on Tuesday, Ford UK chairman Graham Hoare called on the government to work with the industry on a strategy to hit its target of only selling zero emissions vehicles by 2035.
“We need government to partner with us and have joint equity in formulating and delivering a comprehensive and consistent strategy that encompasses all stakeholders and that provides a path to the future – a path that also encompasses a range of technologies, including mild hybrids, hybrids and plug-in hybrids on the route to zero emissions”, he said
Previously, the government had planned to phase out petrol, diesel and hybrid cars by 2040 as part of its aspiration for the UK to be carbon neutral by 2050.
However, in February Prime Minister Boris Johnson announced that the government would bring forward the ban to 2035.


cityam--2020-06-25--Driving lessons get the green light to restart on 4 July

Learner drivers are set to return to the road as driving lessons in England will resume on 4 July , the transport secretary has announced .
The Driver and Vehicle Standards Agency ( DVSA ) is drawing up plans to get learner drivers and motorcyclists back in their vehicles on 4 July .
Read more : London coronavirus cases : How many infections are in your London borough ?
Theory tests will restart in England on the same day , while driving tests will restart on 22 July , which the DVSA said would “ give learner drivers time to @ @ @ @ @ @ @ their test ” .
Motorcycle and moped tests will resume on 13 July .
Transport secretary Grant Shapps said he was “ delighted ” at the news .
Leader of the House of Commons Jacob Rees-Mogg told MPs that there will be a “ phased approach ” to the resumption of driving tests , to comply with social distancing rules .
“ The DVSA ’ s chief executive will be writing to all approved driving instructors [ today ] setting out plans to restart driver testing and to help them to return to @ @ @ @ @ @ @ as possible , as quickly and as fairly as possible , in a way that avoids a second peak of infections , ” he said .
The AA Driving School said it currently has 10,000 people on its waiting list with a “ huge demand for lessons ” this summer .
Driving lessons and tests have been suspended since March , with exceptions for key workers .
Read more : UK coronavirus deaths rise by 149 as lockdown lift looms ahead Gareth Llewellyn , DVSA chief executive , said : “ It has @ @ @ @ @ @ @ resume when safe to do so and in line with the government ’ s advice .
“ We know this has been a tough time for the whole country including learners and driving instructors but I am pleased to announce the restart of lessons and tests in England.
” Before the Open : Get the jump on the markets with our early morning newsletter

Driving lessons get the green light to restart on 4 July
Learner drivers are set to return to the road as driving lessons in England will resume on 4 July, the transport secretary has announced.
The Driver and Vehicle Standards Agency (DVSA) is drawing up plans to get learner drivers and motorcyclists back in their vehicles on 4 July.
Theory tests will restart in England on the same day, while driving tests will restart on 22 July, which the DVSA said would “give learner drivers time to have refresher lessons and practice before taking their test”. Motorcycle and moped tests will resume on 13 July.
Transport secretary Grant Shapps said he was “delighted” at the news.
Leader of the House of Commons Jacob Rees-Mogg told MPs that there will be a “phased approach” to the resumption of driving tests, to comply with social distancing rules.
“The DVSA’s chief executive will be writing to all approved driving instructors [today] setting out plans to restart driver testing and to help them to return to life that is as close to normal as possible, as quickly and as fairly as possible, in a way that avoids a second peak of infections,” he said.
The AA Driving School said it currently has 10,000 people on its waiting list with a “huge demand for lessons” this summer.
Driving lessons and tests have been suspended since March, with exceptions for key workers.
Gareth Llewellyn, DVSA chief executive, said: “It has been vital that lessons and tests only resume when safe to do so and in line with the government’s advice.
“We know this has been a tough time for the whole country including learners and driving instructors but I am pleased to announce the restart of lessons and tests in England.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-06-25--Chris Whitty: Covid-19 cases ‘will rise again’ if people ignore social distancing

Chief medical officer Professor Chris Whitty has issued a stern warning that coronavirus cases “ will rise again ” if people ignore social distancing guidelines .
In an uncharacteristic move , Whitty took to Twitter to caution that “ Covid-19 has gone down due to the efforts of everyone but it is still in general circulation.
” “ If we do not follow social distancing guidance then cases will rise again .
Naturally people will want to enjoy the sun but we need to do so in a way that is safe for all , ” he added .
It @ @ @ @ @ @ @ was declared in Bournemouth this afternoon as thousands of sunseekers flouted lockdown rules to head to the beach .
Dorset Police assistant chief constable Sam de Reya urged the public to “ think twice before heading to the area.
” “ Clearly we are still in a public health crisis and such a significant volume of people heading to one area places a further strain on emergency services resources , ” she said .
Prime Minister Boris Johnson on Tuesday announced fresh social distancing measures for England to reemerge after months of lockdown @ @ @ @ @ @ @ in the infection rate in the UK .
From 4 July , the two-metre social distancing rule that has been in place since March will be replaced with new “ one metre-plus ” guidance .
The public will next month be able to socialise in one-metre distances , provided they take “ mitigating ” precautions such as wearing face masks and gloves .
It comes as a further 149 coronavirus-related deaths were recorded in the UK the past 24 hours , the Department for Health said , sparking concern that an increasing rate @ @ @ @ @ @ @ to backtrack on plans to ease the lockdown .
Johnson has warned that he “ will not hesitate to apply the handbrakes on a local or indeed national level ” should the number of infections rise in the country .
Parts of Germany reentered lockdown yesterday after more than 1,000 abattoir workers tested positive for the virus .
Texas today followed suit , pressing hold on its reopening plans after the US state yesterday recorded an all-time daily high of infections .

Chris Whitty: Covid-19 cases ‘will rise again’ if people ignore social distancing
Chief medical officer Professor Chris Whitty has issued a stern warning that coronavirus cases “will rise again” if people ignore social distancing guidelines.
In an uncharacteristic move, Whitty took to Twitter to caution that “Covid-19 has gone down due to the efforts of everyone but it is still in general circulation.”
“If we do not follow social distancing guidance then cases will rise again. Naturally people will want to enjoy the sun but we need to do so in a way that is safe for all,” he added.
It comes as a “major incident” was declared in Bournemouth this afternoon as thousands of sunseekers flouted lockdown rules to head to the beach.
Dorset Police assistant chief constable Sam de Reya urged the public to “think twice before heading to the area.”
“Clearly we are still in a public health crisis and such a significant volume of people heading to one area places a further strain on emergency services resources,” she said.
Prime Minister Boris Johnson on Tuesday announced fresh social distancing measures for England to reemerge after months of lockdown, citing a “dramatic fall” in the infection rate in the UK.
From 4 July, the two-metre social distancing rule that has been in place since March will be replaced with new “one metre-plus” guidance. The public will next month be able to socialise in one-metre distances, provided they take “mitigating” precautions such as wearing face masks and gloves.
It comes as a further 149 coronavirus-related deaths were recorded in the UK the past 24 hours, the Department for Health said, sparking concern that an increasing rate of infection could force the Prime Minister to backtrack on plans to ease the lockdown.
Johnson has warned that he “will not hesitate to apply the handbrakes on a local or indeed national level” should the number of infections rise in the country.
Parts of Germany reentered lockdown yesterday after more than 1,000 abattoir workers tested positive for the virus.
Texas today followed suit, pressing hold on its reopening plans after the US state yesterday recorded an all-time daily high of infections.


cityam--2020-06-25--Global stocks claw back losses despite second wave fears

The FTSE 100 clawed back some of its losses and swung positive on Thursday , despite concerns that a resurgence of coronavirus cases in the US could stall the global economic recovery .
London ’ s blue-chip index closed 0.38 per cent higher at 6,147 points , after a volatile day of trading which saw it drop 0.57 per cent lower on open .
Read more : Stocks sell-off continues as new cases rocket The FTSE 100 gained ground by the end of the session attempting to claw back Wednesday ’ s losses which saw it close down three per @ @ @ @ @ @ @ cases in the US has sent jitters through stocks globally .
Nevertheless , Wall Street was 0.18 per cent up this afternoon while Asian suffered their biggest drop in eight sessions on Thursday .
European peers also managed to close in the green as the Dax shot up 0.5 per cent and France ’ s Cac gained 0.8 per cent .
Read more : Global stocks sink deep into red as second wave fears bite A warning from the International Monetary Fund ( IMF ) did little to quell investors ’ nerves on @ @ @ @ @ @ @ that the decline in growth could be worse than initially feared , and is predicting an almost five per cent decline in growth .
It is significantly worse than the three per cent decline it first predicted .
“ It seems that investors aren ’ t yet ready to heed the IMF ’ s advice about the gulf between the recent market rally – which has taken its knocks of late , but still leaves indices well above their end of March lows – and the realities of a global recession , ” @ @ @ @ @ @ @ FTSE 100 and its European peers managed to “ clock up some passable gains this afternoon ” said Chris Beauchamp , chief market analyst at IG .
“ Although this is more of a holding action rather than a solid rebound from yesterday ’ s heavy losses .
The key question for investors now is whether the rise in cases is a series of localised outbreaks or the beginning of a real second wave ” he added .
If the cases are just localised , markets could start to rise again but if @ @ @ @ @ @ @ then stocks could fall further .
“ In one way the price action of the past two days looks similar to previous drops since March – a quick and dramatic fall that is then steadily clawed back , ” Beauchamp said .
US stocks gained after dipping on open but investors remain jittery on the prospect of a second wave .
Cases in the US are rising with Florida , Oklahoma and South Carolina reporting a record number .
While seven other states recorded higher numbers earlier this week , with Texas considering @ @ @ @ @ @ @ of the virus .
As the situation worsens , news came of President Donald Trump ’ s administration closing federal funding for 13 Covid-19 testing sites , according to CNBC .
This includes one in Texas where 5,500 new cases were reported in just one day and hospitals reach capacity .
The Dow Jones rose 0.17 per cent while the benchmark S & P 500 edged up 0.17 per cent .
The tech-heavy Nasdaq Composite is trading up 0.25 per cent after reaching record highs last week .
A barrage of economic data @ @ @ @ @ @ @ losses of the week .
Weekly jobless claims rose to 1.48m , fewer than in the previous week , while continuing claims decline to 19.5m .
“ The outlook , however , is deteriorating as inconsistent guidance from public officials combined with the failure of individuals to comply with the most basic Covid avoidance measures have led to another surge in infections , ” said Ronald Temple , head of US equity at Lazard Asset Management .
“ These unforced errors are increasing the risk that cities and states may be forced to @ @ @ @ @ @ @ derail the nascent economic recovery.
” The government also confirmed that the US economy contracted by five per cent in the first quarter , in line with expectations .
Get the news as it happens by following City A.M. on Twitter .

Global stocks claw back losses despite second wave fears
The FTSE 100 clawed back some of its losses and swung positive on Thursday, despite concerns that a resurgence of coronavirus cases in the US could stall the global economic recovery.
London’s blue-chip index closed 0.38 per cent higher at 6,147 points, after a volatile day of trading which saw it drop 0.57 per cent lower on open.
The FTSE 100 gained ground by the end of the session attempting to claw back Wednesday’s losses which saw it close down three per cent.
The growing numbers of coronavirus cases in the US has sent jitters through stocks globally. Nevertheless, Wall Street was 0.18 per cent up this afternoon while Asian suffered their biggest drop in eight sessions on Thursday.
European peers also managed to close in the green as the Dax shot up 0.5 per cent and France’s Cac gained 0.8 per cent.
A warning from the International Monetary Fund (IMF) did little to quell investors’ nerves on the FTSE this morning. It warned that the decline in growth could be worse than initially feared, and is predicting an almost five per cent decline in growth. It is significantly worse than the three per cent decline it first predicted.
“It seems that investors aren’t yet ready to heed the IMF’s advice about the gulf between the recent market rally – which has taken its knocks of late, but still leaves indices well above their end of March lows – and the realities of a global recession,” said Spreadex analyst Connor Campbell.
FTSE gains a ‘holding action’
The FTSE 100 and its European peers managed to “clock up some passable gains this afternoon” said Chris Beauchamp, chief market analyst at IG.
“Although this is more of a holding action rather than a solid rebound from yesterday’s heavy losses. The key question for investors now is whether the rise in cases is a series of localised outbreaks or the beginning of a real second wave” he added.
If the cases are just localised, markets could start to rise again but if it is indicative of a second wave then stocks could fall further.
“In one way the price action of the past two days looks similar to previous drops since March – a quick and dramatic fall that is then steadily clawed back,” Beauchamp said.
Wall Street stumbles as cases rise and jobless claims remain high
US stocks gained after dipping on open but investors remain jittery on the prospect of a second wave.
Cases in the US are rising with Florida, Oklahoma and South Carolina reporting a record number. While seven other states recorded higher numbers earlier this week, with Texas considering a local lockdown to curb the spread of the virus.
As the situation worsens, news came of President Donald Trump’s administration closing federal funding for 13 Covid-19 testing sites, according to CNBC. This includes one in Texas where 5,500 new cases were reported in just one day and hospitals reach capacity.
The Dow Jones rose 0.17 per cent while the benchmark S&P 500 edged up 0.17 per cent. The tech-heavy Nasdaq Composite is trading up 0.25 per cent after reaching record highs last week.
A barrage of economic data did little to help stocks regain the losses of the week. Weekly jobless claims rose to 1.48m, fewer than in the previous week, while continuing claims decline to 19.5m.
“The outlook, however, is deteriorating as inconsistent guidance from public officials combined with the failure of individuals to comply with the most basic Covid avoidance measures have led to another surge in infections,” said Ronald Temple, head of US equity at Lazard Asset Management.
“These unforced errors are increasing the risk that cities and states may be forced to pause or even reverse reopening which could derail the nascent economic recovery.”
The government also confirmed that the US economy contracted by five per cent in the first quarter, in line with expectations.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-06-25--Shareholders back German government bailout to rescue Lufthansa

Lufthansa shareholders have overwhelmingly backed a €9bn ( £8.1bn ) bailout by the German government in a last-ditch rescue bid for Europe ’ s largest airline group , as the coronavirus crisis continues to batter the travel sector .
More than 98 per cent of shareholders voted in favour of the rescue package in a virtual extraordinary general meeting today , chairman Carsten Spohr said in a statement .
Read more : British Airways must follow rules when it comes to job cuts , ministers warn The cash injection means the German state will take a 20 per cent stake @ @ @ @ @ @ @ on board for the first time since its privatisation in 1997 .
Spohr added : “ The decision of our shareholders provides Lufthansa with a perspective for a successful future .
On behalf of our 138,000 employees , I would like to thank the German federal government and the governments of our other home countries for their willingness to stabilise us .
“ We at Lufthansa are aware of our responsibility to pay back the up to €9bn to the taxpayers as quickly as possible.
” Around 30,000 shareholders attended the extraordinary general @ @ @ @ @ @ @ cent of the company ’ s share capital was represented .
The group ’ s biggest shareholder , German rail industry tycoon Heinz Hermann Thiele , sent shares soaring this morning as he voiced his support of the bailout hours ahead of the crunch vote .
The billionaire investor had previously objected to the terms of the bailout , but his sharp U-turn sent shares flying 10 per cent higher .
If he had voted against the package , Lufthansa might have been forced to seek protection from creditors to stop it going @ @ @ @ @ @ @ Lufthansa ’ s €6bn recapitalisation earlier today , subject to a ban on dividends , share buybacks and some acquisitions until state support is repaid .
Dozens of Lufthansa employees rallied at Frankfurt airport during the shareholder meeting , carrying signs that said “ Lift us up where we belong , vote yes !
” and “ We are Lufthansa , we are family ” , AFP reported .
It comes as the coronavirus crisis has hammered the aviation giant , with an unprecedented slump in passenger demand during the pandemic forcing it @ @ @ @ @ @ @ s flagship airline has seen shares dive around 40 per cent since the beginning of the year .
The company had already secured an aid package worth €1.4bn from the Swiss government , which can only be used for its airlines based in the country .

Shareholders back German government bailout to rescue Lufthansa
Lufthansa shareholders have overwhelmingly backed a €9bn (£8.1bn) bailout by the German government in a last-ditch rescue bid for Europe’s largest airline group, as the coronavirus crisis continues to batter the travel sector.
More than 98 per cent of shareholders voted in favour of the rescue package in a virtual extraordinary general meeting today, chairman Carsten Spohr said in a statement.
The cash injection means the German state will take a 20 per cent stake in the group, bringing it back on board for the first time since its privatisation in 1997.
Spohr added : “The decision of our shareholders provides Lufthansa with a perspective for a successful future. On behalf of our 138,000 employees, I would like to thank the German federal government and the governments of our other home countries for their willingness to stabilise us.
“We at Lufthansa are aware of our responsibility to pay back the up to €9bn to the taxpayers as quickly as possible.”
Around 30,000 shareholders attended the extraordinary general meeting today, meaning around 39 per cent of the company’s share capital was represented.
The group’s biggest shareholder, German rail industry tycoon Heinz Hermann Thiele, sent shares soaring this morning as he voiced his support of the bailout hours ahead of the crunch vote.
The billionaire investor had previously objected to the terms of the bailout, but his sharp U-turn sent shares flying 10 per cent higher. If he had voted against the package, Lufthansa might have been forced to seek protection from creditors to stop it going bust.
European Union regulators also approved Lufthansa’s €6bn recapitalisation earlier today, subject to a ban on dividends, share buybacks and some acquisitions until state support is repaid.
Dozens of Lufthansa employees rallied at Frankfurt airport during the shareholder meeting, carrying signs that said “Lift us up where we belong, vote yes!”and “We are Lufthansa, we are family”, AFP reported.
It comes as the coronavirus crisis has hammered the aviation giant, with an unprecedented slump in passenger demand during the pandemic forcing it to seek state aid.
Germany’s flagship airline has seen shares dive around 40 per cent since the beginning of the year.
The company had already secured an aid package worth €1.4bn from the Swiss government, which can only be used for its airlines based in the country.


cityam--2020-06-25--'Al fresco Britain': Government waives planning laws for on-street drinking and dining

The government has set out details that will pave the way for an “ al fresco Britain ” this summer , allowing fairs , outdoor markets and on-street drinking and dining to take place without planning permission in England .
The government has unveiled a new Business and Planning Bill , which will lift the red tape from pubs , restaurants and hotels to serve food and drink on streets and in car parks in a bid to boost the British economy .
The Business and Planning Bill will reduce the consultation period for applications for pavement licences to from @ @ @ @ @ @ @ , and grant consent after 10 working days .
The changes come ahead of what has been dubbed “ Super Saturday ” on 4 July , when pubs , cafes , theatres , cinemas and hairdressers will reopen after months of closure .
The new bill proposes more pedestrianised areas under the direction of local councils , and will clear the way for outdoor markets , pop-up car-boot sales and summer fairs to take place without planning applications .
It will also usher in temporary changes to licensing laws to allow more premises @ @ @ @ @ @ @ of plans for an “ al fresco Britain ” during the warm summer months .
Local authorities will be able to set their own conditions , such as outlining the maximum number of chairs and tables , and have the right to revoke pavement licenses if outside areas are not properly cleaned up .
“ Pubs , restaurants and cafes are the lifeblood of high streets and town centres across the country and we are doing all we can to ensure they can bounce back as quickly and safely as possible , ” @ @ @ @ @ @ @ Tuesday Prime Minister Boris Johnson announced a broad outline of the next stage for businesses to reemerge after months of lockdown , adding that he was “ eagerly awaiting ” a pint and a haircut .
It comes after the government yesterday issued sector-by-sector guidance for businesses to safely reopen on 4 July .
Pubs , restaurants , hotels and places of worship will be required to keep a register of all visitors for 21 days to assist with the NHS contact tracing programme , while businesses across the hospitality sector will be @ @ @ @ @ @ @ The public will now be allowed to meet outdoors in groups of up to 30 people from two different households , and stay overnight with one other household .
Councils have warned that the new guidance will carry a heavy burden for local authorities , as the combination of street drinking and large groups of people will likely result in drunk and disorderly behaviour .
Police will retain the power to break up “ irresponsible ” gatherings of more than 30 people , the PM ’ s official spokesman said yesterday .
Read @ @ @ @ @ @ @ as their lockdown ends Johnson yesterday assured that the government is placing faith in the public not to cause “ writhing scenes in the beer gardens ” .
But leader of the House of Commons Jacob Rees-Mogg called on the public to support the reopening of pubs by drinking a “ yard of ale ” .
“ I think there ’ s a very easy answer in pubs and that is people should go back to drinking a yard of ale , ” said Rees-Mogg .
“ Because if they drink a yard @ @ @ @ @ @ @ while enjoying an extra large drink to celebrate the fact that they are back in the pub.
” Emma McClarkin , chief executive of the British Beer & Pub Association , said : “ Al fresco pubs will be welcomed by publicans and customers alike .
It will give pubs more outdoor space to serve more customers with , which will help them on their road to recovery .
“ Our pubs face a 30 per cent reduction in capacity when they reopen under one metre plus social distancing guidelines , so giving @ @ @ @ @ @ @ big help.
” But many have warned that the new measures will do little to ensure long-term support for the economy .
Nicholle Kingsley , partner at Pinsent Masons , said : “ While some will breathe a sigh of relief at the planning measures unveiled today , there will be many who will be disappointed .
“ Put simply , the temporary and short term nature of most of these measures don ’ t provide enough scope for meaningful impact and recovery for businesses grappling with the economic pressures prompted by the @ @ @ @ @ @ @ government to extend emergency measures , including the coronavirus business loans scheme , for a further three months , as the UK faces its worst recession on record .
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‘Al fresco Britain’: Government waives planning laws for on-street drinking and dining
The government has set out details that will pave the way for an “al fresco Britain” this summer, allowing fairs, outdoor markets and on-street drinking and dining to take place without planning permission in England.
The government has unveiled a new Business and Planning Bill, which will lift the red tape from pubs, restaurants and hotels to serve food and drink on streets and in car parks in a bid to boost the British economy.
The Business and Planning Bill will reduce the consultation period for applications for pavement licences to from 28 calendar days to five working days, and grant consent after 10 working days.
The changes come ahead of what has been dubbed “Super Saturday” on 4 July, when pubs, cafes, theatres, cinemas and hairdressers will reopen after months of closure.
The new bill proposes more pedestrianised areas under the direction of local councils, and will clear the way for outdoor markets, pop-up car-boot sales and summer fairs to take place without planning applications.
It will also usher in temporary changes to licensing laws to allow more premises to sell take-away alcohol, as part of plans for an “al fresco Britain” during the warm summer months.
Local authorities will be able to set their own conditions, such as outlining the maximum number of chairs and tables, and have the right to revoke pavement licenses if outside areas are not properly cleaned up.
“Pubs, restaurants and cafes are the lifeblood of high streets and town centres across the country and we are doing all we can to ensure they can bounce back as quickly and safely as possible,” business minister Alok Sharma said.
On Tuesday Prime Minister Boris Johnson announced a broad outline of the next stage for businesses to reemerge after months of lockdown, adding that he was “eagerly awaiting” a pint and a haircut.
It comes after the government yesterday issued sector-by-sector guidance for businesses to safely reopen on 4 July.
Pubs, restaurants, hotels and places of worship will be required to keep a register of all visitors for 21 days to assist with the NHS contact tracing programme, while businesses across the hospitality sector will be forced to implement diligent cleaning schedules.
The public will now be allowed to meet outdoors in groups of up to 30 people from two different households, and stay overnight with one other household.
Councils have warned that the new guidance will carry a heavy burden for local authorities, as the combination of street drinking and large groups of people will likely result in drunk and disorderly behaviour.
Police will retain the power to break up “irresponsible” gatherings of more than 30 people, the PM’s official spokesman said yesterday.
Johnson yesterday assured that the government is placing faith in the public not to cause “writhing scenes in the beer gardens”.
But leader of the House of Commons Jacob Rees-Mogg called on the public to support the reopening of pubs by drinking a “yard of ale”.
“I think there’s a very easy answer in pubs and that is people should go back to drinking a yard of ale,” said Rees-Mogg.
“Because if they drink a yard of ale they will maintain social distancing while enjoying an extra large drink to celebrate the fact that they are back in the pub.”
Emma McClarkin, chief executive of the British Beer & Pub Association, said: “Al fresco pubs will be welcomed by publicans and customers alike. It will give pubs more outdoor space to serve more customers with, which will help them on their road to recovery.
“Our pubs face a 30 per cent reduction in capacity when they reopen under one metre plus social distancing guidelines, so giving them more outdoor space will be a big help.”
But many have warned that the new measures will do little to ensure long-term support for the economy.
Nicholle Kingsley, partner at Pinsent Masons, said: “While some will breathe a sigh of relief at the planning measures unveiled today, there will be many who will be disappointed.
“Put simply, the temporary and short term nature of most of these measures don’t provide enough scope for meaningful impact and recovery for businesses grappling with the economic pressures prompted by the pandemic.”
The CBI today urged the government to extend emergency measures, including the coronavirus business loans scheme, for a further three months, as the UK faces its worst recession on record.
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cityam--2020-06-25--Bournemouth: ‘Major incident’ declared as Brits flock to the beach during heatwave

Police have declared a “ major incident ” in Bournemouth as thousands of sunseekers defied lockdown rules and headed to the beach on the hottest day of the year today .
Bournemouth Christchurch and Poole Council activated a multi-agency response to tackle the crowds , adding that it was “ stretched to the absolute hilt ” on the second day of a UK-wide heatwave .
Read more : UK coronavirus deaths rise by 149 as lockdown lift looms ahead Council leader Vikki Slade said : “ We are absolutely appalled at the scenes witnessed on our beaches , particularly at @ @ @ @ @ @ @ 24 to 48 hours.
” “ The irresponsible behaviour and actions of so many people is just shocking and our services are stretched to the absolute hilt trying to keep everyone safe .
We have had no choice now but to declare a major incident and initiate an emergency response.
” Services were described as “ completely overstretched ” as visitors arrived in large numbers , with the local council issuing a record 558 parking enforcement fines .
Bournemouth council said 33 tonnes of waste were cleaned up along the coastline this morning @ @ @ @ @ @ @ between the piers yesterday .
Extra police patrols have been called in , after council members said they faced “ widespread abuse and intimidation ” as they cleared up piles of rubbish .
Bournemouth East MP Tobias Ellwood said : “ It is very sad to see a number of people being selfish and also acting dangerously.
” “ I have spoken to the police minister to say be prepared… They are deluged with traffic issues and antisocial behaviour , ” he said .
He added the government needed to be “ dynamic @ @ @ @ @ @ @ beaches , otherwise the lockdown would have “ been for nothing ” .
Dorset Police assistant chief constable Sam de Reya urged the public to “ think twice before heading to the area.
” “ Clearly we are still in a public health crisis and such a significant volume of people heading to one area places a further strain on emergency services resources , ” she said .
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Bournemouth: ‘Major incident’ declared as Brits flock to the beach during heatwave
Police have declared a “major incident” in Bournemouth as thousands of sunseekers defied lockdown rules and headed to the beach on the hottest day of the year today.
Bournemouth Christchurch and Poole Council activated a multi-agency response to tackle the crowds, adding that it was “stretched to the absolute hilt” on the second day of a UK-wide heatwave.
Council leader Vikki Slade said: “We are absolutely appalled at the scenes witnessed on our beaches, particularly at Bournemouth and Sandbanks, in the last 24 to 48 hours.”
“The irresponsible behaviour and actions of so many people is just shocking and our services are stretched to the absolute hilt trying to keep everyone safe. We have had no choice now but to declare a major incident and initiate an emergency response.”
Services were described as “completely overstretched” as visitors arrived in large numbers, with the local council issuing a record 558 parking enforcement fines.
Revellers flocked to the beach to enjoy the weather as temperatures hit 30C in many parts of the country
Bournemouth council said 33 tonnes of waste were cleaned up along the coastline this morning, in addition to eight tonnes collected between the piers yesterday.
Extra police patrols have been called in, after council members said they faced “widespread abuse and intimidation” as they cleared up piles of rubbish.
Bournemouth East MP Tobias Ellwood said: “It is very sad to see a number of people being selfish and also acting dangerously.”
“I have spoken to the police minister to say be prepared… They are deluged with traffic issues and antisocial behaviour,” he said.
He added the government needed to be “dynamic” in its response to people deluging beaches, otherwise the lockdown would have “been for nothing”.
Council members described the beach as “full as the eye can see”, and warned that the UK is still in the grip of a public health crisis
Dorset Police assistant chief constable Sam de Reya urged the public to “think twice before heading to the area.”
“Clearly we are still in a public health crisis and such a significant volume of people heading to one area places a further strain on emergency services resources,” she said.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-06-25--Crypto AM’s community play their part in the war against COVID-19

Ever since the Crypto AM Awards 2020 on the 11th March and the subsequent lockdown enforcement , it was clear that the new normal required new and lateral thinking with the government ’ s clarion call for support in the war against the coronavirus COVID-19 .
Now , months later , I reached out to Crypto AM ’ s global community to hear about different ways members were playing their part .
As regular readers know I spent my lockdown at home on the Isle of Dogs kept the articles coming and launched my own micro campaign with BABB to @ @ @ @ @ @ @ which concluded at the target of £4,000 .
It was very encouraging to hear of the great projects below .
It ’ s starting to feel that the Bitcoin ( BTC ) US $ 10,000 resistance level will remain unbreached for the near future unless some seismically positive news breaks which means that in my opinion there is a risk of further retreat to lower levels .
At the time of writing , BTC is trading at US $ 9,198.64 / GB£7,402.74 ; Ethereum ( ETH ) is at US $ 232.53 / @ @ @ @ @ @ @ at US $ 0.1817 / GB£0.1462 ; Binance ( BNB ) is at US $ 15.93 / GB£12.81 and Cardano ( ADA ) is at US $ 0.08156 / GB£0.06574 .
Overall Market Cap is at US $ 261.41bn / GB£210.41bn ( data source : www.CryptoCompare.com ) Over the last week City AM have been extensively reporting on the developing situation with Wirecard AG with a €2.1m cash hole in its accounts .
Today it has emerged that the company has filed for insolvency .
But what of the various fintech platforms issuing @ @ @ @ @ @ @ be safe as Wirecard Solutions is ring fenced with an independent ( from Wirecard AG ) board and regulated by the FCA – watch this space for an acquisition methinks !
Meanwhile Kris Marszalek , CEO of Crytpo.com tweeted “ Wirecard AG filed for insolvency in Germany today .
To all our card customers : your fiat funds are safe and guaranteed by Crypto.com — in case any of the services provided by Wirecard are disrupted , you will receive a fast 100 % credit back to your crypto wallet .
It is @ @ @ @ @ @ @ the subsidiaries are going to be affected and if any of the services will be interrupted at all .
We will keep everyone up to date as this develops , but I want to make it clear for all our SG and EU card customers that their funds are safe.
” Great news from Crypto AM featured Tokeny Solutions with whom the government of Monaco has formalized a Memorandum of Understanding as its technology provider to support the issuance of tokenized financial instruments .
The Luxembourg-based fintech , that is currently setting up @ @ @ @ @ @ @ range of blockchain-based solutions , will allow the Principality to apply control and compliance to the Ethereum blockchain .
The initiative will support Monaco with its upcoming regulatory framework to become the world ’ s first state utilizing the benefits of decentralized finance ( DeFi ) .
Monaco ’ s aim is to become a Funding Nation for progress , a global market where quality projects are developed and financed .
Last week I mentioned that WhatsApp had launched its payments trial in Brazil on the platform which seemed like a major breakthrough @ @ @ @ @ @ @ Brazil potentially very sensible .
It was therefore surprising and puzzling to see , as reported by Bloomberg , that Brazil ’ s Central Bank has put a stop on it for evaluation and said the suspension will let it evaluate any possible risk to the country ’ s system of payments and to determine whether the payments system meets the necessary rules .
Starting the service without the regulator ’ s green light could generate “ irreparable damage to the system , especially what concerns competition , efficiency and data privacy , @ @ @ @ @ @ @ Mastercard and Visa could face fines if they don ’ t comply .
In this special extended version it has been amazing for me to find out more from the Crypto AM community about their efforts : - As I mentioned in my introduction the Crypto AM Community have been playing their part and you might have read the Crypto AM article The Building Blocks of Recovery with Areiel Wolanow CTO of BLOK Bioscience discussing their My Immunity Passport project that is due to go live in Brazil .
I was delighted to @ @ @ @ @ @ @ test for its Rapid Site .
My tests arrived and this morning I followed the very easy to follow instructions to conduct the home test along with my partner .
In less than half an hour I was able to test my partner ( negative ) and me twice as I tested positive for the IgG Antibody which means at some point I have been exposed to COVID-19 but thankfully never presented with symptoms .
It goes to show that this peace of mind can be available to people quickly and I urge @ @ @ @ @ @ @ like BLOK Bioscience !
Micky Watkins , CEO of World Mobile Chain , quarantined with his young family near Barcelona was determined to help in any way he could .
He has been working closely with Virustatic Limited who produce the Virustatic Shield , a fabric snood-like face covering which features a protective protein called Viruferrin™ that has been developed and tested by experts for more than a decade .
Viruferrin™ has been scientifically proven to block 98 per cent of similar viruses to Covid-19 , including influenza and Sars .
Recently it @ @ @ @ @ @ @ laboratory tests conducted by independent scientists from VisMederi at the University of Siena .
It creates a protective shield over human cells in the respiratory tract preventing the virus entering .
In hosts that are already infected , it will stop the virus from multiplying .
The discovery paves the way for new ways that Viruferrin™ could be used in the treatment of Covid-19 and preventing its spread .
The face coverings are cut and sewn together by Cookson & Clegg in Blackburn , which is run by Patrick Grant , star of @ @ @ @ @ @ @ be worn for up to 50 hours before they need washing , and their effectiveness only drops to 96 per cent after over 200 hours of wear .
As reported in Crypto AM , World Mobile are rolling out a hybrid mesh network in Tanzania and World Mobile are donating thousands of the Virustatic Shields to Tanzanian citizens in an effort to stave off the risks of a second wave .
Additionally all World Mobile staff there will be equipped with the face coverings to assure the continued rollout of the network .
@ @ @ @ @ @ @ hashtag # CryptoAgainstCOVID campaign several months ago and has been collecting donations worldwide and regularly updates on how those donations have been used to help support health workers in the fight against COVID-19 .
The table below shows how circa one million items of PPE have already been delivered .
While recovering from a mild case of COVID-19 in March , founder and CEO of Minfo Global , Roland Storti ( see Crypto AM Industry Voices ) saw a series of new use cases for their patented audio QR code solution to help @ @ @ @ @ @ @ the spread of not just COVID-19 but any disease that can be transmitted by surface contamination .
He considered all of the things we touch on a daily basis and one by one , they are being integrated into Minfo ’ s processes to solve the problem .
Starting with ordering food and making payments at restaurants also integrating with POS ’ s and providing an alternative to Tap and go to pay from a distance of up to 7m .
Just recently they completed a POC with one of the major global @ @ @ @ @ @ @ so you will be able to call and request a floor in any Minfo enabled buildings to control the elevator from their free App .
You may ask how this applies to DLT ?
Minfo has a provision patent for a digital asset and a different approach on Data and will be using a blockchain to track and record all touchpoints/engagements , with the users permission .
Moreover , engagements with Minfo enabled TV , video , digital sign boards ( OOH ) , public spaces and much more are possible .
In @ @ @ @ @ @ @ able to get more info or control devices by having the buttons on your phone on anything of interest .
Roland and his team are actively looking to partner with companies that want to make their processes more touchless and help reduce the spread of germs transforming Offline to Online .
For More Information www.minfo.com or partner @ minfo.com Enduring Net , a Manchester based charity which uses technology for humanitarian good , has won an Innovate UK grant to help protect care homes from Covid19 based on the blockchain based privacy preserving @ @ @ @ @ @ @ combined with biometrics .
The tech-based collaboration led by Blockpool ’ s Ken Foster and Enduring Net tech Advisor , Zeljko Milinovic , will be using the funding to create a digital passport for residents , staff and visitors which could potentially be used at the UK ’ s 11,000 care homes .
The encrypted passport will be stored securely on smart devices and will confirm identity , record Covid status and health pre-conditions .
The solution is accessible by using existing identification such as QR codes or a smart device but primarily @ @ @ @ @ @ @ making the whole process even more innovative and accessible to non tech-enabled users .
This will mean care homes can make informed decisions about visitors , social distancing and isolation for those who need it , and making sure support services to care homes such as deliveries and catering follow the latest public health guidelines .
This project is in collaboration with Blockpool , Sthaler-Fingopay , Age Agile Alliance , Trinsic ( previously StreetCred ) , Sovrin and CCI .
https : //enduringnet.org/ I caught up with my old friend Dr Ben Goertzel @ @ @ @ @ @ @ help the fight against Covid-19 .
As it turns out , quite a lot .
The SingularityNET in-house AI team is applying their neural-symbolic AI tools to help groups running COVID-19 clinical trials ; their AI looks at patients ’ genomic data and figures out which combination of therapeutics will work best for that patient .
They are also using AI-driven agent based simulation models to predict the impact of various policies on COVID-19 spread , and last month ran a whole conference on COVID-19 simulations ( COVID-19 Simulation Summit ) .
SingularityNET @ @ @ @ @ @ @ into the initiative so together with Ocean Protocol , they have organized Covidathon , a two month long hackathon to find blockchain/AI solutions to the pandemic .
The hackathon , which announced its winners on Tuesday this week , attracted 1188 participants from over 25 countries and a total of 1300 people involved including volunteers , mentors and judges ( including Vitalik Buterin ) .
Here are the 4 winners ( and it ’ s worth noting that 2 of the top 3 winning teams are all-female teams — highlighting the fact that @ @ @ @ @ @ @ AI are now women ) The Sentinel AI : A Blockchain-based Decentralized AI ecosystem allowing any Machine Learning model to learn from local user data in a privacy-preserving manner , rewarding devices that help improve the accuracy of the global model .
FACO – Fight Against Corona : A contactless digital healthcare solution to assist doctors and empower patients to diagnose and manage diseases The Decentralized Pandemic Reserve ( DPR ) aims to create an autonomous supply chain consortium that matches individual and manufacturer resources with the areas most in need .
The @ @ @ @ @ @ @ , solidarity , and collaboration using non-smartphones to raise a task in this web app in realtime .
Ryan Walkinshaw is an important participant in the Crypto AM Community as an active trader who formed the WhatsApp Group Crypto Buzzers .
However , it ’ s through his ‘ day job ’ running Walkinshaw Automotive Group that he joined the fight against COVID-19 .
With sporting events cancelled around the world , he joined forces with his biggest rival Premcar to engineer and manufacture a Constant Positive Airway Pressure ( CPAP ) machine @ @ @ @ @ @ @ above ) .
After competing head-to-head in the performance vehicle market for 25-years , the coming together was a significant show of unity combining their engineering expertise and production capabilities to assist in a time of need , working quietly in the background to become an approved supplier by the Therapeutic Goods Administration ( TGA ) and registering several approved items with the TGA .
There were four key working objectives when the project started : • To promote effective solutions for frontline workers , patients , and families to combat the spread @ @ @ @ @ @ @ To manufacture an approved item that can be used now and into the future • To not choke supply chains by procuring raw materials away from those who have existing tooling for products required in the healthcare industry .
• To help provide solutions that have little or no impact to current suppliers and assist with re-purposing the Australian workforce to build the foundations for economic recovery of the nation .
The UCL-Ventura CPAP machine is manufactured in Australia by Premcar and Walkinshaw Automotive Group , under license from University College London and @ @ @ @ @ @ @ who designed the product .
The newly designed CPAP machine also has advancements on the delivery to the patient .
Officials and scientists have known for years that when used with a face mask , such devices can possibly increase the spread of infectious disease by aerosolizing the virus , whether used in the hospital or at home .
Correcting this common issue by adding a filtered exhaust to the mask can help prevent the spread of the virus and protect healthcare workers around the machine .
The UCL-Ventura can be manufactured , @ @ @ @ @ @ @ of 1,000 units per month .
It can assist with the current COVID-19 situation , but also be used in the future .
To add to this , the CPAP device is only one of the items being created , with one of the TGA certified face shield designs able to be manufactured at a rate of 100,000 per week , repurposing some of the existing production tools across the two businesses .
Interrupting his first dinner out with his girlfriend since restrictions were lifted in Australia , Ryan said “ Ever since @ @ @ @ @ @ @ a business have been looking at the ways in which we could assist .
The need for a quality CPAP machine in Australia was quickly identified , one that not only assists the patient , but protects the amazing health care workers , who are already facing enough risk as it stands .
However , it was essential for us to take our time , to ensure that a TGA-approved product was manufactured , and would be used in hospitals around the country .
It ’ s been fantastic to work alongside Premcar @ @ @ @ @ @ @ ’ d never consider working with your biggest rival on a project , but one of the real positives that has come out of this tragedy is the unity between everyone , both locally and globally , to help in any way they can .
As automotive companies , turning our joint design , engineering , and production capabilities to assist the pandemic has been an extremely rewarding programme , and one that didn ’ t require too much thought .
The engineers and production staff from both organisations have done an incredible @ @ @

Crypto AM’s community play their part in the war against COVID-19
Ever since the Crypto AM Awards 2020 on the 11th March and the subsequent lockdown enforcement, it was clear that the new normal required new and lateral thinking with the government’s clarion call for support in the war against the coronavirus COVID-19. Now, months later, I reached out to Crypto AM’s global community to hear about different ways members were playing their part. As regular readers know I spent my lockdown at home on the Isle of Dogs kept the articles coming and launched my own micro campaign with BABB to raise funds for the elderly and vulnerable which concluded at the target of £4,000. It was very encouraging to hear of the great projects below.
Price Watch
It’s starting to feel that the Bitcoin (BTC) US$10,000 resistance level will remain unbreached for the near future unless some seismically positive news breaks which means that in my opinion there is a risk of further retreat to lower levels. At the time of writing, BTC is trading at US$9,198.64 / GB£7,402.74 ; Ethereum (ETH) is at US$232.53 / GB£187.25; Ripple (XRP) is at US$0.1817 / GB£0.1462; Binance (BNB) is at US$15.93 / GB£12.81 and Cardano (ADA) is at US$0.08156 / GB£0.06574. Overall Market Cap is at US$261.41bn / GB£210.41bn (data source: www.CryptoCompare.com)
City AM’s Crypto Insider
Over the last week City AM have been extensively reporting on the developing situation with Wirecard AG with a €2.1m cash hole in its accounts. Today it has emerged that the company has filed for insolvency. But what of the various fintech platforms issuing their cards? UK clients appear to be safe as Wirecard Solutions is ring fenced with an independent (from Wirecard AG) board and regulated by the FCA – watch this space for an acquisition methinks!
Meanwhile Kris Marszalek, CEO of Crytpo.com tweeted “Wirecard AG filed for insolvency in Germany today. To all our card customers: your fiat funds are safe and guaranteed by Crypto.com — in case any of the services provided by Wirecard are disrupted, you will receive a fast 100% credit back to your crypto wallet. It is not clear at this stage which of the subsidiaries are going to be affected and if any of the services will be interrupted at all. We will keep everyone up to date as this develops, but I want to make it clear for all our SG and EU card customers that their funds are safe.”
Great news from Crypto AM featured Tokeny Solutions with whom the government of Monaco has formalized a Memorandum of Understanding as its technology provider to support the issuance of tokenized financial instruments. The Luxembourg-based fintech, that is currently setting up a subsidiary in Monaco, and its range of blockchain-based solutions, will allow the Principality to apply control and compliance to the Ethereum blockchain. The initiative will support Monaco with its upcoming regulatory framework to become the world’s first state utilizing the benefits of decentralized finance (DeFi). Monaco’s aim is to become a Funding Nation for progress, a global market where quality projects are developed and financed.
Last week I mentioned that WhatsApp had launched its payments trial in Brazil on the platform which seemed like a major breakthrough and given the serious COVID-19 outbreak in Brazil potentially very sensible. It was therefore surprising and puzzling to see, as reported by Bloomberg, that Brazil’s Central Bank has put a stop on it for evaluation and said the suspension will let it evaluate any possible risk to the country’s system of payments and to determine whether the payments system meets the necessary rules. Starting the service without the regulator’s green light could generate “irreparable damage to the system, especially what concerns competition, efficiency and data privacy,” the banks said, adding that Mastercard and Visa could face fines if they don’t comply.
Crypto AM Community and COVID-19
In this special extended version it has been amazing for me to find out more from the Crypto AM community about their efforts:-
BLOK Bioscience
As I mentioned in my introduction the Crypto AM Community have been playing their part and you might have read the Crypto AM article The Building Blocks of Recovery with Areiel Wolanow CTO of BLOK Bioscience discussing their My Immunity Passport project that is due to go live in Brazil. I was delighted to offer to take part in the BETA test for its Rapid Site. My tests arrived and this morning I followed the very easy to follow instructions to conduct the home test along with my partner.
In less than half an hour I was able to test my partner (negative) and me twice as I tested positive for the IgG Antibody which means at some point I have been exposed to COVID-19 but thankfully never presented with symptoms. It goes to show that this peace of mind can be available to people quickly and I urge our own government to get behind companies like BLOK Bioscience!
World Mobile Chain & Virustatic Shield
Micky Watkins, CEO of World Mobile Chain, quarantined with his young family near Barcelona was determined to help in any way he could. He has been working closely with Virustatic Limited who produce the Virustatic Shield, a fabric snood-like face covering which features a protective protein called Viruferrin™ that has been developed and tested by experts for more than a decade. Viruferrin™ has been scientifically proven to block 98 per cent of similar viruses to Covid-19, including influenza and Sars. Recently it has been found to inhibit SARS-CoV-2 in laboratory tests conducted by independent scientists from VisMederi at the University of Siena. It creates a protective shield over human cells in the respiratory tract preventing the virus entering. In hosts that are already infected, it will stop the virus from multiplying. The discovery paves the way for new ways that Viruferrin™ could be used in the treatment of Covid-19 and preventing its spread.
The face coverings are cut and sewn together by Cookson & Clegg in Blackburn, which is run by Patrick Grant, star of the Great British Sewing Bee and can be worn for up to 50 hours before they need washing, and their effectiveness only drops to 96 per cent after over 200 hours of wear.
As reported in Crypto AM, World Mobile are rolling out a hybrid mesh network in Tanzania and World Mobile are donating thousands of the Virustatic Shields to Tanzanian citizens in an effort to stave off the risks of a second wave. Additionally all World Mobile staff there will be equipped with the face coverings to assure the continued rollout of the network.
Binance.Charity
The charitable arm of Binance.com launched the hashtag #CryptoAgainstCOVID campaign several months ago and has been collecting donations worldwide and regularly updates on how those donations have been used to help support health workers in the fight against COVID-19. The table below shows how circa one million items of PPE have already been delivered.
Minfo
While recovering from a mild case of COVID-19 in March, founder and CEO of Minfo Global, Roland Storti (see Crypto AM Industry Voices) saw a series of new use cases for their patented audio QR code solution to help reduce hygiene anxiety, and to mitigate the spread of not just COVID-19 but any disease that can be transmitted by surface contamination. He considered all of the things we touch on a daily basis and one by one, they are being integrated into Minfo’s processes to solve the problem. Starting with ordering food and making payments at restaurants also integrating with POS’s and providing an alternative to Tap and go to pay from a distance of up to 7m. Just recently they completed a POC with one of the major global elevator companies, soon to pilot buildings so you will be able to call and request a floor in any Minfo enabled buildings to control the elevator from their free App.
You may ask how this applies to DLT? Minfo has a provision patent for a digital asset and a different approach on Data and will be using a blockchain to track and record all touchpoints/engagements, with the users permission. Moreover, engagements with Minfo enabled TV, video, digital sign boards (OOH), public spaces and much more are possible. In the very near future you will be able to get more info or control devices by having the buttons on your phone on anything of interest.
Roland and his team are actively looking to partner with companies that want to make their processes more touchless and help reduce the spread of germs transforming Offline to Online.
For More Information www.minfo.com or partner@minfo.com
Digital Covid19 Passport for Care Homes
Enduring Net, a Manchester based charity which uses technology for humanitarian good, has won an Innovate UK grant to help protect care homes from Covid19 based on the blockchain based privacy preserving self-sovereign identity framework, (SSI) combined with biometrics.
The tech-based collaboration led by Blockpool’s Ken Foster and Enduring Net tech Advisor, Zeljko Milinovic, will be using the funding to create a digital passport for residents, staff and visitors which could potentially be used at the UK’s 11,000 care homes. The encrypted passport will be stored securely on smart devices and will confirm identity, record Covid status and health pre-conditions. The solution is accessible by using existing identification such as QR codes or a smart device but primarily using biometrics, or vein ID, making the whole process even more innovative and accessible to non tech-enabled users.
This will mean care homes can make informed decisions about visitors, social distancing and isolation for those who need it, and making sure support services to care homes such as deliveries and catering follow the latest public health guidelines. This project is in collaboration with Blockpool, Sthaler-Fingopay, Age Agile Alliance, Trinsic (previously StreetCred), Sovrin and CCI. https://enduringnet.org/
SingularityNET
I caught up with my old friend Dr Ben Goertzel to see what SingularityNET are doing to help the fight against Covid-19. As it turns out, quite a lot. The SingularityNET in-house AI team is applying their neural-symbolic AI tools to help groups running COVID-19 clinical trials; their AI looks at patients’ genomic data and figures out which combination of therapeutics will work best for that patient. They are also using AI-driven agent based simulation models to predict the impact of various policies on COVID-19 spread, and last month ran a whole conference on COVID-19 simulations (COVID-19 Simulation Summit).
SingularityNET has also been pulling their developer community into the initiative so together with Ocean Protocol, they have organized Covidathon, a two month long hackathon to find blockchain/AI solutions to the pandemic. The hackathon, which announced its winners on Tuesday this week, attracted 1188 participants from over 25 countries and a total of 1300 people involved including volunteers, mentors and judges (including Vitalik Buterin).
Here are the 4 winners (and it’s worth noting that 2 of the top 3 winning teams are all-female teams — highlighting the fact that some of the best young minds in AI are now women)
The Sentinel AI: A Blockchain-based Decentralized AI ecosystem allowing any Machine Learning model to learn from local user data in a privacy-preserving manner, rewarding devices that help improve the accuracy of the global model.
FACO – Fight Against Corona: A contactless digital healthcare solution to assist doctors and empower patients to diagnose and manage diseases
The Decentralized Pandemic Reserve (DPR) aims to create an autonomous supply chain consortium that matches individual and manufacturer resources with the areas most in need.
The Digital Volunteer which automates mobilization of community, solidarity, and collaboration using non-smartphones to raise a task in this web app in realtime.
Walkinshaw Automotive Group
Ryan Walkinshaw is an important participant in the Crypto AM Community as an active trader who formed the WhatsApp Group Crypto Buzzers. However, it’s through his ‘day job’ running Walkinshaw Automotive Group that he joined the fight against COVID-19. With sporting events cancelled around the world, he joined forces with his biggest rival Premcar to engineer and manufacture a Constant Positive Airway Pressure (CPAP) machine for Australian patients (see main image above).
After competing head-to-head in the performance vehicle market for 25-years, the coming together was a significant show of unity combining their engineering expertise and production capabilities to assist in a time of need, working quietly in the background to become an approved supplier by the Therapeutic Goods Administration (TGA) and registering several approved items with the TGA.
There were four key working objectives when the project started:
To promote effective solutions for frontline workers, patients, and families to combat the spread and implications of the outbreak.
To manufacture an approved item that can be used now and into the future
To not choke supply chains by procuring raw materials away from those who have existing tooling for products required in the healthcare industry.
To help provide solutions that have little or no impact to current suppliers and assist with re-purposing the Australian workforce to build the foundations for economic recovery of the nation.
The UCL-Ventura CPAP machine is manufactured in Australia by Premcar and Walkinshaw Automotive Group, under license from University College London and Mercedes AMG High Performance Powertrains Ltd, who designed the product.
The newly designed CPAP machine also has advancements on the delivery to the patient. Officials and scientists have known for years that when used with a face mask, such devices can possibly increase the spread of infectious disease by aerosolizing the virus, whether used in the hospital or at home. Correcting this common issue by adding a filtered exhaust to the mask can help prevent the spread of the virus and protect healthcare workers around the machine. The UCL-Ventura can be manufactured, tested, and distributed at a rate of 1,000 units per month. It can assist with the current COVID-19 situation, but also be used in the future. To add to this, the CPAP device is only one of the items being created, with one of the TGA certified face shield designs able to be manufactured at a rate of 100,000 per week, repurposing some of the existing production tools across the two businesses.
Interrupting his first dinner out with his girlfriend since restrictions were lifted in Australia, Ryan said “Ever since the COVID-19 pandemic began, we as a business have been looking at the ways in which we could assist. The need for a quality CPAP machine in Australia was quickly identified, one that not only assists the patient, but protects the amazing health care workers, who are already facing enough risk as it stands. However, it was essential for us to take our time, to ensure that a TGA-approved product was manufactured, and would be used in hospitals around the country. It’s been fantastic to work alongside Premcar. A few months ago, you’d never consider working with your biggest rival on a project, but one of the real positives that has come out of this tragedy is the unity between everyone, both locally and globally, to help in any way they can. As automotive companies, turning our joint design, engineering, and production capabilities to assist the pandemic has been an extremely rewarding programme, and one that didn’t require too much thought. The engineers and production staff from both organisations have done an incredible job.”


cityam--2020-06-25--Retailers pay less than 15 per cent of rent for June quarter as property crisis deepens

Britain ’ s retailers paid just 13.8 per cent of their rent for the last quarter , in a sign of how hard the coronavirus pandemic has hit the sector .
Rent receipts on 24 June , the day commercial tenants ’ payments were due for the quarter , were even lower than those three months ago , according to commercial property management platform Re-leased .
Read more : Rent day : Landlords braced for as little as one-sixth of quarterly payments It is a fall from the 25 March payment , where 20 per cent of rent payments were @ @ @ @ @ @ @ on both tenants and landlords , with the latter coming up short to the tune of £2.15bn in unpaid rent for the June quarter .
Total commercial rent receipts were 18 per cent , compared with 25 per cent in March .
Office landlords saw the sharpest decline , from 31 per cent to 23 per cent .
Re-Leased ’ s analysis is based on live rental collection data from 10,000 commercial properties and 35,000 leases on its UK platform .
Tom Wallace , Re-leased ’ s CEO , said “ For months @ @ @ @ @ @ @ the real impact of coronavirus will be on the UK ’ s property market .
“ June quarter gives us the first real indicator of the severity of the crisis and quantifies the pressure both landlords and tenants are under .
Looking at the level of rent that was collected on due date is sobering , but initial signs are not as catastrophic as some were forecasting .
“ We expect rent collection to steadily increase over the coming weeks , but it is unlikely to reach the level that we saw in @ @ @ @ @ @ @ reopen last week , however trade has remained well down on normal levels .
Some retailers , including Boots , JD Sports and Primark , are paying depending on progress made in talks over the arrears from the March quarter and future lease arrangements .
Pret A Manger , the sandwich chain , told its landlords it will pay 30 per cent of rent .
It comes after shopping centre giant Intu said earlier this week it had lined up administrators in case ongoing talks regarding the shopping centre owner ’ s future @ @ @ @ @ @ @ accountancy firm KPMG as administrator as part of a “ contingency plan ” as it continues to engage lenders about new funding .
The owner of the Trafford and Lakeside shopping centres first began talks with lenders in March , but had been struggling financially before the coronavirus pandemic forced the closure of most retail stores .
Read more : Boxpark chief : Rent crisis could be disastrous for London hospitality Robert Hayton , head of UK business rates at the real estate adviser Altus Group , said : “ Occupied retail , @ @ @ @ @ @ @ received a business rates holiday during 2020/21 worth £10.13bn but landlords have largely been overlooked despite being ask to play their part by waiving or deferring rent to help their tenants survive ” .
He added : “ It is only fair that there is tax parity and that the rates holiday is extended to those properties vacant and to let .
”

Retailers pay less than 15 per cent of rent for June quarter as property crisis deepens
Retailers were allowed to reopen last week
Britain’s retailers paid just 13.8 per cent of their rent for the last quarter, in a sign of how hard the coronavirus pandemic has hit the sector.
Rent receipts on 24 June, the day commercial tenants’ payments were due for the quarter, were even lower than those three months ago, according to commercial property management platform Re-leased.
It is a fall from the 25 March payment, where 20 per cent of rent payments were made.
The statistics indicate rising pressure on both tenants and landlords, with the latter coming up short to the tune of £2.15bn in unpaid rent for the June quarter.
Total commercial rent receipts were 18 per cent, compared with 25 per cent in March.
Office landlords saw the sharpest decline, from 31 per cent to 23 per cent.
Re-Leased’s analysis is based on live rental collection data from 10,000 commercial properties and 35,000 leases on its UK platform.
Tom Wallace, Re-leased’s CEO, said “For months, the industry has been speculating what the real impact of coronavirus will be on the UK’s property market.
“June quarter gives us the first real indicator of the severity of the crisis and quantifies the pressure both landlords and tenants are under. Looking at the level of rent that was collected on due date is sobering, but initial signs are not as catastrophic as some were forecasting.
“We expect rent collection to steadily increase over the coming weeks, but it is unlikely to reach the level that we saw in March.”
Non-essential retailers were allowed to reopen last week, however trade has remained well down on normal levels.
Some retailers, including Boots, JD Sports and Primark, are paying depending on progress made in talks over the arrears from the March quarter and future lease arrangements.
Pret A Manger, the sandwich chain, told its landlords it will pay 30 per cent of rent.
It comes after shopping centre giant Intu said earlier this week it had lined up administrators in case ongoing talks regarding the shopping centre owner’s future fail.
It has appointed Big Four accountancy firm KPMG as administrator as part of a “contingency plan” as it continues to engage lenders about new funding.
The owner of the Trafford and Lakeside shopping centres first began talks with lenders in March, but had been struggling financially before the coronavirus pandemic forced the closure of most retail stores.
Robert Hayton, head of UK business rates at the real estate adviser Altus Group, said: “Occupied retail, leisure and hospitality premises in England have received a business rates holiday during 2020/21 worth £10.13bn but landlords have largely been overlooked despite being ask to play their part by waiving or deferring rent to help their tenants survive”.
He added: “It is only fair that there is tax parity and that the rates holiday is extended to those properties vacant and to let.”


cityam--2020-06-26--Rishi Sunak says government bailouts are a 'last resort'

Rishi Sunak has said that government bailouts are not an “ attractive long term feature of the economy ” as companies grapple with the impact of coronavirus .
Speaking to Bloomberg TV , the Chancellor said the government is the last resort and the bar is “ exceptionally high ” for company bailouts .
Read more : Rishi Sunak goes shopping as retail prepares to reopen He noted : “ This is not my money .
It ’ s not the government ’ s money .
This is taxpayers ’ money .
I shouldn ’ t be sitting here trying @ @ @ @ @ @ @ investors would be expected to help shoulder the costs .
“ It ’ s not something that ’ s an attractive , long term feature of the economy and if we ’ re in a situation like that one would obviously expect financial investors and creditors to significantly share in the burden.
” However , he stressed his priority “ absolutely is to try and protect and preserve as many of those jobs as possible ” .
The number of people out of work and claiming benefits jumped 23 per cent to 2.8m @ @ @ @ @ @ @ to close .
Job centre figures show an 126 per cent increase in claimants since the start of lockdown .
Read more : Rishi Sunak : Government to take ‘ fresh look ’ at two-metre rule Sunak has already committed billions to revive the economy as businesses struggle due to lockdown restrictions .
The government ’ s job retention scheme is covering millions of employees until October , while the Treasury has also put in place a number of loan schemes to help companies weather the storm .
Speaking with Bloomberg , Sunak @ @ @ @ @ @ @ its way .
“ Obviously the government can do things to help with the recovery .
The prime minister will be making a speech later as well .
I will be outlining further things in the coming weeks.
” Get the news as it happens by following City A.M. on Twitter .

Rishi Sunak says government bailouts are a ‘last resort’
Rishi Sunak will deliver his Budget next week
Rishi Sunak has said that government bailouts are not an “attractive long term feature of the economy” as companies grapple with the impact of coronavirus.
Speaking to Bloomberg TV, the Chancellor said the government is the last resort and the bar is “exceptionally high” for company bailouts.
He noted: “This is not my money. It’s not the government’s money. This is taxpayers’ money. I shouldn’t be sitting here trying to pick winners.”
He added that investors would be expected to help shoulder the costs. “It’s not something that’s an attractive, long term feature of the economy and if we’re in a situation like that one would obviously expect financial investors and creditors to significantly share in the burden.”
However, he stressed his priority “absolutely is to try and protect and preserve as many of those jobs as possible”.
The number of people out of work and claiming benefits jumped 23 per cent to 2.8m last month as the pandemic forced firms to close. Job centre figures show an 126 per cent increase in claimants since the start of lockdown.
Sunak has already committed billions to revive the economy as businesses struggle due to lockdown restrictions. The government’s job retention scheme is covering millions of employees until October, while the Treasury has also put in place a number of loan schemes to help companies weather the storm.
Speaking with Bloomberg, Sunak that more fiscal stimulus could be on its way. “Obviously the government can do things to help with the recovery. The prime minister will be making a speech later as well. I will be outlining further things in the coming weeks.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-06-26--Softbank plans to sue EY over its role in Wirecard scandal

Softbank is looking to sue EY over its role in the Wirecard scandal after investing in the embattled German firm last year .
The Japanese company is looking to file a complaint against the accounting firm after Wirecard collapsed on Thursday owing creditors nearly $ 4bn , according to German newspaper Der Spiegel .
Read more : FCA orders Wirecard to cease all regulated activities Wirecard ’ s longtime auditor EY blamed the financial black hole on a sophisticated global fraud .
Softbank has faced scrutiny over its investment in Wirecard in recent days after paying €900m for a 6 @ @ @ @ @ @ @ year .
Even then there had been concerns about Wirecard ’ s accounting practices .
Last autumn the Japanese firm did a second deal with Wirecard and repackaged convertible bonds into exchangeables , according to CNBC .
On Thursday the embattled German firm filed for insolvency after it disclosed a €1.9bn financial hole in its accounts .
Its chief executive Markus Braun was arrested earlier this week shortly after stepping down , as prosecutors investigate his role in misrepresenting the firm ’ s accounts .
Read more : Wirecard files for insolvency after @ @ @ @ @ @ @ under fire in recent months over a series of bad bets through its Vision Fund , including Wework .
The fund ’ s dismal performance led to job cuts earlier this month , with 15 per cent of staff laid off .
Wirecard ’ s problems arose last October after the Financial Times reported that employees had appeared to have conspired to fraudulently inflate numbers at the firm ’ s subsidiaries in Dubai .
In April KPMG concluded it could not verify whether the “ lion ’ s share ” of profits reported @ @ @ @ @ @ @ after a special audit .
Get the news as it happens by following City A.M. on Twitter .

Softbank plans to sue EY over its role in Wirecard scandal
Softbank is looking to sue EY over its role in the Wirecard scandal after investing in the embattled German firm last year.
The Japanese company is looking to file a complaint against the accounting firm after Wirecard collapsed on Thursday owing creditors nearly $4bn, according to German newspaper Der Spiegel.
Wirecard’s longtime auditor EY blamed the financial black hole on a sophisticated global fraud.
Softbank has faced scrutiny over its investment in Wirecard in recent days after paying €900m for a 6 per cent stake in the firm last year. Even then there had been concerns about Wirecard’s accounting practices.
Last autumn the Japanese firm did a second deal with Wirecard and repackaged convertible bonds into exchangeables, according to CNBC.
On Thursday the embattled German firm filed for insolvency after it disclosed a €1.9bn financial hole in its accounts. Its chief executive Markus Braun was arrested earlier this week shortly after stepping down, as prosecutors investigate his role in misrepresenting the firm’s accounts.
Softbank has come under fire in recent months over a series of bad bets through its Vision Fund, including Wework. The fund’s dismal performance led to job cuts earlier this month, with 15 per cent of staff laid off.
Wirecard’s problems arose last October after the Financial Times reported that employees had appeared to have conspired to fraudulently inflate numbers at the firm’s subsidiaries in Dubai.
In April KPMG concluded it could not verify whether the “lion’s share” of profits reported between 2016 and 2018 were genuine, after a special audit.
Get the news as it happens by following City A.M. on Twitter.