cityam--2020-12-17--London and southeast in Tier 3: What are the rules?

Most of the southeast of England is set to join London in Tier 3 from midnight on Friday , as the government scrambles to contain a sharp spike in coronavirus cases .
The move will see Bedfordshire , Buckinghamshire , Berkshire , Peterborough , and the whole of Hertfordshire move into the highest level of restrictions from 0.01am on Saturday .
It comes as coronavirus cases continue to spike across the UK , with a further 25,161 cases and 612 Covid-related deaths reported yesterday .
Ministers are particularly concerned about a new coronavirus mutation spreading across the southeast of England @ @ @ @ @ @ @ the Christmas period may bring the strain further around the country .
But what will Tier 3 rules for London and the southeast look like in practice ?
Read more : Redbridge overtakes Ealing : How many Covid-19 infections are there in your local borough ?
Meeting up with friends and family Tier 3 rules mean a ban on all social interactions both indoor and outdoors with anybody outside your household or support bubble .
The only exceptions include going for a walk in the park , public garden or heritage site , @ @ @ @ @ @ @ outdoor sports facilities and playgrounds .
In those cases , the rule of six must be adhered to .
Overnight stays with people outside your household or bubble will still not be allowed under Tier 3 rules .
That said , the government is set to relax restrictions for five days across the entire UK at Christmas which will allow three households to come together indoors between 23-27 December .
It is understood that London will immediately return to Tier 3 after that .
Read more : ‘ I just feel like crying @ @ @ @ @ @ @ ’ Tier 3 restrictions Eating and drinking at pubs and restaurants Hospitality venues in London and the southeast including pubs , cafes , restaurants and bars must close once again under Tier 3 .
While Tier 2 restrictions introduced earlier this month allowed punters to drink indoors as long as they had a “ substantial meal ” , venues will now only allowed to keep operating for takeaway services under Tier 3 .
Customers must order online for takeaway , click-and-collect , delivery or drive-through .
Businesses that fail to comply with the @ @ @ @ @ @ @ .
Read more : New coronavirus mutation spreading in southeast of England Shops will be allowed to remain open under Tier 3 only if they are Covid-secure .
That means you ’ ll likely be able to get some last-minute Christmas shopping done , as long as you ’ re prepared for some hefty queues .
Shopping centres will be allowed to remain open , but those inside closed venues will be forced to shut .
Tier 3 guidelines stating that shops that can not be accessed directly from the street must close @ @ @ @ @ @ @ hairdressers , beauty salons , tattoo parlours , nail salons , and spas can remain open under the new rules .
Read more : We must all work together to stay safe and keep London out of Tier 3 restrictions Cinemas , casinos , bingo halls , bowling alleys , nightclubs and theatres must now close under Tier 3 rules .
That means hopes of going to the Christmas panto are now behind you .
Any Christmas holiday trips to ice skating rinks , museums , galleries and theme parks must also be @ @ @ @ @ @ @ up those Zoom quizzes .
Leisure and sports facilities will also be allowed to stay running , but group exercise classes including fitness and dance classes will be banned .
Gyms and sports facilities will be open for individual exercise and exercise in single households or support bubbles only .
Spectators will be banned from live sporting events .
Read more : Millions worth of festive food could go to waste as London enters Tier 3 Boris Johnson earlier this month said that under all tier restriction levels “ people who can work @ @ @ @ @ @ @ so ” .
A previous exemption allowing business lunches to still go ahead under Tier 2 is now off the menu , meaning all those definitely-not-a-Christmas-party gatherings will have to retreat to Zoom .
Business meetings are still allowed in Tier 3 , up to 30 members of staff , so long as social distancing is maintained .
The government has urged Londoners to walk or cycle into work where possible , and to travel outside of peak times if using public transport .
Read more : Survive Tier 3 with these 34 @ @ @ @ @ @ @ tier level is now prohibited until the rules are relaxed for Christmas on 23 December .
That means anyone who has booked a Christmas getaway before then must now cancel their holiday .
Hotels , B & Bs , campsites , holiday lets and guest houses must now close under Tier 3 .
Downing Street has defied calls from the mayor of London to shut schools before they are due to break up for the Christmas holidays on Thursday following a spike in cases among 10 to 19-year-olds .
The Prime Minister ’ @ @ @ @ @ @ @ ’ ve consistently said that not being in school has a detrimental impact on children ’ s learning as well as their own personal development and mental health .
“ Which is why we expect all schools and colleges to remain open until the end of term on Thursday , as schools have remained open throughout the pandemic.
” Read more : Millions worth of festive food could go to waste as London enters Tier 3 However , Downing Street has not ruled out the possibility that schools could be closed for longer @ @ @ @ @ @ @ allowed to remain open under Tier 3 , though most students have been told to return home as part of government plans to stagger household mixing during the Christmas period .
As per Tier 2 , funerals will be capped at 30 people attending .
Wedding celebrations will also be a muted affair , with a maximum limit of 15 attendees .
Read more : London moves into tier 3 : what does this mean for travel ?

London and southeast in Tier 3: What are the rules?
Most of the southeast of England is set to join London in Tier 3 from midnight on Friday, as the government scrambles to contain a sharp spike in coronavirus cases.
The move will see Bedfordshire, Buckinghamshire, Berkshire, Peterborough, and the whole of Hertfordshire move into the highest level of restrictions from 0.01am on Saturday.
It comes as coronavirus cases continue to spike across the UK, with a further 25,161 cases and 612 Covid-related deaths reported yesterday.
Ministers are particularly concerned about a new coronavirus mutation spreading across the southeast of England, amid warnings that people traveling during the Christmas period may bring the strain further around the country.
But what will Tier 3 rules for London and the southeast look like in practice?
Meeting up with friends and family
Tier 3 rules mean a ban on all social interactions both indoor and outdoors with anybody outside your household or support bubble.
The only exceptions include going for a walk in the park, public garden or heritage site, visiting an allotment, or playing in outdoor sports facilities and playgrounds. In those cases, the rule of six must be adhered to.
Overnight stays with people outside your household or bubble will still not be allowed under Tier 3 rules.
That said, the government is set to relax restrictions for five days across the entire UK at Christmas which will allow three households to come together indoors between 23-27 December. It is understood that London will immediately return to Tier 3 after that.
Eating and drinking at pubs and restaurants
Hospitality venues in London and the southeast including pubs, cafes, restaurants and bars must close once again under Tier 3.
While Tier 2 restrictions introduced earlier this month allowed punters to drink indoors as long as they had a “substantial meal”, venues will now only allowed to keep operating for takeaway services under Tier 3.
Customers must order online for takeaway, click-and-collect, delivery or drive-through. Businesses that fail to comply with the restrictions face fines of up to £10,000.
Pubs will be forced to shutter under Tier 3 except for takeaway services
Shopping
Shops will be allowed to remain open under Tier 3 only if they are Covid-secure. That means you’ll likely be able to get some last-minute Christmas shopping done, as long as you’re prepared for some hefty queues.
Shopping centres will be allowed to remain open, but those inside closed venues will be forced to shut. Tier 3 guidelines stating that shops that cannot be accessed directly from the street must close.
London and the southeast’s hairdressers, beauty salons, tattoo parlours, nail salons, and spas can remain open under the new rules.
Sport and entertainment
Cinemas, casinos, bingo halls, bowling alleys, nightclubs and theatres must now close under Tier 3 rules. That means hopes of going to the Christmas panto are now behind you.
Any Christmas holiday trips to ice skating rinks, museums, galleries and theme parks must also be ripped up now. Time to brush up those Zoom quizzes.
Leisure and sports facilities will also be allowed to stay running, but group exercise classes including fitness and dance classes will be banned. Gyms and sports facilities will be open for individual exercise and exercise in single households or support bubbles only.
Spectators will be banned from live sporting events.
Cinemas must close once more under Tier 3 restrictions
Where to work
Boris Johnson earlier this month said that under all tier restriction levels “people who can work from home, should continue to do so”.
A previous exemption allowing business lunches to still go ahead under Tier 2 is now off the menu, meaning all those definitely-not-a-Christmas-party gatherings will have to retreat to Zoom.
Business meetings are still allowed in Tier 3, up to 30 members of staff, so long as social distancing is maintained.
The government has urged Londoners to walk or cycle into work where possible, and to travel outside of peak times if using public transport.
Holidays
Leaving your local tier level is now prohibited until the rules are relaxed for Christmas on 23 December.
That means anyone who has booked a Christmas getaway before then must now cancel their holiday. Hotels, B&Bs, campsites, holiday lets and guest houses must now close under Tier 3.
Holidays are now off the menu unless they take place when restrictions are relaxed are across the UK between 23 and 28 December
Education
Downing Street has defied calls from the mayor of London to shut schools before they are due to break up for the Christmas holidays on Thursday following a spike in cases among 10 to 19-year-olds.
The Prime Minister’s official spokesman said: “We’ve consistently said that not being in school has a detrimental impact on children’s learning as well as their own personal development and mental health.
“Which is why we expect all schools and colleges to remain open until the end of term on Thursday, as schools have remained open throughout the pandemic.”
However, Downing Street has not ruled out the possibility that schools could be closed for longer than usual after Christmas.
Universities are allowed to remain open under Tier 3, though most students have been told to return home as part of government plans to stagger household mixing during the Christmas period.
Weddings and funerals
As per Tier 2, funerals will be capped at 30 people attending. Wedding celebrations will also be a muted affair, with a maximum limit of 15 attendees.


cityam--2020-12-17--Bank of England holds policy and says vaccines ‘reduce risks’ to economy

The Bank of England has left interest rates on hold at 0.1 per cent and its bond-buying programme at £895bn , saying the arrival of vaccines is likely to boost the economy next year but warning new restrictions will weigh on growth in the winter .
It comes after the Bank expanded its quantitative easing programme by £150bn in November .
The scheme sees the Bank inject money into the economy to boost lending .
Read more : Covid vaccine : 138,000 people in UK get Pfizer jab in first week The BoE took a “ wait and see ” @ @ @ @ @ @ @ for the UK economy .
The rollout of the first vaccines has boosted confidence .
But strict new Covid restrictions have been put in place and Brexit negotiations are ongoing .
The Bank ’ s monetary policy committee ( MPC ) said vaccines “ are likely to support future UK and global activity ” .
It said the Covid jabs will “ reduce the downside risks to the economic outlook ” .
Inflation is set to rise “ quite sharply ” in the spring from 0.3 per cent last month , the MPC @ @ @ @ @ @ @ 32-month high on Brexit hopes and dollar weakness However , the rate-setters said new restrictions would cause the economy to shrink in the fourth quarter by slightly more than the two per cent they predicted in November .
The government placed London under the strictest Tier 3 restrictions on Wednesday .
It means pubs and restaurants have to close except for takeaway .
As the Bank published its decision , health secretary Matt Hancock said a much wider area of the south would also be put in Tier 3 .
That includes Buckinghamshire @ @ @ @ @ @ @ new lockdowns are also “ expected to weigh more on activity ” in the first quarter of next year before vaccines can have an effect .
Read more : London and southeast in Tier 3 : What are the rules ?
“ The outlook for the economy remains unusually uncertain , ” it said .
“ It depends on the evolution of the pandemic and measures taken to protect public health , as well as the nature of , and transition to , the new trading arrangements between the European Union and the @ @ @ @ @ @ @ had a wild ride since taking over the Bank in March .
Threadneedle Street has slashed interest rates to the record-low level of 0.1 per cent in a bid to keep banks lending .
It has also boosted its bond-buying package to £895bn .
That means it can buy up £875bn of government bonds – i.e .
debt – and £20bn of corporate bonds .
Read more : Vaccine ‘ gamechanger ’ will see UK economy bounce back sharply , analysts say Quantitative easing sees the Bank create digital money and then buy @ @ @ @ @ @ @ .
This floods the economy with money , keeping interest rates low and encouraging borrowing .
The MPC voted unanimously to keep interest rates on hold and the bond-buying package steady .

Bank of England holds rates and says vaccines ‘reduce risks’ to economy
The policymaker added in the speech that this was his personal view, not a BoE policy position.
The Bank of England has left interest rates on hold at 0.1 per cent and its bond-buying programme at £895bn, saying the arrival of vaccines is likely to boost the economy next year but warning new restrictions will weigh on growth in the winter.
It comes after the Bank expanded its quantitative easing programme by £150bn in November. The scheme sees the Bank inject money into the economy to boost lending.
The BoE took a “wait and see” stance at a moment of high uncertainty for the UK economy. The rollout of the first vaccines has boosted confidence. But strict new Covid restrictions have been put in place and Brexit negotiations are ongoing.
To help companies weather this uncertainty, the Bank extended its term funding scheme by six months to 31 October next year.
The scheme allows banks to access funding at very close to 0.1 per cent interest. It is designed to encourage banks to lend to businesses and households throughout coronavirus.
The Bank’s monetary policy committee (MPC) said vaccines “are likely to support future UK and global activity”.
It said the Covid jabs will “reduce the downside risks to the economic outlook”. Inflation is set to rise “quite sharply” in the spring from 0.3 per cent last month, the MPC said.
However, the rate-setters said new restrictions would cause the economy to shrink in the fourth quarter by slightly more than the two per cent they predicted in November. And it said growth would also be slower in the first quarter of next year.
The government placed London under the strictest Tier 3 restrictions on Wednesday. It means pubs and restaurants have to close except for takeaway.
Bank: Tier 3 restrictions to hit short-term growth
As the Bank published its decision, health secretary Matt Hancock said a much wider area of the south would also be put in Tier 3. That includes Buckinghamshire and Surrey.
“The outlook for the economy remains unusually uncertain,” the MPC said. It added that “the nature of, and transition to, the new trading arrangements” between the UK and EU were also a major factor.
Governor Andrew Bailey has had a wild ride since taking over the Bank in March. Threadneedle Street has slashed interest rates to the record-low level of 0.1 per cent in a bid to keep banks lending.
It has also boosted its bond-buying package to £895bn. That means it can buy up £875bn of government bonds – i.e. debt – and £20bn of corporate bonds.
Quantitative easing sees the Bank create digital money and then buy up the bonds from banks and companies. This floods the economy with money, keeping interest rates low and encouraging borrowing.
The MPC voted unanimously to keep interest rates on hold and the bond-buying package steady.


cityam--2020-12-17--Breaking: Matt Hancock extends Tier 3 to most of southeast England

The health secretary has extended Tier 3 to almost all of the southeast of England following a huge surge in cases , thought to be the result of a new coronavirus mutation .
Speaking in the Commons , Matt Hancock said : “ In the last week hospital admissions are up by nearly half .
It is therefore necessary to apply Tier 3 measures across a much wider area of the east and southeast.
” Read more : London in Tier 3 : What are the rules ?
The move will see Bedfordshire , Buckinghamshire , Berkshire , Peterborough , @ @ @ @ @ @ @ the highest level of restrictions from 0.01am on Saturday .
Bristol and North Somerset will move down a tier to Tier 2 , following a fall in infections .
Pubs , restaurants , and bars will be forced to shutter under Tier 3 rules and will only be allowed to provide takeaway service .
Cinemas , casinos , bingo halls , bowling alleys , nightclubs and theatres will also be forced to close in Tier 3 areas .
The highest level of restrictions mean a ban on all social interactions both indoor and @ @ @ @ @ @ @ support bubble .
The announcement from the health secretary will see an extra 4.26m Britons enter Tier 3 from Saturday , meaning 68 per cent of the population will soon be living under the toughest level of restrictions .
Meanwhile , just one per cent of the UK population is currently in Tier 1 — the lowest level of coronavirus measures .
It comes after London moved into Tier 3 yesterday , as the government attempts to contain a new coronavirus mutation spreading across the country ahead of the Christmas period .
Speaking @ @ @ @ @ @ @ a new variant of coronavirus has been identified in the southeast of England “ which may be associated with the faster spread ” of the virus in London and surrounding areas .
“ Initial analysis suggests that this variant is growing faster than existing variants , ” he added .
The Prime Minister yesterday rejected calls to U-turn on plans to temporarily waive tier restrictions between 23 and 27 December to allow people to meet up in “ Christmas bubbles ” .
The four nations will split over the official guidance , with @ @ @ @ @ @ @ window , while Wales and Scotland will tighten a limit on gatherings .
In England , gatherings of up to three different households will be allowed to meet during the five-day Christmas period .
But in a stiff warning appealing to the public ’ s “ personal responsibility ” , Johnson urged the country to keep their Christmas plans “ small and short ” .
“ Have a merry little Christmas , ” said the PM .
“ But I ’ m afraid this year I really do mean little ” .
In @ @ @ @ @ @ @ , Johnson called on the public to self-isolate for five days before visiting friends and family over Christmas .
“ If you ’ re visiting others over Christmas we ’ re asking you in the five days beforehand , as early as this Friday , to reduce the number of people you ’ re in contact with to as low as possible , ” he told a Downing Street press conference .
The public should also “ avoid staying away from home overnight ” , and hold off on seeing elderly relatives until @ @ @ @ @ @ @ Priti Patel this morning urged the British public to change their Christmas plans in a bid to limit “ people-to-people contact that leads to the spread of this virus ” .
“ I would urge people to change their plans .
I won ’ t be seeing my parents this Christmas .
They live in a different part of the country and I will not travel to see them , ” she told the BBC ’ s Today programme .
It comes as coronavirus cases continue to spike across the UK , with @ @ @ @ @ @ @ deaths reported yesterday .
Wales is set to add an additional 11,000 positive tests to its figures today , after an IT glitch meant there was a “ significant under reporting ” .

Breaking: Matt Hancock extends Tier 3 to most of southeast England
The health secretary has extended Tier 3 to almost all of the southeast of England following a huge surge in cases, thought to be the result of a new coronavirus mutation.
Speaking in the Commons, Matt Hancock said: “In the last week hospital admissions are up by nearly half. It is therefore necessary to apply Tier 3 measures across a much wider area of the east and southeast.”
The move will see Bedfordshire, Buckinghamshire, Berkshire, Peterborough, and the whole of Hertfordshire move into the highest level of restrictions from 0.01am on Saturday.
Bristol and North Somerset will move down a tier to Tier 2, following a fall in infections.
Pubs, restaurants, and bars will be forced to shutter under Tier 3 rules and will only be allowed to provide takeaway service.
Cinemas, casinos, bingo halls, bowling alleys, nightclubs and theatres will also be forced to close in Tier 3 areas.
The highest level of restrictions mean a ban on all social interactions both indoor and outdoors with anybody outside your household or support bubble.
The announcement from the health secretary will see an extra 4.26m Britons enter Tier 3 from Saturday, meaning 68 per cent of the population will soon be living under the toughest level of restrictions.
Meanwhile, just one per cent of the UK population is currently in Tier 1 — the lowest level of coronavirus measures.
London
It comes after London moved into Tier 3 yesterday, as the government attempts to contain a new coronavirus mutation spreading across the country ahead of the Christmas period.
Speaking to MPs on Monday, Hancock announced a new variant of coronavirus has been identified in the southeast of England “which may be associated with the faster spread” of the virus in London and surrounding areas.
“Initial analysis suggests that this variant is growing faster than existing variants,” he added.
Christmas baubles
The Prime Minister yesterday rejected calls to U-turn on plans to temporarily waive tier restrictions between 23 and 27 December to allow people to meet up in “Christmas bubbles”.
The four nations will split over the official guidance, with Boris Johnson remaining committed to the Christmas window, while Wales and Scotland will tighten a limit on gatherings.
In England, gatherings of up to three different households will be allowed to meet during the five-day Christmas period.
But in a stiff warning appealing to the public’s “personal responsibility”, Johnson urged the country to keep their Christmas plans “small and short”.
“Have a merry little Christmas,” said the PM. “But I’m afraid this year I really do mean little”.
In a rapid winding down of previous guidance, Johnson called on the public to self-isolate for five days before visiting friends and family over Christmas.
“If you’re visiting others over Christmas we’re asking you in the five days beforehand, as early as this Friday, to reduce the number of people you’re in contact with to as low as possible,” he told a Downing Street press conference.
The public should also “avoid staying away from home overnight”, and hold off on seeing elderly relatives until they have been vaccinated.
Home secretary Priti Patel this morning urged the British public to change their Christmas plans in a bid to limit “people-to-people contact that leads to the spread of this virus”.
“I would urge people to change their plans. I won’t be seeing my parents this Christmas. They live in a different part of the country and I will not travel to see them,” she told the BBC’s Today programme.
It comes as coronavirus cases continue to spike across the UK, with a further 25,161 cases and 612 Covid-related deaths reported yesterday.
Wales is set to add an additional 11,000 positive tests to its figures today, after an IT glitch meant there was a “significant under reporting”.


cityam--2020-12-17--PwC partners take 10 per cent cut as profits suffer

Partners at PwC have suffered a 10 per cent cut to their earnings as the impact of the coronavirus hit the Big Four firm ’ s profits .
Profits at the audit giant fell by 8 per cent to £938m in the firm ’ s latest financial year , as Covid-19 impacted on the business from March , with distributable profit per partner was down 10 per cent to £685,000 .
Read more : Bah humbug !
PwC staff to work an extra day this Christmas Like its Big Four counterparts , PwC did not make use of the government @ @ @ @ @ @ @ audit firms have taken home less money this year because of the impact of Covid-19 on the firms .
PwC partners have taken a mid-tier cut when compared with other firms .
Deloitte partners saw a 17 per cent cut , taking their distributable profits to £731,000 , while EY partners saw a cut of just 1.8 per cent , taking their distributable profits to £667,000 .
KPMG is yet to release its results .
Read more : Auditor independence rules prompt PwC to sell data software to private equity house PwC UK @ @ @ @ @ @ @ : “ As is to be expected the pandemic had a significant impact on our financial performance in 2020 , however I am proud that we have continued to invest in our people and regional growth opportunities .
“ We were clear in our response to the crisis from day one that we prioritised providing support and reassurance to our people .
We took an early decision not to take government funding through the furlough scheme or loans .
Supporting our people enabled us to continue to deliver for our clients .
Through @ @ @ @ @ @ @ staff we have maintained our focus while recognising it ’ s been a difficult time for everyone and that many of our people have been personally impacted.
” Read more : Lengthy audits cut into BDO profits as firm defends use of furlough scheme Almost all areas of the business saw increased revenues in 2020 , with audit work and consulting boasting the largest revenues of £1,003m and £1,057m respectively , representing growth of 5 and 11 per cent .
This year was the first that risk assurance was considered a standalone business @ @ @ @ @ @ @ a comparative figure revenue fell by 5 per cent to £468m .
Ellis continued : “ Audit has proved resilient and versatile , requiring new approaches as Covid restrictions made accessing company sites and data more challenging .
Risk Assurance had a solid first year establishing itself as a new standalone business division , with technology risk and cyber security performing well .
”

PwC partners take 10 per cent cut as profits suffer
Average partner pay at the PwC surged to a record £868,000 earlier this year.
Partners at PwC have suffered a 10 per cent cut to their earnings as the impact of the coronavirus hit the Big Four firm’s profits.
Profits at the audit giant fell by 8 per cent to £938m in the firm’s latest financial year, as Covid-19 impacted on the business from March, with distributable profit per partner was down 10 per cent to £685,000.
Like its Big Four counterparts, PwC did not make use of the government’s furlough scheme. Partners across audit firms have taken home less money this year because of the impact of Covid-19 on the firms.
PwC partners have taken a mid-tier cut when compared with other firms. Deloitte partners saw a 17 per cent cut, taking their distributable profits to £731,000, while EY partners saw a cut of just 1.8 per cent, taking their distributable profits to £667,000. KPMG is yet to release its results.
PwC UK chairman and senior partner Kevin Ellis said: “As is to be expected the pandemic had a significant impact on our financial performance in 2020, however I am proud that we have continued to invest in our people and regional growth opportunities.
“We were clear in our response to the crisis from day one that we prioritised providing support and reassurance to our people. We took an early decision not to take government funding through the furlough scheme or loans. Supporting our people enabled us to continue to deliver for our clients. Through the hard work of our partners and staff we have maintained our focus while recognising it’s been a difficult time for everyone and that many of our people have been personally impacted.”
Almost all areas of the business saw increased revenues in 2020, with audit work and consulting boasting the largest revenues of £1,003m and £1,057m respectively, representing growth of 5 and 11 per cent. This year was the first that risk assurance was considered a standalone business division, and when re-analysed to provide a comparative figure revenue fell by 5 per cent to £468m.
Ellis continued: “Audit has proved resilient and versatile, requiring new approaches as Covid restrictions made accessing company sites and data more challenging. Risk Assurance had a solid first year establishing itself as a new standalone business division, with technology risk and cyber security performing well.”


cityam--2020-12-17--Cairn Energy to pay out special $250m dividend after Senegal sale

Oil firm Cairn Energy today said it would pay shareholders a special dividend worth a combined $ 250m ( £188m ) on completion of the sale of its Senegalese assets .
Read more : Cairn Energy plunges to $ 324m loss after hefty one-off charge The one-off payment will see the exploratory firm pay out 32p per share to investors , it said in a statement .
The payout , which is expected on 25 January , stands out after a year of strife for the world ’ s oil and gas producers .
Over the course of the year @ @ @ @ @ @ @ caused by the coronavirus pandemic forced many firms to cut dividend payments .
Anglo-Dutch giant Shell , for example , slashed payouts for the first time since the Second World War in the spring .
Before the Open newsletter : Start your day with the City View podcast and key market data The one-off payment is an expression of confidence by Cairn , which has seen its shares nearly return to pre-pandemic levels after plummeting in the spring .
Australian company Woodside will pay $ 525m for the Senegal assets , with an @ @ @ @ @ @ @ conditions are met .
The deal is expected to close before the end of 2020 , the FTSE 250 firm said .
Oil prices were approaching nine-month highs this morning as a combination of factors buoyed the market .
Read more : Oil prices top $ 50 for the first time since pandemic declared Reports that a new US economic support package worth $ 900bn has boosted markets around the world , while a bigger than expected draw on crude stocks has also helped push prices up .

Cairn Energy to pay out special $250m dividend after Senegal sale
Cairn will sell its entire 20 per cent interest in the Catcher field and 29.5 per cent interest in the Kraken field.
Oil firm Cairn Energy today said it would pay shareholders a special dividend worth a combined $250m (£188m) on completion of the sale of its Senegalese assets.
The one-off payment will see the exploratory firm pay out 32p per share to investors, it said in a statement.
The payout, which is expected on 25 January, stands out after a year of strife for the world’s oil and gas producers.
Over the course of the year, a historic collapse in oil prices caused by the coronavirus pandemic forced many firms to cut dividend payments.
Anglo-Dutch giant Shell, for example, slashed payouts for the first time since the Second World War in the spring.
Before the Open newsletter: Start your day with the City View podcast and key market data
The one-off payment is an expression of confidence by Cairn, which has seen its shares nearly return to pre-pandemic levels after plummeting in the spring.
Australian company Woodside will pay $525m for the Senegal assets, with an extra $100m to follow if certain conditions are met.
The deal is expected to close before the end of 2020, the FTSE 250 firm said.
Oil prices were approaching nine-month highs this morning as a combination of factors buoyed the market.
Reports that a new US economic support package worth $900bn has boosted markets around the world, while a bigger than expected draw on crude stocks has also helped push prices up.


cityam--2020-12-17--Rishi Sunak 'to extend emergency Covid business loan schemes'

Chancellor Rishi Sunak is set to extend the UK ’ s £68bn coronavirus emergency loan schemes to help support businesses hit with the double whammy of Covid and Brexit , according to reports .
Officials are drawing up plans to extend the three main loan guarantee schemes , including the government ’ s £43.5bn coronavirus bounce back loans programme , the Financial Times reported .
Read more : UK awaits Covid tier changes after Christmas confusion The fresh batch of funding from the Treasury is expected to include the £19.6bn Coronavirus Business Interruption Loan Scheme and the £5bn Coronavirus Large @ @ @ @ @ @ @ scheme extensions are anticipated to last until the end of the financial year in March , when the implementation of the tier system will be reviewed .
That would mean that businesses will have had support from the government-backed loans for almost a year , with the programme having started in April .
The move is understood to be announced tomorrow , following a speech from the health secretary setting out new regional tier allocations this afternoon .
It comes after London ’ s move into Tier 3 yesterday ignited fury across the @ @ @ @ @ @ @ to close and reopen during the pandemic .
Under Tier 3 , all hospitality venues including pubs , restaurants and cafes must close and provide takeaway service only .
The UK ’ s leading business bodies last week warned that placing London under the highest alert level would deliver a “ killer blow ” for the capital ’ s hospitality venues .
Kate Nicholls , chief executive of UK Hospitality , told City A.M. that “ many hospitality businesses simply wouldn ’ t recover from ” the move , warning that it could @ @ @ @ @ @ @ losses .
The Night Time Industries Association , which represents more than 1,200 bars , clubs , casinos and music venues across the country , last week warned that the new tier system will cause three-quarters of the country ’ s night-time venues to shut forever .
It comes after MPs yesterday published a scathing report into the government ’ s failings to support small businesses with the bounce back loan scheme during the pandemic .
The Public Accounts Committee ( PAC ) slammed ministers ’ handling of the scheme , adding that @ @ @ @ @ @ @ to support micro businesses ” .
Its plans for managing risks to the taxpayer – from fraud and borrowers unable to repay loans – are “ woefully under-developed ” , PAC added .
Bounce back loans have come under strict scrutiny following reports by City A.M. that small businesses were being “ locked out ” of applying for the loans despite being eligible for funding .
Kevin Hollinrake , chair of the all-party parliamentary group ( APPG ) for fair business banking , told City A.M. that top-ups risked creating a “ two-tier @ @ @ @ @ @ @ with non-traditional lenders “ particularly disadvantaged ” .
Hollinrake added that the introduction of top-ups “ doesn ’ t solve the problem if you weren ’ t able to get a loan in the first place ” .
“ For many people that is existential , it is the difference between succeeding and failing , ” he said .
The Treasury was approached for comment .

Rishi Sunak ‘to extend emergency Covid business loan schemes’
Chancellor Rishi Sunak is set to extend the UK’s £68bn coronavirus emergency loan schemes to help support businesses hit with the double whammy of Covid and Brexit, according to reports.
Officials are drawing up plans to extend the three main loan guarantee schemes, including the government’s £43.5bn coronavirus bounce back loans programme, the Financial Times reported.
The fresh batch of funding from the Treasury is expected to include the £19.6bn Coronavirus Business Interruption Loan Scheme and the £5bn Coronavirus Large Business Interruption Loan Scheme.
The loan scheme extensions are anticipated to last until the end of the financial year in March, when the implementation of the tier system will be reviewed.
That would mean that businesses will have had support from the government-backed loans for almost a year, with the programme having started in April.
The move is understood to be announced tomorrow, following a speech from the health secretary setting out new regional tier allocations this afternoon.
It comes after London’s move into Tier 3 yesterday ignited fury across the hospitality industry, which has repeatedly had to close and reopen during the pandemic.
Under Tier 3, all hospitality venues including pubs, restaurants and cafes must close and provide takeaway service only.
The UK’s leading business bodies last week warned that placing London under the highest alert level would deliver a “killer blow” for the capital’s hospitality venues.
Kate Nicholls, chief executive of UK Hospitality, told City A.M. that “many hospitality businesses simply wouldn’t recover from” the move, warning that it could lead to tens of thousands of job losses.
The Night Time Industries Association, which represents more than 1,200 bars, clubs, casinos and music venues across the country, last week warned that the new tier system will cause three-quarters of the country’s night-time venues to shut forever.
It comes after MPs yesterday published a scathing report into the government’s failings to support small businesses with the bounce back loan scheme during the pandemic.
The Public Accounts Committee (PAC) slammed ministers’ handling of the scheme, adding that the government was “not sufficiently prepared to support micro businesses”.
Its plans for managing risks to the taxpayer – from fraud and borrowers unable to repay loans – are “woefully under-developed”, PAC added.
Bounce back loans have come under strict scrutiny following reports by City A.M. that small businesses were being “locked out” of applying for the loans despite being eligible for funding.
Kevin Hollinrake, chair of the all-party parliamentary group (APPG) for fair business banking, told City A.M. that top-ups risked creating a “two-tier system”, with SMEs that bank with non-traditional lenders “particularly disadvantaged”.
Hollinrake added that the introduction of top-ups “doesn’t solve the problem if you weren’t able to get a loan in the first place”.
“For many people that is existential, it is the difference between succeeding and failing,” he said.
The Treasury was approached for comment.


cityam--2020-12-17--FTSE 100 slips but global markets hit fresh highs on vaccines and stimulus

The FTSE 100 slipped , weighed down by a rising pound , as global markets hit a new all-time high amid optimism about vaccines and fiscal and monetary stimulus .
Despite the rise in global stocks , the FTSE 100 lagged behind as the pound rose 0.8 per cent to $ 1.360 , a 32-month high .
Read more : Pound hits 32-month high on Brexit hopes and dollar weakness A higher pound weighs on the overseas earnings of the index ’ s constituents .
The FTSE was down 0.1 per cent at 6,565 points .
In Europe , Germany @ @ @ @ @ @ @ cent while France ’ s CAC 40 climbed 0.3 per cent .
The Europe-wide Stoxx 600 was 0.4 per cent higher .
US stocks were set to open higher , according to futures prices .
Investors sold safe-haven assets such as the dollar .
The market jubilance – FTSE excluded – came as US lawmakers appeared to edge closer to a more than $ 900bn ( £660bn ) stimulus deal .
US Senate majority leader Mitch McConnell said he was optimistic that the two sides can reach an understanding soon .
The US @ @ @ @ @ @ @ it would keep buying bonds at $ 120bn a month to support the recovery has also buoyed investors .
Milan Cutkovic , market analyst at Axi , said : “ The pressure to reach a deal is rising on both parties as the US economy could be sliding into another recession.
” He added : “ Investors remain optimistic that another aid package is just around the corner.
” The FTSE 100 reprised its role as a laggard , however , missing out on the day ’ s gains .
In large part @ @ @ @ @ @ @ pound , which rose on hopes of a Brexit deal and dollar weakness .
Home secretary Priti Patel added to Brexit optimism this morning .
She said : “ We are in that tunnel of negotiation and our teams continue to work incredibly hard.
” Read more : Mid-market firms optimistic about Brexit impact despite talks dragging Overseas FTSE 100 earners fell as the pound rose .
British American Tobacco , jet engine-maker Rolls Royce , Burberry , and Glencore were among the top fallers .
Fresh lockdowns – including in London – @ @ @ @ @ @ @ supermarkets Morrison ’ s , Sainsbury and Ocado , and Associated British Foods also dropped .
Vaccine hopes and the passing of the €1.8 trillion ( £1.6 trillion ) European budget and stimulus package also served to boost global stocks , with the MSCI world index hitting a new all-time high .
Brent crude oil rose 0.2 per cent to $ 51.20 per barrel .
The prospect of vaccines aiding a return to normal life lifted the demand outlook , pushing prices higher .
Meanwhile Bitcoin continued its hot streak , rising past @ @ @ @ @ @ @ .
John Hardy , head of FX strategy at Saxo Bank , said the Fed ’ s dovish tone yesterday had lifted markets .
Read more : Covid vaccine : 138,000 people in UK get Pfizer jab in first week “ Everything is up except for sideways US treasuries in the wake of the [ Fed ] meeting last night , ” he said .
“ The bulls saw nothing to fear in the very few changes to the Fed monetary policy statement and somewhat more optimistic Fed economic projections .
”

FTSE 100 slips but global markets hit fresh highs on vaccines and stimulus
The City of London’s FTSE 100 index had a strong November, but reprised its role as a global laggard this morning
The FTSE 100 slipped, weighed down by a rising pound, as global markets hit a new all-time high amid optimism about vaccines and fiscal and monetary stimulus.
Despite the rise in global stocks, the FTSE 100 lagged behind as the pound rose 0.8 per cent to $1.360, a 32-month high.
A higher pound weighs on the overseas earnings of the index’s constituents. The FTSE was down 0.1 per cent at 6,565 points.
In Europe, Germany’s Dax was up 0.8 per cent while France’s CAC 40 climbed 0.3 per cent. The Europe-wide Stoxx 600 was 0.4 per cent higher.
US stocks were set to open higher, according to futures prices. Investors sold safe-haven assets such as the dollar.
The market jubilance – FTSE excluded – came as US lawmakers appeared to edge closer to a more than $900bn (£660bn) stimulus deal.
US Senate majority leader Mitch McConnell said he was optimistic that the two sides can reach an understanding soon.
The US Federal Reserve’s declaration yesterday that it would keep buying bonds at $120bn a month to support the recovery has also buoyed investors.
Milan Cutkovic, market analyst at Axi, said: “The pressure to reach a deal is rising on both parties as the US economy could be sliding into another recession.”
He added: “Investors remain optimistic that another aid package is just around the corner.”
FTSE 100 drops behind – again
The FTSE 100 reprised its role as a laggard, however, missing out on the day’s gains. In large part this was due to action in the pound, which rose on hopes of a Brexit deal and dollar weakness.
Home secretary Priti Patel added to Brexit optimism this morning. She said: “We are in that tunnel of negotiation and our teams continue to work incredibly hard.”
Overseas FTSE 100 earners fell as the pound rose. British American Tobacco, jet engine-maker Rolls Royce, Burberry, and Glencore were among the top fallers.
Fresh lockdowns – including in London – also hit domestic stocks. Vodafone, supermarkets Morrison’s, Sainsbury and Ocado, and Associated British Foods also dropped.
Vaccines and stimulus push stocks higher
Vaccine hopes and the passing of the €1.8 trillion (£1.6 trillion) European budget and stimulus package also served to boost global stocks, with the MSCI world index hitting a new all-time high.
Brent crude oil rose 0.2 per cent to $51.20 per barrel. The prospect of vaccines aiding a return to normal life lifted the demand outlook, pushing prices higher.
Meanwhile Bitcoin continued its hot streak, rising past $23,000 dollars for the first time.
John Hardy, head of FX strategy at Saxo Bank, said the Fed’s dovish tone yesterday had lifted markets.
“Everything is up except for sideways US treasuries in the wake of the [Fed] meeting last night,” he said.
“The bulls saw nothing to fear in the very few changes to the Fed monetary policy statement and somewhat more optimistic Fed economic projections.”


cityam--2020-12-18--Nation of beer drinkers: Brits spend extra £2.1bn on booze in lockdown

Booze-drinking Brits spent an extra £2.1bn on alcoholic beverages this year as they stocked up on lager , wine and spirits while pubs were closed during lockdown .
Despite its name , Corona was one of the lager brands to toast the largest growth , with sales up £68m compared to last year .
Read more : Supermarkets begin stockpiling food in case of no-deal Brexit Lager was the fastest growing drink of choice during the pandemic , up £791.9m to be worth £4.4bn , with Stella Artois , Budweiser and San Miguel also making the top ten products in @ @ @ @ @ @ @ £717.4m and £566.8m respectively , as drinkers hit the supermarkets while pubs and restaurants were closed or were facing strict restrictions .
Tobacco sales grew £971.9m , with a £684.4m increase in rolling tobacco , according to research by data analytics firm Nielsen .
The meat category was another big winner , up £438.9m , driven by a £161.8m growth in beef sales .
That was followed by sausages , up £125.9m , and chicken , up £120.4m , as people cooked roast dinners and BBQs at home while eating out was not @ @ @ @ @ @ @ the biggest losers of 2020 , with cosmetics , hair styling , toothbrushes and deodorant shedding nearly £300m during the year , as Brits spent more time at home .
Chilled ready meals suffered a £74.2m slump as people cooked from scratch more often .
Rachel White , retail intelligence leader at Nielsen said : “ It ’ s been a rollercoaster year for grocery retail .
The pandemic has shifted consumer shopping habits to the extreme .
Read more : Are supermarkets right to return their business rates relief to the Treasury @ @ @ @ @ @ @ or visit bars and restaurants , consumers turned to scratch cooking not just as a way to feed the family but also as a source of entertainment – as we saw with the huge trends for homemade sourdough and banana bread and other recipes that went viral this year .
“ With more free time at home , consumers moved away from chilled ready meal options and focused instead on creating their own dining experience at home , cooking with fresh ingredients and enjoying a drink at home rather than at the pub @ @

Nation of beer drinkers: Brits spend extra £2.1bn on booze in lockdown
The coronavirus lockdown prompted a surge in beer sales – with Corona one of the fastest-growing brands. (Photo: Getty)
Booze-drinking Brits spent an extra £2.1bn on alcoholic beverages this year as they stocked up on lager, wine and spirits while pubs were closed during lockdown.
Despite its name, Corona was one of the lager brands to toast the largest growth, with sales up £68m compared to last year.
Lager was the fastest growing drink of choice during the pandemic, up £791.9m to be worth £4.4bn, with Stella Artois, Budweiser and San Miguel also making the top ten products in 2020.
Meanwhile wine and spirits grew £717.4m and £566.8m respectively, as drinkers hit the supermarkets while pubs and restaurants were closed or were facing strict restrictions.
Tobacco sales grew £971.9m, with a £684.4m increase in rolling tobacco, according to research by data analytics firm Nielsen.
The meat category was another big winner, up £438.9m, driven by a £161.8m growth in beef sales.
That was followed by sausages, up £125.9m, and chicken, up £120.4m, as people cooked roast dinners and BBQs at home while eating out was not an option.
Personal care brands were the biggest losers of 2020, with cosmetics, hair styling, toothbrushes and deodorant shedding nearly £300m during the year, as Brits spent more time at home.
Chilled ready meals suffered a £74.2m slump as people cooked from scratch more often.
Rachel White, retail intelligence leader at Nielsen said: “It’s been a rollercoaster year for grocery retail. The pandemic has shifted consumer shopping habits to the extreme.
“With limited opportunities to socialise or visit bars and restaurants, consumers turned to scratch cooking not just as a way to feed the family but also as a source of entertainment – as we saw with the huge trends for homemade sourdough and banana bread and other recipes that went viral this year.
“With more free time at home, consumers moved away from chilled ready meal options and focused instead on creating their own dining experience at home, cooking with fresh ingredients and enjoying a drink at home rather than at the pub.”


cityam--2020-12-18--Global emissions cuts needed on 'unprecedented scale' to reach Paris Climate target

If the world is to reach the Paris Climate Agreement ’ s target of a global temperature increase of no more than 1.5°C , we need to cut emissions five times more quickly than the current rate .
This is according to PwC ’ s Net Zero Economy Index , which delivers a stark message to businesses and governments .
Read more : PwC partners take 10 per cent cut as profits suffer The index shows that a decarbonisation rate of 11.7 per cent per annum is now required to keep global warming within 1.5°C , which is five times @ @ @ @ @ @ @ the pandemic ( 2.4 per cent ) .
For the last 10 years , PwC UK ’ s Index has modelled economic growth and energy-related CO2 emissions data , against the rates required to achieve the aims of the Paris Agreement .
It tracks how economies are progressing in breaking the link between economic growth and increases in energy related carbon emissions .
Read more : Lloyd ’ s pledges to end investment in coal in first climate change policy push The index shows that progress in decoupling energy-related CO2 emissions growth from @ @ @ @ @ @ @ energy-related CO2 emissions increased by 0.5 per cent with economic growth of 2.9 per cent .
“ Every year we underachieve on cutting carbon , the task gets tougher and the transition required is more radical .
We now need decarbonisation and ultimately transformation of companies , industries and geographies at an unprecedented scale and speed , ” says Dr Celine Herweijer , global climate change leader , and partner at PwC UK .
” The good news is that when public policy , public interest , technological innovation and investment line up @ @ @ @ @ @ @ can transform , ” she concludes .

Global emissions cuts needed on ‘unprecedented scale’ to reach Paris Climate target
If the world is to reach the Paris Climate Agreement’s target of a global temperature increase of no more than 1.5°C, we need to cut emissions five times more quickly than the current rate.
This is according to PwC’s Net Zero Economy Index, which delivers a stark message to businesses and governments.
The index shows that a decarbonisation rate of 11.7 per cent per annum is now required to keep global warming within 1.5°C, which is five times greater than what was achieved prior to the pandemic (2.4 per cent).
Economic growth and CO2 emissions
For the last 10 years, PwC UK’s Index has modelled economic growth and energy-related CO2 emissions data, against the rates required to achieve the aims of the Paris Agreement. It tracks how economies are progressing in breaking the link between economic growth and increases in energy related carbon emissions.
The index shows that progress in decoupling energy-related CO2 emissions growth from economic growth slowed. In 2019 global energy-related CO2 emissions increased by 0.5 per cent with economic growth of 2.9 per cent.
“Every year we underachieve on cutting carbon, the task gets tougher and the transition required is more radical. We now need decarbonisation and ultimately transformation of companies, industries and geographies at an unprecedented scale and speed,” says Dr Celine Herweijer, global climate change leader, and partner at PwC UK.
”The good news is that when public policy, public interest, technological innovation and investment line up, we can see how fast systems can transform,” she concludes.


cityam--2020-12-17--Brexit talks in a ‘serious situation’ ahead of deadline

Downing Street has said Brexit trade talks are in a “ serious situation ” following a call with the European Commission president .
Following the call a Downing Street spokesperson said : “ The Prime Minister underlined that the negotiations were now in a serious situation .
Time was very short and it now looked very likely that agreement would not be reached unless the EU position changed substantially.
” Read more : Sole rights : Michael Gove pushes for UK sovereignty over fishing waters in Brexit talks In a separate statement Ursula von der Leyen said “ substantial progress @ @ @ @ @ @ @ differences ” remained .
Von der Leyen and Johnson spoke this evening as discussions over the UK ’ s relationship with the EU dragged on for another day .
“ We welcomed substantial progress on many issues , ” said Von der Leyen .
“ However , big differences remain to be bridged , in particular on fisheries .
Bridging them will be very challenging.
” Talks between the UK and EU remain stuck over the same issues that have stalled negotiations for the past few months , notably fishing rights .
EU @ @ @ @ @ @ @ MEPs that fisheries was now the most difficult issue in trade talks .
Earlier in the day Michael Gove said the UK was not prepared to sign a trade deal with the EU unless British fishermen have “ sole rights ” to fishing waters located six to 12 nautical miles from Britain ’ s coastline .
Number 10 said the PM had stressed that the “ UK could not accept a situation where it was the only sovereign country in the world not to be able to control access to its own waters @ @ @ @ @ @ @ more : New : European Parliament paves way for emergency Brexit session Von der Leyen said negotiations between the two sides will continue on Friday .
The European Parliament has set a three-day deadline for a deal agreed , warning MEPs will not have time to ratify an agreement unless it is agreed by Sunday .

Brexit talks in a ‘serious situation’ ahead of deadline
Downing Street has said Brexit trade talks are in a “serious situation” following a call with the European Commission president.
Following the call a Downing Street spokesperson said: “The Prime Minister underlined that the negotiations were now in a serious situation. Time was very short and it now looked very likely that agreement would not be reached unless the EU position changed substantially.”
In a separate statement Ursula von der Leyen said “substantial progress” had been made but “big differences” remained.
Von der Leyen and Johnson spoke this evening as discussions over the UK’s relationship with the EU dragged on for another day.
“We welcomed substantial progress on many issues,” said Von der Leyen. “However, big differences remain to be bridged, in particular on fisheries. Bridging them will be very challenging.”
Talks between the UK and EU remain stuck over the same issues that have stalled negotiations for the past few months, notably fishing rights.
EU chief negotiator Michel Barnier this morning told MEPs that fisheries was now the most difficult issue in trade talks.
Earlier in the day Michael Gove said the UK was not prepared to sign a trade deal with the EU unless British fishermen have “sole rights” to fishing waters located six to 12 nautical miles from Britain’s coastline.
Number 10 said the PM had stressed that the “UK could not accept a situation where it was the only sovereign country in the world not to be able to control access to its own waters for an extended period”.
Von der Leyen said negotiations between the two sides will continue on Friday.
The European Parliament has set a three-day deadline for a deal agreed, warning MEPs will not have time to ratify an agreement unless it is agreed by Sunday.


cityam--2020-12-17--Cryptoexchange Coinbase confidentially files for IPO

Coinbase , one of the world ’ s largest cryptocurrency exchanges , has said it has submitted the necessary paperwork to officially go public in an IPO .
The company said it had “ confidentially submitted our draft registration ( Form S1 ) with the Securities and Exchange Commission.
” There had been rumblings of a float over the summer according to Reuters reports .
Should the application be approved by US regulators , Coinbase would be the first major US cryptocurrency exchange to go public .
It would make a significant step forward for those advocating for cryptocurrencies to @ @ @ @ @ @ @ The SEC has said some coins may be recognised as securities , but most cryptocurrencies remain unregulated .
There has been a renewed interest in cryptocurrency amid the meteoric rise of Bitcoin in recent weeks , having recently surpassed $ 23,000 , an intraday high .
Direct listings have become a popular choice for tech firms with Airbnb recently going public with shares priced at a staggering $ 68 .
Some estimations place Coinbase with a valuation exceeding $ 8bn , boasting more than 35m users who trade in various coins such as @ @ @ @ @ @

Cryptoexchange Coinbase confidentially files for IPO
Coinbase, one of the world’s largest cryptocurrency exchanges, has said it has submitted the necessary paperwork to officially go public in an IPO.
The company said it had “confidentially submitted our draft registration (Form S1) with the Securities and Exchange Commission.”
There had been rumblings of a float over the summer according to Reuters reports.
Should the application be approved by US regulators, Coinbase would be the first major US cryptocurrency exchange to go public.
It would make a significant step forward for those advocating for cryptocurrencies to be recognised as securities by officials. The SEC has said some coins may be recognised as securities, but most cryptocurrencies remain unregulated.
There has been a renewed interest in cryptocurrency amid the meteoric rise of Bitcoin in recent weeks, having recently surpassed $23,000, an intraday high.
Direct listings have become a popular choice for tech firms with Airbnb recently going public with shares priced at a staggering $68.
Some estimations place Coinbase with a valuation exceeding $8bn, boasting more than 35m users who trade in various coins such as bitcoin, ethereum and XRP.


cityam--2020-12-17--FCA cancels £205,000 of bonuses after LCF scandal report

The Financial Conduct Authority ( FCA ) has cancelled £205,000 worth of executive bonuses after a damning report found the watchdog had failed to properly regulate a collapsed firm .
But FCA employees implicated in the report are now facing calls to pay back bonuses for previous years after an investigation found “ significant gaps and weaknesses ” in the institution ’ s policies and practices .
An independent investigation was launched last year into the FCA ’ s handling of London Capital & Finance ( LCF ) , which entered administration early last year .
The firm had offered @ @ @ @ @ @ @ and its collapse impacted over 11,000 people who had invested around £237m .
Today , the investigation ’ s verdict was that the FCA did not effectively supervise and regulate LCF .
It said mini-bond holders “ were entitled to expect , and receive , more protection from the regulatory regime ” .
In response , the FCA said it had decided to cancel 100 per cent of the bonuses for the executive committee for 2019/20 .
That means eight people will not get bonuses worth £205,000 , the FCA said .
Read @ @ @ @ @ @ @ publication of report into collapse of LCF “ We note the comments in the LCF Review which clarify that the allocation of responsibility to individuals is not a finding of personal culpability , ” the FCA said .
“ Nevertheless , the FCA Board has decided that discretionary pay awards for Executive Committee members which have been deferred in respect of the 2019-20 year will not be paid.
” However , Sky News reported that senior MPs want Megan Butler and Jonathan Davidson to repay £90,000 in bonuses awarded to them for the @ @ @ @ @ @ @ out .
Kevin Hollinrake , co-chair of the all-party parliamentary group on fair business banking , called for more action to be taken .
Read more : What are mini-bonds ?
Everything you need to know about the products hit by the FCA ’ s marketing ban “ It ’ s a damning report which clearly points the finger at the leadership of the organisation , ” he told City A.M. “ In many areas the FCA is simply not fit for purpose and unless individuals are held to account for their failings @ @ @ @ @ @ @ continue .
“ Those responsible should be fired or at the very least have to repay the significant bonuses they have received for their years of failure of the proper regulation of LCF.
” The FCA would not comment on the possibility of executives paying back bonuses .
Read more : New FCA chief tells City : ‘ We are committed to open markets ’ post-Brexit Chair of the Treasury Committee of MPs Mel Stride said : “ This report exposes a litany of failings at the FCA .
“ We will look @ @ @ @ @ @ @ thoroughly and the Committee plans to take oral evidence on it , as well as on any wider implications for the regulatory regime , in the New Year .
”

FCA cancels £205,000 of bonuses after LCF scandal report
The UK’s financial regulator was embarrassed by the report and pledged to enact its recommendations
The Financial Conduct Authority (FCA) has cancelled £205,000 worth of executive bonuses after a damning report found the watchdog had failed to properly regulate a collapsed firm.
But FCA employees implicated in the report are now facing calls to pay back bonuses for previous years after an investigation found “significant gaps and weaknesses” in the institution’s policies and practices.
An independent investigation was launched last year into the FCA’s handling of London Capital & Finance (LCF), which entered administration early last year. The firm had offered “mini-bonds” to retail investors, and its collapse impacted over 11,000 people who had invested around £237m.
Today, the investigation’s verdict was that the FCA did not effectively supervise and regulate LCF. It said mini-bond holders “were entitled to expect, and receive, more protection from the regulatory regime”.
In response, the FCA said it had decided to cancel 100 per cent of the bonuses for the executive committee for 2019/20. That means eight people will not get bonuses worth £205,000, the FCA said.
“We note the comments in the LCF Review which clarify that the allocation of responsibility to individuals is not a finding of personal culpability,” the FCA said.
“Nevertheless, the FCA Board has decided that discretionary pay awards for Executive Committee members which have been deferred in respect of the 2019-20 year will not be paid.”
MP says tougher action needed by FCA
However, Sky News reported that senior MPs want Megan Butler and Jonathan Davidson to repay £90,000 in bonuses awarded to them for the 2018-19 financial year after they were singled out.
Kevin Hollinrake, co-chair of the all-party parliamentary group on fair business banking, called for more action to be taken.
“It’s a damning report which clearly points the finger at the leadership of the organisation,” he told City A.M.
“In many areas the FCA is simply not fit for purpose and unless individuals are held to account for their failings this kind of incompetence and negligence will continue.
“Those responsible should be fired or at the very least have to repay the significant bonuses they have received for their years of failure of the proper regulation of LCF.”
The FCA would not comment on the possibility of executives paying back bonuses.
Chair of the Treasury Committee of MPs Mel Stride said: “This report exposes a litany of failings at the FCA.
“We will look at the detail of this important report thoroughly and the Committee plans to take oral evidence on it, as well as on any wider implications for the regulatory regime, in the New Year.”


cityam--2020-12-17--Nightclub operator Deltic rescued by Danish bar group, saving 1,300 jobs

Nightclub operator Deltic , which owns the Pryzm and Atik chains , has been bought out of administration by Danish group Rekom , in a deal that is expected to save more than 1,300 jobs .
Around 10 Deltic venues are expected to close , while 42 will reopen when restrictions on nightlife are lifted .
Read more : Nightclub owner Deltic asks for rent holiday as it warns of closure Peter Marks , the current chief executive of Deltic , will continue to lead the new organisation following the merger .
Rekom Group , which is backed by Danish @ @ @ @ @ @ @ than 130 bars and clubs in Denmark , Finland and Norway , said the acquisition is a “ major stepping stone ” into the UK nightlife industry .
Rekom Group chief executive Adam Falbert said : ” We have been looking at the UK market for the past few years as part of our ambition to become one of the largest pan European night life groups .
When the opportunity came to take over a strong and well-run group like Deltic , it was a question of finding the right set-up to make @ @ @ @ @ @ @ huge potential in the UK market for late night bars and clubs and are certain that the industry will bounce back as soon as Covid-19 restrictions are lifted.
” “ When Rekom emerged to buy us out of administration I was really happy , ” Marks said .
Read more : Nightclub owner Deltic puts itself up for sale as cash dries up “ We were – through no fault of our own – put in a situation where I was watching our business fall apart .
It was having huge personal consequences @ @ @ @ @ @ @ have had to let go .
“ With Rekom we get an owner that knows the industry , who will reopen most of the venues we have had to close down and are ready to invest in developing our position in the UK .

Nightclub operator Deltic rescued by Danish bar group, saving 1,300 jobs
Deltic has been bought out of administration
Nightclub operator Deltic, which owns the Pryzm and Atik chains, has been bought out of administration by Danish group Rekom, in a deal that is expected to save more than 1,300 jobs.
Around 10 Deltic venues are expected to close, while 42 will reopen when restrictions on nightlife are lifted.
Peter Marks, the current chief executive of Deltic, will continue to lead the new organisation following the merger.
Rekom Group, which is backed by Danish private equity firm Catacap and operates more than 130 bars and clubs in Denmark, Finland and Norway, said the acquisition is a “major stepping stone” into the UK nightlife industry.
Rekom Group chief executive Adam Falbert said:”We have been looking at the UK market for the past few years as part of our ambition to become one of the largest pan European night life groups. When the opportunity came to take over a strong and well-run group like Deltic, it was a question of finding the right set-up to make it happen.
“We see a huge potential in the UK market for late night bars and clubs and are certain that the industry will bounce back as soon as Covid-19 restrictions are lifted.”
“When Rekom emerged to buy us out of administration I was really happy,” Marks said.
“We were – through no fault of our own – put in a situation where I was watching our business fall apart. It was having huge personal consequences for our many fantastic employees whom we have had to let go.
“With Rekom we get an owner that knows the industry, who will reopen most of the venues we have had to close down and are ready to invest in developing our position in the UK.


cityam--2020-12-17--How many Covid-19 infections are there in your local borough?

London recorded 5,762 new coronavirus cases in the past 24 hours , bringing the total number of positive cases since March to 223,342 .
Latest data from Public Health England showed that London ’ s infection rate now stands at 325.2 per 100,000 in the past seven days — the highest in the country — while the South East ’ s rate is 245.4 .
Most of the southeast of England is now set to join London in Tier 3 from midnight on Friday after a surge in positive cases .
Read more : London and southeast in Tier 3 @ @ @ @ @ @ @ spike in cases in 21 out of 32 London boroughs in the last couple of weeks has led the government to place London under tier three measures on Wednesday .
Figures released by Public Health England showed that Redbridge and Newham have overtaken Ealing as the worst-affected boroughs , recording more than 10,000 positive cases .
Read more : Capital Punishment : London to enter Tier 3 on Wednesday Redbridge recorded 277 cases in the past 24 hours , down from 419 a day earlier It has now recorded 10,976 confirmed Covid-19 cases @ @ @ @ @ @ @ Newham has recorded 10,472 confirmed cases , after recording 307 new cases on Wednesday .
Read more : Coronavirus cases ‘ levelling off ’ across England ahead of three-tier system Ealing reported 315 new cases in the last 24 hours to climb to 9,664 in total .
Havering saw the biggest daily spike in east London recording a staggering 390 cases in the past 24 hours , bringing the total to 10,151 .
Earlier this week health secretary Matt Hancock announced that a new variant of coronavirus has been identified in the southeast @ @ @ @ @ @ @ than existing variants .
The mutation is predominantly in the south of England which may be causing the steep rise in cases in the capital .
Several other boroughs in East London have recorded a high rate of new cases , with Dagenham and Tower Hamlets also reporting spikes in infections .
Enfield is starting to see a spike in infections too having recorded a further 532 cases on Tuesday , with 9,243 confirmed cases overall .
Read more : Two-thirds of London boroughs launch their own local contact tracing systems It comes @ @ @ @ @ @ @ coronavirus cases , bringing the total number of people who have tested positive since the start of the pandemic to almost two million .
The official UK death toll officially passed the 60,000 mark last week , with a further 532 fatalities recorded in the past 24 hours down from 612 a day earlier .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Data sourced from Public Health England , accurate as of 4pm on Monday 14 December Before the @ @ @ @ @ @ @ the City View podcast and key market data

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


cityam--2020-12-17--City A.M. recognises work of 2020's Business Heroes

The business world has never seen its foundations shaken as they have been throughout 2020 .
Read more : 7 amazing watches that blew our minds this year Lockdown has been a huge challenge for both companies and their staff , with vast swathes of the population first placed on furlough and then grappling with the technological and social difficulties of working from home .
City A.M. has certainly not been immune to these challenges , having to quickly adapt our working practices and reposition our business to face the post-Covid landscape that lies ahead .
But amidst these difficult @ @ @ @ @ @ @ above and beyond to ensure their companies were able to survive and even thrive .
City A.M. wants to celebrate those employees who have stepped up to the challenges of Covid , so together with Harrods Corporate Service , we set out to find the ‘ Business Heroes ’ and give them the Christmas treat they deserve .
The winners were Katherine Conway , Aon ’ s Head of Diversity & Inclusion and Community Affairs , and Iain Chapman , Aon ’ s Community and Diversity & Inclusion Coordinator , who both put @ @ @ @ @ @ @ s Diversity , Equity and Inclusion strategy .
Throughout the crisis they have worked to provide support for all colleagues ’ well-being , especially in respect to the firm ’ s Diversity and Inclusion agenda .
Conway ’ s enthusiasm and determination have been a beacon for others as she tirelessly supported and mentored colleagues through a diverse range of projects .
She was also vocal in celebrating their achievements in a selfless fashion .
The challenges we have all faced in 2020 have simply renewed her resolve to make a positive difference @ @ @ @ @ @ @ opportunity to expand that remit globally .
Chapman has picked up Conway ’ s UK mantle with enthusiasm and achieved some tremendous successes in 2020 , under very difficult circumstances .
Top of these is the launch of the Connecting Colleagues Speaker Series , providing his colleagues the opportunity to connect virtually to learn about the experiences of others in relation to Diversity & Inclusion .
That this has now become a global series is a testament to its success .
Iain is one of a select band of people that can match @ @ @ @ @ @ @ energy .
Each will win a £100 Harrods gift card .
They were nominated by Aon ’ s Matt Tuckey .
Conway said : “ I ’ m thrilled to be recognised in these awards , and it ’ s even more important that I was nominated by a colleague .
This year has been exceptional and there have been many struggles for all of us – that ’ s why it ’ s been even more important to ensure that each and every colleague at Aon feels included , supported and valued.
@ @ @ @ @ @ @ : “ It is a privilege to partner with City A.M. on the Business Heroes campaign and important to us to recognise the contribution of outstanding individuals in maintaining the efficient running of any company in such challenging times when the need to react and adapt so quickly was vital .
”

City A.M. recognises work of 2020’s Business Heroes
The business world has never seen its foundations shaken as they have been throughout 2020.
Lockdown has been a huge challenge for both companies and their staff, with vast swathes of the population first placed on furlough and then grappling with the technological and social difficulties of working from home.
City A.M. has certainly not been immune to these challenges, having to quickly adapt our working practices and reposition our business to face the post-Covid landscape that lies ahead.
But amidst these difficult days, plenty of workers have gone above and beyond to ensure their companies were able to survive and even thrive.
City A.M. wants to celebrate those employees who have stepped up to the challenges of Covid, so together with Harrods Corporate Service, we set out to find the ‘Business Heroes’ and give them the Christmas treat they deserve.
The winners were Katherine Conway, Aon’s Head of Diversity & Inclusion and Community Affairs, and Iain Chapman, Aon’s Community and Diversity & Inclusion Coordinator, who both put their boundless energy into promoting Aon’s Diversity, Equity and Inclusion strategy. Throughout the crisis they have worked to provide support for all colleagues’ well-being, especially in respect to the firm’s Diversity and Inclusion agenda.
Conway’s enthusiasm and determination have been a beacon for others as she tirelessly supported and mentored colleagues through a diverse range of projects. She was also vocal in celebrating their achievements in a selfless fashion. The challenges we have all faced in 2020 have simply renewed her resolve to make a positive difference and she has now been given the opportunity to expand that remit globally.
Chapman has picked up Conway’s UK mantle with enthusiasm and achieved some tremendous successes in 2020, under very difficult circumstances.
Top of these is the launch of the Connecting Colleagues Speaker Series, providing his colleagues the opportunity to connect virtually to learn about the experiences of others in relation to Diversity & Inclusion. That this has now become a global series is a testament to its success. Iain is one of a select band of people that can match Katherine’s enthusiasm, determination and energy.
Each will win a £100 Harrods gift card. They were nominated by Aon’s Matt Tuckey.
Conway said: “I’m thrilled to be recognised in these awards, and it’s even more important that I was nominated by a colleague. This year has been exceptional and there have been many struggles for all of us – that’s why it’s been even more important to ensure that each and every colleague at Aon feels included, supported and valued.”
Tracy Finn, Harrods Corporate Service: “It is a privilege to partner with City A.M. on the Business Heroes campaign and important to us to recognise the contribution of outstanding individuals in maintaining the efficient running of any company in such challenging times when the need to react and adapt so quickly was vital.”


cityam--2020-12-17--Furlough scheme to be extended until April and loans to continue, too

The Chancellor has confirmed today that the furlough scheme will be extended an extra month until the end of April 2021 .
The scheme had been intended to close in March , itself an extension from an original planned end date in the middle of 2020 .
The furlough programme pays 80 per cent towards wages of unworked hours , with the bill to the taxpayer running into the tens of billions .
Read more : Sunak suggests Covid schemes could mitigate worst of Brexit disruption Chancellor Rishi Sunak said the move would give businesses “ certainty into the New @ @ @ @ @ @ @ to pay wages , National Insurance Contributions ( NICS ) and pensions for hours worked ; and NICS and pensions for hours not worked .
The Treasury also confirmed the Government ’ s business loan scheme would also be extended until the end of March 2021 , as opposed to the anticipated January date .
Both moves indicate that the Government is expecting not to lift restrictions until later in spring than many had hoped .
The Institute of Economic Affairs sounded a note of caution .
Research fellow Len Shackleton warned : @ @ @ @ @ @ @ of suspended animation makes it less and less likely that jobs can be maintained in those organisations most affected .
“ It may well be counterproductive as more and more businesses realise that there is no end in sight and they may as well bite the bullet , dismiss workers and restructure or even close down .
”

Furlough scheme to be extended until April and loans to continue, too
(Photo by Jack Hill – WPA Pool/Getty Images)
The Chancellor has confirmed today that the furlough scheme will be extended an extra month until the end of April 2021.
The scheme had been intended to close in March, itself an extension from an original planned end date in the middle of 2020.
The furlough programme pays 80 per cent towards wages of unworked hours, with the bill to the taxpayer running into the tens of billions.
Read more: Sunak suggests Covid schemes could mitigate worst of Brexit disruption
Chancellor Rishi Sunak said the move would give businesses “certainty into the New Year.”
We are extending furlough until the end of April 2021.
We will continue to pay 80% towards wages of unworked hours – giving businesses and employees across the UK certainty into the New Year.
Read more: https://t.co/tQzuqeAzzH #PlanForJobs pic.twitter.com/WRH5ih27d2 — Rishi Sunak (@RishiSunak) December 17, 2020
Employers will only be required to pay wages, National Insurance Contributions (NICS) and pensions for hours worked; and NICS and pensions for hours not worked.
The Treasury also confirmed the Government’s business loan scheme would also be extended until the end of March 2021, as opposed to the anticipated January date.
Both moves indicate that the Government is expecting not to lift restrictions until later in spring than many had hoped.
The Institute of Economic Affairs sounded a note of caution.
Research fellow Len Shackleton warned: “Announcing the continuation of this form of suspended animation makes it less and less likely that jobs can be maintained in those organisations most affected.
“It may well be counterproductive as more and more businesses realise that there is no end in sight and they may as well bite the bullet, dismiss workers and restructure or even close down.”


cityam--2020-12-17--Revolution Bars Group  blames UK government's 'scandalous' and 'inept' decisions for £31.7m losses

Revolution Bars Group recorded pre-tax losses of £31.7m for their preliminary yearly results , following a tough year for the hospitality industry .
However , the company laid scathing criticisms for its losses on the door-step of the government .
Read more : ‘ We will lose £400k ’ : The cost of Tier 3 for the hospitality sector ” The UK government ’ s actions towards wet-led bars and late-night hospitality are nothing short of scandalous .
It has little evidence to justify the severe restrictions that have been imposed and it is deliberately sacrificing businesses and people ’ @ @ @ @ @ @ @ offer , Rob Pitcher .
Total revenue for the company in FY20 was £110.1m , this is down from £151.4m in FY19 .
The results come on the back of a survey by the Night Time Industries Association , which suggests that three-quarters of UK pubs , bars and casinos could go bust by end of the year .
The hospitality industry has been hit exceptionally hard by Covid , following two national-lockdowns and the government ’ s Tier system .
The government has promised grants of £1,000 for hospitality venues forced the @ @ @ @ @ @ @ : London and southeast in Tier 3 : What are the rules ?
” The recent grants of £1,000 per pub as compensation for being deprived of our most important trading period is derisory and insulting , and underlines a complete lack of understanding of the costs associated with businesses of this nature ( even when they are shut ) or any sympathy for the consequences of their inept decisions , ” Pitcher adds .

Revolution Bars Group blames UK government’s ‘scandalous’ and ‘inept’ decisions for £31.7m losses
Revolution Bars Group recorded pre-tax losses of £31.7m for their preliminary yearly results, following a tough year for the hospitality industry.
However, the company laid scathing criticisms for its losses on the door-step of the government.
”The UK government’s actions towards wet-led bars and late-night hospitality are nothing short of scandalous. It has little evidence to justify the severe restrictions that have been imposed and it is deliberately sacrificing businesses and people’s livelihoods”, says chief executive offer, Rob Pitcher.
Total revenue for the company in FY20 was £110.1m, this is down from £151.4m in FY19.
The results come on the back of a survey by the Night Time Industries Association, which suggests that three-quarters of UK pubs, bars and casinos could go bust by end of the year.
The hospitality industry has been hit exceptionally hard by Covid, following two national-lockdowns and the government’s Tier system. The government has promised grants of £1,000 for hospitality venues forced the close due to restrictions.
”The recent grants of £1,000 per pub as compensation for being deprived of our most important trading period is derisory and insulting, and underlines a complete lack of understanding of the costs associated with businesses of this nature (even when they are shut) or any sympathy for the consequences of their inept decisions,” Pitcher adds.


cityam--2020-12-18--Royal Navy awards £1bn training contract to outsourcing firm in government spending splurge

The Royal Navy has awarded a £1bn contract to British outsourcing firm Capita to spruce up its training services , as part of a government spending splurge to “ modernise ” the military .
Capita this morning announced it has won a bid to transform and modernise the Royal Navy ’ s shore-based training across 16 sites in the UK .
Read more : Michel Barnier : ‘ Just a few hours left ’ to seal Brexit deal The company will lead a consortium alongside Raytheon UK , Elbit Systems UK , Fujitsu , and several smaller British suppliers to @ @ @ @ @ @ @ an estimated £1bn over 12 years .
The modernisation programme will place technology and digital learning at the heart of training for more than 30,000 navy personnel “ to equip them with the skills and expertise needed to deal better with the challenges of the future , ” according to Capita .
Chief executive Jon Lewis said the award was “ a measure of the confidence and trust the Royal Navy and the Ministry of Defence have in Capita ’ s expertise in the transformation and digitally enabled delivery of critical defence services @ @ @ @ @ @ @ of Raytheon UK said the defence company was “ committed to helping to keep the country secure and our Armed Forces equipped with the best sovereign solutions , creating highly skilled jobs at the heart of our work ” .
It comes after Boris Johnson last month unveiled the UK ’ s largest defence spending boost since the Cold War , as he pledged to end Britain ’ s “ era of retreat ” .
The Prime Minister announced a four-year funding deal for the Ministry of Defence ( MoD ) worth an @ @ @ @ @ @ @ to oversee a generational upgrade of the military .
The Royal Navy is set to prove a significant winner from the spending splurge , with Johnson adamant the service will take on a bigger role both in domestic waters and across the globe .
“ This will spur a renaissance of British ship building across the UK , ” Johnson said .
“ Our warships and combat vehicles will carry directed energy weapons , destroying targets with inexhaustible lasers and for them the phrase ‘ out of ammunition ’ will become redundant.
” @ @ @ @ @ @ @ spending “ in the teeth of the pandemic because the defence of the realm must come first ” .
“ The international situation is more perilous and more intensely competitive than at any time since the Cold War and Britain must be true to our history and stand alongside our allies .
To achieve this we need to upgrade our capabilities across the board , ” Johnson told the Commons last month .
Read more : Sole rights : Michael Gove pushes for UK sovereignty over fishing waters in Brexit talks It is @ @ @ @ @ @ @ a role in delivering Brexit , with patrol ships set to be deployed from 1 January to help the UK protect its fishing waters in the event of a no-deal .
Fisheries remain the key stumbling block in Brexit negotiations , with EU chief negotiator Michel Barnier this morning warning that the EU will not sign a trade deal unless it maintains substantial access to British fishing waters .

Royal Navy awards £1bn training contract to outsourcing firm in government spending splurge
It comes a day after the UK signed an agreement with Ukraine to bolster its naval capabilities and Russia claimed it fired ‘warning shots’ at a British destroyer ship off the coast of the Crimea peninsula.
The Royal Navy has awarded a £1bn contract to British outsourcing firm Capita to spruce up its training services, as part of a government spending splurge to “modernise” the military.
Capita this morning announced it has won a bid to transform and modernise the Royal Navy’s shore-based training across 16 sites in the UK.
The company will lead a consortium alongside Raytheon UK, Elbit Systems UK, Fujitsu, and several smaller British suppliers to deliver the deal, which is worth an estimated £1bn over 12 years.
The modernisation programme will place technology and digital learning at the heart of training for more than 30,000 navy personnel “to equip them with the skills and expertise needed to deal better with the challenges of the future,” according to Capita.
Chief executive Jon Lewis said the award was “a measure of the confidence and trust the Royal Navy and the Ministry of Defence have in Capita’s expertise in the transformation and digitally enabled delivery of critical defence services”.
Jeff Lewis, chief executive of Raytheon UK said the defence company was “committed to helping to keep the country secure and our Armed Forces equipped with the best sovereign solutions, creating highly skilled jobs at the heart of our work”.
It comes after Boris Johnson last month unveiled the UK’s largest defence spending boost since the Cold War, as he pledged to end Britain’s “era of retreat”.
The Prime Minister announced a four-year funding deal for the Ministry of Defence (MoD) worth an extra £16.5bn, as part of plans to oversee a generational upgrade of the military.
The Royal Navy is set to prove a significant winner from the spending splurge, with Johnson adamant the service will take on a bigger role both in domestic waters and across the globe.
“This will spur a renaissance of British ship building across the UK,” Johnson said. “Our warships and combat vehicles will carry directed energy weapons, destroying targets with inexhaustible lasers and for them the phrase ‘out of ammunition’ will become redundant.”
The PM said he had upped MoD spending “in the teeth of the pandemic because the defence of the realm must come first”.
“The international situation is more perilous and more intensely competitive than at any time since the Cold War and Britain must be true to our history and stand alongside our allies. To achieve this we need to upgrade our capabilities across the board,” Johnson told the Commons last month.
It is expected the Royal Navy may also play a role in delivering Brexit, with patrol ships set to be deployed from 1 January to help the UK protect its fishing waters in the event of a no-deal.
Fisheries remain the key stumbling block in Brexit negotiations, with EU chief negotiator Michel Barnier this morning warning that the EU will not sign a trade deal unless it maintains substantial access to British fishing waters.


cityam--2020-12-18--City Corporation clamps down on illegal street traders, gamblers and pickpockets

The City of London Corporation will crack down further on illegal street traders , gamblers and pickpockets operating on five London bridges .
The operation will receive a £268k boost from City Corporation central funds .
It will be carried out in collaboration with the City of London Police and borough councils .
The operation builds on a pilot that has been running across Tower Bridge , Southwark Bridge , Millennium Bridge , London Bridge and Blackfriars Bridge .
In this period , licensing officers seized 24 carts – from illegal peanut , hotdog and ice cream vendors – and @ @ @ @ @ @ @ prosecutions .
Read more : TfL launches new scheme to curb London bike theft Keith Bottomley , Chairman of the City of London Corporation ’ s Environmental Services Committee , said : “ This vital enforcement is disrupting criminals and protecting Londoners from unhygienic illegal food vendors which are a serious threat to public health.
” He added : “ These unlawful traders were co-ordinated , opportunistic and swiftly adapt to patterns of enforcement.
” In the past 12 months , 943 personal thefts were reported in the Square Mile alone , according @ @ @ @ @ @ @ Police .
Read more : Exclusive : Ex-Labour mayor defects to Tories over Sadiq Khan ’ s record on crime

City Corporation clamps down on illegal street traders, gamblers and pickpockets
The City of London Corporation will crack down further on illegal street traders, gamblers and pickpockets operating on five London bridges.
The operation will receive a £268k boost from City Corporation central funds. It will be carried out in collaboration with the City of London Police and borough councils.
The operation builds on a pilot that has been running across Tower Bridge, Southwark Bridge, Millennium Bridge, London Bridge and Blackfriars Bridge.
In this period, licensing officers seized 24 carts – from illegal peanut, hotdog and ice cream vendors – and issued 365 warnings, resulting in 18 prosecutions.
Keith Bottomley, Chairman of the City of London Corporation’s Environmental Services Committee, said: “This vital enforcement is disrupting criminals and protecting Londoners from unhygienic illegal food vendors which are a serious threat to public health.”
He added: “These unlawful traders were co-ordinated, opportunistic and swiftly adapt to patterns of enforcement.”
Licensing officers also disrupted 325 illegal gambling operations and 235 pickpockets.
In the past 12 months, 943 personal thefts were reported in the Square Mile alone, according to data from the City of London Police.