cityam--2020-12-09--Privacy laws and blockchain

Privacy laws and blockchain

The very nature of Distributed Ledger Technology ( DLT ) raises some interesting issues around privacy laws and their application to DLT .
It is important for industry participants to understand this important area of law and its application to their business .
Blockchain is a technology that enables the secure validation , recording , and sharing of data .
The data is stored in a distributed database , meaning there is not one centralised database controlled by a single person , but rather multiple copies of the database which are continuously updated in real time across the network of @ @ @ @ @ @ @ one single point of failure risk , but it also makes tampering with the data a significantly more onerous task , as a person would need to tamper with all copies of the data near simultaneously .
Blockchain utilises cryptographic methods to protect the data from unauthorised access .
Crytopgraphy is a type of data security measure which converts any type of data into a new format that can be read only by users who are permitted to access it , therefore the data can not be accessed by users with no authorisation @ @ @ @ @ @ @ alter the format of the data .
This is achieved through the following steps : firstly , converting the data into a coded form , which is referred to as a hash , that bears no resemblance to the original data ; secondly , designing the hash such that it can not be reverse-engineered , meaning it can only be decoded by guessing the underlying original data ; and thirdly , storing the hashes in a manner which enables a user to easily confirm whether any of the original underlying data or hashes @ @ @ @ @ @ @ a user to trust the integrity of the data once stored , without necessarily having to trust its counterparts .
How does this structure tie into compliance with privacy law ?
One of the key features of blockchain is its purported immutability , meaning that data stored in a blockchain-based database can not be subsequently altered .
The immutability of blockchain is often held out as incompatible with data privacy laws , such as the General Data Protection Regulation ( Regulation ( EU ) 2016/679 ) ( “ GDPR ” ) , that @ @ @ @ @ @ @ their personal data , including how it is collected and stored , and dictates that persons collecting and storing such data must agree to hand over , correct , and delete that data on request .
In addition to the data subject rights , the GDPR also contains a principle on data minimisation , whereby organisations should only process personal data that is relevant and necessary for the defined purpose , and the principle of storage limitation , whereby organisations should only keep personal data for as long as necessary for the purposes @ @ @ @ @ @ @ the face of it these obligations are in conflict with the inherent “ immutable ” feature of the blockchain .
However , understanding whether a particular network is compatible with the obligations under respective data protection frameworks requires a case-by-case analysis .
And , it is possible that technological mechanisms can be built into the blockchain network and relevant consensus protocol to facilitate regulatory compliance .
In practice , many of the privacy “ challenges ” which are raised under the GDPR can in fact be addressed through transparency , such as clearly @ @ @ @ @ @ @ and uses personal data and also how the exercise of an individual ’ s rights will be treated given the nature of the technology .
This requires that companies utilising blockchain technologies thoroughly understand the nature of data processing activities .
Key to understanding the obligations of a party is to accurately designate the respective roles ( i.e .
controller or processor ) under the data protection framework .
Often in these complex relationships between stakeholders , it is not black or white as to which party is acting as a controller or @ @ @ @ @ @ @ scenarios , a party may take multiple roles depending on the processing activity .
Nevertheless , being clear about the roles of a party in respect of processing is central to assessing both risk and the applicable obligations under the GDPR .
For example , controllers have to comply with the transparency principle , part of which requires that they provide individuals with a fair processing notice stating ( amongst other things ) the ways in which their data is used , who else may have access to it , how long it @ @ @ @ @ @ @ .
However , it may be that a party that it quite far removed from the end-user is acting as a controller , and it would be impracticable for that party to provide the individual with a notice .
The solution , more often than not , is to contractually delegate the responsibility to notify the end-user to the party with the direct relationship .
We now see many businesses providing template wording for counter-parties to include in their privacy notices to address this issue .
Separately taking a more principles based assessment @ @ @ @ @ @ @ blockchain technologies have many shared objectives with the GDPR .
For example , the GDPR recognises “ pseudonymisation ” ( i.e .
‘ the processing of personal data in such a manner that the personal data can no longer be attributed to a specific data subject without the use of additional information , provided that such additional information is kept separately and is subject to technical and organisational measures to ensure that the personal data are not attributed to an identified or identifiable natural person.
’ ) as a security measure and risk @ @ @ @ @ @ @ is a good argument that blockchain use of cryptography is a ‘ Privacy by Design and Privacy by Default ’ technology and offers increased security of data .
The GDPR introduces a number of enhanced rights for individuals in respect of their personal data , such as the right to be forgotten , the right to data portability , the right to not be subject to automated decision-making , and the right to object .
Organisations should consider , at the outset , how a data subject request will be handled and implemented @ @ @ @ @ @ @ ensure that the network of stakeholders , which may be in receipt of the data , are also notified , and assist with such requests .
What are enforcement penalties for breach ?
Under the GDPR , businesses may also be exposed to significant fines for non-compliance or other sanctions from regulators ( such as undertakings to remediate areas of non-compliance or orders to cease non-compliant processing ) .
Fines associated with infringements by an organisation of its obligations to comply with a data subject request to exercise his or her rights , @ @ @ @ @ @ @ fine available under the GDPR of up to 4 % of global turnover , or €20 million .
Importantly non-compliance may also result in lack of consumer trust and reputational damage , either of which is likely to materially impact the adoption of blockchain technologies and potential innovation .
Accordingly , it is vital for businesses to give serious consideration to compliance and take proper legal advice to avoid being penalised .
Given the unique nature of blockchain technologies , how can one manage the coexistence of blockchain and GDPR ?
In parallel @ @ @ @ @ @ @ the GDPR came into effect in May 2018 and introduced the highest standard for data protection laws globally , as well as new rights for individuals that are aimed at enabling greater control in respect of their data .
It follows as no surprise that data protection regulators acknowledge the tension between technology innovation and regulatory compliance , often emphasising that data protection should be seen as an opportunity , rather than a barrier to innovation .
With proper upfront legal advice and planning the challenges faced by businesses that use DLT can @ @ @ @ @ @ @ Information Commissioner ’ s Office ( ‘ ICO ’ ) has published its Technology Strategy 2018- 2021 , in which it states : “ The most significant data protection risks to individuals are now driven by the use of new technologies… and the ICO ‘ s approach to technology will be underpinned by the concept that privacy and innovation are not mutually exclusive ” .
When they both work together this creates true trust and data confidence .
Technology is therefore viewed by the ICO as a risk and an opportunity .
That @ @ @ @ @ @ @ Yes it does require some resource to manage compliance with data and privacy laws when utilising blockchain technologies , it is however conducive to a sustainable ecosystem where users are afforded some protection which will in the medium to long term lead to a sustainable use and growth of this wonderful technology .
By Abradat Kamalpour , Partner Ashurst LLP and Architect of FinTech Legal Labs ( www.fintechlegallabs.com ) , Gita Shivarattan , Counsel Ashurst LLP and Ida Mokhtassi , Associate Ashurst LLP .
Crypto AM : Talking Legal in association with INX

Privacy laws and blockchain
Getty Images
The very nature of Distributed Ledger Technology (DLT) raises some interesting issues around privacy laws and their application to DLT. It is important for industry participants to understand this important area of law and its application to their business.
Blockchain is a technology that enables the secure validation, recording, and sharing of data. The data is stored in a distributed database, meaning there is not one centralised database controlled by a single person, but rather multiple copies of the database which are continuously updated in real time across the network of participants. Not only does this eliminate one single point of failure risk, but it also makes tampering with the data a significantly more onerous task, as a person would need to tamper with all copies of the data near simultaneously.
Blockchain utilises cryptographic methods to protect the data from unauthorised access. Crytopgraphy is a type of data security measure which converts any type of data into a new format that can be read only by users who are permitted to access it, therefore the data cannot be accessed by users with no authorisation. Cryptography involves several steps to securely alter the format of the data. This is achieved through the following steps: firstly, converting the data into a coded form, which is referred to as a hash, that bears no resemblance to the original data; secondly, designing the hash such that it cannot be reverse-engineered, meaning it can only be decoded by guessing the underlying original data; and thirdly, storing the hashes in a manner which enables a user to easily confirm whether any of the original underlying data or hashes have been tampered with. This enables a user to trust the integrity of the data once stored, without necessarily having to trust its counterparts.
Blockchain technology utilises cryptography for wallets, transactions, security, and privacy-preserving protocols.
How does this structure tie into compliance with privacy law?
One of the key features of blockchain is its purported immutability, meaning that data stored in a blockchain-based database cannot be subsequently altered. The immutability of blockchain is often held out as incompatible with data privacy laws, such as the General Data Protection Regulation (Regulation (EU) 2016/679) (“GDPR”), that empower data subjects to have control over their personal data, including how it is collected and stored, and dictates that persons collecting and storing such data must agree to hand over, correct, and delete that data on request. In addition to the data subject rights, the GDPR also contains a principle on data minimisation, whereby organisations should only process personal data that is relevant and necessary for the defined purpose, and the principle of storage limitation, whereby organisations should only keep personal data for as long as necessary for the purposes for which it was collected.
On the face of it these obligations are in conflict with the inherent “immutable” feature of the blockchain. However, understanding whether a particular network is compatible with the obligations under respective data protection frameworks requires a case-by-case analysis. And, it is possible that technological mechanisms can be built into the blockchain network and relevant consensus protocol to facilitate regulatory compliance. In practice, many of the privacy “challenges” which are raised under the GDPR can in fact be addressed through transparency, such as clearly communicating with participants how the blockchain works and uses personal data and also how the exercise of an individual’s rights will be treated given the nature of the technology. This requires that companies utilising blockchain technologies thoroughly understand the nature of data processing activities.
Key to understanding the obligations of a party is to accurately designate the respective roles (i.e. controller or processor) under the data protection framework. Often in these complex relationships
between stakeholders, it is not black or white as to which party is acting as a controller or a processor. Indeed, in some scenarios, a party may take multiple roles depending on the processing activity. Nevertheless, being clear about the roles of a party in respect of processing is central to assessing both risk and the applicable obligations under the GDPR. For example, controllers have to comply with the transparency principle, part of which requires that they provide individuals with a fair processing notice stating (amongst other things) the ways in which their data is used, who else may have access to it, how long it is kept for, and so on. However, it may be that a party that it quite far removed from the end-user is acting as a controller, and it would be impracticable for that party to provide the individual with a notice.
The solution, more often than not, is to contractually delegate the responsibility to notify the end-user to the party with the direct relationship. We now see many businesses providing template wording for counter-parties to include in their privacy notices to address this issue.
Separately taking a more principles based assessment of GDPR obligations, it seems that blockchain technologies have many shared objectives with the GDPR. For example, the GDPR recognises “pseudonymisation” (i.e. ‘the processing of personal data in such a manner that the personal data can no longer be attributed to a specific data subject without the use of additional information, provided that such additional information is kept separately and is subject to technical and organisational measures to ensure that the personal data are not attributed to an identified or identifiable natural person.’) as a security measure and risk mitigation technique. It follows that there is a good argument that blockchain use of cryptography is a ‘Privacy by Design and Privacy by Default’ technology and offers increased security of data.
The GDPR introduces a number of enhanced rights for individuals in respect of their personal data, such as the right to be forgotten, the right to data portability, the right to not be subject to automated decision-making, and the right to object. Organisations should consider, at the outset, how a data subject request will be handled and implemented, as well as, how to ensure that the network of stakeholders, which may be in receipt of the data, are also notified, and assist with such requests.
What are enforcement penalties for breach?
Under the GDPR, businesses may also be exposed to significant fines for non-compliance or other sanctions from regulators (such as undertakings to remediate areas of non-compliance or orders to cease non-compliant processing). Fines associated with infringements by an organisation of its obligations to comply with a data subject request to exercise his or her rights, may result in the higher tier of fine available under the GDPR of up to 4% of global turnover, or €20 million. Importantly non-compliance may also result in lack of consumer trust and reputational damage, either of which is likely to materially impact the adoption of blockchain technologies and potential innovation. Accordingly, it is vital for businesses to give serious consideration to compliance and take proper legal advice to avoid being penalised.
Given the unique nature of blockchain technologies, how can one manage the coexistence of blockchain and GDPR?
In parallel with the plethora of digital technologies, the GDPR came into effect in May 2018 and introduced the highest standard for data protection laws globally, as well as new rights for individuals that are aimed at enabling greater control in respect of their data. It follows as no surprise that data protection regulators acknowledge the tension between technology innovation and regulatory compliance, often emphasising that data protection should be seen as an opportunity, rather than a barrier to innovation. With proper upfront legal advice and planning the challenges faced by businesses that use DLT can be managed.
The UK ‘s Information Commissioner’s Office (‘ICO’) has published its Technology Strategy 2018- 2021, in which it states: “The most significant data protection risks to individuals are now driven by the use of new technologies… and the ICO ‘s approach to technology will be underpinned by the concept that privacy and innovation are not mutually exclusive”. When they both work together this creates true trust and data confidence. Technology is therefore viewed by the ICO as a risk and an opportunity. That is a fair and balanced approach. Yes it does require some resource to manage compliance with data and privacy laws when utilising blockchain technologies, it is however conducive to a sustainable ecosystem where users are afforded some protection which will in the medium to long term lead to a sustainable use and growth of this wonderful technology.
By Abradat Kamalpour, Partner Ashurst LLP and Architect of FinTech Legal Labs (www.fintechlegallabs.com), Gita Shivarattan, Counsel Ashurst LLP and Ida Mokhtassi, Associate Ashurst LLP.
Crypto AM: Talking Legal in association with INX


cityam--2020-12-09--Uber sells off flying taxi division in drive for profit

Uber has sold off its loss-making flying taxi division to California-based firm Joby Aviation , the second such disposal the ride-hailing firm has made in two days .
In a statement released late last night , Joby said that Uber would invest an extra $ 75m into the company as part of the acquisition of Elevate .
Read more : Uber pulls plug on own self-driving car programme That takes Uber ’ s total investment into the start-up , which is aiming to bring its aerial mobility platform to passengers in 2023 , to $ 125m in total .
Uber @ @ @ @ @ @ @ that the sale would allow the company to “ deepen its partnership ” with Joby .
“ Advanced air mobility has the potential to be exponentially positive for the environment and future generations .
We ’ re excited for their transformational mobility solution to become available to the millions of customers who rely on our platform.
” The two companies will incorporate each others services onto their respective apps to enable ease of booking both ground and air transport in the future .
Before the Open newsletter : Start your day with the @ @ @ @ @ @ @ The announcement came just a day after Uber said it had sold its self-driving unit to autonomous vehicle startup Aurora .
Uber will transfer its 1,200-employee self-driving unit to Aurora , which at present has 600 staff , and will invest $ 400m into the project , the Financial Times reported .
Both sales come after the ride-hailing app made a $ 625m loss in the last quarter .
It has told investors that it will prioritise its core ride-hailing and food delivery platforms to achieve profitability by the end of 2021 .
@ @ @ @ @ @ @ and Lyft win California bid to class drivers as contractors The firm has also implemented stringent cost cutting measures , including large rounds of layoffs .
Uber launched the Elevate division in 2016 and earlier this year promised the launch of flying taxi services in Los Angeles , Dallas and Melbourne in 2023 .

Uber sells off flying taxi division in drive for profit
Joby Aviation has bought Uber’s flying taxi division, Elevate, as the ride-hailing firm seeks to make a profit by the end of 2021.
Uber has sold off its loss-making flying taxi division to California-based firm Joby Aviation, the second such disposal the ride-hailing firm has made in two days.
In a statement released late last night, Joby said that Uber would invest an extra $75m into the company as part of the acquisition of Elevate.
That takes Uber’s total investment into the start-up, which is aiming to bring its aerial mobility platform to passengers in 2023, to $125m in total.
Uber’s chief executive Dara Khosrowshahi said that the sale would allow the company to “deepen its partnership” with Joby.
“Advanced air mobility has the potential to be exponentially positive for the environment and future generations. We’re excited for their transformational mobility solution to become available to the millions of customers who rely on our platform.”
The two companies will incorporate each others services onto their respective apps to enable ease of booking both ground and air transport in the future.
Before the Open newsletter: Start your day with the City View podcast and key market data
The announcement came just a day after Uber said it had sold its self-driving unit to autonomous vehicle startup Aurora.
Uber will transfer its 1,200-employee self-driving unit to Aurora, which at present has 600 staff, and will invest $400m into the project, the Financial Times reported.
Both sales come after the ride-hailing app made a $625m loss in the last quarter.
It has told investors that it will prioritise its core ride-hailing and food delivery platforms to achieve profitability by the end of 2021.
The firm has also implemented stringent cost cutting measures, including large rounds of layoffs.
Uber launched the Elevate division in 2016 and earlier this year promised the launch of flying taxi services in Los Angeles, Dallas and Melbourne in 2023.


cityam--2020-12-09--London ‘facing Tier 3 before Christmas’ as coronavirus cases hike in two-thirds of boroughs

London risks being plunged into Tier 3 before Christmas as the latest official data showed infections are on the rise in two-thirds of boroughs .
Matt Hancock this morning urged Londoners to “ stick by the rules ” after Public Health England figures released yesterday showed Covid-19 cases rising in 21 out of 32 of the capital ’ s boroughs .
Read more : London pandemic update : How many Covid-19 infections are there in your local borough ?
“ My message to everybody in London is ‘ let ’ s stick by the rules ’ and not push the @ @ @ @ @ @ @ try to limit the spread of this infection , ” he told LBC Radio .
“ Because the case numbers are going up in parts of London , in parts of Essex , in parts of Kent , and we know what happens when case numbers go up — sadly more people end up in hospital and more people end up dying.
” The latest data showed confirmed cases hiked by 47 per cent in Haringey in the week to 2 December , with many boroughs in east London also being particularly affected @ @ @ @ @ @ @ per cent in the last week of lockdown , while spikes of 25 per cent or more were recorded in Bexley , Hackney , Harrow , Kingston and Merton .
Cases are understood to be rising more sharply in the under-18s and over-60s than other age groups .
Ministers and health officials are set to meet on 16 December to review tier allocations across the country — just over a week before Christmas Day .
Local restrictions are set to be eased between 23 and 27 December to allow for festive gatherings , @ @ @ @ @ @ @ allowed to mix .
Under current Tier 2 restrictions in London , Liverpool and parts of the North , members of different households are not allowed to meet indoors , though they are allowed to abide by the rule of six in outdoor spaces .
Pubs and bars are only allowed to stay open if they serve a substantial meal alongside alcohol , with venues forced to shut at 11pm .
A move to Tier 3 would see a total ban on indoor and outdoor gatherings among different households , with all pubs @ @ @ @ @ @ @ .
London mayor Sadiq Khan warned that placing London in Tier 3 would be “ catastrophic ” in the run-up to Christmas .
“ If London were to go into Tier 3 it would be catastrophic to those industries already really crippling under the Covid pandemic [ and ] could mean many shops going bust , many bars , pubs and restaurants going bust , ” he told Sky News .
Read more : Londoners rush back to the shops as lockdown ends “ We ’ re keen to make sure we stay @ @ @ @ @ @ @ as well , has got many challenges for us but it ’ s really important that London has continued to make the huge sacrifices they ’ ve done .
“ Nobody wants London to go into Tier 3 or even the country to go into a further , third , national lockdown.
” Professor Kevin Fenton , London director for Public Health England , told City A.M. the capital must “ work together ” to prevent a surge in cases .
“ Covid-19 behaves like clockwork — the more contact we have with @ @ @ @ @ @ @ us catching or spreading the virus , ” he said .
“ If we want to keep infections down , every one of us needs to remain vigilant and follow the rules as we go about shopping , eating out or meeting friends outdoors.
” “ We ’ ll need to work together to prevent a big surge in cases in London ahead of the festive period so we must all do our bit and limit the spread over the coming days and weeks.
” It comes as the UK ’ s leading @ @ @ @ @ @ @ London in Tier 3 would deliver a “ killer blow ” for thousands of businesses in the capital .
“ Hospitality has continued to take on a disproportionate burden to allow other parts of the economy to reopen during this crisis , ” said Kate Nicholls , chief executive of UK Hospitality .
Read more : Placing London in Tier 3 would deliver ‘ killer blow ’ for hospitality venues “ These businesses have invested significant time , effort and money to create Covid-secure spaces , and they can play a role in @ @ @ @ @ @ @ that “ the prospect of London moving into Tier 3 would deliver a killer blow that many hospitality businesses simply wouldn ’ t recover from ” .

London ‘facing Tier 3 before Christmas’ as coronavirus cases hike in two-thirds of boroughs
Shopping in London
London risks being plunged into Tier 3 before Christmas as the latest official data showed infections are on the rise in two-thirds of boroughs.
Mayor of London Sadiq Khan yesterday urged people in the capital to to “follow the rules” after Public Health England figures released earlier this week showed Covid-19 cases rising in 21 out of 32 of the capital’s boroughs.
“The number of cases in London are rising again and if we don’t all work together now we may face tougher restrictions across the capital,” said Khan.
“I urge all Londoners to follow the rules — for the good of the loved ones that we want to see over the festive period and to help all our local businesses who need our support. No-one wants to see a devastating further surge in cases or the need for more restrictions.”
London cases
The latest data showed confirmed cases hiked by 47 per cent in Haringey in the week to 2 December, with many boroughs in east London also being particularly affected.
Bromley saw infection rates rise 40 per cent in the last week of lockdown, while spikes of 25 per cent or more were recorded in Bexley, Hackney, Harrow, Kingston and Merton.
Cases are understood to be rising more sharply in the under-18s and over-60s than other age groups.
Redbridge yesterday overtook Ealing as the worst-affected borough from coronavirus, after recording a further 137 cases in the past 24 hours. It has now recorded 8,582 confirmed Covid-19 cases since the start of the pandemic.
Sam Tarry, Labour MP for Ilford South in Redbridge told City A.M the spike in cases was a “major concern just days after the lockdown ended”.
He added that it should “act as a warning shot across the bows to all those who think they’re out of the woods”.
“We have a long way to go and must continue to observe social distancing guidelines over the Christmas period to prevent us being forced into yet another lockdown which would be devastating for all those who live, work and run businesses… across Redbridge”.
Ministers and health officials are set to meet on 16 December to review tier allocations across the country — just over a week before Christmas Day.
There are fears London will be placed in Tier 3 next week, with the capital heading in the wrong direction on four of the five key tests used by the ministers to decide tier levels.
Across London as a whole, the case rate among the over 60s — a major metric for tier decisions — has risen from 110.3 per 100,000 in the week to November 26 to 122 per 100,000 up to 3 December.
Havering Council’s rate of infection catapulted to 379 per 100,000 yesterday — double the average for the whole of England.
Christmas
Local restrictions are set to be eased between 23 and 27 December to allow for festive gatherings, which will see up to three households allowed to mix.
Under current Tier 2 restrictions in London, Liverpool and parts of the North, members of different households are not allowed to meet indoors, though they are allowed to abide by the rule of six in outdoor spaces.
Pubs and bars are only allowed to stay open if they serve a substantial meal alongside alcohol, with venues forced to shut at 11pm.
A move to Tier 3 would see a total ban on indoor and outdoor gatherings among different households, with all pubs, bars and restaurants forced to shutter.
“The risks associated with Christmas are huge, even without this rise,” said Dr Mike Gill, former regional director of public health for the south-east region.
“People should take steps to vastly reduce their contact. A tier-three lockdown will contribute to this very significantly. Otherwise you will see hospital admissions rise, and we know that a proportion of those who are hospitalised die.”
Professor Kevin Fenton, London director for Public Health England, told City A.M. the capital must “work together” to prevent a surge in cases.
“Covid-19 behaves like clockwork — the more contact we have with others, the higher the chance of us catching or spreading the virus,” he said. “If we want to keep infections down, every one of us needs to remain vigilant and follow the rules as we go about shopping, eating out or meeting friends outdoors.”
“We’ll need to work together to prevent a big surge in cases in London ahead of the festive period so we must all do our bit and limit the spread over the coming days and weeks.”
It comes as the UK’s leading hospitality bodies told City A.M. that placing London in Tier 3 would deliver a “killer blow” for thousands of businesses in the capital.
“Hospitality has continued to take on a disproportionate burden to allow other parts of the economy to reopen during this crisis,” said Kate Nicholls, chief executive of UK Hospitality.
“These businesses have invested significant time, effort and money to create Covid-secure spaces, and they can play a role in keeping transmission rates down.”
Nicholls added that “the prospect of London moving into Tier 3 would deliver a killer blow that many hospitality businesses simply wouldn’t recover from”.


cityam--2020-12-09--UK extends commercial tenant eviction ban until March

The UK ’ s ban on commercial property eviction has been extended today to March 2021 .
Housing secretary Robert Jenrick announced that this will be the final extension of the business eviction ban , after it was originally supposed to end in September this year .
Read more : Brexit : City of London lobby slams EU for damaging confidence in UK financial services sector A statement from the Ministry of Housing , Communities and Local Government said the move “ will give landlords and tenants three months to come to an agreement on unpaid rent ” .
“ @ @ @ @ @ @ @ the most during the pandemic , such as those in hospitality – however , those that are able to pay their rent should do so , ” Jenrick said .
Before the Open newsletter : Start your day with the City View podcast and key market data “ We are witnessing a profound adjustment in commercial property .
It is critical that landlords and tenants across the country use the coming months to reach agreements on rent wherever possible and enable viable businesses to continue to operate.
” The announcement comes after a @ @ @ @ @ @ @ couple of weeks , including Arcadia Group and Debenhams .
More than 25,000 jobs are now at risk at the two companies .
The eviction ban extension was welcomed by British Retail Consortium chief executive Helen Dickinson , saying that it came “ in the nick of time ” .
“ With footfall down and many stores completely shut in November , many are counting on December sales to claw back some of the lost turnover from this year , ” she said .
“ This extension will give hard pressed retailers breathing @ @ @ @ @ @ @ rent arrears that may have built up during lockdown .
”

UK extends commercial tenant eviction ban until March
Housing secretary Robert Jenrick announced that this will be the final extension of the business eviction ban, after it was originally supposed to end in September this year.
The UK’s ban on commercial property eviction has been extended today to March 2021.
Housing secretary Robert Jenrick announced that this will be the final extension of the business eviction ban, after it was originally supposed to end in September this year.
A statement from the Ministry of Housing, Communities and Local Government said the move “will give landlords and tenants three months to come to an agreement on unpaid rent”.
“This support is for the businesses struggling the most during the pandemic, such as those in hospitality – however, those that are able to pay their rent should do so,” Jenrick said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“We are witnessing a profound adjustment in commercial property. It is critical that landlords and tenants across the country use the coming months to reach agreements on rent wherever possible and enable viable businesses to continue to operate.”
The announcement comes after a swathe of retail collapses in the past couple of weeks, including Arcadia Group and Debenhams.
More than 25,000 jobs are now at risk at the two companies.
The eviction ban extension was welcomed by British Retail Consortium chief executive Helen Dickinson, saying that it came “in the nick of time”.
“With footfall down and many stores completely shut in November, many are counting on December sales to claw back some of the lost turnover from this year,” she said.
“This extension will give hard pressed retailers breathing space to trade their way out of rent arrears that may have built up during lockdown.”


cityam--2020-12-09--Dutch court to probe UBS boss over ING money laundering problems

UBS has backed its new chief executive Ralph Hamers after a Dutch court ordered an investigation into him relating to money laundering at ING , where he was CEO until earlier this year .
ING paid a €775m – or roughly £700m – settlement to Dutch prosecutors in 2018 after it failed to notice money laundering and criminal activity .
The board was not charged with any crimes .
Read more : UBS profit soars 99 per cent on trading boom Yet some investors complained to the Dutch courts , arguing that more stringent action should be taken should be @ @ @ @ @ @ @ executive from 2013 until June this year .
Delivering its final ruling after the third-party complaint , the Court of Appeal in The Hague upheld the 2018 settlement between prosecutors and ING .
It said ING had acted to prevent further violations and acknowledged the serious problems at the bank .
Yet the court ordered the public prosecutor to open an investigation into Hamers ’ s role in ING ’ s anti-money laundering activities .
“ The court is of the opinion that there are sufficient leads for a successful prosecution of this @ @ @ @ @ @ @ of the criminal offenses committed by ING , ” it said today in a public statement .
“ The facts are serious , no settlement has been reached with the director himself , nor has he taken any public responsibility for his actions.
” Hamers joined UBS as chief executive in November this year .
Today , the world ’ s biggest wealth manager backed its boss in a statement .
“ UBS takes note of the decision of the Dutch court to order the public prosecutor to open an investigation of Ralph @ @ @ @ @ @ @ former CEO of ING , ” it said .
“ UBS has full confidence in Ralph Hamers ’ ability to lead UBS.
” Read more : ING says transaction named in FinCEN files was an administrative error ING said it welcomed the ruling that said no further action should be taken against the bank .
But it said : “ We… regret the decision to order the prosecution of our former CEO , which goes against the assessment of the public prosecutors that , based on the investigation , there are no grounds @ @ @ @ @ @ @ former employees .
”

Dutch court to probe UBS boss over ING money laundering problems
UBS today backed its new chief executive Ralph Hamers, despite the ING money laundering investigation
UBS has backed its new chief executive Ralph Hamers after a Dutch court ordered an investigation into him relating to money laundering at ING, where he was CEO until earlier this year.
ING paid a €775m – or roughly £700m – settlement to Dutch prosecutors in 2018 after it failed to notice money laundering and criminal activity. The board was not charged with any crimes.
Yet some investors complained to the Dutch courts, arguing that more stringent action should be taken should be taken against Hamers, who was chief executive from 2013 until June this year.
Delivering its final ruling after the third-party complaint, the Court of Appeal in The Hague upheld the 2018 settlement between prosecutors and ING. It said ING had acted to prevent further violations and acknowledged the serious problems at the bank.
Yet the court ordered the public prosecutor to open an investigation into Hamers’s role in ING’s anti-money laundering activities.
Chance of a ‘successful prosecution’
“The court is of the opinion that there are sufficient leads for a successful prosecution of this former director as the de facto supervisor of the criminal offenses committed by ING,” it said today in a public statement.
“The facts are serious, no settlement has been reached with the director himself, nor has he taken any public responsibility for his actions.”
Hamers joined UBS as chief executive in November this year. Today, the world’s biggest wealth manager backed its boss in a statement.
“UBS takes note of the decision of the Dutch court to order the public prosecutor to open an investigation of Ralph Hamers, in his capacity as the former CEO of ING,” it said. “UBS has full confidence in Ralph Hamers’ ability to lead UBS.”
ING said it welcomed the ruling that said no further action should be taken against the bank.
But it said: “We… regret the decision to order the prosecution of our former CEO, which goes against the assessment of the public prosecutors that, based on the investigation, there are no grounds for a case against ING employees or former employees.”


cityam--2020-12-10--The Good Pub Guide names the pub of the year 2021 – so who won?

It has not been a good year to be a publican , with the burden of coronavirus restrictions largely placed upon the shoulders of bars and restaurants .
So if ever the sector ever needed cheering up , it ’ s now .
Read more : What it ’ s like to launch a restaurant in a pandemic The Good Pub Guide 2021 has stepped in with its yearly honours list to celebrate the finest drinking establishments in the land , while acknowledging that the industry faces “ the darkest of moments ” .
Fiona Stapley from The Good Pub @ @ @ @ @ @ @ and worried sick about keeping their businesses up and running , [ landlords ] retain a spark of hope .
“ They know that the road into 2021 – or until a vaccine is widely available – is going to be frighteningly rocky .
But they believe if they are able to pull together with loyal customers , local suppliers , a helpful bank and a great deal of energy and luck , many will survive .
Read more : The top wines to drink this Christmas , from cooking to pudding “ @ @ @ @ @ @ @ because the British pub is special .
It is the beating heart and focal point of countless communities , where customers from all walks of life come together and where you can be sure of a warm welcome , a frothing pint and a friendly smile .
It makes us happy to be there and we have to do all we can to ensure their survival.
” The Olive Branch in Rutland & Leicestershire walked away with the pub of the year gong , with the Dining Pub of the Year going to @ @ @ @ @ @ @ of the Year went to The Boat in Wales .
Other winners included Glasgow ’ s Bon Accord ; Somerset ’ s Woods ; and Hampshire ’ s Royal Oak .
The guide described The Olive Branch as “ a really special place for a drink , a meal or an overnight stay ” .
• The Good Pub Guide 2021 , published by Ebury Press , is priced at £16.99

The Good Pub Guide names the pub of the year 2021 – so who won?
Which pub walked away with this year’s top gong?
It has not been a good year to be a publican, with the burden of coronavirus restrictions largely placed upon the shoulders of bars and restaurants. So if ever the sector ever needed cheering up, it’s now.
The Good Pub Guide 2021 has stepped in with its yearly honours list to celebrate the finest drinking establishments in the land, while acknowledging that the industry faces “the darkest of moments”.
Fiona Stapley from The Good Pub Guide says: “Despite being battle-weary and worried sick about keeping their businesses up and running, [landlords] retain a spark of hope.
“They know that the road into 2021 – or until a vaccine is widely available – is going to be frighteningly rocky. But they believe if they are able to pull together with loyal customers, local suppliers, a helpful bank and a great deal of energy and luck, many will survive.
“It is imperative that we support them because the British pub is special. It is the beating heart and focal point of countless communities, where customers from all walks of life come together and where you can be sure of a warm welcome, a frothing pint and a friendly smile. It makes us happy to be there and we have to do all we can to ensure their survival.”
The Olive Branch in Rutland & Leicestershire walked away with the pub of the year gong, with the Dining Pub of the Year going to Unruly Pig in Suffolk. New Pub of the Year went to The Boat in Wales. Other winners included Glasgow’s Bon Accord; Somerset’s Woods; and Hampshire’s Royal Oak.
London walked away empty handed.
The guide described The Olive Branch as “a really special place for a drink, a meal or an overnight stay”.
• The Good Pub Guide 2021, published by Ebury Press, is priced at £16.99


cityam--2020-12-10--Manufacturers set for £24bn boost from surge in direct-to-consumer sales

Manufacturers could see a £24bn boost in direct-to-consumer sales over the next three years as shoppers increasingly look to bypass traditional sales channels .
According to new data from Barclays Corporate Banking , the direct-to-consumer segment could grow in value to £120bn , up from £96bn this year .
Read more : UK PMIs : Manufacturing beats forecasts to rise for sixth month in a row The growth is down to more and more customers opting to go straight to manufacturers to buy products , a trend which has been accelerated by the coronavirus pandemic .
According to the data @ @ @ @ @ @ @ said that they now shop directly from manufacturers frequently , either because of better prices or better customer experience .
Strikingly , a third ( 32 per cent ) are doing so as a conscious effort to support the UK manufacturing sector .
The most popular items being bought in this way are food and drink , electronics , and clothes , as well as household items .
Before the Open newsletter : Start your day with the City View podcast and key market data As a result in the rise in direct-to-consumer @ @ @ @ @ @ @ be created over the next three years .
That would take the number of people employed in the sector to 618,000 by 2023 .
Lee Collinson , head of manufacturing , transport and logistics at Barclays Corporate Banking , said : “ 2020 has been a turbulent year for all industries , and the manufacturing sector is no different .
“ However , the increasing demand to procure goods direct from the companies that make them is providing growth opportunities and confidence for manufacturers of all sizes .
“ D2C sales will help @ @ @ @ @ @ @ and create jobs in the next three years : that ’ s a welcome shot in the arm not only for the industry , but also for the wider UK economy .
”

Manufacturers set for £24bn boost from surge in direct-to-consumer sales
Manufacturers could see a £24bn boost in direct-to-consumer sales over the next three years as shoppers increasingly look to bypass traditional sales channels.
According to new data from Barclays Corporate Banking, the direct-to-consumer segment could grow in value to £120bn, up from £96bn this year.
The growth is down to more and more customers opting to go straight to manufacturers to buy products, a trend which has been accelerated by the coronavirus pandemic.
According to the data, 57 per cent of people polled said that they now shop directly from manufacturers frequently, either because of better prices or better customer experience.
Strikingly, a third (32 per cent) are doing so as a conscious effort to support the UK manufacturing sector.
The most popular items being bought in this way are food and drink, electronics, and clothes, as well as household items.
Before the Open newsletter: Start your day with the City View podcast and key market data
As a result in the rise in direct-to-consumer sales, an additional 118,000 jobs could be created over the next three years.
That would take the number of people employed in the sector to 618,000 by 2023.
Lee Collinson, head of manufacturing, transport and logistics at Barclays Corporate Banking, said: “2020 has been a turbulent year for all industries, and the manufacturing sector is no different.
“However, the increasing demand to procure goods direct from the companies that make them is providing growth opportunities and confidence for manufacturers of all sizes.
“D2C sales will help manufacturing firms increase their earnings and protect and create jobs in the next three years: that’s a welcome shot in the arm not only for the industry, but also for the wider UK economy.”


cityam--2020-12-10--Anything from the trolley? Easyjet launches doorstep cabin crew service

Although you might have missed out on going abroad this year , you can still relive the in-flight experience from your doorstep next week , with Easyjet launching its first ever home trolley service .
To celebrate the budget flier ’ s 25th birthday , cabin crew will be making the rounds of homes across London with a fully-stocked trolley on 17 and 18 December .
Read more : High life for the housebound ?
BA begins sale of first class stock And best of all , the service , which can be booked through Deliveroo , is completely free @ @ @ @ @ @ @ a donation to Age UK .
Crew members will serve a range of drinks , including Bloody Marys , gin and tonics , and prosecco , from people ’ s doorsteps – while observing social distancing .
With flying expected to ramp up in 2021 after this year ’ s unprecedented collapse in air travel , Easyjet suggested the service would help keep its crew “ match-fit ” .
Tina Milton , director of cabin services at the carrier , said : “ As much as our customers have missed flying in recent @ @ @ @ @ @ @ doing what they love to do best , serving our customers , so this trial gives us a great opportunity to bring easyJet to customers ’ doors with our Trolley Delivery service .
“ So for now we will focus on ensuring our service remains as good on the ground as it does in the air and we look forward to welcoming everyone back onboard in 2021.
” Easyjet is not the only carrier looking to provide some additional festive cheer after a year which airline bosses have described as the worst in @ @ @ @ @ @ @ firms push for list of approved clinics ahead of ‘ test to release ’ launch Last month British Airways announced that it was opening up its warehouses and giving the public the chance to buy cabin items such as slippers , bread baskets , cutlery , and blankets as part of an unprecedented stock sale .
The sale proved immensely popular , with BA selling out of some items – such as its cabin trolleys – in the first 24 hours .

Anything from the trolley? Easyjet launches doorstep cabin crew service
Anything from the trolley? Easyjet will be providing a doorstep drinks service next week to celebrate its 25th birthday.
Although you might have missed out on going abroad this year, you can still relive the in-flight experience from your doorstep next week, with Easyjet launching its first ever home trolley service.
To celebrate the budget flier’s 25th birthday, cabin crew will be making the rounds of homes across London with a fully-stocked trolley on 17 and 18 December.
And best of all, the service, which can be booked through Deliveroo, is completely free – although participants are encouraged to make a donation to Age UK.
Crew members will serve a range of drinks, including Bloody Marys, gin and tonics, and prosecco, from people’s doorsteps – while observing social distancing.
With flying expected to ramp up in 2021 after this year’s unprecedented collapse in air travel, Easyjet suggested the service would help keep its crew “match-fit”.
Tina Milton, director of cabin services at the carrier, said: “As much as our customers have missed flying in recent months our cabin crew have really missed doing what they love to do best, serving our customers, so this trial gives us a great opportunity to bring easyJet to customers’ doors with our Trolley Delivery service.
“So for now we will focus on ensuring our service remains as good on the ground as it does in the air and we look forward to welcoming everyone back onboard in 2021.”
Easyjet is not the only carrier looking to provide some additional festive cheer after a year which airline bosses have described as the worst in aviation history.
Last month British Airways announced that it was opening up its warehouses and giving the public the chance to buy cabin items such as slippers, bread baskets, cutlery, and blankets as part of an unprecedented stock sale.
The sale proved immensely popular, with BA selling out of some items – such as its cabin trolleys – in the first 24 hours.


cityam--2020-12-09--The City View: Goodbye to City AM, from outgoing editor Christian May

In this episode , Christian reflects on his appointment as Editor and the five and a half years he enjoyed @ @ @ @ @ more : The City View : Rachel Cunliffe and Christian May This podcast is sponsored @ @ @ @ @ % of retail investor accounts lose money when spread betting and/or trading CFDs with this @ @ @ @ @ whether you can afford to take the high risk of losing your money .

The City View: Goodbye to City AM, from outgoing editor Christian May
In this episode, Christian reflects on his appointment as Editor and the five and a half years he enjoyed at the newspaper.
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
This podcast is sponsored by CMC Markets.
79% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.


cityam--2020-12-09--Join EY in celebrating UK entrepreneurship

Tune in on Thursday 10 December to celebrate the UK ’ s entrepreneurial community .
EY Entrepreneur Of The Year™ UK has been celebrating , supporting and connecting entrepreneurs since it first launched in the UK over 20 years ago .
Entrepreneurs are a crucial part of the UK economy , and will be key to our economic recovery as we emerge from the COVID-19 pandemic .
Never before has it been more important to celebrate the achievements of unstoppable entrepreneurs .
Read more : Investor priorities have changed but UK attractiveness remains resilient Join our virtual awards ceremony on @ @ @ @ @ @ @ some of the UK ’ s most inspirational business leaders and to find out who is awarded the coveted title of Entrepreneur Of The Year™ 2020 UK winner .
Register here to join the virtual awards ceremony Humanity is capable of great things .
But to build something of long-term value takes grit , persistence and a sense of ambition that ’ s free of doubt or fear .
It takes a special kind of leader to ignore the critics and transform a blue-sky dream into a new reality that contributes value and @ @ @ @ @ @ @ these entrepreneurs ‘ The Unstoppables ’ – those whose unbounded ambitions deliver innovation , growth , and prosperity that transform our world .
Read more : Entrepreneurs rally behind national response to COVID-19 This year ’ s 24 UK finalists have been shortlisted by an independent judging panel and highlight the vibrant diversity of the UK entrepreneurial landscape , with companies from sectors including technology , consumer , leisure and healthcare , represented across the country .
“ Entrepreneurs are facing one of the most challenging environments we ’ ve seen and we @ @ @ @ @ @ @ determination and resilience in an uncertain climate .
The calibre of all the applicants has been truly inspiring .
While some of our finalists have had to navigate a very turbulent year , some have been able to seize unexpected opportunities to accelerate growth.
” Joanna Santinon , Partner and EY Entrepreneur Of The Year leader , UK The winner will go on to represent the UK at World Entrepreneur Of The Year in June 2021 with participants from more than 145 cities in over 50 countries .

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Join EY in celebrating UK entrepreneurship
This year’s 24 finalists highlight the vibrant diversity of the UK entrepreneurial landscape.
Tune in on Thursday 10 December to celebrate the UK’s entrepreneurial community.
EY Entrepreneur Of The Year™ UK has been celebrating, supporting and connecting entrepreneurs since it first launched in the UK over 20 years ago. Entrepreneurs are a crucial part of the UK economy, and will be key to our economic recovery as we emerge from the COVID-19 pandemic. Never before has it been more important to celebrate the achievements of unstoppable entrepreneurs.
Read more: Investor priorities have changed but UK attractiveness remains resilient
Join our virtual awards ceremony on 10 December to hear the stories of some of the UK’s most inspirational business leaders and to find out who is awarded the coveted title of Entrepreneur Of The Year™ 2020 UK winner.
Register here to join the virtual awards ceremony
Humanity is capable of great things. But to build something of long-term value takes grit, persistence and a sense of ambition that’s free of doubt or fear. It takes a special kind of leader to ignore the critics and transform a blue-sky dream into a new reality that contributes value and purpose beyond simple profits. We call these entrepreneurs ‘The Unstoppables’ – those whose unbounded ambitions deliver innovation, growth, and prosperity that transform our world.
Read more: Entrepreneurs rally behind national response to COVID-19
This year’s 24 UK finalists have been shortlisted by an independent judging panel and highlight the vibrant diversity of the UK entrepreneurial landscape, with companies from sectors including technology, consumer, leisure and healthcare, represented across the country.
“Entrepreneurs are facing one of the most challenging environments we’ve seen and we continue to be impressed by their relentless determination and resilience in an uncertain climate. The calibre of all the applicants has been truly inspiring. While some of our finalists have had to navigate a very turbulent year, some have been able to seize unexpected opportunities to accelerate growth.” Joanna Santinon, Partner and EY Entrepreneur Of The Year leader, UK
The winner will go on to represent the UK at World Entrepreneur Of The Year in June 2021 with participants from more than 145 cities in over 50 countries.


cityam--2020-12-09--Facebook facing multiple lawsuits that could splinter the tech firm and render acquisitions illegal

The US Federal Trade Commission ( FTC ) and nearly every US state have sued Facebook today , saying that it broke antitrust law and should potentially be broken up .
In its complaint , the coalition of 46 states , Washington , D.C. and Guam also asked for Facebook ’ s acquisitions of Instagram and WhatsApp to be judged to be illegal .
Read more : The CMA sets out new regime for tech giants such as Google and Facebook The FTC said in a statement that it would seek an injunction that “ could , among other things @ @ @ @ @ @ @ Instagram and WhatsApp.
” Ian Conner , director of the FTC ’ s Bureau of Competition said : “ Personal social networking is central to the lives of millions of Americans .
Facebook ’ s actions to entrench and maintain its monopoly deny consumers the benefits of competition .
Our aim is to roll back Facebook ’ s anticompetitive conduct and restore competition so that innovation and free competition can thrive.
” In a statement posted to Twitter , Facebook said : “ We ’ re reviewing the complaints & will have more @ @ @ @ @ @ @ the FTC cleared our acquisitions , the government now wants a do-over with no regard for the impact that precedent would have on the broader business community or the people who choose our products every day.
” According to the FTC ’ s complaint , Facebook targeted potential competitive threats to its dominance .
Instagram emerged when users of personal social networking services were migrating from desktop computers to smartphones , and when consumers were increasingly embracing photo-sharing .
The complaint alleges that Facebook executives , including CEO Mark Zuckerberg , recognised that @ @ @ @ @ @ @ , and ultimately chose to buy Instagram , rather than compete with it .
The complaint also alleges that , by 2012 , WhatsApp had emerged as the clear global “ category leader ” in mobile messaging .
Again , according to the complaint , Facebook chose to buy an emerging threat rather than compete .
The U.S. Justice Department also sued Alphabet ’ s Google in October , accusing the $ 1tn company of using its market power to fend off rivals .
The lawsuits are the biggest antitrust cases in a @ @ @ @ @ @ @ Microsoft in 1998 .
The federal government eventually settled the Microsoft case , but the years-long court battle and extended antitrust scrutiny prevented the company from thwarting competitors , and is credited with clearing the way for the explosive growth of the internet .
Read more : Facebook to pay UK news publishers for use of articles Facebook shares fell as much as 3 per cent after the news before paring losses and were last down 2 per cent .
Just yesterday the UK ’ s competition regulator , the Competition and Markets @ @ @ @ @ @ @ a new pro-competition regime for digital markets that will affect Google and Facebook .
Technology companies with ‘ strategic market status ’ , such as Google and Facebook , will be legally bound by a code of conduct overseen by a ‘ digital markets unit ’ , which will govern how they do business and treat their users .
CMA boss Andrea Coscelli said : “ Competitors should face a level playing field – enabling them to deliver more of the innovative products and services we value so highly .
”

Facebook facing multiple lawsuits that could splinter the tech firm and render acquisitions illegal
Facebook is facing multiple lawsuits.
The US Federal Trade Commission (FTC) and nearly every US state have sued Facebook today, saying that it broke antitrust law and should potentially be broken up.
In its complaint, the coalition of 46 states, Washington, D.C. and Guam also asked for Facebook’s acquisitions of Instagram and WhatsApp to be judged to be illegal.
The FTC said in a statement that it would seek an injunction that “could, among other things: require divestitures of assets, including Instagram and WhatsApp.”
Ian Conner, director of the FTC’s Bureau of Competition said: “Personal social networking is central to the lives of millions of Americans. Facebook’s actions to entrench and maintain its monopoly deny consumers the benefits of competition. Our aim is to roll back Facebook’s anticompetitive conduct and restore competition so that innovation and free competition can thrive.”
In a statement posted to Twitter, Facebook said: “We’re reviewing the complaints & will have more to say soon.
“Years after the FTC cleared our acquisitions, the government now wants a do-over with no regard for the impact that precedent would have on the broader business community or the people who choose our products every day.”
According to the FTC’s complaint, Facebook targeted potential competitive threats to its dominance. Instagram emerged when users of personal social networking services were migrating from desktop computers to smartphones, and when consumers were increasingly embracing photo-sharing. The complaint alleges that Facebook executives, including CEO Mark Zuckerberg, recognised that Instagram was an existential threat to Facebook, and ultimately chose to buy Instagram, rather than compete with it.
The complaint also alleges that, by 2012, WhatsApp had emerged as the clear global “category leader” in mobile messaging. Again, according to the complaint, Facebook chose to buy an emerging threat rather than compete.
Biggest antitrust case in a generation
The U.S. Justice Department also sued Alphabet’s Google in October, accusing the $1tn company of using its market power to fend off rivals.
The lawsuits are the biggest antitrust cases in a generation, comparable to the lawsuit against Microsoft in 1998.
The federal government eventually settled the Microsoft case, but the years-long court battle and extended antitrust scrutiny prevented the company from thwarting competitors, and is credited with clearing the way for the explosive growth of the internet.
Facebook shares fell as much as 3 per cent after the news before paring losses and were last down 2 per cent.
Just yesterday the UK’s competition regulator, the Competition and Markets Authority (CMA), set out a new pro-competition regime for digital markets that will affect Google and Facebook.
Technology companies with ‘strategic market status’, such as Google and Facebook, will be legally bound by a code of conduct overseen by a ‘digital markets unit’, which will govern how they do business and treat their users.
CMA boss Andrea Coscelli said: “Competitors should face a level playing field – enabling them to deliver more of the innovative products and services we value so highly.”


cityam--2020-12-09--Covid-19 vaccine data 'unlawfully accessed' in cyberattack on EU regulator

Regulation documents related to the Covid-19 vaccine it is developing with Pfizer were “ unlawfully accessed ” after a cyberattack on Europe ’ s medicines regulator , biotech firm BioNTech has said .
The European Medicines Agency – which is responsible for assessing and approving medicines , medical devices and vaccines for the European Union – said earlier today it had been targeted in a cyberattack .
Read more : Can my employer make me get a Covid-19 vaccine ?
BioNTech said : “ Today , we were informed by the European Medicines Agency that the agency has been subject @ @ @ @ @ @ @ documents relating to the regulatory submission for Pfizer and BioNTech ’ s COVID-19 vaccine candidate … had been unlawfully accessed.
” It added that “ no BioNTech or Pfizer systems have been breached in connection with this incident and we are unaware of any personal data of study participants being accessed.
” BioNTech said it was now waiting for further information about the breach .
The EMA gave no details about the attack in its earlier statement , saying only that it was investigating the incident with help from law enforcement .
“ @ @ @ @ @ @ @ the investigation is ongoing .
Further information will be made available in due course , ” it said in a statement .
Today Canada became the second country to approve the Pfizer/BioNTech vaccine , following from the UK last week .
People in the UK started being vaccinated yesterday , with Margaret Keenan , a 90-year-old grandmother , becoming the first person in the world to receive the Pfizer COVID-19 vaccine outside of a trial in Britain .

Covid-19 vaccine data ‘unlawfully accessed’ in cyberattack on EU regulator
NHS hospitals welcome a new blockchain initiative to aid vaccine storage
Regulation documents related to the Covid-19 vaccine it is developing with Pfizer were “unlawfully accessed” after a cyberattack on Europe’s medicines regulator, biotech firm BioNTech has said.
The European Medicines Agency – which is responsible for assessing and approving medicines, medical devices and vaccines for the European Union – said earlier today it had been targeted in a cyberattack.
BioNTech said: “Today, we were informed by the European Medicines Agency that the agency has been subject to a cyber attack and that some documents relating to the regulatory submission for Pfizer and BioNTech’s COVID-19 vaccine candidate … had been unlawfully accessed.”
It added that “no BioNTech or Pfizer systems have been breached in connection with this incident and we are unaware of any personal data of study participants being accessed.”
BioNTech said it was now waiting for further information about the breach.
The EMA gave no details about the attack in its earlier statement, saying only that it was investigating the incident with help from law enforcement.
“EMA cannot provide additional details whilst the investigation is ongoing. Further information will be made available in due course,” it said in a statement.
Today Canada became the second country to approve the Pfizer/BioNTech vaccine, following from the UK last week.
People in the UK started being vaccinated yesterday, with Margaret Keenan, a 90-year-old grandmother, becoming the first person in the world to receive the Pfizer COVID-19 vaccine outside of a trial in Britain.


cityam--2020-12-09--Supermarkets supplying N. Ireland to get three month grace period after transition period

Supermarkets selling into Northern Ireland will have a grace period to adapt their supply systems to the post-Brexit trading reality , Michael Gove said today .
When the Brexit transition period ends at the end of the year , Northern Ireland will remain aligned to the EU ’ s single market and goods arriving in Northern Ireland will be subject to EU customs rules .
Read more : UK set to halt US tariffs in bid for post-Brexit trade deal That has created a host of questions about how goods will go from Britain to Northern Ireland – and how @ @ @ @ @ @ @ door into the EU ’ s single market .
After agreement at a joint UK/EU committee working out how to implement the 2020 divorce deal , Chancellor of the Duchy of Lancaster Michael Gove said supermarkets would have time to adapt to new arrangements .
Gove said retailers in Northern Ireland bringing in food products from Britain will be exempt from having to complete export health certificates for three months from December 31 .
Read more : Sterling rises against US dollar and euro amid hopes of a Brexit deal “ This deal @ @ @ @ @ @ @ and Northern Ireland in January and indeed provide some necessary additional flexibilities , ” Gove told parliament , saying the move was in response to requests for a grace period .
All of Britain ’ s big four supermarket groups – Tesco , Sainsbury ’ s , Asda and Morrisons – have a presence in Northern Ireland .
On the specific issue of bringing in chilled meats , including sausages , Gove said the UK government had secured a six month grace period during which there will be “ absolutely no change ” @ @ @ @ @ @ @ UK government would keep the operation of the agreement under review and that more detail would be provided for small and medium sized enterprises once the joint committee “ concludes on exactly how we can safeguard their interests.
” Read more : Michael Gove insists there will be ‘ no border in Irish Sea ’ in Brexit divorce deal The main trade body representing independent retailers and wholesalers asked for immediate clarification on whether the three-month grace period will apply to its 1,300 members .
“ At a meeting today with the Secretary @ @ @ @ @ @ @ asked him directly if this applied to our members and he did not answer my question , ” Retail Northern Ireland chief executive Glyn Roberts said in a statement .
“ It is absolutely unacceptable that the UK Government could make a major statement and not have this information available , which could potentially result in a third of our local independent food and grocery sector being at a competitive disadvantage to large supermarkets.
” Read more : Asda to close stores on Boxing Day so staff can see family Major Brexit talks @ @ @ @ @ @ @ Boris Johnson and President of the European Commission Ursula von der Leyen .
The pair will be briefed by their respective chief negotiators tonight about the outstanding issues holding up a trade agreement , before trying to hammer out a last minute deal one-on-one .

Supermarkets supplying N. Ireland to get three month grace period after transition period
Supermarkets selling into Northern Ireland will have a grace period to adapt their supply systems to the post-Brexit trading reality, Michael Gove said today.
When the Brexit transition period ends at the end of the year, Northern Ireland will remain aligned to the EU’s single market and goods arriving in Northern Ireland will be subject to EU customs rules.
That has created a host of questions about how goods will go from Britain to Northern Ireland – and how to stop Northern Ireland becoming a back door into the EU’s single market.
After agreement at a joint UK/EU committee working out how to implement the 2020 divorce deal, Chancellor of the Duchy of Lancaster Michael Gove said supermarkets would have time to adapt to new arrangements.
Gove said retailers in Northern Ireland bringing in food products from Britain will be exempt from having to complete export health certificates for three months from December 31.
“This deal will keep goods flowing between Great Britain and Northern Ireland in January and indeed provide some necessary additional flexibilities,” Gove told parliament, saying the move was in response to requests for a grace period.
All of Britain’s big four supermarket groups – Tesco, Sainsbury’s, Asda and Morrisons – have a presence in Northern Ireland.
On the specific issue of bringing in chilled meats, including sausages, Gove said the UK government had secured a six month grace period during which there will be “absolutely no change” to current regulations.
He said the UK government would keep the operation of the agreement under review and that more detail would be provided for small and medium sized enterprises once the joint committee “concludes on exactly how we can safeguard their interests.”
The main trade body representing independent retailers and wholesalers asked for immediate clarification on whether the three-month grace period will apply to its 1,300 members.
“At a meeting today with the Secretary of State for Northern Ireland, I asked him directly if this applied to our members and he did not answer my question,” Retail Northern Ireland chief executive Glyn Roberts said in a statement.
“It is absolutely unacceptable that the UK Government could make a major statement and not have this information available, which could potentially result in a third of our local independent food and grocery sector being at a competitive disadvantage to large supermarkets.”
Brexit talks
Major Brexit talks are happening this evening over dinner between Boris Johnson and President of the European Commission Ursula von der Leyen.
The pair will be briefed by their respective chief negotiators tonight about the outstanding issues holding up a trade agreement, before trying to hammer out a last minute deal one-on-one.


cityam--2020-12-09--Asda to close stores on Boxing Day so staff can see family

Asda will not open its stores on Boxing Day , instead choosing to give thousands of employees the chance to stay home with loved ones .
The supermarket said the decision was made in recognition of employees ’ efforts as key workers during the Covid-19 pandemic .
Read more : CMA launches probe into billionaire brothers ’ takeover of Asda All 631 of Asda ’ s stores will close for two days over the Christmas break – Christmas Day and Boxing Day – to give staff the chance to spend time with friends and family while some coronavirus restrictions are @ @ @ @ @ @ @ Asda CEO and president Roger Burnley said : “ This has been a challenging year and you have all done an incredible job , continuing to serve our customers and communities while juggling so many other commitments .
“ But it ’ s also been challenging from a personal perspective as we have not been able to spend time with our families and friends , which has been hard for us all .
“ As you know , the strict guidelines set out by the government will change between 23rd and 27th December @ @ @ @ @ @ @ gather together .
This is of course our busiest time of year but it was important for us to give as many of you as possible the opportunity to spend this time with those loved ones that you may not have not seen for many months so , uniquely for this year , we will not reopen our stores until December 27th.
” Read more : Asda joins ranks of supermarkets set to return business rates relief Colleagues who were contracted to work on Boxing Day will be paid .
In addition , @ @ @ @ @ @ @ hourly-paid colleagues will receive a guaranteed 100 % bonus for their hard work and commitment during 2020 – which will be paid in February 2021 .
The recognition follows a ‘ Thank You ’ payment made to colleagues in June who had worked throughout lockdown .
Last week Asda joined a number of UK supermarkets to hand back business rates relief given by the government to help it through the coronavirus crisis .
This afternoon the grocer confirmed that it would repay £340m in emergency support – the fifth supermarket to make such @ @ @

Asda to close stores on Boxing Day so staff can see family
Asda
Asda will not open its stores on Boxing Day, instead choosing to give thousands of employees the chance to stay home with loved ones.
The supermarket said the decision was made in recognition of employees’ efforts as key workers during the Covid-19 pandemic.
All 631 of Asda’s stores will close for two days over the Christmas break – Christmas Day and Boxing Day – to give staff the chance to spend time with friends and family while some coronavirus restrictions are lifted.
In a message to colleagues Asda CEO and president Roger Burnley said: “This has been a challenging year and you have all done an incredible job, continuing to serve our customers and communities while juggling so many other commitments.
“But it’s also been challenging from a personal perspective as we have not been able to spend time with our families and friends, which has been hard for us all.
“As you know, the strict guidelines set out by the government will change between 23rd and 27th December and more households will be able to gather together. This is of course our busiest time of year but it was important for us to give as many of you as possible the opportunity to spend this time with those loved ones that you may not have not seen for many months so, uniquely for this year, we will not reopen our stores until December 27th.”
Bonus
Colleagues who were contracted to work on Boxing Day will be paid. In addition, Asda has also confirmed that all eligible hourly-paid colleagues will receive a guaranteed 100% bonus for their hard work and commitment during 2020 – which will be paid in February 2021.
The recognition follows a ‘Thank You’ payment made to colleagues in June who had worked throughout lockdown.
Last week Asda joined a number of UK supermarkets to hand back business rates relief given by the government to help it through the coronavirus crisis.
This afternoon the grocer confirmed that it would repay £340m in emergency support – the fifth supermarket to make such a pledge.


cityam--2020-12-09--Canada becomes second country to approve Pfizer Covid-19 vaccine

Canada has become the second country in the world , following the UK , to approve the Pfizer/BioNTech Covid-19 vaccine , paving the way for distribution of shots to be delivered and administered across the country .
Canada will start receiving its first doses of Pfizer ’ s vaccine before the end of December , Prime Minister Justin Trudeau said on Monday .
Read more : Can my employer make me get a Covid-19 vaccine ?
In a statement , Canada ’ s health regulator Health Canada said : “ Thanks to advances in science and technology , and an @ @ @ @ @ @ @ , Canada reached a critical milestone in its fight against COVID-19 with the authorization of the first COVID-19 vaccine .
“ Health Canada received Pfizer ’ s submission on October 9 , 2020 and after a thorough , independent review of the evidence , Health Canada has determined that the Pfizer-BioNTech vaccine meets the department ’ s stringent safety , efficacy and quality requirements for use in Canada.
” Read more : Regulators prohibit Pfizer vaccine for people with ‘ significant ’ allergies after two NHS staff suffer reactions The UK was the @ @ @ @ @ @ @ the Pfizer/BioNTech vaccine , which in a large clinical trial was 95 % effective at preventing illness .
Canada has a firm order for 20 million doses of the vaccine , enough to inoculate 10 million people , with options to buy up to 56 million more .
The UK , meanwhile , has ordered 40 million doses of the vaccine – enough for 20 million people , with two shots each .
Read more : Hurrah for a vaccine — but was lockdown actually worth it ?
People in the UK started @ @ @ @ @ @ @ , a 90-year-old grandmother , becoming the first person in the world to receive the Pfizer COVID-19 vaccine outside of a trial in Britain .

Canada becomes second country to approve Pfizer Covid-19 vaccine
Canada has become the second country in the world, following the UK, to approve the Pfizer/BioNTech Covid-19 vaccine, paving the way for distribution of shots to be delivered and administered across the country.
Canada will start receiving its first doses of Pfizer’s vaccine before the end of December, Prime Minister Justin Trudeau said on Monday.
In a statement, Canada’s health regulator Health Canada said: “Thanks to advances in science and technology, and an unprecedented level of global cooperation, today, Canada reached a critical milestone in its fight against COVID-19 with the authorization of the first COVID-19 vaccine.
“Health Canada received Pfizer’s submission on October 9, 2020 and after a thorough, independent review of the evidence, Health Canada has determined that the Pfizer-BioNTech vaccine meets the department’s stringent safety, efficacy and quality requirements for use in Canada.”
The UK was the first country in the world to approve the Pfizer/BioNTech vaccine, which in a large clinical trial was 95% effective at preventing illness.
Canada has a firm order for 20 million doses of the vaccine, enough to inoculate 10 million people, with options to buy up to 56 million more.
The UK, meanwhile, has ordered 40 million doses of the vaccine – enough for 20 million people, with two shots each.
People in the UK started being vaccinated yesterday, with Margaret Keenan, a 90-year-old grandmother, becoming the first person in the world to receive the Pfizer COVID-19 vaccine outside of a trial in Britain.


cityam--2020-12-10--Morgan Stanley to move €100bn of assets to Frankfurt amid Brexit

Wall Street giant Morgan Stanley is planning to move around €100bn ( £92bn ) in assets to Frankfurt in Germany to protect its business amid Brexit .
Bloomberg reported that the bank plans to move the assets in the first quarter of next year , to the subsidiary Morgan Stanley Europe .
Morgan Stanley is the latest lender to transfer assets , with the future of the City of London uncertain due to Brexit .
Lenders have shifted assets and staff to the continent in an effort to ensure that operations can continue smoothly when the Brexit transition period ends @ @ @ @ @ @ @ already moved staff to Europe to ensure that it can serve EU customers after Brexit .
The bank declined to comment on the movement of assets .
JP Morgan and Goldman Sachs have also increased their presence on the continent .
Frankfurt and Paris are the main destinations for assets and staff leaving Europe .
Read more : EU sets out plans to ensure flights and fishing are not disrupted in no-deal Brexit In October , the governor of the Bank of France said firms have begun shifting around €150bn of UK assets @ @ @ @ @ @ @ The City has complained that it has been neglected during Brexit negotiations .
The UK and EU have not focused on financial services during talks , and there has been no major deal on the issue that would allow business to carry on as normal .

Morgan Stanley to move €100bn of assets to Frankfurt amid Brexit
Growth across the 20 countries that use the euro hit 0.3 per cent in the three months to June, according to the bloc’s statistics agency Eurostat
Wall Street giant Morgan Stanley is planning to move around €100bn (£92bn) in assets to Frankfurt in Germany to protect its business amid Brexit.
Bloomberg reported that the bank plans to move the assets in the first quarter of next year, to the subsidiary Morgan Stanley Europe.
Morgan Stanley is the latest lender to transfer assets, with the future of the City of London uncertain due to Brexit.
Lenders have shifted assets and staff to the continent in an effort to ensure that operations can continue smoothly when the Brexit transition period ends on 31 December.
Morgan Stanley has already moved staff to Europe to ensure that it can serve EU customers after Brexit.
The bank declined to comment on the movement of assets.
JP Morgan and Goldman Sachs have also increased their presence on the continent. Frankfurt and Paris are the main destinations for assets and staff leaving Europe.
In October, the governor of the Bank of France said firms have begun shifting around €150bn of UK assets from the City into the country.
The City has complained that it has been neglected during Brexit negotiations. The UK and EU have not focused on financial services during talks, and there has been no major deal on the issue that would allow business to carry on as normal.


cityam--2020-12-10--Tube usage bounces back to October levels as Londoners dash for shops

Tube and bus usage jumped back to pre-second lockdown levels last week as Londoners rushed back to shops , pubs , and restaurants after a month of restrictions .
On 4 December , there were 1.56m journeys made on the London Underground , and 3.6m trips made by bus , data from TfL shows .
Read more : Tory mayoral candidate calls for Night Tube and Waterloo & City line to open That ’ s roughly a third higher than the total number of journeys made via each mode of transport throughout November , when the restrictions were in place @ @ @ @ @ @ @ usage remains at roughly just over a third of pre-pandemic levels .
Back in February , there were roughly 4m Underground journeys made each day .
For buses , figures are closer to two-thirds of the levels recorded before the pandemic struck in the spring .
The biggest surge in transport usage was recorded in the capital ’ s shopping districts , which saw the single highest tap in-and-outs of stations on any day apart from the Friday before lockdown .
Last Saturday there were 443,000 entrances and exits from stations around London @ @ @ @ @ @ @ dashing to pick up Christmas gifts and indulge in some retail therapy .
Before the Open newsletter : Start your day with the City View podcast and key market data Oxford Circus station alone saw 128,000 tap in-and-outs , the single largest number since March .
The increase was less pronounced in the Square Mile , where there were just over 200,000 exits and entrances on 4 December .
That ’ s roughly in line with numbers throughout the autumn months , and a considerable jump from last month , when there were @ @ @ @ @ @ @ London ’ s financial district .
With the government still advising people to work from home if they can , the City ’ s governing body has called for a plan to get people back to their offices .
Read more : Goin ’ underground : Tube journeys jump a third as lockdown ends The City Corporation has warned that without such a plan , it would be impossible to get the economy working in its entirety .
Policy chair Catherine McGuinness said : “ This is vital to protect livelihoods .
We @ @ @ @ @ @ @ pay for the vast amount of support being provided at this time .
”

Tube usage bounces back to October levels as Londoners dash for shops
People out in central London
Tube and bus usage jumped back to pre-second lockdown levels last week as Londoners rushed back to shops, pubs, and restaurants after a month of restrictions.
On 4 December, there were 1.56m journeys made on the London Underground, and 3.6m trips made by bus, data from TfL shows.
That’s roughly a third higher than the total number of journeys made via each mode of transport throughout November, when the restrictions were in place.
Despite the rapid bounceback, Tube usage remains at roughly just over a third of pre-pandemic levels. Back in February, there were roughly 4m Underground journeys made each day.
For buses, figures are closer to two-thirds of the levels recorded before the pandemic struck in the spring.
The biggest surge in transport usage was recorded in the capital’s shopping districts, which saw the single highest tap in-and-outs of stations on any day apart from the Friday before lockdown.
Last Saturday there were 443,000 entrances and exits from stations around London’s West End, with shoppers dashing to pick up Christmas gifts and indulge in some retail therapy.
Before the Open newsletter: Start your day with the City View podcast and key market data
Oxford Circus station alone saw 128,000 tap in-and-outs, the single largest number since March.
The increase was less pronounced in the Square Mile, where there were just over 200,000 exits and entrances on 4 December.
That’s roughly in line with numbers throughout the autumn months, and a considerable jump from last month, when there were just 130,000 such taps a day in London’s financial district.
With the government still advising people to work from home if they can, the City’s governing body has called for a plan to get people back to their offices.
The City Corporation has warned that without such a plan, it would be impossible to get the economy working in its entirety.
Policy chair Catherine McGuinness said: “This is vital to protect livelihoods. We also need a thriving economy to help pay for the vast amount of support being provided at this time.”


cityam--2020-12-10--EU takes on big tech firms with new legislation

Under new European regulation big tech companies will face large fines if they do not take more responsibility for policing the internet .
The EU will require large tech firms , such as Facebook and Amazon , to vet third-party suppliers and share data with authorities and researchers on how they moderate illegal content , according to a document seen by the Financial Times .
Read more : Facebook facing multiple lawsuits that could splinter the tech firm and render acquisitions illegal If they refuse to comply they could face fines of up to six per cent of their turnover @ @ @ @ @ @ @ defined “ very large platforms ” as those with more than 45m users , and they will have to appoint one or more compliance officers .
“ Very large platforms now have a systemic role in amplifying and shaping information flows online and for the largest part of EU citizens , ” said the draft regulation .
“ Such very large online platforms should therefore bear the highest standard of due diligence obligations , proportionate to their societal impact and means.
” It comes amid a transatlantic crackdown on big tech firms .
@ @ @ @ @ @ @ announced nearly every US state sued Facebook claiming the tech giant had broken antitrust law .
In the complaint , the 46 states , Washington DC and Guam also asked for Facebook ’ s acquisitions of Instagram and Whatsapp to be judged to be illegal .
Read more : The CMA sets out new regime for tech giants such as Google and Facebook The US Justice Department also sued Google in October , accusing the firm of using its power to fend off rivals .
The lawsuits are the biggest antitrust cases in @ @ @ @ @ @ @ against Microsoft in 1998 which the government eventually settled .

EU takes on big tech firms with new legislation
Under new European regulation big tech companies will face large fines if they do not take more responsibility for policing the internet.
The EU will require large tech firms, such as Facebook and Amazon, to vet third-party suppliers and share data with authorities and researchers on how they moderate illegal content, according to a document seen by the Financial Times.
If they refuse to comply they could face fines of up to six per cent of their turnover.
Regulators have for the first time defined “very large platforms” as those with more than 45m users, and they will have to appoint one or more compliance officers.
“Very large platforms now have a systemic role in amplifying and shaping information flows online and for the largest part of EU citizens,” said the draft regulation. “Such very large online platforms should therefore bear the highest standard of due diligence obligations, proportionate to their societal impact and means.”
It comes amid a transatlantic crackdown on big tech firms. Last night the US Federal Trade Commission announced nearly every US state sued Facebook claiming the tech giant had broken antitrust law.
In the complaint, the 46 states, Washington DC and Guam also asked for Facebook’s acquisitions of Instagram and Whatsapp to be judged to be illegal.
The US Justice Department also sued Google in October, accusing the firm of using its power to fend off rivals.
The lawsuits are the biggest antitrust cases in a generation, comparable to the case against Microsoft in 1998 which the government eventually settled.


cityam--2020-12-10--AIM-listed Reabold finds largest onshore oil field in UK in 50 years

A London-listed oil firm has today said it believes it has found the largest onshore oil field discovered in the UK since 1973 , sending its shares soaring .
Reabold Resources said that drillers at the West Newton site in east Yorkshire had found a new 62 metre oil reservoir , taking the total hydrocarbon column to 118 metres .
Read more : Going green – Does it threaten the future of oil speculation ?
It added that drillers had yet to encounter the oil-water contact level – which means that the oil field could be even larger than currently @ @ @ @ @ @ @ find , shares in the firm rose over 30 per cent this morning .
The latest discovery means that the field is on course to be the biggest onshore find since drillers struck gold at Wytch Farm in Dorset .
Production at the south coast site hit a high of 110,000 barrels per day in 1997 , but has now dwindled to 13,500 .
Before the Open newsletter : Start your day with the City View podcast and key market data Sachin Oza , co-CEO of Reabold , said : “ West Newton @ @ @ @ @ @ @ confident that it will be the largest onshore UK discovery since 1973 .
“ With more analysis to be done , we believe that these indications augur extremely well for the future of the West Newton project , which has the potential to be a meaningful and crucially local source of hydrocarbons for the Humber region.
” AIM-listed Reabold holds a 56 per cent stake in West Newton via its 59 per cent shareholding in operator Rathlin Energy , which , in turn , has a 66.6 per cent interest .
Read more @ @ @ @ @ @ @ Chrysaor merger nears The exploratory firm has a variety of oil and gas projects around the world , and owns stakes in discoveries in Scotland , California , and Romania .
It will now carry out further analysis of data from the well .

AIM-listed Reabold finds largest onshore oil field in UK in 50 years
Reabold’s West Newton site in Yorkshire, where it has discovered what is potentially the biggest onshore oil field found in the UK in fifty years.
A London-listed oil firm has today said it believes it has found the largest onshore oil field discovered in the UK since 1973, sending its shares soaring.
Reabold Resources said that drillers at the West Newton site in east Yorkshire had found a new 62 metre oil reservoir, taking the total hydrocarbon column to 118 metres.
It added that drillers had yet to encounter the oil-water contact level – which means that the oil field could be even larger than currently estimated.
As a result of the find, shares in the firm rose over 30 per cent this morning.
The latest discovery means that the field is on course to be the biggest onshore find since drillers struck gold at Wytch Farm in Dorset.
Production at the south coast site hit a high of 110,000 barrels per day in 1997, but has now dwindled to 13,500.
Before the Open newsletter: Start your day with the City View podcast and key market data
Sachin Oza, co-CEO of Reabold, said: “West Newton continues to surpass expectations and we are confident that it will be the largest onshore UK discovery since 1973.
“With more analysis to be done, we believe that these indications augur extremely well for the future of the West Newton project, which has the potential to be a meaningful and crucially local source of hydrocarbons for the Humber region.”
AIM-listed Reabold holds a 56 per cent stake in West Newton via its 59 per cent shareholding in operator Rathlin Energy, which, in turn, has a 66.6 per cent interest.
The exploratory firm has a variety of oil and gas projects around the world, and owns stakes in discoveries in Scotland, California, and Romania.
It will now carry out further analysis of data from the well.


cityam--2020-12-10--DS Smith's profit drops 54 per cent despite lockdown shopping surge in UK

Cardboard manufacturer , DS Smith , will resume dividend payments despite a 54 per cent drop in profits in the six months to 31 October .
The fall in profits reflected the wider industrial slowdown as demand for boxing fell due to Covid .
The FTSE 100 company suspended dividend payments earlier this year .
However , the company , which supplies Amazon , Unilever and Nestlé , saw demand for packaging rise by five per cent in November .
In particular , e-commerce sales rose 30 per cent as online shopping surged .
Read more : Packaging firm DS @ @ @ @ @ @ @ growth DS Smith shares were up three per cent on the news .
Miles Roberts , the packaging firm ’ s CEO , said “ We are as excited as ever about structural growth drivers for corrugated packaging with a number of trends accelerated by the Covid-19 pandemic.
” DS Smith announced the construction of two new packaging plants in Poland and Italy to meet the demand .
The company will pay an interim dividend of 4p a share as confidence of recovery increases .
“ We saw real momentum in corrugated box @ @ @ @ @ @ @ H2 ” , Roberts said .
Read more : UK construction industry sees biggest rise in orders since 2014 – PMI

DS Smith’s profit drops 54 per cent despite lockdown shopping surge in UK
Cardboard manufacturer, DS Smith, will resume dividend payments despite a 54 per cent drop in profits in the six months to 31 October.
The fall in profits reflected the wider industrial slowdown as demand for boxing fell due to Covid. The FTSE 100 company suspended dividend payments earlier this year.
However, the company, which supplies Amazon, Unilever and Nestlé, saw demand for packaging rise by five per cent in November.
In particular, e-commerce sales rose 30 per cent as online shopping surged.
DS Smith shares were up three per cent on the news.
Miles Roberts, the packaging firm’s CEO, said “We are as excited as ever about structural growth drivers for corrugated packaging with a number of trends accelerated by the Covid-19 pandemic.”
DS Smith announced the construction of two new packaging plants in Poland and Italy to meet the demand.
The company will pay an interim dividend of 4p a share as confidence of recovery increases.
“We saw real momentum in corrugated box volumes and profitability through Q2 and into H2”, Roberts said.