cityam--2020-11-11--Brexit: UK-EU trade talks unlikely to yield breakthrough by this week's deadline

The UK and EU are reportedly not on track to hit this week ’ s deadline to seal a post-Brexit trade deal .
Sources close to the negotiations told Reuters that talks are set to drag into next week , despite both sides ’ commitment to “ redouble ” efforts , as disagreements on fisheries and state aid policy continues to prevent serious progress .
Read more : Brexit : EU negotiator Michel Barnier outlines three ways to close trade deal EU chief negotiator Michel Barnier is in London this week to conduct intensive Brexit negotiations with his UK counterpart @ @ @ @ @ @ @ Monday prior to the meeting that there were three keys to “ unlocking ” a deal .
He said : “ Respect of EU autonomy and UK sovereignty , with effective governance and enforcement mechanisms between international partners .
Before the Open newsletter : Start your day with the City View podcast and key market data “ Robust guarantees of free and fair trade and competition based on shared high standards , evolving coherently over time .
“ Stable and reciprocal access to markets and fishing opportunities in the interest of both parties.
@ @ @ @ @ @ @ European Commission President Ursula von der Leyen on Saturday , said on Sunday “ the broad outlines are pretty clear ” and that the EU chief “ totally agrees with me ” .
A weekend statement from Downing Street also said that “ significant differences ” remained between the two sides including “ the so-called level playing field and fish ” .
State subsidy regulations , which are a part of the level playing field talks , has been one of the largest barriers to a deal .
The EU wants the UK @ @ @ @ @ @ @ subsidies , and other things like labour and environmental laws , in return for zero tariff trade .
Read more : ‘ A horror story ’ : Brexit and Covid halt international trade for UK SMEs However , the UK has made it clear that it does not want to be locked into EU state aid rules and wants to be able to have greater control of fiscal policy .
Brussels also started negotiations by demanding EU countries retain the same fishing rights to UK waters as they currently have , which UK @ @ @ @ @ @ @ .

Brexit: UK-EU trade talks unlikely to yield breakthrough by this week’s deadline
Chief EU Negotiator Michel Barnier with his team in London last month
The UK and EU are reportedly not on track to hit this week’s deadline to seal a post-Brexit trade deal.
Sources close to the negotiations told Reuters that talks are set to drag into next week, despite both sides’ commitment to “redouble” efforts, as disagreements on fisheries and state aid policy continues to prevent serious progress.
EU chief negotiator Michel Barnier is in London this week to conduct intensive Brexit negotiations with his UK counterpart Lord David Frost.
Barnier said on Monday prior to the meeting that there were three keys to “unlocking” a deal.
He said: “Respect of EU autonomy and UK sovereignty, with effective governance and enforcement mechanisms between international partners.
Before the Open newsletter: Start your day with the City View podcast and key market data
“Robust guarantees of free and fair trade and competition based on shared high standards, evolving coherently over time.
“Stable and reciprocal access to markets and fishing opportunities in the interest of both parties.”
Boris Johnson, who spoke to European Commission President Ursula von der Leyen on Saturday, said on Sunday “the broad outlines are pretty clear” and that the EU chief “totally agrees with me”.
A weekend statement from Downing Street also said that “significant differences” remained between the two sides including “the so-called level playing field and fish”.
State subsidy regulations, which are a part of the level playing field talks, has been one of the largest barriers to a deal.
The EU wants the UK to mirror its regulatory regime for business subsidies, and other things like labour and environmental laws, in return for zero tariff trade.
However, the UK has made it clear that it does not want to be locked into EU state aid rules and wants to be able to have greater control of fiscal policy.
Brussels also started negotiations by demanding EU countries retain the same fishing rights to UK waters as they currently have, which UK negotiator David Frost has said is untenable.


cityam--2020-11-11--Oil prices continue rally as vaccine hope buoys traders

Oil prices continued to surge today as the discovery of an effective vaccine for the coronavirus disease buoyed traders .
Both Brent crude and West Texas Intermediate rose around 3.5 per cent this morning , continuing a rally which has seen prices rise over 10 per cent since Monday .
Global standard Brent crude is now trading around $ 45 , back at the levels seen after easing restrictions over the summer .
Likewise , the American benchmark WTI pared the losses of the last two months to challenge the $ 43 mark .
The rally comes just weeks after @ @ @ @ @ @ @ the world brought in new lockdown restrictions amid a surge of new infections .
But Monday ’ s announcement from pharma giant Pfizer has raised hopes that the return to something approaching normality could be far swifter than previously hoped .
Before the Open newsletter : Start your day with the City View podcast and key market data Bjornar Tonhaugen of Rystad Energy said that the news had seen widespread “ euphoria ” in the oil market .
But he warned that the price was “ not justified ” given the market fundamentals @ @ @ @ @ @ @ prices are enjoying the last leg of a vaccine-rally which may fade out soon , as fundamental realities start to sink in ” , he said .
“ In the current environment , with oil demand on the red against supply , such price levels are not justified for the short-term.
” He said that oil producer cartel Opec+ would have to “ refrain ” from increasing production on 1 January in order for prices to remain at this level .
The group will meet next week , with de factor leader Saudi @ @ @ @ @ @ @ a delay to the 2m production raise was a possibility .
Prices were also helped by forecasts of a larger than expected decline in US crude stockpiles for a second straight week .

Oil prices continue rally as vaccine hope buoys traders
Oil prices continued to surge this week as hopes grew that a new vaccine could bring an end to the coronavirus pandemic.
Oil prices continued to surge today as the discovery of an effective vaccine for the coronavirus disease buoyed traders.
Both Brent crude and West Texas Intermediate rose around 3.5 per cent this morning, continuing a rally which has seen prices rise over 10 per cent since Monday.
Global standard Brent crude is now trading around $45, back at the levels seen after easing restrictions over the summer.
Likewise, the American benchmark WTI pared the losses of the last two months to challenge the $43 mark.
The rally comes just weeks after prices dropped ominously as large parts of the world brought in new lockdown restrictions amid a surge of new infections.
But Monday’s announcement from pharma giant Pfizer has raised hopes that the return to something approaching normality could be far swifter than previously hoped.
Before the Open newsletter: Start your day with the City View podcast and key market data
Bjornar Tonhaugen of Rystad Energy said that the news had seen widespread “euphoria” in the oil market.
But he warned that the price was “not justified” given the market fundamentals.
“In our view, oil prices are enjoying the last leg of a vaccine-rally which may fade out soon, as fundamental realities start to sink in”, he said.
“In the current environment, with oil demand on the red against supply, such price levels are not justified for the short-term.”
He said that oil producer cartel Opec+ would have to “refrain” from increasing production on 1 January in order for prices to remain at this level.
The group will meet next week, with de factor leader Saudi Arabia and Russia having both indicated that a delay to the 2m production raise was a possibility.
Prices were also helped by forecasts of a larger than expected decline in US crude stockpiles for a second straight week.


cityam--2020-11-11--Buying the hype – Are baskets a solution to bubbles?

The events and turbulence of this year need no explanation .
The global pandemic , US election and everything in between have sent dramatic waves across the markets .
With so much volatility and uncertainty rocking the markets , stocks have continued to break records and climb to new highs and equal lows throughout the year .
In response , increasing numbers of traders have been entering the stock market at scale , seeking to hedge their bets as lockdowns were imposed across the world .
Technology , pharmaceuticals , Environmental Social and Governance ( ESG ) have all recently @ @ @ @ @ @ @ exceptionally lucrative stock choices this year .
As trading is more accessible and simpler than ever before , the hype and fear of missing out is hard to ignore .
The dot com bubble – the memories no investor wants to relive But with high-climbing numbers , you do not have to look too far to see bankers as well as analysts drawing comparisons between today ’ s markets and the dot com bubble , pronouncing warnings for new and experienced traders alike to beware .
Such references are sure to be ominous @ @ @ @ @ @ @ dot.com bubble – but perhaps less so to the sizeable number of millennial investors in the markets today – where the NASDAQ fell nearly 78 % between March 2000 and October 2002 and did not recover until 2015 , and where many internet and tech companies went bust nearly overnight .
Investors across the board saw huge losses .
It is no surprise that these sorts of allusions get investors nervous when tech stocks today are among the most sought-after and popular investments , accounting for 40 % of companies listed on the @ @ @ @ @ @ @ as the continuing concerns with tech stocks , we have also seen some other notable cases of stock bubbles developing this year , such as Korean biotech , and more recently , ESG investing .
Whether these are bubbles ready to burst or false alarms is yet to be seen – but perhaps we should not leap to brand every trend a bubble .
Thankfully , troves of investing opportunities remain to be seized .
For new traders beginning to navigate the opportunities in such a unique and overwhelming market environment , and @ @ @ @ @ @ @ portfolios , a range of tools are available .
For many , Stock Baskets could provide a compelling yet simple solution .
Stock Baskets are a carefully selected range of CFD shares across a particular sector combined into a single tradable instrument .
As such , they make for an affordable and simple , way to bet on the performance of industries as a whole while simultaneously mitigating the risk of over-exposure to a single company .
With a few baskets in tow , the exposure can be spread even wider across several @ @ @ @ @ @ @ overwhelming tasks of researching entire industries , separating hype from performance and picking a single company are eliminated .
With just a few taps , a trader can open a position on the best performing industries , on the most well-known names in equities , quickly and easily .
The right broker , in turn , will provide traders with a meaningful range of choices in trading across industries .
Sure , tech is hot right now , but so is E-Sports , pharmaceuticals , finance , and e-commerce .
For those worried @ @ @ @ @ @ @ profit from the volatility , these could be way forward .
There are plenty of winning bets to be made and profitable positions to be opened , as much as with tech stocks as with other industries .
Third Party Links : Links to third-party sites are provided for your convenience and for informational purposes only .
FXCM bears no liability for the accuracy , content , or any other matter related to the external site or for that of subsequent links , and accepts no liability whatsoever for any loss or damage @ @ @ @ @ @ @ any other content .
Such sites are not within our control and may not follow the same privacy , security , or accessibility standards as ours .
Please read the linked websites ’ terms and conditions .
Market Opinions : Any opinions , news , research , analyses , prices , other information , or links to third-party sites contained on this website are provided as general market commentary and do not constitute investment advice .
The market commentary has not been prepared in accordance with legal requirements designed to promote the independence @ @ @ @ @ @ @ therefore not subject to any prohibition on dealing ahead of dissemination .
FXCM will not accept liability for any loss or damage including , without limitation , to any loss of profit which may arise directly or indirectly from use of or reliance on such information .
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
74.74 per cent of retail investor accounts lose money when trading CFDs with this provider .
You should consider whether you understand how CFDs work and whether you @ @ @ @ @ @ @ of losing your money .
FXCM is a leading provider of online foreign exchange ( FX ) trading , CFD trading , and related services .
Founded in 1999 , the company ’ s mission is to provide global traders with access to the world ’ s largest and most liquid market by offering innovative trading tools , hiring excellent trading educators , meeting strict financial standards and striving for the best online trading experience in the market .
Clients have the advantage of mobile trading , one-click order execution and trading from @ @ @ @ @ @ @ offers educational courses on FX trading and provides trading tools , proprietary data and premium resources .
FXCM Pro provides retail brokers , small hedge funds and emerging market banks access to wholesale execution and liquidity , while providing high and medium frequency funds access to prime brokerage services via FXCM Prime .
FXCM is a Leucadia Company .
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors .
Leverage can work against you .
The products are intended for retail , professional and @ @ @ @ @ @ @ maintain account ( s ) with Forex Capital Markets Limited ( “ FXCM LTD ” ) could sustain a total loss of deposited funds but are not subject to subsequent payment obligations beyond the deposited funds but professional clients and eligible counterparty clients could sustain losses in excess of deposits .
Clients who maintain account ( s ) with FXCM Australia Pty .
Limited ( “ FXCM AU ” ) , FXCM South Africa ( PTY ) Ltd ( “ FXCM ZA ” ) or FXCM Markets Limited ( “ FXCM Markets ” @ @ @ @ @ @ @ deposits .
Prior to trading any products offered by FXCM LTD , inclusive of all EU branches , FXCM AU , FXCM ZA , any affiliates of aforementioned firms , or other firms within the FXCM group of companies [ collectively the “ FXCM Group ” ] , carefully consider your financial situation and experience level .
If you decide to trade products offered by FXCM AU ( AFSL 309763 ) , you must read and understand the Financial Services Guide , Product Disclosure Statement , and Terms of Business .
Our FX @ @ @ @ @ @ @ , are not made on an Exchange and are not governed under the Financial Advisory and Intermediary Services Act .
The FXCM Group may provide general commentary , which is not intended as investment advice and must not be construed as such .
Seek advice from a separate financial advisor .
The FXCM Group assumes no liability for errors , inaccuracies or omissions ; does not warrant the accuracy , completeness of information , text , graphics , links or other items contained within these materials .
Read and understand the Terms and @ @ @ @ @ @ @ websites prior to taking further action .

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Buying the hype – Are baskets a solution to bubbles?
Getty images
The events and turbulence of this year need no explanation. The global pandemic, US election and everything in between have sent dramatic waves across the markets.
With so much volatility and uncertainty rocking the markets, stocks have continued to break records and climb to new highs and equal lows throughout the year. In response, increasing numbers of traders have been entering the stock market at scale, seeking to hedge their bets as lockdowns were imposed across the world.
Technology, pharmaceuticals, Environmental Social and Governance (ESG) have all recently dominated market news in their appeal as exceptionally lucrative stock choices this year. As trading is more accessible and simpler than ever before, the hype and fear of missing out is hard to ignore.
The dot com bubble – the memories no investor wants to relive
But with high-climbing numbers, you do not have to look too far to see bankers as well as analysts drawing comparisons between today’s markets and the dot com bubble, pronouncing warnings for new and experienced traders alike to beware.
Such references are sure to be ominous for traders old enough to remember the dot.com bubble – but perhaps less so to the sizeable number of millennial investors in the markets today – where the NASDAQ fell nearly 78% between March 2000 and October 2002 and did not recover until 2015, and where many internet and tech companies went bust nearly overnight. Investors across the board saw huge losses.
It is no surprise that these sorts of allusions get investors nervous when tech stocks today are among the most sought-after and popular investments, accounting for 40% of companies listed on the S&P 500. As well as the continuing concerns with tech stocks, we have also seen some other notable cases of stock bubbles developing this year, such as Korean biotech, and more recently, ESG investing. Whether these are bubbles ready to burst or false alarms is yet to be seen – but perhaps we should not leap to brand every trend a bubble.
Swapping bubbles for baskets
Thankfully, troves of investing opportunities remain to be seized. For new traders beginning to navigate the opportunities in such a unique and overwhelming market environment, and for experienced traders looking to diversify their portfolios, a range of tools are available.
For many, Stock Baskets could provide a compelling yet simple solution. Stock Baskets are a carefully selected range of CFD shares across a particular sector combined into a single tradable instrument. As such, they make for an affordable and simple, way to bet on the performance of industries as a whole while simultaneously mitigating the risk of over-exposure to a single company. With a few baskets in tow, the exposure can be spread even wider across several industries.
Thanks to these, the overwhelming tasks of researching entire industries, separating hype from performance and picking a single company are eliminated. With just a few taps, a trader can open a position on the best performing industries, on the most well-known names in equities, quickly and easily.
The right broker, in turn, will provide traders with a meaningful range of choices in trading across industries. Sure, tech is hot right now, but so is E-Sports, pharmaceuticals, finance, and e-commerce. For those worried about tech stocks but still wanting to profit from the volatility, these could be way forward. There are plenty of winning bets to be made and profitable positions to be opened, as much as with tech stocks as with other industries.
Third Party Links: Links to third-party sites are provided for your convenience and for informational purposes only. FXCM bears no liability for the accuracy, content, or any other matter related to the external site or for that of subsequent links, and accepts no liability whatsoever for any loss or damage arising from the use of this or any other content. Such sites are not within our control and may not follow the same privacy, security, or accessibility standards as ours. Please read the linked websites’ terms and conditions.
Market Opinions: Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. FXCM will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
74.74 per cent of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading, and related services. Founded in 1999, the company’s mission is to provide global traders with access to the world’s largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides trading tools, proprietary data and premium resources. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime. FXCM is a Leucadia Company.
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. The products are intended for retail, professional and eligible counterparty clients. Retail clients who maintain account(s) with Forex Capital Markets Limited (“FXCM LTD”) could sustain a total loss of deposited funds but are not subject to subsequent payment obligations beyond the deposited funds but professional clients and eligible counterparty clients could sustain losses in excess of deposits. Clients who maintain account(s) with FXCM Australia Pty. Limited (“FXCM AU”), FXCM South Africa (PTY) Ltd (“FXCM ZA”) or FXCM Markets Limited (“FXCM Markets”) could sustain losses in excess of deposits. Prior to trading any products offered by FXCM LTD, inclusive of all EU branches, FXCM AU, FXCM ZA, any affiliates of aforementioned firms, or other firms within the FXCM group of companies [collectively the “FXCM Group”], carefully consider your financial situation and experience level. If you decide to trade products offered by FXCM AU (AFSL 309763), you must read and understand the Financial Services Guide, Product Disclosure Statement, and Terms of Business. Our FX and CFD prices are set by us, are not made on an Exchange and are not governed under the Financial Advisory and Intermediary Services Act. The FXCM Group may provide general commentary, which is not intended as investment advice and must not be construed as such. Seek advice from a separate financial advisor. The FXCM Group assumes no liability for errors, inaccuracies or omissions; does not warrant the accuracy, completeness of information, text, graphics, links or other items contained within these materials. Read and understand the Terms and Conditions on the FXCM Group’s websites prior to taking further action.


Small Caps: Resurrection

Despite the recent shift in focus on the positive news relating to Pfizer ’ s Covid-19 vaccine , macro driven volatility may yet resurface .
The latest reports indicate that US President Donald Trump ’ s campaign on Monday filed a lawsuit in a Pennsylvania federal court , seeking to block state officials from certifying President-elect Joe Biden ’ s victory in the state .
In addition , the Trump campaign has requested an emergency injunction in a federal lawsuit aimed at preventing the State of Michigan from certifying the results of last week ’ s election until election officials @ @ @ @ @ @ @ on time , and legally observed ballots are included in the count .
As alluded to recently , at least for now this is yet to translate into capital flight , although further escalation can quickly turn into a very gloomy end to the year .
Looking at crypto assets and large caps are again underperforming relative to small and mid-cap sized assets , with the MVIS small cap index up 18 % over the last 7 days vs 12 % for large cap index .
The positive sentiment towards Bitcoin has not @ @ @ @ @ @ @ ( OI ) well within the recent record highs , even if the options skew did shift higher .
At the same time , Ethereum bulls are on the rise , also as evidenced by the recent upside by ETHBTC .

Crypto AM Daily in association with BEQUANT

Small Caps: Resurrection
Volatility resurgence?
Despite the recent shift in focus on the positive news relating to Pfizer’s Covid-19 vaccine, macro driven volatility may yet resurface. The latest reports indicate that US President Donald Trump’s campaign on Monday filed a lawsuit in a Pennsylvania federal court, seeking to block state officials from certifying President-elect Joe Biden’s victory in the state.
In addition, the Trump campaign has requested an emergency injunction in a federal lawsuit aimed at preventing the State of Michigan from certifying the results of last week’s election until election officials can certify that only legally cast, on time, and legally observed ballots are included in the count. As alluded to recently, at least for now this is yet to translate into capital flight, although further escalation can quickly turn into a very gloomy end to the year.
In the Markets
Rise of the small caps
Looking at crypto assets and large caps are again underperforming relative to small and mid-cap sized assets, with the MVIS small cap index up 18% over the last 7 days vs 12% for large cap index.
The positive sentiment towards Bitcoin has not completely evaporated, with the open interest (OI) well within the recent record highs, even if the options skew did shift higher. At the same time, Ethereum bulls are on the rise, also as evidenced by the recent upside by ETHBTC.


cityam--2020-11-11--Guinness recalls non-alcoholic stout over safety concerns

Guinness has urged customers not to drink its new non-alcoholic stout due to a microbiological contamination .
The brand , which is owned by drinks giant Diageo , recalled its Guinness 0.0 , saying the product may not be safe to consume .
Read more : Guinness brews up strong brand performance with alcohol-free beer Guinness ’ alcoholic stout is not affected by the contamination issue .
It told customers to return the non-alcoholic version , which was launched just last month , to the point of purchase for a full refund .
Alternatively consumers can contact the company directly @ @ @ @ @ @ @ As a precautionary measure we are recalling Guinness 0.0 in Great Britain because of a microbiological contamination which may make some cans of Guinness 0.0 unsafe to consume , ” the company said .
“ We are sorry that this has happened.
” The 0 per cent alcohol stout was brewed at the Guinness headquarters in St. James ’ s Gate in Dublin , and was rolled out across the UK and Ireland from 26 October .
The drink was initially available to purchase from Waitrose and Morrisons , before rolling out to @ @ @ @ @ @ @ is expected to launch in pubs across the UK and Ireland from spring next year , before becoming available in more markets globally later in 2021 .

Guinness recalls non-alcoholic stout over safety concerns
Guinness has urged customers not to drink its new non-alcoholic stout due to a microbiological contamination.
The brand, which is owned by drinks giant Diageo, recalled its Guinness 0.0, saying the product may not be safe to consume.
Guinness’ alcoholic stout is not affected by the contamination issue.
It told customers to return the non-alcoholic version, which was launched just last month, to the point of purchase for a full refund.
Alternatively consumers can contact the company directly to receive a refund voucher.
“As a precautionary measure we are recalling Guinness 0.0 in Great Britain because of a microbiological contamination which may make some cans of Guinness 0.0 unsafe to consume,” the company said.
“We are sorry that this has happened.”
The 0 per cent alcohol stout was brewed at the Guinness headquarters in St. James’s Gate in Dublin, and was rolled out across the UK and Ireland from 26 October.
The drink was initially available to purchase from Waitrose and Morrisons, before rolling out to other retailers.
The company said it is expected to launch in pubs across the UK and Ireland from spring next year, before becoming available in more markets globally later in 2021.


cityam--2020-11-12--Government's digital strategy cannot be a missed opportunity

Why is there no British tech titan on the scale of Google , Apple or Amazon ?
This is a question that has exercised the minds of those in and outside of government for some time .
Many have concluded that more needs to do done if the UK is ever going to create a $ 1 trillion home grown tech company .
There is no lack of potential across the digital economy , from fintech to health , quantum computing to cyber security .
But the result so far is that very few British startups have grown to become @ @ @ @ @ @ @ business has come close to approaching the huge scale reached by the largest foreign based tech firms .
But tech titans have to start from somewhere , so we should think about helping more digital businesses onto their feet in the first place .
This would benefit all businesses , not just those in the tech sector .
Because every part of the economy now relies on the digital sector for its continued success : for communicating with suppliers and customers ; for banking ; for getting products of all kinds to market @ @ @ @ @ @ @ already that digital technology is critical national infrastructure , then our experience during the pandemic has proved it unequivocally .
Read more : BT taps Ericsson to provide 5G in London Yet the digital sector has not been immune from the impact of the virus .
As our new report shows £15bn of UK economic output that would have been created by the UK digital sector had the virus not hit is at risk of being lost , along with over 37,000 digital sector jobs and nearly 11,000 digital sector businesses .
This @ @ @ @ @ @ @ So we need to do what we can to achieve three things : avoid these losses ; enable British tech companies to survive and thrive on the global stage ; and support new digital startups .
It is key to have the right support , policy and regulatory environment .
In short , we have to make Britain the best place in the world to start and build up a tech company .
The pandemic already seems to have been a spur to the creation of new digital startups , with more than @ @ @ @ @ @ @ June .
Of course , we know that when unemployment spikes , so does self-employment , with people setting up their own businesses .
Many of these new businesses are in IT , web design and other digital fields , and more still will be tech-enabled .
So we ’ re not expecting all of these to become tech titans , but we should be working hard to support and nurture them nonetheless .
Because who knows ?
Some of them may well go on to become global players .
To give this @ @ @ @ @ @ @ chance to succeed , grow and become employers in their own right , we need to ensure they have the right digital skills – and access to a workforce with the right digital skills , too .
Read more : The fastest-growing startups in the United Kingdom 5G rollout will be vital to success If we want our companies to be able to operate in the global fast lane , they have to have access to the latest digital infrastructure led by 5G and backed up by full fibre .
5G is likely @ @ @ @ @ @ @ productivity gains over the next decade in every sector .
The upcoming Digital Strategy is a perfect opportunity for government to commit to “ levelling up ” the UK through investment in skills and infrastructure .
Doing so will help businesses – large and small right across the UK– to realise their full potential .
Recent polling by Vodafone of 1,200 SMEs across Europe suggests that small businesses that were able to adopt new digital ways of working have fared better during the pandemic than less tech-savvy firms .
In fact the most @ @ @ @ @ @ @ than double the rate of the least digitalised .
Quite simply a more digitally enabled workforce is key to the economic recovery prospects of every local area in the UK .
We also need a regulatory environment in which UK tech startups can thrive in a global market filled with a few very large firms that act as “ Digital Gatekeepers ” .
If we want smaller companies to grow and compete , we need the kind of pro-competitive regulatory regime which the Competition and Markets Authority is recommending .
Google started in @ @ @ @ @ @ @ was a small startup based behind an Indian restaurant .
Britain ’ s first tech titan might now be no more than two laptops on a kitchen table .
But with the right conditions in place , there is no limit to what it can become .

Government’s digital strategy cannot be a missed opportunity
Why is there no British tech titan on the scale of Google, Apple or Amazon?
This is a question that has exercised the minds of those in and outside of government for some time. Many have concluded that more needs to do done if the UK is ever going to create a $1 trillion home grown tech company.
There is no lack of potential across the digital economy, from fintech to health, quantum computing to cyber security. But the result so far is that very few British startups have grown to become digital global leaders. And no UK business has come close to approaching the huge scale reached by the largest foreign based tech firms.
But tech titans have to start from somewhere, so we should think about helping more digital businesses onto their feet in the first place.
This would benefit all businesses, not just those in the tech sector. Because every part of the economy now relies on the digital sector for its continued success: for communicating with suppliers and customers; for banking; for getting products of all kinds to market.
If we didn’t know already that digital technology is critical national infrastructure, then our experience during the pandemic has proved it unequivocally.
Read more: BT taps Ericsson to provide 5G in London
Digital hit hard by the Covid-19 virus
Yet the digital sector has not been immune from the impact of the virus. As our new report shows £15bn of UK economic output that would have been created by the UK digital sector had the virus not hit is at risk of being lost, along with over 37,000 digital sector jobs and nearly 11,000 digital sector businesses. This is a serious and worrying threat.
So we need to do what we can to achieve three things: avoid these losses; enable British tech companies to survive and thrive on the global stage; and support new digital startups. It is key to have the right support, policy and regulatory environment. In short, we have to make Britain the best place in the world to start and build up a tech company.
The pandemic already seems to have been a spur to the creation of new digital startups, with more than 160,000 new businesses registered between April and June.
Of course, we know that when unemployment spikes, so does self-employment, with people setting up their own businesses. Many of these new businesses are in IT, web design and other digital fields, and more still will be tech-enabled. So we’re not expecting all of these to become tech titans, but we should be working hard to support and nurture them nonetheless. Because who knows? Some of them may well go on to become global players.
To give this next generation of British entrepreneurs the best chance to succeed, grow and become employers in their own right, we need to ensure they have the right digital skills – and access to a workforce with the right digital skills, too.
Read more: The fastest-growing startups in the United Kingdom
5G rollout will be vital to success
If we want our companies to be able to operate in the global fast lane, they have to have access to the latest digital infrastructure led by 5G and backed up by full fibre. 5G is likely to be a primary catalyst for business productivity gains over the next decade in every sector.
The upcoming Digital Strategy is a perfect opportunity for government to commit to “levelling up” the UK through investment in skills and infrastructure.
Doing so will help businesses – large and small right across the UK– to realise their full potential. Recent polling by Vodafone of 1,200 SMEs across Europe suggests that small businesses that were able to adopt new digital ways of working have fared better during the pandemic than less tech-savvy firms. In fact the most digitalised firms won new business at more than double the rate of the least digitalised. Quite simply a more digitally enabled workforce is key to the economic recovery prospects of every local area in the UK.
We also need a regulatory environment in which UK tech startups can thrive in a global market filled with a few very large firms that act as “Digital Gatekeepers”. If we want smaller companies to grow and compete, we need the kind of pro-competitive regulatory regime which the Competition and Markets Authority is recommending.
Everyone starts small.
Google started in a garage. In 1982, Vodafone was a small startup based behind an Indian restaurant. Britain’s first tech titan might now be no more than two laptops on a kitchen table. But with the right conditions in place, there is no limit to what it can become.


cityam--2020-11-12--Google searches for 'takeaway pints' rise 3,000% in a week

Brits are missing the pub during the latest coronavirus lockdown , new research showed , as searches for reopening dates and takeaway pints rocketed during the first week of new restrictions .
According to analysis of Google data , last week searches for “ when can pubs reopen in England ” soared 2,501 per cent .
Meanwhile , the question “ what pubs are doing takeaway pints ?
” surged 2,938 per cent in the first week since hospitality venues were ordered to close for the second time this year .
Pubs and restaurants were initially told that they were @ @ @ @ @ @ @ the rules of the second England-wide coronavirus lockdown , which came into force last Thursday .
However , it was later announced that “ click-and-collect ” and phone orders of alcohol are allowed from pubs and microbreweries during England ’ s second lockdown .
Conservative MP Richard Holden tweeted that takeaway orders will be allowed even as pubs and restaurants close in new restrictions .
Read more : Pubs urge government to reverse ban on takeaway pints during lockdown “ Delighted to be able to confirm – “ Click-and-collect ” & phone orders @ @ @ @ @ @ @ pubs and microbreweries during lockdown , ” he said .
Some trends that began in the first lockdown over the summer continued , including an interest in DIY .
B & Q opening information was the third most popular query during the week .
On Monday , searches for Joe Wicks workouts spiked as people sought to get fit at home while gyms are closed .

Google searches for ‘takeaway pints’ rise 3,000% in a week
Britons were able to enjoy takeaway pints while pubs were closed during the first UK lockdown. (Photo: Getty)
Brits are missing the pub during the latest coronavirus lockdown, new research showed, as searches for reopening dates and takeaway pints rocketed during the first week of new restrictions.
According to analysis of Google data, last week searches for “when can pubs reopen in England” soared 2,501 per cent.
Meanwhile, the question “what pubs are doing takeaway pints?” surged 2,938 per cent in the first week since hospitality venues were ordered to close for the second time this year.
Pubs and restaurants were initially told that they were not allowed to sell takeaway pints under the rules of the second England-wide coronavirus lockdown, which came into force last Thursday.
However, it was later announced that “click-and-collect” and phone orders of alcohol are allowed from pubs and microbreweries during England’s second lockdown.
Conservative MP Richard Holden tweeted that takeaway orders will be allowed even as pubs and restaurants close in new restrictions.
Read more: Pubs urge government to reverse ban on takeaway pints during lockdown
“Delighted to be able to confirm – “Click-and-collect” & phone orders of alcohol will now be allowed from pubs and microbreweries during lockdown,” he said.
Some trends that began in the first lockdown over the summer continued, including an interest in DIY. B&Q opening information was the third most popular query during the week.
On Monday, searches for Joe Wicks workouts spiked as people sought to get fit at home while gyms are closed.


cityam--2020-11-12--Early stage VC funds play catchup with later stage peers

Early stage VC firms are playing catchup and have the potential to generate higher returns than their later stage peers , according to new research .
British Business Bank ( BBB ) research shows early stage funds have generated a pooled Distributions to Paid In ( DPI ) multiple – the amount paid to investors – of 1.43 , 0.73 per cent higher than later stage VCs .
Read more : A lost generation of startups : are early-stage companies being left behind ?
Additionally their pooled Total to Value Paid In ( TVPI ) multiple – the investment multiple @ @ @ @ @ @ @ later stage peers at 1.99 .
Early stage funds are those that focus specifically on earlier rounds such as seed and Series A rounds , and tend to have smaller deal sizes .
The BBB said they pursue a “ high risk , high reward strategy ” which means they have more potential to generate large investment multipliers because valuations can grow exponentially .
For example Scottish Equity Partners is reported to have made a near 50 times return on its £9m deal in Skyscanner .
By contrast later stage firms may invest @ @ @ @ @ @ @ require larger deal sizes and less extreme growth .
The early stage market has grown rapidly over the last decade but research shows activity is beginning to soften in 2019 and 2020 .
The BBB 2020 Equity Tracker report showed the annual amount of investment going to seed stage companies declined for the first time in 2019 , ending continuous year-on-year growth since 2011 .
This is even before the impact of the pandemic which will likely disproportionately hit early stage financing .
“ The health of the early stage equity ecosystem is @ @ @ @ @ @ @ provides the pipeline of companies for later stage investors to invest in , ” the BBB said .
Despite the hit to deal flow , a BBB survey of fund managers as part of its report found that fund managers are still optimistic albeit with mixed views on exit and fundraising conditions .
Read more : VCs shun new startups as coronavirus slowdown hits investors Positively as of the end of September 2020 , most fund managers felt that the quality of investment opportunities had not worsened but was the same as those @ @ @ @ @ @ @ , managing director for Strategy , Economics and Business Development at the BBB said : : It ’ s important for investors to know that early stage venture capital funds have the potential to generate high returns , as the early stages of the market are important for the health of the overall equity ecosystem , including later stages .
”

Early stage VC funds play catchup with later stage peers
UK investors are fleeing domestic equities due to punishing stamp duty on shares
Early stage VC firms are playing catchup and have the potential to generate higher returns than their later stage peers, according to new research.
British Business Bank (BBB) research shows early stage funds have generated a pooled Distributions to Paid In (DPI) multiple – the amount paid to investors – of 1.43, 0.73 per cent higher than later stage VCs.
Additionally their pooled Total to Value Paid In (TVPI) multiple – the investment multiple – is 0.71 per cent higher than later stage peers at 1.99.
Early stage funds are those that focus specifically on earlier rounds such as seed and Series A rounds, and tend to have smaller deal sizes.
The BBB said they pursue a “high risk, high reward strategy” which means they have more potential to generate large investment multipliers because valuations can grow exponentially. For example Scottish Equity Partners is reported to have made a near 50 times return on its £9m deal in Skyscanner.
By contrast later stage firms may invest in firms with a proven model but require larger deal sizes and less extreme growth.
The early stage market has grown rapidly over the last decade but research shows activity is beginning to soften in 2019 and 2020.
The BBB 2020 Equity Tracker report showed the annual amount of investment going to seed stage companies declined for the first time in 2019, ending continuous year-on-year growth since 2011.
This is even before the impact of the pandemic which will likely disproportionately hit early stage financing.
“The health of the early stage equity ecosystem is important for the overall ecosystem as it provides the pipeline of companies for later stage investors to invest in,” the BBB said.
Despite the hit to deal flow, a BBB survey of fund managers as part of its report found that fund managers are still optimistic albeit with mixed views on exit and fundraising conditions.
Positively as of the end of September 2020, most fund managers felt that the quality of investment opportunities had not worsened but was the same as those a year ago.
Alice Hu Wagner, managing director for Strategy, Economics and Business Development at the BBB said: :It’s important for investors to know that early stage venture capital funds have the potential to generate high returns, as the early stages of the market are important for the health of the overall equity ecosystem, including later stages.”


cityam--2020-11-11--The City View: Addison Lee boss Liam Griffin on London's prospects

After a tumultuous few years , the firm remains optimistic about the capital ’ s prospects – but Griffin believes @ @ @ @ @ from regulators .
He also touches on taking on the firm – again – on @ @ @ @ @ lockdown started , changes to the congestion charge , and plans to go full electric @ @ @ @ @ City View : Eric Heerema of Nyetimber on creating a luxury brand to rival Champagne @ @ @ @ @ CMC Markets .
79 % of retail investor accounts lose money when spread betting and/or @ @ @ @ @ .
You should consider whether you can afford to take the high risk of losing @ @ @

The City View: Addison Lee boss Liam Griffin on London’s prospects
Today Andy Silvester talks to Liam Griffin, CEO of Addison Lee.
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
After a tumultuous few years, the firm remains optimistic about the capital’s prospects – but Griffin believes the capital needs more help from regulators. He also touches on taking on the firm – again – on the very same day that lockdown started, changes to the congestion charge, and plans to go full electric.
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--2020-11-11--Cain unable to carry on: Downing St director of comms resigns

Lee Cain has resigned from his Downing Street role as director of communications under Boris Johnson .
Boris Johnson ’ s official spokesperson James Slack will replace him , according to the BBC .
A statement from Cain said : “ After careful consideration I have this evening resigned as No.10 director of communications and will leave the post at the end of the year .
It has been a privilege to work as an adviser for Mr Johnson for the last three years – being part of a team that helped him win the Tory leadership contest , secured @ @ @ @ @ @ @ – and it was an honour to be asked to serve as the Prime Minister ’ s chief of staff .
“ I would like to thank all the team at No.10 – including the many unsung and incredibly talented civil servants – for their hard work and support during the last 18 months .
“ And most of all I would like the thank the Prime Minister for his loyalty and leadership .
I have no doubt that under his premiership the country will deliver on the promises made in the 2019 @ @ @ @ @ @ @ the coronavirus pandemic.
” Earlier today the BBC reported tensions were growing inside 10 Downing Street following reports in The Times and The Daily Mail that the Prime Minister had been in discussions about offering Cain a promotion to become his chief of staff .
The news apparently caused dismay among some MPs , some ministers , and other insiders in government , with one source telling the BBC that Johnson ’ s fiancée , Carrie Symonds , was understood to be unhappy about it and has made that clear .

Cain unable to carry on: Downing St director of comms resigns
Lee Cain has resigned from his role as director of communications at Downing Street.
Lee Cain has resigned from his Downing Street role as director of communications under Boris Johnson.
Boris Johnson’s official spokesperson James Slack will replace him, according to the BBC.
A statement from Cain said: “After careful consideration I have this evening resigned as No.10 director of communications and will leave the post at the end of the year. It has been a privilege to work as an adviser for Mr Johnson for the last three years – being part of a team that helped him win the Tory leadership contest, secured the largest Conservative majority for three decades – and it was an honour to be asked to serve as the Prime Minister’s chief of staff.
“I would like to thank all the team at No.10 – including the many unsung and incredibly talented civil servants – for their hard work and support during the last 18 months.
“And most of all I would like the thank the Prime Minister for his loyalty and leadership. I have no doubt that under his premiership the country will deliver on the promises made in the 2019 election campaign and build back better from the coronavirus pandemic.”
Earlier today the BBC reported tensions were growing inside 10 Downing Street following reports in The Times and The Daily Mail that the Prime Minister had been in discussions about offering Cain a promotion to become his chief of staff.
The news apparently caused dismay among some MPs, some ministers, and other insiders in government, with one source telling the BBC that Johnson’s fiancée, Carrie Symonds, was understood to be unhappy about it and has made that clear.


cityam--2020-11-11--Moderna shares soar on coronavirus vaccine hopes

Shares in biotech firm Moderna jumped almost nine per cent this afternoon , after Anthony Fauci said the company ’ s coronavirus vaccine could prove as successful as Pfizer ’ s .
US pharmaceuticals firm Moderna is set to publish late-stage trial results of its Covid vaccine as soon as next week .
Read more : Coronavirus : Phase one vaccine rollout will protect ‘ 99 per cent ’ of UK ’ s at-risk population Fauci , the leading infectious disease expert in the US , today said he would “ be surprised if we didn ’ t see a @ @ @ @ @ @ @ ’ s vaccine than that of Pfizer and Biontech ’ s announced earlier this week .
The pair announced on Monday that its experimental coronavirus vaccine saw 90 per cent success rates in clinical trials involving more than 43,000 patients .
The news electrified stock markets around the world and boosted hopes that a return to normality lies on the horizon .
“ We were told that literally in the next few days to a week they ’ ll be doing the same thing of looking at the data as the Pfizer people @ @ @ @ @ @ @ said at a conference held by the Financial Times .
“ It may not be 95 per cent , it might be 90 per cent , or 96 per cent , or 89 per cent , but it is going to be up there , ” he said .
Moderna , which uses a technology similar to Pfizer ’ s , said earlier today that its November timeline for initial data was on track .
The announcement sent shares up 8.9 per cent to $ 82.8 on the New York Stock Exchange this @ @ @ @ @ @ @ July , when the company announced it would start its final-stage trial of the vaccine .
Like Pfizer and Biontech , Moderna will still have to wait for two-month follow up data on whether the vaccine has passed safety guidelines .
If successful , the company will apply for emergency use authorisation in the US , with hopes to roll the vaccine out further afield .
Earlier today , chief executive Stephane Bancel said at a Credit Suisse conference the world would “ have to wait ” for more data to understand whether @ @ @ @ @ @ @ be more widespread .
Health secretary Matt Hancock urged cautious optimism over vaccine hopes , but said the NHS would prepare for rollout by December in case a drug is approved .
It comes as the UK ’ s top health officials today announced the priority list for vaccination against coronavirus .
Speaking at a Downing Street Covid briefing this morning led by deputy chief medical officer Jonathan Van-Tam , the Joint Committee on Vaccination and Immunisation announced the “ phase one ” details for vaccinating the UK population against coronavirus .
Professor @ @ @ @ @ @ @ committee , said the first phase of vaccine rollout would “ prioritise the most vulnerable individuals in society , specifically people who are most likely to die from severe Covid-19 infection ” .
Interim current recommendations place care home residents and care home workers at the top of the priority list , followed by older age groups from 80-plus-year-olds , going down to 60-plus-year-olds , Professor Lim said .
“ Then adults with underlying health conditions , then 50-plus-year-olds , going down the age bands .
”

Moderna shares soar on coronavirus vaccine hopes
The government yesterday secured an “initial” order of 5m doses of the Moderna vaccine
Shares in biotech firm Moderna jumped almost nine per cent this afternoon, after Anthony Fauci said the company’s coronavirus vaccine could prove as successful as Pfizer’s.
US pharmaceuticals firm Moderna is set to publish late-stage trial results of its Covid vaccine as soon as next week.
Fauci, the leading infectious disease expert in the US, today said he would “be surprised if we didn’t see a similar degree of efficacy” from Moderna’s vaccine than that of Pfizer and Biontech’s announced earlier this week.
The pair announced on Monday that its experimental coronavirus vaccine saw 90 per cent success rates in clinical trials involving more than 43,000 patients.
The news electrified stock markets around the world and boosted hopes that a return to normality lies on the horizon.
“We were told that literally in the next few days to a week they’ll be doing the same thing of looking at the data as the Pfizer people did a week ago,” Fauci said at a conference held by the Financial Times.
“It may not be 95 per cent, it might be 90 per cent, or 96 per cent, or 89 per cent, but it is going to be up there,” he said.
Moderna, which uses a technology similar to Pfizer’s, said earlier today that its November timeline for initial data was on track.
The announcement sent shares up 8.9 per cent to $82.8 on the New York Stock Exchange this afternoon, marking its highest price since July, when the company announced it would start its final-stage trial of the vaccine.
Like Pfizer and Biontech, Moderna will still have to wait for two-month follow up data on whether the vaccine has passed safety guidelines.
If successful, the company will apply for emergency use authorisation in the US, with hopes to roll the vaccine out further afield.
Earlier today, chief executive Stephane Bancel said at a Credit Suisse conference the world would “have to wait” for more data to understand whether the use of a particular vaccine would be more widespread.
Health secretary Matt Hancock urged cautious optimism over vaccine hopes, but said the NHS would prepare for rollout by December in case a drug is approved.
It comes as the UK’s top health officials today announced the priority list for vaccination against coronavirus.
Speaking at a Downing Street Covid briefing this morning led by deputy chief medical officer Jonathan Van-Tam, the Joint Committee on Vaccination and Immunisation announced the “phase one” details for vaccinating the UK population against coronavirus.
Professor Wei Shen Lim, chair of the committee, said the first phase of vaccine rollout would “prioritise the most vulnerable individuals in society, specifically people who are most likely to die from severe Covid-19 infection”.
Interim current recommendations place care home residents and care home workers at the top of the priority list, followed by older age groups from 80-plus-year-olds, going down to 60-plus-year-olds, Professor Lim said.
“Then adults with underlying health conditions, then 50-plus-year-olds, going down the age bands.”


cityam--2020-11-11--Brexit: City of London set to be shut out of EU with no equivalence deal with bloc from 2021

Brussels looks set to lock the City of London out of European markets from 1 January , with the EU not planning on granting regulatory equivalence before the end of the Brexit transition period .
City A.M. understands the UK ’ s financial services firms are heading toward the default position of having to deal with individual host countries ’ regulatory regimes from next year .
Read more : Rishi Sunak announces post-Brexit outline for City of London The decision will be a serious blow for the City of London , which wanted a fresh EU-wide deal since the UK @ @ @ @ @ @ @ the EU annually .
Equivalence , which gives non-EU countries access to European financial markets , is granted when Brussels rules an outside country has similar financial services regulations to its own .
Chancellor Rishi Sunak said on Monday the UK would grant equivalence to EU and EEA financial services firms , ensuring they can continue to have access to UK markets .
He also urged Brussels to make a similar decision about UK firms to maintain stability and “ to reach a comprehensive set of mutual decisions on equivalence ” .
Before @ @ @ @ @ @ @ with the City View podcast and key market data However , EU sources say this statement has made no difference to Brussels ’ assessments and that the City of London will lose access to EU markets after Britain leaves the single market and customs union on 31 December .
A source with knowledge of the situation said : “ The EU doesn ’ t have the legal mechanism to grant equivalence yet .
“ It ’ s introducing a new equivalence regime in the middle of next year in June 2021 , so @ @ @ @ @ @ @ ’ t look at equivalence right now even if they wanted to.
” This is in line with comments made by former European Commissioner for financial services Valdis Dombrovskis in July .
He said the UK may have to wait until next year for a decision on equivalence and in the meantime would have to deal with European countries on an individual basis .
Not all EU countries have individual regulations in place for the UK to fall back on .
Dave McCarthy , head of European Affairs at the Investment Association , @ @ @ @ @ @ @ to navigate for some firms .
“ Without an overarching equivalence determination from the Commission before the end of the transition period , UK investment firms looking to continue serving European clients will instead need to rely on a patchwork of national licence regimes and temporary exemptions , ” he said .
“ These are not available in every member state , and don ’ t allow business to be carried out cross-border , meaning firms will need to decide whether these individual member state routes provide them with stable and predictable access @ @ @ @ @ @ @ of their clients and future plans.
” Most large scale City of London banks are prepared for this scenario and have set up bases in places like Frankfurt , Paris and Amsterdam .
However , veteran Square Mile commentator David Buik said the City will still take at least half a decade to recover from the incoming changes .
“ Some trading in London is going to disappear – it is going to happen , ” he said .
“ But there are loads of other parts of the world we can try @ @ @ @ @ @ @ European Commission spokesperson said no decision had yet been made on equivalence for the UK ’ s financial services firms .
“ These assessments are risk-based and proportional and evaluate whether the UK ’ s current and future frameworks reach the same outcomes as the EU ’ s relevant frameworks , ” they said .
“ We will consider equivalence decisions where they are in the EU ’ s interests .
”

City of London to be shut out of EU with no equivalence deal from January
Brussels looks set to lock the City of London out of European markets from 1 January, with the EU not planning on granting regulatory equivalence before the end of the Brexit transition period.
City A.M. understands the UK’s financial services firms are heading toward the default position of having to deal with individual host countries’ regulatory regimes from next year.
The decision will be a serious blow for the City of London, which wanted a fresh EU-wide deal since the UK exports around £26bn of financial services to the EU annually.
Equivalence, which gives non-EU countries access to European financial markets, is granted when Brussels rules an outside country has similar financial services regulations to its own.
Chancellor Rishi Sunak said on Monday the UK would grant equivalence to EU and EEA financial services firms, ensuring they can continue to have access to UK markets.
He also urged Brussels to make a similar decision about UK firms to maintain stability and “to reach a comprehensive set of mutual decisions on equivalence”.
No difference
However, EU sources say Sunak’s statement has made no difference to Brussels’ assessments and that the City of London will lose access to EU markets after Britain leaves the single market and customs union on 31 December.
A source with knowledge of the situation said: “The EU doesn’t have the legal mechanism to grant equivalence yet.
Before the Open newsletter: Start your day with the City View podcast and key market data
“It’s introducing a new equivalence regime in the middle of next year in June 2021, so they’ve effectively said they can’t look at equivalence right now even if they wanted to.”
This is in line with comments made by former European Commissioner for financial services Valdis Dombrovskis in July.
He said the UK may have to wait until next year for a decision on equivalence and in the meantime would have to deal with European countries on an individual basis.
Not all EU countries have individual regulations in place for the UK to fall back on.
Dave McCarthy, head of European Affairs at the Investment Association, said the country-by-country arrangement will be difficult to navigate for some firms.
“Without an overarching equivalence determination from the Commission before the end of the transition period, UK investment firms looking to continue serving European clients will instead need to rely on a patchwork of national licence regimes and temporary exemptions,” he said.
“These are not available in every member state, and don’t allow business to be carried out cross-border, meaning firms will need to decide whether these individual member state routes provide them with stable and predictable access post-Brexit, taking into account the location of their clients and future plans.”
Most large scale City of London banks are prepared for this scenario and have set up bases in places like Frankfurt, Paris and Amsterdam.
However, veteran Square Mile commentator David Buik said the City will still take at least half a decade to recover from the incoming changes.
“Some trading in London is going to disappear – it is going to happen,” he said.
“But there are loads of other parts of the world we can try to get a foothold in.”
A European Commission spokesperson said no decision had yet been made on equivalence for the UK’s financial services firms.
“These assessments are risk-based and proportional and evaluate whether the UK’s current and future frameworks reach the same outcomes as the EU’s relevant frameworks,” they said.
“We will consider equivalence decisions where they are in the EU’s interests.”


cityam--2020-11-11--Editorial: Those who profit in Hong Kong must speak up in its defence

US President Franklin Delano Roosevelt ’ s four freedoms , which he promised Americans in the face of economic strife and growing authoritarianism abroad , are freedoms that this newspaper is more than happy to sign up for .
Freedom of speech , freedom of worship , freedom from want , and freedom from fear ?
Well , they work for us .
In London – in the UK , and indeed in much of the west – we almost take them for granted .
Perhaps they were taken for granted in Hong Kong , too .
No longer .
@ @ @ @ @ @ @ essentially outlaw dissent in the now-puppet legislature of the territory is a flagrant attack on basic democratic freedoms , and one for which no right-thinking democracy should stand .
It ’ s heartening that Dominic Raab – the Foreign Secretary who has more than most Cabinet members distinguished himself over the past year – spoke out on Wednesday against the latest assault executed by the Beiing Government , increasingly acting with total impunity .
But whither the businesses who call Hong Kong home ?
FDR had it right .
You can ’ t @ @ @ @ @ @ @ how much prosperity you create , without freedom of speech .
You can ’ t have freedom from fear without the freedom to speak out against authoritarianism .
Freedom is an absolute : you have it , or you don ’ t .
So where , we ask , are HSBC in this debate ?
Where are Standard Chartered ?
The two firms have found prosperity in Hong Kong – the former is simply known as ‘ the bank ’ there – but are silent today .
Silence , of course , is @ @ @ @ @ @ @ previously backed Beijing ’ s heinous National Security Act saying that it supported “ all laws that stabilise Hong Kong ’ s social order ” and StanChart said they believed “ the national security law can help maintain the long term economic and social stability of Hong Kong.
” To call it kowtowing is too polite .
FDR viewed his four freedoms as indivisible .
The market ’ s power to create wealth – the freedom from want , as we interpret it – is married to those other freedoms .
Bosses at @ @ @ @ @ @ @ who turn a blind eye to an assault on democracy the like of which seemed literally incredible as recently as 1997 may wish to remember that .
What seems politically convenient now may define them for decades .
And if they think that cosying up to the Chinese government is a foolproof strategy ?
Well , ask Jack Ma how his plans for Ant ’ s IPO worked out once Beijing decided it wasn ’ t in their interests .
Read more : Beijing calls in Ant IPO and summons Ma for questioning

Editorial: Those who profit in Hong Kong must speak up in its defence
Never has a mask been more appropriate as a metaphor (Photo by ANTHONY WALLACE/AFP via Getty Images)
US President Franklin Delano Roosevelt’s four freedoms, which he promised Americans in the face of economic strife and growing authoritarianism abroad, are freedoms that this newspaper is more than happy to sign up for.
Freedom of speech, freedom of worship, freedom from want, and freedom from fear? Well, they work for us. In London – in the UK, and indeed in much of the west – we almost take them for granted.
Perhaps they were taken for granted in Hong Kong, too. No longer. The move from the Chinese Government to essentially outlaw dissent in the now-puppet legislature of the territory is a flagrant attack on basic democratic freedoms, and one for which no right-thinking democracy should stand.
Read more: China outlaws dissenting voices in Hong Kong legislature
It’s heartening that Dominic Raab – the Foreign Secretary who has more than most Cabinet members distinguished himself over the past year – spoke out on Wednesday against the latest assault executed by the Beiing Government, increasingly acting with total impunity.
But whither the businesses who call Hong Kong home? FDR had it right. You can’t have freedom from want, no matter how much prosperity you create, without freedom of speech. You can’t have freedom from fear without the freedom to speak out against authoritarianism. Freedom is an absolute: you have it, or you don’t.
So where, we ask, are HSBC in this debate? Where are Standard Chartered? The two firms have found prosperity in Hong Kong – the former is simply known as ‘the bank’ there – but are silent today.
Silence, of course, is an improvement on previous performances. HSBC previously backed Beijing’s heinous National Security Act saying that it supported “all laws that stabilise Hong Kong’s social order” and StanChart said they believed “the national security law can help maintain the long term economic and social stability of Hong Kong.” To call it kowtowing is too polite.
FDR viewed his four freedoms as indivisible. The market’s power to create wealth – the freedom from want, as we interpret it – is married to those other freedoms.
Bosses at HSBC, StanChart and those other firms who turn a blind eye to an assault on democracy the like of which seemed literally incredible as recently as 1997 may wish to remember that.
What seems politically convenient now may define them for decades. And if they think that cosying up to the Chinese government is a foolproof strategy?
Well, ask Jack Ma how his plans for Ant’s IPO worked out once Beijing decided it wasn’t in their interests.
Read more: Beijing calls in Ant IPO and summons Ma for questioning


cityam--2020-11-11--Rhino boss Reg Clark on why rugby brand remains a good bet despite warehouse blaze and pandemic sale

It is just as well Reg Clark , boss of rugby kit maker Rhino , is the level-headed type .
Because 2020 has dealt the company the type of crunching blows that the world ’ s leading teams inflict on its scrum machines .
Already braced for another dip in demand as many of its markets fell into second lockdowns , Clark received a bombshell phone call early on Monday morning .
Read more : Explained : Why Amazon Prime Video is showing the Autumn Nations Cup and what it means for rugby The previous night , a huge fire @ @ @ @ @ @ @ through two warehouses of Rhino stock .
Around £2m of equipment was destroyed .
And all while Rhino is attempting to tempt investors with a bond issue .
“ What a year , ” says chief executive Clark .
“ Everything went up ; a total write-off .
It ’ s just one thing after another .
As shitty a year as you can imagine.
” Last weekend ’ s blaze , thought to have spread from a neighbouring tyre business , took 80 firefighters and 12 engines to bring under control .
@ @ @ @ @ @ @ delayed 8-10 weeks as a result , and is offering refunds to those unable to wait .
Yet it might have been so much worse .
No one was hurt .
The 40-year-old firm ’ s main office and factory in Cardiff are at a different location and were not affected .
The destroyed stock belonged to a licensee which , although important to the company ’ s global distribution network , means the loss is one step removed from the group .
More stock is on its way : a shipment of @ @ @ @ @ @ @ Asian suppliers was already on the water .
And if ever there was a time to have what Clark calls “ an 8-10 week hiccup ” , then this may be it .
“ There ’ s certain times of the year when this would have been utterly disastrous , ” he adds .
“ I ’ m not pretending it ’ s good news , but it puts it into the realms of the manageable.
” Even before the fire , Clark was preparing for a tough winter .
The first lockdown @ @ @ @ @ @ @ in Rhino ’ s markets , which include the US , South Africa , France and Italy .
Ireland was down 80 per cent at one stage , before rallying .
As a company targeted at grassroots as well as elite sport , it was hit hard by disruption to school and university programmes .
“ That ’ s a whole disappeared business , ” says the 62-year-old .
In response , Rhino pivoted to selling more athleisure wear , home fitness equipment such as weights , mats and resistance bands , and @ @ @ @ @ @ @ Blues .
“ The only way to survive is to be nimble on your feet , ” he says .
It also helped that their devolved business model keeps their overheads low .
Staffing is lean and Rhino has not furloughed any employees yet .
Still , as second lockdowns began to take effect , Clark felt like it was “ tin hat time ” again .
“ You tighten your belt , ” he adds .
“ We will come out of this some time and you ’ ve got to hope @ @ @ @ @ @ @ a boom .
That people will be buying equipment , apparel and balls that they ’ ve postponed.
” Clark is critical of the government ’ s handling of the pandemic in relation to grassroots sport participation .
“ There is the argument about the economic damage but I think sports people are mostly concerned about physical and mental health , ” he says .
“ Schools and universities I think have been particularly badly handled .
But in general I favour taking some risks and embracing grassroots sport again .
As soon @ @ @ @ @ @ @ has been some good news , though .
In September , Rhino was retained as an official supplier to the British and Irish Lions for their 2021 tour of South Africa .
Next summer ’ s tour will be the company ’ s fourth successive expedition with the Lions .
Rhino has similar deals with England and Wales .
“ The Lions of itself isn ’ t a massive effect on our trading .
But it ’ s much needed good news , ” says Clark , who hopes to fly out for @ @ @ @ @ @ @ : The Week in Sportbiz : Rugby fans in ticket rush for Lions ’ Japanese Test , plus Uefa ’ s Euro 2020 delay silver lining September also saw Rhino redeem a tranche of bonds issued in 2015 .
The project raised £500,000 , enabling the company to buy out a rival in New Zealand .
“ Having refinanced that bond , we decided there ’ s nothing to stop us keeping it open until the end of the year just to raise a bit more money in these uncertain times , ” @ @ @ @ @ @ @ has been good , with more than half of bond-holders rolling over into the second offering .
He adds : “ There ’ s no point in pretending it ’ s going to be a picnic but we will definitely survive .
“ With interest rates drifting towards negative , we think 5.5 per cent is attractive to some people.
” More good news emerged on Monday , just hours after Clark learned of the warehouse fire .
Stock markets soared at the prospect of an effective vaccine for Covid-19 becoming available within @ @ @ @ @ @ @ lifeline ” for businesses “ and not a moment too soon ” .
He adds : “ There ’ s a kind of Dunkirk spirit .
The first lockdown , everyone was in it together , ‘ we can get through this ’ .
“ But I think at the start of the second one , there was a genuine feeling of ‘ crikey , is this ever going to end ?
’ .
“ And the vaccine news has just been utterly transformative , for all businesses including sport .
You can @ @ @ @ @ @ @ the tunnel.
” While Clark was bullish about the bond anyway , this can only help .
“ We got the bond away in the most difficult market conditions imaginable .
So the bond is done .
Anything we get now is a bonus , ” he says .
“ Overall , I don ’ t think there ’ s any reason to take a negative view on it .
I ’ m not pretending the fire ’ s good news , but it ’ s a blip .
“ It doesn ’ @ @ @ @ @ @ @ the group .
And the news of the vaccine is fantastic for us.
” For more information on Rhino Rugby Bonds click here .

Rhino boss Reg Clark on why rugby brand remains a good bet despite warehouse blaze and pandemic sales dip
Rhino will supply training equipment for a fourth consecutive British and Irish Lions tour next summer British & Irish Lions Squad Training, Carton House, Co. Kildare 25/5/2017 Tadhg Furlong, Rory Best, Joe Marler and Sam Warburton Mandatory Credit ©INPHO/Dan Sheridan
It is just as well Reg Clark, boss of rugby kit maker Rhino, is the level-headed type.
Because 2020 has dealt the company the type of crunching blows that the world’s leading teams inflict on its scrum machines.
Already braced for another dip in demand as many of its markets fell into second lockdowns, Clark received a bombshell phone call early on Monday morning.
The previous night, a huge fire on a Cardiff industrial estate had ripped through two warehouses of Rhino stock. Around £2m of equipment was destroyed.
And all while Rhino is attempting to tempt investors with a bond issue.
“What a year,” says chief executive Clark. “Everything went up; a total write-off. It’s just one thing after another. As shitty a year as you can imagine.”
‘An 8-10 week hiccup’
Last weekend’s blaze, thought to have spread from a neighbouring tyre business, took 80 firefighters and 12 engines to bring under control.
Rhino has warned that orders may be delayed 8-10 weeks as a result, and is offering refunds to those unable to wait.
Yet it might have been so much worse. No one was hurt. The 40-year-old firm’s main office and factory in Cardiff are at a different location and were not affected.
The destroyed stock belonged to a licensee which, although important to the company’s global distribution network, means the loss is one step removed from the group.
More stock is on its way: a shipment of balls from India and apparel from other Asian suppliers was already on the water.
And if ever there was a time to have what Clark calls “an 8-10 week hiccup”, then this may be it.
“There’s certain times of the year when this would have been utterly disastrous,” he adds. “I’m not pretending it’s good news, but it puts it into the realms of the manageable.”
‘Tin hat time’, but Rhino ‘stays nimble’
Even before the fire, Clark was preparing for a tough winter.
The first lockdown caused royalties to fall 25-40 per cent in Rhino’s markets, which include the US, South Africa, France and Italy.
Ireland was down 80 per cent at one stage, before rallying.
As a company targeted at grassroots as well as elite sport, it was hit hard by disruption to school and university programmes.
“That’s a whole disappeared business,” says the 62-year-old.
In response, Rhino pivoted to selling more athleisure wear, home fitness equipment such as weights, mats and resistance bands, and branded facemasks for clubs such as Cardiff Blues.
“The only way to survive is to be nimble on your feet,” he says.
It also helped that their devolved business model keeps their overheads low. Staffing is lean and Rhino has not furloughed any employees yet.
Clark, 62, has grown Rhino into rugby’s leading training equipment provider
Still, as second lockdowns began to take effect, Clark felt like it was “tin hat time” again.
“You tighten your belt,” he adds. “We will come out of this some time and you’ve got to hope there’ll be a bit of a boom. That people will be buying equipment, apparel and balls that they’ve postponed.”
Clark is critical of the government’s handling of the pandemic in relation to grassroots sport participation.
“There is the argument about the economic damage but I think sports people are mostly concerned about physical and mental health,” he says.
“Schools and universities I think have been particularly badly handled. But in general I favour taking some risks and embracing grassroots sport again. As soon as possible.”
Lions deal and bond bring cheer
Amid the gloom there has been some good news, though.
In September, Rhino was retained as an official supplier to the British and Irish Lions for their 2021 tour of South Africa.
Next summer’s tour will be the company’s fourth successive expedition with the Lions. Rhino has similar deals with England and Wales.
“The Lions of itself isn’t a massive effect on our trading. But it’s much needed good news,” says Clark, who hopes to fly out for the first two Tests.
September also saw Rhino redeem a tranche of bonds issued in 2015.
The project raised £500,000, enabling the company to buy out a rival in New Zealand.
“Having refinanced that bond, we decided there’s nothing to stop us keeping it open until the end of the year just to raise a bit more money in these uncertain times,” he says.
Clark says the response has been good, with more than half of bond-holders rolling over into the second offering.
He adds: “There’s no point in pretending it’s going to be a picnic but we will definitely survive.
“With interest rates drifting towards negative, we think 5.5 per cent is attractive to some people.”
Vaccine news ‘utterly transformative’
More good news emerged on Monday, just hours after Clark learned of the warehouse fire.
Stock markets soared at the prospect of an effective vaccine for Covid-19 becoming available within weeks.
Clark calls it “a lifeline” for businesses “and not a moment too soon”.
He adds: “There’s a kind of Dunkirk spirit. The first lockdown, everyone was in it together, ‘we can get through this’.
“But I think at the start of the second one, there was a genuine feeling of ‘crikey, is this ever going to end?’.
“And the vaccine news has just been utterly transformative, for all businesses including sport. You can see the light at the end of the tunnel.”
As well as pads and scrum machines, Rhino sells home fitness equipment, clothing and, since the pandemic, club branded face masks
While Clark was bullish about the bond anyway, this can only help.
“We got the bond away in the most difficult market conditions imaginable. So the bond is done. Anything we get now is a bonus,” he says.
“Overall, I don’t think there’s any reason to take a negative view on it. I’m not pretending the fire’s good news, but it’s a blip.
“It doesn’t really have a material effect on the group. And the news of the vaccine is fantastic for us.”
For more information on Rhino Rugby Bonds click here.


cityam--2020-11-11--How to eat well during a pandemic, from pre-mixed cocktails to Michelin home delivery

Another endless week approaches its inglorious mid-season finale .
But what do we have to look forward to in the barren cultural landscape of November 2020 ?
Well , restaurants may be closed but many canny entrepreneurs have turned their empty kitchens into home delivery hubs , allowing you to feast like it ’ s 1999 , or indeed 2019 .
Each week throughout lockdown we will round up our favourite home delivery services , from pre-shaken cocktails to paella kits complete with those massive pans .
Restaurant Kits specialises in sending out ingredient boxes allowing you to create signature @ @ @ @ @ @ @ favourites including Dirty Bones , Pizza Pilgrims , Flank , Yum Bun and Scotland specialists Mac & Wild .
Created by Mac & Wild co-founders , Andy Waugh and Calum Mackinnon along with Edward Alun-Jones , the kits have been a huge success since their launch during the pandemic .
Check it out here .
Read more : The best home delivery kits , from prepare-at-home gourmet meals to chocolates and whisky tasting Vallebona ’ s selection of Grazing Boxes promise to inject some excitement into lockdown life .
The company is offering @ @ @ @ @ @ @ usually supplies to the likes of the River Café , Bocca di Lupo , Alain Ducasse at the Dorchester and Le Gavroche , right to your door .
Check it out here .
For a taste of Rick Stein ’ s famed seafood dishes at home , look no further than Stein ’ s at Home .
Each box contains all you need to feed two people a delicious three course meal .
All the preparation has been done by the Rick Stein team – you just need to cook it and plate @ @ @ @ @ @ @ choose from , The Hake Box , The Indonesian Curry Box and The Lobster Box , priced from £40 each .
Dishes include grilled scallops with a hazelnut and coriander butter , Indonesian seafood curry with pilau rice and lobster thermidor .
To round off the experience , add a bottle or two to the box , chosen by head of drinks and sommelier Charlie Stein .
Check it out here .
Indian-inspired Kricket will be running a Call & Collect Service at their Soho and White City restaurants .
They will also @ @ @ @ @ @ @ Fried Chicken , Hyderabadi Aubergine and King Prawn Moilee across London , as well as “ Feast ” menus for one or two people .
Check it out here .
If you ’ re missing the mixologist in your life , head to the website of Crockers Henley , where you can find home-batch bottled cocktails available for home delivery .
Crockers at Home cocktails are mixed by ex-Fat Duck mixologist Ryan Osnowski , who has been crafting mixes including Old Fashioned , Espresso Martini , Margarita , Negroni , Manhattan , Maverick @ @ @ @ @ @ @ are also seasonal bottles of Gingerbread sours and eggnog mix ready to spice up a wintry evening .
Prices start from £12 a bottle .
Check it out here .
Michelin-starred Pied à Terre in Fitzrovia has launched a Vegan Feast home delivery .
For £50 , receive a three-course menu designed for sharing in the comfort of your own home .
Dishes include Globe Artichoke & Pink Peppercorn Soup , Vegetable Green Curry with Lemon Pilau Rice , and Chocolate Mousse with Bananas & Toasted Desiccated Coconut .
Check it out here @ @ @ @ @ @ @ will deliver a host of signatures dishes throughout the month .
On the menu will be its much-loved Corn Ribs , the Ex-Dairy Cow Burger , and Kombu Fries .
Don ’ t forget to order some homemade sriracha sauce on the side .
The team behind Highbury food and wine emporium Top Cuvée launched spin-off venture Shop Cuvée just as coronavirus really started to bite .
As well as selling their expertly curated wine list by the bottle , the team has developed a line of home delivery meals .
Under the @ @ @ @ @ @ @ ex Lyle ’ s ) , menus will change daily and will be available to order for same-day delivery in London .
They will also select natural wine pairings to complement each menu , and even send you a Spotify playlist to accompany your order .
Meals , priced at £35 for dinner for two ( before wine ) , come with simple heating instructions .
Check it out here .
The St Martin ’ s Lane restaurant this week launched a home delivery service allowing you to “ celebrate the wealth of @ @ @ @ @ @ @ Iran ” from the comfort of your sofa .
Delivery will be available every Thursday and Saturday from their website or for local London pick up , and will offer a special home kit for two , featuring seven dishes from their winter menu .
This week you ’ ll find Bazaar Bread with Zaytoun Barvedeh , an olive tapenade with pomegranate and walnut and their Mushroom Kotlets with barberry and burnt yoghurt ; Mazandarani Lamb Halibut Mast ; and a warming toasted flour tart with pistachio and spiced clotted cream .
You @ @ @ @ @ @ @ a house infused gin .
Meals for two start at £55 .
Check it out here .
These DIY paella kits are delivered nationwide by the three Michelin-starred chef Quique Dacosta .
They include his secret recipe stocks , specialist bomba rice and famous paella pans with which to practice the art of paella making !
Your one-stop-paella-shop should be with you in 3-4 days after ordering , with kits starting from £76 .
If you ’ ve been promising yourself you ’ ll learn a new skill over lockdown , this could @ @ @ @ @ @ @ here .

How to eat well during a pandemic, from pre-mixed cocktails to Michelin home delivery
An Arros QD DIY Paella Kit home delivery
Another endless week approaches its inglorious mid-season finale. But what do we have to look forward to in the barren cultural landscape of November 2020? Well, restaurants may be closed but many canny entrepreneurs have turned their empty kitchens into home delivery hubs, allowing you to feast like it’s 1999, or indeed 2019.
Each week throughout lockdown we will round up our favourite home delivery services, from pre-shaken cocktails to paella kits complete with those massive pans.
Vallebona
Take Cuvee
Nutshell
Fallow
Restaurant Kits
Crockers Henley
Arros QD DIY Paella Kit
Kricket
Stein’s at Home
Pied à Terre
Restaurant Kits
Restaurant Kits specialises in sending out ingredient boxes allowing you to create signature dishes from beloved restaurants. Pick from favourites including Dirty Bones, Pizza Pilgrims, Flank, Yum Bun and Scotland specialists Mac & Wild. Created by Mac & Wild co-founders, Andy Waugh and Calum Mackinnon along with Edward Alun-Jones, the kits have been a huge success since their launch during the pandemic.
Check it out here.
Vallebona
Vallebona’s selection of Grazing Boxes promise to inject some excitement into lockdown life. The company is offering home delivery on the same foods it usually supplies to the likes of the River Café, Bocca di Lupo, Alain Ducasse at the Dorchester and Le Gavroche, right to your door.
Check it out here.
Stein’s at Home
For a taste of Rick Stein’s famed seafood dishes at home, look no further than Stein’s at Home. Each box contains all you need to feed two people a delicious three course meal. All the preparation has been done by the Rick Stein team – you just need to cook it and plate up.
There are three boxes to choose from, The Hake Box, The Indonesian Curry Box and The Lobster Box, priced from £40 each. Dishes include grilled scallops with a hazelnut and coriander butter, Indonesian seafood curry with pilau rice and lobster thermidor. To round off the experience, add a bottle or two to the box, chosen by head of drinks and sommelier Charlie Stein.
Check it out here.
Kricket
Indian-inspired Kricket will be running a Call & Collect Service at their Soho and White City restaurants. They will also deliver signature dishes such as their Keralan Fried Chicken, Hyderabadi Aubergine and King Prawn Moilee across London, as well as “Feast” menus for one or two people.
Check it out here.
Crockers Henley
If you’re missing the mixologist in your life, head to the website of Crockers Henley, where you can find home-batch bottled cocktails available for home delivery. Crockers at Home cocktails are mixed by ex-Fat Duck mixologist Ryan Osnowski, who has been crafting mixes including Old Fashioned, Espresso Martini, Margarita, Negroni, Manhattan, Maverick Martini, Cosmopolitan and Daiquiri. There are also seasonal bottles of Gingerbread sours and eggnog mix ready to spice up a wintry evening. Prices start from £12 a bottle.
Check it out here.
Pied à Terre
Michelin-starred Pied à Terre in Fitzrovia has launched a Vegan Feast home delivery. For £50, receive a three-course menu designed for sharing in the comfort of your own home. Dishes include Globe Artichoke & Pink Peppercorn Soup, Vegetable Green Curry with Lemon Pilau Rice, and Chocolate Mousse with Bananas & Toasted Desiccated Coconut.
Check it out here.
Fallow
The sustainable restaurant on Heddon Street will deliver a host of signatures dishes throughout the month. On the menu will be its much-loved Corn Ribs, the Ex-Dairy Cow Burger, and Kombu Fries. Don’t forget to order some homemade sriracha sauce on the side.
Order here.
Top Cuvée’s Take Cuvée
The team behind Highbury food and wine emporium Top Cuvée launched spin-off venture Shop Cuvée just as coronavirus really started to bite. As well as selling their expertly curated wine list by the bottle, the team has developed a line of home delivery meals.
Under the helm of head chef Will Blank (ex Lyle’s), menus will change daily and will be available to order for same-day delivery in London. They will also select natural wine pairings to complement each menu, and even send you a Spotify playlist to accompany your order. Meals, priced at £35 for dinner for two (before wine), come with simple heating instructions.
Check it out here.
Nutshell
The St Martin’s Lane restaurant this week launched a home delivery service allowing you to “celebrate the wealth of flavours and diversity of regional dishes of Iran” from the comfort of your sofa. Delivery will be available every Thursday and Saturday from their website or for local London pick up, and will offer a special home kit for two, featuring seven dishes from their winter menu.
This week you’ll find Bazaar Bread with Zaytoun Barvedeh, an olive tapenade with pomegranate and walnut and their Mushroom Kotlets with barberry and burnt yoghurt; Mazandarani Lamb Halibut Mast; and a warming toasted flour tart with pistachio and spiced clotted cream. You can also order wine, cocktails or a house infused gin. Meals for two start at £55.
Check it out here.
Arros QD DIY Paella Kit
These DIY paella kits are delivered nationwide by the three Michelin-starred chef Quique Dacosta. They include his secret recipe stocks, specialist bomba rice and famous paella pans with which to practice the art of paella making!
Your one-stop-paella-shop should be with you in 3-4 days after ordering, with kits starting from £76. If you’ve been promising yourself you’ll learn a new skill over lockdown, this could be for you.
Check it out here.


cityam--2020-11-12--Vaccine news puts growth back into The City: Moneyfarm's investment chief

This week ’ s news that pharmaceutical giant Pfizer and German manufacturer BioNTech had reached a breakthrough in the development of their Coronavirus vaccine led to one of the heaviest trading days since the height of the pandemic crisis , with nearly $ 2 trillion changing hands across global markets .
Firms across The City are in an upbeat mood as the announcement that the vaccine is more than 90 per cent effective in preventing Covid-19 may signal a ‘ light at the end of the tunnel ’ for many firms.
” City A.M. caught up with Richard Flax , @ @ @ @ @ @ @ wealth manager Moneyfarm .
Finally some good news for the financial services industry .
Monday saw quite an interesting day in financial markets .
No , seriously – it was .
Pfizer ’ s announcement prompted a very sharp rally in European equity markets .
European equities rose 5 % or more , even the long-suffering UK market caught a bid , while safe havens like gold and government bonds sold off .
Online brokerages fell over , prompting howls of indignation from day-traders unable to lock in their retirement trades .
Are @ @ @ @ @ @ @ ?
Perhaps .
But the noteworthy part was the relative weakness in the Nasdaq [ which fell 1.5 % on the day ] .
US tech stocks have powered the recovery this year , but the prospect of a viable vaccine sent investors searching for unloved alternatives .
Our interpretation is that we ’ re back in a growth vs value discussion , here in The City and elsewhere .
Remember that in a Covid-19 world , digital businesses rule .
They clean up in terms of advertising revenue and sales .
Traditional @ @ @ @ @ @ @ they pump oil , they borrow short and lend long in a world of zero interest rates .
And growth stocks crush value stocks , at least in terms of performance .
But in a post-Covid world , where growth begins to recover , alternatives begin to emerge .
Digital businesses look expensive .
Their multiples are high , their prospects perhaps over-hyped , at times .
And then everyone starts thinking about things like mean reversion and hoary old sayings like ‘ trees don ’ t grow to the sky ’ , @ @ @ @ @ @ @ , 15 , 16 , 17 and so on .
It probably explains why Zoom fell 17 % on Tuesday .
Read more : How does a vaccine affect investment sentiment in the Square Mile ?
So what does this mean for the Square Mile ?
It means that we have some interesting questions to answer .
First , is the vaccine for real ?
Can it be distributed on a broad scale even if you need to keep it at -80C until it ’ s administered ?
Second , will it prompt @ @ @ @ @ @ @ , will that recovery support the unloved stocks that the rally of 2020 has so far largely left behind ?
If the answer to all three is yes , then value could outperform growth .
European equities could beat the US , and the Nasdaq might languish , if only briefly .
This week ’ s markets suggest that the answer is indeed yes .
We ’ ve had days like that before , and they ’ ve faded .
But maybe this time will be different .
Read more : Pfizer ’ @ @ @ @ @ @ @ $ 2 trillion trading frenzy on markets

Vaccine news puts growth back into The City: Moneyfarm’s investment chief
This week’s news that pharmaceutical giant Pfizer and German manufacturer BioNTech had reached a breakthrough in the development of their Coronavirus vaccine led to one of the heaviest trading days since the height of the pandemic crisis, with nearly $2 trillion changing hands across global markets.
Firms across The City are in an upbeat mood as the announcement that the vaccine is more than 90 per cent effective in preventing Covid-19 may signal a ‘light at the end of the tunnel’ for many firms.” City A.M. caught up with Richard Flax, the chief investment officer of London-based digital wealth manager Moneyfarm.
Finally some good news for the financial services industry.
Monday saw quite an interesting day in financial markets. No, seriously – it was. Pfizer’s announcement prompted a very sharp rally in European equity markets. European equities rose 5% or more, even the long-suffering UK market caught a bid, while safe havens like gold and government bonds sold off. Online brokerages fell over, prompting howls of indignation from day-traders unable to lock in their retirement trades.
Are we not reading too much into this?
Perhaps. But the noteworthy part was the relative weakness in the Nasdaq [which fell 1.5% on the day]. US tech stocks have powered the recovery this year, but the prospect of a viable vaccine sent investors searching for unloved alternatives.
“In a post-Covid world, digital businesses look expensive.” Richard Flax, CIO of Moneyfarm
Sounds familiar.
Our interpretation is that we’re back in a growth vs value discussion, here in The City and elsewhere. Remember that in a Covid-19 world, digital businesses rule. They clean up in terms of advertising revenue and sales. Traditional businesses suffer. They have rent, they pump oil, they borrow short and lend long in a world of zero interest rates. And growth stocks crush value stocks, at least in terms of performance.
But in a post-Covid world, where growth begins to recover, alternatives begin to emerge. Digital businesses look expensive. Their multiples are high, their prospects perhaps over-hyped, at times. And then everyone starts thinking about things like mean reversion and hoary old sayings like ‘trees don’t grow to the sky’, like they said about Amazon in 2014, 15, 16, 17 and so on. It probably explains why Zoom fell 17% on Tuesday.
So what does this mean for the Square Mile?
It means that we have some interesting questions to answer. First, is the vaccine for real? Can it be distributed on a broad scale even if you need to keep it at -80C until it’s administered? Second, will it prompt a broad-based economic recovery? And third, will that recovery support the unloved stocks that the rally of 2020 has so far largely left behind?
If the answer to all three is yes, then value could outperform growth. European equities could beat the US, and the Nasdaq might languish, if only briefly. This week’s markets suggest that the answer is indeed yes. We’ve had days like that before, and they’ve faded. But maybe this time will be different.