cityam--2020-09-10--In a remote-working future, young people have so much to lose

Boris once again rolled up his sleeves for a fight last week as he put pressure on employers to bring their teams back to the office .
It won ’ t be easy – the business world is at loggerheads .
JP Morgan and Schroeders , the most corporate of employers , have committed to remote working on a permanent basis and tech companies are now advocating never coming back to the office .
Read more : City firms look to home testing for return to work I for one am backing the PM this time – because there is @ @ @ @ @ @ @ most passionate argument for our return is to save the already buckling British high street .
But the more pressing and devastating impact of moving to remote-first will be on the youngest generation in our workforce .
Ask anyone over 40 about work from home and they will probably advocate it .
They have become jaded by office politics and worn down by the commute .
But remember the excitement and adventure of going into a new job , starting a career , meeting people ?
There are practical problems young workers face @ @ @ @ @ @ @ Zers will be stuck in a shared house , without the technological benefits or peace of a home office .
Then there is the impact on emotional and professional development .
The experience anyone has in the early days of learning on the job is a foundation for how they perform throughout the rest of their career .
Many young people form lifelong friendships in those early years – friendships which are not only emotionally necessary and stabilising , but later become powerful professional networks .
They miss that coffee shop trip .
@ @ @ @ @ @ @ , and yes , maybe even a flirt .
Many relationships start at work , with marriages and families to follow .
It is a right of passage and it is being taken away .
This is a generation starting their careers in the middle of the worst recession in living memory .
And without having access to the professional tools and personal development that are gained from being in an office , they do not stand a chance .
And we have to take very seriously the negative impact this way of @ @ @ @ @ @ @ .
I am about to launch my fourth business – a recruitment venture called Life Science People .
The success of each of my companies has been driven in part by the energy of graduates and young professionals .
I have hired thousands of first jobbers and I feel a deep sense of responsibility to this generation .
So should every employer .
Management should not be squirrelled away in their suburban family homes .
The office environment requires input from every level , as the greenest team members absorb the cultural and @ @ @ @ @ @ @ in the company .
Read more : Deutsche Bank asks 20 per cent of staff to return to London office I am not opposed to flexibility , especially given the current environment .
Employers must be sensitive to an individual ’ s needs .
But we can not and should not sound the death knell for the office .
The employees who need the tools and professional acumen to navigate the decades to come are the ones who need our support most today .
The alternative is a dark lonely future for a @ @ @ @ @ @ @ will be a huge loss to the world .
David Spencer-Percival is the founder of Life Science People .

In a remote-working future, young people have so much to lose
The government hopes workers will return to the office in the coming weeks
Boris once again rolled up his sleeves for a fight last week as he put pressure on employers to bring their teams back to the office.
It won’t be easy – the business world is at loggerheads. JP Morgan and Schroeders, the most corporate of employers, have committed to remote working on a permanent basis and tech companies are now advocating never coming back to the office.
I for one am backing the PM this time – because there is far too much at stake.
The most passionate argument for our return is to save the already buckling British high street. But the more pressing and devastating impact of moving to remote-first will be on the youngest generation in our workforce.
Ask anyone over 40 about work from home and they will probably advocate it. They have become jaded by office politics and worn down by the commute. But remember the excitement and adventure of going into a new job, starting a career, meeting people?
There are practical problems young workers face working from home, where many Gen Zers will be stuck in a shared house, without the technological benefits or peace of a home office.
Then there is the impact on emotional and professional development. The experience anyone has in the early days of learning on the job is a foundation for how they perform throughout the rest of their career. Many young people form lifelong friendships in those early years – friendships which are not only emotionally necessary and stabilising, but later become powerful professional networks.
They miss that coffee shop trip. They want a chat with their workmates, and yes, maybe even a flirt. Many relationships start at work, with marriages and families to follow. It is a right of passage and it is being taken away.
This is a generation starting their careers in the middle of the worst recession in living memory. And without having access to the professional tools and personal development that are gained from being in an office, they do not stand a chance. And we have to take very seriously the negative impact this way of working can have on their mental health.
I am about to launch my fourth business – a recruitment venture called Life Science People. The success of each of my companies has been driven in part by the energy of graduates and young professionals. I have hired thousands of first jobbers and I feel a deep sense of responsibility to this generation. So should every employer.
Management should not be squirrelled away in their suburban family homes. The office environment requires input from every level, as the greenest team members absorb the cultural and professional tools they need from senior people in the company.
I am not opposed to flexibility, especially given the current environment. Employers must be sensitive to an individual’s needs. But we cannot and should not sound the death knell for the office.
The employees who need the tools and professional acumen to navigate the decades to come are the ones who need our support most today. The alternative is a dark lonely future for a whole generation of young workers and that will be a huge loss to the world.
David Spencer-Percival is the founder of Life Science People.


cityam--2020-09-10--Capital markets should play a part in the post-Covid recovery, says think tank

Capital markets have and will continue to play an integral role in supporting Europe ’ s economic recovery , according to think tank New Financial .
It has today published a report on how banks and capital markets can play a part in the response to the coronavirus crisis .
New Financial argues that while banks and capital markets were a big part of the problem during the global financial crisis , this time round they can be part of the solution .
The growth in bank lending throughout this crisis , supported by government-backed schemes , has been essential @ @ @ @ @ @ @ .
Net new banking lending to non-financial companies in the EU between March and June was €302bn – nearly five times higher than in the same period last year ( €66bn ) .
In the UK , net new bank lending of £45bn between March and June was nearly 10 times higher than last year ( £5.2bn ) .
It has reversed more than a decade of declining bank lending in Europe .
New Financial , which believes Europe needs bigger and better capital markets , argues they often act as a “ @ @ @ @ @ @ @ bank lending .
Capital markets have also stepped up by providing an additional €370bn in funding for around 800 companies across the EU between March and June this year .
Companies raised €260bn in the corporate bond market , nearly double the €135bn they raised in the same period last year .
THey raised €47bn in equity markets , up from €35bn , and €65bn in leveraged loans ( down from €83bn ) , according to Dealogic .
Read more : Treasury tells banks to boost coronavirus lending after rule change William Wright @ @ @ @ @ @ @ New Financial , said : “ The report highlights how many countries in the EU don ’ t have deep enough capital markets to benefit from this additional funding , and outlines a vision for game-changing growth in capital markets in Europe that would help support a more sustainable post-Covid recovery.
” “ This makes a strong case to develop bigger and better capital markets and injects a new sense of urgency and ambition into the capital markets union project .
”

Capital markets should play a part in the post-Covid recovery, says think tank
Capital markets have and will continue to play an integral role in supporting Europe’s economic recovery, according to think tank New Financial.
It has today published a report on how banks and capital markets can play a part in the response to the coronavirus crisis.
New Financial argues that while banks and capital markets were a big part of the problem during the global financial crisis, this time round they can be part of the solution.
The growth in bank lending throughout this crisis, supported by government-backed schemes, has been essential to keep a number of companies afloat. Net new banking lending to non-financial companies in the EU between March and June was €302bn – nearly five times higher than in the same period last year (€66bn).
In the UK, net new bank lending of £45bn between March and June was nearly 10 times higher than last year (£5.2bn). It has reversed more than a decade of declining bank lending in Europe.
New Financial, which believes Europe needs bigger and better capital markets, argues they often act as a “spare tyre” for economies and complement bank lending.
Capital markets have also stepped up by providing an additional €370bn in funding for around 800 companies across the EU between March and June this year. Companies raised €260bn in the corporate bond market, nearly double the €135bn they raised in the same period last year. THey raised €47bn in equity markets, up from €35bn, and €65bn in leveraged loans (down from €83bn), according to Dealogic.
William Wright, the founder and managing director of New Financial, said: “The report highlights how many countries in the EU don’t have deep enough capital markets to benefit from this additional funding, and outlines a vision for game-changing growth in capital markets in Europe that would help support a more sustainable post-Covid recovery.”
“This makes a strong case to develop bigger and better capital markets and injects a new sense of urgency and ambition into the capital markets union project.”


cityam--2020-09-10--MPs attack chancellor’s plan to wind down furlough scheme

The powerful Treasury Committee of MPs has criticised the chancellor ’ s new job retention bonus scheme as inefficient , and called for him to “ carefully consider ” more targeted support for parts of the economy when the furlough scheme ends .
In a wide-ranging report , the Committee also said the Treasury must quickly come up with a scheme to help companies deal with high levels of debt , as well as a longer-term plan to keep the public finances in good health .
Chancellor Rishi Sunak intends to wind down the job retention scheme , which has @ @ @ @ @ @ @ October .
But economists , business groups and opposition parties have warned it will lead to a surge in unemployment .
In July , Sunak outlined a “ plan for jobs ” to try to stave off lasting damage .
It included a job retention bonus scheme that will pay firms £1,000 for every employee they bring back from furlough .
Yet the Treasury Committee today attacked the scheme , saying it “ does not appear to be effectively targeted ” .
The Committee said that “ most of the funds will be @ @ @ @ @ @ @ anyway ” .
Therefore it “ will undoubtedly lead to significant deadweight cost ” .
Treasury Committee says viable businesses need more help The report said the chancellor should “ carefully consider ” specific support for sectors that have been hit hard by the pandemic , including extending the furlough scheme .
They include hospitality , tourism , and retail , the latter of which has cut 125,000 jobs this year .
However , the government has said it can not keep people in “ suspended animation ” and wants the economy to @ @ @ @ @ @ @ backed it up .
Its chief economist Andy Haldane told City A.M. this week that he supports ending the scheme , saying there needs to be a “ process of adjustment ” .
But Treasury Committee chair Mel Stride said the government must support “ businesses who , with additional support , can come through the crisis as sustainable enterprises ” .
The Committee ’ s report also raised concerns that small and medium-sized enterprises ( SMEs ) would not be able to cope with the debts they had taken on during the @ @ @ @ @ @ @ lobby group The City UK warned that more than £30bn of coronavirus lending through government-backed schemes could become unsustainable .
“ The government must outline a plan for this within the next three months , ” the Committee said .
It said the government should “ think creatively ” as it has in other areas .
It suggested the government could take equity stakes in some bigger firms .
And for smaller firms it could use a “ student loan-type structure ” where firms only pay back debts if they do well .
@ @ @ @ @ @ @ The report also urged Sunak to lay out a “ roadmap ” to get the public finances on a “ sustainable footing ” .
UK public debt rose to 100.5 per cent of GDP in the year to July .
That was its highest level since the 1960s .
But the Treasury Committee said Sunak need not take immediate action .
It said the consensus among experts was that “ public debt sustainability , though an issue , was one that needed to be tackled only after the economy was recovering ” .
@ @ @ @ @ @ @ too early are likely to stifle economic recovery ” .
But it suggested the government drop its commitment to the “ triple lock ” on pensions .
The policy currently keeps pensions rising by the higher of average earnings , CPI inflation or 2.5 per cent .
A Treasury spokesperson said : “ The furlough scheme will have been open for 8 months and helped to pay the wages of over 9.6m jobs .
“ But we will continue to innovate in supporting incomes and employment through our plan for jobs.
” They @ @ @ @ @ @ @ roles for young people with our kickstart scheme , creating incentives for training and apprenticeships.
” Read more : New job retention bonus at heart of Rishi Sunak ’ s £30bn spending spree Yet Torsten Bell , chief executive of the Resolution Foundation think tank , said : “ The chancellor will need to reconsider his plans to swiftly phase out support .
“ Extending support for the hardest hit sectors of the economy will be essential to limit the rise in unemployment Britain faces in the months ahead .
”

MPs attack chancellor’s plan to wind down furlough scheme
Rishi Sunak addressing a group of young people in London (Getty)
The powerful Treasury Committee of MPs has criticised the chancellor’s new job retention bonus scheme as inefficient, and called for him to “carefully consider” more targeted support for parts of the economy when the furlough scheme ends.
In a wide-ranging report, the Committee also said the Treasury must quickly come up with a scheme to help companies deal with high levels of debt, as well as a longer-term plan to keep the public finances in good health.
Chancellor Rishi Sunak intends to wind down the job retention scheme, which has supported more than 9m jobs, in October. But economists, business groups and opposition parties have warned it will lead to a surge in unemployment.
In July, Sunak outlined a “plan for jobs” to try to stave off lasting damage. It included a job retention bonus scheme that will pay firms £1,000 for every employee they bring back from furlough.
Yet the Treasury Committee today attacked the scheme, saying it “does not appear to be effectively targeted”.
The Committee said that “most of the funds will be spent on workers who would be retained anyway”. Therefore it “will undoubtedly lead to significant deadweight cost”.
Treasury Committee says viable businesses need more help
The report said the chancellor should “carefully consider” specific support for sectors that have been hit hard by the pandemic, including extending the furlough scheme. They include hospitality, tourism, and retail, the latter of which has cut 125,000 jobs this year.
However, the government has said it cannot keep people in “suspended animation” and wants the economy to adapt.
The Bank of England has backed it up. Its chief economist Andy Haldane told City A.M. this week that he supports ending the scheme, saying there needs to be a “process of adjustment”.
But Treasury Committee chair Mel Stride said the government must support “businesses who, with additional support, can come through the crisis as sustainable enterprises”.
Business groups have warned that certain sectors of the UK economy need more help
The Committee’s report also raised concerns that small and medium-sized enterprises (SMEs) would not be able to cope with the debts they had taken on during the crisis.
In July, financial services lobby group The City UK warned that more than £30bn of coronavirus lending through government-backed schemes could become unsustainable.
“The government must outline a plan for this within the next three months,” the Committee said. It said the government should “think creatively” as it has in other areas.
It suggested the government could take equity stakes in some bigger firms. And for smaller firms it could use a “student loan-type structure” where firms only pay back debts if they do well.
MPs warn against raising taxes too soon
The report also urged Sunak to lay out a “roadmap” to get the public finances on a “sustainable footing”. UK public debt rose to 100.5 per cent of GDP in the year to July. That was its highest level since the 1960s.
But the Treasury Committee said Sunak need not take immediate action. It said the consensus among experts was that “public debt sustainability, though an issue, was one that needed to be tackled only after the economy was recovering”.
It said that “tax increases imposed too early are likely to stifle economic recovery”. But it suggested the government drop its commitment to the “triple lock” on pensions. The policy currently keeps pensions rising by the higher of average earnings, CPI inflation or 2.5 per cent.
A Treasury spokesperson said: “The furlough scheme will have been open for 8 months and helped to pay the wages of over 9.6m jobs.
“But we will continue to innovate in supporting incomes and employment through our plan for jobs.”
They added: “We are creating new roles for young people with our kickstart scheme, creating incentives for training and apprenticeships.”
Yet Torsten Bell, chief executive of the Resolution Foundation think tank, said: “The chancellor will need to reconsider his plans to swiftly phase out support.
“Extending support for the hardest hit sectors of the economy will be essential to limit the rise in unemployment Britain faces in the months ahead.”


cityam--2020-09-10--The office is a particularly important place for startups

Remote working is liberating us from the shackles of outdated , 20th Century habits , goes the prevailing narrative .
We are freed from the purgatory of the daily commute and are spared office gossip , time-wasting meetings or pointless rituals .
Major corporations seem to have embraced this ethos too .
Google has said that most employees can be home-based until 2021 .
Many , including my own company Eigen Technologies , have adapted extremely well to the remote working model and have remained productive throughout the pandemic .
In fact , we are on track to have our @ @ @ @ @ @ @ in the narrowest and short-term sense , is not the sum total of what a company does .
Although technology driven businesses like ours are functioning well so far despite the pandemic , much of the social and cultural ferment which start-ups create and on which they depend could run aground in a distributed work environment and fundamentally reduce productivity in the medium to long term The serendipity and randomness of office encounters is the lifeblood of start-up culture and without them , the culture of the organisation is poorer for everyone .
@ @ @ @ @ @ @ , former Apple CEO and founder of Pixar , commissioned the Pixar Animation Studios complex in Emeryville , California , to maximise unplanned interactions .
It also makes it all the more surprising that so many in tech have chosen remote working over the importance of being together as a team .
Distributed working is at risk of leaving workers – particularly the more junior ones – more exposed and vulnerable .
It can serve to entrench corporate hierarchies and erases much of what ’ s life-enhancing about work culture .
With little @ @ @ @ @ @ @ opportunity for the social bonds of an organisation to salve the paranoia that home working can engender .
This year ’ s update of an annual study of 2,500 remote workers by Buffer found that the top two biggest struggles for respondents were ‘ collaboration and communication ’ and ‘ loneliness ’ , accounting for 40 per cent of respondents .
Judging the quality of work in a remote environment focuses purely on output and much of the process involved in this output can often go unseen .
Activities which benefit the whole @ @ @ @ @ @ @ are not visible in a remote work culture and can go unrecognised and unrewarded .
Start-ups have always thrived on diversity , another area let down by remote working .
Many of the people who have found lockdown particularly challenging ( such as working parents without childcare ) are exactly those who a diverse workforce should be seeking to bring along , and there are implications for the long-term diversity of business if these people drop out of the workforce .
When London ’ s deep lockdown ended , I went for a @ @ @ @ @ @ @ learned more about what was going on in our organisation in two hours standing outside than in the hours of video calls and formal reports – about the concerns and ambitions of new employees , the struggles of getting a sales call set up , the lack of context for junior employees as to why or how we are doing something .
I recently had a client meeting over lunch and enquired about their greatest professional concerns , before really connecting about being parents and spouses , and the stresses we experienced during @ @ @ @ @ @ @ , supplier , and investor is a human being .
So , while we will of course always support the flexibility our people need , over the longer term we will refuse and resist a move to remote working as the sole standard .
The apparent convenience may be seductive , but it comes at too high a creeping cost : the loss to our people of intra office communication , serendipitous cross-functional collaboration , unstructured mentoring and development of soft skills , as well as a vital face to face element to @ @ @ @ @ @ @ our economy and society of our engagement with local businesses .
Start-ups and tech companies need to be incredibly wary in handling this transition .
The benefits of remote working need to be balanced with the culture and energy that comes from a social office and that start-ups need in order to continue challenging the status quo .
Dr Lewis Z. Liu is co-founder and CEO of Eigen Technologies

The office is a particularly important place for startups
Remote working is liberating us from the shackles of outdated, 20th Century habits, goes the prevailing narrative.
We are freed from the purgatory of the daily commute and are spared office gossip, time-wasting meetings or pointless rituals. Major corporations seem to have embraced this ethos too. Google has said that most employees can be home-based until 2021.
Many, including my own company Eigen Technologies, have adapted extremely well to the remote working model and have remained productive throughout the pandemic. In fact, we are on track to have our best quarter ever.
But productivity, in the narrowest and short-term sense, is not the sum total of what a company does.
Although technology driven businesses like ours are functioning well so far despite the pandemic, much of the social and cultural ferment which start-ups create and on which they depend could run aground in a distributed work environment and fundamentally reduce productivity in the medium to long term
The serendipity and randomness of office encounters is the lifeblood of start-up culture and without them, the culture of the organisation is poorer for everyone.
It is no accident that Steve Jobs, former Apple CEO and founder of Pixar, commissioned the Pixar Animation Studios complex in Emeryville, California, to maximise unplanned interactions. It also makes it all the more surprising that so many in tech have chosen remote working over the importance of being together as a team.
Distributed working is at risk of leaving workers – particularly the more junior ones – more exposed and vulnerable. It can serve to entrench corporate hierarchies and erases much of what’s life-enhancing about work culture.
With little face-to-face contact, there is precious little opportunity for the social bonds of an organisation to salve the paranoia that home working can engender. This year’s update of an annual study of 2,500 remote workers by Buffer found that the top two biggest struggles for respondents were ‘collaboration and communication’ and ‘loneliness’, accounting for 40 per cent of respondents.
Judging the quality of work in a remote environment focuses purely on output and much of the process involved in this output can often go unseen. Activities which benefit the whole company like supporting teamwork or soft mentorship are not visible in a remote work culture and can go unrecognised and unrewarded.
Start-ups have always thrived on diversity, another area let down by remote working. Many of the people who have found lockdown particularly challenging (such as working parents without childcare) are exactly those who a diverse workforce should be seeking to bring along, and there are implications for the long-term diversity of business if these people drop out of the workforce.
When London’s deep lockdown ended, I went for a suitably distanced pint with colleagues. I learned more about what was going on in our organisation in two hours standing outside than in the hours of video calls and formal reports – about the concerns and ambitions of new employees, the struggles of getting a sales call set up, the lack of context for junior employees as to why or how we are doing something.
I recently had a client meeting over lunch and enquired about their greatest professional concerns, before really connecting about being parents and spouses, and the stresses we experienced during this period. Every employee, client, supplier, and investor is a human being.
So, while we will of course always support the flexibility our people need, over the longer term we will refuse and resist a move to remote working as the sole standard. The apparent convenience may be seductive, but it comes at too high a creeping cost: the loss to our people of intra office communication, serendipitous cross-functional collaboration, unstructured mentoring and development of soft skills, as well as a vital face to face element to support networks, and the loss to our economy and society of our engagement with local businesses.
Start-ups and tech companies need to be incredibly wary in handling this transition. The benefits of remote working need to be balanced with the culture and energy that comes from a social office and that start-ups need in order to continue challenging the status quo.
Dr Lewis Z. Liu is co-founder and CEO of Eigen Technologies


cityam--2020-09-10--Social media abuse to be made illegal under new online harms proposals

Sending abusive messages over social media , messaging services or email could be made illegal under new proposals tabled today .
The Law Commission has outlined a number of reforms designed to protect people from harmful behaviour online .
The reforms , set out in a consultation paper , would criminalise any communications likely to cause harm .
This includes personal abuse through emails , social media posts and Whatsapp messages as well as so-called pile-on harassment , where a number of different individuals send abusive messages to a victim .
In addition , the measures would make cyberflashing — @ @ @ @ @ @ @ videos — an offence under the Sexual Offences Act .
Online abuse is currently covered under the Communications Act and Malicious Communications Act .
However , critics have warned existing legislation does not adequately criminalise certain behaviour , such as pile-on harassment and cyberflashing .
The Law Commission also argued that the threshold of criminality is often set too low , meaning freedom of speech is not properly protected .
“ As the internet and social media have become an everyday part of our lives , the amount of abuse has also risen @ @ @ @ @ @ @ kept up and isn ’ t giving victims the protection they need , ” said criminal law commissioner Penney Lewis .
“ Our proposals will tackle this harmful behaviour whilst also ensuring that we protect people ’ s freedom of speech.
” It comes amid growing calls for greater regulation of tech companies amid concerns they are not doing enough to protect users from online harm .
Media regulator Ofcom has been tipped as the UK ’ s first ever internet watchdog and will be tasked with ensuring companies fulfil their duty of @ @ @ @ @ @ @ Online harms laws will not harm free speech , vows Ofcom boss Culture secretary Oliver Dowden welcomed the Law Commission ’ s review , adding that online communication should not be a “ refuge for abusive , harmful or criminal behaviour ” .
“ We will soon introduce new legislation to put more responsibility on companies so they have the right systems in place to protect people online , ” he said .

Social media abuse to be made illegal under new online harms proposals
Sending abusive messages over social media, messaging services or email could be made illegal under new proposals tabled today.
The Law Commission has outlined a number of reforms designed to protect people from harmful behaviour online.
The reforms, set out in a consultation paper, would criminalise any communications likely to cause harm.
This includes personal abuse through emails, social media posts and Whatsapp messages as well as so-called pile-on harassment, where a number of different individuals send abusive messages to a victim.
In addition, the measures would make cyberflashing — the unsolicited sending of explicit images or videos — an offence under the Sexual Offences Act.
Online abuse is currently covered under the Communications Act and Malicious Communications Act.
However, critics have warned existing legislation does not adequately criminalise certain behaviour, such as pile-on harassment and cyberflashing.
The Law Commission also argued that the threshold of criminality is often set too low, meaning freedom of speech is not properly protected.
“As the internet and social media have become an everyday part of our lives, the amount of abuse has also risen. Unfortunately, the law has not kept up and isn’t giving victims the protection they need,” said criminal law commissioner Penney Lewis.
“Our proposals will tackle this harmful behaviour whilst also ensuring that we protect people’s freedom of speech.”
It comes amid growing calls for greater regulation of tech companies amid concerns they are not doing enough to protect users from online harm.
Media regulator Ofcom has been tipped as the UK’s first ever internet watchdog and will be tasked with ensuring companies fulfil their duty of care towards users.
Culture secretary Oliver Dowden welcomed the Law Commission’s review, adding that online communication should not be a “refuge for abusive, harmful or criminal behaviour”.
“We will soon introduce new legislation to put more responsibility on companies so they have the right systems in place to protect people online,” he said.


cityam--2020-09-10--Microsoft: Russian hackers target US election again

Hackers linked to Russia , China and Iran are attempting to spy on people tied to both President Donald Trump and Democratic nominee Joe Biden , Microsoft has said .
The tech firm has said that both presidential campaigns are at risk from hackers as the Russian group which hacked the 2016 Democratic campaign is again involved in cyber-attacks .
Read more : Facebook and Twitter take down Russia-backed accounts Microsoft ’ s vice president for customer security Tom Burt says the group had spent the past year trying to hack accounts belonging to political consultants working with both the @ @ @ @ @ @ @ reportedly targeting advocacy organisations and think tanks .
Chinese hackers are also said to have targeted people “ closely associated with US presidential campaigns and candidates ” .
These include an unnamed Biden ally via a personal email and “ at least one prominent individual formerly associated with the Trump administration ” .
The group of Chinese hackers were unsuccessful in their attempts to use “ web bugs ” , which are tied to a domain , populated with content and sent to a targeted announcement .
“ The activity we are announcing @ @ @ @ @ @ @ have stepped up their efforts targeting the 2020 election as had been anticipated , and is consistent with what the U.S. government and others have reported ” , Burt said in a blog post .
Iranian group Phosphorus has also attempted to access individuals ’ accounts involved with the US presidential account .
Between May and June , the group unsuccessfully attempted to log into the accounts of administration officials and Donald J. Trump for President campaign staff .
It comes after Facebook and Twitter revealed they had taken down a small network @ @ @ @ @ @ @ Russian influence operation , linked to interference in the 2016 election .

Microsoft: Russian hackers target US election again
Hackers linked to Russia, China and Iran are attempting to spy on people tied to both President Donald Trump and Democratic nominee Joe Biden, Microsoft has said.
The tech firm has said that both presidential campaigns are at risk from hackers as the Russian group which hacked the 2016 Democratic campaign is again involved in cyber-attacks.
Microsoft’s vice president for customer security Tom Burt says the group had spent the past year trying to hack accounts belonging to political consultants working with both the Republicans and Democrats. They are also reportedly targeting advocacy organisations and think tanks.
Chinese hackers are also said to have targeted people “closely associated with US presidential campaigns and candidates”. These include an unnamed Biden ally via a personal email and “at least one prominent individual formerly associated with the Trump administration”.
The group of Chinese hackers were unsuccessful in their attempts to use “web bugs”, which are tied to a domain, populated with content and sent to a targeted announcement.
“The activity we are announcing today makes clear that foreign activity groups have stepped up their efforts targeting the 2020 election as had been anticipated, and is consistent with what the U.S. government and others have reported”, Burt said in a blog post.
Iranian group Phosphorus has also attempted to access individuals’ accounts involved with the US presidential account. Between May and June, the group unsuccessfully attempted to log into the accounts of administration officials and Donald J. Trump for President campaign staff.
It comes after Facebook and Twitter revealed they had taken down a small network of accounts that were backed by a Russian influence operation, linked to interference in the 2016 election.


cityam--2020-09-10--City of London Corporation urges firms to return to the office

The City of London Corporation has called on businesses to start bringing employees back to the Square Mile .
Speaking at the Court of Common Council , policy chair Catherine McGuinness said that any return to the office for City workers must be in line with government guidance .
Read more : One in five Londoners will not go back to pre-Covid levels of Tube usage “ We know that the workforce in the Square Mile is not returning in great numbers .
We will be calling on firms to return their staff to the workplace but only if it @ @ @ @ @ @ @ : “ We have already led by example in supporting our City .
Now we will work with our partners to show that the City of London still has a compelling and competitive offer to businesses across the world.
” Some firms are pushing employees to return to the office , offering perks such as free food and on-site nurseries .
The number of Tube journeys was 15 per cent higher on Monday than on the Tuesday after the Bank Holiday last week .
Nonetheless , numbers remain well below pre-Covid levels , @ @ @ @ @ @ @ working on both cost and convenience .
Fund manager Schroders came out as the first City firm to make working from home permanent even once the pandemic has over .
A swathe of other firms have indicated they will be more flexible until at least the new year .
And this week two of the City ’ s biggest financial services professional bodies announced they will share an office in the Walkie Talkie as they seek to downsize amid a home working drive .
The Chartered Institute for Securities & Investment ( CISI @ @ @ @ @ @ @ CII ) will share a floor at 20 Fenchurch Street from early next year .

City of London Corporation urges firms to return to the office
Cenkos Securities secured a profit in 2020.
The City of London Corporation has called on businesses to start bringing employees back to the Square Mile.
Speaking at the Court of Common Council, policy chair Catherine McGuinness said that any return to the office for City workers must be in line with government guidance.
“We know that the workforce in the Square Mile is not returning in great numbers. We will be calling on firms to return their staff to the workplace but only if it safe to do so.”
She added: “We have already led by example in supporting our City. Now we will work with our partners to show that the City of London still has a compelling and competitive offer to businesses across the world.”
Some firms are pushing employees to return to the office, offering perks such as free food and on-site nurseries.
The number of Tube journeys was 15 per cent higher on Monday than on the Tuesday after the Bank Holiday last week. Nonetheless, numbers remain well below pre-Covid levels, as firms consider the benefits of remote working on both cost and convenience.
Fund manager Schroders came out as the first City firm to make working from home permanent even once the pandemic has over. A swathe of other firms have indicated they will be more flexible until at least the new year.
And this week two of the City’s biggest financial services professional bodies announced they will share an office in the Walkie Talkie as they seek to downsize amid a home working drive.
The Chartered Institute for Securities & Investment (CISI) and the Chartered Insurance Institute (CII) will share a floor at 20 Fenchurch Street from early next year.


cityam--2020-09-10--FCA defers bonuses until the publication of report into collapse of LCF

The City watchdog has delayed its annual bonuses for top officials pending a report into how it handled the collapse of London Capital & Finance investment fund .
In its annual report published today , the Financial Conduct Authority said : “ This investigation is ongoing and , as a result , the Remuneration Committee has decided that performance bonuses awarded to voting members of the Executive Committee in respect of the year under review should be deferred until the report of the investigation has been issued ” .
Read more : FCA to make mini-bond marketing ban permanent following @ @ @ @ @ @ @ decide whether it is appropriate for the bonuses to be paid at all , in whole or in part.
” London Capital & Finance went into administration in 2019 following action by the regulator directing the fund to withdraw its promotional material on the basis that the marketing for its retail investment products was misleading .
The Economic Secretary to the Treasury then asked for an independent review into the circumstances surrounding the demise of the fund .
The Remuneration Committee also said today it would change the way performance bonuses will be @ @ @ @ @ @ @ now be paid in two instalments , with 40 per cent of any award paid in March and the deferred amount paid the following April .
Bonus funding made up 15 per cent of the regulator ’ s salary bill which has now been reduced to 12.6 per cent .
“ The Remuneration Committee may decide in its absolute discretion that the deferred amount should be reduced or not be paid at all as a result of circumstances arising or new information being available after the date of the award.
” Read more @ @ @ @ @ @ @ be grilled by LCF mini-bond investigation Charles Randell , chair of the FCA said the regulator had been “ prepared for a year of change and challenge , and the year certainly brought those.
” “ To ensure that we are able to meet the challenges ahead , we will continue to transform our own organisation , building on lessons from our rapid response to the coronavirus crisis .
”

FCA defers bonuses until the publication of report into collapse of LCF
The Financial Conduct Authority said estimates of the number of mortgage borrowers that would be financial stretched had been reduced from 570,000 last September
The City watchdog has delayed its annual bonuses for top officials pending a report into how it handled the collapse of London Capital & Finance investment fund.
In its annual report published today, the Financial Conduct Authority said: “This investigation is ongoing and, as a result, the Remuneration Committee has decided that performance bonuses awarded to voting members of the Executive Committee in respect of the year under review should be deferred until the report of the investigation has been issued”.
“The Committee will then decide whether it is appropriate for the bonuses to be paid at all, in whole or in part.”
London Capital & Finance went into administration in 2019 following action by the regulator directing the fund to withdraw its promotional material on the basis that the marketing for its retail investment products was misleading.
The Economic Secretary to the Treasury then asked for an independent review into the circumstances surrounding the demise of the fund.
The Remuneration Committee also said today it would change the way performance bonuses will be paid in future. Bonus payments will now be paid in two instalments, with 40 per cent of any award paid in March and the deferred amount paid the following April.
Bonus funding made up 15 per cent of the regulator’s salary bill which has now been reduced to 12.6 per cent.
“The Remuneration Committee may decide in its absolute discretion that the deferred amount should be reduced or not be paid at all as a result of circumstances arising or new information being available after the date of the award.”
Charles Randell, chair of the FCA said the regulator had been “prepared for a year of change and challenge, and the year certainly brought those.”
“To ensure that we are able to meet the challenges ahead, we will continue to transform our own organisation, building on lessons from our rapid response to the coronavirus crisis.”


cityam--2020-09-10--Brexit: EU intensifying no-deal preparations after latest negotiating round

Brussels is “ intensifying ” its preparations for a no-deal Brexit as the two sides still harbour “ significant differences ” , according to EU negotiator Michel Barnier .
The UK and EU wrapped up the eighth round of trade negotiations today , with the two sides still deadlocked over several key issues .
Read more : Brexit : EU threatens legal action against UK after ‘ seriously damaging trust ’ It comes on the same day that the EU has threatened legal action against the UK , after Boris Johnson yesterday launched an attempt to alter the terms of @ @ @ @ @ @ @ to Northern Ireland .
It is understood that the EU will break off trade talks if Johnson does not scrap his plans by the end of the month .
Barnier said in a statement on the latest round of trade talks that “ mutual trust and confidence are and will be necessary ” if a deal is to be struck by 15 October , which Boris Johnson has said is a hard deadline .
“ At the same time , the EU is intensifying its preparedness work to be ready for all scenarios @ @ @ @ @ @ @ said .
Barnier said that the biggest difference between the two sides was still a failure to agree on business competition regulations known as the level playing field .
The EU is asking the UK to match regulations on a number of areas – like labour and environmental laws – in return for zero-tariff trade .
Before the Open newsletter : Start your day with the City View podcast and key market data “ The UK is refusing to include indispensable guarantees of fair competition in our future agreement , while requesting free @ @ @ @ @ @ @ said .
“ Modern trade agreements are about ensuring sustainable and fair partnerships with high standards in areas like the environment , climate , employment , health and safety , and taxation .
“ These principles are now at the heart of EU trade policy : with the UK , and with other partners around the world.
” Chief UK negotiator Lord David Frost has said Britain will not be a rule-taker and accept level playing field regulations as set by the EU .
However , his comments after the latest round of @ @ @ @ @ @ @ Barnier ’ s , saying the two sides had had “ useful exchanges ” .
“ We have consistently made proposals which provide for open and fair competition , on the basis of high standards , in a way which is appropriate to a modern free trade agreement between sovereign and autonomous equals , ” he said .
Read more : Tory grandee calls on justice secretary to quit amid division over Brexit bill “ We remain committed to working hard to reach agreement by the middle of October , as the Prime @ @ @ @ @ @ @ Other areas of difference are EU access to UK fishing waters and the role of the European Court of Justice in governing the deal .

Brexit: EU intensifying no-deal preparations after latest negotiating round
Britain’s chief negotiator David Frost (L) and EU’s Brexit negotiator Michel Barnier arrive for a working breakfast after a seventh round of talks, in Brussels on August 21, 2020. (Photo by YVES HERMAN / POOL / AFP) (Photo by YVES HERMAN/POOL/AFP via Getty Images)
Brussels is “intensifying” its preparations for a no-deal Brexit as the two sides still harbour “significant differences”, according to EU negotiator Michel Barnier.
The UK and EU wrapped up the eighth round of trade negotiations today, with the two sides still deadlocked over several key issues.
It comes on the same day that the EU has threatened legal action against the UK, after Boris Johnson yesterday launched an attempt to alter the terms of the Brexit withdrawal agreement as they relate to Northern Ireland.
It is understood that the EU will break off trade talks if Johnson does not scrap his plans by the end of the month.
Barnier said in a statement on the latest round of trade talks that “mutual trust and confidence are and will be necessary” if a deal is to be struck by 15 October, which Boris Johnson has said is a hard deadline.
“At the same time, the EU is intensifying its preparedness work to be ready for all scenarios on 1 January 2021,” he said.
Barnier said that the biggest difference between the two sides was still a failure to agree on business competition regulations known as the level playing field.
The EU is asking the UK to match regulations on a number of areas – like labour and environmental laws – in return for zero-tariff trade.
Before the Open newsletter: Start your day with the City View podcast and key market data
“The UK is refusing to include indispensable guarantees of fair competition in our future agreement, while requesting free access to our market,” Barnier said.
“Modern trade agreements are about ensuring sustainable and fair partnerships with high standards in areas like the environment, climate, employment, health and safety, and taxation.
“These principles are now at the heart of EU trade policy: with the UK, and with other partners around the world.”
Chief UK negotiator Lord David Frost has said Britain will not be a rule-taker and accept level playing field regulations as set by the EU.
However, his comments after the latest round of negotiations struck a less incendiary tone than Barnier’s, saying the two sides had had “useful exchanges”.
“We have consistently made proposals which provide for open and fair competition, on the basis of high standards, in a way which is appropriate to a modern free trade agreement between sovereign and autonomous equals,” he said.
“We remain committed to working hard to reach agreement by the middle of October, as the Prime Minister set out earlier this week.”
Other areas of difference are EU access to UK fishing waters and the role of the European Court of Justice in governing the deal.


cityam--2020-09-10--City of London Corporation hits out at China for breaching its UK treaty

The City of London Corporation has accused China of breaching the Sino-British treaty , after imposing draconian national security laws on Hong Kong .
The local authority ’ s Court of Common Council – which comprises all of its elected officials – voted in favour of the motion , which accused Beijing of denying Hong Kongers the right to enjoy a “ high degree of autonomy ” as set out in the handover treaty .
Read more : Hong Kong media tycoon Jimmy Lai arrested under new security law The motion – which was passed with a vote of 49 @ @ @ @ @ @ @ – also supported the government ’ s plans to offer bespoke visas , with a pathway to citizenship , to 2.9m Hong Kong residents .
Among those to vote against the motion was Lord Mayor of London William Russell and the corporation ’ s chair of policy and resources Catherine McGuinness .
Before the Open newsletter : Start your day with the City View podcast and key market data In July , Beijing imposed new security legislation on Hong Kong that bans criticism of the Chinese government and effectively ends freedom of speech @ @ @ @ @ @ @ will also see Beijing set up security agencies in Hong Kong for the first time .
The new law sparked mass protests in Hong Kong and forced some of the region ’ s most famous pro-democracy activists to flee the country .
Foreign secretary Dominic Raab said the new laws violated the Sino-British treaty that was signed when the UK handed Hong Kong over to China .
City of London councillor Graeme Harrower said Guildhall had a moral responsibility to also censure China ’ s government over its actions in Hong Kong .
@ @ @ @ @ @ @ , People ’ s Republic of China abuses the human rights of its own citizens , including , but not only , the Uighurs and the people of Hong Kong , as well as the people of occupied Tibet , ” he said .
“ Like all tyrants , the PRC government should be condemned and opposed , not feted and supported.
” Harrower also hit out at those voting against the motion , saying that claims made by policy chair Catherine McGuinness that the corporation should “ keep out of international politics @ @ @ @ @ @ @ more : City of London slams government plans to override EU deal “ The promotion of the UK in international trade , which is one of the corporation ’ s self-appointed functions , is as much part of international politics as defence , ” he said .
In a statement released today , the City of London Corporation said : “ The City of London Corporation today told Hong Kong residents they would always be welcome in the Square Mile .
”

City of London Corporation hits out at China for breaching its UK treaty
Hong Kong democracy activist Nathan Law (C) takes part in a demonstration with a banner outside the Foreign Office in Berlin
The City of London Corporation has accused China of breaching the Sino-British treaty, after imposing draconian national security laws on Hong Kong.
The local authority’s Court of Common Council – which comprises all of its elected officials – voted in favour of the motion, which accused Beijing of denying Hong Kongers the right to enjoy a “high degree of autonomy” as set out in the handover treaty.
The motion – which was passed with a vote of 49 for, 29 against and eight abstentions – also supported the government’s plans to offer bespoke visas, with a pathway to citizenship, to 2.9m Hong Kong residents.
Among those to vote against the motion was Lord Mayor of London William Russell and the corporation’s chair of policy and resources Catherine McGuinness.
Before the Open newsletter: Start your day with the City View podcast and key market data
In July, Beijing imposed new security legislation on Hong Kong that bans criticism of the Chinese government and effectively ends freedom of speech in the region.
The new law will also see Beijing set up security agencies in Hong Kong for the first time.
The new law sparked mass protests in Hong Kong and forced some of the region’s most famous pro-democracy activists to flee the country.
Foreign secretary Dominic Raab said the new laws violated the Sino-British treaty that was signed when the UK handed Hong Kong over to China.
City of London councillor Graeme Harrower said Guildhall had a moral responsibility to also censure China’s government over its actions in Hong Kong.
“The government of the, self-described, People’s Republic of China abuses the human rights of its own citizens, including, but not only, the Uighurs and the people of Hong Kong, as well as the people of occupied Tibet,” he said.
“Like all tyrants, the PRC government should be condemned and opposed, not feted and supported.”
Harrower also hit out at those voting against the motion, saying that claims made by policy chair Catherine McGuinness that the corporation should “keep out of international politics” were “disingenuous”.
“The promotion of the UK in international trade, which is one of the corporation’s self-appointed functions, is as much part of international politics as defence,” he said.
In a statement released today, the City of London Corporation said: “The City of London Corporation today told Hong Kong residents they would always be welcome in the Square Mile.”


cityam--2020-09-11--Biotech seeks to seize the moment

Biotech seeks to seize the moment

Biotech was outperforming the broader market before the pandemic hit – since then its relative performance has been stronger still .
So proclaims a timely publication showcasing investment trends , performance and opportunities published last week by the UK BioIndustry Association ( BIA ) , which seeks to ‘ lift the lid ’ on one what is naturally an R & D-heavy sector .
Biotech – biology-driven technology – uses biological processes to develop products , most prominently new medicines .
The global race battle against coronavirus has catapulted the sector to prominence .
The ‘ Opportunity on Your Doorstep @ @ @ @ @ @ @ represents more than 300 companies , captures – and seeks to capitalise on – the moment .
Produced with support from the London Stock Exchange ( LSE ) , its 64 pages aim to ‘ demystify ’ biotech for non-specialists and provide practical advice for wannabe investors .
‘ As the sector mobilises to find solutions to the Covid-19 crisis , there is acute interest from governments and much of the public across the world .
We all now depend on effective medicines , diagnostic tests , and ultimately a vaccine , to @ @ @ @ @ @ @ again , ’ says Steve Bates , the association ’ s chief executive for the past eight years , introducing the guide .
‘ Nothing short of astonishing ’ is how the LSE ’ s interim chief executive , Denzil Jenkins , describes the industry ’ s response to the pandemic , in respect of vaccine development and producing testing and diagnostic kit , in his overview .
UK biotech enjoys an increasingly diverse set of investors , with 2018 a record-breaking year for total investment .
The sector ’ s long-term returns @ @ @ @ @ @ @ sectors , including pharmaceuticals and tech , in both venture capital and public markets , according to a share-price analysis published alongside the BIA report : the combined share price of the UK quoted biotech sector is up 133 % against the FTSE-100 over the past year and 124 % in the past five years .
Quoted companies involved in developing Covid-19-related technologies are up 545 % in the past year .
Broader trends are also positive , both within healthcare – for example , the increasing demand for treatments as populations grow @ @ @ @ @ @ @ arena , with the rising importance of environmental , social and governance ( ESG ) factors .
Meanwhile , government intends to push things along on the investment side , with plans announced to channel £200m of spending through the British Business Bank ( BBB ) – the private sector is expected to contribute around a further £400m .
Ultimately , it ’ s a global game .
Five years ago City AM reported on the attraction to UK-based biotech companies of the Nasdaq and , today , the USA remains the biotech @ @ @ @ @ @ @ is rising fast .
But the UK is a European star , reports have flagged .
Biotech requires patience .
As the BIA report acknowledges , most experimental therapies fail to make it to market .
Ian Connatty , managing director of British Patient Capital – created by the BBB two years ago with £2.5bn to invest over 10 years into venture and venture growth capital funds – is well positioned to have a view on the sector .
“ Advances in areas such as artificial intelligence , computational biology and bioinformatics , @ @ @ @ @ @ @ refer to a ‘ golden age ’ of biotech , ” he tells City AM .
“ Some of the most exciting companies in this area , with the potential to scale into global leaders , are emerging from the UK ’ s world-class universities.
” Connatty continues : “ Venture capital is providing the long-term finance to facilitate these companies ’ rapid development .
Investment into life sciences-focused venture capital offers institutional investors a unique way to gain exposure to some of the promising biotech opportunities , and capture the value created @ @ @ @ @ @ @ leaders are optimistic that more investors are tuning in .
Arquer Diagnostics is a 10-strong biotech company based in Sunderland that has developed tests for the detection of bladder , endometrial and prostate cancer .
The company has previously raised in excess of £7m from investors and the government – it has benefited from Innovate UK grants ( one specifically awarded as part of the Covid-19 recovery scheme ) – and is in the midst of a new fundraising round .
The company ’ s chief executive , Nadia Whittley , believes – @ @ @ @ @ @ @ that coronavirus has highlighted the wider investment opportunities in the healthcare sector as a whole .
“ I have previously found that a lot of investors tend to roll their eyes when they hear we ’ re a diagnostics firm – they ’ re often more interested in more immediate and fashionable sectors , ” she tells City AM .
“ But now , given Covid-19 , I see greater excitement .
Investors understand now the importance of the wider biotech industry within the ecosystem and how future-proofing this industry is important for @ @ @

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Biotech seeks to seize the moment
Arquer Diagnostics is a 10-strong biotech company based in Sunderland in the midst of an investment round (Image: Arquer Diagnostics)
Biotech was outperforming the broader market before the pandemic hit – since then its relative performance has been stronger still.
So proclaims a timely publication showcasing investment trends, performance and opportunities published last week by the UK BioIndustry Association (BIA), which seeks to ‘lift the lid’ on one what is naturally an R&D-heavy sector.
Biotech – biology-driven technology – uses biological processes to develop products, most prominently new medicines. The global race battle against coronavirus has catapulted the sector to prominence.
The ‘Opportunity on Your Doorstep’ report from the BIA, which represents more than 300 companies, captures – and seeks to capitalise on – the moment. Produced with support from the London Stock Exchange (LSE), its 64 pages aim to ‘demystify’ biotech for non-specialists and provide practical advice for wannabe investors.
‘As the sector mobilises to find solutions to the Covid-19 crisis, there is acute interest from governments and much of the public across the world. We all now depend on effective medicines, diagnostic tests, and ultimately a vaccine, to get economies and our normal lives going again,’ says Steve Bates, the association’s chief executive for the past eight years, introducing the guide.
‘Nothing short of astonishing’ is how the LSE’s interim chief executive, Denzil Jenkins, describes the industry’s response to the pandemic, in respect of vaccine development and producing testing and diagnostic kit, in his overview.
Demystifying and diversifying
UK biotech enjoys an increasingly diverse set of investors, with 2018 a record-breaking year for total investment. The sector’s long-term returns (10 years) have outperformed other sectors, including pharmaceuticals and tech, in both venture capital and public markets, according to a share-price analysis published alongside the BIA report: the combined share price of the UK quoted biotech sector is up 133% against the FTSE-100 over the past year and 124% in the past five years. Quoted companies involved in developing Covid-19-related technologies are up 545% in the past year.
Broader trends are also positive, both within healthcare – for example, the increasing demand for treatments as populations grow and age – and within the investment arena, with the rising importance of environmental, social and governance (ESG) factors.
Meanwhile, government intends to push things along on the investment side, with plans announced to channel £200m of spending through the British Business Bank (BBB) – the private sector is expected to contribute around a further £400m.
Ultimately, it’s a global game. Five years ago City AM reported on the attraction to UK-based biotech companies of the Nasdaq and, today, the USA remains the biotech investment mothership. China’s star is rising fast. But the UK is a European star, reports have flagged.
Patience is a virtue
Biotech requires patience. As the BIA report acknowledges, most experimental therapies fail to make it to market.
Ian Connatty, managing director of British Patient Capital – created by the BBB two years ago with £2.5bn to invest over 10 years into venture and venture growth capital funds – is well positioned to have a view on the sector.
“Advances in areas such as artificial intelligence, computational biology and bioinformatics, even before Covid-19 were leading many to refer to a ‘golden age’ of biotech,” he tells City AM. “Some of the most exciting companies in this area, with the potential to scale into global leaders, are emerging from the UK’s world-class universities.”
Connatty continues: “Venture capital is providing the long-term finance to facilitate these companies’ rapid development. Investment into life sciences-focused venture capital offers institutional investors a unique way to gain exposure to some of the promising biotech opportunities, and capture the value created by their rapid growth.”
‘Now… I see greater excitement’
Biotech business leaders are optimistic that more investors are tuning in.
Arquer Diagnostics is a 10-strong biotech company based in Sunderland that has developed tests for the detection of bladder, endometrial and prostate cancer. The company has previously raised in excess of £7m from investors and the government – it has benefited from Innovate UK grants (one specifically awarded as part of the Covid-19 recovery scheme) – and is in the midst of a new fundraising round.
The company’s chief executive, Nadia Whittley, believes – in line with the BIA report – that coronavirus has highlighted the wider investment opportunities in the healthcare sector as a whole.
“I have previously found that a lot of investors tend to roll their eyes when they hear we’re a diagnostics firm – they’re often more interested in more immediate and fashionable sectors,” she tells City AM. “But now, given Covid-19, I see greater excitement. Investors understand now the importance of the wider biotech industry within the ecosystem and how future-proofing this industry is important for everybody.”


cityam--2020-09-11--Leading rail pension scheme warns of £15bn shortfall under new rules

The Railways Pension Scheme ( RPS ) has warned that a proposed regulatory shake-up of funding rules would create a £15bn hole in its finances .
The £30bn scheme serves 350,000 members across the UK ’ s rail sector , including rail managers and train drivers .
It has set out its concerns to the Pensions Regulator following plans , which were unveiled in March , that could see deficits at as many as 5,500 defined benefit schemes increase , as first reported by the Financial Times .
The less optimistic assumptions on investment returns are likely to inflate the @ @ @ @ @ @ @ .
Currently , defined benefit pension schemes have flexibility over financial assumptions used to value pension promises .
The UK ’ s largest rail pension fund warned that this move would have a “ substantial ” cash impact on tens of employers .
However , the regulator has said the overhaul , which is due to come into effect late next year , would protect pension rights and reduce risk of current rules being “ misused ” to manage contributions .
The RPS , which provides pensions for more than 150 rail-related firms @ @ @ @ @ @ @ changes could lead to a £15bn deficit in its fully-funded scheme as it switches to lower-risk and lower-returning assets .
Any shortfall would then have to be picked up by employers , who have already come under increased financial pressure due to the drop in passenger numbers amid the Covid-19 pandemic .
Although , the government has stepped in to aid railway firms in the face of this financial challenge .
Read more : Rail firms cut services by 10 per cent due to coronavirus “ The issue we wish to highlight is @ @ @ @ @ @ @ a substantial change to the DB funding regime via a significant level of medium-term de-risking , ” said John Chilman , chief executive of Railway Pension Investments Limited , which manages the RPS .
The Department for Transport told the FT : “ Train operating company sections of the Railways Pension Scheme should be fair , affordable , and sustainable for employees , employers , the taxpayer and farepayers , and are working closely with the industry to ensure this .
”

Leading rail pension scheme warns of £15bn shortfall under new rules
Railway pension fund warns new rules could create £15bn hole
The Railways Pension Scheme (RPS) has warned that a proposed regulatory shake-up of funding rules would create a £15bn hole in its finances.
The £30bn scheme serves 350,000 members across the UK’s rail sector, including rail managers and train drivers.
It has set out its concerns to the Pensions Regulator following plans, which were unveiled in March, that could see deficits at as many as 5,500 defined benefit schemes increase, as first reported by the Financial Times.
The less optimistic assumptions on investment returns are likely to inflate the cost of liabilities, the RPS argued.
Currently, defined benefit pension schemes have flexibility over financial assumptions used to value pension promises.
The UK’s largest rail pension fund warned that this move would have a “substantial” cash impact on tens of employers.
However, the regulator has said the overhaul, which is due to come into effect late next year, would protect pension rights and reduce risk of current rules being “misused” to manage contributions.
The RPS, which provides pensions for more than 150 rail-related firms, said its modelling showed the rule changes could lead to a £15bn deficit in its fully-funded scheme as it switches to lower-risk and lower-returning assets.
Any shortfall would then have to be picked up by employers, who have already come under increased financial pressure due to the drop in passenger numbers amid the Covid-19 pandemic. Although, the government has stepped in to aid railway firms in the face of this financial challenge.
“The issue we wish to highlight is the ability for employers to cope with a substantial change to the DB funding regime via a significant level of medium-term de-risking,” said John Chilman, chief executive of Railway Pension Investments Limited, which manages the RPS.
The Department for Transport told the FT: “Train operating company sections of the Railways Pension Scheme should be fair, affordable, and sustainable for employees, employers, the taxpayer and farepayers, and are working closely with the industry to ensure this.”


cityam--2020-09-11--Euronext confirms talks to bid for London Stock Exchange’s Borsa Italiana

European exchange Euronext has confirmed that it is in talks with state-owned Italian investment bank CDP to submit a bid to buy Borsa Italiana from the London Stock Exchange ( LSE ) .
In July , LSE said that it may sell Borsa Italiana or just its bond-trading platform MTS as it tries to win EU approval for its $ 27bn ( £21bn ) takeover of data firm Refinitiv .
It bought the Italian exchange for €1.6bn ( £1.5bn ) in 2007 .
Reports have said potential bidders now value it at between €3.3bn and €3.7bn .
LSE has already @ @ @ @ @ @ @ to decide whether it wants to break up Borsa Italiana or sell it whole , according to a source who spoke to Reuters .
The Italian government is said to be firmly against the break-up of Borsa .
And LSE may want to keep it happy as it tries to finalise the Refinitiv deal .
The Italian Ministry of Economy and Finance owns the majority of CDP ( Cassa Depositi e Prestiti ) .
However , Euronext – which runs exchanges in Amsterdam , Paris , Dublin and elsewhere – will face opposition @ @ @ @ @ @ @ Boerse .
Both exchanges are planning to put in bids for Borsa Italiana , according to Reuters sources .
Switzerland ’ s Six declined to comment .
Deutsche Boerse and London Stock Exchange have been contacted for comment .
In June , Brussels sent the LSE-Refinitiv merger , which was announced last year , for a full antitrust investigation .
It is concerned that the combined group could use its data access and exchange system to offer customers unfair advantages .
Brussels is also looking at concerns over bond trading .
Italian authorities @ @ @ @ @ @ @ platform MTS being sold to LSE , which already owns bond-trading venue Tradeweb .
They have said it is a strategic asset .
Reuters Thompson currently owns 45 per cent of Refinitiv , which provides rapid financial data .

Euronext confirms talks to bid for London Stock Exchange’s Borsa Italiana
Borsa Italiana is based in Milan but owned by the London Stock Exchange
European exchange Euronext has confirmed that it is in talks with state-owned Italian investment bank CDP to submit a bid to buy Borsa Italiana from the London Stock Exchange (LSE).
In July, LSE said that it may sell Borsa Italiana or just its bond-trading platform MTS as it tries to win EU approval for its $27bn (£21bn) takeover of data firm Refinitiv.
It bought the Italian exchange for €1.6bn (£1.5bn) in 2007. Reports have said potential bidders now value it at between €3.3bn and €3.7bn.
LSE has already received bids for MTS and will have to decide whether it wants to break up Borsa Italiana or sell it whole, according to a source who spoke to Reuters.
Italian government concerned about Borsa Italiana deal
The Italian government is said to be firmly against the break-up of Borsa. And LSE may want to keep it happy as it tries to finalise the Refinitiv deal. The Italian Ministry of Economy and Finance owns the majority of CDP (Cassa Depositi e Prestiti).
However, Euronext – which runs exchanges in Amsterdam, Paris, Dublin and elsewhere – will face opposition from Switzerland’s Six and Deutsche Boerse. Both exchanges are planning to put in bids for Borsa Italiana, according to Reuters sources.
Switzerland’s Six, Deutsche Boerse and London Stock Exchange all declined to comment.
In June, Brussels sent the LSE-Refinitiv merger, which was announced last year, for a full antitrust investigation. It is concerned that the combined group could use its data access and exchange system to offer customers unfair advantages.
Brussels is also looking at concerns over bond trading. Italian authorities have said they are worried about bond-trading platform MTS being sold to LSE, which already owns bond-trading venue Tradeweb. They have said it is a strategic asset.
Reuters Thompson currently owns 45 per cent of Refinitiv, which provides rapid financial data.


cityam--2020-09-11--Timing a Token Launch

Timing a Token Launch

It ’ s March 2020 .
Countries across Asia are closed for travel and movement .
Italy has come under the global spotlight because of its strict and indefinite lockdown period .
Spain isn ’ t far behind .
The world is becoming alert to a new , deadly virus and supermarkets are being overrun by panic buyers .
Economists are predicting a formidable depression and the stock markets are reacting with huge sell-offs , generating more panic .
Meanwhile , London and the UK are still open for business .
When will Boris follow Italy , Spain , France @ @ @ @ @ @ @ ?
Along with four of my colleagues , I stood in a 90 % empty London Excel for Blockchain Technology World ( incidentally the venue that was turned into the 4,500 bed Nightingale Field Hospital the very next week ) .
Why wasn ’ t this event cancelled or postponed ?
After all , delegates , exhibitors and visitors usually travel from all over the world to attend this annual event and many of those countries were already restricted from travelling .
It ’ s safe to say that March 2020 was not @ @ @ @ @ @ @ token sale ; the outlook was gloomy , there were bigger things to focus on and this was all on top of an already bruised market sentiment for altcoin investors , who were struggling to make a return following the two-year bear market .
Who , at the turn of the year , thought that 2020 would involve attending virtual events , networking with avatars and celebrating when Google Meets finally added a tiled view to their video conferencing service ?
Who at the turn of the year , thought we ’ d @ @ @ @ @ @ @ fictional pubs with our friends and family ?
The challenges we all faced during 2020 will be a topic for generations to come .
September 2020 .
Six months on and whilst global cases continue to climb as pandemic epicenters shift and countries ease restrictions , the feeling is more positive .
Europe has experienced beautiful summer weather and people have had time to reflect on what is important to them .
For many , spending considerable time at home with their nearest and dearest has changed their perspective and those businesses that @ @ @ @ @ @ @ normality that is helping to increase productivity and improve the work-life balance of their employees .
To grow in this scenario is testament to the resilience of the human spirit and our industry .
We will not be beaten !
We have a vision and nothing will stand in our way of achieving that !
Perhaps these are straplines that should be emblazoned across the t-shirts of every blockchain and tech startup .
Maybe even a tattoo… There ’ s a new buzz in the industry , in fact there are a few @ @ @ @ @ @ @ BTC is up .
Alts are up .
Sentiment is positive and the market has returned with aplomb .
Not only is the market timing better , we and others have had an extra six months of higher productivity , further platform development , additional revenue generation and user base growth , which has scaled significantly .
Let ’ s take a look at the tech giants .
Apple is valued at over $ 2 trillion – that ’ s double what it was in March and larger than the entire FTSE 100 @ @ @ @ @ @ @ behind and younger tech companies such as Zoom and Slack have also benefited from the pandemic .
Why ?
Because offices , restaurants and shops had to shut down , employees needed better equipment so they could work from home and consumers needed somewhere online to spend their money .
Cloud platforms and telco businesses have also benefited from increased online activity , but never has there been such a microscopic lens on finances .
Whilst the tech industry has largely succeeded , other industries are on their knees and one stark fact @ @ @ @ @ @ @ too expensive .
A more sustainable solution is required then , to make cloud computing more affordable and more accessible for an exascaling global audience .
This is what the Cudo team is focused on building ; a distributed cloud platform that can be used for a multitude of use cases , including oracle services for other blockchains , AI , video rendering and blockchain computing .
A sharing economy platform , that like Airbnb or Uber , provides a lower-cost consumer option , whilst distributing the revenue to a network of hardware @ @ @ @ @ @ @ though ; we believe our suppliers should be rewarded further whilst also building security and transparency into the platform .
This forms the use case for our CUDOS token where staking earns rewards at the same time as creating a reputation system for devices and validating successful computing jobs .
Launching in March would have been premature , there would have been no utility at the time for the token and the market wasn ’ t right .
The six-month pause was a blessing in disguise .
If you would like to learn @ @ @ @ @ @ @ token sale , how it will benefit your business or investment portfolio , please visit www.cudos.org or contact token @ cudos.org .
We ’ re not just an idea , we ’ re a reality .

Timing a Token Launch
Pete Hill, Director at Cudo Ventures
It’s March 2020. Countries across Asia are closed for travel and movement. Italy has come under the global spotlight because of its strict and indefinite lockdown period. Spain isn’t far behind. The world is becoming alert to a new, deadly virus and supermarkets are being overrun by panic buyers. Economists are predicting a formidable depression and the stock markets are reacting with huge sell-offs, generating more panic.
Meanwhile, London and the UK are still open for business. When will Boris follow Italy, Spain, France and Germany and announce a similar lockdown?
Along with four of my colleagues, I stood in a 90% empty London Excel for Blockchain Technology World (incidentally the venue that was turned into the 4,500 bed Nightingale Field Hospital the very next week). Why wasn’t this event cancelled or postponed? After all, delegates, exhibitors and visitors usually travel from all over the world to attend this annual event and many of those countries were already restricted from travelling.
It’s safe to say that March 2020 was not the right time to launch a private token sale; the outlook was gloomy, there were bigger things to focus on and this was all on top of an already bruised market sentiment for altcoin investors, who were struggling to make a return following the two-year bear market.
Timing is everything.
Who, at the turn of the year, thought that 2020 would involve attending virtual events, networking with avatars and celebrating when Google Meets finally added a tiled view to their video conferencing service? Who at the turn of the year, thought we’d spend Saturday nights playing online quizzes in fictional pubs with our friends and family? The challenges we all faced during 2020 will be a topic for generations to come.
Time is a healer.
September 2020. Six months on and whilst global cases continue to climb as pandemic epicenters shift and countries ease restrictions, the feeling is more positive. Europe has experienced beautiful summer weather and people have had time to reflect on what is important to them. For many, spending considerable time at home with their nearest and dearest has changed their perspective and those businesses that have survived, have embraced a new normality that is helping to increase productivity and improve the work-life balance of their employees. To grow in this scenario is testament to the resilience of the human spirit and our industry. We will not be beaten! We have a vision and nothing will stand in our way of achieving that! Perhaps these are straplines that should be emblazoned across the t-shirts of every blockchain and tech startup. Maybe even a tattoo…
There’s a new buzz in the industry, in fact there are a few; DeFi. Oracles. Uniswap. BTC is up. Alts are up. Sentiment is positive and the market has returned with aplomb. Not only is the market timing better, we and others have had an extra six months of higher productivity, further platform development, additional revenue generation and user base growth, which has scaled significantly.
Let’s take a look at the tech giants. Apple is valued at over $2 trillion – that’s double what it was in March and larger than the entire FTSE 100 value. Amazon isn’t far behind and younger tech companies such as Zoom and Slack have also benefited from the pandemic. Why? Because offices, restaurants and shops had to shut down, employees needed better equipment so they could work from home and consumers needed somewhere online to spend their money.
Cloud platforms and telco businesses have also benefited from increased online activity, but never has there been such a microscopic lens on finances. Whilst the tech industry has largely succeeded, other industries are on their knees and one stark fact remains: current cloud costs are simply too expensive. A more sustainable solution is required then, to make cloud computing more affordable and more accessible for an exascaling global audience. This is what the Cudo team is focused on building; a distributed cloud platform that can be used for a multitude of use cases, including oracle services for other blockchains, AI, video rendering and blockchain computing. A sharing economy platform, that like Airbnb or Uber, provides a lower-cost consumer option, whilst distributing the revenue to a network of hardware suppliers.
Cudo is going beyond that though; we believe our suppliers should be rewarded further whilst also building security and transparency into the platform. This forms the use case for our CUDOS token where staking earns rewards at the same time as creating a reputation system for devices and validating successful computing jobs. Launching in March would have been premature, there would have been no utility at the time for the token and the market wasn’t right. The six-month pause was a blessing in disguise.
Timing is everything.
Pete Hill , Director at Cudo Ventures
If you would like to learn more about the Cudo platform and CUDOS token, please visit www.cudos.org or contact token@cudos.org. We’re not just an idea, we’re a reality.


WIBF 40for40 List

We are thrilled to announce the launch of the nomination process for the WIBF 40for40 list .
To celebrate WIBF ’ s 40th Anniversary we are celebrating some of our greatest supporters and advocates since 1980 .
Their contributions personify the positive impact of WIBF and have been instrumental in making us the thriving , innovative network we are today .
In 1980 the network ‘ Women in Banking ’ was formed in response to academic research into the status of women in the banking sector by one of the founder members Margery Povall at the London School of Economics @ @ @ @ @ @ @ ; “ I want to help other women so they will not fall into the same mistakes and traps as I have in my career ” The original logo was designed by James Dyson , of Dyson vacuum fame , whose wife was a member .
Clearance had to be obtained from the Bank of England due to use of Britannia .
The primary aim of the Group was to encourage more women to make a career in banking and provide a support network for those that were already established .
In 1984 @ @ @ @ @ @ @ to join Women in Banking and we hosted joint training session with CIOB , a series of workshops ‘ men and women working together as managers and power in organisational life .
In 1992 Women in Banking became Women in Banking and Finance ( WIBF ) to reflect the changes and the diversification of its members .
The banking industry had changed dramatically , not only were women now an integral part of the industry , but the banking industry was changing too with financial service companies moving into banking and vice versa @ @ @ @ @ @ @ .
In response , WIBF ’ s primary aim developed into providing a forum for women in the financial services industry to meet , share experiences , develop themselves , personally and professionally , and equally , it was important to develop others .
Our mission today is to bring a gender lens to UK Financial Services by connecting , challenging and inspiring our network to unlock the full potential of financial services for all .
We wouldn ’ t be where we are today without the support , innovation and resilience of @ @ @ @ @ @ @ and supporters over the last forty years and we would like to recognise those people .
“ These are the positive role models that inspire us , have championed our work , the members whose active involvement has paved the way for others to follow in their field , and the amazing volunteers who are the glue that bind our network together.
” Join us in celebrating 40 years of WIBF and if you are a member then make your nomination for the 40for40 List by 23rd October .

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
WIBF 40for40 List
We are thrilled to announce the launch of the nomination process for the WIBF 40for40 list. To celebrate WIBF’s 40th Anniversary we are celebrating some of our greatest supporters and advocates since 1980. Their contributions personify the positive impact of WIBF and have been instrumental in making us the thriving, innovative network we are today.
In 1980 the network ‘Women in Banking’ was formed in response to academic research into the status of women in the banking sector by one of the founder members Margery Povall at the London School of Economics. She wrote in a 1981 newsletter; “I want to help other women so they will not fall into the same mistakes and traps as I have in my career”
The original logo was designed by James Dyson, of Dyson vacuum fame, whose wife was a member. Clearance had to be obtained from the Bank of England due to use of Britannia.
The primary aim of the Group was to encourage more women to make a career in banking and provide a support network for those that were already established.
In 1984 Peter Spiro CIOB was the first man to join Women in Banking and we hosted joint training session with CIOB, a series of workshops ‘men and women working together as managers and power in organisational life.
In 1992 Women in Banking became Women in Banking and Finance (WIBF) to reflect the changes and the diversification of its members.
The banking industry had changed dramatically, not only were women now an integral part of the industry, but the banking industry was changing too with financial service companies moving into banking and vice versa.
Women still required support and training. In response, WIBF’s primary aim developed into providing a forum for women in the financial services industry to meet, share experiences, develop themselves, personally and professionally, and equally, it was important to develop others.
Our mission today is to bring a gender lens to UK Financial Services by connecting, challenging and inspiring our network to unlock the full potential of financial services for all.
We wouldn’t be where we are today without the support, innovation and resilience of of the chairs, volunteers, members and supporters over the last forty years and we would like to recognise those people.
WIBF President, Vivienne Artz said,
“These are the positive role models that inspire us, have championed our work, the members whose active involvement has paved the way for others to follow in their field, and the amazing volunteers who are the glue that bind our network together.”
Join us in celebrating 40 years of WIBF and if you are a member then make your nomination for the 40for40 List by 23rd October.


cityam--2020-09-11--Countries must work together in recovering from coronavirus – Taiwan is ready to help

In 2020 , the world has been hit by an unprecedented public health crisis , with the effects of Covid-19 being felt across every aspect of people ’ s lives .
This year also marks the 75th anniversary of the signing of the Charter of the United Nations .
Now more than ever , the global community must make a concerted effort to forge the better and more sustainable future called for by the UN and its Member States .
Taiwan is ready , willing and able to be a part of these efforts .
Read more : Coronavirus : @ @ @ @ @ @ @ six people With less than 500 confirmed cases and seven deaths , Taiwan has defied predictions and successfully contained Covid-19 .
We managed this without lockdowns ; schools were only closed for two weeks in February .
Baseball games also restarted in April .
By mid-July games were back in full swing , attended by as many as 10,000 spectators .
This has all come in no small part due to Taiwan ’ s quick response measures , including the establishment of a Central Epidemic Command Center , the implementation of stringent border @ @ @ @ @ @ @ information-sharing .
We also took swift action to ensure an adequate stock of medical supplies for our world-class health care system .
And after making sure we had enough supplies to look after our own people , we started providing medical equipment and supplies to other countries in serious need , including donating over two million pieces of personal protective equipment to the UK .
Working together for the greater good is how the world will defeat Covid-19 .
In the Declaration on the Commemoration of the 75th Anniversary of the United Nations @ @ @ @ @ @ @ that only by working together in solidarity can we end the pandemic and effectively tackle its consequences .
They thus pledge to make the UN more inclusive and to leave no one behind as the world looks to recover from the pandemic .
We could not agree more .
However , this vision seems lacking when Taiwan—one of the world ’ s model democracies and a success story in containing the current pandemic—continues to be barred from taking part in and exchanging experiences and information with the UN system .
Even as the @ @ @ @ @ @ @ aware of Taiwan ’ s unjust and discriminatory exclusion from the World Health Organization and the UN system , the People ’ s Republic of China ( PRC ) continues to press the UN to use an erroneous interpretation of the 1971 UN General Assembly Resolution 2758 as the legal basis for blocking Taiwan .
The fact is that this resolution does not address the issue of Taiwan ’ s representation in the UN , nor does it state that Taiwan is part of the PRC .
In fact , Taiwan is not @ @ @ @ @ @ @ a part of the PRC .
Our President and legislature are directly elected by the people of Taiwan .
Moreover , border controls instituted during the pandemic offer further evidence to counter the PRC ’ s false claims .
The UN must recognize that only Taiwan ’ s democratically elected government can represent its 23.5m people ; the PRC has no right to speak on Taiwan ’ s behalf .
Not having Taiwan ’ s input in the UN is a loss to the global community , and will hamper member states ’ @ @ @ @ @ @ @ 2030 Agenda for Sustainable Development in full and on time .
By drawing on its outstanding work on the Sustainable Development Goals ( SDGs ) , Taiwan can help countries better recover from the disruption caused by the pandemic .
Our economy has proven resilient : the Asian Development Bank forecast that Taiwan ’ s economic performance in 2020 would be the best among the Four Asian Tigers—the only one to show positive growth .
Moreover , many of our SDG indicators have reached levels comparable to OECD countries .
Our ongoing efforts @ @ @ @ @ @ @ proven pandemic response put Taiwan in a much better position than most to help the global community in tackling the ongoing challenges facing humanity .
In fact , Taiwan has long been assisting its partner countries in Africa , Asia , the Caribbean , Latin America , and the Pacific with their development goals .
We could do that much more if given the chance to participate in UN activities , meetings , and mechanisms .
Read more : Taiwan deserves a seat at the WHO table Unfortunately , the people of Taiwan @ @ @ @ @ @ @ .
Taiwanese journalists and media outlets are also denied accreditation to cover UN meetings .
This discriminatory policy stems from the wrongful claims of and pressure from an authoritarian state , and contravenes the principle of universality and equality upon which the UN was founded .
The ideal of upholding human rights and fundamental freedoms for all laid out in the Charter of the United Nations must not remain empty words .
As it looks ahead to the next 75 years , it is never too late for the UN to welcome Taiwan @ @ @ @ @ @ @ the foreign minister of Taiwan .

Countries must work together in recovering from coronavirus – Taiwan is ready to help
In 2020, the world has been hit by an unprecedented public health crisis, with the effects of Covid-19 being felt across every aspect of people’s lives.
This year also marks the 75th anniversary of the signing of the Charter of the United Nations. Now more than ever, the global community must make a concerted effort to forge the better and more sustainable future called for by the UN and its Member States. Taiwan is ready, willing and able to be a part of these efforts.
With less than 500 confirmed cases and seven deaths, Taiwan has defied predictions and successfully contained Covid-19. We managed this without lockdowns; schools were only closed for two weeks in February. Baseball games also restarted in April. By mid-July games were back in full swing, attended by as many as 10,000 spectators.
This has all come in no small part due to Taiwan’s quick response measures, including the establishment of a Central Epidemic Command Center, the implementation of stringent border controls and quarantine procedures, and transparent information-sharing.
We also took swift action to ensure an adequate stock of medical supplies for our world-class health care system. And after making sure we had enough supplies to look after our own people, we started providing medical equipment and supplies to other countries in serious need, including donating over two million pieces of personal protective equipment to the UK. Working together for the greater good is how the world will defeat Covid-19.
In the Declaration on the Commemoration of the 75th Anniversary of the United Nations, governments and heads of state acknowledge that only by working together in solidarity can we end the pandemic and effectively tackle its consequences. They thus pledge to make the UN more inclusive and to leave no one behind as the world looks to recover from the pandemic.
We could not agree more. However, this vision seems lacking when Taiwan—one of the world’s model democracies and a success story in containing the current pandemic—continues to be barred from taking part in and exchanging experiences and information with the UN system.
Even as the pandemic has made the international community acutely aware of Taiwan’s unjust and discriminatory exclusion from the World Health Organization and the UN system, the People’s Republic of China (PRC) continues to press the UN to use an erroneous interpretation of the 1971 UN General Assembly Resolution 2758 as the legal basis for blocking Taiwan.
The fact is that this resolution does not address the issue of Taiwan’s representation in the UN, nor does it state that Taiwan is part of the PRC. In fact, Taiwan is not, nor has it ever been, a part of the PRC. Our President and legislature are directly elected by the people of Taiwan.
Moreover, border controls instituted during the pandemic offer further evidence to counter the PRC’s false claims. The UN must recognize that only Taiwan’s democratically elected government can represent its 23.5m people; the PRC has no right to speak on Taiwan’s behalf.
Not having Taiwan’s input in the UN is a loss to the global community, and will hamper member states’ efforts to regain normalcy and implement the 2030 Agenda for Sustainable Development in full and on time. By drawing on its outstanding work on the Sustainable Development Goals (SDGs), Taiwan can help countries better recover from the disruption caused by the pandemic.
Our economy has proven resilient: the Asian Development Bank forecast that Taiwan’s economic performance in 2020 would be the best among the Four Asian Tigers—the only one to show positive growth.
Moreover, many of our SDG indicators have reached levels comparable to OECD countries. Our ongoing efforts to implement the SDGs coupled with our proven pandemic response put Taiwan in a much better position than most to help the global community in tackling the ongoing challenges facing humanity.
In fact, Taiwan has long been assisting its partner countries in Africa, Asia, the Caribbean, Latin America, and the Pacific with their development goals. We could do that much more if given the chance to participate in UN activities, meetings, and mechanisms.
Unfortunately, the people of Taiwan are denied any access to UN premises. Taiwanese journalists and media outlets are also denied accreditation to cover UN meetings. This discriminatory policy stems from the wrongful claims of and pressure from an authoritarian state, and contravenes the principle of universality and equality upon which the UN was founded.
The ideal of upholding human rights and fundamental freedoms for all laid out in the Charter of the United Nations must not remain empty words. As it looks ahead to the next 75 years, it is never too late for the UN to welcome Taiwan’s participation.
Joseph Wu is the foreign minister of Taiwan.