cityam--2020-09-21--What the past can reveal about the future of money

Money is a technology .
It may be cultural in nature , but its story is nonetheless one of relentless innovation leading to big changes in society .
Today we are in the midst of a change that is as significant as any of the great historical leaps , such as the advent of coins or paper banknotes .
The prospect of governments and corporations issuing programmable digital currency will have a profound impact on our lives .
Prediction is a mug ’ s game but history can offer useful tips about what might lie in store .
Who drove @ @ @ @ @ @ @ ideas win adoption , and what was the consequence ?
The most relevant invention worth considering was paper money – a Chinese invention , just as today ’ s digital currency is likely to be pioneered by China .
Easily portable banknotes were initially the idea of guilds operating as early as the seventh century , with “ flying cheques ” an alternative to lugging around strings of coins , all of which were of low value .
Paper banknotes might have remained confined to the wealthiest merchants had the emperors not discovered @ @ @ @ @ @ @ purely on their station , rather than the collateral in their vaults .
Even so it was not until the Yuan Dynasty of the Mongol conquerors in the eleventh century that emperors like Kublai Khan decided to make their paper money the dominant currency in the land , paying salaries and demanding taxes in banknotes and confiscating private use of high-value coins – upon pain of death .
The government ’ s takeover of paper banknotes allowed this technology to scale , but it also transformed the underlying logic from business to political @ @ @ @ @ @ @ and led to bouts of hyperinflation that destabilized the Chinese economy .
The sixteenth-century Ming Dynasty so abused paper money that it lost all value and the economy grew addicted to imported silver , a critical weakness in the face of aggressive European mercantilism .
Today the Chinese government is again adopting a variety of private-sector innovations to create a digital currency that will scale .
Among its inspirations are bitcoin , the decentralized cryptocurrency introduced in 2009 , and mobile money operators , as pioneered by Kenya ’ s M-Pesa in 2007 @ @ @ @ @ @ @ a threat to be squashed – was Facebook ’ s bid to launch its own cryptocurrency , to facilitate payments among the 2.5bn users of its various properties .
China ’ s plans for a digital yuan are not based on blockchain but are adopting some of cryptocurrency ’ s innovations such as “ smart contracts ” which enable money to be programmed to achieve certain goals .
It will circulate this programmable money through the sort of mobile networks that are becoming common worldwide .
Beijing ’ s goals are different to @ @ @ @ @ @ @ A digital yuan will allow this new kind of money to scale , initially among China ’ s billion-plus population and presumably abroad as a means of trade settlement , among other uses .
But scale to what purpose ?
Money has always been tied to authority ; the ancient Greek word for coin , nomos , is linked to its word for law .
Authorities determine the rules for money , but those rules vary by culture : in the United States , for example , money in a democracy was a @ @ @ @ @ @ @ .
China is not interested in such arguments .
It wants , first , to ensure domestic financial stability ; second , to use fintech to bolster its economic competitiveness ; third , to create international means of payments and reserves management independent of the US dollar ; and fourth , to control its population .
In some respects we are back among earlier dynasties that saw paper banknotes as a technological edge both in supporting a growing economy as well as a way to finance military needs .
It would take Europeans @ @ @ @ @ @ @ with paper money , with a few disasters until the Bank of England ( founded in 1694 ) , combined with a newly credible monetary link to gold , wove a sensible path as a partnership between the Crown and private City interests .
Simply put , China innovated paper money , but England worked out that imperial diktat was insufficient for an abstraction such as paper money : currency needed the trust of business too .
Read more : Muppet money : Savers lose out on billions as they stash the cash @ @ @ @ @ @ @ banks are researching or testing digital currencies of their own .
Depending on their goals , these digital currencies can be designed in many ways , which opens both creative uses as well as new ways to get it wrong .
It took governments many attempts at paper banknotes to instill a sustainable , healthy regime .
The same is likely to be true of digital money .
Cowries to Crypto : The History of Money , Currency and Wealth by Jame DiBiasio and illustrated by Harry Harrison is published by OANDA , @ @ @ @ @ @ @ services .
It is available now .

What the past can reveal about the future of money
The oldest known UK banknote, issued by the Bank of England in 1699.
Money is a technology. It may be cultural in nature, but its story is nonetheless one of relentless innovation leading to big changes in society.
Today we are in the midst of a change that is as significant as any of the great historical leaps, such as the advent of coins or paper banknotes.
The prospect of governments and corporations issuing programmable digital currency will have a profound impact on our lives.
Prediction is a mug’s game but history can offer useful tips about what might lie in store.
Who drove innovations in money, how did their ideas win adoption, and what was the consequence?
Paper money
The most relevant invention worth considering was paper money – a Chinese invention, just as today’s digital currency is likely to be pioneered by China.
Easily portable banknotes were initially the idea of guilds operating as early as the seventh century, with “flying cheques” an alternative to lugging around strings of coins, all of which were of low value. Paper banknotes might have remained confined to the wealthiest merchants had the emperors not discovered they too could print money – based purely on their station, rather than the collateral in their vaults.
Even so it was not until the Yuan Dynasty of the Mongol conquerors in the eleventh century that emperors like Kublai Khan decided to make their paper money the dominant currency in the land, paying salaries and demanding taxes in banknotes and confiscating private use of high-value coins – upon pain of death.
The government’s takeover of paper banknotes allowed this technology to scale, but it also transformed the underlying logic from business to political purposes.
Overprinting regularly debased paper currency and led to bouts of hyperinflation that destabilized the Chinese economy. The sixteenth-century Ming Dynasty so abused paper money that it lost all value and the economy grew addicted to imported silver, a critical weakness in the face of aggressive European mercantilism.
Going digital
Today the Chinese government is again adopting a variety of private-sector innovations to create a digital currency that will scale. Among its inspirations are bitcoin, the decentralized cryptocurrency introduced in 2009, and mobile money operators, as pioneered by Kenya’s M-Pesa in 2007.
Another factor – less inspiration than a threat to be squashed – was Facebook’s bid to launch its own cryptocurrency, to facilitate payments among the 2.5bn users of its various properties.
China’s plans for a digital yuan are not based on blockchain but are adopting some of cryptocurrency’s innovations such as “smart contracts” which enable money to be programmed to achieve certain goals. It will circulate this programmable money through the sort of mobile networks that are becoming common worldwide.
Beijing’s goals are different to those of private companies and entrepreneurs. A digital yuan will allow this new kind of money to scale, initially among China’s billion-plus population and presumably abroad as a means of trade settlement, among other uses.
But scale to what purpose? Money has always been tied to authority; the ancient Greek word for coin, nomos, is linked to its word for law. Authorities determine the rules for money, but those rules vary by culture: in the United States, for example, money in a democracy was a major political issue throughout the nineteenth century.
China is not interested in such arguments. It wants, first, to ensure domestic financial stability; second, to use fintech to bolster its economic competitiveness; third, to create international means of payments and reserves management independent of the US dollar; and fourth, to control its population.
In some respects we are back among earlier dynasties that saw paper banknotes as a technological edge both in supporting a growing economy as well as a way to finance military needs.
It would take Europeans until the late seventeenth century to experiment with paper money, with a few disasters until the Bank of England (founded in 1694), combined with a newly credible monetary link to gold, wove a sensible path as a partnership between the Crown and private City interests.
Simply put, China innovated paper money, but England worked out that imperial diktat was insufficient for an abstraction such as paper money: currency needed the trust of business too.
Most of the world’s central banks are researching or testing digital currencies of their own. Depending on their goals, these digital currencies can be designed in many ways, which opens both creative uses as well as new ways to get it wrong.
It took governments many attempts at paper banknotes to instill a sustainable, healthy regime. The same is likely to be true of digital money.
Cowries to Crypto: The History of Money, Currency and Wealth by Jame DiBiasio and illustrated by Harry Harrison is published by OANDA, a global leader in online multi-asset trading services. It is available now.


cityam--2020-09-21--FTSE 350 boards more than a third female for the first time

For the first time more than a third of board members at the UK ’ s biggest 350 companies are women , new data has revealed .
According to the Department for Business , Energy and Industrial Strategy , representation of women at the top of FTSE 350 businesses has risen by 3.8 per cent in the last year .
Read more : Women less likely to be hired than men during UK lockdown That takes the percentage of women on such boards above 33 per cent , the threshold set by the government-sponsored Hampton-Alexander review in 2016 .
According @ @ @ @ @ @ @ cent of FTSE 350 firms still have not hit the 33 per cent mark .
Business secretary Alok Sharma called for them to do so before December , the review ’ s target date .
“ While I am pleased that the FTSE 350 as a whole has finally hit this historic landmark , more than 100 of the UK ’ s top companies have failed to meet the target ” , he said .
“ Research shows that diverse leadership teams are more innovative and make better decisions .
Before the Open @ @ @ @ @ @ @ City View podcast and key market data “ As the UK economy continues to recover from coronavirus , increasing representation of women on boards represents a golden opportunity not only to rebuild , but build back better.
” The data has also revealed that 19 boards within the FTSE 250 remain ‘ one and done ’ boards , where companies appoint a single woman board member and go no further .
And there is only one all-male board , a dramatic change from 2011 , when there were 152 such boards .
The @ @ @ @ @ @ @ said that the data was “ encouraging ” and showed that the UK ’ s voluntary approach to allowing firm ’ s to change their board make-ups was effective .
” Recognising the significant impact of the global COVID-19 pandemic on all business activities , it is encouraging to see the number of women at the top of British business continue to increase ” , she said .
Read more : A quarter of women set up their own business due to coronavirus A full list of the businesses ’ board make-ups will @ @ @ @ @ @ @ This confirms the UK ’ s business-led voluntary approach is working and the benefits of diversity are being recognised , with business seeking more than ever those with fresh energy , new ideas and diverse perspectives .
”

FTSE 350 boards more than a third female for the first time
For the first time more than a third of board members at the UK’s biggest 350 companies are women, new data has revealed.
According to the Department for Business, Energy and Industrial Strategy, representation of women at the top of FTSE 350 businesses has risen by 3.8 per cent in the last year.
That takes the percentage of women on such boards above 33 per cent, the threshold set by the government-sponsored Hampton-Alexander review in 2016.
According to the latest data, 41 per cent of FTSE 350 firms still have not hit the 33 per cent mark. Business secretary Alok Sharma called for them to do so before December, the review’s target date.
“While I am pleased that the FTSE 350 as a whole has finally hit this historic landmark, more than 100 of the UK’s top companies have failed to meet the target”, he said.
“Research shows that diverse leadership teams are more innovative and make better decisions.
Before the Open newsletter: Start your day with the City View podcast and key market data
“As the UK economy continues to recover from coronavirus, increasing representation of women on boards represents a golden opportunity not only to rebuild, but build back better.”
The data has also revealed that 19 boards within the FTSE 250 remain ‘one and done’ boards, where companies appoint a single woman board member and go no further.
And there is only one all-male board, a dramatic change from 2011, when there were 152 such boards.
The review’s chief executive Denise Wilson said that the data was “encouraging” and showed that the UK’s voluntary approach to allowing firm’s to change their board make-ups was effective.
”Recognising the significant impact of the global COVID-19 pandemic on all business activities, it is encouraging to see the number of women at the top of British business continue to increase”, she said.
A full list of the businesses’ board make-ups will be published in due course.
“This confirms the UK’s business-led voluntary approach is working and the benefits of diversity are being recognised, with business seeking more than ever those with fresh energy, new ideas and diverse perspectives.”


cityam--2020-09-21--Coronavirus: Pubs and restaurants forced to shut at 10pm from Thursday

Boris Johnson will tomorrow put a 10pm curfew on all English restaurants , pubs and hospitality venue in an attempt to curb surging coronavirus rates .
The new rules , which will come into force on Thursday , will also see the hospitality sector restricted to table service only .
Read more : Sadiq Khan warns of ‘ new restrictions ’ for London The intervention comes after a sharp rise in coronavirus cases across the country , which has prompted fears of a second wave .
Chief scientific adviser Sir Patrick Vallance said today that cases are doubling every seven @ @ @ @ @ @ @ a day if this rate continued .
Vallance said this would likely lead to around 200 coronavirus deaths a day by November .
Before the Open newsletter : Start your day with the City View podcast and key market data Chief medical officer professor Chris Whitty , meanwhile , said the country would have a “ very serious problem ” if “ we do not change course ” .
Johnson will hold an emergency Cobra meeting tomorrow with the heads of devolved governments , before announcing the new restrictions .
A Downing Street @ @ @ @ @ @ @ the challenges the new measures will pose to many individuals and businesses .
“ We know this won ’ t be easy , but we must take further action to control the resurgence in cases of the virus and protect the NHS.
” Michael Kill , the chief executive of the Night Time Industries Association , said the new restrictions would drive more young people to socialise at illegal gatherings and worsen the spread of the virus .
“ Rumours have been circulating about the government enforcing curfews as a measure to control @ @ @ @ @ @ @ ” he said .
“ Further restrictions on the businesses that are open will devastate the sector and will only compound the current issues faced by businesses that are closed and unable to open.
” The UK ’ s Covid alert level has also shifted up from level three to level four on the advice of the country ’ s four chief medical officers .
Level four means that “ social distancing continues ” and that “ transmission is high or rising exponentially ” .
Level five , the highest level , would @ @ @ @ @ @ @ imposed .

Coronavirus: Pubs and restaurants forced to shut at 10pm from Thursday
Boris Johnson will tomorrow put a 10pm curfew on all English restaurants, pubs and hospitality venue in an attempt to curb surging coronavirus rates.
The new rules, which will come into force on Thursday, will also see the hospitality sector restricted to table service only.
The intervention comes after a sharp rise in coronavirus cases across the country, which has prompted fears of a second wave.
Chief scientific adviser Sir Patrick Vallance said today that cases are doubling every seven days and that cases would hit 50,000 a day if this rate continued.
Vallance said this would likely lead to around 200 coronavirus deaths a day by November.
Before the Open newsletter: Start your day with the City View podcast and key market data
Chief medical officer professor Chris Whitty, meanwhile, said the country would have a “very serious problem” if “we do not change course”.
Johnson will hold an emergency Cobra meeting tomorrow with the heads of devolved governments, before announcing the new restrictions.
A Downing Street spokesperson said: “No one underestimates the challenges the new measures will pose to many individuals and businesses.
“We know this won’t be easy, but we must take further action to control the resurgence in cases of the virus and protect the NHS.”
Michael Kill, the chief executive of the Night Time Industries Association, said the new restrictions would drive more young people to socialise at illegal gatherings and worsen the spread of the virus.
“Rumours have been circulating about the government enforcing curfews as a measure to control the pandemic for many weeks now,” he said.
“Further restrictions on the businesses that are open will devastate the sector and will only compound the current issues faced by businesses that are closed and unable to open.”
The UK’s Covid alert level has also shifted up from level three to level four on the advice of the country’s four chief medical officers.
Level four means that “social distancing continues” and that “transmission is high or rising exponentially”.
Level five, the highest level, would lead to a new sweeping lockdown being imposed.


cityam--2020-09-21--Sir Keir Starmer to make direct plea to lost working class voters in major speech

Sir Keir Starmer will centre his Labour party conference speech tomorrow around “ family values ” and British patriotism in a bid to win back lost working class voters .
Starmer will ask voters in the North and Midlands , who deserted the party at the 2019 election , to “ take another look at Labour ” and tell them that “ we love the country as you do ” .
Read more : Anneliese Dodds pitches Labour as party of fiscal responsibility He will also tell his party that “ it ’ s time to get serious about winning @ @ @ @ @ @ @ is “ a credible opposition ” in a pointed barb at former leader Jeremy Corbyn .
Labour ’ s conference this year has the tagline of “ Under new Leadership ” in what is a clear attempt to distance Starmer from his predecesor .
Starmer has moderated the party ’ s image in the first five months of his leadership with some success – the party is now neck-and-neck with the Tories in polling , after trailing by 20+ points .
Starmer ’ s speech on the last day of the virtual conference @ @ @ @ @ @ @ him and Corbyn , who was often derided as being unpatriotic during his leadership .
Before the Open newsletter : Start your day with the City View podcast and key market data Corbyn ’ s stance on many foreign policy issues – such as his refusal to blame Russia for the 2018 Salisbury poisoning and his historic links to the IRA – chided with many traditional Labour voters in the North and Midlands .
Starmer is expected to say tomorrow : “ To those people in Doncaster and Deeside , in Glasgow and @ @ @ @ @ @ @ to those who have turned away from Labour , I say this – we hear you .
“ I ask you – take another look at Labour .
We ’ re under new leadership .
“ We love this country as you do.
” Starmer will also use the speech to say that his “ vision for Britain ” is for it to become “ the best country to grow up in and the best country to grow old in ” .
He is expected to say that his priorities , if elected @ @ @ @ @ @ @ funded public services ” , improved education , improved skills and training , and an economy “ that truly works for all regions and nations of this United Kingdom , with opportunity and security in every part of the country ” .
Read more : Sir Keir Starmer : Labour must become more patriotic Shadow chancellor Anneliese Dodds also attempted to distance herself from the former Labour leadership in her speech today by pitching the party as pro-busines and fiscally responsible .
Dodds called out the government for being “ cavalier ” with @ @ @ @ @ @ @ “ ensure that public money was always spent wisely ” .

Sir Keir Starmer to make direct plea to lost working class voters in major speech
Sir Keir Starmer has moderated the party’s image in the first five months of his leadership with some success – the party is now neck-and-neck with the Tories in polling, after trailing by 20+ points.
Sir Keir Starmer will centre his Labour party conference speech tomorrow around “family values” and British patriotism in a bid to win back lost working class voters.
Starmer will ask voters in the North and Midlands, who deserted the party at the 2019 election, to “take another look at Labour” and tell them that “we love the country as you do”.
He will also tell his party that “it’s time to get serious about winning” and that under his leadership Labour is “a credible opposition” in a pointed barb at former leader Jeremy Corbyn.
Labour’s conference this year has the tagline of “Under new Leadership” in what is a clear attempt to distance Starmer from his predecesor.
Starmer has moderated the party’s image in the first five months of his leadership with some success – the party is now neck-and-neck with the Tories in polling, after trailing by 20+ points.
Starmer’s speech on the last day of the virtual conference will try to put more daylight between him and Corbyn, who was often derided as being unpatriotic during his leadership.
Before the Open newsletter: Start your day with the City View podcast and key market data
Corbyn’s stance on many foreign policy issues – such as his refusal to blame Russia for the 2018 Salisbury poisoning and his historic links to the IRA – chided with many traditional Labour voters in the North and Midlands.
Starmer is expected to say tomorrow: “To those people in Doncaster and Deeside, in Glasgow and Grimsby, in Stoke and in Stevenage to those who have turned away from Labour, I say this – we hear you.
“I ask you – take another look at Labour. We’re under new leadership.
“We love this country as you do.”
Starmer will also use the speech to say that his “vision for Britain” is for it to become “the best country to grow up in and the best country to grow old in”.
He is expected to say that his priorities, if elected in 2024, would be “properly funded public services”, improved education, improved skills and training, and an economy “that truly works for all regions and nations of this United Kingdom, with opportunity and security in every part of the country”.
Shadow chancellor Anneliese Dodds also attempted to distance herself from the former Labour leadership in her speech today by pitching the party as pro-busines and fiscally responsible.
Dodds called out the government for being “cavalier” with public money, adding that she would “ensure that public money was always spent wisely”.


cityam--2020-09-21--Airbus unveils first ever zero emissions commercial aircraft designs

European aerospace giant Airbus has today unveiled concepts for the first ever commercial zero emissions aircraft , which it said could be in service by 2035 .
All three concepts depend on hydrogen as the primary source of fuel , which Airbus said holds “ exceptional promise ” for an industry trying to clean up its carbon footprint .
Read more : Businesses call on chancellor to support UK hydrogen strategy Chief executive Guillaume Faury said that the announcement was “ a historic moment for the commercial aviation sector as a whole ” .
“ We intend to play a @ @ @ @ @ @ @ this industry has ever seen ” , he went on .
“ The concepts we unveil today offer the world a glimpse of our ambition to drive a bold vision for the future of zero-emission flight.
” The three designs , which are codenamed “ ZEROe ” , are for different types of journeys and numbers of passengers .
The first , a turbofan design , would carry 120-200 passengers and have a range of more than 2,000 nautical miles .
The aircraft would be capable of operating transcontinentally and is powered by @ @ @ @ @ @ @ , rather than jet fuel , through combustion .
The liquid hydrogen will be stored and distributed via tanks located behind the rear pressure bulkhead .
Then , for short-haul trips , there is a turboprop model which could carry up to 100 passengers .
It is also powered by hydrogen combustion in modified gas-turbine engines , and has a range of over 1000 miles .
Finally – and most strikingly – Airbus unveiled its “ blended wing ” design , which would have similar range and capacity as the turbofan model .
@ @ @ @ @ @ @ options for hydrogen storage and distribution , and for cabin layout , the firm said .
“ These concepts will help us explore and mature the design and layout of the world ’ s first climate-neutral , zero-emission commercial aircraft , which we aim to put into service by 2035 , ” said Faury .
Read more : Hydrogen holds the keys to unlocking a zero carbon future “ The transition to hydrogen , as the primary power source for these concept planes , will require decisive action from the entire aviation ecosystem @ @ @ @ @ @ @ government and industrial partners we can rise up to this challenge to scale-up renewable energy and hydrogen for the sustainable future of the aviation industry .
”

Airbus unveils first ever zero emissions commercial aircraft designs
European aerospace giant Airbus has today unveiled concepts for the first ever commercial zero emissions aircraft, which it said could be in service by 2035.
All three concepts depend on hydrogen as the primary source of fuel, which Airbus said holds “exceptional promise” for an industry trying to clean up its carbon footprint.
Chief executive Guillaume Faury said that the announcement was “a historic moment for the commercial aviation sector as a whole”.
“We intend to play a leading role in the most important transition this industry has ever seen”, he went on.
“The concepts we unveil today offer the world a glimpse of our ambition to drive a bold vision for the future of zero-emission flight.”
The three designs, which are codenamed “ZEROe”, are for different types of journeys and numbers of passengers.
The first, a turbofan design, would carry 120-200 passengers and have a range of more than 2,000 nautical miles.
The Turbofan model (credit: Airbus)
The aircraft would be capable of operating transcontinentally and is powered by a modified gas-turbine engine running on hydrogen, rather than jet fuel, through combustion.
The liquid hydrogen will be stored and distributed via tanks located behind the rear pressure bulkhead.
Then, for short-haul trips, there is a turboprop model which could carry up to 100 passengers.
The Turboprop concept (credit: Airbus)
It is also powered by hydrogen combustion in modified gas-turbine engines, and has a range of over 1000 miles.
Finally – and most strikingly – Airbus unveiled its “blended wing” design, which would have similar range and capacity as the turbofan model.
The exceptionally wide fuselage opens up multiple options for hydrogen storage and distribution, and for cabin layout, the firm said.
The “Blended Wing” design (credit: Airbus)
“These concepts will help us explore and mature the design and layout of the world’s first climate-neutral, zero-emission commercial aircraft, which we aim to put into service by 2035,” said Faury.
“The transition to hydrogen, as the primary power source for these concept planes, will require decisive action from the entire aviation ecosystem.
“Together with the support from government and industrial partners we can rise up to this challenge to scale-up renewable energy and hydrogen for the sustainable future of the aviation industry.”


cityam--2020-09-21--Pubs to shut at 10pm under new restrictions

Boris Johnson will tomorrow announce that pubs in England will have to shut at 10pm in an attempt to limit the spread of coronavirus , it was reported this afternoon .
The new restrictions are set to be introduced amid warnings that there could be as many as 50,000 cases a day in the UK by mid October if the number of cases continues to rise at its current rate .
Read more : Sadiq Khan warns of ‘ new restrictions ’ for London Earlier today the chief medical officers of the UK announced that the country ’ s coronavirus @ @ @ @ @ @ @ to level four as a result in the surge in cases .
The Sun revealed that pubs , restaurants and other hospitality businesses could be forced to shut altogether in places where the disease is especially virulent .
There will also be patrols to check whether customers are obeying the “ rule of six ” , it reported .
Johnson is widely expected to announce the curfew , along with a number of other restrictions , after a crisis meeting of the COBR committee .
Before the Open newsletter : Start your day @ @ @ @ @ @ @ market data Last week industry bodies warned that a curfew would be potentially devastating for the sector , which is just coming off the much-needed boost of the Eat Out to Help Out scheme .
Michael Kill , the chief executive of the Night Time Industries Association , said such a move would drive more young people to socialise at illegal gatherings and worsen the spread of the virus .
“ Rumours have been circulating about the government enforcing curfews as a measure to control the pandemic for many weeks now , ” @ @ @ @ @ @ @ the businesses that are open will devastate the sector and will only compound the current issues faced by businesses that are closed and unable to open.
” British Beer and Pub Association chief executive Emma McClarkin said that a third of UK pubs are already struggling to break even since reopening due to lower capacity and dampened consumer confidence .
And UK Hospitality warned that 900,000 jobs were on the line unless the government provided the sector with extra support .

Pubs to shut at 10pm under new restrictions
Boris Johnson will tomorrow announce that pubs in England will have to shut at 10pm in an attempt to limit the spread of coronavirus, it was reported this afternoon.
The new restrictions are set to be introduced amid warnings that there could be as many as 50,000 cases a day in the UK by mid October if the number of cases continues to rise at its current rate.
Earlier today the chief medical officers of the UK announced that the country’s coronavirus alert level would rise from level three to level four as a result in the surge in cases.
The Sun revealed that pubs, restaurants and other hospitality businesses could be forced to shut altogether in places where the disease is especially virulent.
There will also be patrols to check whether customers are obeying the “rule of six”, it reported.
Johnson is widely expected to announce the curfew, along with a number of other restrictions, after a crisis meeting of the COBR committee.
Before the Open newsletter: Start your day with the City View podcast and key market data
Last week industry bodies warned that a curfew would be potentially devastating for the sector, which is just coming off the much-needed boost of the Eat Out to Help Out scheme.
Michael Kill, the chief executive of the Night Time Industries Association, said such a move would drive more young people to socialise at illegal gatherings and worsen the spread of the virus.
“Rumours have been circulating about the government enforcing curfews as a measure to control the pandemic for many weeks now,” Kill said.
“Further restrictions on the businesses that are open will devastate the sector and will only compound the current issues faced by businesses that are closed and unable to open.”
British Beer and Pub Association chief executive Emma McClarkin said that a third of UK pubs are already struggling to break even since reopening due to lower capacity and dampened consumer confidence.
And UK Hospitality warned that 900,000 jobs were on the line unless the government provided the sector with extra support.


cityam--2020-09-21--Sadiq Khan warns of 'new restrictions' for London

London Mayor Sadiq Khan has this afternoon said that he will implement “ new restrictions ” on the capital in order to slow the spread of the coronavirus disease .
“ I have just met with local council leaders from all parties and public health experts to agree a new London plan to slow the spread of the virus and save Londoners lives ” , he said .
Read more : Second local lockdown could cost London more than £2bn “ This includes some new restrictions .
We will collectively be asking the Government to implement this plan as soon @ @ @ @ @ @ @ it with the Prime Minister tomorrow morning.
” He said that it was important to take “ firm action ” now , saying it would be better for the country ’ s economic recovery in the long run , as well as saving more lives .
Khan did not go into any details of the plan , saying he would wait until it had been agreed with Boris Johnson .
He also said that he “ expected ” to be invited to tomorrow ’ s emergency COBR meeting to discuss plans for a @ @ @ @ @ @ @ expected to be announced tomorrow .
Before the Open newsletter : Start your day with the City View podcast and key market data Earlier today it was reported that Khan had not been invited to the meeting , which will see the PM meet with the heads of the UK ’ s devolved administrations .
“ The Prime Minister is also expected to announce new national rules tomorrow .
Given the huge impact these will have on London , I expect to be invited to the Government ’ s COBR meeting to discuss @ @ @ @ @ @ @ ’ s statement went on .
“ We must learn from the mistakes of the first wave ” , he added .
Khan ’ s announcement came after the UK ’ s chief medical officers called for the government to increase the coronavirus alert level from three to four .
A statement signed by the nation ’ s four top medical officials said they have “ reviewed the evidence ” and that “ the number of cases are now rising rapidly and probably exponentially in significant parts of all four nations ” .
@ @ @ @ @ @ @ today that at the current rate of infection , the UK would have 50,000 new Covid cases a day in a months ’ time and 200 deaths a day by November .

Sadiq Khan warns of ‘new restrictions’ for London
Sadiq Khan wants a trade deal between the UK and EU that will promote the City of London’s interests
London Mayor Sadiq Khan has this afternoon said that he will implement “new restrictions” on the capital in order to slow the spread of the coronavirus disease.
“I have just met with local council leaders from all parties and public health experts to agree a new London plan to slow the spread of the virus and save Londoners lives”, he said.
“This includes some new restrictions. We will collectively be asking the Government to implement this plan as soon as possible and I will be discussing it with the Prime Minister tomorrow morning.”
He said that it was important to take “firm action” now, saying it would be better for the country’s economic recovery in the long run, as well as saving more lives.
Khan did not go into any details of the plan, saying he would wait until it had been agreed with Boris Johnson.
He also said that he “expected” to be invited to tomorrow’s emergency COBR meeting to discuss plans for a new national lockdown, which are widely expected to be announced tomorrow.
Before the Open newsletter: Start your day with the City View podcast and key market data
Earlier today it was reported that Khan had not been invited to the meeting, which will see the PM meet with the heads of the UK’s devolved administrations.
“The Prime Minister is also expected to announce new national rules tomorrow. Given the huge impact these will have on London, I expect to be invited to the Government’s COBR meeting to discuss his plans tomorrow morning”, Khan’s statement went on.
“We must learn from the mistakes of the first wave”, he added.
Khan’s announcement came after the UK’s chief medical officers called for the government to increase the coronavirus alert level from three to four.
A statement signed by the nation’s four top medical officials said they have “reviewed the evidence” and that “the number of cases are now rising rapidly and probably exponentially in significant parts of all four nations”.
Chief scientific adviser Sir Patrick Vallance said today that at the current rate of infection, the UK would have 50,000 new Covid cases a day in a months’ time and 200 deaths a day by November.


cityam--2020-09-21--Increase coronavirus alert level, say UK's top medical officials

The UK ’ s chief medical officers have called for the government to increase the coronavirus alert level from three to four , which could see new restrictions imposed .
A statement signed by the nation ’ s four top medical officials said they have “ reviewed the evidence ” and that “ the number of cases are now rising rapidly and probably exponentially in significant parts of all four nations ” .
Read more : UK on track for 200 Covid deaths a day based on current infection rate Coronavirus cases in the UK are beginning to rise rapidly @ @ @ @ @ @ @ experiencing a second wave .
Chief scientific adviser Sir Patrick Vallance said today that cases are doubling every seven days and that cases would hit 50,000 a day if this rate continued .
Boris Johnson will deliver an address tomorrow evening , with speculation rife that he will impose new restrictions .
The UK ’ s four chief medical officers – Professor Chris Whitty , Dr Michael McBride , Dr Gregor Smith and Dr Chris Jones – said the alert level should be raised to its second highest possible point .
Level four @ @ @ @ @ @ @ ” and that “ transmission is high or rising exponentially ” .
Level five would mean the UK is in lockdown .
The statement read : “ The Joint Biosecurity Centre has recommended that the COVID-19 alert level should move from Level 3 ( A COVID-19 epidemic is in general circulation ) to Level 4 ( A COVID-19 epidemic is in general circulation ; transmission is high or rising exponentially ) .
“ After a period of lower COVID cases and deaths , the number of cases are now rising rapidly and probably @ @ @ @ @ @ @ nations .
“ If we are to avoid significant excess deaths and exceptional pressure in the NHS and other health services over the autumn and winter everyone has to follow the social distancing guidance , wear face coverings correctly and wash their hands regularly .
We know this will be a concerning news for many people ; please follow the rules , look after each other and together we will get through this.
” Read more : Coronavirus : Sadiq Khan not invited to emergency Cobra meeting on second UK wave Health secretary @ @ @ @ @ @ @ the significant shift in the current threat posed by coronavirus ” .
“ This country now faces a tipping point in its response and it is vital everybody plays their part now to stop the spread of the virus and protect lives , ” he said .

Increase coronavirus alert level, say UK’s top medical officials
Chief Medical Officer, Professor Chris Whitty arrives at Downing Street on September 21
The UK’s chief medical officers have called for the government to increase the coronavirus alert level from three to four, which could see new restrictions imposed.
A statement signed by the nation’s four top medical officials said they have “reviewed the evidence” and that “the number of cases are now rising rapidly and probably exponentially in significant parts of all four nations”.
Coronavirus cases in the UK are beginning to rise rapidly, with many claiming the country is experiencing a second wave.
Chief scientific adviser Sir Patrick Vallance said today that cases are doubling every seven days and that cases would hit 50,000 a day if this rate continued.
Boris Johnson will deliver an address tomorrow evening, with speculation rife that he will impose new restrictions.
The UK’s four chief medical officers – Professor Chris Whitty, Dr Michael McBride, Dr Gregor Smith and Dr Chris Jones – said the alert level should be raised to its second highest possible point.
Level four would mean that “social distancing continues” and that “transmission is high or rising exponentially”.
Level five would mean the UK is in lockdown.
The statement read: “The Joint Biosecurity Centre has recommended that the COVID-19 alert level should move from Level 3 (A COVID-19 epidemic is in general circulation) to Level 4 (A COVID-19 epidemic is in general circulation; transmission is high or rising exponentially).
“After a period of lower COVID cases and deaths, the number of cases are now rising rapidly and probably exponentially in significant parts of all four nations.
“If we are to avoid significant excess deaths and exceptional pressure in the NHS and other health services over the autumn and winter everyone has to follow the social distancing guidance, wear face coverings correctly and wash their hands regularly. We know this will be a concerning news for many people; please follow the rules, look after each other and together we will get through this.”
Health secretary Matt Hancock said the statement “reflects the significant shift in the current threat posed by coronavirus”.
“This country now faces a tipping point in its response and it is vital everybody plays their part now to stop the spread of the virus and protect lives,” he said.


cityam--2020-09-21--Lord Mayor's Show cancelled due to coronavirus

The coronavirus pandemic has forced the cancellation of one of London ’ s best known events for the first time in over 150 years .
The Lord Mayor ’ s Show , which dates back hundreds of years , was due to have been held on 14 November , but the decision has now been taken to call it off .
Due to the pandemic , the annual event , which normally comprises a three-mile parade around the Square Mile , was going to take place as a televised spectacle without an audience .
However , due to “ serious @ @ @ @ @ @ @ numbers of infections , it will now not go ahead at all , Lord Mayor William Russell said .
According to historical records , the last cancellation of the Lord Mayor ’ s Show was in 1852 to allow for a period of national mourning for the Duke of Wellington .
“ The Lord Mayor ’ s Show is a unique event but , because of serious and increasing concerns about the Covid-19 pandemic over the coming months , we believe that cancelling it is the right decision ” , Russell said .
@ @ @ @ @ @ @ day with the City View podcast and key market data “ Safety must remain our ultimate priority .
I would like to thank everyone who has worked on this show .
Our gratitude to them will remain undiminished , as will my hopes that we will be able to hold the Lord Mayor ’ s Show next year.
” Alderman Tim Hailes , who chairs the board that runs the show , said it would “ untenable ” to carry out even the revised show if new restrictions are brought in , as @ @ @ @ @ @ @ likely that , as we head towards winter , London and the UK will face increasingly challenging times so , with deep regret , the Board of Directors of the Lord Mayor ’ s Show Limited has taken this difficult decision ” , he said .
“ Instead of relaxing the public health restrictions , they look set to be tightened , so it would have become untenable , if not impossible , to hold this popular event , even in its scaled-back format.
” Read more : ‘ Sclerotic ’ City of @ @ @ @ @ @ @ report The parade has its origins in the thirteenth century , when King John granted a royal charter to the City of London and created the position of Lord Mayor .
As a condition of the post , the Lord Mayor was expected every year to travel to Westminster to swear allegiance to the king , thus giving the procession its origins .

Lord Mayor’s Show cancelled due to coronavirus
The coronavirus pandemic has forced the cancellation of one of London’s best known events for the first time in over 150 years.
The Lord Mayor’s Show, which dates back hundreds of years, was due to have been held on 14 November, but the decision has now been taken to call it off.
Due to the pandemic, the annual event, which normally comprises a three-mile parade around the Square Mile, was going to take place as a televised spectacle without an audience.
However, due to “serious and increasing” concerns over the swelling numbers of infections, it will now not go ahead at all, Lord Mayor William Russell said.
According to historical records, the last cancellation of the Lord Mayor’s Show was in 1852 to allow for a period of national mourning for the Duke of Wellington.
“The Lord Mayor’s Show is a unique event but, because of serious and increasing concerns about the Covid-19 pandemic over the coming months, we believe that cancelling it is the right decision”, Russell said.
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“Safety must remain our ultimate priority. I would like to thank everyone who has worked on this show. Our gratitude to them will remain undiminished, as will my hopes that we will be able to hold the Lord Mayor’s Show next year.”
Alderman Tim Hailes, who chairs the board that runs the show, said it would “untenable” to carry out even the revised show if new restrictions are brought in, as is widely expected.
“It seems likely that, as we head towards winter, London and the UK will face increasingly challenging times so, with deep regret, the Board of Directors of the Lord Mayor’s Show Limited has taken this difficult decision”, he said.
“Instead of relaxing the public health restrictions, they look set to be tightened, so it would have become untenable, if not impossible, to hold this popular event, even in its scaled-back format.”
The parade has its origins in the thirteenth century, when King John granted a royal charter to the City of London and created the position of Lord Mayor.
As a condition of the post, the Lord Mayor was expected every year to travel to Westminster to swear allegiance to the king, thus giving the procession its origins.


cityam--2020-09-21--Lufthansa warns of more job cuts as travel recovery stalls

Lufthansa shares lost nearly a tenth of their value this afternoon after the German flag carrier said that it would cut more jobs on top of the 22,000 redundancies previously announced .
This afternoon the airline revealed that due to the stalling recovery in air travel it would have to reduce its fleet by 150 planes , 50 more than it had planned .
Read more : Ryanair slams ‘ government mismanagement ’ as it cuts capacity again As a result , it said that there would have to be extra job cuts , but did not specify how many @ @ @ @ @ @ @ getting rid of the planes , Lufthansa ’ s fleet will number around 610 .
The announcement came as the airline , which was given a €9bn state bailout in the summer , said that it had slashed its capacity for the fourth quarter due to the lack of demand .
Previously the carrier had anticipated flying at 50 per cent capacity , but due to an expected lack of demand it said that it would now fly between 20 and 30 per cent .
Before the Open newsletter : Start your day @ @ @ @ @ @ @ market data Recent weeks have seen a number of carriers , including Ryanair and Easyjet , make similar cuts as a combination of travel bans and quarantine restrictions have choked the travel industry ’ s nascent recovery .
In addition , Lufthansa announced that it would take a €1.1bn impairment charge on the value of its aircraft .
Read more : British Airways boss : We are still ‘ battling for survival ’ The airline said that it would attempt to cut its monthly cash burn by €100m over the winter , taking @ @ @ @ @ @ @ first quarter of next year it is planning to slash 20 per cent of managerial positions , as well as 30 per cent of its office space in Germany .

Lufthansa warns of more job cuts as travel recovery stalls
Lufthansa shares lost nearly a tenth of their value this afternoon after the German flag carrier said that it would cut more jobs on top of the 22,000 redundancies previously announced.
This afternoon the airline revealed that due to the stalling recovery in air travel it would have to reduce its fleet by 150 planes, 50 more than it had planned.
As a result, it said that there would have to be extra job cuts, but did not specify how many more roles would be lost. After getting rid of the planes, Lufthansa’s fleet will number around 610.
The announcement came as the airline, which was given a €9bn state bailout in the summer, said that it had slashed its capacity for the fourth quarter due to the lack of demand.
Previously the carrier had anticipated flying at 50 per cent capacity, but due to an expected lack of demand it said that it would now fly between 20 and 30 per cent.
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Recent weeks have seen a number of carriers, including Ryanair and Easyjet, make similar cuts as a combination of travel bans and quarantine restrictions have choked the travel industry’s nascent recovery.
In addition, Lufthansa announced that it would take a €1.1bn impairment charge on the value of its aircraft.
The airline said that it would attempt to cut its monthly cash burn by €100m over the winter, taking it to €400m overall.
In the first quarter of next year it is planning to slash 20 per cent of managerial positions, as well as 30 per cent of its office space in Germany.


cityam--2020-09-22--Coronavirus: Boris Johnson imposes a string of new restrictions as second wave hits

Boris Johnson has imposed a swathe of new coronavirus restrictions in England including a 10pm curfew , enforced table service @ @ @ @ @ banning indoor events of all kinds and weddings of more than six people .
Retail @ @ @ @ @ be forced to wear face masks at all times , and customers will have to @ @ @ @ @ venues when not seated .
Read more : Coronavirus : Pubs and restaurants forced to @ @ @ @ @ Plans to allow crowds at sports stadiums and other similar events next month have also @ @ @ @ @ Minister told MPs today that the country was facing a second wave and that the @ @ @ @ @ perilous turning point ” .

Coronavirus: Boris Johnson imposes stringent new restrictions for up to six months
Prime Minister Boris Johnson leaves 10 Downing Street today to make a statement to MPs in Parliament on the COVID-19 pandemic
Boris Johnson has imposed a swathe of stringent new restrictions that could last for up to six months if no new coronavirus treatments or vaccines are found.
New restrictions in England from Thursday will include a 10pm curfew, enforced table service at hospitality venues and requirements that all retail and hospitality workers wear face masks at all times.
From tomorrow, everyone who is not an essential worker and can work from home has been advised to do so.
All indoor events – including indoor sports – and weddings will have a limit of six people from next week.
Rules to make businesses comply with Covid secure guidelines will be written into law, with higher fines for non-compliance.
Plans to allow crowds at sports stadiums and other similar events next month have also been scrapped.
Chief scientific adviser Sir Patrick Vallance said yesterday that Covid cases are doubling across the UK every seven days and that cases would reach 50,000 a day by next month if this trajectory continued.
This would lead to an estimated 200 deaths a day by November.
The Prime Minister told MPs today that the country was facing a second wave and that the UK had reached “a perilous turning point” as cases begin to rapidly rise.
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He said the restrictions would be in place for six months if there are no significant treatment or testing developments in that space of time.
Johnson did not rule out the prospect of a full national lockdown if the spread of the virus was not slowed down by the implementation of the latest guidelines.
“We will spare no effort in developing treatments, vaccines, new forms of mass testing,” he said.
“But unless we palpably make progress we should assume the restrictions I have announced will stay in place for perhaps six months.
“For the time being this virus is a fact of our lives and I must tell the house and our country that our fight against it will continue.
“We will not listen to those to say let the virus rip nor to those who urge a permanent lockdown.”
Chief medical officer professor Chris Whitty warned yesterday that “the seasons were against us” and that the virus would likely spread quicker in the colder months.
Labour leader Sir Keir Starmer said he supported the new measures, but a full blown second lockdown would represent a “huge failure of government”.
He challenged the government to improve its test and trace programme throughout the autumn and winter months to stop a potential second lockdown.
The new measures will severely dent the UK’s economic recovery, particularly in the hospitality and leisure sectors.
The British Chambers of Commerce called for a “comprehensive support package for firms forced to close or reduce capacity through no fault of their own”.
The Institute of Directors (IoD) called for an extension to the coronavirus business loan scheme and a reduction National Insurance contributions to help businesses affected by the latest lockdown.
IoD policy director Roger Barker said: “With the return of more restrictions, the onus is squarely on the Government to set out the next phase of its support.
“Key schemes are set to wind down in the months ahead, but it’s clear that businesses aren’t out of the woods yet.”


cityam--2020-09-22--FTSE 100 climbs after coronavirus-induced plunge

The FTSE 100 rose as investors regained some poise after London ’ s main index plunged more than three per cent yesterday as a second coronavirus lockdown appeared near .
The blue-chip index was up 0.4 per cent this morning to 5,828 points just before midday .
That was down significantly from its opening figure of above 6,000 yesterday .
The FTSE 250 had slipped 0.1 per cent .
Read more : FTSE 100 and US stocks plunge amid coronavirus lockdown fears In Germany , the Dax also recovered some of the ground it lost yesterday , rising 1.1 per @ @ @ @ @ @ @ 0.5 per cent and the Europe-wide Stoxx 600 rose 0.7 per cent .
The minor recovery in stock prices came after a bloodbath yesterday saw the FTSE 100 lose around £52bn in the worst sell-off since June .
European indices finished more than three per cent lower as investors worried that more coronavirus restrictions would derail the economic recovery .
FTSE 100 investors will keep a close eye on government ministers today .
Ministers will themselves be closely watching rising coronavirus cases .
In the UK , coronavirus has surged in recent days @ @ @ @ @ @ @ .
Read more : Boris Johnson to tell Brits to work from home in lockdown U-turn The government in response is set to order pubs to shut at 10pm .
And it will row back on its advice that encouraged employees to return to the workplace .
Cabinet office minister Michael Gove today said the government needs to balance “ the need to ensure that people can continue to work… against taking steps to try to reduce the virus ” .
Read more : Coronavirus : Pubs and restaurants forced to shut at @ @ @ @ @ @ @ Andrew Bailey told a webinar that the “ very unfortunate ” rise in cases threatened the UK economy ’ s recovery .
The dollar slipped after rising sharply yesterday as investors sought safe assets .
It was down 0.1 per cent against a basket of other currencies .
Its fall helped Brexit-battered sterling climb 0.3 per cent to $ 1.285 .
B & Q-owner Kingfisher was the biggest riser on the FTSE 100 today .
It climbed 8.1 per cent after posting a more than 60 per cent rise in first-half pre-tax profit @ @ @ @ @ @ @ people to rediscover their homes and find pleasure in making them better , ” said chief executive Thierry Garnier .
Multinationals fared well .
Engineering firm Smiths Group , tobacco firms Imperial Brands and British American , and Burberry each climbed around three per cent .
More domestically-focused firms did less well amid worries over the extent of new restrictions .
Housebuilders Whitbread and Barrratt shed around two per cent .
Insurers Admiral and RSA were also among the biggest fallers .
British Airways-owner IAG continued to fall after slumping more than ten @ @ @ @ @ @ @ 3.5 per cent .
Read more : Coronavirus : Premier Inn owner Whitbread to axe up to 6,000 jobs David Madden , market analyst at CMC Markets , said : “ The UK is set for tighter restrictions and we will know more when we hear from Prime Minister Johnson later today.
” “ The concerns for a reduction in economic activity is hanging over the London market .
”

FTSE 100 climbs despite new coronavirus rules but US stocks mixed
Workers had been gradually returning to the City of London – but rising coronavirus cases could threaten the return to the office
After plunging yesterday, the FTSE 100 rose despite the UK government imposing new coronavirus restrictions, while US stocks were mixed.
The UK blue-chip index was up 0.9 per cent to 5,858 points in afternoon trading. That was down significantly from its opening figure of above 6,000 yesterday, however. The FTSE 250 had risen 0.2 per cent.
Read more: FTSE 100 and US stocks plunge amid coronavirus lockdown fears
On Wall Street, the S&P 500 climbed 0.1 per cent at the open. The tech-heavy Nasdaq was up 0.4 per cent but the Dow Jones was 0.1 per cent lower.
In Germany, the Dax also recovered some of the ground it lost yesterday, rising one per cent. The French CAC 40 climbed 0.5 per cent and the Europe-wide Stoxx 600 rose 0.6 per cent.
The minor recovery in stock prices came after the FTSE 100 lost around £52bn yesterday in the worst sell-off since June. There was some suggestion that the rules the government put in place today were not as bad as some had expected.
FTSE 100 stable despite new restrictions
Prime Minister Boris Johnson today announced sweeping new measures to tackle the spread of coronavirus. He said they could be in place for six months.
He asked workers to work from home if they were able to do so. And he said all pubs, restaurants and bars would have to start closing at 10pm from Thursday.
Coronavirus has surged in the UK in recent days, with new cases topping 4,300 yesterday.
“We have reached a perilous turning point,” Johnson told the House of Commons. “This is the moment when we must act.”
Bank of England governor Andrew Bailey told a webinar that the “very unfortunate” rise in cases threatened the UK economy’s recovery.
Despite the new lockdown measures, the FTSE 100 rose after yesterday’s sharp fall which priced in harsh new restrictions.
The dollar rose as investors continued to seek the safe asset. It was up 0.1 per cent against a basket of other currencies. Sterling dropped in the wake of Johnson’s announcement to $1.277.
Prime Minister Boris Johnson today imposed sweeping new restrictions to try to curb the spread of coronavirus in the UK
Kingfisher flies high as BA drops
B&Q-owner Kingfisher was the biggest riser on the FTSE 100. It climbed 9.3 per cent after posting a more than 60 per cent rise in first-half pre-tax profit.
“The crisis has prompted more people to rediscover their homes and find pleasure in making them better,” said chief executive Thierry Garnier.
More domestically-focused firms fared badly, however, amid worries over the extent of new restrictions. Housebuilders Persimmon, Barrratt and Berkeley were in the top 20 fallers, as were insurers Admiral and RSA.
Read more: Coronavirus: Premier Inn owner Whitbread to axe up to 6,000 jobs
Craig Erlam, senior market analyst at currency firm Oanda, said: “Even in the absence of a full lockdown, tight restrictions on work, gatherings and travel will still have significant economic consequences. It may soon be time for policy makers to step up again.”
Yet multinationals fared better. Engineering firm Smiths Group, tobacco firms Imperial Brands and British American, and Burberry each climbed around three per cent.
Wall Street opens higher after rocky few weeks
US stocks have had a difficult few weeks after investors started to second-guess the recent surge in big tech.
They struggled for direction in early trading, however, after slipping yesterday as global investor sentiment went south.
The global spread of coronavirus and the lack of stimulus action in Congress weighed on the market’s mind.
Erlam said: “Stimulus will be a hot topic in the US today as [Federal Reserve] chairman Jerome Powell and Treasury secretary Steve Mnuchin appear before the House Financial Services Committee.”
He said the Fed has “done an extraordinary job in stabilizing the financial system and providing huge amounts of monetary stimulus.” Erlam said that meant “emphasis will likely fall on fiscal measures, or lack thereof”.


cityam--2020-09-22--Kingfisher profit jumps as online sales rise during lockdown

B & Q-owner Kingfisher increased its pre-tax profit by 62.4 per cent in the first half of the year as a strong second quarter and online sales growth boosted the retail group .
The FTSE 100 firm also said it had seen “ an encouraging start to the second half of the year ” .
It said like-for-like sales were up 17 per cent in the third quarter .
Kingfisher shares jumped 8.6 per cent to 287.4p .
That put it at the top of the FTSE 100 climbers list .
Kingfisher ’ s statutory pre-tax profit rose 62.4 per @ @ @ @ @ @ @ July 2020 , its results showed .
That took profit up to £398m .
Adjusted pre-tax profit – which does not take into account exceptional items – was up 23.1 per cent compared to a year earlier to £415m .
Sales over the period slipped 1.3 per cent to £5.92bn , reflecting the impact of the coronavirus pandemic .
But online sales grew an enormous 164 per cent .
That meant they made up 19 per cent of total group sales in the first half of 2020 , compared to seven per cent @ @ @ @ @ @ @ earnings per share rose to 15.1p .
Its free cash flow rose five-fold to £1.04bn .
Kingfisher , which owns B & Q and Screwfix in the UK and Castorama and Brico Depot in France , said it had benefited from people doing up their houses and gardens during lockdown .
“ The crisis has prompted more people to rediscover their homes and find pleasure in making them better , ” said chief executive Thierry Garnier .
“ It is creating new home improvement needs , as people seek new ways to use @ @ @ @ @ @ @ ” Kingfisher sad its strong second-quarter recovery had continued into the third quarter .
Yet Garnier warned : “ There remains considerable uncertainty around Covid-19.
” “ Looking forward , while the near term outlook is uncertain , the longer term opportunity for Kingfisher is significant , ” he added .

Kingfisher profit jumps as online sales rise during lockdown
Wickes and rival Kingfisher, which runs B&Q and Screwfix, have indicated sales and profits have weakened over the past year, as they also saw DIY demand from locked-down customers start to soften
B&Q-owner Kingfisher increased its pre-tax profit by 62.4 per cent in the first half of the year as a strong second quarter and online sales growth boosted the retail group.
The FTSE 100 firm also said it had seen “an encouraging start to the second half of the year”. It said like-for-like sales were up 17 per cent in the third quarter.
Kingfisher shares jumped 8.6 per cent to 287.4p. That put it at the top of the FTSE 100 climbers list.
The figures
Kingfisher’s statutory pre-tax profit rose 62.4 per cent in the six months ended 31 July 2020, its results showed. That took profit up to £398m.
Adjusted pre-tax profit – which does not take into account exceptional items – was up 23.1 per cent compared to a year earlier to £415m.
Sales over the period slipped 1.3 per cent to £5.92bn, reflecting the impact of the coronavirus pandemic.
But online sales grew an enormous 164 per cent. That meant they made up 19 per cent of total group sales in the first half of 2020, compared to seven per cent a year earlier.
Kingfisher’s earnings per share rose to 15.1p. Its free cash flow rose five-fold to £1.04bn.
What Kingfisher said
Kingfisher, which owns B&Q and Screwfix in the UK and Castorama and Brico Depot in France, said it had benefited from people doing up their houses and gardens during lockdown.
“The crisis has prompted more people to rediscover their homes and find pleasure in making them better,” said chief executive Thierry Garnier.
“It is creating new home improvement needs, as people seek new ways to use space or adjust to working from home.”
Kingfisher sad its strong second-quarter recovery had continued into the third quarter. Yet Garnier warned: “There remains considerable uncertainty around Covid-19.”
“Looking forward, while the near term outlook is uncertain, the longer term opportunity for Kingfisher is significant,” he added.


cityam--2020-09-22--Irn-Bru owner AG Barr shares pop despite slump in revenue

Irn-Bru maker AG Barr shares hiked this morning as it clung onto its revised full-year expectations despite receiving a hammer blow during the coronavirus crisis .
Read more : Coronavirus : Premier Inn owner Whitbread to axe up to 6,000 jobs Revenue fell 7.6 per cent year on year to £113.2m for the six months to 25 July .
Profit before tax climbed 19.4 per cent to £16.6m over the period , up from £13.9m in January .
However , statutory profit before tax plummeted 62.2 per cent to £5.1m , down from £13.5m .
AG Barr boosted its operating @ @ @ @ @ @ @ from 11.7 per cent last year , and it hiked earnings per share from 9.83p last year to 10.52p this year .
The Irn-Bru maker generated cash flow of £30.1m during the half-year , with £30.4m of net cash at the bank .
The drinks company , which also makes drinks such as Rubicon and Funkin , withheld its dividend , saying its “ position remains under review ” .
The firm said dividend payments are expected to resume in 2021 .
Shares were up 14.2 per cent to 425.5p at midday .
@ @ @ @ @ @ @ online sales rise during lockdown Analysts at Shore Capital nodded to AG Barr ’ s high liquidity and strong cash generation as “ reasons to be cheerful ” amid tough market conditions .
The Irn-Bru maker admitted that “ the circumstances which have arisen as a result of the Covid-19 pandemic have significantly impacted life and business in the UK and beyond , ” but assured investors that it remains in a strong position .
AG Barr took swift action to conserve cash and underpin its financial stability as the crisis unfolded in @ @ @ @ @ @ @ cost-cutting programme as the hospitality sector ground to a halt during lockdown .
Online sales grew more than 170 per cent over the six month period as traditional sales dwindled , the company announced today .
Irn-Bru remained AG Barr ’ s strongest product during lockdown , but Rubicon sales saw a nine per cent slump amid the coronavirus crisis .
AG Barr announced it will cease production of its Snapple and Rockstar drinks as part of plans to simplify its portfolio .
John Moore , senior investment manager at Brewin Dolphin , @ @ @ @ @ @ @ AG Barr through as its best-known brand , but basing its second half projections on the UK not entering a significant second lockdown period may prove optimistic .
“ Nevertheless , the business remains robust and , with a strong cash position , it is in a good position to weather current conditions.
” “ We remain on course to deliver a full year performance in line with the revised expectations we communicated in the July 2020 trading update .
We have continued to invest in our core brand equity for the long @ @ @ @ @ @ @ standards and remain a profitable and cash generative business in a robust drinks sector .
We are confident that our business will continue to prove its resilience for the balance of this year and beyond.
” Before the Open : Get the jump on the markets with our early morning newsletter

Irn-Bru owner AG Barr shares pop despite slump in revenue
AG Barr saw profits slump during 2020, but a recovery is in full swing.
Irn-Bru maker AG Barr shares hiked this morning as it clung onto its revised full-year expectations despite receiving a hammer blow during the coronavirus crisis.
The figures
Revenue fell 7.6 per cent year on year to £113.2m for the six months to 25 July.
Profit before tax climbed 19.4 per cent to £16.6m over the period, up from £13.9m in January. However, statutory profit before tax plummeted 62.2 per cent to £5.1m, down from £13.5m.
AG Barr boosted its operating margin to 15.1 per cent, up from 11.7 per cent last year, and it hiked earnings per share from 9.83p last year to 10.52p this year.
The Irn-Bru maker generated cash flow of £30.1m during the half-year, with £30.4m of net cash at the bank.
The drinks company, which also makes drinks such as Rubicon and Funkin, withheld its dividend, saying its “position remains under review”. The firm said dividend payments are expected to resume in 2021.
Shares were up 14.2 per cent to 425.5p at midday.
Why it’s interesting
Analysts at Shore Capital nodded to AG Barr’s high liquidity and strong cash generation as “reasons to be cheerful” amid tough market conditions.
The Irn-Bru maker admitted that “the circumstances which have arisen as a result of the Covid-19 pandemic have significantly impacted life and business in the UK and beyond,” but assured investors that it remains in a strong position.
AG Barr took swift action to conserve cash and underpin its financial stability as the crisis unfolded in March.
It carried out a robust cost-cutting programme as the hospitality sector ground to a halt during lockdown.
Online sales grew more than 170 per cent over the six month period as traditional sales dwindled, the company announced today. Irn-Bru remained AG Barr’s strongest product during lockdown, but Rubicon sales saw a nine per cent slump amid the coronavirus crisis.
AG Barr announced it will cease production of its Snapple and Rockstar drinks as part of plans to simplify its portfolio.
John Moore, senior investment manager at Brewin Dolphin, said: “Irn-Bru is still getting AG Barr through as its best-known brand, but basing its second half projections on the UK not entering a significant second lockdown period may prove optimistic.
“Nevertheless, the business remains robust and, with a strong cash position, it is in a good position to weather current conditions.”
What AG Barr said
Chief executive Roger White said:
“We remain on course to deliver a full year performance in line with the revised expectations we communicated in the July 2020 trading update. We have continued to invest in our core brand equity for the long term, maintained our quality and service standards and remain a profitable and cash generative business in a robust drinks sector. We are confident that our business will continue to prove its resilience for the balance of this year and beyond.”
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cityam--2020-09-22--Private equity firm Lone Star quits race to buy Asda

US private equity firm Lone Star Funds has abandoned the bidding war over British supermarket giant Asda , leaving rival asset manager Apollo as its likely suitor .
The two private equity firms entered a showdown for the UK ’ s third-biggest grocery chain last month , after US owner Walmart opened bidding for a majority stake in Asda .
The companies hired retail veterans Rob Templeman and Paul Mason to head up the bidding war .
Templeman , the former Debenhams chief executive , had teamed up with Apollo , while Mason , who served as Asda ’ s @ @ @ @ @ @ @ Lone Star .
However , Lone Star is understood to have dropped out of the race after failing to meet price expectations set by Walmart , the Telegraph first reported .
Walmart , the world ’ s largest retailer , was forced to place Asda up for auction after merger talks with Sainsbury ’ s were blocked by the competition regulator last year .
The Competition and Markets Authority warned that the tie-up , which would have created Britain ’ s largest grocer by market share , would be “ expected to result @ @ @ @ @ @ @ .
Asda enticed a valuation of £7.3bn under the failed mega-merger talks with Sainsbury ’ s , however it is thought a private equity takeover will fail to attract as high a price tag .
It is unclear whether UK-based TDR Capital , a third private equity firm , is still in the running for a takeover bid .
Walmart is expected to retain a minority stake in the grocery chain once a sale is completed .
In second quarter results released last month , Asda saw like-for-like sales slip 0.3 per cent @ @ @ @ @ @ @ pandemic .
Read more : Eat Out to Help Out wipes £155m off supermarket sales Slow sales in its non-US retailers drove down Walmart ’ s gross profit rate in the UK , and hammered its international operating income by almost 30 per cent in the second quarter .
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Private equity firm Lone Star quits race to buy Asda
US private equity firm Lone Star Funds has abandoned the bidding war over British supermarket giant Asda, leaving rival asset manager Apollo as its likely suitor.
The two private equity firms entered a showdown for the UK’s third-biggest grocery chain last month, after US owner Walmart opened bidding for a majority stake in Asda.
The companies hired retail veterans Rob Templeman and Paul Mason to head up the bidding war. Templeman, the former Debenhams chief executive, had teamed up with Apollo, while Mason, who served as Asda’s boss 20 years ago, was helping Lone Star.
However, Lone Star is understood to have dropped out of the race after failing to meet price expectations set by Walmart, the Telegraph first reported.
Walmart, the world’s largest retailer, was forced to place Asda up for auction after merger talks with Sainsbury’s were blocked by the competition regulator last year.
The Competition and Markets Authority warned that the tie-up, which would have created Britain’s largest grocer by market share, would be “expected to result in a substantial lessening of competition”.
Asda enticed a valuation of £7.3bn under the failed mega-merger talks with Sainsbury’s, however it is thought a private equity takeover will fail to attract as high a price tag.
It is unclear whether UK-based TDR Capital, a third private equity firm, is still in the running for a takeover bid.
Walmart is expected to retain a minority stake in the grocery chain once a sale is completed.
In second quarter results released last month, Asda saw like-for-like sales slip 0.3 per cent despite demand for groceries skyrocketing during the pandemic.
Slow sales in its non-US retailers drove down Walmart’s gross profit rate in the UK, and hammered its international operating income by almost 30 per cent in the second quarter.
Asda declined to comment.
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cityam--2020-09-22--Venezuela heads back to court over £800m pot of gold in the Bank of England

The Venezuelan central bank is heading to court in London today , as it appeals a ruling from over the summer that affirmed the UK ’ s recognition of Juan Guaido as the country ’ s interim leader .
Banco Central de Venezuela ( BCV ) has brought a case at the Court of Appeal to decide ownership of a £800m horde of gold , which is currently being held by the Bank of England .
BCV launched the legal action earlier this year , supported by Venezuela ’ s disputed incumbent President Nicolas Maduro , to regain control of @ @ @ @ @ @ @ not recognise Maduro ’ s authority on the matter over western-backed rival Guaido .
Read more : UK High Court rules against Nicolas Maduro in Venezuelan gold case The bank has said if it wins its case , it will sell the gold to pay for basic goods from the United Nations Development Programme to help tackle coronavirus on the continent .
BCV board solicitor Sarosh Zaiwalla said in a statement to Sky News : “ This case raises a number of issues of public international law , which forbids the interference by @ @ @ @ @ @ @ another sovereign nation .
“ The outcome in this case could present a further threat to the international perception of English institutions as being free from political interference , as well as the Bank of England ’ s reputation abroad as a safe repository for sovereign assets .
“ Mr Maduro ’ s government remains in sole , undisputed control of Venezuela ’ s instruments of state and health system.
” Read more : Venezuela sues Bank of England to force access to $ 1bn gold reserves BCV ’ s board is split @ @ @ @ @ @ @ Maduro and the other by Guaido .
The legal team for the Guaido-backed BCV board has argued that the UK ’ s decision to respect Guaido as the country ’ s interim leader means the gold should stay within the Bank of England .
The Bank of England has found itself caught in the crossfire between the two sides , but said it remains impartial in the matter .
The hearing at the Court of Appeal is expected to last until Thursday .

Venezuela heads back to court over £800m pot of gold in the Bank of England
Santiago, Rio De Janeiro , Sao Paulo, and Hong Kong were among the lowest ranked cities of choice, according to the BCG report.
The Venezuelan central bank is heading to court in London today, as it appeals a ruling from over the summer that affirmed the UK’s recognition of Juan Guaido as the country’s interim leader.
Banco Central de Venezuela (BCV) has brought a case at the Court of Appeal to decide ownership of a £800m horde of gold, which is currently being held by the Bank of England.
BCV launched the legal action earlier this year, supported by Venezuela’s disputed incumbent President Nicolas Maduro, to regain control of the gold. However the UK does not recognise Maduro’s authority on the matter over western-backed rival Guaido.
The bank has said if it wins its case, it will sell the gold to pay for basic goods from the United Nations Development Programme to help tackle coronavirus on the continent.
BCV board solicitor Sarosh Zaiwalla said in a statement to Sky News: “This case raises a number of issues of public international law, which forbids the interference by any country in the internal affairs of another sovereign nation.
“The outcome in this case could present a further threat to the international perception of English institutions as being free from political interference, as well as the Bank of England’s reputation abroad as a safe repository for sovereign assets.
“Mr Maduro’s government remains in sole, undisputed control of Venezuela’s instruments of state and health system.”
BCV has a board based in Venezuela that was appointed by Maduro. However there is also another based outside the country, created and supported by Guaido.
The legal team for the Guaido-backed BCV board has argued that the UK’s decision to respect Guaido as the country’s interim leader means the gold should stay within the Bank of England.
The Bank of England has found itself caught in the crossfire between the two sides, but said it remains impartial in the matter.
The hearing at the Court of Appeal is expected to last until Thursday.


cityam--2020-09-22--UK manufacturing orders stall for first time since April

The UK ’ s manufacturing firms saw orders stagnate in September for the first time since April as companies faced “ headwinds from a resurgence of the virus ” , a new survey has shown .
However , manufacturing output volumes fell at a slower pace than in August , the latest CBI industrial trends survey said .
Read more : Boris Johnson to tell Brits to work from home in lockdown U-turn Anna Leach , CBI deputy chief economist , said : “ It ’ s good to see that output volumes once again fell at a slower pace @ @ @ @ @ @ @ she said it “ is disappointing to see the modest improvements in order books stall , with demand at a still weak level ” .
Leach said that “ manufacturing firms continue to battle against headwinds from a resurgence of the virus ” .
She called on the government to “ step up its support ” .
The monthly CBI survey showed that total order books deteriorated slightly compared to August .
Orders down but output holds up The overall balance of firms reporting a fall compared to those reporting a rise came @ @ @ @ @ @ @ That was well below the long-run average of 14 per cent .
Yet output in the three months to September fell at a slower pace than in the three months to August , with a score of 20 per cent compared to 46 per cent a month earlier .
Tom Crotty , group director at Ineos and chair of the CBI manufacturing council , said : “ Manufacturers have endured a very difficult summer and these weak activity figures are , therefore , not surprising .
Read more : Bank of England to @ @ @ @ @ @ @ Covid surge “ Firms across the country are facing considerable uncertainty as the end of the job retention scheme.
” He also said that “ concerns about the potential for a no-deal Brexit have escalated as negotiations remain in stalemate.
” Crotty added : “ It is also crucial that a deal is agreed with the EU , as it is essential to support the economic recovery across the UK .
”

UK manufacturing orders stall for first time since April
The CBI said UK factories are facing ‘headwinds’ from a resurgence of coronavirus
The UK’s manufacturing firms saw orders stagnate in September for the first time since April as companies faced “headwinds from a resurgence of the virus”, a new survey has shown.
However, manufacturing output volumes fell at a slower pace than in August, the latest CBI industrial trends survey said.
Anna Leach, CBI deputy chief economist, said: “It’s good to see that output volumes once again fell at a slower pace this month compared to August.”
Yet she said it “is disappointing to see the modest improvements in order books stall, with demand at a still weak level”.
Leach said that “manufacturing firms continue to battle against headwinds from a resurgence of the virus”. She called on the government to “step up its support”.
The monthly CBI survey showed that total order books deteriorated slightly compared to August.
Orders down but output holds up
The overall balance of firms reporting a fall compared to those reporting a rise came in at minus 48 per cent. That was well below the long-run average of 14 per cent.
Yet output in the three months to September fell at a slower pace than in the three months to August, with a score of 20 per cent compared to 46 per cent a month earlier.
Tom Crotty, group director at Ineos and chair of the CBI manufacturing council, said: “Manufacturers have endured a very difficult summer and these weak activity figures are, therefore, not surprising.
“Firms across the country are facing considerable uncertainty as the end of the job retention scheme.” He also said that “concerns about the potential for a no-deal Brexit have escalated as negotiations remain in stalemate.”
Crotty added: “It is also crucial that a deal is agreed with the EU, as it is essential to support the economic recovery across the UK.”


cityam--2020-09-22--Bank and government support to UK firms tops £100bn

Struggling UK companies have now received more than £100bn worth of support from banks and the government through various coronavirus stimulus schemes , official figures have shown .
UK banks have lent out more than £58bn to hard-hit companies through the government-backed coronavirus loan schemes , according to Treasury figures out today .
Read more : Coronavirus : Pubs and restaurants forced to shut at 10pm from Thursday HMRC figures showed that companies have claimed £39.3bn from the government through the furlough scheme .
The programme has supported almost 10m workers .
The figures come as the government prepares to @ @ @ @ @ @ @ can apply for cash until the end of November .
It is a sign that the government thinks businesses will need more support over the autumn as coronavirus cases rise and new restrictions are imposed .
Chancellor Rishi Sunak has promised to be “ creative ” in helping workers and firms , although so far has resisted pressure to extend the furlough scheme .
The vast majority – £38bn – of the bank lending has come through the bounce back loan scheme , under which the government guarantees 100 per cent of loans @ @ @ @ @ @ @ 1.26m loans through the scheme .
Banks have lent out £15.5bn through the coronavirus business interruption loan scheme ( CBILS ) , the Treasury figures showed .
It carries a government guarantee of 80 per cent .
Just over £3.8bn had been lent through the coronavirus large business interruption loan scheme ( CLBILS ) .
The HMRC figures also showed that the government had spent £13.4bn supporting self-employed people .
August ’ s Eat Out to Help Out scheme saw Britons eat more than 100m discounted meals in August .
The scheme , @ @ @ @ @ @ @ , cost the government £522m .
As of yet it is unclear how much of the bank lending will end up being the government ’ s problem .
City groups have flagged that companies could be overwhelmed by debt taken on during coronavirus , and have called for help .
Read more : Bank of England to do ‘ everything it can ’ during Covid surge Stephen Pegge , head of commercial finance at banking body UK Finance , said that “ the banking and finance industry has a clear plan ” to @ @ @ @ @ @ @ times ” .
Yet he warned that “ it is important to remember that any lending provided under government-backed schemes is a debt not a grant ” .
He added : “ Firms should carefully consider their ability to repay before completing an application .
”

Bank and government support to UK firms tops £100bn
UK firms in struggling industries have drawn heavily on the government-backed coronavirus loan schemes
Struggling UK companies have now received more than £100bn worth of support from banks and the government through various coronavirus stimulus schemes, official figures have shown.
UK banks have lent out more than £58bn to hard-hit companies through the government-backed coronavirus loan schemes, according to Treasury figures out today.
HMRC figures showed that companies have claimed £39.3bn from the government through the furlough scheme. The programme has supported almost 10m workers.
The figures come as the government prepares to extend the loan schemes so that companies can apply for cash until the end of November.
It is a sign that the government thinks businesses will need more support over the autumn as coronavirus cases rise and new restrictions are imposed.
Chancellor Rishi Sunak has promised to be “creative” in helping workers and firms, although so far has resisted pressure to extend the furlough scheme.
Bounce back loans hit £38bn
The vast majority – £38bn – of the bank lending has come through the bounce back loan scheme, under which the government guarantees 100 per cent of loans to small businesses. Banks have made 1.26m loans through the scheme.
Banks have lent out £15.5bn through the coronavirus business interruption loan scheme (CBILS), the Treasury figures showed. It carries a government guarantee of 80 per cent. Just over £3.8bn had been lent through the coronavirus large business interruption loan scheme (CLBILS).
The HMRC figures also showed that the government had spent £13.4bn supporting self-employed people.
August’s Eat Out to Help Out scheme saw Britons eat more than 100m discounted meals in August. The scheme, which provided 50 per cent of meals, cost the government £522m.
As of yet it is unclear how much of the bank lending will end up being the government’s problem.
City groups have flagged that companies could be overwhelmed by debt taken on during coronavirus, and have called for help.
Stephen Pegge, head of commercial finance at banking body UK Finance, said that “the banking and finance industry has a clear plan” to help companies get “through these tough times”.
Yet he warned that “it is important to remember that any lending provided under government-backed schemes is a debt not a grant”. He added: “Firms should carefully consider their ability to repay before completing an application.”


cityam--2020-09-22--Liz Truss hails ‘productive’ fourth round of UK-US trade talks

Trade secretary Liz Truss today said the UK and US had made “ significant ” progress in reaching a trade deal after wrapping up a “ productive ” fourth round of talks .
Truss said the two sides exchanged their first tariff orders and held a series of detailed market access discussions during the round .
Read more : Brexit : Chances of Brexit trade deal ‘ fading ’ , says EU chief The US and the UK also reiterated their commitment to continuing negotiations “ at pace ” throughout the autumn ahead of the US presidential election in November @ @ @ @ @ @ @ is a notable milestone , and the speed at which this stage has been reached demonstrates the momentum behind these negotiations , ” the trade department said in a statement .
The latest round of talks included a range of topics including competition , financial services and cross border trade in services .
The fifth round of talks is set to take place in mid to late October , with further discussions scheduled over the next few weeks .
These discussions include talks on telecoms , intellectual property and market access .
The @ @ @ @ @ @ @ with the US as it looks to carve out new trading relationships for its post-Brexit economy .
Earlier this month Britain secured a free trade deal with Japan — the first major agreement to be struck since the UK left the EU earlier this year .
The government had originally hoped to strike a trade deal with the US ahead of the upcoming presidential election , but has since accepted that the process will take longer .
Concerns have also been raised that a deal could be scuppered by the UK ’ s @ @ @ @ @ @ @ force earlier this year .
US President Donald Trump has argued that tech taxes unfairly target American countries , and senators have warned the levy will complicate transatlantic trade negotiations .

Liz Truss hails ‘productive’ fourth round of UK-US trade talks
Trade secretary Liz Truss today said the UK and US had made “significant” progress in reaching a trade deal after wrapping up a “productive” fourth round of talks.
Truss said the two sides exchanged their first tariff orders and held a series of detailed market access discussions during the round.
The US and the UK also reiterated their commitment to continuing negotiations “at pace” throughout the autumn ahead of the US presidential election in November.
“The exchange of tariff offers is a notable milestone, and the speed at which this stage has been reached demonstrates the momentum behind these negotiations,” the trade department said in a statement.
The latest round of talks included a range of topics including competition, financial services and cross border trade in services.
The fifth round of talks is set to take place in mid to late October, with further discussions scheduled over the next few weeks.
These discussions include talks on telecoms, intellectual property and market access.
The UK has prioritised striking a trade deal with the US as it looks to carve out new trading relationships for its post-Brexit economy.
Earlier this month Britain secured a free trade deal with Japan — the first major agreement to be struck since the UK left the EU earlier this year.
The government had originally hoped to strike a trade deal with the US ahead of the upcoming presidential election, but has since accepted that the process will take longer.
Concerns have also been raised that a deal could be scuppered by the UK’s digital services tax, which came into force earlier this year.
US President Donald Trump has argued that tech taxes unfairly target American countries, and senators have warned the levy will complicate transatlantic trade negotiations.


cityam--2020-09-22--UK sports bodies call for emergency government support

Britain ’ s leading sports bodies have called for emergency government support to prop them up through a second wave of coronavirus , as ministers prepare to scrap the scheduled reopening of stadiums across the country .
A coalition of more than 100 organisations including the Premier League , Rugby Football Union and the England and Wales Cricket Board have written to the Prime Minister warning that “ the future of the sector is perilous ” .
The government today announced that plans for spectators to return to sports venues from 1 October will be halted , as the Prime @ @ @ @ @ @ @ rapid increase in the rate of coronavirus infections .
In a joint letter , the UK ’ s major sporting bodies have demanded a financial rescue package to avoid a “ lost generation of sport and activity ” across the country .
“ This package must combine investment , tax incentives , and regulatory reform , ” the letter read .
“ Covid-19 has undermined our commercial revenue streams with both stadiums and leisure facilities closed or greatly reduced in capacity.
” The sports bodies ’ demands match a similar package worth £1.57bn @ @ @ @ @ @ @ , as theatres , cinemas and museums remained shuttered during the pandemic .
The Premier League has warned its clubs face more than £540m of lost revenue due to limitations on spectator numbers , with the figure set to rise now that forecasted October tickets have been cancelled .
In their letter to Boris Johnson , the sporting bodies argued that sport and physical activity contribute more than £16bn and 600,000 jobs to the UK economy .
“ Our sector will be at the forefront of your plans to improve the health and @ @ @ @ @ @ @ issues…including reducing health inequalities , tackling obesity , cutting crime , easing loneliness , and enhancing social cohesion , ” read the letter .
It added : “ But to do so effectively , we require your government ’ s backing.
” Lisa Wainwright , chief executive of the Sport and Recreation Alliance , said : “ The strength of this coalition from the sports , recreation and activity sector can not be ignored in its public call to the Prime Minister .
“ The pandemic has put an incredible strain on our @ @ @ @ @ @ @ for a prolonged period .
“ It is imperative that our sector gets the support it requires from the government to get back to business , in order to ease the pressures on the NHS and play a central role in our nation ’ s recovery.
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UK sports bodies call for emergency government support
Britain’s leading sports bodies have called for emergency government support to prop them up through a second wave of coronavirus, as ministers prepare to scrap the scheduled reopening of stadiums across the country.
A coalition of more than 100 organisations including the Premier League, Rugby Football Union and the England and Wales Cricket Board have written to the Prime Minister warning that “the future of the sector is perilous”.
The government today announced that plans for spectators to return to sports venues from 1 October will be halted, as the Prime Minister makes swift changes to curb a rapid increase in the rate of coronavirus infections.
In a joint letter, the UK’s major sporting bodies have demanded a financial rescue package to avoid a “lost generation of sport and activity” across the country.
“This package must combine investment, tax incentives, and regulatory reform,” the letter read.
“Covid-19 has undermined our commercial revenue streams with both stadiums and leisure facilities closed or greatly reduced in capacity.”
The sports bodies’ demands match a similar package worth £1.57bn handed to the arts sector in July, as theatres, cinemas and museums remained shuttered during the pandemic.
The Premier League has warned its clubs face more than £540m of lost revenue due to limitations on spectator numbers, with the figure set to rise now that forecasted October tickets have been cancelled.
In their letter to Boris Johnson, the sporting bodies argued that sport and physical activity contribute more than £16bn and 600,000 jobs to the UK economy.
“Our sector will be at the forefront of your plans to improve the health and wellbeing of all communities… to solving societal issues…including reducing health inequalities, tackling obesity, cutting crime, easing loneliness, and enhancing social cohesion,” read the letter.
It added: “But to do so effectively, we require your government’s backing.”
Lisa Wainwright, chief executive of the Sport and Recreation Alliance, said: “The strength of this coalition from the sports, recreation and activity sector cannot be ignored in its public call to the Prime Minister.
“The pandemic has put an incredible strain on our sector, which was forced to close for a prolonged period.
“It is imperative that our sector gets the support it requires from the government to get back to business, in order to ease the pressures on the NHS and play a central role in our nation’s recovery.”
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