cityam--2020-08-01--The future of post-covid drinking, from the mega beer garden to drone deliveries

With the baking summer heat threatening to melt my laptop , the idea of al fresco eating and drinking seems like a no-brainer .
But Britain , with its unpredictable climate , traffic-clogged streets and plethora of excellent , dingy pubs , has proven resistant to the kind of outdoor cafe culture beloved of our European neighbours .
Until covid , that is .
With the rate of transmission many , many times higher in enclosed spaces , restaurants across the country have been desperately converting any outdoor space into social distancing-friendly real estate .
My inbox is rammed with @ @ @ @ @ @ @ converted beer gardens and roof terraces ; indeed , the first restaurant I visited after lockdown , Dalston ’ s Madame Pigg , has just finished turning an unloved rectangle of concrete into a perfectly pleasant outdoor dining space .
Truman ’ s Brewery seemed to be particularly prescient when , near the start of lockdown , it announced it was opening London ’ s biggest socially distanced outdoor drinking space , located in a commercial district near Walthamstow .
With screens dividing some of the tables , heaps of space , food @ @ @ @ @ @ @ app , and drinks arriving in baskets to avoid human contact , Truman ’ s Social Club , a former carpark , might just be London ’ s safest drinking den .
The project , it turns out , was borne out of necessity : “ The site was meant to be home to our new brewery , says Michael-George Hemus , MD of Truman ’ s Beer .
“ When lockdown happened , the funding for the brewery fell through ; suddenly we lost 99 per cent of our revenues , the @ @ @ @ @ @ @ a huge empty building that needed paying for .
“ The question for us was how to overcome these problems and turn them into something positive – the biggest socially distanced pub in the land was the answer.
” The result is somewhere between a beer garden and a food court , with mobile kitchens allowing a rotating roster of street-food vendors .
The fact it ’ s a little rough and ready , with cable-drum tables and wooden benches perched on empty beer barrels , is rather in keeping with the industrial @ @ @ @ @ @ @ of corrugated-metal warehouses around which men in high-vis jackets trundle in fork-lift trucks .
“ We wanted to create furniture that makes socially distancing feel natural .
We don ’ t want the space to feel empty , but at the same time we don ’ t want a load of perspex screens separating everyone , so we worked hard with designers and builders to create a safe space with character and atmosphere.
” This was made more difficult by the fact the goalposts had a habit of changing as the project was @ @ @ @ @ @ @ designing the space in a time of great uncertainty with a lot of unknowns , ” says Hemus .
“ When would lockdown end ?
What will the social distancing guidelines be ?
How many people will want to go out after lockdown ?
“ Naturally we had to make some assumptions , not all of which were correct .
So , for instance , the government changed the social-distancing guidelines from 2m to 1m , a week days before opening , so we suddenly had to redesign a lot of the furniture @ @ @ @ @ @ @ interpreted differently by different people – the day we opened , we had a visit from the council and their reading of the rules was different to ours… suddenly we had to stop using some of the furniture and think again .
Happily , it all worked out and we even ended up being to fit more people in.
” It certainly seems to be working – the time slots , most of which must be booked in advance , have been sold out most nights , with walk-ins being turned away .
@ @ @ @ @ @ @ the distance between tables , although the ordering system was experiencing some teething problems when I visited , with two consecutive orders failing to show up .
“ The system has been a bit clunky , ” admits Hemus .
“ But we ’ re improving it to make things slicker .
We ’ ve also had lots of guests say that they love table service and don ’ t want to go back to queuing .
The problem is that it ’ s more expensive because you need more staff .
“ @ @ @ @ @ @ @ staff-customer interaction you get at the bar .
Especially as a brewer , not being able to talk directly about our range of beers and hear what they think is a definite drawback .
My guess is that we ’ ll [ eventually ] land at a hybrid model with both bar and table service.
” The next step for TSC is to open the indoor space , where the brewery will be located .
There are plans to open the first phase of indoor seating later this month , and the brewery @ @ @ @ @ @ @ some time next year .
Also negotiating the intricacies of this brave new world in which we find ourselves is events organiser Indigo & Ivy Events , who plan private events , including catering and drinks .
Neat tricks the company has devised for making events run smoothly while maintaining social distancing rules include creating WhatsApp groups where guests can order drinks without having to get up , and using remote-controlled cars to ferry things between staff or guests .
“ As outdoor events become larger , I believe drones could be a @ @ @ @ @ @ @ beverages off to clients , ” adds co-founder Lyle Copeland .
Other less eye-catching techniques include staggering guest arrival times and preparing personalised plates of mixed canapes instead of carrying them through crowded rooms .
“ Until we have a vaccine , I can ’ t see these new practices changing , ” says Copeland .
“ The greater challenge will be putting on something indoors in a smaller area , whilst making sure all government legislation is being adhered to.
” Whether autonomous flying barmen are the future of drinking in post-covid @ @ @ @ @ @ @ you will find few complaints if the trend for outdoor drinking continues apace .

The future of post-covid drinking, from the mega beer garden to drone deliveries
With the baking summer heat threatening to melt my laptop, the idea of al fresco eating and drinking seems like a no-brainer. But Britain, with its unpredictable climate, traffic-clogged streets and plethora of excellent, dingy pubs, has proven resistant to the kind of outdoor cafe culture beloved of our European neighbours.
Until covid, that is. With the rate of transmission many, many times higher in enclosed spaces, restaurants across the country have been desperately converting any outdoor space into social distancing-friendly real estate. My inbox is rammed with emails from restaurateurs boasting about their newly converted beer gardens and roof terraces; indeed, the first restaurant I visited after lockdown, Dalston’s Madame Pigg, has just finished turning an unloved rectangle of concrete into a perfectly pleasant outdoor dining space.
Truman’s Brewery seemed to be particularly prescient when, near the start of lockdown, it announced it was opening London’s biggest socially distanced outdoor drinking space, located in a commercial district near Walthamstow.
With screens dividing some of the tables, heaps of space, food stalls delivering to your table via an app, and drinks arriving in baskets to avoid human contact, Truman’s Social Club, a former carpark, might just be London’s safest drinking den.
The project, it turns out, was borne out of necessity: “The site was meant to be home to our new brewery, says Michael-George Hemus, MD of Truman’s Beer. “When lockdown happened, the funding for the brewery fell through; suddenly we lost 99 per cent of our revenues, the future was very uncertain and we had a huge empty building that needed paying for.
“The question for us was how to overcome these problems and turn them into something positive – the biggest socially distanced pub in the land was the answer.”
The result is somewhere between a beer garden and a food court, with mobile kitchens allowing a rotating roster of street-food vendors. The fact it’s a little rough and ready, with cable-drum tables and wooden benches perched on empty beer barrels, is rather in keeping with the industrial surroundings, the area being made up of corrugated-metal warehouses around which men in high-vis jackets trundle in fork-lift trucks.
“We wanted to create furniture that makes socially distancing feel natural. We don’t want the space to feel empty, but at the same time we don’t want a load of perspex screens separating everyone, so we worked hard with designers and builders to create a safe space with character and atmosphere.”
This was made more difficult by the fact the goalposts had a habit of changing as the project was underway: “We had to start designing the space in a time of great uncertainty with a lot of unknowns,” says Hemus. “When would lockdown end? What will the social distancing guidelines be? How many people will want to go out after lockdown?
Truman’s Social Club under a blanket of what looks like stars, but is in fact midges
“Naturally we had to make some assumptions, not all of which were correct. So, for instance, the government changed the social-distancing guidelines from 2m to 1m, a week days before opening, so we suddenly had to redesign a lot of the furniture.
“The guidelines were vague and interpreted differently by different people – the day we opened, we had a visit from the council and their reading of the rules was different to ours… suddenly we had to stop using some of the furniture and think again. Happily, it all worked out and we even ended up being to fit more people in.”
It certainly seems to be working – the time slots, most of which must be booked in advance, have been sold out most nights, with walk-ins being turned away. The beer garden itself feels lively despite the distance between tables, although the ordering system was experiencing some teething problems when I visited, with two consecutive orders failing to show up.
“The system has been a bit clunky,” admits Hemus. “But we’re improving it to make things slicker. We’ve also had lots of guests say that they love table service and don’t want to go back to queuing. The problem is that it’s more expensive because you need more staff.
“The one thing we miss is the staff-customer interaction you get at the bar. Especially as a brewer, not being able to talk directly about our range of beers and hear what they think is a definite drawback. My guess is that we’ll [eventually] land at a hybrid model with both bar and table service.”
The next step for TSC is to open the indoor space, where the brewery will be located. There are plans to open the first phase of indoor seating later this month, and the brewery itself should start pouring its first pints some time next year.
Also negotiating the intricacies of this brave new world in which we find ourselves is events organiser Indigo & Ivy Events, who plan private events, including catering and drinks.
Neat tricks the company has devised for making events run smoothly while maintaining social distancing rules include creating WhatsApp groups where guests can order drinks without having to get up, and using remote-controlled cars to ferry things between staff or guests.
“As outdoor events become larger, I believe drones could be a really effective way of dropping food and beverages off to clients,” adds co-founder Lyle Copeland. Other less eye-catching techniques include staggering guest arrival times and preparing personalised plates of mixed canapes instead of carrying them through crowded rooms.
“Until we have a vaccine, I can’t see these new practices changing,” says Copeland. “The greater challenge will be putting on something indoors in a smaller area, whilst making sure all government legislation is being adhered to.”
Whether autonomous flying barmen are the future of drinking in post-covid Britain remains to be seen, but you will find few complaints if the trend for outdoor drinking continues apace.


cityam--2020-08-02--Rupert Murdoch’s son quits News Corp over 'editorial disagreements'

Media mogul Rupert Murdoch ’ s youngest son has quit the board of News Corporation citing “ disagreements over editorial content ” .
James Murdoch , once considered a potential successor to his father ’ s media empire , announced his resignation in a bombshell letter , disclosed by News Corp in a regulatory filing over the weekend .
“ My resignation is due to disagreements over certain editorial content published by the company ’ s news outlets and certain other strategic decisions , ” the letter said .
The exact nature of the disagreements was not disclosed , however @ @ @ @ @ @ @ , which include the Wall Street Journal , for their climate change coverage .
Earlier this year , the youngest Murdoch son and his wife Kathryn slammed coverage of the Australian wildfires by News Corp and Fox News , both owned by his father .
Their spokesperson told the Daily Beast they were “ particularly disappointed with the ongoing denial among the news outlets in Australia given obvious evidence to the contrary.
” Australian-born Rupert Murdoch has previously described himself as a climate change “ sceptic ” .
The media heir has also @ @ @ @ @ @ @ .
Rupert Murdoch has pledged support for US President Donald Trump in the upcoming presidential campaign , while James Murdoch has reportedly donated hundreds of thousands of dollars to Joe Biden ’ s campaign .
The resignation will likely hand Rupert Murdoch ’ s other son , Lachlan Murdoch , more influence within News Corp , which owns British titles the Times , the Sun and the Sunday Times .
James Murdoch , who previously served as the chief executive of 21st Century Fox from 2015 until it was sold to Disney , @ @ @ @ @ @ @ his father ’ s empire .
In October , he bought a small stake in liberal news brand Vice Media , while in August last year , he led a consortium of investors to buy a controlling stake in Tribeca Enterprises , which owns the Tribeca Film Festival .
Murdoch was dragged into the phone hacking scandal in 2011 , while he was in charge of the family ’ s business across Europe , including the News of the World — the now defunct paper behind some of the hacks .
Read more @ @ @ @ @ @ @ down as New York Times chief A parliamentary committee investigating the scandal slammed his “ willful blindness ” of phone hacking practices at the paper .
Murdoch soon relocated to New York to help run his father ’ s corporations , where he focused on the right-wing Fox television empire .
Before the Open : Get the jump on the markets with our early morning newsletter

Rupert Murdoch’s son quits News Corp over ‘editorial disagreements’
Media mogul Rupert Murdoch’s youngest son has quit the board of News Corporation citing “disagreements over editorial content”.
James Murdoch, once considered a potential successor to his father’s media empire, announced his resignation in a bombshell letter, disclosed by News Corp in a regulatory filing over the weekend.
“My resignation is due to disagreements over certain editorial content published by the company’s news outlets and certain other strategic decisions,” the letter said.
The exact nature of the disagreements was not disclosed, however Murdoch has previously criticised News Corp outlets, which include the Wall Street Journal, for their climate change coverage.
Earlier this year, the youngest Murdoch son and his wife Kathryn slammed coverage of the Australian wildfires by News Corp and Fox News, both owned by his father.
Their spokesperson told the Daily Beast they were “particularly disappointed with the ongoing denial among the news outlets in Australia given obvious evidence to the contrary.”
Australian-born Rupert Murdoch has previously described himself as a climate change “sceptic”.
The media heir has also diverged with his father across party lines. Rupert Murdoch has pledged support for US President Donald Trump in the upcoming presidential campaign, while James Murdoch has reportedly donated hundreds of thousands of dollars to Joe Biden’s campaign.
The resignation will likely hand Rupert Murdoch’s other son, Lachlan Murdoch, more influence within News Corp, which owns British titles the Times, the Sun and the Sunday Times.
James Murdoch, who previously served as the chief executive of 21st Century Fox from 2015 until it was sold to Disney, has his own media ventures aside from his father’s empire.
In October, he bought a small stake in liberal news brand Vice Media, while in August last year, he led a consortium of investors to buy a controlling stake in Tribeca Enterprises, which owns the Tribeca Film Festival.
Murdoch was dragged into the phone hacking scandal in 2011, while he was in charge of the family’s business across Europe, including the News of the World — the now defunct paper behind some of the hacks.
A parliamentary committee investigating the scandal slammed his “willful blindness” of phone hacking practices at the paper.
Murdoch soon relocated to New York to help run his father’s corporations, where he focused on the right-wing Fox television empire.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-08-02--Tory MP arrested on suspicion of rape

Tory MP arrested on suspicion of rape

A Conservative MP and former minister has been arrested after a woman in her twenties accused him of rape , sexual assault and coercive control .
The Tory MP was taken into custody yesterday and released on bail .
Read more : Exclusive : Top Tory MP says Russia ‘ taken hostage by mafia gang ’ The Metropolitan Police confirmed they have launched an investigation into four alleged incidents between July 2019 and January 2020 at addresses in Wesatminster , Lambeth and Hackney .
The Met said : “ On Friday , 31 July , the Metropolitan police service received @ @ @ @ @ @ @ allegations of sexual offences and assault .
“ The Met has launched an investigation into the allegations .
A man was arrested on suspicion of rape.
” The Met said it was not making any statement about the man ’ s occupation .
The complainant , reportedly a former parliamentary employee , alleges that the MP assaulted her , forced her to have sex , and left her so traumatised she had to go to hospital , the Times first reported .
A Conservative Party spokesman said : “ We take all allegations @ @ @ @ @ @ @ this matter is now in the hands of the police it would be inappropriate to comment further.
” The Sunday Times reported that the Conservative Party ’ s chief whip , Mark Spencer , and Jacob Rees-Mogg , the leader of the House of Commons , had been aware of allegations after speaking to the alleged victim a month ago .
A spokesman for Spencer said : “ The chief whip takes all allegations of harassment and abuse extremely seriously and has strongly encouraged anybody who has approached him to contact the appropriate @ @ @ @ @ @ @ complaints and grievance scheme.
” Before the Open : Get the jump on the markets with our early morning newsletter

Tory MP arrested on suspicion of rape
A Conservative MP and former minister has been arrested after a woman in her twenties accused him of rape, sexual assault and coercive control.
The Tory MP was taken into custody yesterday and released on bail.
The Metropolitan Police confirmed they have launched an investigation into four alleged incidents between July 2019 and January 2020 at addresses in Westminster, Lambeth and Hackney.
The Met said: “On Friday, 31 July, the Metropolitan police service received allegations relating to four separate incidents involving allegations of sexual offences and assault.
“The Met has launched an investigation into the allegations. A man was arrested on suspicion of rape.”
The Met said it was not making any statement about the man’s occupation.
The complainant, reportedly a former parliamentary employee, alleges that the MP assaulted her, forced her to have sex, and left her so traumatised she had to go to hospital, the Times first reported.
A Conservative Party spokesman said: “We take all allegations of this nature extremely seriously. As this matter is now in the hands of the police it would be inappropriate to comment further.”
The Sunday Times reported that the Conservative Party’s chief whip, Mark Spencer, and Jacob Rees-Mogg, the leader of the House of Commons, had been aware of allegations after speaking to the alleged victim a month ago.
A spokesman for Spencer said: “The chief whip takes all allegations of harassment and abuse extremely seriously and has strongly encouraged anybody who has approached him to contact the appropriate authorities, including parliament’s independent complaints and grievance scheme.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-08-02--Former BoE governor Sir Mervyn King warns that increasing QE would be 'premature'

The former Governor of the Bank of England has warned that it would be premature for the UK ’ s central bank to expand the quantitative easing scheme too early , saying such a step would be premature .
Speaking to the Coronanomics podcast , King , who held the top job at the Old Lady of Threadneedle Street during the 2007 financial crisis , said that the current management should wait until the economy has recovered to levels similar to that of the end of 2019 before returning to conventional monetary and fiscal measures .
Read more : Tory @ @ @ @ @ @ @ not be suspended from party King ’ s comments came ahead of this week ’ s meeting of the Monetary Policy Committee ( MPC ) , which sets the UK ’ s interest rates .
At the moment , the base rate of interest sits at 0.1 per cent , the lowest level in history .
The Bank slashed rates in March in response to the coronavirus pandemic .
In addition , in June the Bank announced a further £100bn of stimulus to take its bond-buying target from £645bn to £745bn for 2020 @ @ @ @ @ @ @ for any quantitative easing is do we need to expand the money supply in order to boost economic recovery ?
“ I don ’ t think that ’ s an issue that ’ s been relevant for the last few months because the government ’ s been trying to shut down the economy .
It doesn ’ t want it to expand .
Before the Open newsletter : Start your day with the City View podcast and key market data “ Now we ’ re beginning to recover , we ’ re slowly @ @ @ @ @ @ @ the question of monetary and fiscal stimulus is relevant .
But at this stage , I still think it ’ s premature to argue that a big monetary stimulus is appropriate because we still have significant aspects of a shutdown.
” He went on : “ So I think we have to wait until we get to a point where it looks as if the economy ’ s recovered to within a few percentage points of the level which it had reached at the very end of last year before really feeling that @ @ @ @ @ @ @ and think in terms of conventional monetary and fiscal stimulus .
“ I still think that is some way off ” , he said .
He also backed Boris Johnson ’ s comments that the pandemic had put the economic challenge of leaving the European Union into perspective .
“ Covid-19 is a global problem and it ’ s led to a global downturn ” , he said .
“ So I think we should be thinking of this as a much , much bigger thing than Brexit.
” Read more : Andrew @ @ @ @ @ @ @ begun “ Brexit will have some long run impact on the pattern of trade .
There ’ ll be some trade creation , some trade diversion .
“ I don ’ t think that given the scale of restrictions or tariffs that are likely to be imposed , this is a major issue for the UK and we can certainly cope with that without any difficulty .
”

Former BoE governor Sir Mervyn King warns that increasing QE would be ‘premature’
The former Governor of the Bank of England has warned that it would be premature for the UK’s central bank to expand the quantitative easing scheme too early, saying such a step would be premature.
Speaking to the Coronanomics podcast, King, who held the top job at the Old Lady of Threadneedle Street during the 2007 financial crisis, said that the current management should wait until the economy has recovered to levels similar to that of the end of 2019 before returning to conventional monetary and fiscal measures.
King’s comments came ahead of this week’s meeting of the Monetary Policy Committee (MPC), which sets the UK’s interest rates.
At the moment, the base rate of interest sits at 0.1 per cent, the lowest level in history. The Bank slashed rates in March in response to the coronavirus pandemic.
In addition, in June the Bank announced a further £100bn of stimulus to take its bond-buying target from £645bn to £745bn for 2020.
King said: “The argument for any quantitative easing is do we need to expand the money supply in order to boost economic recovery?
“I don’t think that’s an issue that’s been relevant for the last few months because the government’s been trying to shut down the economy. It doesn’t want it to expand.
Before the Open newsletter: Start your day with the City View podcast and key market data
“Now we’re beginning to recover, we’re slowly moving into a period in which maybe the question of monetary and fiscal stimulus is relevant. But at this stage, I still think it’s premature to argue that a big monetary stimulus is appropriate because we still have significant aspects of a shutdown.”
He went on: “So I think we have to wait until we get to a point where it looks as if the economy’s recovered to within a few percentage points of the level which it had reached at the very end of last year before really feeling that we can end the temporary support schemes and think in terms of conventional monetary and fiscal stimulus.
“I still think that is some way off”, he said.
He also backed Boris Johnson’s comments that the pandemic had put the economic challenge of leaving the European Union into perspective.
“Covid-19 is a global problem and it’s led to a global downturn”, he said. “So I think we should be thinking of this as a much, much bigger thing than Brexit.”
“Brexit will have some long run impact on the pattern of trade. There’ll be some trade creation, some trade diversion.
“I don’t think that given the scale of restrictions or tariffs that are likely to be imposed, this is a major issue for the UK and we can certainly cope with that without any difficulty.”


cityam--2020-08-02--The City View podcast, from City A.M., with Sean Collins

Christian is joined by Sean Collins , co-founder and CEO of London ’ s riverboat service , Thames Clippers , as the transport provider grapples with life under lockdown .
Last year the company carried nearly 5 million passengers , many of them commuters , and today they ’ re operating at around 25 per cent of that .
Despite the current difficulty , Sean ( a third generation Waterman ) remains passionate about the role the Thames could play in London ’ s future and , in particular , in a post-Coronavirus world .
His company is currently working @ @ @ @ @ @ @ ways that could boost river traffic and passenger numbers .
Also in this episode , Christian looks at the growing number of large employers trying to get staff back in the office ; the latest changes to England ’ s planning regime ; and the City grandees being elevated to the House of Lords .
ETX Capital is one of the UK ’ s leading spread betting and CFD trading providers , offering services to retail , institutional , professional and high net worth customers via an award-winning trading platform .
With over @ @ @ @ @ @ @ markets , customers and service are always put first at ETX , and the company prides itself in offering a tailor-made trading experience to every customer .
The multi-device TraderPro platform delivers a fully customisable , award-winning trading technology with customisable charts , instant execution and over 5,000 markets to trade .
Disclaimer : Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
76 % of retail investor accounts lose money when spread betting or trading CFDs with ETX .
You @ @ @ @ @ @ @ bets or CFDs work and whether you can afford to take the high risk of losing your money .
Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721 .
ETX Capital provides an execution-only service and therefore any market analysis , opinion , commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice .
ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of @ @ @ @ @ @ @ mentioned throughout are cited only for illustrative and educational purposes .

The City View: Thames Clippers’ CEO on getting London back to work
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Christian is joined by Sean Collins, co-founder and CEO of London’s riverboat service, Thames Clippers, as the transport provider grapples with life under lockdown.
Last year the company carried nearly 5 million passengers, many of them commuters, and today they’re operating at around 25 per cent of that.
Despite the current difficulty, Sean (a third generation Waterman) remains passionate about the role the Thames could play in London’s future and, in particular, in a post-Coronavirus world.
His company is currently working with Transport for London to look at ways that could boost river traffic and passenger numbers.
Also in this episode, Christian looks at the growing number of large employers trying to get staff back in the office; the latest changes to England’s planning regime; and the City grandees being elevated to the House of Lords.
In association with ETX Capital
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Disclaimer: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money. Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721. ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.


cityam--2020-08-02--Pent-up demand pushes up competition for property despite coronavirus

Years of pent-up demand are driving up competition for UK properties despite the coronavirus pandemic , a new survey from estate agent Knight Frank has found .
The firm found that discounts are still being negotiated due to the ongoing downturn caused by the pandemic , but sellers are fast hardening their resolve as demand grows more quickly than supply .
Read more : A property wealth tax is the only fair way to pay for the Covid-19 crisis The number of new prospective buyers registering was 94 per cent higher than the five-year average in the week ending 25 @ @ @ @ @ @ @ cent increase in property listings .
According to the survey , the imbalance is the same in London and in the rest of the UK , suggesting that competition is growing all around the country .
Knight Frank ’ s head of UK residential research said that a number of factors meant that prices were now “ firmer ” than they were a year ago .
“ What ’ s happening is the release of pent-up demand that has been building for years against the backdrop of Brexit , tax changes and tighter @ @ @ @ @ @ @ Before the Open newsletter : Start your day with the City View podcast and key market data “ This is putting upwards pressure on prices .
In fact , prices are firmer now than they were a year ago , based on the level of offers made and accepted.
” In July the average offer was accepted at 98 per cent of the asking price , one per cent higher than in the same month last year .
Similarly , offers made have gone from 94 per cent to 95 per cent over @ @ @ @ @ @ @ there have been numerous instances where agreed prices have exceeded the asking price in recent weeks .
Bill added : “ I would expect the market to eventually self-correct as there is probably only so far prices can climb against the backdrop of a global pandemic .
Read more : UK housing market enjoys ‘ mini-boom ’ as asking prices soar in July , says Rightmove “ What should simultaneously begin to emerge is what the new longer-term normal looks like .
The property market will be no different from many other sectors @ @ @ @ @ @ @ “ It will ultimately depend on issues outside of its control including vaccine development and the government furlough scheme but for now , prices are heading in one direction .
”

Pent-up demand pushes up competition for property despite coronavirus
Years of pent-up demand are driving up competition for UK properties despite the coronavirus pandemic, a new survey from estate agent Knight Frank has found.
The firm found that discounts are still being negotiated due to the ongoing downturn caused by the pandemic, but sellers are fast hardening their resolve as demand grows more quickly than supply.
The number of new prospective buyers registering was 94 per cent higher than the five-year average in the week ending 25 July, compared to a 54 per cent increase in property listings.
According to the survey, the imbalance is the same in London and in the rest of the UK, suggesting that competition is growing all around the country.
Knight Frank’s head of UK residential research said that a number of factors meant that prices were now “firmer” than they were a year ago.
“What’s happening is the release of pent-up demand that has been building for years against the backdrop of Brexit, tax changes and tighter lending rules”, he said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“This is putting upwards pressure on prices. In fact, prices are firmer now than they were a year ago, based on the level of offers made and accepted.”
In July the average offer was accepted at 98 per cent of the asking price, one per cent higher than in the same month last year.
Similarly, offers made have gone from 94 per cent to 95 per cent over the last 12 months. Indeed, there have been numerous instances where agreed prices have exceeded the asking price in recent weeks.
Bill added: “I would expect the market to eventually self-correct as there is probably only so far prices can climb against the backdrop of a global pandemic.
“What should simultaneously begin to emerge is what the new longer-term normal looks like. The property market will be no different from many other sectors of the economy in that respect.
“It will ultimately depend on issues outside of its control including vaccine development and the government furlough scheme but for now, prices are heading in one direction.”


cityam--2020-08-02--Over four-fifths of UK midcaps have just nine months funding left

Over four-fifths of the UK ’ s medium-sized businesses will not be able to continue trading for more than nine months under current funding arrangements , a new survey from accountants BDO has found .
The 500 medium sized businesses have on average borrowed £21m in loans as a result of the coronavirus pandemic , the data showed .
Of these , 90 per cent said they were planning on paying the full amount back , but the remaining 10 per cent have said they will not be able to .
In addition , an overwhelming majority – 91 per @ @ @ @ @ @ @ redundant as a result of the pandemic , the survey showed .
Of these , most have made just a small number of cuts , but almost a third ( 29 per cent ) have been forced to axe a fifth of their employees .
The cuts have been made event though the government ’ s job retention furlough scheme is running until the end of October .
Although the unprecedented nature of the current crisis has hit businesses hard , there were some encouraging signs of longer-term resilience in the data .
@ @ @ @ @ @ @ day with the City View podcast and key market data A third of businesses were either unaffected or increased revenue in recent months despite the lockdown disruption , while 26 per cent had launched new products or services .
And most – 65 per cent – of firms said they expect a recovery from coronavirus in between one and three years .
Furthemore , 73 per cent of medium-sized businesses said they intended to take on more apprentices after the government ’ s bonus scheme announcement .
Last month , chancellor Rishi Sunak @ @ @ @ @ @ @ any firm that hires a new young apprentice aged 16 to 24 will receive £2,000 , while those that hire new apprentices aged 25 and over will be paid £1,500 .
Two-thirds of firms said they would take advantage of the £1,000 bonus for every member of staff retained from furlough .
Read more : Tory MP arrested on suspicion of rape will not be suspended from party BDO managing partner Paul Eagland said : “ History tells us that the level of resilience of the mid-market will be key to economic recovery @ @ @ @ @ @ @ , while challenges remain , businesses have acted decisively to protect themselves and weather the storm .
Some businesses have taken on large amounts of debt to survive the crisis , which prefaces a long road to recovery .
”

Over four-fifths of UK midcaps have just nine months funding left
Over four-fifths of the UK’s medium-sized businesses will not be able to continue trading for more than nine months under current funding arrangements, a new survey from accountants BDO has found.
The 500 medium sized businesses have on average borrowed £21m in loans as a result of the coronavirus pandemic, the data showed.
Of these, 90 per cent said they were planning on paying the full amount back, but the remaining 10 per cent have said they will not be able to.
In addition, an overwhelming majority – 91 per cent – of firms have made staff redundant as a result of the pandemic, the survey showed.
Of these, most have made just a small number of cuts, but almost a third (29 per cent) have been forced to axe a fifth of their employees.
The cuts have been made event though the government’s job retention furlough scheme is running until the end of October.
Although the unprecedented nature of the current crisis has hit businesses hard, there were some encouraging signs of longer-term resilience in the data.
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A third of businesses were either unaffected or increased revenue in recent months despite the lockdown disruption, while 26 per cent had launched new products or services.
And most – 65 per cent – of firms said they expect a recovery from coronavirus in between one and three years.
Furthemore, 73 per cent of medium-sized businesses said they intended to take on more apprentices after the government’s bonus scheme announcement.
Last month, chancellor Rishi Sunak said that from August to January, any firm that hires a new young apprentice aged 16 to 24 will receive £2,000, while those that hire new apprentices aged 25 and over will be paid £1,500.
Two-thirds of firms said they would take advantage of the £1,000 bonus for every member of staff retained from furlough.
BDO managing partner Paul Eagland said: “History tells us that the level of resilience of the mid-market will be key to economic recovery.
“This data shows us that, while challenges remain, businesses have acted decisively to protect themselves and weather the storm. Some businesses have taken on large amounts of debt to survive the crisis, which prefaces a long road to recovery.”


cityam--2020-08-02--Uber launches first commuter boat service on the Thames

Uber ’ s first ever UK boat service will set sail on the River Thames today in a new partnership that will see Thames Clippers ’ commuter service rebranded by the global ride-hailing giant .
Twenty boats will take to the water today as part of the fresh collaboration , with departures from 23 piers across London from Putney to Woolwich .
Read more : Uber to assist officials with coronavirus test and trace scheme Uber users will be able to book a Thames river journey through the normal app , and board using a QR code on their phone @ @ @ @ @ @ @ with the newly-created Uber Boat by Thames Clippers brand , but the service will continue to be fully operated by Thames Clippers .
Commuters will still be available to buy tickets elsewhere and service remains part of the Oyster network .
The move marks Uber ’ s first foray into fixed-scheduled commuter boats in its 11-year history , as the future of its London ride-hailing operations remains uncertain .
The ride-hailing titan has previously trialled boat-hailing services for tourists in Croatia , Turkey and the US .
Uber ’ s application for a @ @ @ @ @ @ @ London ( TfL ) last November due to safety concerns .
after some drivers were found to have faked their identities .
It has been allowed to continue operating while an appeal against the ruling is pending .
Jamie Heywood , Uber ’ s regional general manager for Northern and Eastern Europe , said : “ As Londoners begin to head back to work and move safely across the city , they will now be able to book travel on both the river and road through the Uber app .
“ We must @ @ @ @ @ @ @ their cars in response to the crisis , so our vision is to end private car ownership in favour of shared , electric vehicles , as well as making greater use of the river network for urban mobility.
” Last year 4.3m passengers used the Thames Clippers commuter service , which is majority-owned by AEG — the owner-operators of the O2 entertainment venue .
Service resumed last month after months of closure during the pandemic , with strict new social distancing measures in place including reduced capacity and mandatory face masks .
Read @ @ @ @ @ @ @ Heywood on Uber ’ s licencing battle Sean Collins , Thames Clippers co-founder and chief executive , said : “ We ’ re excited that in this new world we are able to offer a new way of travelling through the capital by enabling multi-modal transport with a continued focus on great customer experience .
“ This partnership reflects the resurgence of the river and we ’ re looking forward to welcoming new passengers on-board to enjoy the unique benefits of navigating London safely by taking to the Thames.
” Before the Open @ @ @ @ @ @ @ with our early morning newsletter

Uber launches first commuter boat service on the Thames
Uber’s first ever UK boat service will set sail on the River Thames today in a new partnership that will see Thames Clippers’ commuter service rebranded by the global ride-hailing giant.
Twenty boats will take to the water today as part of the fresh collaboration, with departures from 23 piers across London from Putney to Woolwich.
Uber users will be able to book a Thames river journey through the normal app, and board using a QR code on their phone.
Boats and piers will be rebranded with the newly-created Uber Boat by Thames Clippers brand, but the service will continue to be fully operated by Thames Clippers.
Commuters will still be available to buy tickets elsewhere and service remains part of the Oyster network.
The move marks Uber’s first foray into fixed-scheduled commuter boats in its 11-year history, as the future of its London ride-hailing operations remains uncertain.
The ride-hailing titan has previously trialled boat-hailing services for tourists in Croatia, Turkey and the US.
But its application for a new operating licence in the capital was rejected by Transport for London (TfL) last November due to safety concerns, after some drivers were found to have faked their identities.
It has been allowed to continue operating while an appeal against the ruling is pending.
Jamie Heywood, Uber’s regional general manager for Northern and Eastern Europe, said: “As Londoners begin to head back to work and move safely across the city, they will now be able to book travel on both the river and road through the Uber app.
“We must ensure that everyone does not return to their cars in response to the crisis, so our vision is to end private car ownership in favour of shared, electric vehicles, as well as making greater use of the river network for urban mobility.”
Last year 4.3m passengers used the Thames Clippers commuter service, which is majority-owned by AEG — the owner-operators of the O2 entertainment venue.
Service resumed last month after months of closure during the pandemic, with strict new social distancing measures in place including reduced capacity and mandatory face masks.
Sean Collins, Thames Clippers co-founder and chief executive, said: “We’re excited that in this new world we are able to offer a new way of travelling through the capital by enabling multi-modal transport with a continued focus on great customer experience.
“This partnership reflects the resurgence of the river and we’re looking forward to welcoming new passengers on-board to enjoy the unique benefits of navigating London safely by taking to the Thames.”
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cityam--2020-08-02--Trump vows action on Chinese companies ‘in coming days’

US President Donald Trump will take action against Chinese companies sharing data with the Beijing government “ in the coming days ” , secretary of state Mike Pompeo said today .
“ President Trump has said ‘ enough ’ and we ’ re going to fix it , ” Pompeo said on Fox News this afternoon .
Read more : Microsoft shelves plans to buy US arm of Tiktok “ He will take action in the coming days with respect to a broad array of national security risks that are presented by software connected to the Chinese Communist Party.
” @ @ @ @ @ @ @ reporters he would issue an order for Chinese-owned video app Tiktok to be banned in the US as early as this weekend .
“ As far as Tiktok is concerned we ’ re banning them from the United States , ” Trump said , adding that he would use presidential powers to enforce the decision .
Trump ’ s comments come on the back of mounting fears that data collected by the social media platform could be handed to the Chinese Communist Party and used for state spying .
Tiktok denies the claims @ @ @ @ @ @ @ ’ re true privacy issues for the American people and for a long time , a long time the United States just said ‘ well goodness if we ’ re having fun with it , or if a company can make money off of it , we ’ re going to permit that to happen.
’ ” In a statement yesterday , a White House spokesman said : “ The administration has very serious national security concerns over Tiktok .
We continue to evaluate future policy.
” In a bid to curb a @ @ @ @ @ @ @ it was willing to offload its US operations to Microsoft , in a deal believed to be in the range of between $ 15bn and $ 30bn .
However , those plans have reportedly been shelved after fierce criticism from the President .
It comes as relations between the US and China have continued to sour over recent weeks , after Boris Johnson ’ s decision to U-turn on a deal with Chinese vendor Huawei was blamed on pressure from the US .
In a press conference this week , Chinese ambassador to @ @ @ @ @ @ @ of criticism on Beijing ’ s neighbours across the Pacific , and urged Britain to “ resist pressure ” from the US to condemn China .
Liu said it was China ’ s “ hope that the UK would resist the pressure and coercion from a certain country and provide an open , fair , transparent and non-discriminatory environment for Chinese investment ” .
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Trump vows action on Chinese companies ‘in coming days’
US President Donald Trump will take action against Chinese companies sharing data with the Beijing government “in the coming days”, secretary of state Mike Pompeo said today.
“President Trump has said ‘enough’ and we’re going to fix it,” Pompeo said on Fox News this afternoon.
“He will take action in the coming days with respect to a broad array of national security risks that are presented by software connected to the Chinese Communist Party.”
It comes after Trump on Friday told reporters he would issue an order for Chinese-owned video app Tiktok to be banned in the US as early as this weekend.
“As far as Tiktok is concerned we’re banning them from the United States,” Trump said, adding that he would use presidential powers to enforce the decision.
Trump’s comments come on the back of mounting fears that data collected by the social media platform could be handed to the Chinese Communist Party and used for state spying. Tiktok denies the claims.
Pompeo today said: “They’re true privacy issues for the American people and for a long time, a long time the United States just said ‘well goodness if we’re having fun with it, or if a company can make money off of it, we’re going to permit that to happen.’”
In a statement yesterday, a White House spokesman said: “The administration has very serious national security concerns over Tiktok. We continue to evaluate future policy.”
In a bid to curb a US ban, Tiktok owner Bytedance said it was willing to offload its US operations to Microsoft, in a deal believed to be in the range of between $15bn and $30bn.
However, those plans have reportedly been shelved after fierce criticism from the President.
It comes as relations between the US and China have continued to sour over recent weeks, after Boris Johnson’s decision to U-turn on a deal with Chinese vendor Huawei was blamed on pressure from the US.
In a press conference this week, Chinese ambassador to the UK Liu Xiaoming unleashed a barrage of criticism on Beijing’s neighbours across the Pacific, and urged Britain to “resist pressure” from the US to condemn China.
Liu said it was China’s “hope that the UK would resist the pressure and coercion from a certain country and provide an open, fair, transparent and non-discriminatory environment for Chinese investment”.
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cityam--2020-08-02--Microsoft shelves plans to buy US arm of Tiktok

A potential sale of video platform Tiktok to Microsoft is reportedly on hold after US President Donald Trump vowed to ban the Chinese-owned app over national security concerns .
Tiktok owner Bytedance yesterday told the White House it was seeking a sale of its US operations to Microsoft , in a bid to curb restrictions on the video app .
Read more : Tiktok sets up $ 2bn fund to poach creators from rivals The move came after Trump on Friday vowed to ban the Tiktok in the US , and said a sale to any party — including Microsoft @ @ @ @ @ @ @ As far as Tiktok is concerned we ’ re banning them from the United States , ” Trump told reporters on Friday , adding that he would use presidential powers to enforce the decision .
Trump ’ s comments come on the background of mounting fears that data collected by the social media platform could be handed to the Chinese Communist Party and used for state spying .
Tiktok denies the claims .
In a statement yesterday , a White House spokesman said : “ The administration has very serious national security concerns @ @ @ @ @ @ @ future policy.
” The Wall Street Journal today reported that Microsoft have now paused sale talks after Trump said he opposed the deal .
It added that Tiktok made a last-ditch plea to win over the White House , which included a promise to create thousands of jobs over the next three years .
No prices were disclosed , but the shelved sales talks were believed to be in the range of between $ 15bn and $ 30bn .
However , the Financial Times reported that Trump ’ s intervention may have been @ @ @ @ @ @ @ Chinese group to sell its US business at a lower price than it had earmarked for Microsoft .
It added that Microsoft president Brad Smith visited officials in Washington last month to assess whether a takeover of Tiktok by a US company would address the government ’ s concerns over the Chinese firm .
A Tiktok spokesperson said in a statement today : “ While we do not comment on rumours or speculation , we are confident in the long-term success of Tiktok.
” Before the Open : Get the jump on the @ @ @ @ @ @

Microsoft shelves plans to buy US arm of Tiktok
TikTok is awash with gurus offering investment advice.
A potential sale of video platform Tiktok to Microsoft is reportedly on hold after US President Donald Trump vowed to ban the Chinese-owned app over national security concerns.
Tiktok owner Bytedance yesterday told the White House it was seeking a sale of its US operations to Microsoft, in a bid to curb restrictions on the video app.
The move came after Trump on Friday vowed to ban the Tiktok in the US, and said a sale to any party — including Microsoft — would not be permitted.
“As far as Tiktok is concerned we’re banning them from the United States,” Trump told reporters on Friday, adding that he would use presidential powers to enforce the decision.
Trump’s comments come on the background of mounting fears that data collected by the social media platform could be handed to the Chinese Communist Party and used for state spying. Tiktok denies the claims.
In a statement yesterday, a White House spokesman said: “The administration has very serious national security concerns over Tiktok. We continue to evaluate future policy.”
The Wall Street Journal today reported that Microsoft have now paused sale talks after Trump said he opposed the deal.
It added that Tiktok made a last-ditch plea to win over the White House, which included a promise to create thousands of jobs over the next three years.
No prices were disclosed, but the shelved sales talks were believed to be in the range of between $15bn and $30bn.
However, the Financial Times reported that Trump’s intervention may have been a negotiating method intended to force the Chinese group to sell its US business at a lower price than it had earmarked for Microsoft.
It added that Microsoft president Brad Smith visited officials in Washington last month to assess whether a takeover of Tiktok by a US company would address the government’s concerns over the Chinese firm.
A Tiktok spokesperson said in a statement today: “While we do not comment on rumours or speculation, we are confident in the long-term success of Tiktok.”
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cityam--2020-08-02--Boris Johnson considers M25 border among new lockdown measures

Boris Johnson is considering a fresh raft of lockdown measures in England including restricting travel beyond the M25 , as the Prime Minister scrambles to contain a spike in infections across the country .
Plans are being assessed after a sharp rise in new coronavirus cases last week forced the Prime Minister to apply the brakes on lockdown relaxations set to be introduced over the weekend .
Read more : Coronavirus in England : What ’ s the R number for your area ?
Johnson is said to have held a “ war game ” session with chancellor Rishi Sunak @ @ @ @ @ @ @ avert another nationwide lockdown that would hamper the UK ’ s economic recovery .
Measures being considered include banning overnight stays and telling people not to travel in and out of the capital , the Sunday Times reported .
Other measures being mooted include “ personalised risk scores ” for people aged between 50 and 70 , in a move that would add to the 2.2m most vulnerable Brits forced to shield during lockdown .
Shielding advice was only lifted yesterday for those in England , Scotland and Northern Ireland , and remains @ @ @ @ @ @ @ shielding in Wales .
Housing secretary Robert Jenrick told Times Radio : “ This is just speculation .
You would expect the government to be considering all of the range of options that might be available .
That ’ s not something that is being actively considered.
” It comes as new cases of coronavirus in England last week spiked for the first time since April , according to the Office for National Statistics ( ONS ) .
ONS figures showed that there were around 4,200 new infections in the community per day @ @ @ @ @ @ @ July .
The sharp spike caused the government on Thursday to introduce fresh lockdown restrictions in virus hotspots in the north of England .
People in Greater Manchester , East Lancashire and parts of West Yorkshire are now banned from meeting other households indoors , in a move described by health secretary Matt Hancock as “ absolutely necessary ” .
Read more : Matt Hancock : Quarantine could return as second wave hits Europe Earlier this week , Boris Johnson said “ clearly we now face the threat of a second wave in @ @ @ @ @ @ @ : “ We must remain vigilant and continue to follow the official guidance to keep the virus under control and prevent any second wave.
” Before the Open : Get the jump on the markets with our early morning newsletter

Boris Johnson considers M25 border among new lockdown measures
Boris Johnson is considering a fresh raft of lockdown measures in England including restricting travel beyond the M25, as the Prime Minister scrambles to contain a spike in infections across the country.
Plans are being assessed after a sharp rise in new coronavirus cases last week forced the Prime Minister to apply the brakes on lockdown relaxations set to be introduced over the weekend.
Johnson is said to have held a “war game” session with chancellor Rishi Sunak on Wednesday to mull over options to avert another nationwide lockdown that would hamper the UK’s economic recovery.
Measures being considered include banning overnight stays and telling people not to travel in and out of the capital, the Sunday Times reported.
Other measures being mooted include “personalised risk scores” for people aged between 50 and 70, in a move that would add to the 2.2m most vulnerable Brits forced to shield during lockdown.
Shielding advice was only lifted yesterday for those in England, Scotland and Northern Ireland, and remains in place until 16 August for those shielding in Wales.
Downing Street sources today dismissed the claims as “speculative”.
Housing secretary Robert Jenrick told Times Radio: “This is just speculation. You would expect the government to be considering all of the range of options that might be available. That’s not something that is being actively considered.”
It comes as new cases of coronavirus in England last week spiked for the first time since April, according to the Office for National Statistics (ONS).
ONS figures showed that there were around 4,200 new infections in the community per day in England between 20 July and 26 July.
The sharp spike caused the government on Thursday to introduce fresh lockdown restrictions in virus hotspots in the north of England.
People in Greater Manchester, East Lancashire and parts of West Yorkshire are now banned from meeting other households indoors, in a move described by health secretary Matt Hancock as “absolutely necessary”.
Earlier this week, Boris Johnson said “clearly we now face the threat of a second wave in other parts of Europe.”
He added: “We must remain vigilant and continue to follow the official guidance to keep the virus under control and prevent any second wave.”
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cityam--2020-08-02--Tory MP arrested on suspicion of rape will not be suspended from party

The Tory MP arrested over allegations of rape will not be suspended from the party , in a decision that will only be reviewed following a police investigation , the Conservative party said today .
A spokesperson for the Conservative whips ’ office said : “ These are serious allegations and it is right that they are investigated fully .
The whip has not been suspended.
” Read more : Tory MP arrested on suspicion of rape “ This decision will be reviewed once the police investigation has been concluded.
” The Tory MP , who has not been publicly @ @ @ @ @ @ @ and released on bail .
He has been accused of rape , sexual assault and coercive control by a former parliamentary employee in her twenties .
The complainant alleges that the MP assaulted her , forced her to have sex , and left her so traumatised she had to go to hospital , the Times first reported .
The Metropolitan Police yesterday confirmed they have launched an investigation into four alleged incidents between July 2019 and January 2020 at addresses in Westminster , Lambeth and Hackney .
Shadow safeguarding minister Jess Phillips said @ @ @ @ @ @ @ had not decided to withdraw the whip .
“ In any other organisation , were this police investigation to be going on , somebody would be suspended while the investigation was taking place , ” Phillips told Times Radio .
“ I find it shocking this morning in the news that the Conservative Party has decided not to withdraw the whip in this case.
” It comes after former Tory MP Charlie Elphicke was this week convicted of sexual assault after being found guilty of attacking a woman who worked for him and @ @ @ @ @ @ @ to maintain the whip while being investigated for sexual assault .
Housing minister Robert Jenrick said the government will “ take all the steps that are necessary ” following the arrest .
“ This is a very serious allegation and it ’ s right that it ’ s treated as such , ” he said .
“ We need to be a political party that ensures women are safe and feel comfortable at all times and that ’ s exactly what we are doing.
” A Conservative Party spokesman said : “ We @ @ @ @ @ @ @ seriously .
As this matter is now in the hands of the police it would be inappropriate to comment further.
” Read more : Boris Johnson warns of second coronavirus wave in Europe The Sunday Times reported that the Conservative Party ’ s chief whip , Mark Spencer , and Jacob Rees-Mogg , the leader of the House of Commons , had been aware of allegations after speaking to the alleged victim a month ago .
A spokesman for Spencer said : “ The chief whip takes all allegations of harassment and abuse @ @ @ @ @ @ @ who has approached him to contact the appropriate authorities , including parliament ’ s independent complaints and grievance scheme.
” Before the Open : Get the jump on the markets with our early morning newsletter

Tory MP arrested on suspicion of rape will not be suspended from party
The Tory MP arrested over allegations of rape will not be suspended from the party, in a decision that will only be reviewed following a police investigation, the Conservative party said today.
A spokesperson for the Conservative whips’ office said: “These are serious allegations and it is right that they are investigated fully. The whip has not been suspended.”
“This decision will be reviewed once the police investigation has been concluded.”
The Tory MP, who has not been publicly identified, was taken into custody yesterday and released on bail.
He has been accused of rape, sexual assault and coercive control by a former parliamentary employee in her twenties.
The complainant alleges that the MP assaulted her, forced her to have sex, and left her so traumatised she had to go to hospital, the Times first reported.
The Metropolitan Police yesterday confirmed they have launched an investigation into four alleged incidents between July 2019 and January 2020 at addresses in Westminster, Lambeth and Hackney.
Shadow safeguarding minister Jess Phillips said it was “shocking” the party had not decided to withdraw the whip.
“In any other organisation, were this police investigation to be going on, somebody would be suspended while the investigation was taking place,” Phillips told Times Radio.
“I find it shocking this morning in the news that the Conservative Party has decided not to withdraw the whip in this case.”
It comes after former Tory MP Charlie Elphicke was this week convicted of sexual assault after being found guilty of attacking a woman who worked for him and a parliamentary worker.
Elphicke was allowed to maintain the whip while being investigated for sexual assault.
Housing minister Robert Jenrick said the government will “take all the steps that are necessary” following the arrest.
“This is a very serious allegation and it’s right that it’s treated as such,” he said.
“We need to be a political party that ensures women are safe and feel comfortable at all times and that’s exactly what we are doing.”
A Conservative Party spokesman said: “We take all allegations of this nature extremely seriously. As this matter is now in the hands of the police it would be inappropriate to comment further.”
The Sunday Times reported that the Conservative Party’s chief whip, Mark Spencer, and Jacob Rees-Mogg, the leader of the House of Commons, had been aware of allegations after speaking to the alleged victim a month ago.
A spokesman for Spencer said: “The chief whip takes all allegations of harassment and abuse extremely seriously and has strongly encouraged anybody who has approached him to contact the appropriate authorities, including parliament’s independent complaints and grievance scheme.”
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cityam--2020-08-02--PwC  staff encouraged to return to work

PwC  staff encouraged to return to work

PwC staff have been encouraged to return to work on a voluntary basis , as the Big Four company ’ s chairman heralded the end of “ presenteeism for ever ” .
Kevin Ellis , chair of accountancy firm PwC — which has more than 22,000 staff across the UK — said he hopes to have around half of the company ’ s employees back at work by next month , according to the Sunday Times .
Read more : Still safe to return to work , Boris Johnson says , despite reopening pause Ellis said the age of presenteeism @ @ @ @ @ @ @ desk — has been annihilated by the pandemic as employees work from home .
Covid-19 has “ bashed away presenteeism for ever ” , Ellis said , adding that PwC would look to slash office attendance from five days a week to three or four days a week as a result of the pandemic .
PwC has 20 UK offices , including two in London in Embankment and Southwark .
Ellis said employees were keen to return to work after months of lockdown to get out the house and support local businesses .
@ @ @ @ @ @ @ home , doesn ’ t mean you should , ” he said .
“ There are other factors ; mental health and stress ones — our average age is 31 — but also the local communities.
” It comes as Boris Johnson on Friday encouraged staff to “ enter discussions ” with their employers to start returning to work , after slamming the brakes on wider lockdown relaxations due to a spike in new infections .
The move marks a significant shake-up to guidance that has been in place for more than four @ @ @ @ @ @ @ work from home to do so .
Firms will instead decide who to start bringing back to the workplace .
Announcing the change , the PM said : “ We are going to give employers more discretion .
“ That could mean of course continuing to work from home , which is one way of working safely and which has worked for many employers and employees.Or it could mean making workplaces safe by following Covid-secure guidelines.
” Offices will see extra cleaning routines , socially distanced desks , and screens and floor markings @ @ @ @

PwC staff encouraged to return to work
Average partner pay at the PwC surged to a record £868,000 earlier this year.
PwC staff have been encouraged to return to work on a voluntary basis, as the Big Four company’s chairman heralded the end of “presenteeism for ever”.
Kevin Ellis, chair of accountancy firm PwC — which has more than 22,000 staff across the UK — said he hopes to have around half of the company’s employees back at work by next month.
Ellis said the age of presenteeism — the fear of leaving your work desk — has been annihilated by the pandemic as employees work from home.
Covid-19 has “bashed away presenteeism for ever”, Ellis said, adding that PwC would look to slash office attendance from five days a week to three or four days a week as a result of the pandemic.
PwC has 20 UK offices, including two in London in Embankment and Southwark.
Ellis said employees were keen to return to work after months of lockdown to get out the house and support local businesses.
“Just because you can work from home, doesn’t mean you should,” he said. “There are other factors; mental health and stress ones — our average age is 31 — but also the local communities.”
A spokesperson for PwC told City A.M: “We’ve long promoted flexible working but we also know many of our people want to spend some time in the office.
“Safety is at the heart of the decisions we’re making and the precautions we’ve put in place within offices.”
The precautions include temperature checks on arrival, one-way systems, colour-coded seats and heat sensors.
“If people are vulnerable or apprehensive then clearly they don’t have to come back — flexibility is key,” the spokesperson added.
It comes as Boris Johnson on Friday encouraged staff to “enter discussions” with their employers to start returning to work, after slamming the brakes on wider lockdown relaxations due to a spike in new infections.
The move marks a significant shake-up to guidance that has been in place for more than four months, which required everyone who could work from home to do so.
Firms will instead now decide who to start bringing back to the workplace.
Announcing the change, the PM said: “We are going to give employers more discretion.
“That could mean of course continuing to work from home, which is one way of working safely and which has worked for many employers and employees.Or it could mean making workplaces safe by following Covid-secure guidelines.”
Offices will see extra cleaning routines, socially distanced desks, and screens and floor markings across office floors.


cityam--2020-08-03--Estate agent Purplebricks reports record-breaking July instructions

Estate agent Purplebricks recorded its highest ever month for instructions in the UK in July due to the stamp duty holiday and pent-up demand following the coronavirus lockdown .
Shares in the company jumped 4.59 per cent this morning after it announced that it listed a record-breaking 7,000 homes in July .
Purplebricks this morning reported its financial results for the year ending 30 April , which included two months of the coronavirus lockdown .
Read more : Purplebricks quits US market as losses almost double Group revenue fell two per cent to £111.1m in the period , down from @ @ @ @ @ @ @ flat throughout the first 10 months of the period until the pandemic hit , but was 11 per cent down for the full year .
UK instructions fell 23 per cent , although average revenue per instruction increased 11 per cent to £1,394 .
Group earnings before interest , tax , depreciation and amortization ( Ebitda ) was £1.8m , down from £6.6m , including a loss of £1.4m from the Canadian business which was sold after the year ended .
UK ebitda reduced from £10.2m to £4.8m due to the suspension of @ @ @ @ @ @ @ months of the period .
The group ’ s total loss for the year was £19.2m , compared to £54.9m in 2019 .
Purplebricks said it continued to see new instructions throughout the pandemic , and the market had recovered well since reopening in the middle of May .
The jump in new listings last month was boosted by the government ’ s stamp duty holiday , effective 8 July .
Chancellor Rishi Sunak increased the stamp duty threshold from £125,000 to £500,000 .
Purplebricks chief executive Vic Darvey said more than 90 @ @ @ @ @ @ @ the platform are worth less than £500,000 , meaning the “ nucleus ” of its audience have benefited from the new policy .
The firm is “ fit for a second spike ” due to its virtual viewings and valuations capabilities , Darvey said .
Read more : Pent-up demand pushes up competition for property despite coronavirus The estate agent , which furloughed 50 per cent of its UK workforce during the lockdown , said it would not claim the government bonus for staff returning to work .
All employees are now back @ @ @ @ @ @ @ Staff have continued to work from home , although Purplebricks has reopened its Solihull office for those employees who prefer to use it .
Chief executive Vic Darvey said : “ Despite the challenges of Covid-19 , our strategic initiatives are being delivered at pace to accelerate our digital and data capabilities , and with a very healthy net cash balance of £66m , I ’ m confident that we can take advantage of the changing landscape .
“ The group is encouraged by the early signs of the housing market rebounding well @ @ @ @ @ @ @ the government ’ s stamp duty holiday .
We strongly believe that , in the current market , technology led estate agency is starting to emerge as the winning model and there is clear evidence that consumers are increasingly shifting towards apps and tech-based alternatives .
“ With our strengthened leadership team and balance sheet , we are in a strong position to accelerate our model , extend our market share and grow our value-add revenues .
”

Estate agent Purplebricks reports record-breaking July instructions
Mortgage approvals remain robust despite surging house prices
Estate agent Purplebricks recorded its highest ever month for instructions in the UK in July due to the stamp duty holiday and pent-up demand following the coronavirus lockdown.
Shares in the company jumped 4.59 per cent this morning after it announced that it listed a record-breaking 7,000 homes in July.
The figures
Purplebricks this morning reported its financial results for the year ending 30 April, which included two months of the coronavirus lockdown.
Group revenue fell two per cent to £111.1m in the period, down from £113.8m last year.
UK revenue was flat throughout the first 10 months of the period until the pandemic hit, but was 11 per cent down for the full year.
UK instructions fell 23 per cent, although average revenue per instruction increased 11 per cent to £1,394.
Group earnings before interest, tax, depreciation and amortization (Ebitda) was £1.8m, down from £6.6m, including a loss of £1.4m from the Canadian business which was sold after the year ended.
UK ebitda reduced from £10.2m to £4.8m due to the suspension of the housing market in the final two months of the period.
The group’s total loss for the year was £19.2m, compared to £54.9m in 2019.
Why it’s interesting
Purplebricks said it continued to see new instructions throughout the pandemic, and the market had recovered well since reopening in the middle of May.
The jump in new listings last month was boosted by the government’s stamp duty holiday, effective 8 July. Chancellor Rishi Sunak increased the stamp duty threshold from £125,000 to £500,000.
Purplebricks chief executive Vic Darvey said more than 90 per cent of the homes sold through the platform are worth less than £500,000, meaning the “nucleus” of its audience have benefited from the new policy.
The firm is “fit for a second spike” due to its virtual viewings and valuations capabilities, Darvey said.
The estate agent, which furloughed 50 per cent of its UK workforce during the lockdown, said it would not claim the government bonus for staff returning to work. All employees are now back at work, Darvey told City A.M.
Staff have continued to work from home, although Purplebricks has reopened its Solihull office for those employees who prefer to use it.
What Purplebricks said


cityam--2020-08-03--Tui bolsters finances with $226m sale and leaseback deal for 737s

Package holiday firm Tui has agreed a sale and leaseback for five new Boeing 737 Max-8 aircraft with BOC Aviation Ltd , which will raise $ 226m ( £173m ) for its finances .
The firm said that the deal was part of its “ asset right ” strategy , which will see it sell existing assets to finance the purchase of new ones .
Read more : Tui to close 166 high street stores and cut 270 jobs The deal comes after the coronavirus pandemic decimated the travel and holiday market , with further damage on the cards as @ @ @ @ @ @ @ Tui , which has said it will have to cut 8,000 jobs as a result of the pandemic , has called it the “ worst crisis ” in aviation history .
Last week the UK branch of the tour operator said that it would close 166 stores due to the pandemic , which has accelerated a shift to online bookings .
Although it said it would not release the list of stores that will close while the consultation takes place , Tui added that it would not shut any of the stores which @ @ @ @ @ @ @ Open newsletter : Start your day with the City View podcast and key market data The tour operator said that the decision will impact 900 jobs , but only 270 of these are at risk of being cut .
After the closures the firm , which takes 70 per cent of its holiday bookings online , will still have 350 stores across the UK and Ireland .
Last week the firm took another hit after the UK ’ s blanket quarantine advice meant that it was forced to cancel all is holidays to @ @ @ @ @ @ @ .
Today ’ s deal with Singapore-based BOC is on standard commercial terms , Tui said , creating a lifetime lease obligation of around €223m to begin at the end of its 2021 .
Read more : Tui UK cancels flights to Spanish islands until 4 August Over the course of the crisis BOC has done deals worth a combined $ 5.5bn with carriers such as Southwest and United Airlines .
It says it is offering better prices to airlines than would be available in a stronger market .

Tui bolsters finances with $226m sale and leaseback deal for 737s
TUI will return to profitability this year as winter bookings go back to 78 per cent of pre-Covid levels.
Package holiday firm Tui has agreed a sale and leaseback for five new Boeing 737 Max-8 aircraft with BOC Aviation Ltd, which will raise $226m (£173m) for its finances.
The firm said that the deal was part of its “asset right” strategy, which will see it sell existing assets to finance the purchase of new ones.
The deal comes after the coronavirus pandemic decimated the travel and holiday market, with further damage on the cards as fears of a second wave grow.
Tui, which has said it will have to cut 8,000 jobs as a result of the pandemic, has called it the “worst crisis” in aviation history.
Last week the UK branch of the tour operator said that it would close 166 stores due to the pandemic, which has accelerated a shift to online bookings.
Although it said it would not release the list of stores that will close while the consultation takes place, Tui added that it would not shut any of the stores which have reopened after lockdown.
Before the Open newsletter: Start your day with the City View podcast and key market data
The tour operator said that the decision will impact 900 jobs, but only 270 of these are at risk of being cut.
After the closures the firm, which takes 70 per cent of its holiday bookings online, will still have 350 stores across the UK and Ireland.
Last week the firm took another hit after the UK’s blanket quarantine advice meant that it was forced to cancel all is holidays to Spain until 10 August at the earliest.
Today’s deal with Singapore-based BOC is on standard commercial terms, Tui said, creating a lifetime lease obligation of around €223m to begin at the end of its 2021.
Over the course of the crisis BOC has done deals worth a combined $5.5bn with carriers such as Southwest and United Airlines.
It says it is offering better prices to airlines than would be available in a stronger market.


cityam--2020-08-03--Non-Standard Finance shares plunge 26 per cent as FCA raises concerns

Shares in sub-prime lender Non-Standard Finance ( NSF ) have plunged 26 per cent after the UK ’ s financial watchdog raised concerns about its guarantor loans division , causing the firm to put a share issue on hold .
Non-Standard Finance said in a statement today that the Financial Conduct Authority ( FCA ) had “ raised a number of concerns regarding certain aspects of the operating procedures and processes at the [ guarantor loans ] division ” .
Read more : Non-Standard Finance warns of going concern risks due to coronavirus The FCA has recently taken an interest @ @ @ @ @ @ @ requires a “ guarantor ” to sign up to repay the debt should the original borrower default .
In March it carried out a multi-firm review of the sector .
It also looked at Amigo , the largest provider of guarantor loans .
NSF did not disclose the exact nature of the FCA ’ s concerns with its guarantor division .
But it said it is “ now conducting an in-depth review ” .
The lender added that it is “ working closely with the FCA to clarify the scope and scale of @ @ @ @ @ @ @ redress methodology ” .
It will “ make a further announcement in due course ” .
NSF ’ s shares tanked after it said the FCA ’ s concerns meant “ a possible equity issue has been put on hold for the time being ” .
They were down 26.1 per cent at 3.9p approaching midday .
It is the latest blow for NFS , whose shares have plunged around 80 per cent this year .
In June the lender warned that it may not be able to keep operating after the coronavirus @ @ @ @ @ @ @ its debt agreements .
NSF said at the time that it may need an equity raise to bolster the balance sheet and support future loan book growth .
Yet the lender today stressed that its main shareholder Alchemy , which owns 30 per cent of the firm , remains supportive .
Read more : Amigo Loans swings to a loss after huge complaints bill Shore Capital analyst Gary Greenwood said he still thought NSF would manage balance sheet growth to ensure it stays within its main lending covenant .
“ However , we @ @ @ @ @ @ @ the downside , ” he added .

Non-Standard Finance shares plunge 26 per cent as FCA raises concerns
UK investors are fleeing domestic equities due to punishing stamp duty on shares
Shares in sub-prime lender Non-Standard Finance (NSF) have plunged 26 per cent after the UK’s financial watchdog raised concerns about its guarantor loans division, causing the firm to put a share issue on hold.
Non-Standard Finance said in a statement today that the Financial Conduct Authority (FCA) had “raised a number of concerns regarding certain aspects of the operating procedures and processes at the [guarantor loans] division”.
The FCA has recently taken an interest in guarantor loans – unsecured lending which requires a “guarantor” to sign up to repay the debt should the original borrower default.
In March it carried out a multi-firm review of the sector. It also looked at Amigo, the largest provider of guarantor loans.
NSF did not disclose the exact nature of the FCA’s concerns with its guarantor division. But it said it is “now conducting an in-depth review”.
The lender added that it is “working closely with the FCA to clarify the scope and scale of its concerns and to develop a possible redress methodology”. It will “make a further announcement in due course”.
Non-Standard Finance equity issue put on hold
NSF’s shares tanked after it said the FCA’s concerns meant “a possible equity issue has been put on hold for the time being”. They were down 26.1 per cent at 3.9p approaching midday.
It is the latest blow for NFS, whose shares have plunged around 80 per cent this year. In June the lender warned that it may not be able to keep operating after the coronavirus crisis caused it to breach some of its debt agreements.
NSF said at the time that it may need an equity raise to bolster the balance sheet and support future loan book growth.
Yet the lender today stressed that its main shareholder Alchemy, which owns 30 per cent of the firm, remains supportive.
Shore Capital analyst Gary Greenwood said he still thought NSF would manage balance sheet growth to ensure it stays within its main lending covenant.
“However, we reflect that this announcement increases risk to the downside,” he added.


cityam--2020-08-03--Sadiq Khan slams 'unacceptable' London lockdown plans

London mayor Sadiq Khan has hit out at Boris Johnson after the Prime Minister reportedly discussed drastic contingency plans to lockdown London in event of a second coronavirus wave without involving City Hall .
One of the options discussed by Johnson as part of a “ war gaming ” session with chancellor Rishi Sunak was using the M25 as a quarantine ring , according to the Sunday Times .
Read more : Boris Johnson considers M25 border among new lockdown measures The capital ’ s mayor responded today with a sharp letter addressed to Johnson .
In it , Khan @ @ @ @ @ @ @ leaders “ is totally unacceptable and a clear affront to London and Londoners ” .
The mayor accused Johnson of “ riding roughshod ” over locally elected officials .
He also said the approach would lead to worse outcomes for London and the country .
Khan added that it was 12 weeks since he had been invited to the government ’ s emergency COBR committee to represent London .
“ Decisions continue to be taken without consultation with those who run and understand the country ’ s biggest city ” , he wrote @ @ @ @ @ @ @ and the public messaging that flows from them – do not work for a major metropolitan area the size of London .
“ The government would better understand that , if London ’ s government was treated properly and brought into decision-making , ” he went on .
Khan came down hard on the government ’ s handling of the crisis thus far .
He said “ time and time ” again it had acted too slowly or made the wrong call .
Before the Open newsletter : Start your day with the @ @ @ @ @ @ @ Khan cited the treatment of transport operator Transport for London ( TfL ) , which received a £1.6bn bailout in May , as one such example .
A number of London lockdown measures were reportedly discussed at last Wednesday ’ s planning session .
Measures being considered include banning overnight stays and telling people not to travel in and out of the capital , the Sunday Times reported .
Other London lockdown measures being mooted include “ personalised risk scores ” for people aged between 50 and 70 .
Such a move would @ @ @ @ @ @ @ already being forced to shield during lockdown .
The session came as fears continue to rise over a second wave of coronavirus .
So far it has killed nearly 50,000 people in the UK .
Last Thursday large swathes of Greater Manchester , west Yorkshire and east Lancashire went back into a form of lockdown after a surge in cases .
Read more : Still safe to return to work , Boris Johnson says , despite reopening pause Downing Street sources dismissed yesterday ’ s claims as “ speculative ” .
Housing secretary @ @ @ @ @ @ @ of any plans to place London back in lockdown .
However , the government has repeatedly stressed that it will take all actions it deems necessary to try to prevent a spike in cases .

Sadiq Khan slams ‘unacceptable’ London lockdown plans
London mayor Sadiq Khan has hit out at Boris Johnson after the Prime Minister reportedly discussed drastic contingency plans to lockdown London
London mayor Sadiq Khan has hit out at Boris Johnson after the Prime Minister reportedly discussed drastic contingency plans to lockdown London in event of a second coronavirus wave without involving City Hall.
One of the options discussed by Johnson as part of a “war gaming” session with chancellor Rishi Sunak was using the M25 as a quarantine ring, according to the Sunday Times.
The capital’s mayor responded today with a sharp letter addressed to Johnson.
‘A clear affront to Londoners’
In it, Khan said making such plans without including local leaders “is totally unacceptable and a clear affront to London and Londoners”.
The mayor accused Johnson of “riding roughshod” over locally elected officials. He also said the approach would lead to worse outcomes for London and the country.
Khan added that it was 12 weeks since he had been invited to the government’s emergency COBR committee to represent London.
“Decisions continue to be taken without consultation with those who run and understand the country’s biggest city”, he wrote.
London mayor Sadiq Khan has hit out at Boris Johnson after the Prime Minister reportedly discussed drastic contingency plans to lockdown London
“Some of these decisions – and the public messaging that flows from them – do not work for a major metropolitan area the size of London.
“The government would better understand that, if London’s government was treated properly and brought into decision-making,” he went on.
Khan came down hard on the government’s handling of the crisis thus far. He said “time and time” again it had acted too slowly or made the wrong call.
Before the Open newsletter: Start your day with the City View podcast and key market data
Khan cited the treatment of transport operator Transport for London (TfL), which received a £1.6bn bailout in May, as one such example.
A Downing Street spokesman said that the government’s virus containment strategy had set out that shutting down local transport networks was an option,
“One of the purposes of the contain strategy was to make politicians and the public aware of the steps that we might need to take in the future, if we were dealing with a specific local outbreak”, he said.
What would a London lockdown involve?
A number of London lockdown measures were reportedly discussed at last Wednesday’s planning session.
Measures being considered include banning overnight stays and telling people not to travel in and out of the capital, the Sunday Times reported.
Other London lockdown measures being mooted include “personalised risk scores” for people aged between 50 and 70. Such a move would add to the 2.2m most vulnerable Brits already being forced to shield during lockdown.
The session came as fears continue to rise over a second wave of coronavirus. So far it has killed nearly 50,000 people in the UK.
Last Thursday large swathes of Greater Manchester, west Yorkshire and east Lancashire went back into a form of lockdown after a surge in cases.
Downing Street sources dismissed yesterday’s claims as “speculative”. Housing secretary Robert Jenrick said he was not aware of any plans to place London back in lockdown.
However, the government has repeatedly stressed that it will take all actions it deems necessary to try to prevent a spike in cases.


cityam--2020-08-03--Activist investor ups stake in Pearson ahead of boardroom grab

Europe ’ s largest activist investor has upped its stake in education publisher Pearson to almost nine per cent , signalling plans to push for a seat on the board .
Swedish-based Cevian now owns 8.5 per cent of the FTSE-listed education firm , up from seven per cent a fortnight ago and making it Pearson ’ s third-largest investor .
Read more : Pearson shares rocket as Cevian Capital snaps up stake Cevian scours global markets for companies such as Pearson that seem to be either undervalued or unperforming compared to their full potential .
The activist investor has @ @ @ @ @ @ @ full potential under outgoing boss John Fallon , and is ripe for digital revolution .
Pearson has seen a 56 per cent share price fall since Fallon took over in 2013 , with shares falling from around the 1,200p mark to yesterday ’ s close of 529p .
The company last week said its search for a new chief executive was “ well advanced ” as it seeks to reassure investors ahead of a leadership change in December .
The educational publisher has had a rough ride during the pandemic , with a @ @ @ @ @ @ @ a 17 per cent plunge in sales for the six months to 30 June .
Pearson recorded an adjusted operating loss of £23m for the first half of 2020 , compared to an operating profit of £144m a year earlier .
However , Cevian is holding out hopes that growth in Pearson ’ s digital operations could augur well for future strength .
Read more : Pearson swings to a loss as pandemic forces schools to close The publisher saw higher demand for digital learning products such as online degrees during lockdown , @ @ @ @ @ @ @ the second half of the year as demand for educational resources rebounds .
Cevian has said Fallon ’ s successor should have a “ clear track record of shareholder-value creation ” , suggesting it would not back an insider in the top job .
Before the Open : Get the jump on the markets with our early morning newsletter

Activist investor ups stake in Pearson ahead of boardroom grab
Europe’s largest activist investor has upped its stake in education publisher Pearson to almost nine per cent, signalling plans to push for a seat on the board.
Swedish-based Cevian now owns 8.5 per cent of the FTSE-listed education firm, up from seven per cent a fortnight ago and making it Pearson’s third-largest investor.
Cevian scours global markets for companies such as Pearson that seem to be either undervalued or unperforming compared to their full potential.
The activist investor has said Pearson is yet to fulfil its full potential under outgoing boss John Fallon, and is ripe for digital revolution.
Pearson has seen a 56 per cent share price fall since Fallon took over in 2013, with shares falling from around the 1,200p mark to yesterday’s close of 529p.
The company last week said its search for a new chief executive was “well advanced” as it seeks to reassure investors ahead of a leadership change in December.
The educational publisher has had a rough ride during the pandemic, with a slump in demand from school closures causing a 17 per cent plunge in sales for the six months to 30 June.
Pearson recorded an adjusted operating loss of £23m for the first half of 2020, compared to an operating profit of £144m a year earlier.
However, Cevian is holding out hopes that growth in Pearson’s digital operations could augur well for future strength.
The publisher saw higher demand for digital learning products such as online degrees during lockdown, and now predicts a bounce back in the second half of the year as demand for educational resources rebounds.
Cevian has said Fallon’s successor should have a “clear track record of shareholder-value creation”, suggesting it would not back an insider in the top job.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-08-03--Zoom suspends China sales in partial market retraction

Zoom is to stop selling new or upgraded products directly to customers in China , as it transitions towards a partner-only model in the region .
Local Zoom customers were told today that a selection of third-party suppliers will now handle Zoom sales and some operations in China , listing a number of authorised partners that will now act on its behalf .
It comes as Zoom has increasingly distanced itself from operating in China in recent months over the country ’ s human rights record , though it remains available to use .
Read more : Zoom to allow @ @ @ @ @ @ @ said it would be suspending all new free user registrations in China and limiting paid user registrations to only those who sign up via an authorised sales representative .
However a month later the video-conferencing giant was caught in controversy after it was revealed it had terminated the accounts of some Zoom users that were using the platform to commemorate the anniversary of the Tiananmen Square Massacre — a tradition that is prohibited in China .
In a blog post , Zoom confirmed it had temporarily shut down the accounts due to request @ @ @ @ @ @ @ said that it had later re-instated the terminated accounts , and was exploring “ a new process for handling similar situations ” in future .
Read more : Zoom and Linkedin join tech giants in pausing requests from Hong Kong It also joined a litany of tech firms to pause the processing of data requests from authorities in Hong Kong , following the passing of China ’ s national security law which critics say could impinge on human rights in the region .
Zoom told users today that the changes were would offer @ @ @ @ @ @ @ into effect from 23 August .

Zoom suspends China sales in partial market retraction
Zoom’s shares have grown more than sixfold this year thanks to the pandemic
Zoom is to stop selling new or upgraded products directly to customers in China, as it transitions towards a partner-only model in the region.
Local Zoom customers were told today that a selection of third-party suppliers will now handle Zoom sales and some operations in China, listing a number of authorised partners that will now act on its behalf.
It comes as Zoom has increasingly distanced itself from operating in China in recent months over the country’s human rights record, though it remains available to use.
In May Zoom said it would be suspending all new free user registrations in China and limiting paid user registrations to only those who sign up via an authorised sales representative.
However a month later the video-conferencing giant was caught in controversy after it was revealed it had terminated the accounts of some Zoom users that were using the platform to commemorate the anniversary of the Tiananmen Square Massacre — a tradition that is prohibited in China.
In a blog post, Zoom confirmed it had temporarily shut down the accounts due to request from China’s government. It said that it had later re-instated the terminated accounts, and was exploring “a new process for handling similar situations” in future.
It also joined a litany of tech firms to pause the processing of data requests from authorities in Hong Kong, following the passing of China’s national security law which critics say could impinge on human rights in the region.
Zoom told users today that the changes were would offer “better local support”, coming into effect from 23 August.