cityam--2020-09-18--UK small business recovery stalls as firms adapt to Covid

The recovery among UK small businesses slowed in August as demand for services dropped , according to a new survey , in a worrying sign that the economic rebound is running out of steam .
Natwest , who produced the survey , said there was a “ widening gap ” between big businesses and smaller firms , the latter of which employ the bulk of the UK population .
The lender ’ s small business purchasing managers ’ index – a gauge of small business health – slipped to 50.6 in August .
That was down from a two-year high @ @ @ @ @ @ @ above 50 indicates expansion .
Therefore August ’ s reading indicates that activity among the UK ’ s small businesses only just grew .
“ The road to recovery for small businesses continues to be challenging , ” said Andrew Harrison , head of business banking at Natwest .
Smaller companies “ lag behind their larger competitors , ” Harrison said .
“ We know that small firms are facing different challenges to larger businesses , from adapting to social distancing measures to supply chain issues and liquidity pressures.
” It comes as @ @ @ @ @ @ @ furlough scheme , which has supported more than 9m jobs , in October .
Trade unions , business groups , opposition parties and think tanks have all called for support similar to the furlough scheme to continue .
Economists warn that a wave of job losses and potentially company failures is coming .
Natwest ’ s survey showed that small business activity in the massive service sector stagnated in August .
Respondents cited a lack of new work and limited ability to meet consumer demand .
Small manufacturing firms fared much better , @ @ @ @ @ @ @ .
Stephen Blackman , NatWest Principal Economist , said small firms were hit by a “ mix of sector , place and distribution ” .
“ We know small firms tend to favour services , which have been slower to recover .
But larger firms are also more likely to operate in national and even international markets , where places of uneven demand tend to average out .
”

UK small business recovery stalls as firms adapt to Covid
Small businesses have fared less well than larger firms, the survey showed
The recovery among UK small businesses slowed in August as demand for services dropped, according to a new survey, in a worrying sign that the economic rebound is running out of steam.
Natwest, who produced the survey, said there was a “widening gap” between big businesses and smaller firms, the latter of which employ the bulk of the UK population.
The lender’s small business purchasing managers’ index – a gauge of small business health – slipped to 50.6 in August. That was down from a two-year high of 53.3 in July.
A figure above 50 indicates expansion. Therefore August’s reading indicates that activity among the UK’s small businesses only just grew.
“The road to recovery for small businesses continues to be challenging,” said Andrew Harrison, head of business banking at Natwest.
Smaller companies “lag behind their larger competitors,” Harrison said. “We know that small firms are facing different challenges to larger businesses, from adapting to social distancing measures to supply chain issues and liquidity pressures.”
Small businesses in UK services sector suffer
It comes as the UK government prepares to end the furlough scheme, which has supported more than 9m jobs, in October.
Trade unions, business groups, opposition parties and think tanks have all called for support similar to the furlough scheme to continue. Economists warn that a wave of job losses and potentially company failures is coming.
Natwest’s survey showed that small business activity in the massive service sector stagnated in August. Respondents cited a lack of new work and limited ability to meet consumer demand.
Small manufacturing firms fared much better, however, posting solid growth in August.
Stephen Blackman, NatWest Principal Economist, said small firms were hit by a “mix of sector, place and distribution”.
“We know small firms tend to favour services, which have been slower to recover. But larger firms are also more likely to operate in national and even international markets, where places of uneven demand tend to average out.”


cityam--2020-09-18--No new 2p or £2 coins to be made for a decade

The Royal Mint has no plans to make any new 2p or £2 coins for the next decade , as cash usage in the UK continues to decline .
Only 30 per cent of transactions made in the UK last year used cash , compared to 60 per cent in 2009 .
However cash is still relied upon by vulnerable communities for many transactions , prompting authorities to consider how to transition to a more sustainable approach .
Read more : Muppet money : Savers lose out on billions as they stash the cash To drive efficiencies , the Mint @ @ @ @ @ @ @ on coin-making work within its currency division and scrapped two of its six plating lines .
A report on the future of cash by the National Audit Office ( NAO ) today showed the outbreak of coronavirus may have accelerated the cashless trend , with market demand for notes and coins dropping more than 70 per cent between early March and mid-April .
Demand has since begun to recover as shoppers head back to the high street , with notes coming into a particular focus .
The number of notes in circulation reaching @ @ @ @ @ @ @ a value of £76.5bn .
NAO head Gareth Davies warned that authorities are not keeping pace with the transition to digital transactions , with limited oversight being held over cash for those who need it .
Read more : What role will cash play in the post-Covid recession ?
“ HM Treasury now works more closely with the public bodies in the cash system to achieve the government ’ s goal of safeguarding access to cash , ” he said .
“ However , the approach is fragmented , and it is not @ @ @ @ @ @ @ keep up with the pace of change.
” A spokesperson for The Royal Mint said though payment methods are changing , physical currency “ remains core to our business ” .
They added that it could begin manufacturing the coins again sooner if demand changed .

No new 2p or £2 coins to be made for a decade
The Royal Mint has no plans to make any new 2p or £2 coins for the next decade, as cash usage in the UK continues to decline.
Only 30 per cent of transactions made in the UK last year used cash, compared to 60 per cent in 2009.
However cash is still relied upon by vulnerable communities for many transactions, prompting authorities to consider how to transition to a more sustainable approach.
To drive efficiencies, the Mint has reduced headcount by 22 per cent on coin-making work within its currency division and scrapped two of its six plating lines.
A report on the future of cash by the National Audit Office (NAO) today showed the outbreak of coronavirus may have accelerated the cashless trend, with market demand for notes and coins dropping more than 70 per cent between early March and mid-April.
Demand has since begun to recover as shoppers head back to the high street, with notes coming into a particular focus. The number of notes in circulation reaching a record high in 2020, with a value of £76.5bn.
NAO head Gareth Davies warned that authorities are not keeping pace with the transition to digital transactions, with limited oversight being held over cash for those who need it.
“HM Treasury now works more closely with the public bodies in the cash system to achieve the government’s goal of safeguarding access to cash,” he said.
“However, the approach is fragmented, and it is not clear that the action being taken will keep up with the pace of change.”
A spokesperson for The Royal Mint said though payment methods are changing, physical currency “remains core to our business”.
They added that it could begin manufacturing the coins again sooner if demand changed.


cityam--2020-09-18--Ryanair slams ‘government mismanagement’ as it cuts capacity again

Ryanair today launched a fresh attack on the government for its “ continuous changes ” in travel restrictions as it announced it would cut its October capacity by a further 20 per cent .
It follows a 20 per cent capacity cut announced last month , meaning the budget airline now expects its October capacity to fall from 50 per cent to roughly 40 per cent of levels in the same month last year .
However , Ryanair said it expected these flights to be at least 70 per cent full .
The company blamed the move on “ continuous @ @ @ @ @ @ @ policies , many of which are introduced at short notice ” .
It said these had harmed customer confidence and impacted forward bookings .
“ We are disappointed to reduce our October capacity from 50 per cent of 2019 to 40 per cent , ” a Ryanair spokesperson said .
“ However , as customer confidence is damaged by government mismanagement of Covid travel policies , many Ryanair customers are unable to travel for business or urgent family reasons without being subjected to defective 14-day quarantines.
” The airline warned that similar capacity @ @ @ @ @ @ @ period if current trends continued .
Ryanair singled out Ireland for its “ excessive and defective ” travel restrictions .
It also called on transport minister Eamon Ryan to explain why health authorities had “ kept Ireland locked up like North Korea since 1 July ” .
“ Intra EU air travel is not the problem and these defective travel bans are not a solution , ” the spokesperson said .

Ryanair slams ‘government mismanagement’ as it cuts capacity again
Ryanair today launched a fresh attack on the government for its “continuous changes” in travel restrictions as it announced it would cut its October capacity by a further 20 per cent.
It follows a 20 per cent capacity cut announced last month, meaning the budget airline now expects its October capacity to fall from 50 per cent to roughly 40 per cent of levels in the same month last year.
However, Ryanair said it expected these flights to be at least 70 per cent full.
The company blamed the move on “continuous changes in EU government travel restrictions and policies, many of which are introduced at short notice”.
It said these had harmed customer confidence and impacted forward bookings.
“We are disappointed to reduce our October capacity from 50 per cent of 2019 to 40 per cent,” a Ryanair spokesperson said.
“However, as customer confidence is damaged by government mismanagement of Covid travel policies, many Ryanair customers are unable to travel for business or urgent family reasons without being subjected to defective 14-day quarantines.”
The airline warned that similar capacity cuts may be required over the winter period if current trends continued.
Ryanair singled out Ireland for its “excessive and defective” travel restrictions. It also called on transport minister Eamon Ryan to explain why health authorities had “kept Ireland locked up like North Korea since 1 July”.
“Intra EU air travel is not the problem and these defective travel bans are not a solution,” the spokesperson said.


cityam--2020-09-18--Does Nvidia's buyout of ARM signal the death knell for UK tech entrepreneurship

Earlier this week , it emerged that the UK ’ s largest technology firm , ARM , was to be sold to US giant Nvidia .
The deal , worth £31bn , led to cries from Arm founder Hermann Hauser that it would be an “ absolute disaster ” and would cost UK jobs .
However Jensen Huang , Nvidia ’ s chief executive , said the deal would create “ the premier computing company for the age of artificial intelligence ” , and promised to keep the Arm headquarters in its home of Cambridge .
For the City AM @ @ @ @ @ @ @ and Chris Greenwood of Netapp look into whether the deal signals an oncoming era of decline in UK tech entrepreneurship .
Read more : Nvidia to buy UK chip designer Arm for $ 40bn Yes , says James Egan , CEO at EdTech scale-up Shaw Academy As we enter recession , ARM ’ s sale signals pragmatism over entrepreneurial ambition , and reportedly puts jobs at risk .
We are entering a new era of entrepreneurship-through-necessity , with thousands of innovators creating ventures when furloughed or made redundant .
From policy down to @ @ @ @ @ @ @ we must help this new generation and inspire them to compete as home-grown entrepreneurs on the global stage – otherwise , we risk a decline in tech entrepreneurs putting the UK on the map .
I have seen first-hand , scaling up a business and opening offices outside the UK and Ireland , that international reputation matters .
We must work harder to ensure that UK and European scale-ups are seen as having a high-ceiling and an attractive place for top talent .
For those entrepreneurs , we need to show the UK @ @ @ @ @ @ @ ecosystem for companies to scale , fundraise and compete globally – not a stepping stone , or an incubator for tech giants in other regions .
Read more : Tech companies ramp up hiring as London moves past lockdown No , says Chris Greenwood , UK managing director at cloud computing firm NetApp Far from killing off entrepreneurship , Nvidia ’ s acquisition of ARM will give local technology entrepreneurs a shot in the arm needed that could help propel the UK out of the recession by inspiring the next generation of UK @ @ @ @ @ @ @ to be positive .
Firstly , the acquisition proves M & A is a viable route to innovation and UK-built technology has global credibility .
Secondly , the emergence of high-performance cloud computing at manageable costs is an area Nvidia wants to develop for its artificial intelligence ( AI ) proposition .
Cloud computing was the rare commercial success during the pandemic as it powered the worldwide switch from office to remote working .
This technology is rapidly driving the next great wave of British tech innovation in the private and public sector @ @ @ @ @ @ @ off potential Tory rebellion on Brexit bill I urge that we focus on the emerging opportunities provided by the democratisation of cloud computing and AI technologies .
Our sector and government should be assured by the fact there was British technological innovation before ARM and this will continue post-ARM .

Does Nvidia’s buyout of ARM signal the death knell for UK tech entrepreneurship
The Nvidia takeover of Arm for £29bn will not likely be waved through by the UK Government
Earlier this week, it emerged that the UK’s largest technology firm, ARM, was to be sold to US giant Nvidia.
The deal, worth £31bn, led to cries from Arm founder Hermann Hauser that it would be an “absolute disaster” and would cost UK jobs.
However Jensen Huang, Nvidia’s chief executive, said the deal would create “the premier computing company for the age of artificial intelligence”, and promised to keep the Arm headquarters in its home of Cambridge.
For the City AM debate, James Egan of Shaw Academy and Chris Greenwood of Netapp look into whether the deal signals an oncoming era of decline in UK tech entrepreneurship.
Yes, says James Egan, CEO at EdTech scale-up Shaw Academy
As we enter recession, ARM’s sale signals pragmatism over entrepreneurial ambition, and reportedly puts jobs at risk.
We are entering a new era of entrepreneurship-through-necessity, with thousands of innovators creating ventures when furloughed or made redundant.
From policy down to access to business education and funding, we must help this new generation and inspire them to compete as home-grown entrepreneurs on the global stage – otherwise, we risk a decline in tech entrepreneurs putting the UK on the map.
I have seen first-hand, scaling up a business and opening offices outside the UK and Ireland, that international reputation matters.
We must work harder to ensure that UK and European scale-ups are seen as having a high-ceiling and an attractive place for top talent.
For those entrepreneurs, we need to show the UK and Europe is a viable, vibrant ecosystem for companies to scale, fundraise and compete globally – not a stepping stone, or an incubator for tech giants in other regions.
No, says Chris Greenwood, UK managing director at cloud computing firm NetApp
Far from killing off entrepreneurship, Nvidia’s acquisition of ARM will give local technology entrepreneurs a shot in the arm needed that could help propel the UK out of the recession by inspiring the next generation of UK tech success stories.
There are reasons to be positive. Firstly, the acquisition proves M&A is a viable route to innovation and UK-built technology has global credibility.
Secondly, the emergence of high-performance cloud computing at manageable costs is an area Nvidia wants to develop for its artificial intelligence (AI) proposition.
Cloud computing was the rare commercial success during the pandemic as it powered the worldwide switch from office to remote working.
This technology is rapidly driving the next great wave of British tech innovation in the private and public sector.
I urge that we focus on the emerging opportunities provided by the democratisation of cloud computing and AI technologies.
Our sector and government should be assured by the fact there was British technological innovation before ARM and this will continue post-ARM.


cityam--2020-09-18--Bank of England reaction: Will interest rates go negative?

The Bank of England ( BoE ) held monetary policy steady yesterday for the second meeting in a row .
Interest rates were left at 0.1 per cent and bond-buying at £745bn in a business-as-usual decision .
All nine members of the monetary policy committee ( MPC ) voted in favour of continuing this monetary policy .
But analysts , investors and traders continued to hotly debate how the Bank will proceed in the coming months .
Read more : Bank of England keeps policy on hold and flags solid recovery The Bank was relatively upbeat about the economy , @ @ @ @ @ @ @ little stronger ” than expected .
However , it warned that coronavirus could knock it off course .
Most of the talk after yesterday ’ s decision was about negative interest rates .
The meeting ’ s minutes showed that the MPC discussed how they could be implemented , should the economy need them .
They also said the BoE will begin “ structured engagement ” with the Prudential Regulation Authority ( PRA ) on “ policy considerations ” in the fourth quarter .
Here ’ s what economists and analysts made of @ @ @ @ @ @ @ Negative interest rates : to cut or not to cut ?
The pound slid yesterday after the meeting ’ s minutes showed that the Bank was taking the possibility of negative interest rates relatively seriously .
However , chief UK economist at Oxford Economics Andrew Goodwin said , the “ structured engagement ” with the PRA was nothing more than a formality .
“ That the BoE is merely beginning to consult on the implications of negative rates confirms this is not an active policy option in the near-term , ” he said @ @ @ @ @ @ @ chief executive of De Vere Group , took the minutes more seriously .
He said that personal financial strategies should be reviewed to ensure they are “ negative interest rate ready ” .
“ This would have been unimaginable even a few months ago .
But the shifts have been seismic this year.
” Read more : What are negative interest rates and will the UK turn to them ?
Andrew Wishart , UK economist at consultancy Capital Economics , expected quantitative easing ( QE ) to “ remain the tool of choice @ @ @ @ @ @ @ , the Bank creates money and buys government and corporate bonds to keep borrowing costs low .
“ The Bank will only start working out how to put negative rates into practice in the fourth quarter , ” he said .
“ And even then it will remain concerned about their effectiveness when banks are absorbing loan losses.
” The Bank said its fast data had shown the UK ’ s economic recovery was stronger than it had predicted in August .
“ Consumption has continued to recover during the summer and is @ @ @ @ @ @ @ aggregate , ” it said .
Jacqui Douglas , macro strategist at TD Securities , said the statement was “ more upbeat than we had expected ” .
She said that reflected “ a slightly stronger rebound into the third quarter ” .
Douglas also flagged that there was “ no mention of the risks to growth into 2021 , which is where some MPC members had expressed a lot more concern ” .
However , the Bank cautioned that the spread of Covid in the UK and Europe could knock the recovery @ @ @ @ @ @ @ economic adviser to the EY Item Club , said : “ The members seemed wary of the downside risks to the recovery , stemming from rising coronavirus cases.
” He pointed out that “ the possibility of persistently high unemployment ” was also one of the Bank ’ s worries .
The Bank gave little indication that it plans to boost stimulus in November .
But many analysts predict it will increase its bond-buying target as demand built up during lockdown peters out .
Read more : UK coronavirus ‘ R ’ rate @ @ @ @ @ @ @ said he predicted “ more than the consensus expects ” .
He said : “ We ’ ve pencilled in an extra £250bn of QE over the course of the next year , with an instalment of £100bn in November.
” Pantheon Macroeconomics ’ chief UK economist Samuel Tombs said : “ Our view remains that the MPC will authorise a further £50bn of asset purchases before the end of this year , and then a further £50bn of purchases in the first quarter [ of 2021 ] .
”

Bank of England reaction: Will interest rates go negative?
The Bank of England held interest rates and bond-buying yesterday, but said coronavirus cases could derail the recovery
The Bank of England (BoE) held monetary policy steady yesterday for the second meeting in a row. Interest rates were left at 0.1 per cent and bond-buying at £745bn in a business-as-usual decision.
All nine members of the monetary policy committee (MPC) voted in favour of continuing this monetary policy. But analysts, investors and traders continued to hotly debate how the Bank will proceed in the coming months.
Read more: Bank of England keeps policy on hold and flags solid recovery
The Bank was relatively upbeat about the economy, saying the recovery had been “a little stronger” than expected. However, it warned that coronavirus could knock it off course.
Most of the talk after yesterday’s decision was about negative interest rates. The meeting’s minutes showed that the MPC discussed how they could be implemented, should the economy need them.
They also said the BoE will begin “structured engagement” with the Prudential Regulation Authority (PRA) on “policy considerations” in the fourth quarter.
Here’s what economists and analysts made of the Bank’s latest meeting.
Negative interest rates: to cut or not to cut?
The pound slid yesterday after the meeting’s minutes showed that the Bank was taking the possibility of negative interest rates relatively seriously.
However, chief UK economist at Oxford Economics Andrew Goodwin said, the “structured engagement” with the PRA was nothing more than a formality.
“That the BoE is merely beginning to consult on the implications of negative rates confirms this is not an active policy option in the near-term,” he said.
Yet Nigel Green, founder and chief executive of De Vere Group, took the minutes more seriously. He said that personal financial strategies should be reviewed to ensure they are “negative interest rate ready”.
“This would have been unimaginable even a few months ago. But the shifts have been seismic this year.”
Andrew Wishart, UK economist at consultancy Capital Economics, expected quantitative easing (QE) to “remain the tool of choice” for months ahead. Under QE, the Bank creates money and buys government and corporate bonds to keep borrowing costs low.
“The Bank will only start working out how to put negative rates into practice in the fourth quarter,” he said. “And even then it will remain concerned about their effectiveness when banks are absorbing loan losses.”
Bank flags ‘unusually uncertain’ outlook
The Bank said its fast data had shown the UK’s economic recovery was stronger than it had predicted in August. “Consumption has continued to recover during the summer and is now at around its start-of-year level in aggregate,” it said.
Jacqui Douglas, macro strategist at TD Securities, said the statement was “more upbeat than we had expected”.
She said that reflected “a slightly stronger rebound into the third quarter”. Douglas also flagged that there was “no mention of the risks to growth into 2021, which is where some MPC members had expressed a lot more concern”.
However, the Bank cautioned that the spread of Covid in the UK and Europe could knock the recovery off track.
Howard Archer, chief economic adviser to the EY Item Club, said: “The members seemed wary of the downside risks to the recovery, stemming from rising coronavirus cases.” He pointed out that “the possibility of persistently high unemployment” was also one of the Bank’s worries.
Eyes turn to the November meeting
The Bank gave little indication that it plans to boost stimulus in November. But many analysts predict it will increase its bond-buying target as demand built up during lockdown peters out.
Wishart said he predicted “more than the consensus expects”. He said: “We’ve pencilled in an extra £250bn of QE over the course of the next year, with an instalment of £100bn in November.”
Pantheon Macroeconomics’ chief UK economist Samuel Tombs said: “Our view remains that the MPC will authorise a further £50bn of asset purchases before the end of this year, and then a further £50bn of purchases in the first quarter [of 2021].”


cityam--2020-09-18--Exclusive: Premier League Covid-19 testing firm raises $15m for UK rollout

The company behind the Premier League ’ s coronavirus testing programme has raised $ 15m ( £11.6m ) in fresh funding as it eyes a UK rollout for its new rapid Covid-19 test .
Biotech firm Prenetics said it will use the cash injection to advance its rapid testing technology , which promises results in 15 to 30 minutes .
Read more : Demand for UK coronavirus tests up to four-times higher than supply Prenetics played a key role in restarting the football season by providing tests for all 20 Premier League teams , and was chosen again as the @ @ @ @ @ @ @ .
The company also runs testing for the British Boxing Board of Control and the England and Wales Cricket Board , as well as on film productions at Pinewood Studios .
But Prenetics is now hoping to expand its test into more general use and is in talks with the governments in the UK and around the world about wider rollouts .
The Hong Kong-based firm will next month launch a pilot with Cathay Pacific and three other major airlines to trial airport testing .
The testing could also be used in critical @ @ @ @ @ @ @ to help track and combat the spread of coronavirus .
The funding round was led by London-based private equity firm Apis Partners , alongside existing investor Alibaba Hong Kong Entrepreneurs Fund .
Prenetics chief executive Avi Lasarow told City A.M. the technology could provide the government with key data to help it adapt the UK ’ s coronavirus response .
“ We think that testing is akin to wearing a seatbelt in a car , ” he said .
“ Without a doubt testing is going to play a major role in our @ @ @ @ @ @ @ a vaccine.
” It comes as the government faces growing criticism over its testing system , with shortages forcing some Brits to travel hundreds of miles to get tested .
Lasarow said the UK had built an effective centralised model for testing , but its reliance on laboratories had caused bottlenecks and limited scalability .
“ I think they ’ ve done a great job to get us where we are but their strategy needs to evolve to include the private sector , ” he said .
Read more : Boris Johnson plan @ @ @ @ @ @ @ ‘ a long way off ’ Prenetics said its new Covid-19 test was low-cost and did not require a laboratory .
But Lasarow added that effective UK-wide testing would rely on a number of different technologies — including so-called digital health passports — coming together .

Exclusive: Premier League Covid-19 testing firm raises $15m for UK rollout
The company behind the Premier League’s coronavirus testing programme has raised $15m (£11.6m) in fresh funding as it eyes a UK rollout for its new rapid Covid-19 test.
Biotech firm Prenetics said it will use the cash injection to advance its rapid testing technology, which promises results in 15 to 30 minutes.
Prenetics played a key role in restarting the football season by providing tests for all 20 Premier League teams, and was chosen again as the sole testing partner for the new season.
The company also runs testing for the British Boxing Board of Control and the England and Wales Cricket Board, as well as on film productions at Pinewood Studios.
But Prenetics is now hoping to expand its test into more general use and is in talks with the governments in the UK and around the world about wider rollouts.
The Hong Kong-based firm will next month launch a pilot with Cathay Pacific and three other major airlines to trial airport testing.
The testing could also be used in critical areas such as care homes and schools to help track and combat the spread of coronavirus.
The funding round was led by London-based private equity firm Apis Partners, alongside existing investor Alibaba Hong Kong Entrepreneurs Fund.
Prenetics chief executive Avi Lasarow told City A.M. the technology could provide the government with key data to help it adapt the UK’s coronavirus response.
“We think that testing is akin to wearing a seatbelt in a car,” he said. “Without a doubt testing is going to play a major role in our everyday lives until such a time as a vaccine.”
It comes as the government faces growing criticism over its testing system, with shortages forcing some Brits to travel hundreds of miles to get tested.
Lasarow said the UK had built an effective centralised model for testing, but its reliance on laboratories had caused bottlenecks and limited scalability.
“I think they’ve done a great job to get us where we are but their strategy needs to evolve to include the private sector,” he said.
Prenetics said its new Covid-19 test was low-cost and did not require a laboratory.
But Lasarow added that effective UK-wide testing would rely on a number of different technologies — including so-called digital health passports — coming together.


cityam--2020-09-18--FTSE 100 and US stocks slip amid rising coronavirus cases

The FTSE 100 and US stocks slipped as investors weighed up rising coronavirus cases and the latest decisions by the Bank of England and US Federal Reserve .
London ’ s main stock index fell 0.5 per cent to 6,017 points at 3pm .
Mid-cap firms were hit harder , with the FTSE 250 dropping one per cent .
Read more : Coronavirus : London braced for tighter restrictions as cases surge On Wall Street , the Nasdaq index slipped 0.1 per cent , continuing a now three-day decline in big tech stocks .
The S & P 500 fell @ @ @ @ @ @ @ was down 0.4 per cent .
Europe ’ s continent-wide Stoxx 600 rose 0.4 per cent , however .
Germany ’ s Dax was down 0.1 per cent and the French CAC 40 had fallen 0.9 per cent .
The downward shift came as investors digested the resurgence of coronavirus around the world .
Global cases topped 30m yesterday .
And countries from France to South Korea are frantically fighting the virus they once thought they had under control .
Investors have also been left somewhat disappointed by the US Federal Reserve , @ @ @ @ @ @ @ on Wednesday .
For the moment , the global economic recovery is still faring well .
FTSE 100 investors today digested data that showed UK retail sales rose again in August , and now stand four per cent higher than before Covid .
Yet the potential for further lockdowns hammered travel stocks .
Health secretary Matt Hancock today said he did not rule out another lockdown , although he said it was not being planned .
British Airways-owner IAG was the biggest faller on the FTSE 100 , plunging 11.6 per cent .
@ @ @ @ @ @ @ cent and Intercontinental Hotels fell 4.5 per cent .
“ Amid growing chatter about a potential two-week nationwide lockdown in October in the UK , it was perhaps no surprise to see investors lose interest in stocks that could be negatively affected by such activity , ” said Russ Mould , investment director at broker AJ Bell .
UK banks also took a hit after the Bank of England yesterday said it was working out how it would implement negative interest rates should they be needed .
Lower interest rates damage banks ’ @ @ @ @ @ @ @ slumped to its lowest level in almost three decades .
Investors have dumped bank stocks , worried about coronavirus loans to companies and record-low interest rates .
The pound was down 0.2 per cent against the dollar at $ 1.295 .
It has had a volatile few weeks as Brexit has returned to the headlines .
It was not all bad on the FTSE 100 , however .
The rise in retail sales in August helped Sainsbury ’ s shares climb 2.1 per cent and Tesco ’ s rise one per cent .
@ @ @ @ @ @ @ weeks after investors second-guessed the recent stellar rally in tech stocks and hit the sell button .
Investors were left underwhelmed by the US Federal Reserve meeting on Wednesday , after chair Jay Powell did not signal any more stimulus was imminent .
Stocks sold off despite the Fed improving its economic forecasts for the US .
Read more : Federal Reserve holds rates steady in upbeat US economic forecast Also on traders ’ minds is the lack of progress between Republicans and Democrats over the next round of fiscal stimulus .
“ @ @ @ @ @ @ @ – which were a driving force behind the outstanding stock market comeback – remain shaky and vulnerable to more downside , ” said Craig Erlam , senior market analyst at currency firm Oanda .

FTSE 100 and US stocks slip amid rising coronavirus cases
The City of London – the home of the FTSE 100 – is gradually returning to life after the coronavirus lockdown
The FTSE 100 and US stocks slipped as investors weighed up rising coronavirus cases and the latest decisions by the Bank of England and US Federal Reserve.
London’s main stock index fell 0.5 per cent to 6,017 points at 3pm. Mid-cap firms were hit harder, with the FTSE 250 dropping one per cent.
Read more: Coronavirus: London braced for tighter restrictions as cases surge
On Wall Street, the Nasdaq index slipped 0.1 per cent, continuing a now three-day decline in big tech stocks. The S&P 500 fell 0.3 per cent and the Dow Jones was down 0.4 per cent.
Europe’s continent-wide Stoxx 600 rose 0.4 per cent, however. Germany’s Dax was down 0.1 per cent and the French CAC 40 had fallen 0.9 per cent.
The downward shift came as investors digested the resurgence of coronavirus around the world.
Global cases topped 30m yesterday. And countries from France to South Korea are frantically fighting the virus they once thought they had under control.
Investors have also been left somewhat disappointed by the US Federal Reserve, which did not signal any further easing on Wednesday.
FTSE 100 down as lenders hit record low
For the moment, the global economic recovery is still faring well. FTSE 100 investors today digested data that showed UK retail sales rose again in August, and now stand four per cent higher than before Covid.
Yet the potential for further lockdowns hammered travel stocks. Health secretary Matt Hancock today said he did not rule out another lockdown, although he said it was not being planned.
British Airways-owner IAG was the biggest faller on the FTSE 100, plunging 11.6 per cent. Jet engine-maker Rolls Royce shed 4.4 per cent and Intercontinental Hotels fell 4.5 per cent.
“Amid growing chatter about a potential two-week nationwide lockdown in October in the UK, it was perhaps no surprise to see investors lose interest in stocks that could be negatively affected by such activity,” said Russ Mould, investment director at broker AJ Bell.
UK banks also took a hit after the Bank of England yesterday said it was working out how it would implement negative interest rates should they be needed. Lower interest rates damage banks’ profitability.
The FTSE 350 banks index slumped to its lowest level in almost three decades. Investors have dumped bank stocks, worried about coronavirus loans to companies and record-low interest rates.
Read more: Travel stocks hit turbulence amid UK lockdown fears
The pound was down 0.2 per cent against the dollar at $1.295. It has had a volatile few weeks as Brexit has returned to the headlines.
It was not all bad on the FTSE 100, however. The rise in retail sales in August helped Sainsbury’s shares climb 2.1 per cent and Tesco’s rise one per cent.
Wall Street’s losing streak continues
Wall Street has had a torrid three weeks after investors second-guessed the recent stellar rally in tech stocks and hit the sell button.
Investors were left underwhelmed by the US Federal Reserve meeting on Wednesday, after chair Jay Powell did not signal any more stimulus was imminent. Stocks sold off despite the Fed improving its economic forecasts for the US.
Also on traders’ minds is the lack of progress between Republicans and Democrats over the next round of fiscal stimulus.
“What’s more, tech stocks – which were a driving force behind the outstanding stock market comeback – remain shaky and vulnerable to more downside,” said Craig Erlam, senior market analyst at currency firm Oanda.


cityam--2020-09-18--Queen strips Harvey Weinstein of honorary CBE

The Queen has stripped disgraced Hollywood film producer Harvey Weinstein of his honorary award after he was found guilty of sexual assault and rape .
Weinstein is serving a 23-year prison sentence in the US after he was convicted in February of sexually assaulting a former production assistant and raping an actress .
He has appealed the conviction .
Read more : Harvey Weinstein tests positive for coronavirus in New York jail The Queen has today cancelled Weinstein ’ s honorary CBE .
The decision was made at a meeting of the Honours Forfeiture Committee , which is independent from @ @ @ @ @ @ @ that the appointment of Harvey Weinstein to be an Honorary Commander of the Civil Division of the Most Excellent Order of the British Empire , dated 29 January 2004 , shall be cancelled and annulled , ” an official announcement said , according to Reuters .
More than 100 women , including famous actresses , came forward to accuse Weinstein of sexual misconduct stretching back decades .
The allegations against Weinstein , which he has denied , kicked off the # MeToo movement .
At his trial earlier this year , prosecutors portrayed @ @ @ @ @ @ @ upon women , manipulating them with promises of career advancement in Hollywood .
Read more : Harvey Weinstein sentenced to 23 years in prison “ The young struggling dreamers were not even people to him .
He could take what he wanted knowing there was very little anyone could do about it , ” Manhattan assistant district attorney Joan Illuzzi told the court .
Weinstein said he was worried about the “ thousands of men who are losing due process ” during the # MeToo movement .

Queen strips Harvey Weinstein of honorary CBE
The stayed proceedings involved an NDA signed in the 1990s, following an alleged sexual assault by Weinstein.
The Queen has stripped disgraced Hollywood film producer Harvey Weinstein of his honorary award after he was found guilty of sexual assault and rape.
Weinstein is serving a 23-year prison sentence in the US after he was convicted in February of sexually assaulting a former production assistant and raping an actress. He has appealed the conviction.
The Queen has today cancelled Weinstein’s honorary CBE. The decision was made at a meeting of the Honours Forfeiture Committee, which is independent from government.
“The Queen has directed that the appointment of Harvey Weinstein to be an Honorary Commander of the Civil Division of the Most Excellent Order of the British Empire, dated 29 January 2004, shall be cancelled and annulled,” an official announcement said, according to Reuters.
More than 100 women, including famous actresses, came forward to accuse Weinstein of sexual misconduct stretching back decades.
The allegations against Weinstein, which he has denied, kicked off the #MeToo movement.
At his trial earlier this year, prosecutors portrayed him as a serial predator who preyed upon women, manipulating them with promises of career advancement in Hollywood.
“The young struggling dreamers were not even people to him. He could take what he wanted knowing there was very little anyone could do about it,” Manhattan assistant district attorney Joan Illuzzi told the court.
Weinstein said he was worried about the “thousands of men who are losing due process” during the #MeToo movement.


cityam--2020-09-18--UK coronavirus ‘R’ rate rises to between 1.1 and 1.4

The UK ’ s Covid reproduction or “ R ” rate has risen to between 1.1 and 1.4 , the government has said , in the latest evidence that coronavirus is spreading quickly again through the country .
It was up from last week ’ s figures of between one and 1.2 .
The government said that the new R rate means “ that on average every 10 people infected will infect between 11 and 14 other people ” .
Read more : Only a fortnight left until UK coronavirus crisis ‘ out of control ’ , experts warn The @ @ @ @ @ @ @ also said that coronavirus infections were growing by between two and seven per cent every day .
It cautioned the figures should be seen only as “ a guide to the general trend ” .
But the GOS and Scientific Advisory Group for Emergencies said : “ There is widespread growth of the epidemic across the country.
” The increase in the all-important reproduction rate is in line with the recent increase in cases in the UK .
Daily cases have averaged over 3,000 over the last week , whereas they had dropped @ @ @ @ @ @ @ and July .
Yesterday , the UK reported 3,395 new cases , up from 1,735 two weeks earlier .
In response to rising cases , the government has imposed new restrictions in parts of the north east , the north west and the midlands .
Health secretary Matt Hancock said today that he could not rule out another nationwide lockdown .
He said it was not currently being planned , however .
The reproduction rate is the average number of infections produced by an infected person .
For example , if R is @ @ @ @ @ @ @ two more people .
Keeping the R rate below one is crucial to controlling the pandemic .
Read more : Coronavirus : London braced for tighter restrictions as cases surge In England , the R rate was between 1.2 and 1.4 , the government said .
It was highest in the north west and the midlands , at between 1.2 and 1.5 .
The east of England had the lowest reproduction rate , at one to 1.3 .
London ’ s stood at 1.1 to 1.4 .

UK coronavirus ‘R’ rate rises to between 1.1 and 1.4
It comes amid fresh warnings of regular self-testing as nightclubs open their doors and bars welcome guests regardless of table size or households.
The UK’s Covid reproduction or “R” rate has risen to between 1.1 and 1.4, the government has said, in the latest evidence that coronavirus is spreading quickly again through the country.
It was up from last week’s figures of between one and 1.2. The government said that the new R rate means “that on average every 10 people infected will infect between 11 and 14 other people”.
The Government Office for Science (GOS) also said that coronavirus infections were growing by between two and seven per cent every day.
It cautioned the figures should be seen only as “a guide to the general trend”. But the GOS and Scientific Advisory Group for Emergencies said: “There is widespread growth of the epidemic across the country.”
The increase in the all-important reproduction rate is in line with the recent increase in cases in the UK. Daily cases have averaged over 3,000 over the last week, whereas they had dropped to below 1,000 in most of June and July.
Yesterday, the UK reported 3,395 new cases, up from 1,735 two weeks earlier.
In response to rising cases, the government has imposed new restrictions in parts of the north east, the north west and the midlands.
Health secretary Matt Hancock said today that he could not rule out another nationwide lockdown. He said it was not currently being planned, however.
The reproduction rate is the average number of infections produced by an infected person. For example, if R is two, then each infected person infects two more people. Keeping the R rate below one is crucial to controlling the pandemic.
In England, the R rate was between 1.2 and 1.4, the government said. It was highest in the north west and the midlands, at between 1.2 and 1.5.
The east of England had the lowest reproduction rate, at one to 1.3. London’s stood at 1.1 to 1.4.


cityam--2020-09-18--Tiktok and Wechat US downloads to be banned from Sunday

Downloads of popular video app Tiktok and Chinese messaging app Wechat will be banned in the US from Sunday , White House officials have said .
However the ban on Tiktok could still be reversed if its owner Bytedance is able to get a deal to offload its ownership over the US service approved by US President Donald Trump .
Bytedance has been in talks with software firm Oracle to give the company a minority stake and management of its US data by creating a new entity called Tiktok Global , in a bid to assuage national security concerns over @ @ @ @ @ @ @ Trump wavers on Tiktok deal as Bytedance seeks Chinese approval US Commerce Department officials said they will not bar additional technical transactions for Tiktok until 12 November , allowing Bytedance additional time to secure a deal even after the ban takes effect .
The Commerce Department order will “ deplatform ” the two apps , which are used by more than 100m people in the United States — meaning people that already have the apps can still use them but will not receive any new updates , and new downloads will be banned @ @ @ @ @ @ @ Alphabet ’ s Google Play and others will be prohibited from offering the apps on any platform “ that can be reached from within the United States , ” a senior Commerce official told Reuters .
Read more : Crystal ball : Here ’ s what the Oracle deal could mean for Tiktok However those companies will still be allowed to offer the apps for download outside the US .
US Commerce Department secretary Wilbur Ross said in a written statement : “ We have taken significant action to combat China ’ s @ @ @ @ @ @ @ data , while promoting our national values , democratic rules-based norms , and aggressive enforcement of US laws and regulations.
” Bytedance , Tiktok and Wechat have yet to respond to the order .

Tiktok and Wechat US downloads to be banned from Sunday
Downloads of popular video app Tiktok and Chinese messaging app Wechat will be banned in the US from Sunday, White House officials have said.
However the ban on Tiktok could still be reversed if its owner Bytedance is able to get a deal to offload its ownership over the US service approved by US President Donald Trump.
Bytedance has been in talks with software firm Oracle to give the company a minority stake and management of its US data by creating a new entity called Tiktok Global, in a bid to assuage national security concerns over its Chinese origins.
US Commerce Department officials said they will not bar additional technical transactions for Tiktok until 12 November, allowing Bytedance additional time to secure a deal even after the ban takes effect.
The Commerce Department order will “deplatform” the two apps, which are used by more than 100m people in the United States — meaning people that already have the apps can still use them but will not receive any new updates, and new downloads will be banned.
Apple’s App Store, Alphabet’s Google Play and others will be prohibited from offering the apps on any platform “that can be reached from within the United States,” a senior Commerce official told Reuters.
However those companies will still be allowed to offer the apps for download outside the US.
US Commerce Department secretary Wilbur Ross said in a written statement: “We have taken significant action to combat China’s malicious collection of American citizens’ personal data, while promoting our national values, democratic rules-based norms, and aggressive enforcement of US laws and regulations.”
Bytedance, Tiktok and Wechat have yet to respond to the order.


cityam--2020-09-18--Only a fortnight left until UK coronavirus crisis 'out of control', experts warn

The UK only has two to three weeks to improve its Test and Trace scheme before the spread of coronavirus gets “ out of control ” , experts have warned today .
The Independent Sage committee of scientists , chaired by former chief scientific adviser Sir David King , has issued a report to caution government of an upcoming crisis if it can not get a handle on the infection rate .
It recommended that the government take drastic measures to avoid a second national lockdown , such as the immediate suspension of indoor service in pubs and restaurants .
@ @ @ @ @ @ @ where possible , with no returning to the office until it is certified Covid-safe • Limiting indoor socialising to a bubble of three households • Funding schools to allow smaller , socially-distanced classes and providing digital resources for pupils who have to stay home • Creating an emergency fund to support all those needing to shield or self-isolate ( including those unable to get tested ) Read more : Demand for UK coronavirus tests up to four-times higher than supply The committee said a thousand of lives could be saved if the government @ @ @ @ @ @ @ Test and Trace scheme from 16 per cent to 32 per cent , but that it must happen immediately .
Karl Friston , a neuroscientist at University College London , said current assumptions that the government has to reach 80 per cent of contacts for every infected person may be “ fundamentally misguided ” .
“ Dynamic causal modelling shows a simple doubling of contact tracing efficacy… would bend the curve — and save about 1,000 lives , ” he said alongside the report ’ s release .
Friston said the government should @ @ @ @ @ @ @ using local public health teams to find , monitor and support traced persons , rather than staffing remote call centres .
Read more : Johnson ’ s plan for millions of coronavirus tests each day ‘ a long way off ’ “ The headline from the quantitative modelling of recent trends in new cases is clear : now is the time for ‘ shoe-leather ’ epidemiology , ” he said .
“ Crucially , this kind of contact tracing can only be done effectively using local knowledge ( e.g .
cultural aspects ) @ @ @ @ @ @ @ added that such an approach would reduce the demand for tests , which could be better used for testing those without symptoms who have come into contact with a confirmed case .
The report comes as the UK ’ s coronavirus testing infrastructure is reaching its breaking point , as thousands are left unable to book a test in their local area .
Meanwhile the virus is now understood to be doubling every seven to eight days , with more than 3,300 new cases reported yesterday .

Only a fortnight left until UK coronavirus crisis ‘out of control’, experts warn
Sir David King, former chief scientific adviser to the government, chairs the Independent Sage committee
The UK only has two to three weeks to improve its Test and Trace scheme before the spread of coronavirus gets “out of control”, experts have warned today.
The Independent Sage committee of scientists, chaired by former chief scientific adviser Sir David King, has issued a report to caution government of an upcoming crisis if it cannot get a handle on the infection rate.
It recommended that the government take drastic measures to avoid a second national lockdown, such as the immediate suspension of indoor service in pubs and restaurants.
Other emergency proposals included:
Encouraging people to work from home where possible, with no returning to the office until it is certified Covid-safe
Limiting indoor socialising to a bubble of three households
Funding schools to allow smaller, socially-distanced classes and providing digital resources for pupils who have to stay home
Creating an emergency fund to support all those needing to shield or self-isolate (including those unable to get tested)
The committee said a thousand of lives could be saved if the government can double the efficacy of the NHS Test and Trace scheme from 16 per cent to 32 per cent, but that it must happen immediately.
Karl Friston, a neuroscientist at University College London, said current assumptions that the government has to reach 80 per cent of contacts for every infected person may be “fundamentally misguided”.
“Dynamic causal modelling shows a simple doubling of contact tracing efficacy… would bend the curve — and save about 1,000 lives,” he said alongside the report’s release.
Friston said the government should re-focus the Test and Trace scheme towards using local public health teams to find, monitor and support traced persons, rather than staffing remote call centres.
“The headline from the quantitative modelling of recent trends in new cases is clear: now is the time for ‘shoe-leather’ epidemiology,” he said.
“Crucially, this kind of contact tracing can only be done effectively using local knowledge (e.g. cultural aspects), expertise and detective work.”
Friston added that such an approach would reduce the demand for tests, which could be better used for testing those without symptoms who have come into contact with a confirmed case.
The report comes as the UK’s coronavirus testing infrastructure is reaching its breaking point, as thousands are left unable to book a test in their local area.
Meanwhile the virus is now understood to be doubling every seven to eight days, with more than 3,300 new cases reported yesterday.


cityam--2020-09-19--HMRC to receive powers to enforce disclosure of assets

HM Revenue & Customs ( HMRC ) will be given new powers that will allow it to force financial institutions to provide information about people ’ s assets .
The firms will be required to pass on customer information if served with a “ financial institution notice ” by HMRC under new measures proposed in the next finance bill .
It will mean a court or the individual ’ s approval is no longer required .
Currently consent is provided by the individual or a tax tribunal must approve the request .
The financial institutions covered include banks , investment @ @ @ @ @ @ @ , insurance companies and credit card issuers .
The government ’ s proposal could come into effect as soon as next year .
The thinking behind the idea is that it will make it quicker and easier for HMRC to share information with foreign tax authorities as part of a global crackdown on tax evasion .
However , the move has caused concern in some quarters .
The Chartered Institute of Taxation said it was “ concerned about the loss of independent tribunal oversight , particularly in cases which involve requests for information @ @ @ @ @ @ @ UK Finance said the measures signified a “ watering down [ of ] safeguards ” .
Read more : HMRC triples number of tax probes into footballers HMRC said it was important in the battle against tax evasion and avoidance and would help them deal with it in “ an appropriate and effective way ” .
“ The new notice will contain numerous safeguards for taxpayers , in line with practice in all other G20 countries , and the power can only be used in specific circumstances where the information is reasonably required @ @ @ @ @ @ @ ’ s tax position , ” the tax authority said .

HMRC to receive powers to enforce disclosure of assets
HM Revenue & Customs (HMRC) will be given new powers that will allow it to force financial institutions to provide information about people’s assets.
The firms will be required to pass on customer information if served with a “financial institution notice” by HMRC under new measures proposed in the next finance bill.
It will mean a court or the individual’s approval is no longer required. Currently consent is provided by the individual or a tax tribunal must approve the request.
The financial institutions covered include banks, investment advisers, fund managers, credit unions, insurance companies and credit card issuers.
The government’s proposal could come into effect as soon as next year.
The thinking behind the idea is that it will make it quicker and easier for HMRC to share information with foreign tax authorities as part of a global crackdown on tax evasion.
However, the move has caused concern in some quarters.
The Chartered Institute of Taxation said it was “concerned about the loss of independent tribunal oversight, particularly in cases which involve requests for information about UK taxpayers”.
Meanwhile, UK Finance said the measures signified a “watering down [of] safeguards”.
HMRC said it was important in the battle against tax evasion and avoidance and would help them deal with it in “an appropriate and effective way”.
“The new notice will contain numerous safeguards for taxpayers, in line with practice in all other G20 countries, and the power can only be used in specific circumstances where the information is reasonably required for the purposes of checking a taxpayer’s tax position,” the tax authority said.


cityam--2020-09-19--US Supreme Court judge Ruth Bader Ginsburg dies of cancer aged 87

US Supreme Court Justice Ruth Bader Ginsburg died of cancer at the age of 87 , the court has said .
Ginsburg passed away at her home in Washington on Friday , surrounded by her family , following a battle with metastatic pancreatic cancer , the statement said .
Read more : Trump urges Republicans to go ‘ much higher ’ on stimulus She was the oldest justice and just second woman to ever sit on the Supreme Court , having been appointed in 1993 .
The prominent feminist and figurehead for liberals revealed she was undergoing chemotherapy earlier this @ @ @ @ @ @ @ .
“ Our Nation has lost a jurist of historic stature , ” Chief Justice John Roberts said in a statement on Friday .
“ We at the Supreme Court have lost a cherished colleague .
Today we mourn , but with confidence that future generations will remember Ruth Bader Ginsburg as we knew her – a tireless and resolute champion of justice.
” Ginsburg was one of four liberals on the justice court .
Her death raises the possibility of US President Donald Trump trying to expand the slender conservative majority on @ @ @ @ @ @ @ election .
He is expected to appoint nominate a conservative replacement as soon as possible .
Presidential candidate Joe Biden has said the appointment should be made after the US election .
And Ginsburg expressed her strong disapproval of Trump making such a move in the days before her death .
“ My most fervent wish is that I will not be replaced until a new president is installed , ” she wrote in a statement to her granddaughter , according to National Public Radio .
Read more : Trump wavers on Tiktok @ @ @ @ @ @ @ to the news of Ginsburg ’ s death following a rally in Minnesota , Trump said : “ I didn ’ t know that .
She led an amazing life , what else can you say ?
” He later tweeted a statement , calling her a “ titan of law ” and a “ brilliant mind ” .

US Supreme Court judge Ruth Bader Ginsburg dies of cancer aged 87
Ruth Bader Ginsburg
US Supreme Court Justice Ruth Bader Ginsburg died of cancer at the age of 87, the court has said.
Ginsburg passed away at her home in Washington on Friday, surrounded by her family, following a battle with metastatic pancreatic cancer, the statement said.
She was the oldest justice and just second woman to ever sit on the Supreme Court, having been appointed in 1993.
The prominent feminist and figurehead for liberals revealed she was undergoing chemotherapy earlier this year, following a recurrence of cancer.
“Our Nation has lost a jurist of historic stature,” Chief Justice John Roberts said in a statement on Friday.
“We at the Supreme Court have lost a cherished colleague. Today we mourn, but with confidence that future generations will remember Ruth Bader Ginsburg as we knew her – a tireless and resolute champion of justice.”
Ginsburg was one of four liberals on the justice court. Her death raises the possibility of US President Donald Trump trying to expand the slender conservative majority on the court ahead of November’s election.
He is expected to appoint nominate a conservative replacement as soon as possible.
Presidential candidate Joe Biden has said the appointment should be made after the US election.
And Ginsburg expressed her strong disapproval of Trump making such a move in the days before her death.
“My most fervent wish is that I will not be replaced until a new president is installed,” she wrote in a statement to her granddaughter, according to National Public Radio.
Reacting to the news of Ginsburg’s death following a rally in Minnesota, Trump said: “I didn’t know that. She led an amazing life, what else can you say?”
He later tweeted a statement, calling her a “titan of law” and a “brilliant mind”.


cityam--2020-09-19--Just 6 per cent of UK population has Covid-19 antibodies, SAGE says

Only six per cent of the UK ’ s population has antibodies to Covid-19 , minutes from a Scientific Advisory Group for Emergencies ( SAGE ) meeting earlier this month have revealed .
The scientific advisers told the government that just a small proportion of the country had antibodies to coronavirus in the meeting .
Read more : Coronavirus : New London lockdown restrictions ‘ increasingly likely ’ while PM warns of second wave across UK SAGE also informed officials that there was evidence that these levels may reduce over the preceding months , while some types of antibody may @ @ @ @ @ @ @ to be present still .
“ Evidence from serology studies suggest a small proportion ( around 6 % ) of the UK population has antibodies to COVID-19 , ” according to the SAGE minutes from 3 September .
“ There is evidence of antibody levels waning over 2-3 months ( medium confidence ) , ” it said .
“ There is evidence that individuals with certain types and levels of antibody can still have significant viral load and potentially transmit the virus ( high confidence ) .
” SAGE went on to warn @ @ @ @ @ @ @ the population would be unlikely to mitigate the impact of “ a significant winter resurgence ” .
More than 4,000 new coronavirus cases were confirmed on Friday – the biggest daily increase since 8 May .
The government has already introduced local lockdown measures in regions across the UK and Prime Minister Boris Johnson has warned of a second wave being “ inevitable ” .
London mayor Sadiq Khan has also urged for restrictions to be implemented again in the capital before cases “ surge out of control ” as they did the @ @ @ @

Just 6 per cent of UK population has Covid-19 antibodies, SAGE says
Just 6 per cent of UK population has Covid-19 antibodies, SAGE says
Only six per cent of the UK’s population has antibodies to Covid-19, minutes from a Scientific Advisory Group for Emergencies (SAGE) meeting earlier this month have revealed.
The scientific advisers told the government that just a small proportion of the country had antibodies to coronavirus in the meeting.
SAGE also informed officials that there was evidence that these levels may reduce over the preceding months, while some types of antibody may allow a transmissible amount of the virus to be present still.
“Evidence from serology studies suggest a small proportion (around 6%) of the UK population has antibodies to COVID-19,” according to the SAGE minutes from 3 September.
“There is evidence of antibody levels waning over 2-3 months (medium confidence),” it said.
“There is evidence that individuals with certain types and levels of antibody can still have significant viral load and potentially transmit the virus (high confidence).”
SAGE went on to warn that the current levels of immunity among the population would be unlikely to mitigate the impact of “a significant winter resurgence”.
More than 4,000 new coronavirus cases were confirmed on Friday – the biggest daily increase since 8 May.
The government has already introduced local lockdown measures in regions across the UK and Prime Minister Boris Johnson has warned of a second wave being “inevitable”.
London mayor Sadiq Khan has also urged for restrictions to be implemented again in the capital before cases “surge out of control” as they did the first time around.


cityam--2020-09-19--Global stocks slip as coronavirus cases rise

Stock markets around the world continued to stutter this week as an increase in Covid-19 cases in across Europe weighed on market sentiment .
Wall Street saw early gains on Friday reverse and the S & P 500 and Nasdaq ended the session posting a third straight week of declines , led by this week ’ s Federal Reserve meeting and coronavirus outbreaks across Europe .
Read more : FTSE 100 and US stocks slip amid rising coronavirus cases The S & P 500 lost 37 points , or 1.12 per cent , to 3,319 , ending the week 0.65 @ @ @ @ @ @ @ dropped 117 points , or 1.07 per cent , to 10,793 , declining 0.56 per cent for the week , as tech firms led equities lower .
The Dow Jones also fell on Friday , losing 244 points , or 0.88 per cent , to 27,657 , while the dollar posted its fifth straight day of declines against the yen .
In the UK , the FTSE 100 and FTSE 250 both shed 0.7 and 1.0 per cent respectively , ending the week relatively flat .
It comes as the country introduced new @ @ @ @ @ @ @ a second national lockdown .
In Europe , where outbreaks have also continued and caused further lockdown measures to be introduced , France ’ s Cac 40 finished Friday 1.22 per cent down , while the German Dax slipped 0.77 per cent .
Read more : Coronavirus : New London lockdown restrictions ‘ increasingly likely ’ while PM warns of second wave across UK Meanwhile , oil prices remained steady for the week , with Brent crude futures finishing at $ 43.15 a barrel .
Gold posted more gains to finish at 1,957 @ @ @ @ @ @ @ havens again .

Global stocks slip as coronavirus cases rise
Global stocks slip as coronavirus cases rise
Stock markets around the world continued to stutter this week as an increase in Covid-19 cases in across Europe weighed on market sentiment.
Wall Street saw early gains on Friday reverse and the S&P 500 and Nasdaq ended the session posting a third straight week of declines, led by this week’s Federal Reserve meeting and coronavirus outbreaks across Europe.
The S&P 500 lost 37 points, or 1.12 per cent, to 3,319, ending the week 0.65 per cent down.
Meanwhile the Nasdaq dropped 117 points, or 1.07 per cent, to 10,793, declining 0.56 per cent for the week, as tech firms led equities lower.
The Dow Jones also fell on Friday, losing 244 points, or 0.88 per cent, to 27,657, while the dollar posted its fifth straight day of declines against the yen.
In the UK, the FTSE 100 and FTSE 250 both shed 0.7 and 1.0 per cent respectively, ending the week relatively flat.
It comes as the country introduced new coronavirus restrictions in multiple regions and considers a second national lockdown.
In Europe, where outbreaks have also continued and caused further lockdown measures to be introduced, France’s Cac 40 finished Friday 1.22 per cent down, while the German Dax slipped 0.77 per cent.
Meanwhile, oil prices remained steady for the week, with Brent crude futures finishing at $43.15 a barrel.
Gold posted more gains to finish at 1,957 per ounce as investors turned to safe havens again.


cityam--2020-09-19--Coronavirus: New London lockdown restrictions 'increasingly likely' while PM warns of second wave ac

Coronavirus: New London lockdown restrictions 'increasingly likely' while PM warns of second wave across UK

London mayor Sadiq Khan has said he does not want to wait for coronavirus cases “ to spiral out of control again ” before further lockdown measures are introduced in the capital .
Khan said it was looking “ increasingly likely ” that more restrictions would be needed as has been seen in other parts of the country .
Sadiq Khan said : “ The prime minister has said that we are now seeing the start of a second wave of Covid-19 across the UK .
Read more : UK coronavirus ‘ R ’ rate rises to between 1.1 and @ @ @ @ @ @ @ I am extremely concerned by the latest evidence I ’ ve seen today from public health experts about the accelerating speed at which COVID-19 is now spreading here in London .
“ This is made worse by the uncertainty caused by the lack of testing capacity in the capital .
This afternoon I held an emergency meeting with London council leaders , the government and Public Health England to discuss the next steps .
“ It is increasingly likely that , in London , additional measures will soon be required to slow the @ @ @ @ @ @ @ be considering some of the measures which have already been imposed in other parts of the UK .
“ I am of the firm view that we should not wait , as happened six months ago , for this virus to again spiral out of control before taking action .
“ The best thing for both public health and the economy is new restrictions imposed early , rather than a full lockdown when it ’ s too late – but the government must urgently ensure there is a fully functioning testing system .
@ @ @ @ @ @ @ be as cautious as possible over this weekend .
Please think very carefully about your actions – strictly follow social distancing rules , regularly wash your hands and wear a face covering to help reduce the spread of the virus.
” The London mayor ’ s comments came after Prime Minsiter Boris Johnson warned of an “ inevitable second wave ” of Covid-19 on Friday as 4,322 new cases of coronavirus were confirmed – the highest since 8 May .
“ Clearly when you look at what is happening , you ’ ve @ @ @ @ @ @ @ go further than the rule of six that we brought in , ” he said .
Read more : Coronavirus : London braced for tighter restrictions as cases surge Johnson said the government would keep “ everything under review ” but a second national lockdown was “ the last thing anybody wants ” .
“ We want to keep schools open , ” he said .
“ We want to keep the economy open as far as we possibly can , we want to keep businesses going.
” He added : “ The @ @ @ @ @ @ @ , obviously , if people follow the guidance .
”

Coronavirus: New London lockdown restrictions ‘increasingly likely’ while PM warns of second wave across UK
London lockdown restrictions “increasingly likely” says Khan
London mayor Sadiq Khan has said he does not want to wait for coronavirus cases “to spiral out of control again” before further lockdown measures are introduced in the capital.
Khan said it was looking “increasingly likely” that more restrictions would be needed as has been seen in other parts of the country.
Sadiq Khan said: “The prime minister has said that we are now seeing the start of a second wave of Covid-19 across the UK.
“Londoners should also know that I am extremely concerned by the latest evidence I’ve seen today from public health experts about the accelerating speed at which COVID-19 is now spreading here in London.
“This is made worse by the uncertainty caused by the lack of testing capacity in the capital. This afternoon I held an emergency meeting with London council leaders, the government and Public Health England to discuss the next steps.
“It is increasingly likely that, in London, additional measures will soon be required to slow the spread of the virus. We will be considering some of the measures which have already been imposed in other parts of the UK.
“I am of the firm view that we should not wait, as happened six months ago, for this virus to again spiral out of control before taking action.
“The best thing for both public health and the economy is new restrictions imposed early, rather than a full lockdown when it’s too late – but the government must urgently ensure there is a fully functioning testing system.
“I strongly urge all Londoners to be as cautious as possible over this weekend. Please think very carefully about your actions – strictly follow social distancing rules, regularly wash your hands and wear a face covering to help reduce the spread of the virus.”
The London mayor’s comments came after Prime Minsiter Boris Johnson warned of an “inevitable second wave” of Covid-19 on Friday as 4,322 new cases of coronavirus were confirmed – the highest since 8 May.
“Clearly when you look at what is happening, you’ve got to wonder whether we need to go further than the rule of six that we brought in,” he said.
Johnson said the government would keep “everything under review” but a second national lockdown was “the last thing anybody wants”.
“We want to keep schools open,” he said. “We want to keep the economy open as far as we possibly can, we want to keep businesses going.”
He added: “The only way we can do that is, obviously, if people follow the guidance.”


cityam--2020-09-19--Coronavirus: Johnson faces calls for urgent action and COBRA meeting as cases rise

Prime Minister Boris Johnson has come under pressure to take “ decisive action ” in the battle against coronavirus as cases rise .
Scottish First Minister Nicola Sturgeon has demanded a COBRA meeting within the next 48 hours and echoed the sentiments of London mayor Sadiq Khan regarding the need to learn from March ’ s mistakes and implement restrictions quickly .
“ We know from experience earlier in the year that speed and decisiveness of action is important in the fight against COVID , ” Sturgeon tweeted .
Read more : Coronavirus : New London lockdown restrictions ‘ increasingly @ @ @ @ @ @ @ wave across UK Scotland reported 350 new cases on Saturday and three deaths , while England saw 16 more deaths .
Sturgeon said : “ There will always be fluctuations in daily figures – that ’ s why we look at 7 day averages to balance out variations in testing etc .
Even with that caveat though , today ’ s report underlines [ the ] fact that COVID is rising.
” She said the Scottish government “ will seek to reach considered decisions as quickly as possible ” and urged the public @ @ @ @ @ @ @ “ minimise interactions with other households ” .
It comes after Khan yesterday warned that London risked coronavirus cases “ spiralling out of control ” as they did earlier in the year .
He said it was “ increasingly likely ” lockdown measures would be needed in London again .
Earlier today , Dr Bharat Pankhania , senior clinical lecturer at the University of Exeter , told Sky News it is “ blindingly obvious ” what needs to be done to stem the increase in Covid-19 cases .
He said : “ My @ @ @ @ @ @ @ , don ’ t sit there and say ‘ we are going to do something next week ’ .
It ’ s tomorrow , it ’ s today .
“ You say , ‘ as of today please reduce your circulation in pubs , restaurants , transport , offices and all those places where infection transmits ’ .
It ’ s as straightforward as that.
” According to the government ’ s scientific advisers , the R number , which shows the spread of the virus , is now between 1.1 and 1.4 @ @ @ @ @ @ @ number of cases in a few weeks could equal those seen in March and April if decisive action is not taken now .

Coronavirus: Johnson faces calls for urgent action and COBRA meeting as cases rise
Nicola Sturgeon has called on Boris Johnson to take urgent action and hold a COBRA meeting as Covid cases rise
Prime Minister Boris Johnson has come under pressure to take “decisive action” in the battle against coronavirus as cases rise.
Scottish First Minister Nicola Sturgeon has demanded a COBRA meeting within the next 48 hours and echoed the sentiments of London mayor Sadiq Khan regarding the need to learn from March’s mistakes and implement restrictions quickly.
“We know from experience earlier in the year that speed and decisiveness of action is important in the fight against COVID,” Sturgeon tweeted.
Scotland reported 350 new cases on Saturday and three deaths, while England saw 16 more deaths.
Sturgeon said: “There will always be fluctuations in daily figures – that’s why we look at 7 day averages to balance out variations in testing etc. Even with that caveat though, today’s report underlines [the] fact that COVID is rising.”
She said the Scottish government “will seek to reach considered decisions as quickly as possible” and urged the public to be “extra careful” and “minimise interactions with other households”.
It comes after Khan yesterday warned that London risked coronavirus cases “spiralling out of control” as they did earlier in the year.
He said it was “increasingly likely” lockdown measures would be needed in London again.
Earlier today, Dr Bharat Pankhania, senior clinical lecturer at the University of Exeter, told Sky News it is “blindingly obvious” what needs to be done to stem the increase in Covid-19 cases.
He said: “My advice to Prime Minister Boris Johnson is, don’t sit there and say ‘we are going to do something next week’. It’s tomorrow, it’s today.
“You say, ‘as of today please reduce your circulation in pubs, restaurants, transport, offices and all those places where infection transmits’. It’s as straightforward as that.”
According to the government’s scientific advisers, the R number, which shows the spread of the virus, is now between 1.1 and 1.4.
It has led to fears the number of cases in a few weeks could equal those seen in March and April if decisive action is not taken now.


cityam--2020-09-19--Trump predicts Covid-19 vaccine to be available to every American by April

US President Donald Trump has said he expects a vaccine for coronavirus to be available for every American by April .
Speaking at a news conference on Friday , Trump told reporters he was optimistic of the vaccine being available in just seven months time and that it would be distributed within 24 hours of federal approval .
“ Hundreds of millions of doses will be available every month , and we expect to have enough vaccines for every American by April , ” Trump said .
Read more : Trump urges Republicans to go ‘ much higher ’ on @ @ @ @ @ @ @ ’ ll have a safe and effective vaccine and we ’ ll defeat the virus , ” he added .
It comes at some odds with the US government scientists ’ forecast , with Trump repeatedly clashing with health officials over Covid-19 .
He said he agreed with Dr Robert Redfield ’ s assessment that a vaccine will be widely available some time between April and September , but that he also thought it could be much earlier than that .
When questioned if he knew more than Redfield , who is the @ @ @ @ @ @ @ and Prevention , he said : “ In many cases I do.
” Trump had previously suggested a vaccine could be approved in October , although that timeline looks increasingly ambitious with experts saying it is unlikely .
Read more : US Supreme Court judge Ruth Bader Ginsburg dies of cancer aged 87 The current US President , who is bidding to stay in office come November ’ s election , has also suggested reducing the number of coronavirus tests carried out would lower the overall case count and in turn encourage people @ @ @ @ @ @ @ economy .
On Friday , a further 47,486 people in the US tested positive for the disease , according to Covid Tracking Project data , while the national death toll rose by 901 .

Trump predicts Covid-19 vaccine to be available to every American by April
US President Donald Trump has said he expects a vaccine for coronavirus to be available for every American by April.
US President Donald Trump has said he expects a vaccine for coronavirus to be available for every American by April.
Speaking at a news conference on Friday, Trump told reporters he was optimistic of the vaccine being available in just seven months time and that it would be distributed within 24 hours of federal approval.
“Hundreds of millions of doses will be available every month, and we expect to have enough vaccines for every American by April,” Trump said.
“In a short time we’ll have a safe and effective vaccine and we’ll defeat the virus,” he added.
It comes at some odds with the US government scientists’ forecast, with Trump repeatedly clashing with health officials over Covid-19.
He said he agreed with Dr Robert Redfield’s assessment that a vaccine will be widely available some time between April and September, but that he also thought it could be much earlier than that.
When questioned if he knew more than Redfield, who is the director of the Centers for Disease Control and Prevention, he said: “In many cases I do.”
Trump had previously suggested a vaccine could be approved in October, although that timeline looks increasingly ambitious with experts saying it is unlikely.
The current US President, who is bidding to stay in office come November’s election, has also suggested reducing the number of coronavirus tests carried out would lower the overall case count and in turn encourage people to return to work and reopen the economy.
It’s an approach opposed by public health officials.
On Friday, a further 47,486 people in the US tested positive for the disease, according to Covid Tracking Project data, while the national death toll rose by 901.


cityam--2020-09-20--English vineyard Nyetimber prepares for socially distant harvest

English sparkling wine firm Nyetimber is making preparations for its first harvest after a fruitful summer — at a sociable distance .
It will harvest grapes from 640 acres of vineyards in West Sussex , Hampshire and Kent over the next few weeks , which it said is the largest area of harvested vines of any English sparkling wine producer .
Nyetimber forecast production of around 1m bottles from this harvest , which will rise to 2m bottles within the next few years as more of its younger vineyards come to maturity .
Read more : Fortnum picks six wines @ @ @ @ @ @ @ expects to sell 2m bottles a year by 2030 .
The English wine industry has been growing rapidly , rising to 10.5m bottles produced last year from 5.9m in 2017 .
Sales rose 70 per cent between 2018 and 2019 to 5.5m bottles , while the UK ’ s total area size of vineyards has risen 83 per cent since 2015 .
Read more : Cheers to that : Wine awards survive Covid as judges meet for tastings “ Having embraced the required social distancing measures we are looking forward to a bumper @ @ @ @ @ @ @ growing conditions this year , in particular the warm and dry summer weather which got us off to a great start , ” said Cherie Spriggs , head winemaker at Nyetimber .
“ We expect 2020 to once again bear fruit of high quality for our wines .
”

English vineyard Nyetimber prepares for socially distant harvest
Credit: Nyetimber
English sparkling wine firm Nyetimber is making preparations for its first harvest after a fruitful summer — at a sociable distance.
It will harvest grapes from 640 acres of vineyards in West Sussex, Hampshire and Kent over the next few weeks, which it said is the largest area of harvested vines of any English sparkling wine producer.
Nyetimber forecast production of around 1m bottles from this harvest, which will rise to 2m bottles within the next few years as more of its younger vineyards come to maturity.
It also expects to sell 2m bottles a year by 2030.
The English wine industry has been growing rapidly, rising to 10.5m bottles produced last year from 5.9m in 2017.
Sales rose 70 per cent between 2018 and 2019 to 5.5m bottles, while the UK’s total area size of vineyards has risen 83 per cent since 2015.
“Having embraced the required social distancing measures we are looking forward to a bumper harvest as we have benefitted from good growing conditions this year, in particular the warm and dry summer weather which got us off to a great start,” said Cherie Spriggs, head winemaker at Nyetimber.
“We expect 2020 to once again bear fruit of high quality for our wines.”


cityam--2020-09-20--Matt Hancock threatens new corornavirus restrictions if people flout rules

The government will introduce more stringent coronavirus restrictions if people do not follow the new set of rules , according to health secretary Matt Hancock .
Hancock said that the UK was at a “ tipping point ” , as coronavirus cases rise across the conutry , and that people had become “ more relaxed [ about following Covid rules ] over summer ” .
Read more : Coronavirus : Johnson faces calls for urgent action and COBRA meeting as cases rise Hancock ’ s stark warning comes as the government announced that people who break some of the coronavirus @ @ @ @ @ @ @ from Monday next week .
People who do not self isolate after being contacted by NHS Test and Trace will be fined £1,000 for first time offences and up to £10,000 for repeat offences .
There has also been speculation that the government is looking at implementing a two week national lockdown next month .
Before the Open newsletter : Start your day with the City View podcast and key market data The health secretary stressed today that everyone needed to follow the rule of six – which mandates people can not congregate @ @ @ @ @ @ @ – and to self isolate and get a test if they have Covid symptoms .
Hancock told Sky News : “ The choice is that everybody follows the rules – the rule of six and the need to self isolate if you have a positive test or contacted by NHS Test and Trace or we will have to take more measures .
“ If people don ’ t follow the rules , that ’ s how the virus spreads .
“ We know so much more about the virus and how it spreads @ @ @ @ @ @ @ people need to do and that ’ s why we have these super simple rules.
” New figures from Imperial College London show the number of Covid-19 cases has risen in every part of the UK except Carlisle , Swindon , Aberdeenshire and Perth and Kinross .
Read more : Coronavirus : New London lockdown restrictions ‘ increasingly likely ’ while PM warns of second wave across UK The modelling also shows that the London borough of Redbridge is the capital ’ s worst hit area .
Mayor of London Sadiq Khan said @ @ @ @ @ @ @ likely ” that London would soon have more Covid restrictions imposed .

Matt Hancock threatens new coronavirus restrictions if people flout rules
Members of the public sit outside as they enjoy the weather in southwest London on September 19, 2020. – Britain is seeing a second wave of the coronavirus outbreak, Prime Minister Boris Johnson said yesterday, as millions more people faced new restrictions and the government warned that another national lockdown could be imminent. (Photo by JUSTIN TALLIS / AFP) (Photo by JUSTIN TALLIS/AFP via Getty Images)
The government will introduce more stringent coronavirus restrictions if people do not follow the new set of rules, according to health secretary Matt Hancock.
Hancock said that the UK was at a “tipping point”, as coronavirus cases rise across the conutry, and that people had become “more relaxed [about following Covid rules] over summer”.
Hancock’s stark warning comes as the government announced that people who break some of the coronavirus rules will be fined up to £10,000 from Monday next week.
People who do not self isolate after being contacted by NHS Test and Trace will be fined £1,000 for first time offences and up to £10,000 for repeat offences.
There has also been speculation that the government is looking at implementing a two week national lockdown next month.
Before the Open newsletter: Start your day with the City View podcast and key market data
The health secretary stressed today that everyone needed to follow the rule of six – which mandates people cannot congregate in numbers of more than six people – and to self isolate and get a test if they have Covid symptoms.
Hancock told Sky News: “The choice is that everybody follows the rules – the rule of six and the need to self isolate if you have a positive test or contacted by NHS Test and Trace or we will have to take more measures.
“If people don’t follow the rules, that’s how the virus spreads.
“We know so much more about the virus and how it spreads last time and we can see what people need to do and that’s why we have these super simple rules.”
New figures from Imperial College London show the number of Covid-19 cases has risen in every part of the UK except Carlisle, Swindon, Aberdeenshire and Perth and Kinross.
The modelling also shows that the London borough of Redbridge is the capital’s worst hit area.
Mayor of London Sadiq Khan said on Friday that it was “increasingly likely” that London would soon have more Covid restrictions imposed.


cityam--2020-09-20--Rolls-Royce to raise up to £2.5bn in dash for funding

Rolls-Royce is seeking to raise up to £2.5bn on the London market in an effort to bolster its balance sheet in the wake of the pandemic .
The engine manufacturer said the raise could consist of a mix of options , including a rights issue or debt and equity issuances .
“ We continue to review all funding options to enhance balance sheet resilience and strength , ” Rolls-Royce said in a statement yesterday .
Read more : Rolls-Royce sales rebound as luxury car firm commits to UK The FTSE 100 firm is said to be in talks with sovereign @ @ @ @ @ @ @ GIC about participating in the raise , the Financial Times reported , which will be launched in early October .
Rolls-Royce was hit hard by travel restrictions linked to the ongoing coronavirus crisis , after orders for its aero-engines fell as airlines struggled .
“ The continued reduction by airlines to their flight schedules puts more pressure on Rolls-Royce ’ s cash flow as it gets paid in line with how much time aircraft are actually in the air , ” said Michael Hewson , chief market analyst at CMC Markets .
Rolls-Royce @ @ @ @ @ @ @ half of the year , after burning through £3bn in the first six months .
Read more : Rolls-Royce crashes to £5.4bn first-half loss on Covid-19 hit The Derby-based firm cut at least 9,000 jobs in May .
It said last month that it also plans to sell off its Spanish unit ITP Aero among other assets .
Rolls-Royce shares are hovering around a 16-year low , closing on Friday at £1.80 per share .

Rolls-Royce to raise up to £2.5bn in dash for funding
Rolls-Royce is seeking to raise up to £2.5bn on the London market in an effort to bolster its balance sheet in the wake of the pandemic.
The engine manufacturer said the raise could consist of a mix of options, including a rights issue or debt and equity issuances.
“We continue to review all funding options to enhance balance sheet resilience and strength,” Rolls-Royce said in a statement yesterday.
The FTSE 100 firm is said to be in talks with sovereign wealth funds such as Singapore’s GIC about participating in the raise, the Financial Times reported, which will be launched in early October.
Rolls-Royce was hit hard by travel restrictions linked to the ongoing coronavirus crisis, after orders for its aero-engines fell as airlines struggled.
“The continued reduction by airlines to their flight schedules puts more pressure on Rolls-Royce’s cash flow as it gets paid in line with how much time aircraft are actually in the air,” said Michael Hewson, chief market analyst at CMC Markets.
Rolls-Royce forecast a £1bn outflow in the second half of the year, after burning through £3bn in the first six months.
The Derby-based firm cut at least 9,000 jobs in May. It said last month that it also plans to sell off its Spanish unit ITP Aero among other assets.
Rolls-Royce shares are hovering around a 16-year low, closing on Friday at £1.80 per share.


cityam--2020-09-20--Bytedance seeks $60bn Tiktok price tag after Oracle deal gets green light

Tiktok owner Bytedance is said to be seeking a valuation of $ 60bn for Tiktok ’ s US operations , after a partnership with Oracle and Walmart was approved by the Trump administration late last night .
Through the creation of a new entity called Tiktok Global , software giant Oracle will take a 12.5 per cent stake and manage the storage of its data in the cloud to appease US security concerns .
Retail giant Walmart said it would take a 7.5 per cent stake , leaving Chinese tech firm Bytedance with the remaining 80 per cent .
Read @ @ @ @ @ @ @ to be banned from Sunday That majority stake will be funded partly by US venture capital firms , allowing the White House to shrug off criticism about Bytedance ’ s continued involvement in the company .
Oracle and Walmart are said to have a combined $ 12bn for their stakes on a $ 60bn asking price for Tiktok , a person familiar with the matter told Bloomberg .
The approved deal calls off a ban that was to be imposed on new downloads of Tiktok in the US from today , but does @ @ @ @ @ @ @ messaging app Wechat .
The final valuation for Tiktok Global had not been set before the deal was announced as the companies negotiated the equity structure and measures for data security , the news wire reported .
Read more : Trump wavers on Tiktok deal as Bytedance seeks Chinese approval Tiktok Global is destined to go public in the US as the dust of the political storm surrounding its creation settles .
The deal will include a headquarters for Tiktok Global in the US , which the company said will create 25,000 jobs @ @ @ @ @ @ @ he supports the deal in principle , despite his earlier executive order which demanded Bytedance divest the video app ’ s US operations completely .
“ We are pleased that the proposal by Tiktok , Oracle , and Walmart will resolve the security concerns of the US administration and settle questions around Tiktok ’ s future in the US , ” a Tiktok spokesperson said overnight .
“ As part of this proposal , Oracle will become our trusted technology provider , responsible for hosting all US user data and securing associated computer @ @ @ @ @ @ @ are fully satisfied .
We are currently working with Walmart on a commercial partnership as well.
” “ Our team works tirelessly to provide a safe and inclusive platform and we ’ re thrilled that we will be able to continue serving our amazingly diverse and creative community .
”

Bytedance seeks $60bn Tiktok price tag after Oracle deal gets green light
Chinese regulators have stepped up their scrutiny of the tech sector in recent months – which saw China’s biggest IPO in history, from Jack Ma’s Ant Group, squashed.
Tiktok owner Bytedance is said to be seeking a valuation of $60bn for Tiktok’s US operations, after a partnership with Oracle and Walmart was approved by the Trump administration late last night.
Through the creation of a new entity called Tiktok Global, software giant Oracle will take a 12.5 per cent stake and manage the storage of its data in the cloud to appease US security concerns.
Retail giant Walmart said it would take a 7.5 per cent stake, leaving Chinese tech firm Bytedance with the remaining 80 per cent.
That majority stake will be funded partly by US venture capital firms, allowing the White House to shrug off criticism about Bytedance’s continued involvement in the company.
Oracle and Walmart are said to have a combined $12bn for their stakes on a $60bn asking price for Tiktok, a person familiar with the matter told Bloomberg.
The approved deal calls off a ban that was to be imposed on new downloads of Tiktok in the US from today, but does not stay the executive order against Chinese messaging app Wechat.
The final valuation for Tiktok Global had not been set before the deal was announced as the companies negotiated the equity structure and measures for data security, the news wire reported.
Tiktok Global is destined to go public in the US as the dust of the political storm surrounding its creation settles. The deal will include a headquarters for Tiktok Global in the US, which the company said will create 25,000 jobs.
US President Donald Trump said yesterday he supports the deal in principle, despite his earlier executive order which demanded Bytedance divest the video app’s US operations completely.
“We are pleased that the proposal by Tiktok, Oracle, and Walmart will resolve the security concerns of the US administration and settle questions around Tiktok’s future in the US,” a Tiktok spokesperson said overnight.
“As part of this proposal, Oracle will become our trusted technology provider, responsible for hosting all US user data and securing associated computer systems to ensure US national security requirements are fully satisfied. We are currently working with Walmart on a commercial partnership as well.”
“Our team works tirelessly to provide a safe and inclusive platform and we’re thrilled that we will be able to continue serving our amazingly diverse and creative community.”