cityam--2020-11-23--Majority of vulnerable Brits to receive Covid vaccine by Easter, says Johnson

The majority of vulnerable Brits should have received a vaccine against coronavirus by Easter , Boris Johnson tonight said .
Speaking in a press conference after today ’ s announcement of a new , tougher system of restrictions for the winter , the Prime Minister hailed the prospect of a number of working vaccines .
“ With a favourable wind we should be able to inoculate the vast majority of the people who need the most protection by Easter ” , he said .
However , he added that it would not be compulsory for everyone to get the vaccine @ @ @ @ @ @ @ But , he said , “ I totally reject the propaganda of the anti-vaxxers.
” Johnson also warned Britons not to throw away the gains won by the latest lockdown over the Christmas period .
“ We hope to let people see a bit more of their family over Christmas , ” he said .
“ ‘ Tis the season to be jolly , but also the season to be jolly careful.
” ‘ Tougher ’ tier system to come into effect next week Earlier Johnson announced the introduction of a “ tougher @ @ @ @ @ @ @ national lockdown next Wednesday .
In a virtual address to the Commons , Johnson said the second national lockdown will be lifted on 2 December in place of a revised system of restrictions that will allow shops , gyms and hairdressers to reopen across the country .
However , people will have to wait until Thursday to find out which tier their area is in , after ministers have been shown fresh data from the government ’ s top scientific advisers .
“ Next Wednesday , people will be able to leave their @ @ @ @ @ @ @ in public spaces subject to the rule of six collective , ” the PM announced .
Setting out England ’ s updated tiered system , Johnson said in Tier 1 people should work from home , in Tier 2 alcohol may only be served as part of substantial meal and in Tier 3 indoor entertainment and hotels will close .
Pubs and restaurants will be allowed to reopen in Tier 1 and Tier 2 , but must remain as takeaway-only services in Tier 3 .
The 10pm curfew for pubs and bars will @ @ @ @ @ @ @ bell for last orders , with venues allowed to stay open until 11pm .
Collective worship and outdoor sports will also be able to resume across all three tiers .
For the first time since the country ’ s first lockdown in March , sports fans will be allowed back into outdoor stadiums in areas with the lowest cases of coronavirus .
However , Johnson cautioned that “ the incidence of the disease is still widespread in many areas , so we ’ re not going to replace national measures with a free @ @ @ @ @ @ @ I ’ m sorry to say we expect that more regions will fall , at least temporarily , into higher levels than before , ” Johnson told MPs .
“ But by using these tougher tiers , and by using rapid turnaround tests on an ever greater scale to drive R below 1 and keep it at that , it should be possible for areas to move down the tiering scale to lower levels of restrictions , ” he added .
Tier allocations will be based on five criteria , including case numbers @ @ @ @ @ @ @ those aged over 60 ; the rate of rise or fall in infections ; the percentage of those tested who have the virus ; and current and projected pressures on the NHS locally .
Unlike the previous system , there will be no negotiation with local leaders over the classification , with financial support allocated on a uniform per-capita basis .
Johnson said regional tier positions will be reviewed every 14 days , with the restrictions likely to be in place until March .
He added that local areas in Tier 3 would @ @ @ @ @ @ @ , and suggested it could lead to a form of “ freedom passes ” where those with a negative Covid result could mix more freely with others who have also tested negative .
The Prime Minister praised the prospect of a vaccine , bumped by successful trial results from Astrazeneca , Pfizer and Moderna , but cautioned that it will be “ still a hard winter ” .
“ For the first time since this wretched virus took hold we can see a route out of the pandemic , ” he said .
@ @ @ @ @ @ @ ” .
Labour leader Keir Starmer cautioned that there were “ huge gaps ” and “ risks ” in the Johnson ’ s Winter Covid plan .
The opposition leader demanded a commitment from the PM to improve the country ’ s contact tracing system , telling the Commons : “ For Test and Trace to be effective , it has to be tracing 80 per cent of people .
It is nowhere near that.
” “ We said to the Prime Minister this needed to be fixed in the period of the @ @ @ @ @ @ @ t been , ” he added .
It comes after official figures released on Friday showed that just 60.5 per cent of people who came into contact with the virus in the week to 11 November were reached by the NHS Track and Trace app .
The figure meant the government app failed to reach 123,000 positive coronavirus cases , and came close to the record low of 59.6 per cent seen at the end of last month .
In a 64 page document setting out the winter Covid strategy , the government @ @ @ @ @ @ @ £7bn into NHS Test and Trace , taking its total funding for the year to £22bn .
Downing Street has confirmed a basic plan to allow some households to mix over a few days over Christmas , though details are not due until later this week .
Retailers expressed their relief at the return of the tier system , after weeks of forced closures during the nationwide lockdown .
British Retail Consortium chief executive Helen Dickinson said : “ Shops – from high streets to retail parks – play an integral role in @ @ @ @ @ @ @ retailers have stepped up their online delivery over the course of 2020 , the bulk of Christmas shopping tends to be done in store .
“ The government ’ s decision to keep all of retail open will help to preserve jobs and the economy and help keep Christmas a festive occasion for everyone.
” Ann Francke , chief executive of the Chartered Management Institute , added : “ There has been a huge amount of speculation about what would happen after 2 December , and that has inevitably forced businesses to be @ @ @ @ @ @ @ “ The government has offered a roadmap for the months ahead — what matters now is that they stick to it to allow businesses to plan with confidence .
”

Majority of vulnerable Brits to receive Covid vaccine by Easter, says Johnson
The majority of vulnerable Brits should have received a vaccine against coronavirus by Easter, Boris Johnson tonight said.
Speaking in a press conference after today’s announcement of a new, tougher system of restrictions for the winter, the Prime Minister hailed the prospect of a number of working vaccines.
“With a favourable wind we should be able to inoculate the vast majority of the people who need the most protection by Easter”, he said.
However, he added that it would not be compulsory for everyone to get the vaccine if they did not wish to.
But, he said, “I totally reject the propaganda of the anti-vaxxers.”
Johnson also warned Britons not to throw away the gains won by the latest lockdown over the Christmas period.
“We hope to let people see a bit more of their family over Christmas,” he said.
“‘Tis the season to be jolly, but also the season to be jolly careful.”
‘Tougher’ tier system to come into effect next week
Earlier Johnson announced the introduction of a “tougher” three-tier system when England leaves its national lockdown next Wednesday.
In a virtual address to the Commons, Johnson said the second national lockdown will be lifted on 2 December in place of a revised system of restrictions that will allow shops, gyms and hairdressers to reopen across the country.
However, people will have to wait until Thursday to find out which tier their area is in, after ministers have been shown fresh data from the government’s top scientific advisers.
“Next Wednesday, people will be able to leave their home for any purpose to meet others in public spaces subject to the rule of six collective,” the PM announced.
Setting out England’s updated tiered system, Johnson said in Tier 1 people should work from home, in Tier 2 alcohol may only be served as part of substantial meal and in Tier 3 indoor entertainment and hotels will close.
Pubs and restaurants will be allowed to reopen in Tier 1 and Tier 2, but must remain as takeaway-only services in Tier 3.
The 10pm curfew for pubs and bars will be replaced with a 10pm bell for last orders, with venues allowed to stay open until 11pm.
Collective worship and outdoor sports will also be able to resume across all three tiers.
For the first time since the country’s first lockdown in March, sports fans will be allowed back into outdoor stadiums in areas with the lowest cases of coronavirus.
However, Johnson cautioned that “the incidence of the disease is still widespread in many areas, so we’re not going to replace national measures with a free for all status quo”.
“I’m sorry to say we expect that more regions will fall, at least temporarily, into higher levels than before,” Johnson told MPs.
“But by using these tougher tiers, and by using rapid turnaround tests on an ever greater scale to drive R below 1 and keep it at that, it should be possible for areas to move down the tiering scale to lower levels of restrictions,” he added.
Tier allocations will be based on five criteria, including case numbers across all age groups; cases in those aged over 60; the rate of rise or fall in infections; the percentage of those tested who have the virus; and current and projected pressures on the NHS locally.
Unlike the previous system, there will be no negotiation with local leaders over the classification, with financial support allocated on a uniform per-capita basis.
Johnson said regional tier positions will be reviewed every 14 days, with the restrictions likely to be in place until March.
He added that local areas in Tier 3 would be offered a six-week surge in testing, and suggested it could lead to a form of “freedom passes” where those with a negative Covid result could mix more freely with others who have also tested negative.
Vaccine offers ‘route out’ of pandemic
The Prime Minister praised the prospect of a vaccine, bumped by successful trial results from Astrazeneca, Pfizer and Moderna, but cautioned that it will be “still a hard winter”.
“For the first time since this wretched virus took hold we can see a route out of the pandemic,” he said. “But we are not there yet”.
Labour leader Keir Starmer cautioned that there were “huge gaps” and “risks” in the Johnson’s Winter Covid plan.
The opposition leader demanded a commitment from the PM to improve the country’s contact tracing system, telling the Commons: “For Test and Trace to be effective, it has to be tracing 80 per cent of people. It is nowhere near that.”
“We said to the Prime Minister this needed to be fixed in the period of the national lockdown, and it hasn’t been,” he added.
It comes after official figures released on Friday showed that just 60.5 per cent of people who came into contact with the virus in the week to 11 November were reached by the NHS Track and Trace app.
The figure meant the government app failed to reach 123,000 positive coronavirus cases, and came close to the record low of 59.6 per cent seen at the end of last month.
In a 64 page document setting out the winter Covid strategy, the government today announced it will plug an additional £7bn into NHS Test and Trace, taking its total funding for the year to £22bn.
Downing Street has confirmed a basic plan to allow some households to mix over a few days over Christmas, though details are not due until later this week.
Retailers expressed their relief at the return of the tier system, after weeks of forced closures during the nationwide lockdown.
British Retail Consortium chief executive Helen Dickinson said: “Shops – from high streets to retail parks – play an integral role in the run up to Christmas. While retailers have stepped up their online delivery over the course of 2020, the bulk of Christmas shopping tends to be done in store.
“The government’s decision to keep all of retail open will help to preserve jobs and the economy and help keep Christmas a festive occasion for everyone.”
Ann Francke, chief executive of the Chartered Management Institute, added: “There has been a huge amount of speculation about what would happen after 2 December, and that has inevitably forced businesses to be more cautious about jobs and investment.
“ The government has offered a roadmap for the months ahead — what matters now is that they stick to it to allow businesses to plan with confidence.”


cityam--2020-11-24--FTSE 100 rises on vaccine hopes and Biden transition

The FTSE 100 rose sharply as investors welcomed positive coronavirus vaccine news and signs that US President Donald Trump is accepting his election loss .
London ’ s main stock index rose 1.1 per cent to 6,400 points shortly after midday .
The FTSE 250 of slightly smaller firms climbed 0.9 per cent .
Read more : Astrazeneca and University of Oxford vaccine 70 per cent effective One key driver of the rally was more upbeat vaccine news .
Yesterday , Astrazeneca and Oxford University showed that their jab was up to 90 per cent effective .
It came after @ @ @ @ @ @ @ shown to be even more effective than that .
On top of this , Trump said he would accept the General Services Administration ’ s move to acknowledge Joe Biden as the apparent winner of the presidential election .
This reduces uncertainty and allows Biden to start planning for when he takes up office in January .
In Europe , Germany ’ s Dax was up 0.9 per cent while France ’ s CAC 40 was 1.3 per cent higher .
The continent-wide Stoxx 600 was up 0.6 per cent .
US stocks @ @ @ @ @ @ @ to futures prices .
Oil hit its highest level since March amid optimism about increased demand next year .
The positive vaccine announcements have led to a “ reflation trade ” in which investors have bought up unloved sectors of the market , which stand to benefit from a return to normal life .
Those dynamics continued today , with jet engine-maker Rolls Royce leading the FTSE 100 with a 10 per cent jump .
British Airways-owner IAG was not far behind .
Both stocks were boosted by England ’ s plans to @ @ @ @ @ @ @ BP was the second-biggest riser , with shares up 7.6 per cent , while Shell ’ s shares rose around 4.8 per cent .
The Brent crude oil price rose 1.3 per cent to $ 46.40 , its highest level since March .
Read more : Covid-19 : Travel quarantine restrictions to be relaxed in time for Christmas “ The dominant driving force behind the market has been progress in vaccine development , ” said Fiona Cincotta at Gain Capital .
The dollar dropped 0.2 per cent against a basket of other currencies @ @ @ @ @ @ @ investors were moving away from safer assets towards riskier ones .
It also helped the pound rise 0.1 per cent to $ 1.334 .

Wall Street hits record high on vaccine hopes and Biden transition
What will investors react to this week?
US stocks pushed to record highs this afternoon as investors welcomed positive and signs that US President Donald Trump is accepting his election loss.
The Dow Jones climbed 1.6 per cent to set a new record high, trading above 30,000 points for the first time.
The gains mean it is on track to cement its best monthly performance since 1987.
The S&P 500 was up 1.5 per cent, while the tech-heavy Nasdaq reversed initial losses to gain just under one per cent.
It came after the FTSE 100 gained ground, closing 1.5 per cent higher at 6,432 points. The FTSE 250 of slightly smaller firms climbed just over one per cent.
One key driver of the rally was more upbeat vaccine news. Yesterday, Astrazeneca and Oxford University showed that their jab was up to 90 per cent effective. It came after Moderna and Pfizer/Biontech’s vaccines were shown to be even more effective than that.
On top of this, Trump said he would accept the General Services Administration’s move to acknowledge Joe Biden as the apparent winner of the presidential election. This reduces uncertainty and allows Biden to start planning for when he takes up office in January.
In Europe, Germany’s Dax was up one per cent while France’s CAC 40 was 1.2 per cent higher. The continent-wide Stoxx 600 was up 0.7 per cent.
Oil hit its highest level since March amid optimism about increased demand next year.
Tesla drives up US stocks
Wall Street’s big winner this afternoon was Tesla, which burst through the $500bn market valuation mark.
The electric car manufacturer rose more than three per cent as markets opened, before gains softened to just over one per cent.
The rise in valuation caps off a mammoth rally for Tesla, which has seen its share price increase more than sixfold this year.
The growth cements its position as the world’s most valuable car manufacturer, despite producing far fewer vehicles than rivals such as Toyota, Volkswagen and General Motors.
The rally also adds to the personal wealth of eccentric boss Elon Musk, who has overtaken Bill Gates to become the world’s second-richest man.
Other US risers including aerospace giant Boeing and oil group Chevron, with financial firms following close behind.
Tech was the only Dow sector in the red, with Apple and Microsoft both slipping.
Neil Wilson at Markets.com said: “We’re seeing some big risk-on moves this afternoon in the market which we can attribute to some very favourable pre-Thanksgiving flows off the back of Trump giving the green light to the transition, news that Janet Yellen is heading to Treasury and vaccine positivity increasing as the Astra news gets fully digested.
“Uncertainties about next year are being cleared out of the way and the vast liquidity put is still positive even if this all looks like it’s a little exuberant.”
FTSE 100 reflation trade continues
The positive vaccine announcements have led to a “reflation trade” in which investors have bought up unloved sectors of the market, which stand to benefit from a return to normal life.
Those dynamics continued today, with jet engine-maker Rolls Royce leading the FTSE 100 with a 10 per cent jump.
British Airways-owner IAG was not far behind. Both stocks were boosted by England’s plans to cut the quarantine period for travellers.
BP was the second-biggest riser, with shares up 7.6 per cent, while Shell’s shares rose around 4.8 per cent. The Brent crude oil price rose 1.3 per cent to $46.40, its highest level since March.
“The dominant driving force behind the market has been progress in vaccine development,” said Fiona Cincotta at Gain Capital.
The dollar dropped 0.2 per cent against a basket of other currencies. Its fall was a sign that investors were moving away from safer assets towards riskier ones. It also helped the pound rise 0.1 per cent to $1.334.


cityam--2020-11-24--Gender lens funds are growing – but female progress remains challenging

The third quarter of 2020 was an eventful one for gender lens investing – investing for financial return while also considering the benefits to women – as well as for women in leadership ( WIL ) .
Gender lens equity funds globally turned in modest positive returns , a trajectory in line with the broader market .
This suite of mutual funds and exchange-traded funds ( ETFs ) , which developed in response to evidence that companies with a higher WIL metric generate superior financial and share-price performance , includes 23 primary gender lens equity funds that are available to @ @ @ @ @ @ @ are global and 14 are regional ) .
Overall , year-to-date ( YTD ) returns for the sector are mixed amid the sharp price swings resulting from the global pandemic and associated economic downturn .
Among global equity funds , four came in ahead of the MSCI World Women ’ s Leadership Index for the quarter , while only two outperformed its parent index , the MSCI World Index .
The Mirova and AXA funds outpaced their benchmarks .
Among regional funds , those focused on the US , Canada and Japan generally @ @ @ @ @ @ @ counterparts surpassed theirs .
Noteworthy regional outperformers were Impact Shares YWCA , Ampega and the BNY Mellon Japan Womenomics Fund .
The assets under management ( AUM ) for gender lens global equity funds is now $ 2.03bn ( £1.51bn ) , up from $ 1.74bn at the close of the last quarter .
Global equity makes up 76 % of the total , and at 57 % , the US remains the leader in AUM-weighted allocations , followed by Canada , France and Germany .
The two largest sectors are IT and @ @ @ @ @ @ @ was a bright spot during the third quarter .
Citigroup announced that Jane Fraser will become its first female CEO , making her the first woman CEO of any major global bank .
This milestone is indicative of a wider cultural shift at Citi .
Last year , it became the first major US company to disclose both the median and adjusted gender and racial pay gap for its global operations .
It also launched an ad campaign to encourage addressing the gender pay gap ( for Citi , that gap declined slightly @ @ @ @ @ @ @ % last year ) .
Other major banks made similar moves .
JP Morgan added Thasunda Brown Duckett , CEO of its consumer banking division , to its operating committee and Goldman Sachs selected Stephanie Cohen to co-head its consumer and wealth management business .
Will these important strides mean faster progress for gender equality in financial services ?
That remains to be seen .
But progress for women has been too slow .
Women represent only 23 % of board directors at major financial firms and only 12 % of CFOs in @ @ @ @ @ @ @ data from Catalyst .
Of the nearly 400 companies with a woman CEO , president or board chair , only 16 % were financial firms .
That ’ s according to Parallelle Finance ’ s compilation of women in leadership among the companies in 17 major indexes .
Indeed , if there was any question as to the depth and cost of the financial sector ’ s gender cap , a recent Goldman Sachs analysis of year-to-date returns for funds with all-male , all-female and mixed-gender portfolio management teams provided a sharp reminder @ @ @ @ @ @ @ the 116 teams with at least one-third female membership outperformed their 380 all-male counterparts .
Asset management is increasingly in the hot seat as more attention is paid to this sort of data .
For example , Bank of America recently announced that it will begin ranking and recommending asset managers based on diversity scores .
While woman have made gains over the past quarter , they have faltered in other areas , with the pandemic ’ s having taken a disproportionate toll on women : the female labour force participation rate in @ @ @ @ @ @ @ the first quarter for the first time since 1986 .
These recent headwinds come on top of other longstanding and systemic challenges .
For example , as described in a recent report by McKinsey , there is a broken rung on the corporate ladder for women trying to reach that first management level .
What ’ s at risk amid the pandemic , certainly in the US , are women ’ s hard-won progress in corporate leadership and the sustainability of a diverse workforce .
According to the National Women ’ s Law @ @ @ @ @ @ @ dropped out of the labour force in September were women , who , in turn , gained only 43 % of newly created jobs .
The challenges are clear .
As researchers continue to advocate for a women-focused recovery , public and private gender lens investing has a role to play .
It can both promote progress in narrowing the WIL and gender pay gaps – and make that progress more investable .
If you liked this post , don ’ t forget to subscribe to the Enterprising Investor .
By Marypat Smucker @ @ @ @ @ @ @ analyst with a focus on gender lens and environmental , social , and governance ( ESG ) investing .
All posts are the opinion of the author .
As such , they should not be construed as investment advice , nor do the opinions expressed necessarily reflect the views of CFA Institute or the author ’ s employer .

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Gender lens funds are growing – but female progress remains challenging
The third quarter of 2020 was an eventful one for gender lens investing – investing for financial return while also considering the benefits to women – as well as for women in leadership (WIL).
Gender lens equity funds globally turned in modest positive returns, a trajectory in line with the broader market. This suite of mutual funds and exchange-traded funds (ETFs), which developed in response to evidence that companies with a higher WIL metric generate superior financial and share-price performance, includes 23 primary gender lens equity funds that are available to individual investors (of these, nine are global and 14 are regional).
Overall, year-to-date (YTD) returns for the sector are mixed amid the sharp price swings resulting from the global pandemic and associated economic downturn.
Among global equity funds, four came in ahead of the MSCI World Women’s Leadership Index for the quarter, while only two outperformed its parent index, the MSCI World Index. The Mirova and AXA funds outpaced their benchmarks. Among regional funds, those focused on the US, Canada and Japan generally tracked their benchmarks, while their European counterparts surpassed theirs. Noteworthy regional outperformers were Impact Shares YWCA, Ampega and the BNY Mellon Japan Womenomics Fund.
The assets under management (AUM) for gender lens global equity funds is now $2.03bn (£1.51bn), up from $1.74bn at the close of the last quarter. Global equity makes up 76% of the total, and at 57%, the US remains the leader in AUM-weighted allocations, followed by Canada, France and Germany. The two largest sectors are IT and financials.
Citi’s CEO appointment among third-quarter highlights
Women in financial services leadership was a bright spot during the third quarter. Citigroup announced that Jane Fraser will become its first female CEO , making her the first woman CEO of any major global bank.
This milestone is indicative of a wider cultural shift at Citi. Last year, it became the first major US company to disclose both the median and adjusted gender and racial pay gap for its global operations. It also launched an ad campaign to encourage addressing the gender pay gap (for Citi, that gap declined slightly from 29% in 2018 to 27% last year).
Other major banks made similar moves. JP Morgan added Thasunda Brown Duckett, CEO of its consumer banking division, to its operating committee and Goldman Sachs selected Stephanie Cohen to co-head its consumer and wealth management business.
Will these important strides mean faster progress for gender equality in financial services? That remains to be seen. But progress for women has been too slow. Women represent only 23% of board directors at major financial firms and only 12% of CFOs in large-cap financial services companies, according to data from Catalyst. Of the nearly 400 companies with a woman CEO, president or board chair, only 16% were financial firms. That’s according to Parallelle Finance’s compilation of women in leadership among the companies in 17 major indexes.
Indeed, if there was any question as to the depth and cost of the financial sector’s gender cap, a recent Goldman Sachs analysis of year-to-date returns for funds with all-male, all-female and mixed-gender portfolio management teams provided a sharp reminder. Even after adjusting for risk, the 116 teams with at least one-third female membership outperformed their 380 all-male counterparts.
Asset management is increasingly in the hot seat as more attention is paid to this sort of data. For example, Bank of America recently announced that it will begin ranking and recommending asset managers based on diversity scores.
Setbacks for women’s workforce participation
While woman have made gains over the past quarter, they have faltered in other areas, with the pandemic’s having taken a disproportionate toll on women: the female labour force participation rate in the US fell below 55% in the first quarter for the first time since 1986.
These recent headwinds come on top of other longstanding and systemic challenges. For example, as described in a recent report by McKinsey, there is a broken rung on the corporate ladder for women trying to reach that first management level.
What’s at risk amid the pandemic, certainly in the US, are women’s hard-won progress in corporate leadership and the sustainability of a diverse workforce. According to the National Women’s Law Center, 80% of workers who dropped out of the labour force in September were women, who, in turn, gained only 43% of newly created jobs.
The challenges are clear. As researchers continue to advocate for a women-focused recovery, public and private gender lens investing has a role to play. It can both promote progress in narrowing the WIL and gender pay gaps – and make that progress more investable.
If you liked this post, don’t forget to subscribe to the Enterprising Investor.
By Marypat Smucker, CFA, a writer and research analyst with a focus on gender lens and environmental, social, and governance (ESG) investing.
All posts are the opinion of the author. As such, they should not be construed as investment advice, nor do the opinions expressed necessarily reflect the views of CFA Institute or the author’s employer.
Image credit: ©Getty Images / SolStock


cityam--2020-11-24--Retirees to be hit by inflation change in Rishi Sunak spending review

Rishi Sunak is set to cost investors £100bn by announcing a change to how pensions are calculated in tomorrow ’ s comprehensive spending review .
The Telegraph reports that Sunak is considering linking pension rises to CPI instead of the retail price index , which would mean smaller yearly increases .
Read more : Rishi Sunak to unveil multi-billion pound spending boost in bid to woo regions The change would mean that 10m retirees will receive smaller pensions than they had previously planned .
The move would decrease government spending at a time where the chancellor is looking to claw @ @ @ @ @ @ @ the Covid crisis .
However , industry experts warn it will cost investors in index-linked gilts – bonds tied to inflation – around £100bn .
Partner at consultancy firm LCF Sir Steve Webb told the Telegraph : “ This is potentially a real loss for millions of present and future company pensioners , there is no getting away from that .
Before the Open newsletter : Start your day with the City View podcast and key market data The Daily Mail also reports that Sunak will tomorrow announce the formation of a new @ @ @ @ @ @ @ of pounds will be spent on the centre , which will bring together top intelligence officers and police officers .
Media reports over the weekend speculated that the chancellor will also create a new government-backed investment bank to fund infrastructure projects .
Additionally , Sunak will reaffirm commitments to public service spending increases to hire more nurses and police officers .
The reforms are being positioned as part of the government ’ s “ levelling up ” agenda for post-Brexit Britain .
Read more : London business groups urge Sunak to give capital @ @ @ @ @ @ @ overhaul will also include major changes to the government ’ s cost-benefit analysis process for big projects , which it acknowledged has favoured investments in the south of England .
Part of this relates to the Treasury ’ s so-called green book — a framework used to determine the value for money of government projects .

Retirees to be hit by inflation change in Rishi Sunak spending review
Rishi Sunak is set to cost investors £100bn by announcing a change to how pensions are calculated in tomorrow’s comprehensive spending review.
The Telegraph reports that Sunak is considering linking pension rises to CPI instead of the retail price index, which would mean smaller yearly increases.
The change would mean that 10m retirees will receive smaller pensions than they had previously planned.
The move would decrease government spending at a time where the chancellor is looking to claw back some of the £200bn spent during the Covid crisis.
However, industry experts warn it will cost investors in index-linked gilts – bonds tied to inflation – around £100bn.
Partner at consultancy firm LCF Sir Steve Webb told the Telegraph: “This is potentially a real loss for millions of present and future company pensioners, there is no getting away from that.
Before the Open newsletter: Start your day with the City View podcast and key market data
“They will get smaller increases.”
The Daily Mail also reports that Sunak will tomorrow announce the formation of a new counter-terrorism operations centre.
Tens of millions of pounds will be spent on the centre, which will bring together top intelligence officers and police officers.
Media reports over the weekend speculated that the chancellor will also create a new government-backed investment bank to fund infrastructure projects.
Additionally, Sunak will reaffirm commitments to public service spending increases to hire more nurses and police officers.
The reforms are being positioned as part of the government’s “levelling up” agenda for post-Brexit Britain.
The overhaul will also include major changes to the government’s cost-benefit analysis process for big projects, which it acknowledged has favoured investments in the south of England.
Part of this relates to the Treasury’s so-called green book — a framework used to determine the value for money of government projects.


cityam--2020-11-24--‘Break’ London banks and give us access to data: fintech firms tell FCA

A coalition of primarily London startups is calling on UK regulators to end the dominance of banking institutions over the use of consumer data as it would increase competition in the savings , credit , mortgages and pensions markets .
The Coalition for a Digital Economy ( Coadec ) , an advocacy group that represent a number of UK fintech firms and counts Tony Blair ’ s son Euan as one its board members , is arguing for a more Australia-style , market-led , approach to open finance .
The group urges the FCA to end , what they call @ @ @ @ @ @ @ consortium , which includes TransferWise and Seedrs , said in a paper published this morning that the watchdog should ‘ break banks ’ and create a more transparent open banking environment , allowing other entities than banks to engage in interfaces through which data about customers , accounts and transactions are shared .
Read more : UK maintains position as leader of Europe ’ s fintech community More competition in mortgage and pensions markets Joel Gladwin , head of policy at Coadec , said that , if fintech firms were given more access @ @ @ @ @ @ @ in the savings , credit , mortgages and pensions markets .
“ Banks were able to send armies of slick lobbyists and magic circle lawyers to Brussels to build extra barriers to fintechs and maintain their gatekeeper roles , ” Gladwin noted .
However , if consumers were more in control of their banking data , it would increase trust , drive engagement and empower activity , he argued .
“ By granting consumers a new data sharing right , and encouraging a market of specialists to compete , banks will have very @ @ @ @ @ @ @ ” Gladwin explained .
“ Ultimately , this will allow consumers to access better , and more tailored , financial services than they do currently , ” he added .
The fintech firms call for an end to bank charges on third party startups for accessing their financial data as well as an end to the current 90-day re-authentication rule , requiring consumers to re-authorituse their banks to release their data for use by external parties .
“ It is an unnecessary barrier that is preventing consumers from accessing better financial services , @ @ @ @ @ @ @ FCA should pursue a market-led , principles-based regulatory framework , concluded Gladwin .
“ As the Brexit transition nears , the Government will have greater flexibility to find a better solution.
” Read more : Klarna-challenger Zilch becomes first ‘ buy now pay later ’ firm to secure FCA licence

‘Break’ London banks and give us access to data: fintech firms tell FCA
“it is in the collective interest of banks to support viable, productive businesses, rather than to seek to defend capital ratios” – FPC
A coalition of primarily London startups is calling on UK regulators to end the dominance of banking institutions over the use of consumer data as it would increase competition in the savings, credit, mortgages and pensions markets.
The Coalition for a Digital Economy (Coadec), an advocacy group that represent a number of UK fintech firms and counts Tony Blair’s son Euan as one its board members, is arguing for a more Australia-style, market-led, approach to open finance.
The group urges the FCA to end, what they call, “an overly-standardised approach.”
The consortium, which includes TransferWise and Seedrs, said in a paper published this morning that the watchdog should ‘break banks’ and create a more transparent open banking environment, allowing other entities than banks to engage in interfaces through which data about customers, accounts and transactions are shared.
More competition in mortgage and pensions markets
Joel Gladwin, head of policy at Coadec, said that, if fintech firms were given more access to data, it would increase competition in the savings, credit, mortgages and pensions markets.
“Banks were able to send armies of slick lobbyists and magic circle lawyers to Brussels to build extra barriers to fintechs and maintain their gatekeeper roles,” Gladwin noted.
However, if consumers were more in control of their banking data, it would increase trust, drive engagement and empower activity, he argued.
“By granting consumers a new data sharing right, and encouraging a market of specialists to compete, banks will have very little room for maneuver this time.,” Gladwin explained.
“Ultimately, this will allow consumers to access better, and more tailored, financial services than they do currently,” he added.
Charges to access data
The fintech firms call for an end to bank charges on third party startups for accessing their financial data as well as an end to the current 90-day re-authentication rule, requiring consumers to re-authorituse their banks to release their data for use by external parties.
“It is an unnecessary barrier that is preventing consumers from accessing better financial services,” he said.
Ultimately, the FCA should pursue a market-led, principles-based regulatory framework, concluded Gladwin. “As the Brexit transition nears, the Government will have greater flexibility to find a better solution.”


cityam--2020-11-24--New government website warns tech firms over China risk

The government today launched a new website warning British tech firms about the risks of doing business with Chinese companies .
The site , which carries the slogan “ China .
See the Potential .
Know the Challenge.
” , is designed to help UK firms negotiate the ethical , legal and commercial challenges when expanding into China or accepting investment from Chinese companies .
Read more : China warns West on Hong Kong : ‘ Their eyes will be plucked out ’ The government said the guidance , which was developed in response to demand from the sector , @ @ @ @ @ @ @ ” collaboration between the two countries in digital and tech .
“ The UK is determined to support our businesses to engage with China in a way that reflects the UK ’ s values and takes account of national security concerns , ” said Caroline Dinenage , minister for digital and culture .
It comes after ministers unveiled new legislation earlier this month that will enable the government to intervene in takeovers by hostile states .
The new laws , which will apply to deals in sectors deemed of strategic importance , follow @ @ @ @ @ @ @ that could threaten national security .
The UK has already banned Chinese tech firm Huawei from building 5G networks , while concerns were raised earlier this year about Chinese involvement in Britain ’ s Imagination Technologies .
In addition to case studies , the new website offers guides on how to carry out due diligence and links to organisations that can provide further support .
A section on ethical concerns also contains stark warnings about the risk of doing business with China .
“ While there are many opportunities , there is a @ @ @ @ @ @ @ could be used to violate human rights , posing a significant risk to your business ’ s reputation , ” it reads .
It lists concerns including China ’ s use of mass surveillance , its repression of ethnic minorities in Xinjiang and elsewhere and automated media and internet censorship .
Read more : China urges US to stop ‘ arbitrary suppression of investments ’ The campaign will likely add fuel to the fire amid escalating trade tensions between the west and China .
A pro-China business group this week warned the UK @ @ @ @ @ @ @ if it does not reverse its growing hostility towards Beijing .

New government website warns tech firms over China risk
The government said the guidance will help support “safe and appropriate” collaboration between the two countries
The government has launched a new website warning British tech firms about the risks of doing business with Chinese companies.
The site, which carries the slogan “China. See the Potential. Know the Challenge.”, is designed to help UK firms negotiate the ethical, legal and commercial challenges when expanding into China or accepting investment from Chinese companies.
The government said the guidance, which was developed in response to demand from the sector, will help support “safe and appropriate” collaboration between the two countries in digital and tech.
“The UK is determined to support our businesses to engage with China in a way that reflects the UK’s values and takes account of national security concerns,” said Caroline Dinenage, minister for digital and culture.
It comes after ministers unveiled new legislation earlier this month that will enable the government to intervene in takeovers by hostile states.
The new laws, which will apply to deals in sectors deemed of strategic importance, follow growing calls for greater scrutiny over transactions that could threaten national security.
The UK has already banned Chinese tech firm Huawei from building 5G networks, while concerns were raised earlier this year about Chinese involvement in Britain’s Imagination Technologies.
In addition to case studies, the new website offers guides on how to carry out due diligence and links to organisations that can provide further support.
A section on ethical concerns also contains stark warnings about the risk of doing business with China.
“While there are many opportunities, there is a risk that your company’s technology could be used to violate human rights, posing a significant risk to your business’s reputation,” it reads.
It lists concerns including China’s use of mass surveillance, its repression of ethnic minorities in Xinjiang and elsewhere and automated media and internet censorship.
The campaign will likely add fuel to the fire amid escalating trade tensions between the west and China.
A pro-China business group this week warned the UK will lose billions of pounds in investment if it does not reverse its growing hostility towards Beijing.


cityam--2020-11-24--City of London calls for return to office plan

The City of London Corporation has called for the government to set out a back-to-work plan to allow staff to get back to their offices as soon as possible .
Responding to today ’ s new guidelines for the winter period , the Square Mile ’ s governing body said it was vital that businesses were given a “ clear plan ” in order to get the economy going again .
Read more : Breaking : Boris Johnson announces lockdown will end on 2 December “ Today ’ s announcement of a COVID-19 Winter Plan is welcome and it is @ @ @ @ @ @ @ for the festive period and into the new year ” , said policy chair Catherine McGuinness .
“ However , what we also urgently need from the government is a clear plan to allow office workers to return to Covid-secure workplaces in order to get as much of the economy operating as possible .
“ This is vital to protect livelihoods .
We also need a thriving economy to help pay for the vast amount of support being provided at this time.
” Under the rules announced today , people will still be @ @ @ @ @ @ @ is possible to do so .
Before the Open newsletter : Start your day with the City View podcast and key market data With the new restrictions set to stay in place until March , many employees will have gone a whole year without setting foot in their workplace .
However , the recent announcements that a number of vaccines have proved effective against the disease have boosted hopes that a return to normality might come sooner than expected .
Recent research from consultancy Arup found that the effective rollout of a vaccine @ @ @ @ @ @ @ economy and save tens of thousands of jobs .
Read more : DEBATE : Is there a case for a ‘ working from home ’ tax ?
McGuinness added : “ With reports of a coming vaccine it seems there is finally light at the end of the tunnel , but in the meantime Londoners should continue to act responsibly by complying with the new rules in order to reduce transmission , save lives and protect the NHS .
”

City of London calls for return to office plan
The City of London Corporation has called for the government to set out a back-to-work plan to allow staff to get back to their offices as soon as possible.
Responding to today’s new guidelines for the winter period, the Square Mile’s governing body said it was vital that businesses were given a “clear plan” in order to get the economy going again.
“Today’s announcement of a COVID-19 Winter Plan is welcome and it is good to have clarity on the arrangements for the festive period and into the new year”, said policy chair Catherine McGuinness.
“However, what we also urgently need from the government is a clear plan to allow office workers to return to Covid-secure workplaces in order to get as much of the economy operating as possible.
“This is vital to protect livelihoods. We also need a thriving economy to help pay for the vast amount of support being provided at this time.”
Under the rules announced today, people will still be asked to work from home where it is possible to do so.
Before the Open newsletter: Start your day with the City View podcast and key market data
With the new restrictions set to stay in place until March, many employees will have gone a whole year without setting foot in their workplace.
However, the recent announcements that a number of vaccines have proved effective against the disease have boosted hopes that a return to normality might come sooner than expected.
Recent research from consultancy Arup found that the effective rollout of a vaccine could inject £41bn into London’s economy and save tens of thousands of jobs.
McGuinness added: “With reports of a coming vaccine it seems there is finally light at the end of the tunnel, but in the meantime Londoners should continue to act responsibly by complying with the new rules in order to reduce transmission, save lives and protect the NHS.”


cityam--2020-11-24--UK retail sales fall in November but online shopping booms, survey shows

Overall UK retail sales dropped in November but online shopping boomed as the England-wide lockdown forced customers to change their habits , a new survey has shown .
The CBI ’ s monthly retail survey showed that sales fell in November year on year at a similar pace to the drop in October .
The sales gauge came in at minus 25 , compared to minus 23 a month earlier .
Read more : Retailers ‘ relieved ’ as shops get green light to open before Christmas However , internet sales grew at the fastest pace since October 2018 , @ @ @ @ @ @ @ comes as England approaches the end of its second period of lockdown .
Non-essential stores were made to close for a month from 5 November , hitting the retail sector hard during the Christmas period .
Yet there is growing evidence that the retail sector has not suffered as badly during the second wave of coronavirus as it did during April and May .
“ This month ’ s survey gives hope that the economic impact of the autumn lockdowns should not be as severe as in the spring , ” said Ben @ @ @ @ @ @ @ Both consumers and firms are adapting as best they can , borne out in this month ’ s strong online sales.
” UK retailers expected things to pick up in December with Christmas and the end of lockdown .
They said they expected sales to be broadly flat year on year .
Read more : UK retail sales outperform expectations ahead of second lockdown “ For many retail sectors , particularly those with less of an online presence , conditions remain extremely challenging , ” Jones said .
“ Retailers will be looking @ @ @ @ @ @ @ very difficult year and many will be greatly relieved by the announcement that they can re-open over the crucial Christmas trading period .
”

UK retail sales fall in November but online shopping booms, survey shows
The new R rate marks a drop from an estimate of between 1 and 1.1 last week
Overall UK retail sales dropped in November but online shopping boomed as the England-wide lockdown forced customers to change their habits, a new survey has shown.
The CBI’s monthly retail survey showed that sales fell in November year on year at a similar pace to the drop in October. The sales gauge came in at minus 25, compared to minus 23 a month earlier.
However, internet sales grew at the fastest pace since October 2018, the business group said.
The survey comes as England approaches the end of its second period of lockdown. Non-essential stores were made to close for a month from 5 November, hitting the retail sector hard during the Christmas period.
Yet there is growing evidence that the retail sector has not suffered as badly during the second wave of coronavirus as it did during April and May.
“This month’s survey gives hope that the economic impact of the autumn lockdowns should not be as severe as in the spring,” said Ben Jones, CBI principal economist.
“Both consumers and firms are adapting as best they can, borne out in this month’s strong online sales.”
UK retailers expected things to pick up in December with Christmas and the end of lockdown. They said they expected sales to be broadly flat year on year.
“For many retail sectors, particularly those with less of an online presence, conditions remain extremely challenging,” Jones said.
“Retailers will be looking to salvage what they can from a very difficult year and many will be greatly relieved by the announcement that they can re-open over the crucial Christmas trading period.”


cityam--2020-11-24--This 'backdated' Porsche 911 looks a million dollars – but costs rather less

The car I ’ m driving looks a million dollars , literally .
At today ’ s exchange rate , that equates to £747,475 : about what you ’ d pay for a perfect 911 Carrera 2.7 RS .
Yet though it resembles the most iconic Porsche of all , this 911 is actually a relatively common SC .
At £44,950 , it ’ s five percent of the price for 90 percent of the fun .
Porsche ’ s 911 has been the benchmark sports car for nearly six decades .
Anoraks , though , will tell you it @ @ @ @ @ @ @ Mans-winning 917 was outlawed , Porsche needed a sequel .
That car was the Carrera 2.7 RS : a homologation special designed to meet Group Four race and rally rules .
Read more : Tier 3 restrictions could be ‘ nail in the coffin ’ for London ’ s restaurants The first road-going 911 to wear the RS ( Rennsport ) badge , it ’ s the godfather of today ’ s revered GT3 and GT2 models .
The RS was based on the flagship 2.4-litre 911S , its air-cooled engine bored out @ @ @ @ @ @ @ crash diet , including thinner body panels , lighter glass and no rear seats .
Even the Porsche crest on the bonnet was a sticker to save a few grams .
The raw figures were 213hp at 6,300rpm , 0-62mph in 5.8 seconds and 975kg in Sport spec .
A more luxurious and ( and 100kg heavier ) Touring version followed , taking total production to 1,525 cars – all built in 1973 .
I was lucky enough to drive a 2.7 RS several years ago : bucket-list stuff for any petrolhead .
@ @ @ @ @ @ @ richly organic and the car fizzed with restless mechanical energy .
Only its near-seven-figure value tempered my enthusiasm .
RS prices have rocketed 1,000 percent since 2004 , making it one of the fastest appreciating cars this century .
That ’ s great news if you own one , less so if you aspire to .
‘ Backdated ’ cars have filled the vacuum .
Typically , these are SC , Carrera 3.2 or 964 models produced between the late 1970s and early 1990s .
Their bulky bumpers are binned , black trim @ @ @ @ @ @ @ RS flourishes are applied : colour-coded Fuchs wheels , ‘ Carrera ’ sill script and a ducktail rear spoiler .
Purists may tut in disapproval , but the result is a Porsche that oozes retro cool .
This 1980 SC was backdated in 2013 , using fibreglass bumpers and body panels .
Its 207hp 3.0-litre engine and ‘ cookie cutter ’ alloys are unaltered , while its cabin boasts several niceties missing from the RS – including electric windows and a radio .
But settle into the ‘ tombstone ’ seat and you @ @ @ @ @ @ @ air-cooled 911 .
The upright windscreen , offset pedals and baffling heater controls are traits that transcend any hierarchy of performance or price .
Early 911s are defiantly unconventional to drive , too .
You steer with your fingertips and coax the spindly gearlever gently across the gate .
You ’ re acutely conscious of weight transfer , sensing the back end squat under acceleration and pendulum effect of the rear-mounted engine as you turn .
You relish the car ’ s modest footprint and make allowances for its modest brakes .
And @ @ @ @ @ @ @ which swells from busy bluster to piercing yowl .
The SC is brimful of feedback and classic character : a car that rewards on every kind of road .
It ’ s also arguably more fun than the RS it imitates in the real world .
Granted , it doesn ’ t feel so textured or up-on-its-toes as the Rennsport – very few cars do , frankly – but you can drive it without fear of obliterating your investment portfolio .
For many , the fact it looks the part only heightens the @ @ @ @ @ @ @ reinforced just how precious our freedom is , and to enjoy it while we can .
So don ’ t wait for that lottery-win 2.7 RS : just buy a 911 , backdated or otherwise , then get out and drive .
Thanks to DM Historics for supplying the Porsche .
Tim Pitt writes for Motoring Research

This ‘backdated’ Porsche 911 looks a million dollars – but costs rather less
The car I’m driving looks a million dollars, literally. At today’s exchange rate, that equates to £747,475: about what you’d pay for a perfect 911 Carrera 2.7 RS. Yet though it resembles the most iconic Porsche of all, this 911 is actually a relatively common SC. At £44,950, it’s five percent of the price for 90 percent of the fun.
Porsche’s 911 has been the benchmark sports car for nearly six decades. Anoraks, though, will tell you it peaked in 1973. After its Le Mans-winning 917 was outlawed, Porsche needed a sequel. That car was the Carrera 2.7 RS: a homologation special designed to meet Group Four race and rally rules.
The first road-going 911 to wear the RS (Rennsport) badge, it’s the godfather of today’s revered GT3 and GT2 models.
The RS was based on the flagship 2.4-litre 911S, its air-cooled engine bored out to 2,681cc. It also underwent a crash diet, including thinner body panels, lighter glass and no rear seats. Even the Porsche crest on the bonnet was a sticker to save a few grams. The raw figures were 213hp at 6,300rpm, 0-62mph in 5.8 seconds and 975kg in Sport spec. A more luxurious and (and 100kg heavier) Touring version followed, taking total production to 1,525 cars – all built in 1973.
I was lucky enough to drive a 2.7 RS several years ago: bucket-list stuff for any petrolhead. I still remember how every input felt richly organic and the car fizzed with restless mechanical energy. Only its near-seven-figure value tempered my enthusiasm.
RS prices have rocketed 1,000 percent since 2004, making it one of the fastest appreciating cars this century. That’s great news if you own one, less so if you aspire to.
‘Backdated’ cars have filled the vacuum. Typically, these are SC, Carrera 3.2 or 964 models produced between the late 1970s and early 1990s. Their bulky bumpers are binned, black trim is swapped for chrome and the signature RS flourishes are applied: colour-coded Fuchs wheels, ‘Carrera’ sill script and a ducktail rear spoiler. Purists may tut in disapproval, but the result is a Porsche that oozes retro cool.
This 1980 SC was backdated in 2013, using fibreglass bumpers and body panels. Its 207hp 3.0-litre engine and ‘cookie cutter’ alloys are unaltered, while its cabin boasts several niceties missing from the RS – including electric windows and a radio. But settle into the ‘tombstone’ seat and you couldn’t be anywhere but an air-cooled 911. The upright windscreen, offset pedals and baffling heater controls are traits that transcend any hierarchy of performance or price.
Early 911s are defiantly unconventional to drive, too. You steer with your fingertips and coax the spindly gearlever gently across the gate. You’re acutely conscious of weight transfer, sensing the back end squat under acceleration and pendulum effect of the rear-mounted engine as you turn. You relish the car’s modest footprint and make allowances for its modest brakes. And you drink in the flat-six soundtrack, which swells from busy bluster to piercing yowl.
The SC is brimful of feedback and classic character: a car that rewards on every kind of road. It’s also arguably more fun than the RS it imitates in the real world.
Granted, it doesn’t feel so textured or up-on-its-toes as the Rennsport – very few cars do, frankly – but you can drive it without fear of obliterating your investment portfolio. For many, the fact it looks the part only heightens the feelgood factor.
The recent lockdowns have reinforced just how precious our freedom is, and to enjoy it while we can. So don’t wait for that lottery-win 2.7 RS: just buy a 911, backdated or otherwise, then get out and drive.
Thanks to DM Historics for supplying the Porsche. Tim Pitt writes for Motoring Research
PRICE: £44,950
0-62MPH: 6.5sec
TOP SPEED: 146mph
POWER: 204hp
WEIGHT: 1,160kg


cityam--2020-11-24--Countrywide executive chairman quits as shareholders reject £90m private equity investment

The executive chairman of estate agent chain Countrywide has stepped down after shareholders rejected a £90m cash injection from private equity firm Alchemy .
Countrywide announced this morning that Peter Long has left the company with immediate effect , with former William Hill boss Philip Bowdock stepping in as interim chief executive .
The London-listed firm said discussions with shareholders had indicated “ insufficient support ” for the Alchemy deal , but also a recognition of the need for new capital and a readiness to invest in the company .
It said it will continue to explore potential options including @ @ @ @ @ @ @ an £82m takeover bid from rival chain Connells and a capital raise from existing shareholders .
Connells yesterday announced it has completed its due diligence work on Countrywide and reconfirmed its offer price of 250p per share in cash .
The company , which is a subsidiary of Skipton Building Society , said its investigation revealed that “ significant capital investment is required ” in excess of the £90m equity injection proposed by Alchemy .
As a standalone business Countrywide , which owns Bairstow Eve and Hampton International , has “ potential to @ @ @ @ @ @ @ ” , Connells said .
It added that it needs sustained investment over the long-term and a strong management team to lead a turnaround plan .
David Watson , who was today appointed as acting non-executive chairman , said : “ Peter has worked tirelessly to secure the future of Countrywide .
Read more : Countrywide in takeover talks with rival estate agent Connells “ He has done the company a great service in bringing our shareholders to the table for constructive talks .
This is a fundamentally sound business with a bright @ @ @ @ @ @ @ of experience in leading large , listed companies will be hugely valuable as we navigate the near-term challenge of recapitalising the business and position it for long-term success .
”

Countrywide executive chairman quits as shareholders reject £90m private equity investment
The deal follows a bidding battle between Connells and private equity firm Alchemy.
The executive chairman of estate agent chain Countrywide has stepped down after shareholders rejected a £90m cash injection from private equity firm Alchemy.
Countrywide announced this morning that Peter Long has left the company with immediate effect, with former William Hill boss Philip Bowdock stepping in as interim chief executive.
The London-listed firm said discussions with shareholders had indicated “insufficient support” for the Alchemy deal, but also a recognition of the need for new capital and a readiness to invest in the company.
It said it will continue to explore potential options including an amended cash injection from Alchemy, an £82m takeover bid from rival chain Connells and a capital raise from existing shareholders.
Connells yesterday announced it has completed its due diligence work on Countrywide and reconfirmed its offer price of 250p per share in cash.
The company, which is a subsidiary of Skipton Building Society, said its investigation revealed that “significant capital investment is required” in excess of the £90m equity injection proposed by Alchemy.
As a standalone business Countrywide, which owns Bairstow Eve and Hampton International, has “potential to enter administration without a significant capital injection”, Connells said.
It added that it needs sustained investment over the long-term and a strong management team to lead a turnaround plan.
David Watson, who was today appointed as acting non-executive chairman, said: “Peter has worked tirelessly to secure the future of Countrywide.
“He has done the company a great service in bringing our shareholders to the table for constructive talks. This is a fundamentally sound business with a bright future.
“Philip’s wealth of experience in leading large, listed companies will be hugely valuable as we navigate the near-term challenge of recapitalising the business and position it for long-term success.”


cityam--2020-11-26--Car production falls again as nightmare year stretches on

Car production fell once again in October as the sector ’ s nightmare year showed no sign of ending .
Just 110,179 cars were built last month , down almost a fifth on the same month last year , according to new figures from the Society of Motor Manufacturers and Traders .
Read more : Sign Brexit deal to ‘ give us our future ’ , pleads car industry For the year as a whole , production has dropped 33.8 per cent in total , a shortfall of over 379,000 units .
As a result , the SMMT estimates that @ @ @ @ @ @ @ this year .
And with the end of the Brexit transition period just 37 days away , the industry body has warned that worse could be yet to come .
The failure to do a free trade deal with the EU would see the industry face tariffs that could cost it £55bn over the next five years .
Before the Open newsletter : Start your day with the City View podcast and key market data Commenting on the latest figures , SMMT chief exec Mike Hawes said : “ These figures are yet @ @ @ @ @ @ @ by Covid , Brexit and , now , the unprecedented challenge of a complete shift to electrified vehicles in under a decade .
“ While the sector has demonstrated its resilience , we need the right conditions to remain competitive both as a manufacturing nation and a progressive market .
“ Above all , we must have a Brexit deal , one with zero tariffs , zero quotas and rules of origin that benefit existing products and the next generation of zero emission cars , as well as a phase in period that @ @ @ @ @ @ @ in Britain ’ .
” Read more : UK car production hits lowest level since 1995 as industry calls for ‘ vital Brexit deal ’ As a result of the coronavirus pandemic , factories were forced to shut over the spring and manufacturing is yet to recover in full .
Due to the production shortfall , UK manufacturers are on track this year to make less than 1m cars for the first time since 2009 .

Car production falls again as nightmare year stretches on
UK car production has struggled to rebound this year after the coronavirus pandemic forced factories to shut their doors.
Car production fell once again in October as the sector’s nightmare year showed no sign of ending.
Just 110,179 cars were built last month, down almost a fifth on the same month last year, according to new figures from the Society of Motor Manufacturers and Traders.
For the year as a whole, production has dropped 33.8 per cent in total, a shortfall of over 379,000 units.
As a result, the SMMT estimates that the sector has lost out on £10.8bn this year.
And with the end of the Brexit transition period just 37 days away, the industry body has warned that worse could be yet to come.
The failure to do a free trade deal with the EU would see the industry face tariffs that could cost it £55bn over the next five years.
Before the Open newsletter: Start your day with the City View podcast and key market data
Commenting on the latest figures, SMMT chief exec Mike Hawes said: “These figures are yet more bad news for an industry battered by Covid, Brexit and, now, the unprecedented challenge of a complete shift to electrified vehicles in under a decade.
“While the sector has demonstrated its resilience, we need the right conditions to remain competitive both as a manufacturing nation and a progressive market.
“Above all, we must have a Brexit deal, one with zero tariffs, zero quotas and rules of origin that benefit existing products and the next generation of zero emission cars, as well as a phase in period that allows this transition to be ‘made in Britain’.”
As a result of the coronavirus pandemic, factories were forced to shut over the spring and manufacturing is yet to recover in full.
Due to the production shortfall, UK manufacturers are on track this year to make less than 1m cars for the first time since 2009.


cityam--2020-11-25--The City View: Will the pandemic lead to the democratisation of corporate leadership?

Christian talks to John Williams , CEO of the Institute of Leadership and Management , about the nature of leadership @ @ @ @ @ change and disruption .
The institute represents 40,000 high-level leaders from around the world , @ @ @ @ @ triggered conversations at all levels about agility , collaboration and purpose .
Read more : @ @ @ @ @ from City A.M. , with Adam Byatt This podcast is sponsored by CMC Markets .
@ @ @ @ @ accounts lose money when spread betting and/or trading CFDs with this provider .
You should @ @ @ @ @ to take the high risk of losing your money .

The City View: Will the pandemic lead to the democratisation of corporate leadership?
Christian talks to John Williams, CEO of the Institute of Leadership and Management, about the nature of leadership during a time of extraordinary change and disruption.
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
The institute represents 40,000 high-level leaders from around the world, and the global pandemic has triggered conversations at all levels about agility, collaboration and purpose.
This podcast is sponsored by CMC Markets.
79% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.


cityam--2020-11-25--Wall Street edges back from record highs on grim jobless claims

Wall Street edged back from record highs this evening after a surprise increase in jobless claims dimmed hopes of a swift economic recovery .
The S & P 500 slipped back 0.2 per cent to 3,629.65 points , while the Dow Jones fell 0.6 per cent to 29,872.47 points .
However , the tech heavy Nasdaq continued to rise , climbing 0.5 per cent to settle at 12,094.40 .
The drop-off came after the number of people applying for unemployment benefits rose for the second straight week today .
In total , there were 778,000 new unemployment claims , way @ @ @ @ @ @ @ 730,000 .
Before the Open newsletter : Start your day with the City View podcast and key market data The new figures were published a day earlier than usual by the US Labor Department because of the upcoming Thanksgiving holiday weekend .
With a new economic stimulus package not now expected until Joe Biden is sworn is as President in January , the current round of unemployment benefits will end for 1.4m Americans next month .
Tim Ghriskey , chief investment strategist at Inverness Counsel in New York , said that the decline @ @ @ @ @ @ @ that traders had come to terms with the fact that there is still a long way to go in the recovery from the pandemic .
Read more : Wall Street hits record high on vaccine hopes and Biden transition “ There ’ s a reality setting in that while the vaccine will start being distributed fairly quickly , the virus isn ’ t go away quickly and therefore the timeline for economic improvement is getting pushed out ” , he said .

Wall Street edges back from record highs on grim jobless claims
Data from the US Labor Department released today showed US inflation hit 5.4 per cent annually in July, the same rate recorded in June
Wall Street edged back from record highs this evening after a surprise increase in jobless claims dimmed hopes of a swift economic recovery.
The S&P 500 slipped back 0.2 per cent to 3,629.65 points, while the Dow Jones fell 0.6 per cent to 29,872.47 points.
However, the tech heavy Nasdaq continued to rise, climbing 0.5 per cent to settle at 12,094.40.
The drop-off came after the number of people applying for unemployment benefits rose for the second straight week today.
In total, there were 778,000 new unemployment claims, way ahead of economist’s forecasts of 730,000.
Before the Open newsletter: Start your day with the City View podcast and key market data
The new figures were published a day earlier than usual by the US Labor Department because of the upcoming Thanksgiving holiday weekend.
With a new economic stimulus package not now expected until Joe Biden is sworn is as President in January, the current round of unemployment benefits will end for 1.4m Americans next month.
Tim Ghriskey, chief investment strategist at Inverness Counsel in New York, said that the decline in stocks was due to the fact that traders had come to terms with the fact that there is still a long way to go in the recovery from the pandemic.
“There’s a reality setting in that while the vaccine will start being distributed fairly quickly, the virus isn’t go away quickly and therefore the timeline for economic improvement is getting pushed out”, he said.


cityam--2020-11-25--London pandemic update: How many Covid-19 infections are there in your local borough?

London recorded 2,503 new coronavirus cases in the past 24 hours , taking the total number of infections since the pandemic began to 151,773 .
The R rate , which measures the rate of spread of infection , is currently between 1 and 1.1 according to government estimates .
The figure marks a sharp drop since last week ’ s estimate of 1.1 to 1.3 , meaning the virus has begun to lose its grip across the country .
Read more : Sadiq Khan : ‘ Right and sensible ’ to put London in Tier 2 after lockdown Figures released @ @ @ @ @ @ @ remains the worst-affected borough , after recording a further 166 cases in the past 24 hours .
It has now recorded 7,486 confirmed Covid-19 cases since the start of the pandemic .
Read more : City of London calls for return to office plan Barnet trails close behind with 6,558 confirmed cases , though it has reported fewer infections over the past few days .
It has however been overtaken by Redbridge , which reported 143 new cases in the last 24 hours to climb to 6,846 in total .
It is one @ @ @ @ @ @ @ have a high rate of new cases , with Barking and Dagenham , Tower Hamlets and Newham also reporting spikes in infections .
Figures compiled by the PA news agency showed that 21 London boroughs have broken the key level of more than 100 cases per 100,000 people .
But the spread of infection now seems to be slowing , with new daily cases in the capital dropping since last week .
Read more : Two-thirds of London boroughs launch their own local contact tracing systems For the last week where death stats @ @ @ @ @ @ @ , there were 2,225 in total in London .
Hopes for a return to normality by next year received yet another boost after Astrazeneca and Oxford University announced that their coronavirus vaccine proved 90 per cent effective in late-stage clinical trials .
Health secretary Matt Hancock has said that the NHS will be ready to roll out a potential vaccine by next month , meaning there could be a vaccine ready in time for Christmas .
Hancock last week announced the government will roll out rapid Covid tests across 25 of London ’ @ @ @ @ @ @ @ turnaround time of around 15 minutes .
The tests are part of government plans to increase asymptomatic testing among vulnerable populations , in a bid to create a clearer picture of the level of infection across different communities .
It comes as the UK today recorded a further 18,213 coronavirus cases , taking the total number of people who have tested positive since the start of the pandemic to over 1.5m .
The official UK death toll has now exceeded 56,000 with a further 696 fatalities recorded in the past 24 hours .
@ @ @ @ @ @ @ as we chart the economic fallout and business impact of the coronavirus pandemic .
Data sourced from Public Health England , accurate as of 5pm on Wednesday 25 November Before the Open newsletter : Start your day with the City View podcast and key market data

How many Covid-19 infections are there in your London borough?
London has seen a sharp drop in the number of recorded coronavirus cases over the past few days, after figures released on Friday showed the capital currently has the lowest R rate in the country.
A further 629 cases were recorded in the past 24 hours, taking the total number of positive tests in London since the start of the pandemic to 697,278.
It marks a significant drop since a record 19,871 daily cases were recorded on 29 December, as lockdown measures continue to drive down infections.
Several areas in the capital have seen case numbers drop threefold over the past fortnight, which in turn has pushed down the spread of infection.
Most boroughs in the capital now have a seven-day rate below 100 new cases per 100,000, but that figure is below 50 in some areas in central London.
Twenty-nine London borough areas, including the whole of east London which was hardest hit by the second wave, have a seven-day case rate below 100 new confirmed cases per 100,000.
Meanwhile, Southwark, Westminster, Camden, Kensington and Chelsea all recorded seven-day rates below 50. Lewisham saw the lowest case rate in the capital in the week to 24 February, with an average of 43 people infected per 100,000 population.
Meanwhile, Ealing currently has the highest case rate, with 123 cases per 100,000, followed by Hounslow at 115 and Hillingdon on 97.
Health chiefs have said all London boroughs need to get below a case rate of 100 before restrictions can begin to be lifted, starting with the reopening of schools on 8 March.
It comes after figures released last Friday showed London’s R rate remains at a best estimate of 0.6 to 0.8 — the lowest in the country, alongside the east of England and the South West.
The figure means infections may be falling anywhere between five and eight per cent each day.
However, separate figures released last week showed the percentage of people testing positive for coronavirus in London remains the highest of any English region.
Data published by the Office for National Statistics (ONS) showed around 1 in 63 Londoners were infected with the virus last week.
That compares to an estimated 1 in 80 people who contracted the virus in England as a whole in the week to 6 February, according to ONS figures.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
London coronavirus cases by borough (in alphabetical order)
Data sourced from Public Health England, accurate as of 4pm on Tuesday 2 March
Boroughs Rate of infection per 100,000 people in last 7 days Total confirmed cases since start of pandemic Barking and Dagenham 86 22,925 Barnet 75 29,569 Bexley 58 21,812 Brent 91 27,577 Bromley 48 23,857 Camden 42 13,683 Croydon 73 30,213 Ealing 123 29,807 Enfield 48 29,217 Greenwich 55 21,769 Hackney and City of London 57 21,234 Hammersmith and Fulham 76 12,564 Haringey 58 20,345 Harrow 95 19,917 Havering 65 26,383 Hillingdon 97 25,287 Hounslow 115 23,817 Islington 43 14,574 Kensington and Chelsea 43 8,643 Kingston upon Thames 47 11,764 Lambeth 49 23,625 Lewisham 39 21,226 Merton 79 15,719 Newham 61 34,574 Redbridge 72 31,965 Richmond upon Thames 55 10,430 Southwark 42 21,947 Sutton 80 15,509 Tower Hamlets 53 28,074 Waltham Forest 52 24,325 Wandsworth 63 21,377 Westminster 41 13,577
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cityam--2020-11-25--Johnny Depp blocked from appealing Sun libel case and must pay paper £630,000

Johnny Depp has been blocked from appealing against a High Court ruling which deemed that he had assaulted his ex-wife Amber Heard .
The Hollywood A-lister will also be forced to pay the Sun nearly £630,000 in legal costs for his failed libel action against the paper .
Read more : Johnny Depp lawyers vow to appeal ‘ perverse and bewildering ’ libel verdict The film star brought the case against the paper after a column alluded to “ overwhelming evidence ” that he had attacked Heard during their relationship .
After a three week trial , Mr Justice Nicol @ @ @ @ @ @ @ 12 times over the course of their relationship .
At the time , Depp said the judgement was “ as perverse as it was bewildering ” and said he would appeal the judgement .
Now it has been revealed that Nicol has dismissed the appeal on the grounds that it does not have a reasonable chance of success .
Before the Open newsletter : Start your day with the City View podcast and key market data In his ruling , which was given last week but made public today , he wrote : @ @ @ @ @ @ @ first instance tribunal ( particularly one , such as myself , who has heard oral evidence ) are rarely open to challenge on appeal .
“ In any event , I do not consider that the proposed grounds of appeal have a reasonable prospect of success ( and that is also the case so far as the grounds of appeal suggest that I erred in principle or in law ) and there is not some other compelling reason why permission to appeal should be granted.
” As a result , Depp will have @ @ @ @ @ @ @ December , and an additional £108,235 by 22 January .
The actor has until 7 December to appeal directly to the Court of Appeal to overturn the ruling .

Johnny Depp blocked from appealing Sun libel case and must pay paper £630,000
Johnny Depp will not be able to appeal against a High Court ruling that deemed that he had assaulted his one-time wife Amber Heard during their relationship.
Johnny Depp has been blocked from appealing against a High Court ruling which deemed that he had assaulted his ex-wife Amber Heard.
The Hollywood A-lister will also be forced to pay the Sun nearly £630,000 in legal costs for his failed libel action against the paper.
The film star brought the case against the paper after a column alluded to “overwhelming evidence” that he had attacked Heard during their relationship.
After a three week trial, Mr Justice Nicol ruled that Depp had violently abused Heard 12 times over the course of their relationship.
At the time, Depp said the judgement was “as perverse as it was bewildering” and said he would appeal the judgement.
Now it has been revealed that Nicol has dismissed the appeal on the grounds that it does not have a reasonable chance of success.
Before the Open newsletter: Start your day with the City View podcast and key market data
In his ruling, which was given last week but made public today, he wrote:
“The findings of fact by a first instance tribunal (particularly one, such as myself, who has heard oral evidence) are rarely open to challenge on appeal.
“In any event, I do not consider that the proposed grounds of appeal have a reasonable prospect of success (and that is also the case so far as the grounds of appeal suggest that I erred in principle or in law) and there is not some other compelling reason why permission to appeal should be granted.”
As a result, Depp will have to pay the Sun £520,000 by 7 December, and an additional £108,235 by 22 January.
The actor has until 7 December to appeal directly to the Court of Appeal to overturn the ruling.


cityam--2020-11-25--Pubs beg for emergency support for 'scapegoated' sector

Over fifty of the country ’ s pubs and brewers have written to Boris Johnson to beg for emergency support amid the “ darkest of moments ” for the sector .
They warned that unless the government changed its guidance , or provided extra funding , “ the focal point of countless communities in every region of the UK could be lost forever ” .
Read more : Beers in tiers : The new rules to stick to when pubs reopen after the Covid lockdown According to the letter , up to 20,000 drinks-led pubs could be forced to close @ @ @ @ @ @ @ into tiers two or three when the current lockdown lifts .
Under the new rules , pubs in tier two areas can only serve drinks to those having a substantial meal , and those in tier three will not be able to open .
“ This would result in nearly £1bn in lost turnover in December alone and a quarter of a million pub workers being unable to work and at risk of permanent unemployment , plus more than 80,000 jobs at risk along the supply chain and in the local economy ” @ @ @ @ @ @ @ the letter , which City A.M. has seen , included the chief execs of major pub firms Greene King , Fuller ’ s , and Young ’ s , as well as brewers such as Heineken , Budweiser , Adnams and Carlsberg .
They said that pubs were being “ scapegoated ” without sufficient scientific evidence , and had been “ singled out for extremely harsh and unjustified treatment ” .
In addition , the letter slammed the government ’ s winter and Christmas plans , saying that there was “ no logic @ @ @ @ @ @ @ newsletter : Start your day with the City View podcast and key market data It follows the announcement that bubbles of up to three households will not be allowed to visit pubs and hospitality venues over the Christmas period .
“ How can it be that people mixing in unregulated private homes is deemed safer than gathering in limited numbers in larger , regulated and ultimately COVID-secure venues like pubs ?
” , they asked .
“ There is no logic to this decision .
Heading into what would have been our most @ @ @ @ @ @ @ are now facing total failure and local communities unable to enjoy a drink and a meal in the perfectly secure environment of their local pub over Christmas.
” The signees also called for the government to publish any scientific evidence linking coronavirus outbreaks to pubs .
“ We owe it to our staff and customers to ensure that these decisions are being made based on evidence ” , they added .
Read more : Curfew to be pushed back to 11pm but pubs warn restrictions will ‘ destroy ’ sector The letter also @ @ @ @ @ @ @ to be introduced , in line with support available during the first lockdown .
On a sliding scale , pubs with a rateable value of £15,000 would be eligible for a grant worth £3,000 a month , while those with value of over £100,000 would be in line for £12,000 .

Pubs beg for emergency support for ‘scapegoated’ sector
Over fifty of the country’s pubs and brewers have written to Boris Johnson to beg for emergency support amid the “darkest of moments” for the sector.
They warned that unless the government changed its guidance, or provided extra funding, “the focal point of countless communities in every region of the UK could be lost forever”.
According to the letter, up to 20,000 drinks-led pubs could be forced to close if two-thirds of the country is placed into tiers two or three when the current lockdown lifts.
Under the new rules, pubs in tier two areas can only serve drinks to those having a substantial meal, and those in tier three will not be able to open.
“This would result in nearly £1bn in lost turnover in December alone and a quarter of a million pub workers being unable to work and at risk of permanent unemployment, plus more than 80,000 jobs at risk along the supply chain and in the local economy”, the letter said.
Signees of the letter, which City A.M. has seen, included the chief execs of major pub firms Greene King, Fuller’s, and Young’s, as well as brewers such as Heineken, Budweiser, Adnams and Carlsberg.
They said that pubs were being “scapegoated” without sufficient scientific evidence, and had been “singled out for extremely harsh and unjustified treatment”.
In addition, the letter slammed the government’s winter and Christmas plans, saying that there was “no logic” to them.
Before the Open newsletter: Start your day with the City View podcast and key market data
It follows the announcement that bubbles of up to three households will not be allowed to visit pubs and hospitality venues over the Christmas period.
“How can it be that people mixing in unregulated private homes is deemed safer than gathering in limited numbers in larger, regulated and ultimately COVID-secure venues like pubs?”, they asked.
“There is no logic to this decision. Heading into what would have been our most valuable trading period, thousands of businesses are now facing total failure and local communities unable to enjoy a drink and a meal in the perfectly secure environment of their local pub over Christmas.”
The signees also called for the government to publish any scientific evidence linking coronavirus outbreaks to pubs.
“We owe it to our staff and customers to ensure that these decisions are being made based on evidence”, they added.
The letter also called for a new system of grants to be introduced, in line with support available during the first lockdown.
On a sliding scale, pubs with a rateable value of £15,000 would be eligible for a grant worth £3,000 a month, while those with value of over £100,000 would be in line for £12,000.


cityam--2020-11-25--Snakes and Ladders: Who is moving jobs in the City this week?

Snakes and Ladders provides a roundup of the most important hires and job moves across the City , every Wednesday afternoon .
Email citymoves @ cityam.com to be featured .
Firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of the crisis .
This week , Deliveroo has hired its first ever chair as it prepares for a year of change in 2021 , Virgin Atlantic has bolstered its leadership team following a disastrous year for airlines and furniture store SCS @ @ @ @ @ @ @ chair at Deliveroo ahead of potential IPO Deliveroo has appointed its first chair as it gears up for a potential public listing in the coming months .
The takeaway delivery app has hired Claudia Arney , a former executive at Pearson , The Financial Times , Emap and Goldman Sachs , as it prepares for a year of change in 2021 Arney has also sat on the boards of King Fisher , Ocado , Aviva and the Premier League .
She was previously a director of the enterprise and growth unit at the @ @ @ @ @ @ @ of the Takeaway Panel .
Next year , Deliveroo is planning to expand to new locations , personalise the consumer experience , develop tools to support restaurants and invest in innovation , it said .
SCS has announced that former Holland and Barrett group managing director Steve Carson has been appointed as chief executive .
Carson will join the company on 6 January , and will replace current boss David Knight – following a handover period – when he retires in July .
Prior to his leadership role at the health food chain @ @ @ @ @ @ @ at Home Retail Group , which then owned Argos , Homebase and Asda .
Read more : SCS shares jump as furniture sales soar after lockdown SCS said Carson ’ s expertise is geared towards managing and optimising all areas of the store network , leading national teams and driving digital innovation .
Alan Smith , chairman of SCS , said : “ Finding a successor to a chief executive as capable and long serving as David has not been easy but I believe that , in Steve , we have found an @ @ @ @ @ @ @ , skills and personality to take the group forward.
” Virgin Atlantic has hired human resources expert Estelle Hollingsworth as chief people officer and confirmed that Oliver Byers was appointed as finance chief in September .
Hollingsworth , who previously led the airline ’ s cabin crew , has spent three decades working across the hospitality , financial services and aviation industries .
She said her focus will be “ to recognise what we have been through as a company this year ” , following a tough period for travel firms during the @ @ @ @ @ @ @ chief financial officer in recognition of his role in securing new investment for the recapitalisation of the airline in September .
He will focus on rebuilding the firm ’ s balance sheet and create a platform for it to become sustainably profitable .
Virgin Atlantic chief commercial officer Shai Weiss said : “ Following the most challenging year in our history , we now have the leadership team in place to drive our march forward at pace.
” Dame Jayne-Anne Gadhia , a member of the UK government ’ s Industrial Strategy Council @ @ @ @ @ @ @ , is to become the new chair of the HMRC Board .
She will replace Mervyn Walker , who is stepping down at the end of December after six years on the board , including the last 3 as lead non-executive director and chair .
Gadhia is the founder and executive chair of Snoop , a household financial management app , and was chief executive of Virgin Money from 2007 to 2018 .
Read more : Former Virgin Money chief Jayne-Anne Gadhia hunts for investors in new tech startup A chartered accountant , @ @ @ @ @ @ @ – now Aviva – before becoming one of the founders of Virgin Direct in 1995 .
Three years later , she set up the Virgin One account , which was acquired by the Royal Bank of Scotland in 2001 .
She subsequently spent five years at the Royal Bank of Scotland before returning to Virgin as CEO of Virgin Money .
In 2016 she was appointed the UK government ’ s Women in Finance Champion , and in 2017 she became a founder member of its Business Diversity and Inclusion Group .
She @ @ @ @ @ @ @ Foundation and a trustee of the Tate .
She also sits on the Mayor of London ’ s Business Advisory Board .
She was made a Dame in the 2019 New Year ’ s Honours list .
Investment firm has appointed Charles Ferry as executive director of the company , to join the board in February next year .
Ferry joined the company in 2008 as divisional director , became co-head of private clients in 2016 and managing director of private clients the following year .
This year he was promoted to managing @ @ @ @ @ @ @ more : Profits up at Brewin Dolphin following volatile year in markets Simon Miller , chairman of Brewin Dolphin , said : “ We are delighted to welcome Charlie to the board .
“ He has been instrumental in driving our growth whilst always ensuring that the needs of the client remain central to our thinking .
“ His client focus will be invaluable as we look to further develop ourselves as the leading advice-focused , digitally enabled wealth manager in the UK and Ireland .
”

Snakes and Ladders: Who is moving jobs in the City this week?
DCC has confirmed its next chairman
Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured.
Firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of the crisis.
This week, Deliveroo has hired its first ever chair as it prepares for a year of change in 2021, Virgin Atlantic has bolstered its leadership team following a disastrous year for airlines and furniture store SCS appointed a new chief executive.
New chair at Deliveroo ahead of potential IPO
Claudia Arney in her role as Premier League interim chair
Deliveroo has appointed its first chair as it gears up for a potential public listing in the coming months.
The takeaway delivery app has hired Claudia Arney, a former executive at Pearson, The Financial Times, Emap and Goldman Sachs, as it prepares for a year of change in 2021
Arney has also sat on the boards of King Fisher, Ocado, Aviva and the Premier League.
She was previously a director of the enterprise and growth unit at the Treasury, and is currently a member of the Takeaway Panel.
Next year, Deliveroo is planning to expand to new locations, personalise the consumer experience, develop tools to support restaurants and invest in innovation, it said.
Furniture chain SCS hires ex-Holland and Barrett director as CEO
SCS has announced that former Holland and Barrett group managing director Steve Carson has been appointed as chief executive.
Carson will join the company on 6 January, and will replace current boss David Knight – following a handover period – when he retires in July.
Prior to his leadership role at the health food chain, Carson held a number of positions at Home Retail Group, which then owned Argos, Homebase and Asda.
SCS said Carson’s expertise is geared towards managing and optimising all areas of the store network, leading national teams and driving digital innovation.
Alan Smith, chairman of SCS, said: “Finding a successor to a chief executive as capable and long serving as David has not been easy but I believe that, in Steve, we have found an executive with the right mix of experience, skills and personality to take the group forward.”
Virgin Atlantic bolsters leadership team amid tough time for airlines
Estelle Hollingsworth
Virgin Atlantic has hired human resources expert Estelle Hollingsworth as chief people officer and confirmed that Oliver Byers was appointed as finance chief in September.
Hollingsworth, who previously led the airline’s cabin crew, has spent three decades working across the hospitality, financial services and aviation industries.
She said her focus will be “to recognise what we have been through as a company this year”, following a tough period for travel firms during the coronavirus pandemic.
Byers was promoted to chief financial officer in recognition of his role in securing new investment for the recapitalisation of the airline in September.
Oliver Byers
He will focus on rebuilding the firm’s balance sheet and create a platform for it to become sustainably profitable.
Virgin Atlantic chief commercial officer Shai Weiss said: “Following the most challenging year in our history, we now have the leadership team in place to drive our march forward at pace.”
Former Virgin Money chief exec to chair HMRC Board
Jayne-Anne Gadhia
Dame Jayne-Anne Gadhia, a member of the UK government’s Industrial Strategy Council and former chief executive of Virgin Money, is to become the new chair of the HMRC Board.
She will replace Mervyn Walker, who is stepping down at the end of December after six years on the board, including the last 3 as lead non-executive director and chair.
Gadhia is the founder and executive chair of Snoop, a household financial management app, and was chief executive of Virgin Money from 2007 to 2018.
A chartered accountant, she spent 6 years at Norwich Union – now Aviva – before becoming one of the founders of Virgin Direct in 1995.
Three years later, she set up the Virgin One account, which was acquired by the Royal Bank of Scotland in 2001. She subsequently spent five years at the Royal Bank of Scotland before returning to Virgin as CEO of Virgin Money.
In 2016 she was appointed the UK government’s Women in Finance Champion, and in 2017 she became a founder member of its Business Diversity and Inclusion Group. She is chair of the Prince’s Foundation and a trustee of the Tate.
She also sits on the Mayor of London’s Business Advisory Board. She was made a Dame in the 2019 New Year’s Honours list.
Brewin Dolphin promotes wealth and investment director to board
Investment firm has appointed Charles Ferry as executive director of the company, to join the board in February next year.
Ferry joined the company in 2008 as divisional director, became co-head of private clients in 2016 and managing director of private clients the following year.
This year he was promoted to managing director of wealth and investment.
Simon Miller, chairman of Brewin Dolphin, said: “We are delighted to welcome Charlie to the board.
“He has been instrumental in driving our growth whilst always ensuring that the needs of the client remain central to our thinking.
“His client focus will be invaluable as we look to further develop ourselves as the leading advice-focused, digitally enabled wealth manager in the UK and Ireland.”