cityam--2020-11-30--Return of fans to sport will encourage brands to lift the handbrake on big campaigns

When The Beatles walked off-stage at Candlestick Park , San Francisco in August 1966 it would be another two and a half years until they played live .
When they walked out onto the roof of Apple Records HQ on Savile Row a small matter of 885 days later , they launched straight into a brand-new track : Get Back .
Sport fans haven ’ t had to wait quite as long to see their heroes in the flesh again .
But to suggest they are eager to get back into their team ’ s stadium is something of an @ @ @ @ @ @ @ shows that the absence of fans has taken the devil out of derbies Attending live sporting events has ranked consistently near the top of people ’ s lists of things they most miss during coronavirus restrictions and , it seems , a continued absence is only making fans ’ hearts grow fonder .
So , the news that a limited number of fans will be allowed back into grounds from next week has been greeted extremely positively , not least in football .
Football Supporters ’ Association chair Malcom Clarke called it “ @ @ @ @ @ @ @ league teams who have felt the pain of lockdowns hardest .
No substitute for thousands of fans For Premier League sides , with an average stadium capacity of 42,000 , though , the return of a cohort of fans representing just a 10th of that actually presents considerable challenges .
How , for example , can Tottenham Hotspurs ’ ticket office determine which of its 40,000 season ticket holders will be prioritised now that , with London placed in Tier 2 measures , 2,000 can return ?
On the whole , though , @ @ @ @ @ @ @ with vaccines on the horizon , must be viewed as a process of unlocking that is only going to head in one direction , as indeed it must for the commercial sustainability of live sport .
This is incredibly important , not only for the survival of football teams further down the pyramid but for all sports that rely on income from live spectators given that broadcast revenue will be nowhere near that of the Premier League .
Even beyond ticketing , a considerable amount of commercial value derives from fans attending games @ @ @ @ @ @ @ taken for granted .
If this year ’ s restrictions have taught us one thing , it ’ s that pumping crowd noise into empty grounds is no substitute for the atmosphere generated by tens of thousands of fans at Wembley and Twickenham for England internationals or Headingley on a Saturday of an Ashes test .
That atmosphere , in turn , becomes one of the key selling points to broadcasters .
It is also a fundamental part of the attraction for sponsors .
At the heart of why sponsorship works Yes , @ @ @ @ @ @ @ the advertising hoardings that line the pitches in empty grounds .
But the ability to engage with fans on a matchday is a major benefit that has been absent from their marketing arsenal for months .
Some sponsors have been able to mitigate this by taking a more digital route .
Others , in the case of Coca-Cola in football and NatWest in cricket , have tried to make the fan experience at home as close to a real matchday as possible .
But there ’ s nothing quite like being able to @ @ @ @ @ @ @ in the activity it loves most and this is at the heart of why sponsorship works .
For all that 2020 seems destined to be something of a lost year for live sport , an unlocking of stadia around the world will coincide with the deferred staging of both Euro 2020 and the Tokyo 2020 Olympics .
With it looking increasingly likely that hundreds of thousands of fans will flock to those mega-events , major brands will be releasing the handbrake on campaigns they had ready to go this year .
So , @ @ @ @ @ @ @ into Tottenham ’ s stadium may seem piecemeal right now , it certainly feels like the beginning of far larger numbers of fans getting back to where they once belonged .
And that is surely something worth shouting from the rooftops .
Neil Hopkins is global head of strategy at M & C Saatchi Sport and Entertainment .

Return of fans to sport will encourage brands to lift the handbrake on big campaigns
Sport fans are due to return to stadiums in England this week when national lockdown is lifted
When The Beatles walked off-stage at Candlestick Park, San Francisco in August 1966 it would be another two and a half years until they played live.
When they walked out onto the roof of Apple Records HQ on Savile Row a small matter of 885 days later, they launched straight into a brand-new track: Get Back.
Sport fans haven’t had to wait quite as long to see their heroes in the flesh again. But to suggest they are eager to get back into their team’s stadium is something of an understatement.
Attending live sporting events has ranked consistently near the top of people’s lists of things they most miss during coronavirus restrictions and, it seems, a continued absence is only making fans’ hearts grow fonder.
So, the news that a limited number of fans will be allowed back into grounds from next week has been greeted extremely positively, not least in football.
Football Supporters’ Association chair Malcom Clarke called it “a lifeline”, particularly for lower league teams who have felt the pain of lockdowns hardest.
No substitute for thousands of fans
For Premier League sides, with an average stadium capacity of 42,000, though, the return of a cohort of fans representing just a 10th of that actually presents considerable challenges.
How, for example, can Tottenham Hotspurs’ ticket office determine which of its 40,000 season ticket holders will be prioritised now that, with London placed in Tier 2 measures, 2,000 can return?
On the whole, though, this is extremely positive news and, with vaccines on the horizon, must be viewed as a process of unlocking that is only going to head in one direction, as indeed it must for the commercial sustainability of live sport.
This is incredibly important, not only for the survival of football teams further down the pyramid but for all sports that rely on income from live spectators given that broadcast revenue will be nowhere near that of the Premier League.
Even beyond ticketing, a considerable amount of commercial value derives from fans attending games, from doing what has always been taken for granted.
If this year’s restrictions have taught us one thing, it’s that pumping crowd noise into empty grounds is no substitute for the atmosphere generated by tens of thousands of fans at Wembley and Twickenham for England internationals or Headingley on a Saturday of an Ashes test.
That atmosphere, in turn, becomes one of the key selling points to broadcasters. It is also a fundamental part of the attraction for sponsors.
At the heart of why sponsorship works
Yes, they can still put their logos on the advertising hoardings that line the pitches in empty grounds. But the ability to engage with fans on a matchday is a major benefit that has been absent from their marketing arsenal for months.
Some sponsors have been able to mitigate this by taking a more digital route. Others, in the case of Coca-Cola in football and NatWest in cricket, have tried to make the fan experience at home as close to a real matchday as possible.
But there’s nothing quite like being able to reach an audience when it is engaged in the activity it loves most and this is at the heart of why sponsorship works.
Sport fans have not had to wait quite as long to attend another live performance as those of the Beatles did in the 1960s
For all that 2020 seems destined to be something of a lost year for live sport, an unlocking of stadia around the world will coincide with the deferred staging of both Euro 2020 and the Tokyo 2020 Olympics.
With it looking increasingly likely that hundreds of thousands of fans will flock to those mega-events, major brands will be releasing the handbrake on campaigns they had ready to go this year.
So, while letting a few thousand lucky supporters into Tottenham’s stadium may seem piecemeal right now, it certainly feels like the beginning of far larger numbers of fans getting back to where they once belonged.
And that is surely something worth shouting from the rooftops.
Neil Hopkins is global head of strategy at M&C Saatchi Sport and Entertainment.


Big moves

Market participants were caught off guard in the wake of the reports that Guggenheim Macro Opps fund has made steps to enter crypto markets .
Specifically , Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission to allow its $ 5 billion Macro Opportunities Fund gain exposure to bitcoin by investing up to 10 % of the fund ’ s net asset value in the Grayscale Bitcoin Trust ( GBTC ) .
The Macro Opportunities Fund is part of Guggenheim Investments , the global asset management and investment advisory division of Guggenheim Partners , and has @ @ @ @ @ @ @ assets across fixed income , equity and alternative strategies .
As a result , shorts were covered , with a flurry of Dec call buying funded by puts , which in turn sent Bitcoin back into the mid- $ 18,000 area by early European trade .
While the notion of Santa rally may not be particularly familiar to crypto natives , market participants will be sure hoping that the latest news of yet another traditional player entering the market space will see Bitcoin finally break its highs before the year ends .
Aside @ @ @ @ @ @ @ ’ s key technical levels , markets will also pay particular attention to Ethereum this week .
The initial phase of Eth2 — the next-generation of Ethereum — is rolling out this week .
It represents the first step in Ethereum ’ s transition into a proof-of-stake network .
Broadly speaking this is also very bullish development for all things DeFi as the eventual transition to PoS , alongside various upgrades will enable greater network scaling , With that , cheaper transaction and more efficient running of the network .
Of note , @ @ @ @ @ @ @ month , Bitcoin is trading up 23 % month-to-date ( MTD ) and 134 % year-to-date ( YTD ) , while Ethereum is up 28 % MTD and 290 % YTD .
Crypto AM : Market View in association with Ziglu Crypto AM : Technically Speaking in association with with Zumo Crypto AM : Talking Legal in association with INX Crypto AM shines its Spotlight on OneCycle

Crypto AM Daily in association with BEQUANT

Big moves
Institutional Investment
Market participants were caught off guard in the wake of the reports that Guggenheim Macro Opps fund has made steps to enter crypto markets. Specifically, Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission to allow its $5 billion Macro Opportunities Fund gain exposure to bitcoin by investing up to 10% of the fund’s net asset value in the Grayscale Bitcoin Trust (GBTC).
The Macro Opportunities Fund is part of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners, and has more than $233 billion in total assets across fixed income, equity and alternative strategies.
As a result, shorts were covered, with a flurry of Dec call buying funded by puts, which in turn sent Bitcoin back into the mid-$18,000 area by early European trade. While the notion of Santa rally may not be particularly familiar to crypto natives, market participants will be sure hoping that the latest news of yet another traditional player entering the market space will see Bitcoin finally break its highs before the year ends.
In the Markets
ETH on the Rise
Aside from keeping a close eye on Bitcoin’s key technical levels, markets will also pay particular attention to Ethereum this week. The initial phase of Eth2 — the next-generation of Ethereum — is rolling out this week. It represents the first step in Ethereum’s transition into a proof-of-stake network.
Broadly speaking this is also very bullish development for all things DeFi as the eventual transition to PoS, alongside various upgrades will enable greater network scaling, With that, cheaper transaction and more efficient running of the network.
Of note, heading into the final days of the month, Bitcoin is trading up 23% month-to-date (MTD) and 134% year-to-date (YTD), while Ethereum is up 28% MTD and 290% YTD.
Crypto AM: Longer Reads
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with with Zumo
Crypto AM: Talking Legal in association with INX
Crypto AM: Inside Blockchain with Troy Norcross
Crypto AM: Definitively DeFi
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM shines its Spotlight on OneCycle


cityam--2020-11-30--Retailers allowed to open 24 hours over Christmas period, says minister

Retailers will be able to operate 24 hours during the Christmas period through a relaxation of trading rules in a bid to boost spending on the UK ’ s High Streets .
Communities secretary Robert Jenrick wrote for the Telegraph that he wanted councils to temporarily waive rules that restrict the hours shops can stay open in the lead up to Christmas .
Read more : Prue Leith among line-up of Radio 4 ’ s Christmas guest editors Currently , shops need to apply to stay open for longer than 9am to 7pm from Monday to Saturday .
However , @ @ @ @ @ @ @ meant it was essential to allow retailers to open for longer hours during the holiday season without prior approval .
This will mean some shops will be open for 24 hours in the lead up to Christmas .
“ With these changes local shops can open longer , ensuring more pleasant and safer shopping with less pressure on public transport , ” Jenrick said .
Before the Open newsletter : Start your day with the City View podcast and key market data “ How long will be a matter of choice for the @ @ @ @ @ @ @ council , but I suggest we offer these hard pressed entrepreneurs and businesses the greatest possible flexibility this festive season.
” Retail has been one of the worst hit industries by the Covid pandemic as High Street footfall numbers plummeted .
Almost 125,000 people have lost jobs in the sector , with more expected when the furlough scheme ends next year .
The news that Philip Green ’ s retail empire Arcadia is about to collapse will add a further 13,000 to the job loss tally .
Mike Ashley ’ s Frasers Group @ @ @ @ @ @ @ £50m of emergency funding to Arcadia , and signalled that it could make a bid for the firm if it enters administration .
Frasers said it was awaiting a substantive response .

Retailers allowed to open 24 hours over Christmas period, says minister
Christmas shopping on Oxford Street
Retailers will be able to operate 24 hours during the Christmas period through a relaxation of trading rules in a bid to boost spending on the UK’s High Streets.
Communities secretary Robert Jenrick wrote for the Telegraph that he wanted councils to temporarily waive rules that restrict the hours shops can stay open in the lead up to Christmas.
Currently, shops need to apply to stay open for longer than 9am to 7pm from Monday to Saturday.
However, Jenrick said the effect of Covid restrictions meant it was essential to allow retailers to open for longer hours during the holiday season without prior approval.
This will mean some shops will be open for 24 hours in the lead up to Christmas.
“With these changes local shops can open longer, ensuring more pleasant and safer shopping with less pressure on public transport,” Jenrick said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“How long will be a matter of choice for the shopkeepers and at the discretion of the council, but I suggest we offer these hard pressed entrepreneurs and businesses the greatest possible flexibility this festive season.”
Retail has been one of the worst hit industries by the Covid pandemic as High Street footfall numbers plummeted.
Almost 125,000 people have lost jobs in the sector, with more expected when the furlough scheme ends next year.
The news that Philip Green’s retail empire Arcadia is about to collapse will add a further 13,000 to the job loss tally.
Mike Ashley’s Frasers Group confirmed this morning that it had offered £50m of emergency funding to Arcadia, and signalled that it could make a bid for the firm if it enters administration.
Frasers said it was awaiting a substantive response.


cityam--2020-12-01--Biden names top economic advisers as Arizona, Wisconsin certify vote results

WILMINGTON , Del .
( Reuters ) -U.S. President-elect Joe Biden named several women to his top economic policy team on Monday , including former Federal Reserve Chair Janet Yellen as Treasury secretary nominee , setting the stage for diversity and a focus on recovery from the pandemic .
The advisers , several of whom would need to be approved by the U.S. Senate , come from liberal research organizations and worked in previous Democratic administrations .
Their aim will be to set policies that can help people and businesses recover from the coronavirus pandemic , which has killed nearly @ @ @ @ @ @ @ cost millions of jobs .
“ This team looks like America and brings seriousness of purpose , the highest degree of competency , and unwavering belief in the promise of America , ” Biden said in a statement .
“ They will be ready on day one to get to work for all Americans.
” Biden is expected to formally introduce the new economic team members on Tuesday , the transition team said .
Arizona and Wisconsin on Monday certified Biden as the winner in each state , further undermining President Donald Trump @ @ @ @ @ @ @ to Biden in the Nov. 3 election by making unsubstantiated claims of fraud .
The confirmation of vote counts is usually a mere formality but has taken on added significance this year in the face of Trump ’ s baseless allegations that the election was “ rigged ” in Biden ’ s favor .
Most of the battleground states that Biden won , including Pennsylvania and Georgia , previously certified their results .
Together with the results from states where the outcome is not in dispute , Biden has secured enough votes in @ @ @ @ @ @ @ presidency .
The Trump campaign is pursuing long-shot legal cases that seek to overturn Biden ’ s victories in Georgia , Michigan and Nevada , while others have been dismissed or withdrawn in Pennsylvania , Michigan , Wisconsin and Arizona .
None has scored significant gains for Trump .
Yellen , 74 , was head of the U.S. central bank from 2014 to 2018 and served as the chair of President Bill Clinton ’ s Council of Economic Advisers .
On Twitter , she underscored the challenges facing the United States : “ @ @ @ @ @ @ @ American dream — a society where each person can rise to their potential and dream even bigger for their children .
As Treasury Secretary , I will work every day towards rebuilding that dream for all.
” Ron Wyden , the top Democrat on the Senate Finance Committee , said Yellen ’ s confirmation hearing should occur before Biden ’ s Jan. 20 inauguration , as it did for Steven Mnuchin , the current Treasury secretary .
“ When millions of workers are unemployed through no fault of their own and sectors of @ @ @ @ @ @ @ is no excuse for delay , ” Wyden said in a statement .
Senate Majority Leader Mitch McConnell , who like many top Republicans in that chamber has not yet acknowledged Biden as president-elect , did not respond to questions about pre-inauguration hearings .
His colleagues have signaled that Biden ’ s appointees may face a rough road to confirmation .
Control of the Senate – and the power to confirm or block Biden ’ s Cabinet appointees – will be determined by a pair of runoff elections in Georgia on Jan. 5 @ @ @ @ @ @ @ 14 .
Biden has 306 electors , far more than the required 270 , to Trump ’ s 232 .
Biden said he would nominate Wally Adeyemo as Yellen ’ s deputy at Treasury .
Adeyemo was a deputy national security adviser under President Barack Obama , and was later president of the Obama Foundation , which is overseeing planning for the Democratic former president ’ s library .
Neera Tanden , chief executive of the Center for American Progress think tank , would head the Office of Management and Budget .
Tanden @ @ @ @ @ @ @ Care Act , the healthcare overhaul popularly known as Obamacare , which Republicans have tried to dismantle .
Republican senators voiced few concerns about Yellen , with Senator John Cornyn telling reporters he did not “ have any problem with her.
” He was more concerned about Tanden , calling her the “ worst nominee so far.
” Cornyn ’ s communications director cited her “ endless stream of disparaging comments about the Republican senators whose votes she ’ ll need.
” The Biden transition team had no immediate comment on the criticism @ @ @ @ @ @ @ experienced , and qualified for the position of OMB Director .
The American people decisively voted for change – Mitch McConnell shouldn ’ t block us from having a functioning government that gets to work for the people we serve , ” tweeted Democratic Senator Sherrod Brown , a close Biden ally .
Tanden would be the first woman of color to lead the OMB if she is confirmed .
Biden selected Cecilia Rouse , an economist who is dean of the Princeton School of Public and International Affairs , to chair the @ @ @ @ @ @ @ a member of the council under Obama from 2009 to 2011 .
Heather Boushey , an economist who is co-founder of the Washington Center for Equitable Growth and is focused on economic inequality , will serve on the council .

Biden names top economic advisers as Arizona, Wisconsin certify vote results
By Jarrett Renshaw
WILMINGTON, Del. (Reuters) -U.S. President-elect Joe Biden named several women to his top economic policy team on Monday, including former Federal Reserve Chair Janet Yellen as Treasury secretary nominee, setting the stage for diversity and a focus on recovery from the pandemic.
The advisers, several of whom would need to be approved by the U.S. Senate, come from liberal research organizations and worked in previous Democratic administrations. Their aim will be to set policies that can help people and businesses recover from the coronavirus pandemic, which has killed nearly 267,000 people in the United States and cost millions of jobs.
“This team looks like America and brings seriousness of purpose, the highest degree of competency, and unwavering belief in the promise of America,” Biden said in a statement. “They will be ready on day one to get to work for all Americans.”
Biden is expected to formally introduce the new economic team members on Tuesday, the transition team said.
Arizona and Wisconsin on Monday certified Biden as the winner in each state, further undermining President Donald Trump’s attempts to dispute his loss to Biden in the Nov. 3 election by making unsubstantiated claims of fraud.
The confirmation of vote counts is usually a mere formality but has taken on added significance this year in the face of Trump’s baseless allegations that the election was “rigged” in Biden’s favor.
Most of the battleground states that Biden won, including Pennsylvania and Georgia, previously certified their results. Together with the results from states where the outcome is not in dispute, Biden has secured enough votes in the state-by-state Electoral College to win the presidency.
The Trump campaign is pursuing long-shot legal cases that seek to overturn Biden’s victories in Georgia, Michigan and Nevada, while others have been dismissed or withdrawn in Pennsylvania, Michigan, Wisconsin and Arizona. None has scored significant gains for Trump.
PUSH FOR EARLY YELLEN HEARING
Yellen, 74, was head of the U.S. central bank from 2014 to 2018 and served as the chair of President Bill Clinton’s Council of Economic Advisers.
On Twitter, she underscored the challenges facing the United States: “To recover, we must restore the American dream — a society where each person can rise to their potential and dream even bigger for their children. As Treasury Secretary, I will work every day towards rebuilding that dream for all.”
Ron Wyden, the top Democrat on the Senate Finance Committee, said Yellen’s confirmation hearing should occur before Biden’s Jan. 20 inauguration, as it did for Steven Mnuchin, the current Treasury secretary.
“When millions of workers are unemployed through no fault of their own and sectors of the economy are struggling mightily, there is no excuse for delay,” Wyden said in a statement.
Senate Majority Leader Mitch McConnell, who like many top Republicans in that chamber has not yet acknowledged Biden as president-elect, did not respond to questions about pre-inauguration hearings. His colleagues have signaled that Biden’s appointees may face a rough road to confirmation.
Control of the Senate – and the power to confirm or block Biden’s Cabinet appointees – will be determined by a pair of runoff elections in Georgia on Jan. 5.
The Electoral College meets on Dec. 14. Biden has 306 electors, far more than the required 270, to Trump’s 232.
ECONOMY PICKS
Biden said he would nominate Wally Adeyemo as Yellen’s deputy at Treasury. Adeyemo was a deputy national security adviser under President Barack Obama, and was later president of the Obama Foundation, which is overseeing planning for the Democratic former president’s library.
Neera Tanden, chief executive of the Center for American Progress think tank, would head the Office of Management and Budget. Tanden helped the Obama administration create the Affordable Care Act, the healthcare overhaul popularly known as Obamacare, which Republicans have tried to dismantle.
Republican senators voiced few concerns about Yellen, with Senator John Cornyn telling reporters he did not “have any problem with her.”
He was more concerned about Tanden, calling her the “worst nominee so far.” Cornyn’s communications director cited her “endless stream of disparaging comments about the Republican senators whose votes she’ll need.” The Biden transition team had no immediate comment on the criticism.
“Neera Tanden is smart, experienced, and qualified for the position of OMB Director. The American people decisively voted for change – Mitch McConnell shouldn’t block us from having a functioning government that gets to work for the people we serve,” tweeted Democratic Senator Sherrod Brown, a close Biden ally.
Tanden would be the first woman of color to lead the OMB if she is confirmed.
Biden selected Cecilia Rouse, an economist who is dean of the Princeton School of Public and International Affairs, to chair the Council of Economic Advisers. She was a member of the council under Obama from 2009 to 2011.
Heather Boushey, an economist who is co-founder of the Washington Center for Equitable Growth and is focused on economic inequality, will serve on the council.
(Reporting by Jarrett Renshaw in Wilmington, Delaware; Additional reporting by Brad Heath, Trevor Hunnicutt, Simon Lewis, Patricia Zengerle, Doina Chiacu and Andrea Shalal; Writing by Grant McCool and Joseph Ax; Editing by Scott Malone, Rosalba O’Brien and Peter Cooney)


cityam--2020-12-01--Tory MPs urge PM to sanction UK banks in Hong Kong for China cooperation

Boris Johnson should threaten to sanction UK financial services firms operating in Hong Kong to push back against Beijing ’ s draconian security laws , according to a new report from top Tory backbenchers .
A report from Westminster ’ s China Research Group , which is led by Conservative MPs Tom Tugendhat and Neil O ’ Brien , says the UK should sanction banks that help implement the new legislation and curtail human rights .
This includes major British firms such as HSBC , Standard Chartered , Barclays and NatWest .
The report said Johnson should also enact sanctions @ @ @ @ @ @ @ labour in their supply chains and freeze the British assets of a swathe of Chinese nationals who have engaged in human rights abuses .
Beijing enforced new security laws in Hong Kong earlier this year , which make it illegal to criticise the Chinese government and prohibits things like mocking the Chinese national anthem .
Foreign secretary Dominic Raab branded them a violation of the British-Sino treaty , which was signed when the region ’ s handover to China was agreed .
The China Research Group report points out that major banks with @ @ @ @ @ @ @ Beijing to report financial transactions that may be in violation of the draconian new laws .
Before the Open newsletter : Start your day with the City View podcast and key market data The US has responded with this request by enacting legislation that sanctions any company or individual that complies with the security laws by freezing assets .
The group of MPs argues that the UK government should do likewise to force British banks to push back against the Chinese government .
The report said : “ If London were to reciprocate @ @ @ @ @ @ @ similar sanctions on financial institutions , it could become difficult for those institutions to fully comply with the national security law , effectively pushing back on continued expansion of CCP influence in Hong Kong.
” Neil O ’ Brien , who was recently appointed to a policy advisory role in Downing Street , said : “ The Chinese government has been hard on companies like HSBC to make them support the new security law .
“ The actions they are taking to put pressure on these firms will only make more people wary @ @ @ @ @ @ @ Standard Chartered were criticised earlier this year for supporting Beijing ’ s freedom of speech crackdown .
Both firms released statements in support of the new security legislation shortly after it was announced .
Read more : HSBC and Standard Chartered slammed for supporting China ’ s Hong Kong security law Raab hit out at the firms for their support of the Chinese government , saying in August that “ the rights and the freedoms and our responsibilities in this country to the people of Hong Kong should not be sacrificed on the @ @ @ @ @ @ @ HSBC and Standard Chartered were contacted for comment .

Tory MPs urge PM to sanction UK banks in Hong Kong for China cooperation
Beijing enforced new security laws in Hong Kong earlier this year, which make it illegal to criticise the Chinese government and prohibits things like mocking the Chinese national anthem.
Boris Johnson should threaten to sanction UK financial services firms operating in Hong Kong to push back against Beijing’s draconian security laws, according to a new report from top Tory backbenchers.
A report from Westminster’s China Research Group, which is led by Conservative MPs Tom Tugendhat and Neil O’Brien, says the UK should sanction banks that help implement the new legislation and curtail human rights.
This includes major British firms such as HSBC, Standard Chartered, Barclays and NatWest.
The report said Johnson should also enact sanctions against UK companies that use forced Chinese labour in their supply chains and freeze the British assets of a swathe of Chinese nationals who have engaged in human rights abuses.
Beijing enforced new security laws in Hong Kong earlier this year, which make it illegal to criticise the Chinese government and prohibits things like mocking the Chinese national anthem.
Foreign secretary Dominic Raab branded them a violation of the British-Sino treaty, which was signed when the region’s handover to China was agreed.
The China Research Group report points out that major banks with Hong Kong operations have been ordered by Beijing to report financial transactions that may be in violation of the draconian new laws.
Before the Open newsletter: Start your day with the City View podcast and key market data
The US has responded with this request by enacting legislation that sanctions any company or individual that complies with the security laws by freezing assets.
The group of MPs argues that the UK government should do likewise to force British banks to push back against the Chinese government.
The report said: “If London were to reciprocate the bipartisan consensus in Washington by imposing similar sanctions on financial institutions, it could become difficult for those institutions to fully comply with the national security law, effectively pushing back on continued expansion of CCP influence in Hong Kong.”
Neil O’Brien, who was recently appointed to a policy advisory role in Downing Street, said: “The Chinese government has been hard on companies like HSBC to make them support the new security law.
“The actions they are taking to put pressure on these firms will only make more people wary about investing in China.”
HSBC and Standard Chartered were criticised earlier this year for supporting Beijing’s freedom of speech crackdown.
Both firms released statements in support of the new security legislation shortly after it was announced.
Raab hit out at the firms for their support of the Chinese government, saying in August that “the rights and the freedoms and our responsibilities in this country to the people of Hong Kong should not be sacrificed on the altar of bankers’ bonuses”.
HSBC and Standard Chartered were contacted for comment.


cityam--2020-11-30--ActivTrades pick up SVS Securities clients after failure

ActivTrades , an online ForEx and CFD broker , has been chosen as one of two options for clients of @ @ @ @ @ Securities to transfer to .
The broker has been chosen alongside ITI Capital .
SVS @ @ @ @ @ in August after a dramatic public run in with the Financial Conduct Authority .
Failed @ @ @ @ @ see administrators arrange transfers to other brokers or platforms to ensure clients are not stung @ @ @ @ @ in this case , clients typically do not have to pay exit fees on their @ @ @ @ @ look forward to welcoming all the EPC clients of SVS who chose to transfer to @ @ @ @ @ the switch is as seamless as possible , ’ ’ said Alex Pusco , CEO @ @ @ @ @ only will these clients be able to access their assets and start trading quickly , @ @ @ @ @ wider range of FX and CFD products to trade .
We welcome this opportunity to @ @ @ @ @ , efficiency and financial expertise , ” he added .

ActivTrades pick up SVS Securities clients after failure
ActivTrades, an online ForEx and CFD broker, has been chosen as one of two options for clients of bust wealth management firm SVS Securities to transfer to.
The broker has been chosen alongside ITI Capital.
SVS was placed in Special Administration in August after a dramatic public run in with the Financial Conduct Authority.
Failed wealth management firms will often see administrators arrange transfers to other brokers or platforms to ensure clients are not stung by the failure.
As in this case, clients typically do not have to pay exit fees on their transferred funds.
“We look forward to welcoming all the EPC clients of SVS who chose to transfer to ActivTrades and we will ensure the switch is as seamless as possible,’’ said Alex Pusco, CEO of ActivTrades.
“Not only will these clients be able to access their assets and start trading quickly, they will also have a wider range of FX and CFD products to trade. We welcome this opportunity to show the industry our technology, efficiency and financial expertise,” he added.


cityam--2020-11-30--Labour calls for government to 'strengthen' new security and investment laws

Labour is calling for the government to go even further on its new legislation that seeks to curb foreign investment that is a threat to national security .
The party has said it supports Boris Johnson ’ s Security and Investment Bill , but it wants the government to enshrine in law the type of threats that would count under the new legislation .
Read more : Today : UK to outline roadmap to removing Huawei equipment from its 5G networks The party will table an amendment that calls for any international acquisition of a UK business to be blocked @ @ @ @ @ @ @ sensitive data , facilitates terrorism or impacts the country ’ s defence capabilities .
City A.M. understands that Labour will either vote for the government ’ s bill in its original form or abstain from the vote if its amendment is unsuccessful in the House of Commons .
Shadow foreign minister Stephen Kinnock said : “ While this bill is a step in the right direction , it fails to recognise that national security is intrinsically linked to economic security .
“ This failure leaves the UK ’ s critical national infrastructure and @ @ @ @ @ @ @ from enterprises and investment vehicles that are backed by foreign authoritarian states who often seek to undermine the UK ’ s defences.
” The proposed new law comes as a part of a push to safeguard the country from national security threats posed by hostile foreign nations .
It was brought in just after Johnson banned Huawei from supplying equipment for the UK ’ s 5G networks earlier this year .
A large group of Tory MPs claimed the telecoms giant could undertake surveillance of Britons for the Chinese government through 5G networks @ @ @ @ @ @ @ more : Telecoms firms to face hefty fines under new Huawei laws The government estimates that the new law will lead to 1,000-1,830 transactions being scrutinised every year , which would be a sharp increase from previous years .
Commenting on Labour ’ s amendment , a government spokesperson said : “ These powers can not and will not be used for economic , political or any other reasons – this is solely about national security in the strictest sense , as relating to the security of our nation and its people .
@ @ @ @ @ @ @ as transparent as possible – within the limits of national security – about the exercise of its powers under this regime .
This including publishing details of all cases requiring remedies as well as an annual report .
”

Labour calls for government to ‘strengthen’ new security and investment laws
The government estimates that the new law will lead to 1,000-1,830 transactions being scrutinised every year, which would be a sharp increase from previous years.
Labour is calling for the government to go even further on its new legislation that seeks to curb foreign investment that is a threat to national security.
The party has said it supports Boris Johnson’s Security and Investment Bill, but it wants the government to enshrine in law the type of threats that would count under the new legislation.
The party will table an amendment that calls for any international acquisition of a UK business to be blocked if it results in the transfer of sensitive data, facilitates terrorism or impacts the country’s defence capabilities.
City A.M. understands that Labour will either vote for the government’s bill in its original form or abstain from the vote if its amendment is unsuccessful in the House of Commons.
Shadow foreign minister Stephen Kinnock said: “While this bill is a step in the right direction, it fails to recognise that national security is intrinsically linked to economic security.
“This failure leaves the UK’s critical national infrastructure and supply chains open to threats, particularly from enterprises and investment vehicles that are backed by foreign authoritarian states who often seek to undermine the UK’s defences.”
The proposed new law comes as a part of a push to safeguard the country from national security threats posed by hostile foreign nations.
It was brought in just after Johnson banned Huawei from supplying equipment for the UK’s 5G networks earlier this year.
A large group of Tory MPs claimed the telecoms giant could undertake surveillance of Britons for the Chinese government through 5G networks, a claim Huawei denies.
The government estimates that the new law will lead to 1,000-1,830 transactions being scrutinised every year, which would be a sharp increase from previous years.
Commenting on Labour’s amendment, a government spokesperson said: “These powers cannot and will not be used for economic, political or any other reasons – this is solely about national security in the strictest sense, as relating to the security of our nation and its people.
“The government has committed to being as transparent as possible – within the limits of national security – about the exercise of its powers under this regime. This including publishing details of all cases requiring remedies as well as an annual report.”


cityam--2020-11-30--Topshop owner Arcadia collapses putting 13,000 jobs at risk

Sir Philip Green ’ s retail empire Arcadia , the owner of Topshop and Dorothy Perkins , has collapsed into administration , putting more than 13,000 jobs at risk .
The company , which has become the biggest retail casualty of the coronavirus crisis , announced this evening that it has appointed Deloitte as administrator .
Read more : Topshop collapse : What went wrong for Sir Philip Green ’ s Arcadia retail empire ?
More than 13,000 jobs are at risk following the collapse , although stores will continue to trade throughout the Christmas period while Deloitte hunts for @ @ @ @ @ @ @ were being announced today .
“ This is an incredibly sad day for all of our colleagues as well as our suppliers and our many other stakeholders , ” said Arcadia chairman Ian Grabiner .
“ Throughout this immensely challenging time our priority has been to protect jobs and preserve the financial stability of the group in the hope that we could ride out the pandemic and come out fighting on the other side .
“ Ultimately , however , in the face of the most difficult trading conditions we have ever experienced @ @ @ @ @ @ @ too severe.
” Deloitte said it was assessing all options available to the group , adding that it would honour all orders made over the Black Friday weekend .
The current company voluntary arrangements in place for a number of the brands in Arcadia ’ s group will come to an end as a result of the administration .
Mike Ashley ’ s retail empire tabled an offer of a £50m loan to Arcadia , which also owns Evans , Burton and Wallis .
But the ailing company turned down the offer .
@ @ @ @ @ @ @ chairman Andrew Coppel said : “ We are grateful for your interest ; however , we shall not be progressing it and , therefore , shall not be discussing the matter further.
” Ashley ’ s Frasers Group also expressed interest in participating in the sale process should Arcadia collapse .
Retail analysts said the company had failed to keep up with competition from online rivals such as Asos and Boohoo , which was today mooted as a potential buyer for Arcadia ’ s brands .
The firm secured a company voluntary arrangement @ @ @ @ @ @ @ stores and renegotiate rents with landlords .
However lockdowns during the coronavirus pandemic have piled the pressure on the retailer , which was still dependent on its physical stores .
A total of 9,294 employees were on furlough at the time of Deloitte ’ s appointment as administrator .
The group ’ s impending collapse came to light on Friday after it emerged talks with lenders over a potential £30m loan had fallen through .
Arcadia had said it was seeking the loan to help it survive following the “ material impact on @ @ @ @ @ @ @ It comes 18 months after Green ’ s empire narrowly avoided collapse by securing a company voluntary arrangement that led to 1,000 job cuts and 50 store closures .

Topshop owner Arcadia collapses putting 13,000 jobs at risk
Sir Philip Green’s retail empire Arcadia, the owner of Topshop and Dorothy Perkins, has collapsed into administration, putting more than 13,000 jobs at risk.
The company, which has become the biggest retail casualty of the coronavirus crisis, announced this evening that it has appointed Deloitte as administrator.
More than 13,000 jobs are at risk following the collapse, although stores will continue to trade throughout the Christmas period while Deloitte hunts for a buyer.
Deloitte said no redundancies were being announced today.
“This is an incredibly sad day for all of our colleagues as well as our suppliers and our many other stakeholders,” said Arcadia chairman Ian Grabiner.
“Throughout this immensely challenging time our priority has been to protect jobs and preserve the financial stability of the group in the hope that we could ride out the pandemic and come out fighting on the other side.
“Ultimately, however, in the face of the most difficult trading conditions we have ever experienced, the obstacles we encountered were far too severe.”
Read more: Mike Ashley offers Philip Green’s embattled Arcadia emergency funding
Deloitte said it was assessing all options available to the group, adding that it would honour all orders made over the Black Friday weekend.
The current company voluntary arrangements in place for a number of the brands in Arcadia’s group will come to an end as a result of the administration.
Mike Ashley’s retail empire tabled an offer of a £50m loan to Arcadia, which also owns Evans, Burton and Wallis.
But the ailing company turned down the offer. In a response seen by City A.M. chairman Andrew Coppel said: “We are grateful for your interest; however, we shall not be progressing it and, therefore, shall not be discussing the matter further.”
Ashley’s Frasers Group also expressed interest in participating in the sale process should Arcadia collapse.
Retail analysts said the company had failed to keep up with competition from online rivals such as Asos and Boohoo, which was today mooted as a potential buyer for Arcadia’s brands.
The firm secured a company voluntary arrangement last year to allow it to close stores and renegotiate rents with landlords.
However lockdowns during the coronavirus pandemic have piled the pressure on the retailer, which was still dependent on its physical stores.
A total of 9,294 employees were on furlough at the time of Deloitte’s appointment as administrator.
The group’s impending collapse came to light on Friday after it emerged talks with lenders over a potential £30m loan had fallen through.
Arcadia had said it was seeking the loan to help it survive following the “material impact on trading” prompted by the pandemic.
It comes 18 months after Green’s empire narrowly avoided collapse by securing a company voluntary arrangement that led to 1,000 job cuts and 50 store closures.


cityam--2020-11-30--Zoom shares drop despite lockdown revenue surge

Zoom saw its shares slip in after-hours trading this evening despite beating expectations for the third quarter .
The video conferencing app has enjoyed unrivalled growth this year as the outbreak of Covid-19 forced millions of people to work and socialise from home .
This continued in the third quarter , with Zoom posting revenue of $ 777.2m ( £583 ) , up 367 per cent on the same period last year .
The firm posted profit of $ 198.4m , or $ 66 per share , from just $ 2.2m last year .
The figures came in ahead of @ @ @ @ @ @ @ continued to benefit from the shift to home working .
But they failed to impress investors , and shares were more than 4.5 per cent lower in after-hours trading .
“ We remain focused on the communication needs of our customers and communities as they navigate the current environment and adapt to a new world of work from anywhere using Zoom .
We aspire to provide the most innovative , secure , reliable , and high-quality communications platform to help people connect , collaborate , build and learn on Zoom , ” said @ @ @ @ @ @ @ .
Zoom said it had continued to expand over the quarter , with its number of customers with more than 10 employees surging to almost 435,000 .
Read more : Zoom and Instagram brand values jump as tech firms get Covid-19 boost The company said it also had more than 1,000 customers contributing more than $ 100,000 in revenue over a year .
Zoom forecast fourth quarter revenue of between $ 806m and $ 811m — also ahead of market expectations .

Zoom shares drop despite lockdown revenue surge
Zoom’s shares have grown more than sixfold this year thanks to the pandemic
Zoom saw its shares slip in after-hours trading this evening despite beating expectations for the third quarter.
The video conferencing app has enjoyed unrivalled growth this year as the outbreak of Covid-19 forced millions of people to work and socialise from home.
This continued in the third quarter, with Zoom posting revenue of $777.2m (£583), up 367 per cent on the same period last year.
The firm posted profit of $198.4m, or $0.66 per share, from just $2.2m last year.
The figures came in ahead of analysts’ expectations as the video platform continued to benefit from the shift to home working.
But they failed to impress investors, and shares were more than 4.5 per cent lower in after-hours trading.
“We remain focused on the communication needs of our customers and communities as they navigate the current environment and adapt to a new world of work from anywhere using Zoom. We aspire to provide the most innovative, secure, reliable, and high-quality communications platform to help people connect, collaborate, build and learn on Zoom,” said Zoom founder and chief executive Eric Yuan.
Zoom said it had continued to expand over the quarter, with its number of customers with more than 10 employees surging to almost 435,000.
The company said it also had more than 1,000 customers contributing more than $100,000 in revenue over a year.
Zoom forecast fourth quarter revenue of between $806m and $811m — also ahead of market expectations.


cityam--2020-11-30--Unilever to trial four-day working week in New Zealand

Supporters of a four-day working week were given a major boost today as Unilever said it will trial the system in its New Zealand operations .
The consumer goods giant said its 81 employees in New Zealand will retain their full pay while working just 80 per cent of normal hours .
Read more : End of an era : Unilever trading in Amsterdam for the last time today The trial will run until December 2021 , after which Unilever will consider whether to adapt its working habits on a wider scale .
Nick Bangs , managing director of Unilever @ @ @ @ @ @ @ growing momentum for a four-day week after the pandemic overhauled working practices .
“ This is an exciting moment for our team and a validation of the catalytic role Covid-19 has played in shaking up standard working practices , ” he said .
“ Unilever NZ ’ s strong growth trajectory as a business makes this the perfect time in our life cycle to drive something new and ambitious .
Maintaining competitive edge , increasing productivity and improving wellbeing sit at the heart of the 4-day work week.
” Unilever , which owns @ @ @ @ @ @ @ & Jerry ’ s , said it will train its staff in Agile — a project management method that breaks work into short phases — in a bid to help the transition to a four-day week .
It will also work with the University of Technology business school in Sydney to measure qualitative results of the trial .
“ Gaining flexibility in work/life balance can mean that women and men , younger and older , can both take time off to be with family and friends , and have the energy and focus @ @ @ @ @ @ @ said Bangs .
“ Essentially , this is about a holistic understanding of how work and life fit together , and improving mental and physical wellbeing.
” Read more : Unilever reports return to sales growth as e-commerce business expands The Kiwi boss said Unilever will share the results of its trial with other businesses in the country , with the aim of influencing wider working habits .
Unilever recently merged its Dutch and British corporate arms into one entity based in London .
The group employs roughly 155,000 people worldwide .

Unilever to trial four-day working week in New Zealand
The capital’s premier FTSE 100 index dropped 0.35 per cent to 7,468.01 points, while the domestically-focused FTSE 250, which is more aligned to the health of the UK economy, lost 0.78 per cent to fall to 22,088.71 points
Supporters of a four-day working week were given a major boost today as Unilever said it will trial the system in its New Zealand operations.
The consumer goods giant said its 81 employees in New Zealand will retain their full pay while working just 80 per cent of normal hours.
The trial will run until December 2021, after which Unilever will consider whether to adapt its working habits on a wider scale.
Nick Bangs, managing director of Unilever New Zealand, said the move reflected growing momentum for a four-day week after the pandemic overhauled working practices.
“This is an exciting moment for our team and a validation of the catalytic role Covid-19 has played in shaking up standard working practices,” he said.
“Unilever NZ’s strong growth trajectory as a business makes this the perfect time in our life cycle to drive something new and ambitious. Maintaining competitive edge, increasing productivity and improving wellbeing sit at the heart of the 4-day work week.”
Unilever, which owns brands including Dove, Lipton and Ben & Jerry’s, said it will train its staff in Agile — a project management method that breaks work into short phases — in a bid to help the transition to a four-day week.
It will also work with the University of Technology business school in Sydney to measure qualitative results of the trial.
“Gaining flexibility in work/life balance can mean that women and men, younger and older, can both take time off to be with family and friends, and have the energy and focus to pursue their career ambitions,” said Bangs.
“Essentially, this is about a holistic understanding of how work and life fit together, and improving mental and physical wellbeing.”
The Kiwi boss said Unilever will share the results of its trial with other businesses in the country, with the aim of influencing wider working habits.
Unilever recently merged its Dutch and British corporate arms into one entity based in London. The group employs roughly 155,000 people worldwide.


cityam--2020-11-30--Topshop collapse: What went wrong for Sir Philip Green's Arcadia retail empire?

Sir Philip Green ’ s retail empire Arcadia has collapsed , risking 13,000 jobs , in a dramatic fall from grace for the multi-millionaire once dubbed the “ king of the high street ” .
Arcadia , and its flagship retailer Topshop , was , until recently , considered to be a UK retail success story .
Topshop was a beloved high street brand , had secured lucrative partnerships with Kate Moss and Beyonce , and boasted star-studded front rows at its London Fashion Week shows .
As the jewel in Arcadia ’ s crown , Topshop was prioritised to @ @ @ @ @ @ @ , such as Dorothy Perkins , Evans , Miss Selfridge and Burton .
However , Topshop , and Arcadia ’ s other retailers , have fallen out of fashion in recent years , as it failed to respond to increasing competition from younger firms such as Asos and Boohoo .
Last year it secured a company voluntary arrangement in order to shrink its store estate amid falling sales .
According to retail experts , the coronavirus pandemic has been the final nail in the coffin for Arcadia , which has become a victim @ @ @ @ @ @ @ platforms .
Meanwhile , Green has suffered his own reputational damage .
Last year he was named in parliament as the businessman at the centre of bullying and harassment allegations – accusations that he has denied .
Previously his name was dragged through the mud after he sold BHS to Dominic Chappell for £1 in 2015 , after paying out huge dividends to his family , leaving the pension pot with a £571m deficit .
Much of Topshop ’ s 20-something target customer group is increasingly interested in supporting brands that align with @ @ @ @ @ @ @ , and Green ’ s involvement has increasingly made Arcadia seem like a poor fit .
Simon Geale , senior vice president of client solutions at Proxima , said the collapse will leave a “ very bad taste in the mouth ” for some , and that the fallout will reform the retail sector .
“ For many , the Arcadia brands were leaders in their time ; reshaping clothes shopping on the high street with offerings that were highly targeted , delivered via new in-store experiences and were supported by ground-breaking customer @ @ @ @ @ @ @ “ This success has paved the way for the more digitally-savvy brands which have replaced them ” However , Arcadia ’ s brands “ aged ” and “ lost their edge ” , Geale said .
“ There are now other brands that are cheaper , more convenient , and have greater variety to their ranges .
These are the brands that are winning the battle.
” Experts said Arcadia had rested on its laurels and failed to invest in its digital offering to keep up with e-commerce brands .
Michael Hewson , @ @ @ @ @ @ @ said : “ The chain of iconic brands , which have been a staple of the UK high street for decades , has been in difficulties for some time now , with the coronavirus pandemic proving to be the final straw to a business model that has been on its last legs for some time now .
“ The lack of a coherent strategy to deal with changing consumer behaviour , and the move to on-line shopping has seen the business struggle for the last few years , with the result that more @ @ @ @ @ @ @ street in the coming weeks , unless a rescue package is agreed.
” Read more : Retailers allowed to open 24 hours over Christmas period , says minister Liam Patterson , the founder of online retail consultancy Bidnamic , said Arcadia “ resisted innovation and was late to the digital party ” .
“ Covid-19 lockdowns only exacerbated these issues as the business lost customers to digital natives like Asos and Boohoothat had more engaging online presence and more reputable brands , ” he said .
Other issues , such as the allegations @ @ @ @ @ @ @ “ meant the brand struggled to remain relevant to younger , socially aware , digital consumers ” , Patterson added .
Euromonitor International fashion and luxury analyst Nina Marson said : “ The pandemic has caused many consumers to pause and reflect on their priorities with many concluding that they want to be more proactive about creating a better world , and prioritising the idea that the brands they invest in should share their values and objectives .
Read more : UK retail sales fall in November but online shopping booms , survey @ @ @ @ @ @ @ short of these expectations in recent years , particularly with the scandals surrounding founder Philip Green , the group ’ s sluggishness to create a transparent sustainability strategy and recent headlines reporting the group ’ s refusal to pay employees and manufacturers during the pandemic , all of which have caused Arcadia Group brands to fall out of favour .
”

Topshop collapse: What went wrong for Sir Philip Green’s Arcadia retail empire?
Sir Philip Green’s retail empire Arcadia has collapsed, risking 13,000 jobs, in a dramatic fall from grace for the multi-millionaire once dubbed the “king of the high street”.
Arcadia, and its flagship retailer Topshop, was, until recently, considered to be a UK retail success story.
Topshop was a beloved high street brand, had secured lucrative partnerships with Kate Moss and Beyonce, and boasted star-studded front rows at its London Fashion Week shows.
As the jewel in Arcadia’s crown, Topshop was prioritised to the detriment of other less trendy brands, such as Dorothy Perkins, Evans, Miss Selfridge and Burton.
Slow to respond
However, Topshop, and Arcadia’s other retailers, have fallen out of fashion in recent years, as it failed to respond to increasing competition from younger firms such as Asos and Boohoo.
Last year it secured a company voluntary arrangement in order to shrink its store estate amid falling sales.
According to retail experts, the coronavirus pandemic has been the final nail in the coffin for Arcadia, which has become a victim of its lack of investment in digital platforms.
Meanwhile, Green has suffered his own reputational damage.
Tarnished reputation
Last year he was named in parliament as the businessman at the centre of bullying and harassment allegations – accusations that he has denied.
Previously his name was dragged through the mud after he sold BHS to Dominic Chappell for £1 in 2015, after paying out huge dividends to his family, leaving the pension pot with a £571m deficit.
Much of Topshop’s 20-something target customer group is increasingly interested in supporting brands that align with their views on social and environmental causes, and Green’s involvement has increasingly made Arcadia seem like a poor fit.
Lost its edge
Simon Geale, senior vice president of client solutions at Proxima, said the collapse will leave a “very bad taste in the mouth” for some, and that the fallout will reform the retail sector.
“For many, the Arcadia brands were leaders in their time; reshaping clothes shopping on the high street with offerings that were highly targeted, delivered via new in-store experiences and were supported by ground-breaking customer loyalty schemes,” he said.
“This success has paved the way for the more digitally-savvy brands which have replaced them”
However, Arcadia’s brands “aged” and “lost their edge”, Geale said.
“There are now other brands that are cheaper, more convenient, and have greater variety to their ranges. These are the brands that are winning the battle.”
Underinvestment in digital
Experts said Arcadia had rested on its laurels and failed to invest in its digital offering to keep up with e-commerce brands.
Michael Hewson, chief market analyst at CMC Market, said: “The chain of iconic brands, which have been a staple of the UK high street for decades, has been in difficulties for some time now, with the coronavirus pandemic proving to be the final straw to a business model that has been on its last legs for some time now.
“The lack of a coherent strategy to deal with changing consumer behaviour, and the move to on-line shopping has seen the business struggle for the last few years, with the result that more stores could well disappear from the high street in the coming weeks, unless a rescue package is agreed.”
Liam Patterson, the founder of online retail consultancy Bidnamic, said Arcadia “resisted innovation and was late to the digital party”.
“Covid-19 lockdowns only exacerbated these issues as the business lost customers to digital natives like Asos and Boohoothat had more engaging online presence and more reputable brands,” he said.
Leadership issues
Other issues, such as the allegations of harassment and bullying surrounding Green, “meant the brand struggled to remain relevant to younger, socially aware, digital consumers”, Patterson added.
Euromonitor International fashion and luxury analyst Nina Marson said: “The pandemic has caused many consumers to pause and reflect on their priorities with many concluding that they want to be more proactive about creating a better world, and prioritising the idea that the brands they invest in should share their values and objectives.
“Arcadia Group brands have fallen short of these expectations in recent years, particularly with the scandals surrounding founder Philip Green, the group’s sluggishness to create a transparent sustainability strategy and recent headlines reporting the group’s refusal to pay employees and manufacturers during the pandemic, all of which have caused Arcadia Group brands to fall out of favour.”


cityam--2020-11-30--Biden urged to take on Big Tech amid lobbying fears

US president-elect Joe Biden has been urged to confront Big Tech amid concerns about the number of tech executives linked to the incoming administration .
Thirty-two advocacy groups today penned a letter to Biden urging him to hold companies such as Google , Facebook and Amazon to account , arguing that their business practices harmed American consumers and the economy .
Read more : US election : Where do Trump and Biden stand on tech issues ?
They also called on the newly-elected president to reject the influence of Big Tech on his administration .
Earlier this month Reuters reported @ @ @ @ @ @ @ than tech critics to his transition team , sparking suggestions that his administration will take a favourable approach to Silicon Valley .
In the letter , the advocacy groups said executives , lobbyists and consultants working for or with tech firms should be kept out of the White House .
“ We believe that your administration must confront the threats posed by the monopolistic Big Tech companies… however , we can only bring these companies to account if you do not rely on affiliates of these very companies to make up your government @ @ @ @ @ @ @ We believe that eliminating the decades-old revolving door between Silicon Valley and your administration will only help your cause.
” The letter was signed by groups campaigning for consumer and labour rights , antitrust reform and progressive causes , including Public Citizen , American Economic Liberties Project , Open Markets Institute , and the Revolving Door Project .
It comes at a crucial time for the sector as authorities contemplate tougher regulation in a bid to curb alleged anti-competitive practices .
Silicon Valley has already tapped into UK politics in a bid to @ @ @ @ @ @ @ Facebook hired former deputy prime minister Nick Clegg as its head of global affairs and communications .

Biden urged to take on Big Tech amid lobbying fears
President-elect Joe Biden has appointed a number of tech executives to his transition team
US president-elect Joe Biden has been urged to confront Big Tech amid concerns about the number of tech executives linked to the incoming administration.
Thirty-two advocacy groups today penned a letter to Biden urging him to hold companies such as Google, Facebook and Amazon to account, arguing that their business practices harmed American consumers and the economy.
They also called on the newly-elected president to reject the influence of Big Tech on his administration.
Earlier this month Reuters reported that Biden had appointed more tech executives than tech critics to his transition team, sparking suggestions that his administration will take a favourable approach to Silicon Valley.
In the letter, the advocacy groups said executives, lobbyists and consultants working for or with tech firms should be kept out of the White House.
“We believe that your administration must confront the threats posed by the monopolistic Big Tech companies… however, we can only bring these companies to account if you do not rely on affiliates of these very companies to make up your government,” the letter said.
“We believe that eliminating the decades-old revolving door between Silicon Valley and your administration will only help your cause.”
The letter was signed by groups campaigning for consumer and labour rights, antitrust reform and progressive causes, including Public Citizen, American Economic Liberties Project, Open Markets Institute, and the Revolving Door Project.
It comes at a crucial time for the sector as authorities contemplate tougher regulation in a bid to curb alleged anti-competitive practices.
Silicon Valley has already tapped into UK politics in a bid to bolster its political sway. In 2018 Facebook hired former deputy prime minister Nick Clegg as its head of global affairs and communications.


cityam--2020-11-30--Black Friday boosts central London shopper numbers despite lockdown

Black Friday boosted retail footfall in central London last week despite the closure of all non-essential shops .
Footfall rose 4.8 per cent across all UK retail destinations compared to the previous week , soaring 21.6 per cent in central London and 5.1 per cent in outer boroughs .
Read more : Retailers allowed to open 24 hours over Christmas period , says minister UK high streets and retail parks benefited the most from the surge in shopper numbers , with footfall up 6.6 per cent and 4.9 per cent respectively .
However , despite the week-on-week jump – driven @ @ @ @ @ @ @ run up to Black Friday – UK retail footfall is down 56.9 per cent compared to last year .
Central London shopper numbers are still down 77.8 per cent compared to 2019 levels , with footfall down 48.9 per cent in outer London , according to the latest analysis from Springboard .
On Black Friday itself , retail footfall across all UK shopping destinations rose 8.7 per cent .
Despite the jump in footfall , Black Friday transactions were down on the previous year due to the impact of store closures .
Barclaycard @ @ @ @ @ @ @ every £3 spent in the UK , said on Friday that there had been a 16.7 per cent decrease in the volume of payments compared to last year .
However , the company predicted a Black Wednesday when shops reopen later this week .
Springboard insights director Diane Wehrle said : “ Footfall activity in UK retail destinations last week was clearly influenced by Black Friday , despite severe Covid restrictions across the majority of the UK which rendered it even more online focussed than in previous years .
“ For the first @ @ @ @ @ @ @ Eat Out to Help Out scheme and the bank holiday in late August , footfall in UK retail destinations rose for the second consecutive week from the week before .
“ In addition , the increase in footfall on Friday was nearly double the average increase over the previous five days .
”

Black Friday boosts central London shopper numbers despite lockdown
The volume and value of retail sales in June were up 9.5 per cent and 10.6 per cent respectively compared to pre-pandemic levels
Black Friday boosted retail footfall in central London last week despite the closure of all non-essential shops.
Footfall rose 4.8 per cent across all UK retail destinations compared to the previous week, soaring 21.6 per cent in central London and 5.1 per cent in outer boroughs.
UK high streets and retail parks benefited the most from the surge in shopper numbers, with footfall up 6.6 per cent and 4.9 per cent respectively.
However, despite the week-on-week jump – driven by Christmas shoppers and discounting in the run up to Black Friday – UK retail footfall is down 56.9 per cent compared to last year.
Central London shopper numbers are still down 77.8 per cent compared to 2019 levels, with footfall down 48.9 per cent in outer London, according to the latest analysis from Springboard.
On Black Friday itself, retail footfall across all UK shopping destinations rose 8.7 per cent.
Despite the jump in footfall, Black Friday transactions were down on the previous year due to the impact of store closures.
Barclaycard Payments, which processes nearly £1 in every £3 spent in the UK, said on Friday that there had been a 16.7 per cent decrease in the volume of payments compared to last year.
However, the company predicted a Black Wednesday when shops reopen later this week.
Springboard insights director Diane Wehrle said: “Footfall activity in UK retail destinations last week was clearly influenced by Black Friday, despite severe Covid restrictions across the majority of the UK which rendered it even more online focussed than in previous years.
“For the first time since the last week of the Eat Out to Help Out scheme and the bank holiday in late August, footfall in UK retail destinations rose for the second consecutive week from the week before.
“In addition, the increase in footfall on Friday was nearly double the average increase over the previous five days.”


cityam--2020-12-01--Britain takes the lead in vaccine race as EU regulators delay safety assessments

European regulators have pushed back formal safety assessments of the Pfizer/Biontech and Moderna vaccines , meaning vaccinations will not take place on the continent until next year .
The European Medicines Agency ( EMA ) today said it planned to decide on whether to approve the vaccine being developed by Pfizer and BioNTech by 29 December , meaning distribution will not start until 2021 .
Read more : ‘ Vaccine passports ’ will not be required for the pub , says Michael Gove The EMA also said it does not plan on making a ruling on the Moderna vaccine until @ @ @ @ @ @ @ as a major blow to the EU ’ s hopes of a swift return to normality , placing the continent on the back foot in the race for a vaccine .
Both jabs were originally supposed to be assessed by the EMA on 22 December , while German officials said as recently as Sunday that the Pfizer vaccine could come as soon as mid-December .
The vaccines must be individually approved by each EU member state , which will come three to four days after the vaccines are approved by the EMA .
@ @ @ @ @ @ @ their drug to the EMA for approval .
“ As a company located in the heart of Europe , [ Monday ’ s ] milestone is important to us as we continue to seek to enable a worldwide supply [ of the vaccine ] ” , said Biontech co-founder Ugur Sahin .
Separately , the UK Medicines and Healthcare products Regulatory Agency could approve the Pfizer/Biontech vaccine as early as this week , making Britain the frontrunner in the global race for a full-scale vaccine rollout .
Meanwhile , the US Food and @ @ @ @ @ @ @ a decision on vaccine approvals until mid-December .
Last Friday , health secretary Matt Hancock asked regulators to begin to consider Astrazeneca ’ s vaccine for emergency approval , adding that the NHS was prepared to start vaccinating the public “ by December ” .
Speaking at the Downing Street press conference last night , Hancock said : “ In the past fortnight we have made some really significant progress on vaccines and the NHS now stands ready to deploy a vaccine , should one be approved by the UK ’ s independent @ @ @ @ @ @ @ ’ s newly-appointed vaccine tsar , said yesterday that the NHS was “ ready to go ” .
“ We ’ ve got to make sure that the regulator ’ s happy .
And then we will begin almost immediately , because we ’ re ready from the NHS side , ” Zahawi told the BBC .
The UK has spread its bets by ordering 357m doses of seven different vaccines .
Read more : Moderna seeks green light from US and EU for Covid-19 vaccine Final results published yesterday from the trials @ @ @ @ @ @ @ it has 94 per cent efficacy with no serious side effects , kickstarting the approval process with regulators around the world .
The UK has bought 7m doses of the vaccine , including a 5m dose agreement struck on the day Moderna announced its interim result of 94.5 per cent efficacy , and a further 2m last week .

Britain takes the lead in vaccine race as EU regulators delay safety assessments
European regulators have pushed back formal safety assessments of the Pfizer/Biontech and Moderna vaccines, meaning vaccinations will not take place on the continent until next year.
The European Medicines Agency (EMA) today said it planned to decide on whether to approve the vaccine being developed by Pfizer and BioNTech by 29 December, meaning distribution will not start until 2021.
The EMA also said it does not plan on making a ruling on the Moderna vaccine until 12 January.
The news will come as a major blow to the EU’s hopes of a swift return to normality, placing the continent on the back foot in the race for a vaccine.
Both jabs were originally supposed to be assessed by the EMA on 22 December, while German officials said as recently as Sunday that the Pfizer vaccine could come as soon as mid-December.
The vaccines must be individually approved by each EU member state, which will come three to four days after the vaccines are approved by the EMA.
Pfizer and Biontech on Monday formally submitted their drug to the EMA for approval.
“As a company located in the heart of Europe, [Monday’s] milestone is important to us as we continue to seek to enable a worldwide supply [of the vaccine]”, said Biontech co-founder Ugur Sahin.
Separately, the UK Medicines and Healthcare products Regulatory Agency could approve the Pfizer/Biontech vaccine as early as this week, making Britain the frontrunner in the global race for a full-scale vaccine rollout.
Meanwhile, the US Food and Drug Administration does not expect to make a decision on vaccine approvals until mid-December.
Last Friday, health secretary Matt Hancock asked regulators to begin to consider Astrazeneca’s vaccine for emergency approval, adding that the NHS was prepared to start vaccinating the public “by December”.
Speaking at the Downing Street press conference last night, Hancock said: “In the past fortnight we have made some really significant progress on vaccines and the NHS now stands ready to deploy a vaccine, should one be approved by the UK’s independent regulator.”
Nadhim Zahawi, the UK’s newly-appointed vaccine tsar, said yesterday that the NHS was “ready to go”.
“We’ve got to make sure that the regulator’s happy. And then we will begin almost immediately, because we’re ready from the NHS side,” Zahawi told the BBC.
The UK has spread its bets by ordering 357m doses of seven different vaccines.
Final results published yesterday from the trials of Moderna’s Covid-19 vaccine confirmed it has 94 per cent efficacy with no serious side effects, kickstarting the approval process with regulators around the world.
The UK has bought 7m doses of the vaccine, including a 5m dose agreement struck on the day Moderna announced its interim result of 94.5 per cent efficacy, and a further 2m last week.


cityam--2020-12-01--Debenhams closure: Timeline of department store chain's collapse

Department street chain Debenhams announced this morning that it is preparing to close down after failing to attract a buyer , but the former high street giant ’ s problems stretch back over several years .
Earlier this year the struggling retailer entered administration for the second time in 12 months , even before Covid-19 forced it to close its stores for months at a time .
When administrators announced this morning that the company will be wound down , it had already permanently closed more than 20 shops and axed more than 6,500 jobs since the coronavirus pandemic took @ @ @ @ @ @ @ April 2019 : The retailer falls into administration for the first time and is immediately bought by a consortium of investors .
The firm is taken private in the rescue deal , wiping out shareholders including Sports Direct ’ s Mike Ashley , who has by this point built up a significant stake in the firm .
Read more : Debenhams set to close putting 12,000 jobs at risk May 2019 : Creditors give Debenhams their approval for company voluntary agreement , paving the way for store closures and rent reductions .
Some @ @ @ @ @ @ @ following the approval of the restructuring agreement , which is funded by Mike Ashley .
September 2019 : Debenhams wins the High Court battle with landlords to push through its CVA proposals .
23 March 2020 : First coronavirus lockdown begins , Debenhams closes all of its stores alongside other non-essential retailers April 2020 : Debenhams enters “ light-touch ” administration , allowing management to stay on board to turn the ship around .
August 2020 : The department store makes 2,500 employees redundant over the summer due to the impact of Covid-19 @ @ @ @ @ @ @ cuts since the beginning of the pandemic to 6,500 .
September 2020 : Reports suggest that Debenhams ’ owners have drawn up contingency plans in case a buyer for the department store is not found .
18 October 2020 : Mike Ashley launches improved bid for Debenhams , according to the Sunday Times , after frontrunner Mukesh Ambani , who owns Reliance Retail , pulled out of the race .
5 November 2020 : Another England-wide coronavirus lockdown begins and non-essential retailers are forced to close for a second time this year – @ @ @ @ @ @ @ period .
24 November 2020 : JD Sports revealed to be in exclusive talks with Debenhams over a potential deal Read more : Retail tycoon Mike Ashley ‘ furious ’ after being ‘ frozen out ’ of Debenhams sale 30 November 2020 : Arcadia appoints administrators , raising concerns that JD Sports could pull out of a deal to buy Debenhams 1 December 2020 : JD Sports terminates discussions with Debenhams , administrators announce plans to liquidate the company .

Debenhams closure: Timeline of department store chain’s collapse
Department street chain Debenhams announced this morning that it is preparing to close down after failing to attract a buyer, but the former high street giant’s problems stretch back over several years.
Earlier this year the struggling retailer entered administration for the second time in 12 months, even before Covid-19 forced it to close its stores for months at a time.
When administrators announced this morning that the company will be wound down, it had already permanently closed more than 20 shops and axed more than 6,500 jobs since the coronavirus pandemic took hold of the UK in March.
The events leading to Debenhams’ collapse
2018: Debenhams reports a record breaking pre-tax loss of £491.5m.
April 2019: The retailer falls into administration for the first time and is immediately bought by a consortium of investors.
The firm is taken private in the rescue deal, wiping out shareholders including Sports Direct’s Mike Ashley, who has by this point built up a significant stake in the firm.
May 2019: Creditors give Debenhams their approval for company voluntary agreement, paving the way for store closures and rent reductions.
Some landlords launch legal action against the retailer following the approval of the restructuring agreement, which is funded by Mike Ashley.
September 2019: Debenhams wins the High Court battle with landlords to push through its CVA proposals.
23 March 2020: First coronavirus lockdown begins, Debenhams closes all of its stores alongside other non-essential retailers
April 2020: Debenhams enters “light-touch” administration, allowing management to stay on board to turn the ship around.
August 2020: The department store makes 2,500 employees redundant over the summer due to the impact of Covid-19, bringing the total number of job cuts since the beginning of the pandemic to 6,500.
September 2020: Reports suggest that Debenhams’ owners have drawn up contingency plans in case a buyer for the department store is not found.
18 October 2020: Mike Ashley launches improved bid for Debenhams, according to the Sunday Times, after frontrunner Mukesh Ambani, who owns Reliance Retail, pulled out of the race.
5 November 2020: Another England-wide coronavirus lockdown begins and non-essential retailers are forced to close for a second time this year – this time in the crucial Christmas trading period.
24 November 2020: JD Sports revealed to be in exclusive talks with Debenhams over a potential deal
30 November 2020: Arcadia appoints administrators, raising concerns that JD Sports could pull out of a deal to buy Debenhams
1 December 2020: JD Sports terminates discussions with Debenhams, administrators announce plans to liquidate the company.


cityam--2020-12-01--FTSE 100 jumps again after November's record rally

The FTSE 100 jumped higher as December began this morning , after recording its biggest gain since 1989 last month .
The blue-chip bourse rose 2 per cent this morning , while the FTSE 250 midcap index rose by 1.2 per cent .
Read more : FTSE 100 remains on track for best month in 30 years Stocks were helped higher by positive data from China , which showed that its factory output had grown at the fastest rate for a decade last month .
And manufacturing data from the UK showed that factory output increased for the sixth consecutive @ @ @ @ @ @ @ , and oil firms all made the ranks of the risers this morning .
British Airways owner IAG was one of the top performers in early trading , rising 5.7 per cent , while Rolls-Royce jumped 3.5 per cent .
Positive vaccine sentiment after last month ’ s announcements continues to buoy airlines on the hopes that air travel may return sooner than expected .
Lloyds , Barclays , HSBC , and Natwest were all up over 4 per cent by midday .
The rapid start saw the FTSE outperform its fellow European @ @ @ @ @ @ @ up 0.5 per cent and the CAC up 0.4 per cent .
Conor Campbell of Spreadex said that the challenge for the FTSE would be whether it could push higher from these levels .
Before the Open newsletter : Start your day with the City View podcast and key market data A lot will depend on the outcome of this week ’ s crunch Brexit negotiations , with just one month to go before the end of the transition period on 1 January .
A trade deal could see the FTSE continue November @ @ @ @ @ @ @ for the UK ’ s economic prospects next year .
This morning it was announced that both Sir Philip Green ’ s Arcadia Group and Debenhams had collapsed , putting 25,000 jobs at risk .
Shares in Mike Ashley ’ s Frasers Group – which offered Arcadia a £50m loan – and Marks and Spencer rose in early trading on the expectation that they could be the only department stores left standing .
Read more : Debenhams set to close putting 12,000 jobs at risk JD Sports , which had been in talks @ @ @ @ @ @ @ morning , also saw shares jump three per cent .
Susannah Streeter of Hargreaves Lansdown said that the assets of the collapsed firms – which include brands such as Topshop – could prove attractive to the survivors .
“ A nightmare before Christmas is unfolding for 25 thousand employees who will lose their jobs if buyers are not found for parts of both businesses .
“ Arcadia Group ’ s collapse has set off a domino effect , with JD Sports pulling out of talks to buy Debenhams .
Arcadia is the biggest @ @ @ @ @ @ @ collapse into administration clearly put the frighteners on management.
” Data this morning from IHS Markit showed that manufacturing output increased again in November , the sixth consecutive month of growth .
Manufacturing PMIs came in at 55.6 , ahead of forecasts of a rise of 55.2 for the month .
Any score above 50 represents growth , any score below contraction .
Fiona Cincotta of Gain Capital said : “ It ’ s understandable that manufacturing will be stronger than services during the lockdown period given that they haven ’ t been @ @ @ @ @ @ @ manufacturing came on the back of similar figures from the world ’ s second biggest economy .
Asian markets traded higher this morning , after data from China showed that its factories had grown at the quickest pace in a decade in November .
Read more : Playing FTSE : How a global index was born in London Overnight , the Nikkei was up 1.3 per cent , while the SSE Composite rose 1.8 per cent .

FTSE 100 and Wall Street chase record highs as vaccine hopes boost markets
US stocks rose to fresh highs today amid a wave of optimism about Covid-19 vaccines
The FTSE 100 logged its best session in three weeks today while Wall Street hit record highs as markets continue to ride a wave of vaccine optimism.
The blue-chip bourse closed up 1.9 per cent, while the FTSE 250 midcap index rose by 2.6 per cent.
It comes after the FTSE recording its biggest gain since 1989 in November.
Stocks were helped higher by positive data from China, which showed that its factory output had grown at the fastest rate for a decade last month.
And manufacturing data from the UK showed that factory output increased for the sixth consecutive month in November.
Airlines, banks, and oil firms all made the ranks of the risers. British Airways owner IAG was one of the top performers in early trading, rising 5.5 per cent, while Rolls-Royce jumped six per cent.
Positive vaccine sentiment after last month’s announcements continues to buoy airlines on the hopes that air travel may return sooner than expected.
Lloyds, Barclays, HSBC, and Natwest all made strong gains today.
The rapid start saw the FTSE outperform its fellow European markets, with Germany’s DAX up 0.7 per cent and the CAC up just over one per cent.
Conor Campbell of Spreadex said that the challenge for the FTSE would be whether it could push higher from these levels.
Before the Open newsletter: Start your day with the City View podcast and key market data
A lot will depend on the outcome of this week’s crunch Brexit negotiations, with just one month to go before the end of the transition period on 1 January.
A trade deal could see the FTSE continue November’s rapid rally on renewed hopes for the UK’s economic prospects next year.
Wall Street chases fresh highs
US stocks also continued a recent run of strong form today, with vaccine optimism helping to drive shares to fresh highs.
The S&P 500 and Nasdaq both rose more than one per cent to hit record highs, while the Dow Jones gained 0.9 per cent.
Pfizer and Moderna both made gains after markets opened as investors remained optimistic about the rollout of Covid-19 vaccines.
Both pharmaceutical firms are seeking regulatory approval for their respective treatments.
“It’s another step closer to pre-pandemic normality, and though there are still, minimum, months of lockdown measures left, and a war’s worth of economic damage to undo over the next few years, the markets are firmly focused on the long-term,” said Spreadex’s Campbell.
The positive data from China earlier in the day also helped to offset concerns about a slowdown in manufacturing activity in the US.
Markets also turned their attention back to the long-running question of a US stimulus package, with signs that further talks could be on the way.
“Bullish sentiment is doing the rounds in the US on the back of optimism for coronavirus drugs and hopes of a stimulus package,” said David Madden of CMC Markets.
“A bipartisan $900bn relief package bill has been put forward but is it unlikely to get much support as too many discrepancies exist. The fact that some numbers are being bandied about is a good sign.”
Retail stocks bump as survivors circle
This morning it was announced that both Sir Philip Green’s Arcadia Group and Debenhams had collapsed, putting 25,000 jobs at risk.
Shares in Mike Ashley’s Frasers Group – which offered Arcadia a £50m loan – and Marks and Spencer rose in early trading on the expectation that they could be the only department stores left standing.
JD Sports, which had been in talks to buy Debenhams before pulling out this morning, also saw shares jump three per cent.
Susannah Streeter of Hargreaves Lansdown said that the assets of the collapsed firms – which include brands such as Topshop – could prove attractive to the survivors.
“A nightmare before Christmas is unfolding for 25 thousand employees who will lose their jobs if buyers are not found for parts of both businesses.
“Arcadia Group’s collapse has set off a domino effect, with JD Sports pulling out of talks to buy Debenhams. Arcadia is the biggest concession operator in Debenhams and so its collapse into administration clearly put the frighteners on management.”
Manufacturing output grows again
Data this morning from IHS Markit showed that manufacturing output increased again in November, the sixth consecutive month of growth.
Manufacturing PMIs came in at 55.6, ahead of forecasts of a rise of 55.2 for the month.
Any score above 50 represents growth, any score below contraction.
Fiona Cincotta of Gain Capital said: “It’s understandable that manufacturing will be stronger than services during the lockdown period given that they haven’t been required to close.”
The bump in manufacturing came on the back of similar figures from the world’s second biggest economy.
Asian markets traded higher this morning, after data from China showed that its factories had grown at the quickest pace in a decade in November.
Overnight, the Nikkei was up 1.3 per cent, while the SSE Composite rose 1.8 per cent.


cityam--2020-12-01--Government agrees £825m loan to finish Crossrail

The government has agreed a £825m loan to finance the completion Crossrail train link , Grant Shapps today announced .
Read more : Crossrail funding remains up in the air despite government commitment Writing on Twitter , Shapps said that the loan was a “ fair dal for taxpayers across the UK ” .
The loan takes the total cost of the project , which has been plagued by difficulties over its lifespan , to £18.6bn .
The new funding comes weeks after Transport for London ’ s commissioner Andy Byford wrote to the government asking for immediate emergency financing @ @ @ @ @ @ @ Without an extra £80m , Byford said that Crossrail risked having to be “ mothballed ” .
City Hall ’ s deputy mayor for transport Heidi Alexander said that she was “ relieved ” that the negotiations had resulted in a deal .
However , TfL officials said that the cost to complete Crossrail was now expected to exceed the £2.2bn in extra funding agreed with the government in 2018 .
They said that they would continue to work on reducing the shortfall .
London mayor Sadiq Khan said : “ Securing this @ @ @ @ @ @ @ steam ahead with getting the central section of the Elizabeth line open as soon as possible .
“ The Government have insisted London must pay the shortfall – despite the overwhelming majority of the tax income that will result from Crossrail going to the Treasury .
Before the Open newsletter : Start your day with the City View podcast and key market data “ This is another example of London supporting the country way over and above the help we get from this Government.
” Negotiations over a new funding package for Crossrail @ @ @ @ @ @ @ support for TfL , which dissolved into a bitter dispute over the state of the transport network ’ s finances .
Despite the exchange of blows between Boris Johnson and Sadiq Khan , a £1.8bn rescue package was eventually agreed .
Funding comes two years after Crossrail due to open It comes nearly two years after the rail link , which is also known as the Elizabeth Line , was due to open .
The rail line will run east to west , connecting Heathrow Airport with London ’ s financial centre in @ @ @ @ @ @ @ connect to the north-south HS2 rail route at Old Oak Common in north west London .
When fully open , TfL says that the Elizabeth line will increase central London ’ s rail capacity by 10 per cent , able to carry more than half a million passengers per day and will support new journeys through central London out to Essex and Berkshire .
The new railway is expected to support thousands of new homes and new jobs and will boost the UK economy by £42bn .
In last week ’ s National @ @ @ @ @ @ @ it was committed to finishing Crossrail , which is now expected to open in the first half of 2022 .
Back in August , it was warned that the project would cost £17.8bn – £450m more than previously budgeted in November 2019 .
Originally , Crossrail was due to cost £14.9bn , but delays to the construction process have seen costs spiral .
Speaking to the London Assembly ’ s transport committee today , chief exec Mark Wild said that he was aiming to get the line open as close to the beginning @ @ @ @ @ @ @ of trains begins tomorrow , with full-scale trials set to begin at the end of March .
These are expected to take up to a year to complete , but Wild said that the pre-trial testing could speed up the process .
Read more : Crossrail will be ‘ mothballed ’ without extra funding , TfL chief warns He also said that all of Crossrail ’ s station upgrades , with the exception of Bond Street , would be ready by Christmas .
But it will take the whole of 2021 to hook @ @ @ @ @ @ @ system , Wild warned .

Government agrees £825m loan to finish Crossrail
Crossrail construction at Moorgate station for the delayed opening of the Elizabeth Line
The government has agreed a £825m loan to finance the completion Crossrail train link, Grant Shapps today announced.
Writing on Twitter, Shapps said that the loan was a “fair dal for taxpayers across the UK”.
The loan takes the total cost of the project, which has been plagued by difficulties over its lifespan, to £18.6bn.
The new funding comes weeks after Transport for London’s commissioner Andy Byford wrote to the government asking for immediate emergency financing to keep the project on track.
Without an extra £80m, Byford said that Crossrail risked having to be “mothballed”.
We’re committed to getting Crossrail delivered 🚆. A new loan of £825m we’ve agreed today is a fair deal for taxpayers across the UK, helping @TfL get the project up and running, and ensuring we continue to #BuildBackBetter across the whole country — Rt Hon Grant Shapps MP (@grantshapps) December 1, 2020
City Hall’s deputy mayor for transport Heidi Alexander said that she was “relieved” that the negotiations had resulted in a deal.
However, TfL officials said that the cost to complete Crossrail was now expected to exceed the £2.2bn in extra funding agreed with the government in 2018.
They said that they would continue to work on reducing the shortfall.
London mayor Sadiq Khan said: “Securing this financing package enables us to press full steam ahead with getting the central section of the Elizabeth line open as soon as possible.
“The Government have insisted London must pay the shortfall – despite the overwhelming majority of the tax income that will result from Crossrail going to the Treasury.
Before the Open newsletter: Start your day with the City View podcast and key market data
“This is another example of London supporting the country way over and above the help we get from this Government.”
Negotiations over a new funding package for Crossrail were conducted separately to talks over emergency support for TfL, which dissolved into a bitter dispute over the state of the transport network’s finances.
Despite the exchange of blows between Boris Johnson and Sadiq Khan, a £1.8bn rescue package was eventually agreed.
Conservative mayoral candidate Shaun Bailey criticised Khan’s handling of the project.
“When Khan became Mayor, Crossrail was on time and on budget. Four years later, his delays have cost taxpayers £5.2bn in lost fares and emergency loans.
“I’m grateful the government bailed Khan out on Crossrail, just like they bailed him out on TfL twice.
“It’s yet another example of Khan’s mismanagement. And Londoners are the ones who end up with the bill.”
Funding comes two years after Crossrail due to open
It comes nearly two years after the rail link, which is also known as the Elizabeth Line, was due to open.
The rail line will run east to west, connecting Heathrow Airport with London’s financial centre in the Square Mile.
It will also connect to the north-south HS2 rail route at Old Oak Common in north west London.
When fully open, TfL says that the Elizabeth line will increase central London’s rail capacity by 10 per cent, able to carry more than half a million passengers per day and will support new journeys through central London out to Essex and Berkshire.
The new railway is expected to support thousands of new homes and new jobs and will boost the UK economy by £42bn.
In last week’s National Infrastructure Strategy, the government said that it was committed to finishing Crossrail, which is now expected to open in the first half of 2022.
Back in August, it was warned that the project would cost £17.8bn – £450m more than previously budgeted in November 2019.
Originally, Crossrail was due to cost £14.9bn, but delays to the construction process have seen costs spiral.
Speaking to the London Assembly’s transport committee today, chief exec Mark Wild said that he was aiming to get the line open as close to the beginning of 2022 as possible.
Pre-trial running of trains begins tomorrow, with full-scale trials set to begin at the end of March.
These are expected to take up to a year to complete, but Wild said that the pre-trial testing could speed up the process.
He also said that all of Crossrail’s station upgrades, with the exception of Bond Street, would be ready by Christmas.
But it will take the whole of 2021 to hook the physical infrastructure up to the Crossrail system, Wild warned.