cityam--2020-11-12--Home meal kits can help save hospitality now – and will be here long after Covid

The hospitality industry has always had to adapt and move with the times .
We ’ ve seen cycles of gastropubs , fine dining restaurants with white table clothes , American diners , with each generation of new chefs tweaking and perfecting the formula .
But while these are trends driven by changing fashions , Covid means the industry must innovate to survive .
Many of our best restaurants are on the brink , and some of the most beloved have been sadly unable to weather the storm .
I ’ ve seen my peers struggle , and we ’ @ @ @ @ @ @ @ restaurant 12:51 .
Read more : How to eat well during a pandemic , from pre-mixed cocktails to Michelin home delivery That ’ s why supporting the industry right now is so important .
If we don ’ t act , there won ’ t be many restaurants left to visit when this is all over .
While 12:51 is shut for November , I ’ ve been supporting restaurants via their ‘ at home ’ offerings .
It helps to mix up your tired routine of eating the same takeaways week-in , @ @ @ @ @ @ @ taste of that dining out magic .
You can be in your home and still have exquisite food created for you by top chefs from all over the country .
This will give some people the chance to taste food they might not otherwise have been able to , especially if they live outside of London , where we ’ re spoiled for choice .
It opens up the restaurant world to people who couldn ’ t usually go to these places , and it means I can sample the food cooked my @ @ @ @ @ @ @ hundreds of miles .
Christmas is coming and At Home kits might help save your stresses here too .
While Nigella might make baking parmesan straws whilst mixing cocktails look easy , for the less organised among us – or those who want to spend more time with their guests ( covid allowing ! )
– the luxury of having a restaurant experience at home is the perfect way to honour the season .
Read more : The best home delivery kits , from prepare-at-home gourmet meals to chocolates and whisky tasting With @ @ @ @ @ @ @ no one really thought of this prior lockdown .
It ’ s created another way for people to gain access to top quality food , which is a concept with legs .
It ’ s another era of restaurants and the way we dine , and I for one , am fully on board if it means the survival of this industry .
It can ’ t replicate the full restaurant experience , but it can work alongside it going forward , bringing incredible dining to people ’ s homes .
Restaurant kits @ @ @ @ @ @ @ my own DIY kit for my take on a buttermilk fried chicken burger : think juicy thighs , crunchy and crispy skin , sandwiched between a soft burger brioche inspired by my lockdown project Around the Cluck , which means people can order wherever they are in the UK and even have them for breakfast if they fancy .
Covid has shown us that we can adapt and keep going , even if there are lots of restrictive rules .
Restaurants might be shut for now , but make your lockdown a little @ @ @ @ @ @ @ restaurant kits .
• The Quality Chop House – comes with a bavette steaks for two , their famous confit potatoes and a cheeky bottle of red • Hame by Adam Handling – For those who don ’ t want to risk over cooking the turkey , their xmas menu is a winner • Wheelers Oyster Bar – for the seafood enthusiast , there ’ s 3 fishy boxes to choose from , each including a 3 course meal • Made in Oldstead Food Boxes by Tommy Banks – Londoners can sample some @ @ @ @ @ @ @

Home meal kits can help save hospitality now – and will be here long after Covid
James Cochran, co-owner and executive chef at Islington’s 12:51
The hospitality industry has always had to adapt and move with the times. We’ve seen cycles of gastropubs, fine dining restaurants with white table clothes, American diners, with each generation of new chefs tweaking and perfecting the formula.
But while these are trends driven by changing fashions, Covid means the industry must innovate to survive. Many of our best restaurants are on the brink, and some of the most beloved have been sadly unable to weather the storm. I’ve seen my peers struggle, and we’ve been through huge changes at my restaurant 12:51.
That’s why supporting the industry right now is so important. If we don’t act, there won’t be many restaurants left to visit when this is all over. While 12:51 is shut for November, I’ve been supporting restaurants via their ‘at home’ offerings. It helps to mix up your tired routine of eating the same takeaways week-in, week-out, and gives you a little taste of that dining out magic. You can be in your home and still have exquisite food created for you by top chefs from all over the country.
This will give some people the chance to taste food they might not otherwise have been able to, especially if they live outside of London, where we’re spoiled for choice. It opens up the restaurant world to people who couldn’t usually go to these places, and it means I can sample the food cooked my mates up north without having to travel hundreds of miles.
Christmas is coming and At Home kits might help save your stresses here too. While Nigella might make baking parmesan straws whilst mixing cocktails look easy, for the less organised among us – or those who want to spend more time with their guests (covid allowing!) – the luxury of having a restaurant experience at home is the perfect way to honour the season.
With hindsight, it blows my mind that no one really thought of this prior lockdown. It’s created another way for people to gain access to top quality food, which is a concept with legs. It’s another era of restaurants and the way we dine, and I for one, am fully on board if it means the survival of this industry. It can’t replicate the full restaurant experience, but it can work alongside it going forward, bringing incredible dining to people’s homes. Restaurant kits are here to stay.
I have my own DIY kit for my take on a buttermilk fried chicken burger: think juicy thighs, crunchy and crispy skin, sandwiched between a soft burger brioche inspired by my lockdown project Around the Cluck, which means people can order wherever they are in the UK and even have them for breakfast if they fancy.
Covid has shown us that we can adapt and keep going, even if there are lots of restrictive rules. Restaurants might be shut for now, but make your lockdown a little more bearable with one of my favourite restaurant kits.
James’ Top 5 Restaurant Kits.


cityam--2020-11-12--London pandemic update: How many Covid-19 infections are there in your local borough?

London recorded 3,929 new coronavirus cases in the past 24 hours , taking the total number of infections since the pandemic began to 122,865 .
The R rate , which measures the rate of spread of infection , is now between 1.1 and 1.3 according to government estimates .
Read more : London lockdown : What the Government ’ s new rules mean for you Figures released by Public Health England show that Ealing remains the worst-affected borough with a further 189 cases yesterday .
The borough has now recorded 6,105 confirmed Covid-19 cases since the start of the pandemic @ @ @ @ @ @ @ falling in more than half of boroughs Barnet trails close behind with 5,509 confirmed cases , after recording 176 new cases in the past 24 hours .
East London continues to have a high rate of new cases , with the boroughs of Redbridge , Barking and Dagenham , Tower Hamlets and Newham reporting spikes in new infections .
Figures compiled by the PA news agency showed that 21 London boroughs have broken the key level of more than 100 cases per 100,000 people .
But the spread of infection is beginning to @ @ @ @ @ @ @ the capital dropping around 20 per cent since last week .
Read more : Rapid Covid tests to be rolled out across majority of London boroughs The number of coronavirus-related fatalities also dropped in London last week to 47 , down from 79 the previous week .
The figure represents roughly a fifth of the 232 deaths recorded in the week before the first lockdown in March .
Health secretary Matt Hancock this week announced the government will roll out rapid Covid tests across 21 of London ’ s 32 boroughs , which @ @ @ @ @ @ @ minutes .
The tests are part of government plans to increase asymptomatic testing among vulnerable populations , in a bid to create a clearer picture of the level of infection across different communities .
It comes as the UK recorded a further 33,470 cases today , the highest daily figure recorded since the outbreak began .
The UK death toll has now exceeded 50,000 with a further 595 deaths announced yesterday .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
@ @ @ @ @ @ @ accurate as of 5pm on Thursday 12 November It comes as England over the weekend entered its second nationwide lockdown , as the government attempts to curb a spike in new infections before the crucial Christmas trading period .
The UK , which has the biggest official death toll in Europe from COVID-19 , is grappling with more than 20,000 new coronavirus cases a day and scientists have warned the “ worst case ” scenario of 80,000 dead could be exceeded .
Before the Open newsletter : Start your day with the City @ @ @ @ @ @

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


cityam--2020-11-12--G4S and Gardaworld trade blows as takeover spat continues

G4S and Gardaworld have exchanged fresh blows as a long-running spat over a potential hostile takeover of the British security firm drags on .
This morning the Canadian firm , which has been trying to engineer the purchase of G4S for months , said that North American regulators had cleared the way for the merger to go ahead .
Read more : G4S fends off Allied Universal takeover as prospect of bidding war hots up It also hit out at US firm Allied Universal , which last week was revealed to also be in talks with the FTSE 250 firm @ @ @ @ @ @ @ real or imagined bidders , our financing is agreed , our offer is a matter of public record and our intent is serious ” , chief executive Stephan Crétier said in a statement .
In response , G4S described the development as “ irrelevant ” , citing the “ derisory ” level of support Gardaworld ’ s 190p per share offer had thus far attracted from shareholders .
“ As of Monday , the offer had received acceptances of only 0.16 % of G4S ’ issued share capital and this forced GardaWorld to @ @ @ @ @ @ @ ” , it said in a statement .
G4S ’ board has urged shareholders to reject the offer , which it claims “ significantly undervalues ” the company .
Before the Open newsletter : Start your day with the City View podcast and key market data Gardaworld has been circling the firm for a number of months now , with several offers having already been rejected by G4S shareholders .
The exchanges between the two companies have become increasingly fractious , with the Canadian firm refusing to give up the pursuit .
The @ @ @ @ @ @ @ things up a notch , with Crétier accusing G4S as “ shadow boxing ” .
The surprise bid , of 210p per share , raises the prospect of a bidding war for the UK firm .
Gardaworld doubled down on its criticism of the rival offer today , saying that a deal between the two would “ raise significant competition issues ” in the US .
According to its calculations , the combined Allied/G4S company would hold 40 per cent of the US outsourced security market .
But G4S contested the claim , @ @ @ @ @ @ @ selectively focus on a narrow definition of the market which is clearly self-serving .
“ Published research shows that the size of the US market for security services , excluding residential services , was more than $ 50bn in 2019 and is projected to rise to $ 60bn by 2024 .
This means that G4S combined with any of the larger players would be less than 25 per cent of the total market .
”

G4S and Gardaworld trade blows as takeover spat continues
The G4S takeover saga is finally over, with shareholders in the security company accepting Allied Universal’s offer.
G4S and Gardaworld have exchanged fresh blows as a long-running spat over a potential hostile takeover of the British security firm drags on.
This morning the Canadian firm, which has been trying to engineer the purchase of G4S for months, said that North American regulators had cleared the way for the merger to go ahead.
It also hit out at US firm Allied Universal, which last week was revealed to also be in talks with the FTSE 250 firm about a deal.
“Unlike other real or imagined bidders, our financing is agreed, our offer is a matter of public record and our intent is serious”, chief executive Stephan Crétier said in a statement.
In response, G4S described the development as “irrelevant”, citing the “derisory” level of support Gardaworld’s 190p per share offer had thus far attracted from shareholders.
“As of Monday, the offer had received acceptances of only 0.16% of G4S’ issued share capital and this forced GardaWorld to extend the offer period to 28 November”, it said in a statement.
G4S’ board has urged shareholders to reject the offer, which it claims “significantly undervalues” the company.
Before the Open newsletter: Start your day with the City View podcast and key market data
Gardaworld has been circling the firm for a number of months now, with several offers having already been rejected by G4S shareholders.
The exchanges between the two companies have become increasingly fractious, with the Canadian firm refusing to give up the pursuit.
The entrance of Allied Universal last week took things up a notch, with Crétier accusing G4S as “shadow boxing”.
The surprise bid, of 210p per share, raises the prospect of a bidding war for the UK firm.
Gardaworld doubled down on its criticism of the rival offer today, saying that a deal between the two would “raise significant competition issues” in the US.
According to its calculations, the combined Allied/G4S company would hold 40 per cent of the US outsourced security market.
But G4S contested the claim, saying: “GardaWorld has chosen to selectively focus on a narrow definition of the market which is clearly self-serving.
“Published research shows that the size of the US market for security services, excluding residential services, was more than $50bn in 2019 and is projected to rise to $60bn by 2024. This means that G4S combined with any of the larger players would be less than 25 per cent of the total market.”


cityam--2020-11-13--Covid alliance raises $2bn to distribute vaccine to poor countries

An alliance backed by the World Health Organization ( WHO ) has exceeded its target of raising more than $ 2bn ( £1.5bn ) to buy and distribute 1bn Covid-19 vaccines for poorer countries .
The Gavi Covax alliance today announced it will buy an initial 1bn doses for 92 eligible countries which would otherwise not be able to afford it .
Read more : Coronavirus : Grant Shapps rules out Brexit disruption to vaccine delivery Pledges for $ 360m by the European Commission , France , Spain , South Korea and the Bill and Melinda Gates Foundation pushed fundraising @ @ @ @ @ @ @ global vaccine alliance formed in 2000 , brings together public and private sectors to provide vaccines for people living in the world ’ s poorest countries .
Its Covax project , co-led by WHO , aims to accelerate the development and distribution of coronavirus vaccines around the world .
The alliance needs to raise a further $ 5bn in 2021 to vaccinate key members and vulnerable people in countries ranging from Burundi to Vietnam , Gavi said in a statement .
“ We ’ ve seen sovereign and private donors from across the @ @ @ @ @ @ @ and help ensure that every country will get access to Covid vaccines , not just the wealthy few , ” Gavi chief Seth Berkley told reporters .
He added that there was an “ urgent need ” to finance treatments and diagnostics in the countries .
The Gavi boss said he welcomed Joe Biden ’ s White House victory , adding that he expected to hold talks with the president-elect over Covax plans .
“ It ’ s positive that the incoming administration has already established a Covid-19 task force filled with many @ @ @ @ @ @ @ and moving this forward , ” he said .
“ The US is already one of Gavi ’ s biggest supporters , they care enormously about vaccines for the developing world .
And I suspect that we will have continuing conversations about how we can collaborate with them , ” he added .
It comes after US drugmaker Pfizer on Monday announced that its Covid vaccine being produced in collaboration with Biontech proved 90 per cent effective in trials .
Read more : Pfizer boss sold $ 5.6m in stocks on day of @ @ @ @ @ @ @ of the world ’ s richest nations have propelled fears that poor countries will join the back of the queue for the vaccine .
Developed nations have ordered more than 80 per cent of the vaccine ’ s production capacity , according to campaign group Global Justice Now .
The two pharmaceutical companies this week said they had expressed an interest in supplying doses to the Covax alliance , according to Berkley .
“ We continue to advance negotiations with a number of manufacturers in addition to those we ’ ve already announced @ @ @ @ @ @ @ equitable distribution of vaccines , ” he added .

Covid alliance raises $2bn to distribute vaccine to poor countries
The alliance will distribute vaccines to low and lower-middle income countries around the world such as Morocco
An alliance backed by the World Health Organization (WHO) has exceeded its target of raising more than $2bn (£1.5bn) to buy and distribute 1bn Covid-19 vaccines for poorer countries.
The Gavi Covax alliance today announced it will buy an initial 1bn doses for 92 eligible countries which would otherwise not be able to afford it.
Pledges for $360m by the European Commission, France, Spain, South Korea and the Bill and Melinda Gates Foundation pushed fundraising above $2bn.
Gavi, a global vaccine alliance formed in 2000, brings together public and private sectors to provide vaccines for people living in the world’s poorest countries.
Its Covax project, co-led by WHO, aims to accelerate the development and distribution of coronavirus vaccines around the world.
The alliance needs to raise a further $5bn in 2021 to vaccinate key members and vulnerable people in countries ranging from Burundi to Vietnam, Gavi said in a statement.
“We’ve seen sovereign and private donors from across the world dig deep and meet this target and help ensure that every country will get access to Covid vaccines, not just the wealthy few,” Gavi chief Seth Berkley told reporters.
He added that there was an “urgent need” to finance treatments and diagnostics in the countries.
The Gavi boss said he welcomed Joe Biden’s White House victory, adding that he expected to hold talks with the president-elect over Covax plans.
“It’s positive that the incoming administration has already established a Covid-19 task force filled with many scientists we know are believers in science and moving this forward,” he said.
“The US is already one of Gavi’s biggest supporters, they care enormously about vaccines for the developing world. And I suspect that we will have continuing conversations about how we can collaborate with them,” he added.
It comes after US drugmaker Pfizer on Monday announced that its Covid vaccine being produced in collaboration with Biontech proved 90 per cent effective in trials.
But high-priced contracts with some of the world’s richest nations have propelled fears that poor countries will join the back of the queue for the vaccine.
Developed nations have ordered more than 80 per cent of the vaccine’s production capacity, according to campaign group Global Justice Now.
The two pharmaceutical companies this week said they had expressed an interest in supplying doses to the Covax alliance, according to Berkley.
“We continue to advance negotiations with a number of manufacturers in addition to those we’ve already announced who share our vision of fair and equitable distribution of vaccines,” he added.


cityam--2020-11-13--The City A.M. Punter Podcast EP:26 Cheltenham November Meeting

Trainer Kerry Lee is our guest today , discussing a trio of her weekend runners at Cheltenham where Happy Diva looks to win the Paddy Power Gold Cup for the second year in a row .
Racing editor Bill Esdaile looks at the best of the weekend action at jumps HQ , and Wally Pyrah talks us through some of the Hong Kong races on Saturday .
Hosted by Chris Barnett .
‘ The Punter ’ has been City AM ’ s dedicated sports betting section for over a decade with a primary focus on horseracing .
Throughout the season @ @ @ @ @ @ @ weekend ’ s action every Friday along with in-depth coverage of all the major racing festivals .
In a partnership with the Hong Kong Jockey Club , ‘ The Punter ’ also previews every midweek Wednesday Hong Kong meeting as well as all the major meetings .
Every Friday , and for all major racing Festivals , the City AM racing podcast will give you in-depth analysis of the action .
Featuring interviews with leading trainers , jockeys and owners , the podcast is hosted by well-known racing broadcaster Chris Barnett who is @ @ @ @ @ @ @ racing expert Wally Pyrah City AM ’ s racing editor Bill Esdaile has written for the paper since 2008 .
He had previously written for publications including the Sporting Life , Racing Post and The Sportsman .
Each week he picks out his best bets for the weekend ’ s big racing action .
Chris Barnett has been a broadcasting specialist for over two decades , specialising in radio , video and podcast presentation and production .
Since working at SIS , Betfair Radio , Timeform Radio , Royal Ascot , Glorious Goodwood @ @ @ @ @ @ @ , Arena Racing , Chris has always been at the forefront of the top sporting events , grabbing interviews with those that matter .
Having spent most of the last decade out in Hong Kong working as a racing expert for the Hong Kong Jockey Club , Wally has teamed up with City AM to share his expert opinions on the weekly racing action .
He picks out his best bets for the weekend ’ s Hong Kong racing action .

The City A.M. Punter Podcast EP:26 Cheltenham November Meeting
Trainer Kerry Lee is our guest today, discussing a trio of her weekend runners at Cheltenham where Happy Diva looks to win the Paddy Power Gold Cup for the second year in a row.
Racing editor Bill Esdaile looks at the best of the weekend action at jumps HQ, and Wally Pyrah talks us through some of the Hong Kong races on Saturday. Hosted by Chris Barnett.
The City A.M. Punter Podcast
‘The Punter’ has been City AM’s dedicated sports betting section for over a decade with a primary focus on horseracing. Throughout the season ‘The Punter’ will preview the weekend’s action every Friday along with in-depth coverage of all the major racing festivals. In a partnership with the Hong Kong Jockey Club, ‘The Punter’ also previews every midweek Wednesday Hong Kong meeting as well as all the major meetings.
Every Friday, and for all major racing Festivals, the City AM racing podcast will give you in-depth analysis of the action. Featuring interviews with leading trainers, jockeys and owners, the podcast is hosted by well-known racing broadcaster Chris Barnett who is joined by Bill Esdaile and Hong Kong racing expert Wally Pyrah
Bill Esdaile
City AM’s racing editor Bill Esdaile has written for the paper since 2008. He had previously written for publications including the Sporting Life, Racing Post and The Sportsman. Each week he picks out his best bets for the weekend’s big racing action.
Chris Barnett
Chris Barnett has been a broadcasting specialist for over two decades, specialising in radio, video and podcast presentation and production. Since working at SIS, Betfair Radio, Timeform Radio, Royal Ascot, Glorious Goodwood, Cheltenham Festival Radio and more recently, Arena Racing, Chris has always been at the forefront of the top sporting events, grabbing interviews with those that matter.
Wally Pyrah
Having spent most of the last decade out in Hong Kong working as a racing expert for the Hong Kong Jockey Club, Wally has teamed up with City AM to share his expert opinions on the weekly racing action. He picks out his best bets for the weekend’s Hong Kong racing action.


cityam--2020-11-13--Tesco apologises to customers over Christmas delivery booking delays

Tesco has been forced to apologise to customers facing delays trying to book a delivery slot for Christmas shopping following a surge in demand .
The supermarket said this morning that it had placed shoppers in a “ virtual waiting room ” to help it manage the influx of customers trying to secure a home delivery for the festive season .
Read more : Tesco sees profit drop despite surge in lockdown sales “ A lot of customers are using our website and app at the moment .
So we ’ re temporarily using a virtual waiting room to help @ @ @ @ @ @ @ said in a statement on Twitter .
“ We ’ re sorry if things take a bit longer than usual.
” Tesco customers took to social media to complain about the delay , with some saying they had already been waiting for hours .
The grocer said “ the queue is longer than we would like it to be but it ’ s due to the sheer volume of traffic ” .
Customers were told to keep trying and to “ wait for as long as is necessary ” without closing or refreshing @ @ @ @ @ @ @ place and being put to the back of the queue .
Read more : Tesco boss warns against panic buying after new virus restrictions Supermarkets have seen a huge spike in demand for online delivery slots during the coronavirus pandemic , with Christmas orders set to pile pressure on capacity .
Online supermarket Ocado , which recently launched a partnership with M & S , does not currently have any slots available over the festive period .

Tesco apologises to customers over Christmas delivery booking delays
Tesco online delivery
Tesco has been forced to apologise to customers facing delays trying to book a delivery slot for Christmas shopping following a surge in demand.
The supermarket said this morning that it had placed shoppers in a “virtual waiting room” to help it manage the influx of customers trying to secure a home delivery for the festive season.
“A lot of customers are using our website and app at the moment. So we’re temporarily using a virtual waiting room to help us manage the flow,” Tesco said in a statement on Twitter.
“We’re sorry if things take a bit longer than usual.”
Tesco customers took to social media to complain about the delay, with some saying they had already been waiting for hours.
I waited patiently for over 2 1/2 hours and by the time I did get through there were no slots left. Husband and I are shielding and have been Tesco customers for more than 50 years. All I could get was click and collect. Not good enough. — Rhian Rees (@Poppyferret) November 13, 2020
Benn in it for an hour and a half! Don’t think there will be any slots left! — Carolina (@carolina599799) November 13, 2020
The grocer said “the queue is longer than we would like it to be but it’s due to the sheer volume of traffic”.
Customers were told to keep trying and to “wait for as long as is necessary” without closing or refreshing the page, or risk losing their place and being put to the back of the queue.
Supermarkets have seen a huge spike in demand for online delivery slots during the coronavirus pandemic, with Christmas orders set to pile pressure on capacity.
Online supermarket Ocado, which recently launched a partnership with M&S, does not currently have any slots available over the festive period.


cityam--2020-11-13--EU watchdog seeks to quell worry over cross-border investment funds

The EU ’ s securities watchdog has said there is no call for a fundamental change in how investment funds in the European Union can be run by asset managers based outside the bloc .
The European Securities and Markets Authority ( ESMA ) alarmed the global funds industry in August when it said that safeguards introduced ahead of Brexit on cross-border delegation of stock picking should be reinforced .
Maijoor ’ s latest comments reflect an attempt to quell industry unease .
Read more : EU markets watchdog clashes with City regulator over post-Brexit trading rules The asset managers @ @ @ @ @ @ @ many of the funds listed in Dublin and Luxembourg are based in London , New York or Asia .
ESMA Chair Steven Maijoor told a conference held today by European funds industry body EFAMA that his comments in August were not a recommendation to change EU law on funds delegation , but to clarify parts of it .
“ We are very much in favor of delegation , we know it provides access to expertise that would otherwise not be available .
It ’ s part of the business model and we fully @ @ @ @ @ @ @ Fund managers fear that the EU would require more staff where the funds are domiciled , bumping up costs .
Read more : New FCA chief tells City : ‘ We are committed to open markets ’ post-Brexit The 2016 Brexit vote many asset management firms in the UK set up hubs in the bloc and ESMA issued guidance to ensure they did not end up being “ empty shells ” that left most activity based in London .
Under EU rules , the amount of activity delegated to managers outside the bloc @ @ @ @ @ @ @ inside the bloc by a substantial margin .
Maijoor said there is a need to define more precisely what substantial margin means .
Last week the UK ’ s financial regulator the Financial Conduct Authority ( FCA ) said it would allow firms to continue from January trading all shares on trading venues from the EU where they choose to do so , rather than limiting themselves to platforms headquartered in the UK .
The FCA ’ s stance was a odds with ESMA , which had previously said that investors from the @ @ @ @ @ @ @ London .

EU watchdog seeks to quell worry over cross-border investment funds
The EU’s securities watchdog has said there is no call for a fundamental change in how investment funds in the European Union can be run by asset managers based outside the bloc.
The EU’s securities watchdog has said there is no call for a fundamental change in how investment funds in the European Union can be run by asset managers based outside the bloc.
The European Securities and Markets Authority (ESMA) alarmed the global funds industry in August when it said that safeguards introduced ahead of Brexit on cross-border delegation of stock picking should be reinforced. Maijoor’s latest comments reflect an attempt to quell industry unease.
The asset managers that select stocks and other assets for many of the funds listed in Dublin and Luxembourg are based in London, New York or Asia.
ESMA Chair Steven Maijoor told a conference held today by European funds industry body EFAMA that his comments in August were not a recommendation to change EU law on funds delegation, but to clarify parts of it.
“We are very much in favor of delegation, we know it provides access to expertise that would otherwise not be available. It’s part of the business model and we fully recognize that,” Maijoor said.
Fund managers fear that the EU would require more staff where the funds are domiciled, bumping up costs.
The 2016 Brexit vote many asset management firms in the UK set up hubs in the bloc and ESMA issued guidance to ensure they did not end up being “empty shells” that left most activity based in London.
Under EU rules, the amount of activity delegated to managers outside the bloc should not exceed the amount of activity inside the bloc by a substantial margin.
Maijoor said there is a need to define more precisely what substantial margin means.
Last week the UK’s financial regulator the Financial Conduct Authority (FCA) said it would allow firms to continue from January trading all shares on trading venues from the EU where they choose to do so, rather than limiting themselves to platforms headquartered in the UK.
The FCA’s stance was a odds with ESMA, which had previously said that investors from the bloc can only trade sterling-denominated shares in London.


cityam--2020-11-13--Caffe Nero seeks rescue deal due to second coronavirus lockdown

Caffe Nero has launched a restructuring plan to reduce costs due to the impact of the coronavirus pandemic on the coffee chain ’ s branches in city centre and transport hub locations .
The high street cafe chain has appointed KPMG to advise on a Company Voluntary Arrangement following the introduction of a second coronavirus lockdown .
City A.M. understands the company is seeking to move the majority of its 800 UK stores to a turnover based rent .
Chief executive Gerry Ford , who founded the business in 1997 , said the second lockdown meant it was “ imperative @ @ @ @ @ @ @ it had “ little option…to safeguard the future of our business , ” “ Prior to Covid-19 , the business had been trading strongly , and had achieved 83 consecutive quarters of sales growth , ” Ford said .
“ However , like so many businesses in the hospitality sector , the pandemic has decimated trading , and although we had made significant progress in navigating the financial challenges of the first lockdown , the second lockdown has made it imperative that we take further action .
“ I am grateful for the @ @ @ @ @ @ @ and landlords , as we address our fixed cost base so we can continue to protect jobs , which has been our focus since March.
” Will Wright , head of regional restructuring at KPMG , said : “ Like many others across the sector , the impact of measures introduced in response to the Covid-19 pandemic has been devastating .
“ In putting forward this CVA proposal , the directors have worked hard to strike a fair compromise with stakeholders to provide the flexibility the business urgently needs to get it through @ @ @ @

Caffe Nero seeks rescue deal due to second coronavirus lockdown
Caffe Nero has launched a restructuring plan to reduce costs due to the impact of the coronavirus pandemic on the coffee chain’s branches in city centre and transport hub locations.
The high street cafe chain has appointed KPMG to advise on a Company Voluntary Arrangement following the introduction of a second coronavirus lockdown.
City A.M. understands the company is seeking to move the majority of its 800 UK stores to a turnover based rent.
Chief executive Gerry Ford, who founded the business in 1997, said the second lockdown meant it was “imperative that we take further action” and it had “little option…to safeguard the future of our business,”
“Prior to Covid-19, the business had been trading strongly, and had achieved 83 consecutive quarters of sales growth,” Ford said.
“However, like so many businesses in the hospitality sector, the pandemic has decimated trading, and although we had made significant progress in navigating the financial challenges of the first lockdown, the second lockdown has made it imperative that we take further action.
“I am grateful for the support of our business partners, suppliers and landlords, as we address our fixed cost base so we can continue to protect jobs, which has been our focus since March.”
Will Wright, head of regional restructuring at KPMG, said: “Like many others across the sector, the impact of measures introduced in response to the Covid-19 pandemic has been devastating.
“In putting forward this CVA proposal, the directors have worked hard to strike a fair compromise with stakeholders to provide the flexibility the business urgently needs to get it through the pandemic.”
Clive Chalkley, partner at law firm Gowling WLG, said the decision is a “sensible one”, that could help preserve the business.
“The way in which Caffe Nero has attempted to adjust during the pandemic is to be applauded – where customer and employee needs are concerned,” he said.
“However, the ongoing macroeconomic situation makes this decision a sensible one, that will hopefully help preserve this longstanding brand, whether that be under new ownership, or in the same hands.
“It is noted though that Landlords again will be called upon to take the first economic hit during this pandemic.”


cityam--2020-11-13--Carillion 'recklessly' misled markets before collapse, says UK watchdog

The Financial Conduct Authority ( FCA ) has today announced that it intends to take further action against failed outsourcer Carillion for “ misleading ” shareholders with false information .
In a warning notice published today the watchdog said that a number of senior executives were “ knowingly concerned ” in numerous breaches of market rules , and had acted “ recklessly ” .
Read more : UK watchdog to accuse KPMG of breaches in Carillion audit These include “ disseminating information that gave false or misleading signals as to the value of its shares ” and “ failing to @ @ @ @ @ @ @ .
Carillion collapsed into administration in 2018 with liabilities of almost £7bn after a series of financial troubles caught up with the outsourcing giant .
An inquiry into the collapse carried out by MPs described the collapse as “ a story of recklessness , hubris and greed ” , and said that the firm ’ s business model was “ a relentless dash for cash ” .
At the time , lawmakers accused the firm ’ s directors of misrepresenting the financial realities of the business .
Before the Open newsletter : Start @ @ @ @ @ @ @ and key market data In today ’ s release , the FCA said that it had found that Carillion ’ s announcements on 7 December 2016 , 1 March 2017 and 3 May 2017 did not “ accurately or fully disclose the true financial performance ” of the firm .
It also found that the company ’ s systems and procedures “ were not sufficiently robust ” to ensure that accounting judgements made in relation to its UK construction business were appropriately made and reported to the audit committee .
Finally , it @ @ @ @ @ @ @ were each aware of the deteriorating expected financial performance ” but “ failed ” to make sure that announcements “ accurately and fully reflected ” these matters .
Read more : Government at risk of another Carillion-style failure , warns report The warning notice does not constitute a final decision , but if it does decide to take action against the company and directors , the FCA is proposing public censure rather than a financial penalty .
Carillion and the individuals in question will have 14 days to make representations to the Regulatory @ @ @ @ @ @

Carillion ‘recklessly’ misled markets before collapse, says UK watchdog
The Financial Conduct Authority (FCA) has today announced that it intends to take further action against failed outsourcer Carillion for “misleading” shareholders with false information.
In a warning notice published today the watchdog said that a number of senior executives were “knowingly concerned” in numerous breaches of market rules, and had acted “recklessly”.
These include “disseminating information that gave false or misleading signals as to the value of its shares” and “failing to act with integrity” towards its shareholders.
Carillion collapsed into administration in 2018 with liabilities of almost £7bn after a series of financial troubles caught up with the outsourcing giant.
An inquiry into the collapse carried out by MPs described the collapse as “a story of recklessness, hubris and greed”, and said that the firm’s business model was “a relentless dash for cash”.
At the time, lawmakers accused the firm’s directors of misrepresenting the financial realities of the business.
Before the Open newsletter: Start your day with the City View podcast and key market data
In today’s release, the FCA said that it had found that Carillion’s announcements on 7 December 2016, 1 March 2017 and 3 May 2017 did not “accurately or fully disclose the true financial performance” of the firm.
It also found that the company’s systems and procedures “were not sufficiently robust” to ensure that accounting judgements made in relation to its UK construction business were appropriately made and reported to the audit committee.
Finally, it said that the “relevant executive directors were each aware of the deteriorating expected financial performance” but “failed” to make sure that announcements “accurately and fully reflected” these matters.
The warning notice does not constitute a final decision, but if it does decide to take action against the company, the FCA is proposing public censure rather than a financial penalty.
For the individuals in question, the FCA has recourse to a number of additional penalties.
Carillion and the individuals in question will have 14 days to make representations to the Regulatory Decision Committee (RDC).


cityam--2020-11-13--BEIS audit reform proposals expected to be made public in the new year

Reforms to the audit sector outlined by the Department for Business , Energy and Industrial Strategy ( BEIS ) are expected in the new year , with full implementation expected in 2023 .
Mazars head of audit Bob Neate told industry magazine Accountancy Age he expected BEIS to deliver around 110 recommendations drawn from three major reports into auditing .
Read more : Experts pour cold water on CMA ’ s proposals for joint audits in first Beis committee hearing The audit boss told Accountancy Age that among the proposals would be information on the Audit , Reporting and Governance @ @ @ @ @ @ @ audit regulator , the Financial Reporting Council ( FRC ) .
Neate said the proposals would likely come in to play in 2023 .
He explained : “ The intention we hear is to try and move to legislation for some of the main elements of it at the end of 2021 .
So , it is likely implementation will be in 2023 .
That will cover things like the creation of the new regulator.
” A BEIS spokesperson said : “ Strengthening our corporate governance and audit regime will help to ensure @ @ @ @ @ @ @ in corporate transparency and advances its status as a place of the highest standards in audit .
“ The government will respond with comprehensive proposals for audit reform and will then bring forward legislation as soon as parliamentary time allows.
” The FRC has been approached for comment on the rumours .
Read more : Chair of audit watchdog the FRC Simon Dingemans resigns after less than nine months The FRC will eventually transition into ARGA , and is currently processing reforms to audit that can be implemented ahead of legislation .
In @ @ @ @ @ @ @ FRC be replaced with ARGA .
The report painted a damning picture of the FRC .
It described the watchdog as “ an institution constructed in a different era – a rather ramshackle house , cobbled together with all sorts of extensions over time ” and “ almost powerless ” to address firm-wide issues of audit quality .

BEIS audit reform proposals expected to be made public in the new year
Reforms to the audit sector outlined by the Department for Business, Energy and Industrial Strategy (BEIS) are expected in the new year.
Reforms to the audit sector outlined by the Department for Business, Energy and Industrial Strategy (BEIS) are expected in the new year, with full implementation expected in 2023.
Mazars head of audit Bob Neate told industry magazine Accountancy Age he expected BEIS to deliver around 110 recommendations drawn from three major reports into auditing.
The audit boss told Accountancy Age that among the proposals would be information on the Audit, Reporting and Governance Authority (ARGA) replacing the current audit regulator, the Financial Reporting Council (FRC).
Neate said the proposals would likely come in to play in 2023. He explained: “The intention we hear is to try and move to legislation for some of the main elements of it at the end of 2021. So, it is likely implementation will be in 2023. That will cover things like the creation of the new regulator.”
A BEIS spokesperson said: “Strengthening our corporate governance and audit regime will help to ensure that the UK remains a world leader in corporate transparency and advances its status as a place of the highest standards in audit.
“The government will respond with comprehensive proposals for audit reform and will then bring forward legislation as soon as parliamentary time allows.”
The FRC has been approached for comment on the rumours.
The FRC will eventually transition into ARGA, and is currently processing reforms to audit that can be implemented ahead of legislation.
In late 2018 the Kingman report recommended the FRC be replaced with ARGA. The report painted a damning picture of the FRC. It described the watchdog as “an institution constructed in a different era – a rather ramshackle house, cobbled together with all sorts of extensions over time” and “almost powerless” to address firm-wide issues of audit quality.


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Partner Tele.com Warning
Photo by Karolina Grabowska from Pexels
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cityam--2020-11-13--Brands' battle for the eyeballs: watch all the  Christmas ads here

As some of the UK ’ s biggest brands have rolled out their seasonal ads , it ’ s starting to feel a lot more festive .
The battle for the eyeballs started in earnest this morning as John Lewis launched its annual television advertisement , gaining over one million views within just two hours .
However , Aldi ’ s ad so far tops the list , with a whopping 18mln views on YouTube and across various other platforms , followed by M & S with 1.8m .
Below the ads that are taking UK TV screens by storm @ @ @ @ @ @ @ user engagement across YouTube , Facebook and Twitter , as of 10am on this Friday the 13th .
City A.M. watched the Christmas campaigns with Yuval Ben-Itzhak , CEO of social media marketing platform Socialbakers , based in London ’ s Victoria area .
Due to lockdowns and distancing regulations , the vast majority of purchases will be forced to happen online .
“ That ’ s why Christmas ads have an even bigger role than usual to play in a brand ’ s overall marketing efforts , ” Ben-Itzhak explained .
“ @ @ @ @ @ @ @ drive people to the store to make their purchases , this year ads need to drive them to the brand ’ s digital channels.
” M & S : This is M & S Christmas Food ( 1,880,499 views and 2,884 interactions ) “ The message across this year ’ s ads is that this Christmas , people must make what they can of the situation .
The same is true for brands .
More than ever , brands will need to be tuned in to consumer sentiment if they want their products @ @ @ @ @ @ @ , ” Ben-Itzhak noted .
Looking Amazon ’ s ad , Ben-Itzhak points out that Interactions between brands and customers will all be happening on digital channels this year , from purchases to customer care and refunds .
“ So , not only will brands need to work hard to reach and engage their audience with content that resonates , they will also have to take the customer on a journey of product discovery and purchase – a journey that won ’ t be happening in store this year.
” Amazon : The @ @ @ @ @ @ @ and 21,754 interactions ) “ So far we ’ ve seen brands like Marks and Spencer and John Lewis using their Christmas ad as an opportunity to spread goodwill by donating and encouraging charitable giving , ” Ben-Itzhak said , adding that gestures like these will resonate better than ever with audiences , as many people are facing hardships of their own .
Argos : An Evening with AbracaDaisy & The Incredible Lucy ( 889,239 views , 6,348 interactions ) Other brands are sticking to known themes to build familiarity and loyalty with @ @ @ @ @ @ @ s Kevin the Carrot , who the company brought to life in 2016 .
Some brands have opted for inspirational stories that address the challenges Brits have been facing this year .
“ From Amazon ’ s passionate ballerina who performs her cancelled ballet recital to an audience from her rooftop , to the simple joy of Argos ’ Daisy and Lucy making Christmas magic for their family , the message is one of hope – hope that we can all make the best out of Christmas this year , ” Ben-Itzhak commented @

Brands’ battle for the eyeballs: watch all the Christmas ads here
As some of the UK’s biggest brands have rolled out their seasonal ads, it’s starting to feel a lot more festive. The battle for the eyeballs started in earnest this morning as John Lewis launched its annual television advertisement, gaining over one million views within just two hours.
However, Aldi’s ad so far tops the list, with a whopping 18mln views on YouTube and across various other platforms, followed by M&S with 1.8m.
Below the ads that are taking UK TV screens by storm this Christmas, with total views and user engagement across YouTube, Facebook and Twitter, as of 10am on this Friday the 13th.
City A.M. watched the Christmas campaigns with Yuval Ben-Itzhak, CEO of social media marketing platform Socialbakers, based in London’s Victoria area.
Aldi: Aldi Christmas Launch Advert 2020 (18,957,430 views and 113,300 interactions)
Due to lockdowns and distancing regulations, the vast majority of purchases will be forced to happen online.
“That’s why Christmas ads have an even bigger role than usual to play in a brand’s overall marketing efforts,” Ben-Itzhak explained. “Unlike in previous years where advertising would drive people to the store to make their purchases, this year ads need to drive them to the brand’s digital channels.”
M&S: This is M&S Christmas Food (1,880,499 views and 2,884 interactions)
“The message across this year’s ads is that this Christmas, people must make what they can of the situation. The same is true for brands. More than ever, brands will need to be tuned in to consumer sentiment if they want their products to make it under the Christmas tree,” Ben-Itzhak noted.
John Lewis: Give A Little Love (1,037,943 views and 31,188 interactions)
Looking Amazon’s ad, Ben-Itzhak points out that Interactions between brands and customers will all be happening on digital channels this year, from purchases to customer care and refunds.
“So, not only will brands need to work hard to reach and engage their audience with content that resonates, they will also have to take the customer on a journey of product discovery and purchase – a journey that won’t be happening in store this year.”
Amazon: The Show Must Go On (985,439 views and 21,754 interactions)
https://www.youtube.com/watch?v=gQdLD6kk960&feature=emb_logo
“So far we’ve seen brands like Marks and Spencer and John Lewis using their Christmas ad as an opportunity to spread goodwill by donating and encouraging charitable giving,” Ben-Itzhak said, adding that gestures like these will resonate better than ever with audiences, as many people are facing hardships of their own.
Argos: An Evening with AbracaDaisy & The Incredible Lucy (889,239 views, 6,348 interactions)
Other brands are sticking to known themes to build familiarity and loyalty with their online community, like Aldi’s Kevin the Carrot, who the company brought to life in 2016.
TKMaxx: The Lil Goat (985,439 page views and 21,754 interactions)
Some brands have opted for inspirational stories that address the challenges Brits have been facing this year.
“From Amazon’s passionate ballerina who performs her cancelled ballet recital to an audience from her rooftop, to the simple joy of Argos’ Daisy and Lucy making Christmas magic for their family, the message is one of hope – hope that we can all make the best out of Christmas this year,” Ben-Itzhak commented.
Asda: That’s an Asda Price Christmas (24,166 views and 201 interactions)


cityam--2020-11-13--FTSE 100 slips again as virus cases continue to rise

The FTSE 100 opened in the red again this morning as investors turned their attention back to rising Covid-19 cases after a vaccine-related rally earlier in the week .
London ’ s blue-chip index slipped 0.72 per cent as markets opened , before paring back some losses to trade 0.44 per cent lower at 6,311 points shortly after 11am .
It follows on from losses yesterday , when the FTSE ended an eight-day winning streak to close in the red .
Markets had soared at the beginning of the week after pharma giant Pfizer announced its Covid-19 vaccine had proved @ @ @ @ @ @ @ But the rally has run out of steam amid a continued rise in infections , while disappointing GDP figures yesterday also cast doubts over the UK ’ s economic recovery .
Elsewhere in Europe , Germany ’ s Dax slipped a marginal 0.16 per cent to 13,031 .
French benchmark Cac 40 ticked up 0.03 per cent to 5,365 .
In addition to fears over rising Covid-19 cases , markets have also been rocked by growing political uncertainty .
Investors are keeping a nervous eye on Brexit developments as the transition period deadline @ @ @ @ @ @ @ “ The wave of optimism which washed over the financial markets has begun to ebb away as anxieties over a Brexit deal take hold once again , ” said Susannah Streeter , senior investment and markets analyst at Hargreaves Landsown .
Markets are also reacting to the departure of No 10 director of communications Lee Cain and the expected resignation of top Boris Johnson advisor Dominic Cummings .
“ The expected departure of two of Boris Johnson ’ s top advisors has added to the cloud of uncertainty which has been gathering over @ @ @ @ @ @ @ fresh deadlock , ” Streeter added .
The reversal of fortunes for equities towards the end of this week shows investors grappling with the outlook for the pandemic .
The atmosphere was bullish at the beginning of the week after Pfizer released its optimistic vaccine update .
But central banks have since warned that a vaccine alone is not enough to solve the economic woes , while outlooks for recovery remain tentative .
A large increase in oil inventories has also sparked a fall in oil prices , pushing down Shell and BP @ @ @ @ @ @ @ at Markets.com , said markets were “ at a crossroads ” .
“ Whilst there is great hope for next year because of the vaccine , we are from out of the worst of the pandemic – US cases are surging at record levels and lockdown measures persist in Europe , ” he said .
“ Airlines and travel fell sharply as profits were taken after some very large moves this week .
The question for investors is whether they think there are enough incremental buyers on the side lines to drive markets @ @ @ @ @ @ @ is still focused on any signs of progress in agreeing a fresh coronavirus stimulus package .
But AJ Bell investment director Russ Mould warned turmoil sparked by the presidential election would hamper efforts .
“ Given the political backdrop of a disputed election outcome the chances of anything being signed off in the final quarter of the year seem to be slim at best .
”

Wall Street opens higher but FTSE 100 slips as virus cases continue to rise
US stocks pushed higher as strong earnings offset concerns about rising virus cases
Wall Street opened higher this afternoon as upbeat earnings from major companies helped markets shrug off concerns about rising Covid-19 cases.
The S&P 500, Dow Jones and Nasdaq were all trading up roughly 0.8 per cent this afternoon.
US stocks had seen their rally halted yesterday as investors weighed the timeline for a mass rollout of a coronavirus vaccine.
But better-than-expected earnings from Disney and Cisco last night helped to buoy market confidence.
However, the FTSE 100 was back in the red today as investors turned their attention back to rising Covid-19 cases after a vaccine-related rally earlier in the week.
London’s blue-chip index slipped 0.72 per cent as markets opened, before paring back some losses to trade 0.36 per cent lower at 6,316 points shortly after 3pm.
It follows on from losses yesterday, when the FTSE ended an eight-day winning streak to close in the red.
Markets had soared at the beginning of the week after pharma giant Pfizer announced its Covid-19 vaccine had proved 90 per cent effective during trials.
But the rally has run out of steam amid a continued rise in infections, while disappointing GDP figures yesterday also cast doubts over the UK’s economic recovery.
Elsewhere in Europe, Germany’s Dax and French benchmark Cac 40 both ticked up just over 0.3 per cent.
Political uncertainty
In addition to fears over rising Covid-19 cases, markets have also been rocked by growing political uncertainty.
Investors are keeping a nervous eye on Brexit developments as the transition period deadline of 31 December gets ever nearer.
“The wave of optimism which washed over the financial markets has begun to ebb away as anxieties over a Brexit deal take hold once again,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Landsown.
Markets are also reacting to the departure of No 10 director of communications Lee Cain and the expected resignation of top Boris Johnson advisor Dominic Cummings.
“The expected departure of two of Boris Johnson’s top advisors has added to the cloud of uncertainty which has been gathering over concerns trade negotiations could be heading for fresh deadlock,” Streeter added.
Markets ‘at a crossroads’
The reversal of fortunes for equities towards the end of this week shows investors grappling with the outlook for the pandemic.
The atmosphere was bullish at the beginning of the week after Pfizer released its optimistic vaccine update.
But central banks have since warned that a vaccine alone is not enough to solve the economic woes, while outlooks for recovery remain tentative.
A large increase in oil inventories has also sparked a fall in oil prices, pushing down Shell and BP.
Neil Wilson, chief market analyst at Markets.com, said markets were “at a crossroads”.
“Whilst there is great hope for next year because of the vaccine, we are from out of the worst of the pandemic – US cases are surging at record levels and lockdown measures persist in Europe,” he said.
“Airlines and travel fell sharply as profits were taken after some very large moves this week. The question for investors is whether they think there are enough incremental buyers on the side lines to drive markets higher.”
In the US, attention is still focused on any signs of progress in agreeing a fresh coronavirus stimulus package.
But AJ Bell investment director Russ Mould warned turmoil sparked by the presidential election would hamper efforts.
“Given the political backdrop of a disputed election outcome the chances of anything being signed off in the final quarter of the year seem to be slim at best.”


cityam--2020-11-13--Greggs to cut 820 jobs as Covid-19 impact bites

Greggs will cut 820 shop staff jobs as it expects trading to remain below normal for the foreseeable future due to the Covid-19 pandemic , a company spokeswoman confirmed this evening .
In September Greggs launched a consultation with union and employee representatives and was aiming to minimise job losses by negotiating reduced staff hours .
The company currently employs 25,000 staff .
Read more : Greggs aims to open new sites despite Coronavirus taking a bite out of sales , as staffing cuts loom It joins a swathe of companies cutting jobs , particularly in retail and hospitality , @ @ @ @ @ @ @ & Spencer , John Lewis and Boots .
Greggs was performing well before the pandemic , with its shares hitting a record high of 2,550 pence in January .
The shares closed Friday at 1,570 pence , down 27 % so far in 2020 .
In its half year results Greggs announced it had swung to a pre-tax loss of £65.2m , down from a profit of £36.7m in the same period last year .
Greggs had been on track to deliver strong progress in the first few months of the year but @ @ @ @ @ @ @ the implementation of a nationwide lockdown in March .
Read more : Greggs to reopen 800 shops this week as baker rolls out lockdown exit plan The bakery chain was forced to shut its entire shop estate on 23 March to comply with the government ’ s “ stay at home ” message .
Greggs immediately made use of the Coronavirus Job Retention Scheme and furlough staff .
The firm also scrapped the planned final dividend for 2019 , cancelled annual pay increases , and froze all but essential expenditure .

Greggs to cut 820 jobs as Covid-19 impact bites
Greggs expects to boost its stores to 3,000 following strong full year results
Greggs will cut 820 shop staff jobs as it expects trading to remain below normal for the foreseeable future due to the Covid-19 pandemic, a company spokeswoman confirmed this evening.
In September Greggs launched a consultation with union and employee representatives and was aiming to minimise job losses by negotiating reduced staff hours. The company currently employs 25,000 staff.
It joins a swathe of companies cutting jobs, particularly in retail and hospitality, including at household names such as Marks & Spencer, John Lewis and Boots.
Greggs was performing well before the pandemic, with its shares hitting a record high of 2,550 pence in January. The shares closed Friday at 1,570 pence, down 27% so far in 2020.
In its half year results Greggs announced it had swung to a pre-tax loss of £65.2m, down from a profit of £36.7m in the same period last year.
Greggs had been on track to deliver strong progress in the first few months of the year but saw all its growth wiped out by the implementation of a nationwide lockdown in March.
The bakery chain was forced to shut its entire shop estate on 23 March to comply with the government’s “stay at home” message.
Greggs immediately made use of the Coronavirus Job Retention Scheme and furlough staff. The firm also scrapped the planned final dividend for 2019, cancelled annual pay increases, and froze all but essential expenditure.


cityam--2020-11-13--Cummings to leave Downing Street with immediate effect

Cummings will continue to work until mid-December , and another senior aide will serve as temporary chief of staff , Johnson ’ s office said on Friday .
“ The Prime Minister has today asked Sir Edward Lister to take on the role of chief of staff for an interim period pending a permanent appointment to the post , ” a Downing Street spokesman said .
Cummings is not expected to return to the office again because Mr Johnson wants to “ clear the air and move things forward ” .
Cummings is the second top Downing St aide to @ @ @ @ @ @ @ .
Director of communications Lee Cain left earlier in the week following reported tensions growing inside Number 10 .
Both Cain and Cummings were close confidants of the PM and architects of the Vote Leave campaign .
The chief adviser was a well-known and divisive figure inside government .
He is credited with the “ take back control ” slogan that became a touchstone in the campaign to leave the European Union .
More recently Cummings found himself in hot water after taking a trip to County Durham during the UK ’ s @ @ @ @ @ @ @ his north London home when his family were unwell with coronavirus , and later drove his car to Barnard Castle to test if he was ok to drive .
The Barnard Castle news was met with uproar from the general public .
In response , Cummings held a press conference at Westminster in which he denied any wrongdoing .
Such a move is unprecedented for an adviser , who typically are seen , but not heard , in Westminster .

Cummings to leave Downing Street with immediate effect
Boris Johnson’s chief adviser Dominic Cummings is leaving Downing Street immediately.
Cummings will continue to work until mid-December, and another senior aide will serve as temporary chief of staff, Johnson’s office said on Friday.
“The Prime Minister has today asked Sir Edward Lister to take on the role of chief of staff for an interim period pending a permanent appointment to the post,” a Downing Street spokesman said.
Cummings is not expected to return to the office again because Mr Johnson wants to “clear the air and move things forward”.
Cummings is the second top Downing St aide to leave in the space of a week.
Director of communications Lee Cain left earlier in the week following reported tensions growing inside Number 10. Both Cain and Cummings were close confidants of the PM and architects of the Vote Leave campaign.
The chief adviser was a well-known and divisive figure inside government. He is credited with the “take back control” slogan that became a touchstone in the campaign to leave the European Union.
More recently Cummings found himself in hot water after taking a trip to County Durham during the UK’s first lockdown. The adviser infamously left his north London home when his family were unwell with coronavirus, and later drove his car to Barnard Castle to test if he was ok to drive.
The Barnard Castle news was met with uproar from the general public. In response, Cummings held a press conference at Westminster in which he denied any wrongdoing. Such a move is unprecedented for an adviser, who typically are seen, but not heard, in Westminster.


cityam--2020-11-13--Khan: By 2022 40% of new Met recruits should come from BAME background

London mayor Sadiq Khan is launching an action plan to address the low level of trust and confidence that many Black Londoners feel towards the Metropolitan Police Service .
Writing in today ’ s Independent , Khan said as part of his action plan he would like to see as many as two in five new recruits to the metropolitan police from Black , Asian and minority ethnic backgrounds by 2022 .
Read more : Covid-19 : Protesters clash with police at anti-restrictions rally in London He also said that from today , the Met will re-introduce the London residency @ @ @ @ @ @ @ potential candidates must have lived or studied in London for a minimum of three out of the last six years at the point of application .
Khan said he and his team have been listening to the experiences and concerns of Black Londoners and have testimony on the changes they would like to see in their police service .
Khan said his plan ’ s focus is on preventing the disproportionate impact of police tactics affecting Black Londoners , such as stop and search and the use of force , and improving transparency @ @ @ @ @ @ @ are being deployed .
Read more : Exclusive : Ex-Labour mayor defects to Tories over Sadiq Khan ’ s record on crime Writing in the Independent he said : “ There is no doubt that the Met Police has made significant and positive steps forward since the 1999 Stephen Lawrence report , which was a landmark moment in the history of race relations in our country .
It had a transformative effect on policing and the Met is a very different police service to the one it was 20 years ago .
“ @ @ @ @ @ @ @ ensure we have a truly representative police service that looks like the diverse city it serves , and to recognise and address the impact of some police tactics , such as stop and search , that are disproportionately affecting Black Londoners.
” The London mayor said he wanted to make clear the action plan was not about being anti-police , but rather that all communities in London have trust in the police both to keep them safe and to treat them fairly , and that the police have the confidence to be able @ @ @ @ @ @ @ crime .
Read more : Sadiq Khan blasted over ‘ PR stunt ’ as he moves City Hall to Royal Docks Khan added : “ In working together to deliver this plan , we can build stronger bonds between communities and the police , which will help us to confront and resolve the often difficult and emotive issues that the police tackle on our behalf every day .
”

Khan: By 2022 40% of new Met recruits should come from BAME background
Khan said as part of his action plan he would like to see as many as two in five new recruits to the metropolitan police from BAME backgrounds by 2022.
London mayor Sadiq Khan is launching an action plan to address the low level of trust and confidence that many Black Londoners feel towards the Metropolitan Police Service.
Writing in today’s Independent, Khan said as part of his action plan he would like to see as many as two in five new recruits to the metropolitan police from Black, Asian and minority ethnic backgrounds by 2022.
He also said that from today, the Met will re-introduce the London residency criteria for most new recruits, meaning potential candidates must have lived or studied in London for a minimum of three out of the last six years at the point of application.
Khan said he and his team have been listening to the experiences and concerns of Black Londoners and have testimony on the changes they would like to see in their police service.
Khan said his plan’s focus is on preventing the disproportionate impact of police tactics affecting Black Londoners, such as stop and search and the use of force, and improving transparency and accountability around the way these powers are being deployed.
Writing in the Independent he said: “There is no doubt that the Met Police has made significant and positive steps forward since the 1999 Stephen Lawrence report, which was a landmark moment in the history of race relations in our country. It had a transformative effect on policing and the Met is a very different police service to the one it was 20 years ago.
“But more needs to be done to ensure we have a truly representative police service that looks like the diverse city it serves, and to recognise and address the impact of some police tactics, such as stop and search, that are disproportionately affecting Black Londoners.”
The London mayor said he wanted to make clear the action plan was not about being anti-police, but rather that all communities in London have trust in the police both to keep them safe and to treat them fairly, and that the police have the confidence to be able to use their powers to tackle violent crime.
Khan added: “In working together to deliver this plan, we can build stronger bonds between communities and the police, which will help us to confront and resolve the often difficult and emotive issues that the police tackle on our behalf every day.”


cityam--2020-11-13--Majority of Brits sceptical of Black Friday offers, survey shows

A huge majority of Brits are sceptical about Black Friday offers , believing many of the discounts are too good to be true , the latest research showed in the run up to the annual sales day .
Black Friday has become one of the biggest shopping days of the year , and will be of particular importance to retailers in 2020 after a year of chaos due to the coronavirus crisis .
Read more : DEBATE : Will Black Friday save the retail industry ?
However , a survey found that 83 per cent of British consumers do not @ @ @ @ @ @ @ as good as they seem , or are not sure if they are real .
Price Runner , which commissioned the survey of 2,000 adults from Yougov , said analysis of 8,000 products showed that only one in five items reached their lowest price on Black Friday this year .
A majority , or 57 per cent of Brits , do not believe that the bargains offered by retailers are as good as they seem .
Another 26 per cent said they do not know if they can trust Black Friday offers or @ @ @ @ @ @ @ so many Brits do not trust that the sale prices retailers advertise are genuine .
“ This is clearly something the industry needs to address and think long and hard about if they want to keep customers .
“ Retailers need to get that trust back by advertising prices more transparently and honestly ” , said Christine Gouldthorp , consumer expert at Price Runner , said .
According to the survey , 62 per cent of men and 52 per cent of women in Britain do not trust offers advertised during sales seasons @ @ @ @ @ @ @ on Black Friday sales during lockdown Brits aged between 45 and 54 trust Black Friday deals the least , where as many as 63 percent do not trust offers .
The Yougov survey also showed that 26 per cent of consumers still plan to take part in the Black Friday sale this year .

Majority of Brits sceptical of Black Friday offers, survey shows
A huge majority of Brits are sceptical about Black Friday offers, believing many of the discounts are too good to be true, the latest research showed in the run up to the annual sales day.
Black Friday has become one of the biggest shopping days of the year, and will be of particular importance to retailers in 2020 after a year of chaos due to the coronavirus crisis.
However, a survey found that 83 per cent of British consumers do not trust that the offers on sale are as good as they seem, or are not sure if they are real.
Price Runner, which commissioned the survey of 2,000 adults from Yougov, said analysis of 8,000 products showed that only one in five items reached their lowest price on Black Friday this year.
A majority, or 57 per cent of Brits, do not believe that the bargains offered by retailers are as good as they seem. Another 26 per cent said they do not know if they can trust Black Friday offers or not.
“We are shocked that so many Brits do not trust that the sale prices retailers advertise are genuine.
“This is clearly something the industry needs to address and think long and hard about if they want to keep customers.
“Retailers need to get that trust back by advertising prices more transparently and honestly”, said Christine Gouldthorp, consumer expert at Price Runner, said.
According to the survey, 62 per cent of men and 52 per cent of women in Britain do not trust offers advertised during sales seasons.
Brits aged between 45 and 54 trust Black Friday deals the least, where as many as 63 percent do not trust offers.
The Yougov survey also showed that 26 per cent of consumers still plan to take part in the Black Friday sale this year.


cityam--2020-11-13--Treasury advisor sacked by Dominic Cummings wins five-figure payout

A former government aide who was fired by Boris Johnson ’ s top advisor Dominic Cummings will receive a five-figure settlement from the government .
Sonia Khan , who worked as a media adviser for the Treasury , had been sacked by Cummings in August of last year .
She was “ frogmarched ” out of Downing Street by police , according to a Daily Mail report at the time .
Khan was accused of seeking to undermine Boris Johnson ’ s Brexit strategy by helping his opponents , including former chancellor Philip Hammond .
Sajid Javid , who was @ @ @ @ @ @ @ , was reportedly not told of the firing until after she had left Downing Street .
Khan had mounted an employment tribunal on the grounds of unfair dismissal and sex discrimination .
The case was due to be heard in December but has now been settled .
On Friday , Ms Khan released a statement through the FDA , the union for senior public servants .
“ Following 14 months of negotiation , I have today reached a settlement with the Treasury , my former employer , and as a result I am @ @ @ @ @ @ @ which was due to be heard in London in December , ” Khan said .
“ I am now moving on with my life and career .
I maintain great affection for the Conservative Party and remain a committed Conservative .
The party took me under its wing when I was a teen and I feel hugely privileged to have served as a special adviser under the last two Prime Ministers , ” she added .
No official figure on the settlement has been released .
However , The Times reported today , @ @ @ @ @ @ @ would be “ between £50,000 and £100,000.
” The settlement comes only hours after the news broke that Dominic Cummings will likely resign at the end of the year .
Cummings was expected to give evidence at the tribunal .
Read more : Dominic Cummings ‘ set to resign ’ by end of the year

Treasury advisor sacked by Dominic Cummings wins five-figure payout
A former government aide who was fired by Boris Johnson’s top advisor Dominic Cummings will receive a five-figure settlement from the government.
Sonia Khan, who worked as a media adviser for the Treasury, had been sacked by Cummings in August of last year. She was “frogmarched” out of Downing Street by police, according to a Daily Mail report at the time.
Khan was accused of seeking to undermine Boris Johnson’s Brexit strategy by helping his opponents, including former chancellor Philip Hammond. Sajid Javid, who was Khan’s boss at the time, was reportedly not told of the firing until after she had left Downing Street.
Settlement
Khan had mounted an employment tribunal on the grounds of unfair dismissal and sex discrimination. The case was due to be heard in December but has now been settled.
On Friday, Ms Khan released a statement through the FDA, the union for senior public servants.
“Following 14 months of negotiation, I have today reached a settlement with the Treasury, my former employer, and as a result I am no longer pursuing my employment tribunal claim which was due to be heard in London in December,” Khan said.
“I am now moving on with my life and career. I maintain great affection for the Conservative Party and remain a committed Conservative. The party took me under its wing when I was a teen and I feel hugely privileged to have served as a special adviser under the last two Prime Ministers,” she added.
No official figure on the settlement has been released. However, The Times reported today, citing government sources, that the settlement would be “between £50,000 and £100,000.”
The settlement comes only hours after the news broke that Dominic Cummings will likely resign at the end of the year. Cummings was expected to give evidence at the tribunal.


cityam--2020-11-13--China urges US to stop 'arbitrary suppression of investments'

China hit back at Trump ’ s ban on U.S. companies investing in firms linked to the Chinese military .
@ @ @ @ @ today , Chinese Foreign Ministry spokesman Wang Wenbin answered a reporter ’ s question on @ @ @ @ @ US should stop its “ arbitrary suppression of investments ” .
He added that the @ @ @ @ @ viciously slandering ” Chinese military-civilian integration , and that China would firmly defend the rights @ @ @ @ @ .
Last night President Trump issued an order banning American investments in Chinese firms that @ @ @ @ @ s military .
Trump stated that China was “ increasingly exploiting United States capital to @ @ @ @ @ and modernization of its military.
” The foreign ministry ’ s response to the ban @ @ @ @ @ broke its week-long silence to congratulate US President-elect Joe Biden and vice president-elect Kamala Harris @ @ @ @ @ .

China urges US to stop ‘arbitrary suppression of investments’
China hit back at Trump’s ban on U.S. companies investing in firms linked to the Chinese military. During a press conference earlier today, Chinese Foreign Ministry spokesman Wang Wenbin answered a reporter’s question on the ban by saying the US should stop its “arbitrary suppression of investments”.
He added that the US government had been “viciously slandering” Chinese military-civilian integration, and that China would firmly defend the rights and interests of its firms.
Last night President Trump issued an order banning American investments in Chinese firms that have ties to Beijing’s military.
Trump stated that China was “increasingly exploiting United States capital to resource and enable the development and modernization of its military.”
The foreign ministry’s response to the ban came only shortly after China broke its week-long silence to congratulate US President-elect Joe Biden and vice president-elect Kamala Harris on winning the presidential election.


cityam--2020-11-13--NHS providers urge Rishi Sunak to invest extra £4bn due to Covid challenges

NHS providers sent a letter to Rishi Sunak today demanding he increases investment in the NHS by £4bn , in light of the upcoming public spending review on 25 November .
The letter is co-signed by Chris Hopson and Saffron Cordery , respectively the Chief Executive and Deputy Chief Executive of NHS Providers , the membership organisation for the NHS hospital , mental health , community and ambulance services .
They urge the chancellor to stick his promise to the House of Commons that the NHS would get “ whatever it needs , whatever it costs ” .
Data released @ @ @ @ @ @ @ is facing two major Covid-19-generated pressures .
There is a rapidly increasing backlog of elective surgery and a surge in demand for mental health services .
Spending so far this year The November spending review will set departmental budgets across Whitehall for the year 2021-2022 .
The government has already committed to spend at least £210bn to deal with the pandemic .
The budget for the Department of Health and Social Care was due to rise to £139.8bn this year , with the NHS receiving £129.9bn .
But the Treasury has already had @ @ @ @ @ @ @ than scheduled so far this year , including £15bn on PPE and £10bn on the test-and-trace programme .
Although NHS Providers in the letter state they are aware that “ the current public expenditure position is difficult ” , they are requesting that Sunak allocate £3-4bn pounds needed for the NHS to meet new challenges .
The letter concludes by stating further investment in NHS capacity will reduce the risk of further lockdowns and the adverse economic impacts that come with them .

NHS providers urge Rishi Sunak to invest extra £4bn due to Covid challenges
NHS providers sent a letter to Rishi Sunak today demanding he increases investment in the NHS by £4bn, in light of the upcoming public spending review on 25 November.
The letter is co-signed by Chris Hopson and Saffron Cordery, respectively the Chief Executive and Deputy Chief Executive of NHS Providers, the membership organisation for the NHS hospital, mental health, community and ambulance services.
They urge the chancellor to stick his promise to the House of Commons that the NHS would get “whatever it needs, whatever it costs”.
Data released on 12 November showed that the NHS is facing two major Covid-19-generated pressures. There is a rapidly increasing backlog of elective surgery and a surge in demand for mental health services.
Spending so far this year
The November spending review will set departmental budgets across Whitehall for the year 2021-2022.
The government has already committed to spend at least £210bn to deal with the pandemic.
The budget for the Department of Health and Social Care was due to rise to £139.8bn this year, with the NHS receiving £129.9bn. But the Treasury has already had to spend £31.9bn more on the NHS than scheduled so far this year, including £15bn on PPE and £10bn on the test-and-trace programme.
Although NHS Providers in the letter state they are aware that “the current public expenditure position is difficult”, they are requesting that Sunak allocate £3-4bn pounds needed for the NHS to meet new challenges.
The letter concludes by stating further investment in NHS capacity will reduce the risk of further lockdowns and the adverse economic impacts that come with them.


cityam--2020-11-13--Deliveroo adds ex-Worldpay CFO to board

Deliveroo adds ex-Worldpay CFO to board

Former Worldpay chief financial officer Rick Medlock has joined Deliveroo ’ s non-executive board .
The move comes as the @ @ @ @ @ pursue a public listing in the coming months , Sky News reported .
Sources told @ @ @ @ @ also been approaching candidates for its chairmanship .
Deliveroo is said to have appointed bankers @ @ @ @ @ steps up preparations for an initial public offering in London next year .
Goldman Sachs @ @ @ @ @ oversee its long-awaited London flotation .
Medlock has more than 30 years ’ experience at @ @ @ @ @ he was CFO as Misys , which now forms part of Finastra .
Before that @ @ @ @ @ Plc for nine years , where he oversaw its initial public offering .

Deliveroo adds ex-Worldpay CFO to board
Former Worldpay chief financial officer Rick Medlock has joined Deliveroo’s non-executive board.
Former Worldpay chief financial officer Rick Medlock has joined Deliveroo’s non-executive board.
The move comes as the takeaway delivery app prepares to pursue a public listing in the coming months, Sky News reported.
Sources told Sky News that Deliveroo had also been approaching candidates for its chairmanship.
Deliveroo is said to have appointed bankers at JP Morgan as it steps up preparations for an initial public offering in London next year. Goldman Sachs is also on board to oversee its long-awaited London flotation.
Medlock has more than 30 years’ experience at technology firms. Before Worldpay he was CFO as Misys, which now forms part of Finastra. Before that he was CFO at Inmarsat Plc for nine years, where he oversaw its initial public offering.


cityam--2020-11-13--Oil prices slip after week of gains as vaccine rally cools

Global oil prices today pared some of their gains for the week as a vaccine-inspired rally ran out of steam .
Prices shot up at the beginning of the week on the news that Pfizer ’ s coronavirus vaccine was 90 per cent effective , but began to slip back yesterday .
Today global standard Brent crude fell a further 1.3 per cent to take it to $ 42.97 , while US benchmark West Texas Intermediate shed 1.7 per cent .
However , both measures will end the week with a sizeable gain on market hopes that the vaccine could @ @ @ @ @ @ @ economic malaise sooner than expected .
Disappointing data from the US , which saw crude inventories increase by 4.3m barrels , also weighed on prices today .
In addition , record numbers of new coronavirus cases in the US especially have served as something of a reality check for markets .
Before the Open newsletter : Start your day with the City View podcast and key market data And analysts from the International Energy Agency have also warned that oil demand is unlikely to get a substantial boost from a new vaccine until @ @ @ @ @ @ @ of the feel-good factor from the Pfizer vaccine has worn off and disappointing EIA figures have created a bit of a downward correction , ” Harry Tchilinguirian , head of commodity research at BNP Paribas , said .
Traders will be keeping a close eye on producer alliance Opec+ ’ s meeting next week , which could see the group extend production curbs .
The alliance is set to increase production by 2m barrels per day from 1 January , but de facto leader Saudi Arabia has hinted that it might keep current @ @ @ @ @ @ @ markets Bjornar Tonhaugen said : For now , expect bearish pressures to dominate until OPEC+ officially lays its supply cards on the table , which could very well pave the way for a recovery in December as all smoke signals point to a 3-6 month extension of the current cuts .

Oil prices slip after week of gains as vaccine rally cools
Global oil prices today pared some of their gains for the week as a vaccine-inspired rally ran out of steam.
Prices shot up at the beginning of the week on the news that Pfizer’s coronavirus vaccine was 90 per cent effective, but began to slip back yesterday.
Today global standard Brent crude fell a further 1.3 per cent to take it to $42.97, while US benchmark West Texas Intermediate shed 1.7 per cent.
However, both measures will end the week with a sizeable gain on market hopes that the vaccine could offer a way out of the current economic malaise sooner than expected.
Disappointing data from the US, which saw crude inventories increase by 4.3m barrels, also weighed on prices today.
In addition, record numbers of new coronavirus cases in the US especially have served as something of a reality check for markets.
Before the Open newsletter: Start your day with the City View podcast and key market data
And analysts from the International Energy Agency have also warned that oil demand is unlikely to get a substantial boost from a new vaccine until mid-2021.
“In essence, some of the feel-good factor from the Pfizer vaccine has worn off and disappointing EIA figures have created a bit of a downward correction,” Harry Tchilinguirian, head of commodity research at BNP Paribas, said.
Traders will be keeping a close eye on producer alliance Opec+’s meeting next week, which could see the group extend production curbs.
The alliance is set to increase production by 2m barrels per day from 1 January, but de facto leader Saudi Arabia has hinted that it might keep current curbs in place.
Head of oil markets Bjornar Tonhaugen said: For now, expect bearish pressures to dominate until OPEC+ officially lays its supply cards on the table, which could very well pave the way for a recovery in December as all smoke signals point to a 3-6 month extension of the current cuts.


cityam--2020-11-13--JD Sports' merger with Footasylum edges nearer after appeal

The competition watchdog ’ s decision to block a merger between JD Sports and Footasylum has been overturned following an appeal .
The Competition Appeals Tribunal said today that the Competition and Markets Authority had acted “ irrationally ” when it ruled in May that the tie-up would lead to a “ substantially ” lessening of competition nationally .
The tribunal ruled that the CMA had failed to follow up inquiries with suppliers or Footasylum ’ s primary lender , meaning it drew conclusions as to the likely effects of the Covid-19 pandemic without the necessary evidence .
It also @ @ @ @ @ @ @ the ability of rival sportswear brands Nike and Adidas to boost their direct-to-consumer operations while stores were closed during lockdown .
The CMA said this afternoon that it is considering whether to appeal the decision , adding that the judgement endorsed its “ approach to making sure that mergers don ’ t leave UK shoppers worse off ” .
CMA chief executive Andrea Coscelli said : “ However , we are disappointed that the Tribunal disagreed with the CMA ’ s approach to information gathering about the specific impact of coronavirus on the @ @ @ @ @ @ @ .
“ We will now take stock of today ’ s judgment and carefully consider our next steps , including whether to appeal.
” JD Sports slammed the CMA ’ s decision in June , saying it had failed to “ take proper account of the dynamic and rapidly evolving competitive landscape in which we operate , as well as the long lasting — and likely permanent — impact that Covid-19 has had on our industry ” .
Read more : JD Sports calls for ‘ rental realism ’ as coronavirus impacts footfall @ @ @ @ @ @ @ to the downturn for retailers during the pandemic , claiming that the high street chain may have been forced into administration without backing from the merger .
It also pointed to increased pressures from rivals such as Mike Ashley ’ s Sports Direct , and brands such as Adidas and Nike .

JD Sports’ merger with Footasylum edges nearer after appeal
The business said payment card details were safe, and that it has no reason to think the hackers have accessed users’ passwords.
The competition watchdog’s decision to block a merger between JD Sports and Footasylum has been overturned following an appeal.
The Competition Appeals Tribunal said today that the Competition and Markets Authority had acted “irrationally” when it ruled in May that the tie-up would lead to a “substantially” lessening of competition nationally.
The tribunal ruled that the CMA had failed to follow up inquiries with suppliers or Footasylum’s primary lender, meaning it drew conclusions as to the likely effects of the Covid-19 pandemic without the necessary evidence.
It also said the watchdog had not properly considered the ability of rival sportswear brands Nike and Adidas to boost their direct-to-consumer operations while stores were closed during lockdown.
The CMA said this afternoon that it is considering whether to appeal the decision, adding that the judgement endorsed its “approach to making sure that mergers don’t leave UK shoppers worse off”.
CMA chief executive Andrea Coscelli said: “However, we are disappointed that the Tribunal disagreed with the CMA’s approach to information gathering about the specific impact of coronavirus on the sector given the circumstances at that time.
“We will now take stock of today’s judgment and carefully consider our next steps, including whether to appeal.”
JD Sports slammed the CMA’s decision in June, saying it had failed to “take proper account of the dynamic and rapidly evolving competitive landscape in which we operate, as well as the long lasting — and likely permanent — impact that Covid-19 has had on our industry”.
The company said Footasylum was particularly vulnerable to the downturn for retailers during the pandemic, claiming that the high street chain may have been forced into administration without backing from the merger.
It also pointed to increased pressures from rivals such as Mike Ashley’s Sports Direct, and brands such as Adidas and Nike.