cityam--2020-07-24--Garmin shuts down as ransomware attack causes outage

Garmin has been forced to shut down some of its operations after a ransomware attack caused an outage that left its fitness devices disconnected for almost a day .
The wearable sports technology maker shut down services including its official website and customer services , including all phone lines , online chat tools and email .
It also shut off the Garmin Connect service , affecting Garmin Watch users who were unable to connect their devices to the company ’ s smartphone app to track their fitness performance after the attack .
Read more : US accuses Chinese nationals of @ @ @ @ @ @ @ We are currently experiencing an outage that affects Garmin.com and Garmin Connect , ” the company said .
“ This outage also affects our call centres and we are currently unable to receive any calls , emails or online chats .
We are working to resolve this issue as quickly as possible and apologise for this inconvenience.
” Garmin did not say what caused the outage , or if any customer data has been affected .
However a number of Garmin employees told ZDNet that the attack used a strain of ransomware called @ @ @ @ @ @ @ Similarly an internal memo from Garmin ’ s IT staff in Taiwan , reviewed by iThome , said Garmin ’ s Taiwan data arms will be down for two days of maintenance to deal with a “ virus ” .
ZDNet said Garmin is currently planning a multi-day maintenance window to deal with the attack ’ s aftermath .
Ransomware has risen in popularity with cybercriminals in recent years , with data from Sonicwall showing the frequency of attacks rising at a rate of 20 per cent in 2020 alone .
“ The @ @ @ @ @ @ @ stolen at the time where the ransomware was installed , ” said Javvad Malik , a security awareness expert at Knowbe4 .
“ Wearable devices gather a lot of information about their owners , and having this data stolen could have wide-ranging implications .
”

Garmin shuts down as ransomware attack causes outage
Garmin has been forced to shut down some of its operations after a ransomware attack caused an outage that left its fitness devices disconnected for almost a day.
The wearable sports technology maker shut down services including its official website and customer services, including all phone lines, online chat tools and email.
It also shut off the Garmin Connect service, affecting Garmin Watch users who were unable to connect their devices to the company’s smartphone app to track their fitness performance after the attack.
“We are currently experiencing an outage that affects Garmin.com and Garmin Connect,” the company said.
“This outage also affects our call centres and we are currently unable to receive any calls, emails or online chats. We are working to resolve this issue as quickly as possible and apologise for this inconvenience.”
Garmin did not say what caused the outage, or if any customer data has been affected.
However a number of Garmin employees told ZDNet that the attack used a strain of ransomware called WastedLocker to take down the services.
Similarly an internal memo from Garmin’s IT staff in Taiwan, reviewed by iThome, said Garmin’s Taiwan data arms will be down for two days of maintenance to deal with a “virus”.
ZDNet said Garmin is currently planning a multi-day maintenance window to deal with the attack’s aftermath.
Ransomware has risen in popularity with cybercriminals in recent years, with data from Sonicwall showing the frequency of attacks rising at a rate of 20 per cent in 2020 alone.
“The concern is whether or not data was stolen at the time where the ransomware was installed,” said Javvad Malik, a security awareness expert at Knowbe4.
“Wearable devices gather a lot of information about their owners, and having this data stolen could have wide-ranging implications.”


cityam--2020-07-24--Luton residents told to stay at home amid fears of local lockdown

Council leaders in Luton have told residents to stay at home as much as possible amid fears that a rise in infections in the town could lead to a local lockdown .
Luton has been designated as an “ intervention area ” by the government , meaning the town ’ s infection rate is being monitored closely and further spike in cases could spark a Leicester-style local lockdown .
Read more : Johnson wages war on junk food ads in bid to tackle UK obesity Local leaders said gyms , pools and leisure centres will remain shuttered as the town @ @ @ @ @ @ @ while play areas will be closed .
Luton council ’ s director of public health has said that residents should not make social visits to other people ’ s homes , while testing capacity is set to be scaled up across the town .
“ Our main priority is to protect Luton and these measures only serve to underline the importance of doing just that , ” said Hazel Simmons , leader of Luton Borough Council .
“ Please pass these important messages on to your family and friends and if you can @ @ @ @ @ @ @ rate in Luton is among the 10 highest in England , with 709.5 people infected per 100,000 .
Earlier this week council leaders urged Luton residents living in the LU4 postcode to get tested , amid fears that the area was rapidly becoming local hotspot for Covid-19 .
The council today said residents should stay at home as much as possible and only meet up with others outside , as Luton tries to bring the virus under control .
Council leaders said “ the effectiveness of these measures will be continuously monitored and @ @ @ @ @ @ @ if necessary ” .
It is unlikely that a local lockdown will be announced today , however ministers have urged the government to issue guidance to curb Luton ’ s infection rate .
Luton North MP Sarah Owen said : “ I really hope we can avoid a local lockdown in Luton .
As our rate of infection increases locally , people are worried and need reassurance from government .
When we look to Leicester ’ s local lockdown , the right support from central government has not been in place for local @ @ @ @ @ @ @ last month forced Leicester to re-enter lockdown until 1 August , following a sharp spike in new infections in the city .
Non-essential stores will today be allowed to reopen their doors after more than three weeks of closure , however the government has said all but essential travel in to , out of and within the city is still not allowed .
Read more : London coronavirus cases : How many infections are in your London borough ?
Announcing the easing of lockdown measures across the country in May , Prime Minister @ @ @ @ @ @ @ not hesitate to apply the brakes ” if infection rates continue to rise across the country .
The PM said : “ I ’ m afraid there will be local outbreaks .
And I must tell you that if the virus were to begin to run out of control , I will not hesitate to put on the handbrake and reverse some of these changes at local or indeed national level as required.
” Before the Open : Get the jump on the markets with our early morning newsletter

Luton residents told to stay at home amid fears of local lockdown
Council leaders in Luton have told residents to stay at home as much as possible amid fears that a rise in infections in the town could lead to a local lockdown.
Luton has been designated as an “intervention area” by the government, meaning the town’s infection rate is being monitored closely and further spike in cases could spark a Leicester-style local lockdown.
Local leaders said gyms, pools and leisure centres will remain shuttered as the town tries to deal with fresh outbreaks, while play areas will be closed.
Luton council’s director of public health has said that residents should not make social visits to other people’s homes, while testing capacity is set to be scaled up across the town.
“Our main priority is to protect Luton and these measures only serve to underline the importance of doing just that,” said Hazel Simmons, leader of Luton Borough Council.
“Please pass these important messages on to your family and friends and if you can, stay at home.”
The infection rate in Luton is among the 10 highest in England, with 709.5 people infected per 100,000.
Earlier this week council leaders urged Luton residents living in the LU4 postcode to get tested, amid fears that the area was rapidly becoming local hotspot for Covid-19.
The council today said residents should stay at home as much as possible and only meet up with others outside, as Luton tries to bring the virus under control.
Council leaders said “the effectiveness of these measures will be continuously monitored and further steps may have to be taken if necessary”.
It is unlikely that a local lockdown will be announced today, however ministers have urged the government to issue guidance to curb Luton’s infection rate.
Luton North MP Sarah Owen said: “I really hope we can avoid a local lockdown in Luton. As our rate of infection increases locally, people are worried and need reassurance from government. When we look to Leicester’s local lockdown, the right support from central government has not been in place for local people.”
It comes as the government last month forced Leicester to re-enter lockdown until 1 August, following a sharp spike in new infections in the city.
Non-essential stores will today be allowed to reopen their doors after more than three weeks of closure, however the government has said all but essential travel in to, out of and within the city is still not allowed.
Announcing the easing of lockdown measures across the country in May, Prime Minister Boris Johnson said the government “will not hesitate to apply the brakes” if infection rates continue to rise across the country.
The PM said: “I’m afraid there will be local outbreaks. And I must tell you that if the virus were to begin to run out of control, I will not hesitate to put on the handbrake and reverse some of these changes at local or indeed national level as required.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-07-24--Goldman Sachs reaches $3.9bn settlement with Malaysia over 1MDB scandal

Goldman Sachs has agreed to a $ 3.9bn settlement with the Malaysian government over the multi-billion dollar 1MDB scandal .
The deal includes a cash payment of $ 2.5bn and a guarantee by Goldman to pay at least $ 1.4bn in assets linked to 1MDB bonds , Malaysia ’ s finance ministry said .
Read more : Goldman Sachs pleads not guilty to misleading investors in 1MDB scandal “ This settlement represents assets that rightfully belong to the Malaysian people , ” said Tengku Dato ’ Sri Zafrul Aziz , the Minister of Finance .
“ We are confident that @ @ @ @ @ @ @ Sachs compared to previous attempts , which were far below expectations.
” Malaysian prosecutors filed charges in December 2018 against three Goldman Sachs units for misleading investors over bond sales of % 6.5bn that the bank helped raise for sovereign wealth fund 1MDB .
The units pleaded not guilty to the charges and the investment bank has consistently denied wrongdoing , saying members of the former Malaysian government and 1MDB lied about how the proceeds from the bond sales would be used .
The US Department of Justice alleges a total of $ @ @ @ @ @ @ @ We are also glad to be able to resolve this outside the court system , which would have cost a lot of time , money and resources .
With this settlement , we will have the return of the monies expedited , and not held up by lengthy and costly court battles and legal process , ” Zafrul added .
Read more : Goldman Sachs partner caught up in 1MDB scandal barred from banking industry In a statement Goldman Sachs said : “ We are pleased to have reached an agreement with the @ @ @ @ @ @ @ and claims against Goldman Sachs.
” “ Today ’ s settlement is an important step towards putting the 1MDB matter behind us and will help enable the Malaysian government to move forward with additional recovery efforts and to execute on its economic priorities .
”

Goldman Sachs reaches $3.9bn settlement with Malaysia over 1MDB scandal
The investment bank appears to be trying to branch out, as its competitors – Citigroup and JPMorgan – offer a wider set of services to corporate clients.
Goldman Sachs has agreed to a $3.9bn settlement with the Malaysian government over the multi-billion dollar 1MDB scandal.
The deal includes a cash payment of $2.5bn and a guarantee by Goldman to pay at least $1.4bn in assets linked to 1MDB bonds, Malaysia’s finance ministry said.
“This settlement represents assets that rightfully belong to the Malaysian people,” said Tengku Dato’ Sri Zafrul Aziz, the Minister of Finance. “We are confident that we are securing more money from Goldman Sachs compared to previous attempts, which were far below expectations.”
Malaysian prosecutors filed charges in December 2018 against three Goldman Sachs units for misleading investors over bond sales of %6.5bn that the bank helped raise for sovereign wealth fund 1MDB.
The units pleaded not guilty to the charges and the investment bank has consistently denied wrongdoing, saying members of the former Malaysian government and 1MDB lied about how the proceeds from the bond sales would be used.
The US Department of Justice alleges a total of $4.5bn was misappropriated from 1MDB.
“We are also glad to be able to resolve this outside the court system, which would have cost a lot of time, money and resources. With this settlement, we will have the return of the monies expedited, and not held up by lengthy and costly court battles and legal process,” Zafrul added.
In a statement Goldman Sachs said: “We are pleased to have reached an agreement with the Government of Malaysia to resolve outstanding charges and claims against Goldman Sachs.”
“Today’s settlement is an important step towards putting the 1MDB matter behind us and will help enable the Malaysian government to move forward with additional recovery efforts and to execute on its economic priorities.”


cityam--2020-07-24--Revealed: The top 10 cities to be an Airbnb landlord

Cardiff has been ranked the most profitable city in the UK to be an Airbnb landlord , as the rental market gets back on track .
Data crunched by Vanquis showed Cardiff is the most profitable city for Airbnb hosts , with homeowners earning 86 per cent more by listing a room on Airbnb rather than through traditional renting sites .
A room listed on Airbnb for 52 nights a year in Cardiff would generate approximately £6,344 , compared to an average income of just £3,408 if it was rented out full-time .
Read more : How badly will coronavirus @ @ @ @ @ @ @ The stats compared the income from one night a week for a year on Airbnb , versus a full-time annual rent on traditional sites such as Spareroom .
Belfast and Manchester came in joint second place , reporting a 38 per cent upside to listing a room on Airbnb compared to renting .
However landlords in most UK cities are actually served better by traditional renting sites , with 14 out of the 21 cities analysed taking a loss on average from rooms on Airbnb .
London was ranked the most profitable for @ @ @ @ @ @ @ make £8,126 per year , compared to just £6,084 via Airbnb .
Here ’ s the full list , with all the upsides or downsides for landlords :

Revealed: The top 10 cities to be an Airbnb landlord
Airbnb showed resilience despite pandemic restrictions.
Cardiff has been ranked the most profitable city in the UK to be an Airbnb landlord, as the rental market gets back on track.
Data crunched by Vanquis showed Cardiff is the most profitable city for Airbnb hosts, with homeowners earning 86 per cent more by listing a room on Airbnb rather than through traditional renting sites.
A room listed on Airbnb for 52 nights a year in Cardiff would generate approximately £6,344, compared to an average income of just £3,408 if it was rented out full-time.
The stats compared the income from one night a week for a year on Airbnb, versus a full-time annual rent on traditional sites such as Spareroom.
Belfast and Manchester came in joint second place, reporting a 38 per cent upside to listing a room on Airbnb compared to renting.
However landlords in most UK cities are actually served better by traditional renting sites, with 14 out of the 21 cities analysed taking a loss on average from rooms on Airbnb.
London was ranked the most profitable for traditional rent, with homeowners able to make £8,126 per year, compared to just £6,084 via Airbnb.
Here’s the full list, with all the upsides or downsides for landlords:


cityam--2020-07-24--TfL may halt Crossrail 2 work over government funding review

Transport for London ( TfL ) today warned it may have to pause work on some of its biggest infrastructure projects , including Crossrail 2 , unless it gets a new funding deal from the government .
The capital ’ s transport operator this morning set out its revised budget for the year , saying it would need £3.5bn due to the damage done by the coronavirus pandemic .
Read more : TfL ’ s financial blackhole hits £3.5bn as commuters stay home As a result , it said that it had had to make some “ very hard choices @ @ @ @ @ @ @ could take forward .
“ The budget sets out which projects TfL intends to advance in the short term and which projects would require further certainty over government support before they could be progressed ” , it said .
“ Without the revised funding model that London needs , which would give long-term certainty of sustainable funding , some projects will be unable to progress ” .
It then said that it was working to find “ future funding options to deliver ” the Bakerloo Line extension to Lewisham , the Crossrail 2 @ @ @ @ @ @ @ to Thamesmead .
Before the Open newsletter : Start your day with the City View podcast and key market data “ TfL will continue its discussions with Government , whilst being realistic about what will be affordable over the next decade ” , it added .
The combined cost of the three projects is £28.8bn , according to TfL estimates .
According to its revised budget , TfL “ can not currently afford to progress them all ” .
The threat comes after the government announced the terms of reference for a review @ @ @ @ @ @ @ , which said it would explore “ alternative funding models ” .
Speaking to MPs on Wednesday , London mayor Sadiq Khan said that allowing London to spend its own tax take would be one option .
Read more : Sadiq Khan suggests London tax autonomy in new TfL bailout deal “ The government has two options really , looking at how things are done around the world .
“ One is for them to give us a grant for the short or medium term to cover the fact that we can not @ @ @ @ @ @ @ the moment .
The second is proper fiscal devolution ” , he said .

TfL may halt Crossrail 2 work over government funding review
Transport for London (TfL) today warned it may have to pause work on some of its biggest infrastructure projects, including Crossrail 2, unless it gets a new funding deal from the government.
The capital’s transport operator this morning set out its revised budget for the year, saying it would need £3.5bn due to the damage done by the coronavirus pandemic.
As a result, it said that it had had to make some “very hard choices” about which of its projects it could take forward.
“The budget sets out which projects TfL intends to advance in the short term and which projects would require further certainty over government support before they could be progressed”, it said.
“Without the revised funding model that London needs, which would give long-term certainty of sustainable funding, some projects will be unable to progress”.
It then said that it was working to find “future funding options to deliver” the Bakerloo Line extension to Lewisham, the Crossrail 2 rail link, and the DLR extension to Thamesmead.
Before the Open newsletter: Start your day with the City View podcast and key market data
“TfL will continue its discussions with Government, whilst being realistic about what will be affordable over the next decade”, it added.
The combined cost of the three projects is £28.8bn, according to TfL estimates.
According to its revised budget, TfL “cannot currently afford to progress them all”.
A DfT spokesperson said: “It is deeply disappointing that the schedule has been further delayed. In addition to the issues the project has experienced from the Covid-19 crisis, Crossrail Ltd have faced challenges in preparing for the start of intensive operational testing.
“The DfT will continue to work with Transport for London as they oversee Crossrail Ltd’s delivery of the new railway as soon as safely possible.”
The threat comes after the government announced the terms of reference for a review into the financing of TfL’s, which said it would explore “alternative funding models”.
Speaking to MPs on Wednesday, London mayor Sadiq Khan said that allowing London to spend its own tax take would be one option.
“The government has two options really, looking at how things are done around the world.
“One is for them to give us a grant for the short or medium term to cover the fact that we cannot get the level of fares in at the moment. The second is proper fiscal devolution”, he said.


cityam--2020-07-24--FTSE 100 drops sharply as US-China tensions surge

The FTSE 100 opened sharply lower after US-China relations soured further as the world ’ s two biggest economies scrapped over consulates .
London ’ s blue-chip index dropped 1.4 per cent to 6,124 points .
It improved marginally following news that Britain ’ s services sector grew at its fastest pace in five years in July , before slipping back to trade down 1.4 per cent by 10.30am .
Germany ’ s Dax slid 1.7 per cent while France ’ s CAC dropped 1.62 per cent .
The continent-wide Stoxx 600 slipped 1.71 per cent .
China announced the @ @ @ @ @ @ @ in Chengdu , south-west China .
Beijing said it was a direct retaliation for the US ’ s order that it close its consulate – a kind of mini-embassy – in Houston , Texas .
“ The US move seriously breached international law , the basic norms of international relations , and the terms of the China-US Consular Convention .
It gravely harmed China-US relations , ” China ’ s foreign ministry said in a statement .
Asian markets tumbled overnight , with China ’ s CSI 300 droppping 4.4 per cent .
@ @ @ @ @ @ @ 2.3 per cent .
Investors fear a new trade war between the two countries would derail the global economic recovery .
“ Fears are growing over the stability of the phase one trade deal , ” said Fiona Cincotta , market analyst at City Index , referencing the preliminary agreement the two sides struck in January .
“ This kind of tit-for-tat is not new ; a trade war has been raging for years – what ’ s new is the coronavirus and a presidential election in a few months , ” Neil @ @ @ @ @ @ @ added .
Rising US cases also weigh on FTSE 100 Stocks have been struggling to maintain their stellar rally in recent days amid an acceleration in global coronavirus cases .
Surging cases in the US have been a particular worry .
Yesterday , US assistant health secretary Brett Giroir said the country has around 200,000 infections daily .
Virus deaths rose in the US by more than 1,000 for a third consecutive day .
Investors ’ optimism on economic recovery from the pandemic appeared to hit a wall on Thursday , as data @ @ @ @ @ @ @ unemployment benefits unexpectedly rose last week for the first time in nearly four months .
US-China tensions , the virus itself and economic worries created a decidedly risk-off mood in markets this morning .
The Japanese yen , seen as a safe-haven asset in times of stress , jumped 0.9 per cent so one dollar bought ¥106.21 .
Better-than-expected retail sales could not support the FTSE 100 .
The volume of retail sales jumped 13.9 per cent from May to June .
Read more : UK retail sales surge close to pre-lockdown levels @ @ @ @ @ @ @ market analyst at currency firm Oanda , said investors were taking profits before an uncertain weekend .
“ Having rallied strongly this week , it probably didn ’ t take much for investors with itchy trigger fingers to head for the exit door , ” he said .
Tesco was the only major supermarket in the FTSE ’ s biggest risers , even as retail sales jumped 13.9 per cent from May to June .
Morrisons inched 0.33 per cent but Ocado dropped 3.76 per cent .
There was a broad sell-off in @ @ @ @ @ @ @ saw Apple and Microsoft drop 4.55 per cent and 4.34 per cent respectively .
This extended into Europe ’ s morning session , denting the likes of Scottish Mortgage Investment Trust , which has large stakes in Tesla and Amazon , as well as Just Eat and Ocado .
Centrica , the FTSE 250-listed owner of British Gas , soared 19.97 per cent in early trading after announcing the sale of its US unit to NRG Energy for $ 3.6bn .
“ The deal gives Centrica some breathing space with its debt pressures @ @ @ @ @ @ @ on the road towards restarting dividends , which is very important to shareholders , ” AJ Bell ’ s investment director Russ Mould said .
Get the news as it happens by following City A.M. on Twitter .

Markets live: FTSE 100 and US stocks drop sharply as US-China tensions flare
The FTSE 100 and US stocks fell after US-China relations soured and rising coronavirus cases threatened the global economic recovery.
London’s blue-chip index closed 1.4 per cent lower at 6,124 points, despite some better-than-expected economic data. The FTSE 250 closed 1.3 per cent down.
Read more: Asian shares retreat as US-China tensions sour
Germany’s Dax slid two per cent while France’s CAC dropped 1.5 per cent. The continent-wide Stoxx 600 slipped 1.7 per cent.
On Wall Street, the S&P 500 dropped 0.5 per cent. The Dow Jones also fell 0.5 per cent and the Nasdaq slipped 0.7 per cent.
Markets stayed in the red all day after China this morning announced the closure of the US’s consulate in Chengdu, south-west China.
Beijing said it was a direct retaliation for the US’s order that it close its consulate – a kind of mini-embassy – in Houston, Texas.
“The US move seriously breached international law, the basic norms of international relations, and the terms of the China-US Consular Convention. It gravely harmed China-US relations,” China’s foreign ministry said in a statement.
“Fears are growing over the stability of the phase one trade deal,” said Fiona Cincotta, market analyst at City Index, referencing the preliminary agreement the two sides struck in January.
FTSE 100 drops despite strong data
The FTSE 100 was briefly buoyed by better-than-expected survey data this morning. But optimism soon gave way in the face of geopolitical tensions and rising coronavirus cases.
The IHS Markit/Cips preliminary “composite” PMI which measures the health of the private sector hit 57.1 in July from 47.7 in June.
Duncan Brock, group director at the Chartered Institute of Procurement & Supply (Cips), said the overall July rebound “was fuelled by the release of pent up demand”.
However, Andrew Wishart, UK economist at Capital Economics, questioned the reliability of the PMI survey. He said: “It doesn’t suggest that the economy is anywhere near back to normal.”
It came as official figures showed UK retail sales almost recovered in June from their staggering drops during lockdown. The volume of retail sales jumped 13.9 per cent from May to June.
Morrisons and Tesco shares both rose more than two per cent after the figures were released. Sainsbury’s climbed around one per cent.
But FTSE 100 firms with the most to lose from a global slowdown and geopolitical tensions dropped. Investment giant M&G dropped six per cent. British Airways-owner IAG fell 4.8 per cent.
Gold ends week on a high
As clouds gathered over global markets, gold rose past the $1,900 barrier for the first time since 2011. Spot gold slipped back to $1,899 per ounce this afternoon.
The safe-haven commodity has been boosted in recent days by economic worries, low bond yields and the prospect of more economic stimulus. The yellow metal is seen as a hedge against inflation and currency debasement.
David Madden, market analyst at trading platform CMC Markets, added that the “bearish trend” of the dollar has helped. The greenback has fallen to around two-year lows amid the resurgence of coronavirus worries and ahead of a fraught presidential election.
The dollar was down 0.3 per cent on its index against other currencies this afternoon.
The euro rose to $1.163. It continued to test its highest levels since 2018 after the EU signed a huge €750bn (£680bn) coronavirus recovery fund.
Rising US cases weigh on global markets
The FTSE 100 and global stocks have been struggling to maintain their stellar rally in recent days amid an acceleration in global coronavirus cases. Surging cases in the US have been a particular worry.
Yesterday, US assistant health secretary Brett Giroir said the country has around 200,000 infections daily. Virus deaths rose in the US by more than 1,000 for a third consecutive day.
Data yesterday showed the number of Americans filing for unemployment benefits unexpectedly rose last week for the first time in nearly four months.
US investors were also shaken today by gloomy earnings news at the start of the session. Shares in American Express sunk after it reported quarterly revenue fell below expectations.
The selloff of big tech stocks continued for a second day, with Microsoft and Apple falling.
Read more: UK retail sales surge close to pre-lockdown levels in June recovery
Jeffrey Halley, senior market analyst at currency firm Oanda, said investors were taking profits before an uncertain weekend.
“Having rallied strongly this week, it probably didn’t take much for investors with itchy trigger fingers to head for the exit door,” he said.


cityam--2020-07-24--Elarqam to continue fine record on the Knavesmire

YORK can be a specialist track where course form often goes a long way , so look no further than ELARQAM in the Group Two Sky Bet York Stakes ( 2.40pm ) .
Mark Johnston ’ s son of Frankel won this race 12 months ago on soft ground , beating the mud-loving and now Group One winner Addeybb comfortably .
His form figures on the Knavesmire read 1313 , with that final third coming in last year ’ s Group One Juddmonte International where he was just over a length behind Japan and Crystal Ocean .
That is comfortably @ @ @ @ @ @ @ race and he looks the right favourite at around the 9/4 mark to become the first dual winner of this prize .
His short-head second to Lord North on his reappearance in the Brigadier Gerard Stakes at Haydock looks a lot stronger after the winner went on to take the Group One Prince Of Wales ’ s Stakes at Royal Ascot .
Johnston then stepped him up in trip for the Group Two Hardwicke Stakes , but stamina was always going to be a worry and the petrol ran out in the closing @ @ @ @ @ @ @ of 1m2½f at his favourite track , it is going to take a good one to beat him .
According to the market , Hughie Morrison ’ s Telecaster is the one most likely to chase him home and it ’ s easy to see why after he beat Too Darn Hot in the Group Two Dante Stakes last season .
He was disappointing in the Derby after that but has bounced back in much better form this season , finishing just one and a quarter lengths behind Elarqam at Haydock and then @ @ @ @ @ @ @ month .
He is the one many punters will be putting in the exacta with Elarqam on www.tote.co.uk , but Andrew Balding ’ s Fox Chairman could be an interesting option in that bet .
The Kingman colt had a fine debut season last year and looked to be running back into form when a close third in the Listed Coral Gala Stakes at Sandown on Eclipse day .
There was nothing between him and Aspetar at the line but I could see him reversing the places with York ’ s long straight @ @ @ @

Elarqam to continue fine record on the Knavesmire
Elarqam has a fine record at York
YORK can be a specialist track where course form often goes a long way, so look no further than ELARQAM in the Group Two Sky Bet York Stakes (2.40pm).
Mark Johnston’s son of Frankel won this race 12 months ago on soft ground, beating the mud-loving and now Group One winner Addeybb comfortably.
His form figures on the Knavesmire read 1313, with that final third coming in last year’s Group One Juddmonte International where he was just over a length behind Japan and Crystal Ocean.
That is comfortably the strongest piece of form in this race and he looks the right favourite at around the 9/4 mark to become the first dual winner of this prize.
His short-head second to Lord North on his reappearance in the Brigadier Gerard Stakes at Haydock looks a lot stronger after the winner went on to take the Group One Prince Of Wales’s Stakes at Royal Ascot.
Johnston then stepped him up in trip for the Group Two Hardwicke Stakes, but stamina was always going to be a worry and the petrol ran out in the closing stages.
Back to his perfect distance of 1m2½f at his favourite track, it is going to take a good one to beat him.
According to the market, Hughie Morrison’s Telecaster is the one most likely to chase him home and it’s easy to see why after he beat Too Darn Hot in the Group Two Dante Stakes last season.
He was disappointing in the Derby after that but has bounced back in much better form this season, finishing just one and a quarter lengths behind Elarqam at Haydock and then winning a Group Three at Longchamp last month.
He is the one many punters will be putting in the exacta with Elarqam on www.tote.co.uk, but Andrew Balding’s Fox Chairman could be an interesting option in that bet.
The Kingman colt had a fine debut season last year and looked to be running back into form when a close third in the Listed Coral Gala Stakes at Sandown on Eclipse day.
There was nothing between him and Aspetar at the line but I could see him reversing the places with York’s long straight sure to suit.
POINTERS
Elarqam 9/4 2.40pm York


cityam--2020-07-24--Vodafone targets 2021 IPO for European towers unit

Vodafone today confirmed it would target an early 2021 initial public offering ( IPO ) for its European telecoms towers business .
The spin-off will see the division renamed Vantage Towers after Vodafone signalled its intention to separate the unit to maximise shareholder value .
Read more : Vodafone lashes out over UK ’ s Huawei doubts Vodafone said it will seek a prime listing in Frankfurt for its European mast business after merging it with Greek company Wind Hellas ’ tower assets , a deal announced today .
The deal could include Vodafone ’ s 50 per cent stake @ @ @ @ @ @ @ portfolio of 14,300 towers .
Vodafone ’ s 50 per cent share amounts to between €50m ( £45.5m ) and €70m .
“ Today ’ s launch of Vantage Towers marks significant progress of the strategy I established when I became Vodafone CEO , specifically relating to the key pillar of improving asset utilisation , ” Vodafone CEO Nick Read said .
“ Vantage Towers will also unlock further value for shareholders , notably through the IPO targeted for early 2021 .
As Europe ’ s leading mobile and fixed services provider , @ @ @ @ @ @ @ leading tower infrastructure company , which will play a central role in enabling Europe ’ s sustainable and inclusive digital society.
” Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
The group refused to give a ballpark figure for the IPO , but said it would be “ lower ” than €10bn .
Speaking to journalists this morning , Read said Brexit was not a factor in picking Frankfurt over London for the towers business ’ IPO .
Instead he @ @ @ @ @ @ @ successful launch point for many businesses .
“ Frankfurt has shown success in a number of more complex IPOs .
And in the end its investor base itself is very international , ” he said .
Asked if the pivot towards continental Europe would affect the group ’ s operations in the UK , Read said : “ Don ’ t read anything into the fact that we put our towers business in Frankfurt .
We ’ re very committed to the UK and the UK headquartered business — we ’ re listed @ @ @ @ @ @ @ throughout the world.
” Vivek Badrinath , Vantage Towers ’ new chief executive , added : “ We have a strong platform to capture growth opportunities in connectivity across Europe , leveraging our long-term arrangements with leading operators.
” Read told journalists Vantage Towers would help Vodafone capitalise on the growing demand for 5G .
“ We are just at the start of the 5G cycle .
When operators and governments are looking to expand coverage and roll out 5G networks , there is an increasing desire for connectivity among businesses and consumers @ @ @ @ @ @ @ rises in data usage .
“ “ These trends create good growth opportunities [ and ] retail business and Vantage Towers is well positioned across each of its markets to on capitalise towers and infrastructure assets , ” Read added .
“ [ They ] have been popular with investors , because of the predictable long term nature of the revenues they derive from their customers.
” Vodafone made the announcement as it released its first quarter results this morning .
The telecoms firm saw revenue dip 1.4 per cent to €10.5bn over @ @ @ @ @ @ @ down from €10.7bn in the same period last year .
Vodafone said coronavirus lockdowns around the world had dented its service revenue , due to lower income from roaming charges and project delays .
The company also said lower prepaid SIM sales to tourists and migrant workers dented earnings , after Vodafone saw roaming and visitor revenue in Europe plunge 70 per cent over the quarter .
The group ’ s UK revenue slipped 1.9 per cent year-on-year , from €1.57bn to €1.46bn , while revenue in other countries such as Italy and @ @ @ @ @ @ @ 6.5 per cent and 6.9 per cent respectively .
Vodafone ’ s shares had fallen 4.6 per cent to 122.8p by mid-morning .
The group ’ s organic service revenue growth in Germany remained flat year-on-year , which Vodafone said reflected a “ resilient revenue mix ” .
Vodafone said it was on track to deliver at least a €400m reduction in net operating expenses across Europe for the full year .
The company ’ s outlook for adjusted earnings before tax remained unchanged , with the group expecting “ flat to slightly @ @ @ @ @ @ @ Vodafone also reiterated its full year guidance of €5bn of free cash flow .
Read said today : “ Our overall commercial performance in [ the first quarter ] has been good , and with further consistency of execution .
“ We have kept people connected and businesses functioning .
Looking ahead , and to achieve more as an industry , we need governments and regulators to support us with measures that promote a healthy , sustainable market structure… and enable us to make a fair return on the capital we deploy .
@ @ @ @ @ @ @ light.
” Read added that Vodafone were “ clearly disappointed ” at the government ’ s decision last week to ban Huawei technology from the UK ’ s 5G infrastructure over security concerns .
Earlier this month , Vodafone UK ’ s head of networks , Andrea Dona , said the firm would need a “ sensible time scale ” of at least five years to transition its network away from dependence on Huawei , in a move that would cost “ single figure billions ” .
Read more : Vodafone and BT @ @ @ @ @ @ @ cost ‘ billions ’ to scrap Huawei Speaking today , Vodafone ’ s chief executive said the company were looking at the “ complexity involved in this issue and trying to minimise disruption to customers through providing an adequate timeline ” for ripping out Huawei technology from its network .
Read added that Vodafone were “ working with the government ” to rectify the issue , but held back from giving a benchmark figure for how much the Huawei ban would cost Vodafone , adding : “ We just got the new rules @ @ @ @ @ @ @ the impact ” .
Read more : The Huawei ‘ U-turn ’ isn ’ t enough to keep Britain safe Richard Hunter , head of markets at Interactive Investor , said : “ Vodafone has suffered in the face of the pandemic along with many others , but positive underlying prospects remain in evidence .
“ On the one hand , the spike in data traffic has been a boon for the company , while also underlining the efficiency and dependability of its services .
“ Less positively , however , lower roaming @ @ @ @ @ @ @ travel along with corporate project delays in the period , have a punched a hole in income… There is still a considerable way to go for Vodafone to regain its former glories , with a 43 per cent decline in the price over the last three years a sign of the challenge ahead.
” Before the Open : Get the jump on the markets with our early morning newsletter

Vodafone targets 2021 IPO for European towers unit
Vodafone targets 2021 IPO for European towers unit
Vodafone today confirmed it would target an early 2021 initial public offering (IPO) for its European telecoms towers business.
The spin-off will see the division renamed Vantage Towers after Vodafone signalled its intention to separate the unit to maximise shareholder value.
Vodafone said it will seek a prime listing in Frankfurt for its European mast business after merging it with Greek company Wind Hellas’ tower assets, a deal announced today.
The deal could include Vodafone’s 50 per cent stake in Cornerstone Telecommunications Infrastructure (CTIL) portfolio of 14,300 towers. Vodafone’s 50 per cent share amounts to between €50m (£45.5m) and €70m.
“Today’s launch of Vantage Towers marks significant progress of the strategy I established when I became Vodafone CEO, specifically relating to the key pillar of improving asset utilisation,” Vodafone CEO Nick Read said.
“Vantage Towers will also unlock further value for shareholders, notably through the IPO targeted for early 2021. As Europe’s leading mobile and fixed services provider, we have now created Europe’s leading tower infrastructure company, which will play a central role in enabling Europe’s sustainable and inclusive digital society.”
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Vodafone towers IPO ‘below’ €10bn
Vodafone chief executive officer Nick Read hopes the spin-off IPO of Vantage Towers will boost shareholder value
The group refused to give a ballpark figure for the IPO, but said it would be “lower” than €10bn.
Speaking to journalists this morning, Read said Brexit was not a factor in picking Frankfurt over London for the towers business’ IPO. Instead he said Germany has proved itself as a successful launch point for many businesses.
“Frankfurt has shown success in a number of more complex IPOs. And in the end its investor base itself is very international,” he said.
Asked if the pivot towards continental Europe would affect the group’s operations in the UK, Read said: “Don’t read anything into the fact that we put our towers business in Frankfurt. We’re very committed to the UK and the UK headquartered business — we’re listed in the UK but we have businesses throughout the world.”
Vivek Badrinath, Vantage Towers’ new chief executive, added: “We have a strong platform to capture growth opportunities in connectivity across Europe, leveraging our long-term arrangements with leading operators.”
Towers IPO targets 5G demand
Read told journalists Vantage Towers would help Vodafone capitalise on the growing demand for 5G.
“We are just at the start of the 5G cycle. When operators and governments are looking to expand coverage and roll out 5G networks, there is an increasing desire for connectivity among businesses and consumers, and we’ll see healthy rises in data usage. “
Vodafone launched its 5G data network in London in July 2019. A year on, it hopes its towers IPO will capitalise on demand
“These trends create good growth opportunities [and] retail business and Vantage Towers is well positioned across each of its markets to on capitalise towers and infrastructure assets,” Read added.
“[They] have been popular with investors, because of the predictable long term nature of the revenues they derive from their customers.”
Lockdowns dent Vodafone revenue
Vodafone made the announcement as it released its first quarter results this morning.
The telecoms firm saw revenue dip 1.4 per cent to €10.5bn over the three months to 30 June, down from €10.7bn in the same period last year.
Vodafone said coronavirus lockdowns around the world had dented its service revenue, due to lower income from roaming charges and project delays.
The company also said lower prepaid SIM sales to tourists and migrant workers dented earnings, after Vodafone saw roaming and visitor revenue in Europe plunge 70 per cent over the quarter.
The group’s UK revenue slipped 1.9 per cent year-on-year, from €1.57bn to €1.46bn, while revenue in other countries such as Italy and Spain took a larger hit, decreasing 6.5 per cent and 6.9 per cent respectively.
Vodafone’s shares had fallen 4.6 per cent to 122.8p by mid-morning.
The group’s organic service revenue growth in Germany remained flat year-on-year, which Vodafone said reflected a “resilient revenue mix”.
Vodafone said it was on track to deliver at least a €400m reduction in net operating expenses across Europe for the full year.
The company’s outlook for adjusted earnings before tax remained unchanged, with the group expecting “flat to slightly down” results for the year. Vodafone also reiterated its full year guidance of €5bn of free cash flow.
Read said today: “Our overall commercial performance in [the first quarter] has been good, and with further consistency of execution.
“We have kept people connected and businesses functioning. Looking ahead, and to achieve more as an industry, we need governments and regulators to support us with measures that promote a healthy, sustainable market structure… and enable us to make a fair return on the capital we deploy. We have seen some positive signs of light.”
Vodafone ‘disappointed’ by UK Huawei ban
PM Boris Johnson has U-turned on an earlier decision to allow Huawei into non-core parts of the UK’s 5G network, causing consternation for British telcos
Read added that Vodafone were “clearly disappointed” at the government’s decision last week to ban Huawei technology from the UK’s 5G infrastructure over security concerns.
Earlier this month, Vodafone UK’s head of networks, Andrea Dona, said the firm would need a “sensible time scale” of at least five years to transition its network away from dependence on Huawei, in a move that would cost “single figure billions”.
Speaking today, Vodafone’s chief executive said the company were looking at the “complexity involved in this issue and trying to minimise disruption to customers through providing an adequate timeline” for ripping out Huawei technology from its network.
Read added that Vodafone were “working with the government” to rectify the issue, but held back from giving a benchmark figure for how much the Huawei ban would cost Vodafone, adding: “We just got the new rules and therefore we have to work through the impact”.
Richard Hunter, head of markets at Interactive Investor, said: “Vodafone has suffered in the face of the pandemic along with many others, but positive underlying prospects remain in evidence.
“On the one hand, the spike in data traffic has been a boon for the company, while also underlining the efficiency and dependability of its services.
“Less positively, however, lower roaming revenues as a result of decreasing international travel along with corporate project delays in the period, have a punched a hole in income… There is still a considerable way to go for Vodafone to regain its former glories, with a 43 per cent decline in the price over the last three years a sign of the challenge ahead.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-07-24--Mortgage searches skyrocket following Sunak’s stamp duty holiday announcement

Mortgage searches have jumped 29 per cent over the last two weeks , after chancellor Rishi Sunak ’ s announcement of a reduction in stamp duty sparked potential homebuyers into action .
The chancellor earlier this month unveiled an immediate stamp duty holiday for homes sold for up to £500,000 in England and Northern Ireland until 31 March next year , in a bid to revive the ailing UK property market .
The previous threshold at which stamp duty payments kicked in was £125,000 , or £300,000 for first-time buyers .
The chancellor said the stamp duty holiday will result @ @ @ @ @ @ @ will benefit nine in 10 house buyers .
The announcement sparked a flurry of mortgage enquiries from UK homeseekers , with Experian ’ s mortgage comparison service notching a 29 per cent increase in searches , the latest data showed .
House purchase leads made up a higher proportion of searches on Experian ’ s website than remortgages , suggesting Sunak ’ s attempt to encourage Brits into buying property was well-noted .
Amir Goshtai , managing director of Experian Marketplace , said : “ Since the chancellor ’ s announcement of a @ @ @ @ @ @ @ seen a surge in people searching for mortgages , demonstrating its immediate impact.
” He added : “ Mortgage product availability is starting to grow to meet this demand , as lenders reintroduce products back to market , including higher loan to value ranges .
The announcement should also help more people qualify for these products as the stamp duty holiday enables them to provide a larger deposit.
” It comes as the UK property market took a beating during the pandemic , after house sales ground to a halt following the Prime @ @ @ @ @ @ @ lockdown in March .
Since restrictions were eased in May and prospective buyers were allowed to view properties , activity has rebounded sharply , with UK property transactions growing almost a third in the month to June .
However , industry figures have warned that the sharp spike could be a knee-jerk reaction to pent-up demand , as property transactions still remain 35 per cent down year on year .
Andrew Southern , chairman of property developer Southern Grove , said : “ The annual decline isn ’ t particularly flattering but it @ @ @ @ @ @ @ most important .
The next few months are going to make June look like an amuse-bouche rather than an entrée .
“ A healthy improvement in volumes month on month points to a large proportion of agreed sales that were knocked back due to the pandemic finally reaching completion .
However , those who only began seriously looking in late May won ’ t necessarily feature in these figures for months yet.
” Estate agents also warned that the steep hike in house sales may be the result of a surge in lockdown @ @ @ @ @ @ @ jumped by around 40 per cent since the start of the UK ’ s coronavirus lockdown , Co-op Legal Services said in June .
“ We are seeing a spike without a shadow of a doubt , and we ’ re starting to see that boost of stock come through , ” James Forrester , managing director of Barrows & Forrester estate agents in Birmingham , told City A.M. “ It ’ s just unfortunate we ’ re seeing the boost from people deciding they no longer want to be together.
” Britain @ @ @ @ @ @ @ post-lockdown boom over the last few weeks , with asking prices pushed to a record high , according to property website Rightmove .
Latest figures showed that the average price of a property coming on to the market in the UK reached £320,265 this month — the highest figure on Rightmove ’ s records .
This was up 2.4 per cent on the previous record of £312,625 reported in March , just before the housing market pressed pause .
Estate agents have noticed a particular spike in enquiries for homes priced between £400,000 @ @ @ @ @ @ @ lockdown sparked demand for bigger spaces .
Read more : How badly will coronavirus hit UK house prices in 2020 ?
Homes in the Milton Keynes postcode soared 136 per cent following Sunak ’ s stamp duty holiday announcement , followed by Watford and Harrow .
Rightmove commercial director Miles Shipside said : “ The uplift in enquiries is likely a mixture of people looking in new areas to see what they can now afford , changing their search criteria to bigger , slightly more expensive homes , and new movers coming into @ @ @ @ @ @ @ extra budget to move home .
“ The savings of £15,000 on property above £500,000 may also help some people to trade up more easily.
” Before the Open : Get the jump on the markets with our early morning newsletter

Mortgage searches skyrocket following Sunak’s stamp duty holiday announcement
“I’m gutted,” says one first time buyers who missed the stamp duty deadline.
Mortgage searches have jumped 29 per cent over the last two weeks, after chancellor Rishi Sunak’s announcement of a reduction in stamp duty sparked potential homebuyers into action.
The chancellor earlier this month unveiled an immediate stamp duty holiday for homes sold for up to £500,000 in England and Northern Ireland until 31 March next year, in a bid to revive the ailing UK property market.
The previous threshold at which stamp duty payments kicked in was £125,000, or £300,000 for first-time buyers.
The chancellor said the stamp duty holiday will result in an average saving of £4,500 and will benefit nine in 10 house buyers.
The announcement sparked a flurry of mortgage enquiries from UK homeseekers, with Experian’s mortgage comparison service notching a 29 per cent increase in searches, the latest data showed.
House purchase leads made up a higher proportion of searches on Experian’s website than remortgages, suggesting Sunak’s attempt to encourage Brits into buying property was well-noted.
Amir Goshtai, managing director of Experian Marketplace, said: “Since the chancellor’s announcement of a stamp duty holiday, we’ve seen a surge in people searching for mortgages, demonstrating its immediate impact.”
He added: “Mortgage product availability is starting to grow to meet this demand, as lenders reintroduce products back to market, including higher loan to value ranges. The announcement should also help more people qualify for these products as the stamp duty holiday enables them to provide a larger deposit.”
It comes as the UK property market took a beating during the pandemic, after house sales ground to a halt following the Prime Minister’s announcement of a national lockdown in March.
Since restrictions were eased in May and prospective buyers were allowed to view properties, activity has rebounded sharply, with UK property transactions growing almost a third in the month to June.
However, industry figures have warned that the sharp spike could be a knee-jerk reaction to pent-up demand, as property transactions still remain 35 per cent down year on year.
Andrew Southern, chairman of property developer Southern Grove, said: “The annual decline isn’t particularly flattering but it’s the trajectory that’s most important. The next few months are going to make June look like an amuse-bouche rather than an entrée.
“A healthy improvement in volumes month on month points to a large proportion of agreed sales that were knocked back due to the pandemic finally reaching completion. However, those who only began seriously looking in late May won’t necessarily feature in these figures for months yet.”
Estate agents also warned that the steep hike in house sales may be the result of a surge in lockdown break-ups and divorces.
Divorce enquiries have jumped by around 40 per cent since the start of the UK’s coronavirus lockdown, Co-op Legal Services said in June.
“We are seeing a spike without a shadow of a doubt, and we’re starting to see that boost of stock come through,” James Forrester, managing director of Barrows & Forrester estate agents in Birmingham, told City A.M.
“It’s just unfortunate we’re seeing the boost from people deciding they no longer want to be together.”
Britain’s housing market has enjoyed a post-lockdown boom over the last few weeks, with asking prices pushed to a record high, according to property website Rightmove.
Latest figures showed that the average price of a property coming on to the market in the UK reached £320,265 this month — the highest figure on Rightmove’s records.
This was up 2.4 per cent on the previous record of £312,625 reported in March, just before the housing market pressed pause.
Estate agents have noticed a particular spike in enquiries for homes priced between £400,000 and £500,000, after countryside retreats during lockdown sparked demand for bigger spaces.
Homes in the Milton Keynes postcode soared 136 per cent following Sunak’s stamp duty holiday announcement, followed by Watford and Harrow.
Rightmove commercial director Miles Shipside said: “The uplift in enquiries is likely a mixture of people looking in new areas to see what they can now afford, changing their search criteria to bigger, slightly more expensive homes, and new movers coming into the market because they now have enough extra budget to move home.
“The savings of £15,000 on property above £500,000 may also help some people to trade up more easily.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-07-24--PM Johnson: 'Open questions' on whether lockdown was too late

Prime Minister Boris Johnson has said there are “ open questions ” on whether lockdown measures were implemented too late in the UK , as coronavirus remained a mystery to scientists at the time .
Asked whether lockdown came too late , Johnson said : “ When you listen to the scientists , the questions that you ’ ve just asked are actually very open questions as far as they are concerned .
“ This was something that was new , that we didn ’ t understand in the way that we would have liked in the first few weeks @ @ @ @ @ @ @ BBC .
Read more : Johnson calls anti-vaxxers ‘ nuts ’ as fears mount over second wave of coronavirus “ The single thing that we didn ’ t see at the beginning was the extent to which it was being transmitted asymptomatically from person to person.
” Johnson admitted that the government could have done things “ differently ” at the start of the pandemic , and spoke of “ lessons to be learned ” .
The latest government figures estimate more than 45,000 people in the UK have died after testing positive @ @ @ @ @ @ @ .
Johnson has promised an independent inquiry into the government ’ s handling of the pandemic , but has yet to provide further details .
Read more : Johnson wages war on junk food ads in bid to tackle UK obesity Today the government announced that 30m people in the UK will be offered a flu vaccine this year , in a bid to limit the coronavirus ’ impact on the NHS this winter .
Johnson said this would be on top of government initiatives to increase testing and tracing and buy more @ @ @ @ @ @ @ What people really want to focus on now is what are we doing to prepare for the next phase .
”

PM Johnson: ‘Open questions’ on whether lockdown was too late
Prime Minister Boris Johnson has said there are “open questions” on whether lockdown measures were implemented too late in the UK, as coronavirus remained a mystery to scientists at the time.
Asked whether lockdown came too late, Johnson said: “When you listen to the scientists, the questions that you’ve just asked are actually very open questions as far as they are concerned.
“This was something that was new, that we didn’t understand in the way that we would have liked in the first few weeks and months,” he told the BBC.
“The single thing that we didn’t see at the beginning was the extent to which it was being transmitted asymptomatically from person to person.”
Johnson admitted that the government could have done things “differently” at the start of the pandemic, and spoke of “lessons to be learned”.
The latest government figures estimate more than 45,000 people in the UK have died after testing positive for coronavirus, while cases near 300,000.
Johnson has promised an independent inquiry into the government’s handling of the pandemic, but has yet to provide further details.
Today the government announced that 30m people in the UK will be offered a flu vaccine this year, in a bid to limit the coronavirus’ impact on the NHS this winter.
Johnson said this would be on top of government initiatives to increase testing and tracing and buy more personal protective equipment, adding: “What people really want to focus on now is what are we doing to prepare for the next phase.”


cityam--2020-07-24--Markets live: FTSE 100 and US stocks drop sharply as US-China tensions flare

The FTSE 100 and US stocks fell after US-China relations soured and rising coronavirus cases threatened the global economic recovery .
London ’ s blue-chip index closed 1.4 per cent lower at 6,124 points , despite some better-than-expected economic data .
The FTSE 250 closed 1.3 per cent down .
Germany ’ s Dax slid two per cent while France ’ s CAC dropped 1.5 per cent .
The continent-wide Stoxx 600 slipped 1.7 per cent .
On Wall Street , the S & P 500 dropped 0.5 per cent .
The Dow Jones also fell 0.5 per cent and @ @ @ @ @ @ @ Markets stayed in the red all day after China this morning announced the closure of the US ’ s consulate in Chengdu , south-west China .
Beijing said it was a direct retaliation for the US ’ s order that it close its consulate – a kind of mini-embassy – in Houston , Texas .
“ The US move seriously breached international law , the basic norms of international relations , and the terms of the China-US Consular Convention .
It gravely harmed China-US relations , ” China ’ s foreign ministry said @ @ @ @ @ @ @ growing over the stability of the phase one trade deal , ” said Fiona Cincotta , market analyst at City Index , referencing the preliminary agreement the two sides struck in January .
The FTSE 100 was briefly buoyed by better-than-expected survey data this morning .
But optimism soon gave way in the face of geopolitical tensions and rising coronavirus cases .
The IHS Markit/Cips preliminary “ composite ” PMI which measures the health of the private sector hit 57.1 in July from 47.7 in June .
Duncan Brock , group director at @ @ @ @ @ @ @ ( Cips ) , said the overall July rebound “ was fuelled by the release of pent up demand ” .
However , Andrew Wishart , UK economist at Capital Economics , questioned the reliability of the PMI survey .
He said : “ It doesn ’ t suggest that the economy is anywhere near back to normal.
” It came as official figures showed UK retail sales almost recovered in June from their staggering drops during lockdown .
The volume of retail sales jumped 13.9 per cent from May to June .
@ @ @ @ @ @ @ close to pre-lockdown levels in June recovery Morrisons and Tesco shares both rose more than two per cent after the figures were released .
Sainsbury ’ s climbed around one per cent .
But FTSE 100 firms with the most to lose from a global slowdown and geopolitical tensions dropped .
Investment giant M & G dropped six per cent .
British Airways-owner IAG fell 4.8 per cent .
As clouds gathered over global markets , gold rose past the $ 1,900 barrier for the first time since 2011 .
Spot gold slipped @ @ @ @ @ @ @ afternoon .
The safe-haven commodity has been boosted in recent days by economic worries , low bond yields and the prospect of more economic stimulus .
The yellow metal is seen as a hedge against inflation and currency debasement .
David Madden , market analyst at trading platform CMC Markets , added that the “ bearish trend ” of the dollar has helped .
The greenback has fallen to around two-year lows amid the resurgence of coronavirus worries and ahead of a fraught presidential election .
The dollar was down 0.3 per cent @ @ @ @ @ @ @ afternoon .
The euro rose to $ 1.163 .
It continued to test its highest levels since 2018 after the EU signed a huge €750bn ( £680bn ) coronavirus recovery fund .
The FTSE 100 and global stocks have been struggling to maintain their stellar rally in recent days amid an acceleration in global coronavirus cases .
Surging cases in the US have been a particular worry .
Yesterday , US assistant health secretary Brett Giroir said the country has around 200,000 infections daily .
Virus deaths rose in the US by more @ @ @ @ @ @ @ .
Data yesterday showed the number of Americans filing for unemployment benefits unexpectedly rose last week for the first time in nearly four months .
US investors were also shaken today by gloomy earnings news at the start of the session .
Shares in American Express sunk after it reported quarterly revenue fell below expectations .
The selloff of big tech stocks continued for a second day , with Microsoft and Apple falling .
Read more : UK retail sales surge close to pre-lockdown levels in June recovery Jeffrey Halley , senior market @ @ @ @ @ @ @ investors were taking profits before an uncertain weekend .
“ Having rallied strongly this week , it probably didn ’ t take much for investors with itchy trigger fingers to head for the exit door , ” he said .


cityam--2020-07-24--Revolut snaps up another $80m from Brewdog backers

Revolut has raised a further $ 80m to close out its series D funding round from TSG , a Silicon Valley private equity firm that has backed the likes of Brewdog , water brand Voss and Smashbox Cosmetics .
The $ 80m is in addition to the $ 500m in funding that Revolut announced earlier this year , taking its total amount raised to date to $ 917m .
Valued at $ 5.5bn , Revolut is the UK ’ s most valuable consumer fintech firm .
Read more : Fintech bank Revolut launches in the US Revolut said it will @ @ @ @ @ @ @ operations rollout across Europe , expanding to full bank accounts and lending services .
It will also speed up its US arm and debut new product lines , including a new subscription management tool that is set to launch in the coming weeks .
“ While we were not actively looking to raise any additional capital , TSG approached us with an exciting proposition to work together , ” said Nik Storonsky , Revolut co-founder and chief executive .
“ Given TSG ’ s track record of backing some of the most successful @ @ @ @ @ @ @ , we were very pleased to have them onboard as we accelerate the rapid adoption of our platform.
” TSG opened an office in London last year , and raised a new $ 4bn fund to take stakes in European startups .
Revolut said it now has more than 12m registered customers , with 2,000 people in 23 offices globally .

Revolut snaps up another $80m from Brewdog backers
Revolut said revenues in 2022 had also surged 33% as it reported four quarters of profit in 2021
Revolut has raised a further $80m to close out its series D funding round from TSG, a Silicon Valley private equity firm that has backed the likes of Brewdog, water brand Voss and Smashbox Cosmetics.
The $80m is in addition to the $500m in funding that Revolut announced earlier this year, taking its total amount raised to date to $917m.
Valued at $5.5bn, Revolut is the UK’s most valuable consumer fintech firm.
Revolut said it will use the investment to accelerate its banking operations rollout across Europe, expanding to full bank accounts and lending services.
It will also speed up its US arm and debut new product lines, including a new subscription management tool that is set to launch in the coming weeks.
“While we were not actively looking to raise any additional capital, TSG approached us with an exciting proposition to work together,” said Nik Storonsky, Revolut co-founder and chief executive.
“Given TSG’s track record of backing some of the most successful and innovative consumer companies in recent years, we were very pleased to have them onboard as we accelerate the rapid adoption of our platform.”
TSG opened an office in London last year, and raised a new $4bn fund to take stakes in European startups.
Revolut said it now has more than 12m registered customers, with 2,000 people in 23 offices globally.


cityam--2020-07-24--Back in business: Our regular round-up of London's reopened bars and restaurants

Coronavirus may have shuttered the food industry since lockdown was announced , but the restaurant business is bouncing back , with dozens of our favourite places to eat reopening every day .
Peruvian restaurant group Lima was one of the brave restaurants keeping us fed during lockdown with its Lima Home delivery service , giving us all a taste of what we have been missing .
Now both Lima in Fitzrovia and Floral by Lima in Covent Garden have reopened their doors , meaning you can enjoy the Michelin-starred food in the surroundings in which it was first intended .
@ @ @ @ @ @ @ limalondongroup.com or call 020 3002 2640 ; 31 Rathbone Pl , Fitzrovia , London W1T 1JH The Greek restaurant in Fitzrovia reopened on 8 July , featuring a bookable private outdoor terrace and plans for private dining menus .
The team have also recently launched a Greek Escape takeaway picnic menu designed around dishes and wines found in Mediterranean hotspots .
• To make a reservation go to ampeli.london or call 020 3355 5370 ; 18 Charlotte St , Fitzrovia , W1T 2LZ Tomos Parry ’ s Michelin-starred restaurant moved to East London @ @ @ @ @ @ @ Climpson ’ s Arch on the 11 July .
Alongside Brat x Climpson ’ s Arch , Brat at Home is also launching , offering boxes filled with signature dishes from the restaurant and produce from their suppliers .
Open seven days a week from 5pm-10pm , reservations for tables of two , four or six people are open now via the Brat website .
Brat restaurant on Redchurch Street will reopen on the 21 July .
• To make a reservation go to bratrestaurant.com ; 4 Redchurch St , Hackney , E1 @ @ @ @ @ @ @ in the heart of Shoreditch reopened on 11 July , with capacity reduced to create more space between guests .
The menu features new dishes including curried whole cornish Crab .
• To make a reservation go to smokinggoatbar.com ; 64 Shoreditch High St , Hackney , E1 6JJ This side-of-the-road-type restaurant , which features a short grill menu and daily changing specials will reopen on the 24 July .
Headed up by Meedu Saahd , the cooking is inspired by the rural simplicity of the Thai borderlands , where dishes combining Burmese @ @ @ @ @ @ @ over an open fire .
• To make a reservation go to kilnsoho.com ; 58 Brewer St , Soho , London W1F 9TL

Back in business: Our regular round-up of London’s reopened bars and restaurants
Coronavirus may have shuttered the food industry since lockdown was announced, but the restaurant business is bouncing back, with dozens of our favourite places to eat reopening every day.
Brat
Ampeli
Kiln
Smoking Goat
Lima
Lima
Peruvian restaurant group Lima was one of the brave restaurants keeping us fed during lockdown with its Lima Home delivery service, giving us all a taste of what we have been missing. Now both Lima in Fitzrovia and Floral by Lima in Covent Garden have reopened their doors, meaning you can enjoy the Michelin-starred food in the surroundings in which it was first intended.
• To make a reservation go to limalondongroup.com or call 020 3002 2640; 31 Rathbone Pl, Fitzrovia, London W1T 1JH
Ampeli
The Greek restaurant in Fitzrovia reopened on 8 July, featuring a bookable private outdoor terrace and plans for private dining menus. The team have also recently launched a Greek Escape takeaway picnic menu designed around dishes and wines found in Mediterranean hotspots.
• To make a reservation go to ampeli.london or call 020 3355 5370; 18 Charlotte St, Fitzrovia, W1T 2LZ
Brat
Tomos Parry’s Michelin-starred restaurant moved to East London for a two month summer residency at Climpson’s Arch on the 11 July. Alongside Brat x Climpson’s Arch, Brat at Home is also launching, offering boxes filled with signature dishes from the restaurant and produce from their suppliers. Open seven days a week from 5pm-10pm, reservations for tables of two, four or six people are open now via the Brat website. Brat restaurant on Redchurch Street will reopen on the 21 July.
• To make a reservation go to bratrestaurant.com; 4 Redchurch St, Hackney, E1 6JL
Smoking Goat
The Thai barbecue restaurant and bar in the heart of Shoreditch reopened on 11 July, with capacity reduced to create more space between guests. The menu features new dishes including curried whole cornish Crab.
• To make a reservation go to smokinggoatbar.com; 64 Shoreditch High St, Hackney, E1 6JJ
Kiln
This side-of-the-road-type restaurant, which features a short grill menu and daily changing specials will reopen on the 24 July. Headed up by Meedu Saahd, the cooking is inspired by the rural simplicity of the Thai borderlands, where dishes combining Burmese and Yunanese spicing and flavours are cooked over an open fire.
• To make a reservation go to kilnsoho.com; 58 Brewer St, Soho, London W1F 9TL


cityam--2020-07-24--BA owner IAG mulls €2.75bn raise by 'end of summer'

British Airways owner IAG is mulling for a share issue worth up to £2.75bn ( £2.4bn ) at the end of the summer .
The plans to raise equity come as the airline group takes steps to shore up its finances in light of the coronavirus pandemic , which has battered the global aviation sector .
Read more : BA pilots urged to accept pay cuts by union to save jobs In a regulatory notice to the London and Madrid stock exchanges the group confirmed that it was considering taking the step .
It said : “ The Group is @ @ @ @ @ @ @ of up to €2.75 billion that would further strengthen IAG ’ s balance sheet .
“ No decision has been made as to whether or when to proceed with a rights issue ” .
Since the pandemic began , the group has lost two-thirds of its share price , and the stock dropped another four per cent this afternoon .
Earlier sources told Reuters that the business was most likely to look to raise through a rights issue to current shareholders by the beginning of September .
“ Being a rescue deal , @ @ @ @ @ @ @ visibility on air traffic during the summer months , ” one said .
Unlike many of its counterparts , IAG has not sought a government bailout during the pandemic , though it has availed itself of lending and furlough schemes in countries such as the UK and Spain .
Before the Open newsletter : Start your day with the City View podcast and key market data In May , it was revealed that BA had drawn down £300m from the Bank of England ’ s Corporate Covid Financing Facility , while sisters Vueling @ @ @ @ @ @ @ scheme in Spain .
Chief executive Willie Walsh is a well-known opponent of state aid .
When IAG reported a first quarter loss of €1.5bn in May , he said : “ Where airlines are unwilling or unable to reform , they should not be bailed out by receiving free money from the government ” .
European rivals Lufthansa and Air France have both obtained huge rescue packages worth €9bn and €7bn from their respective governments .
According to the reports , the company is working with US investment banks Goldman Sachs and @ @ @ @ @ @ @ and Deutsche Bank on the plan .
The sources said that an announcement could coincide with results on 31 July .
IAG was not immediately available for comment .

BA owner IAG mulls €2.75bn raise by ‘end of summer’
British Airways owner IAG is mulling for a share issue worth up to £2.75bn (£2.4bn) at the end of the summer.
The plans to raise equity come as the airline group takes steps to shore up its finances in light of the coronavirus pandemic, which has battered the global aviation sector.
In a regulatory notice to the London and Madrid stock exchanges the group confirmed that it was considering taking the step.
It said: “The Group is evaluating the merits of a rights issue of up to €2.75 billion that would further strengthen IAG’s balance sheet.
“No decision has been made as to whether or when to proceed with a rights issue”.
Since the pandemic began, the group has lost two-thirds of its share price, and the stock dropped another four per cent this afternoon.
Earlier sources told Reuters that the business was most likely to look to raise through a rights issue to current shareholders by the beginning of September.
“Being a rescue deal, investors will undoubtedly prefer to have more visibility on air traffic during the summer months,” one said.
Unlike many of its counterparts, IAG has not sought a government bailout during the pandemic, though it has availed itself of lending and furlough schemes in countries such as the UK and Spain.
Before the Open newsletter: Start your day with the City View podcast and key market data
In May, it was revealed that BA had drawn down £300m from the Bank of England’s Corporate Covid Financing Facility, while sisters Vueling and Iberia claimed €1bn from a similar scheme in Spain.
Chief executive Willie Walsh is a well-known opponent of state aid. When IAG reported a first quarter loss of €1.5bn in May, he said:
“Where airlines are unwilling or unable to reform, they should not be bailed out by receiving free money from the government”.
European rivals Lufthansa and Air France have both obtained huge rescue packages worth €9bn and €7bn from their respective governments.
According to the reports, the company is working with US investment banks Goldman Sachs and Morgan Stanley and its corporate brokers Barclays and Deutsche Bank on the plan.
The sources said that an announcement could coincide with results on 31 July. IAG was not immediately available for comment.


cityam--2020-07-24--Intel's next-generation chip delay sparks shares sell-off

Intel ’ s share price sank more than 16 per cent as markets opened this afternoon , after it said it would be postponing the launch of its next-generation chip .
Intel said it would be pushing back the launch of the 7 nanometre ( 7nm ) chips by six months until 2022 , after it identified a “ defect ” in its manufacturing process .
It also said that it is considering outsourcing some of its manufacturing to third-party suppliers to make up for the delay , and improve its performance against rivals after 2023 .
Read more : @ @ @ @ @ @ @ for new Mac computers Intel ’ s current-generation chips are 10mn , and experienced similar delays in the run-up to their launch .
Those chips , first promised in 2015 , were eventually launched in last year .
The announcement is another blow for Intel , after Apple said last month it would transition away from using the company ’ s processors for its Mac computers and design its own chips .
It leaves a gap in the market for rivals such as TSMC , AMD and Nvidia , who will now hold @ @ @ @ @ @ @ on building or designing chips , but not doing both like Intel .
In its second-quarter earnings report last night , Intel beat expectations with strong revenue and profit figures despite the coronavirus pandemic .
Read more : Big tech antitrust hearing delayed as probe gets underway Revenue for the three months to the end of June was $ 19.73bn , compared with analysts ’ estimates of $ 18.55bn .
Net income rose 22 per cent to $ 5.1bn .
Ben Barringer , an equity research analyst at Quilter Cheviot , called Intel @ @ @ @ @ @ @ a significant admission of failure ” by the chipmaker .
“ For many investors , this is like watching Ferrari announce that they have chosen to use Mercedes ’ engines — unimaginable .
”

Intel’s next-generation chip delay sparks shares sell-off
Intel’s share price sank more than 16 per cent as markets opened this afternoon, after it said it would be postponing the launch of its next-generation chip.
Intel said it would be pushing back the launch of the 7 nanometre (7nm) chips by six months until 2022, after it identified a “defect” in its manufacturing process.
It also said that it is considering outsourcing some of its manufacturing to third-party suppliers to make up for the delay, and improve its performance against rivals after 2023.
Intel’s current-generation chips are 10mn, and experienced similar delays in the run-up to their launch. Those chips, first promised in 2015, were eventually launched in last year.
The announcement is another blow for Intel, after Apple said last month it would transition away from using the company’s processors for its Mac computers and design its own chips.
It leaves a gap in the market for rivals such as TSMC, AMD and Nvidia, who will now hold sway in their argument for either focusing on building or designing chips, but not doing both like Intel.
In its second-quarter earnings report last night, Intel beat expectations with strong revenue and profit figures despite the coronavirus pandemic.
Revenue for the three months to the end of June was $19.73bn, compared with analysts’ estimates of $18.55bn. Net income rose 22 per cent to $5.1bn.
Ben Barringer, an equity research analyst at Quilter Cheviot, called Intel’s delay and outsourcing announcement “a significant admission of failure” by the chipmaker.
“For many investors, this is like watching Ferrari announce that they have chosen to use Mercedes’ engines — unimaginable.”


cityam--2020-07-24--Government adds five countries to travel corridors list Portugal snubbed

The government has added five new countries to its list of countries people from England can travel without needing to quarantine on return , but has left Portugal off .
It had been widely expected that the Iberian nation would be added to the “ travel corridor ” list , having been snubbed when the initial list was released three weeks ago .
Read more : End of quarantine : Where can you go on holiday this summer ?
From 28 July , Estonia , Latvia , Slovakia , Slovenia and St Vincent and the Grenadines will be added to @ @ @ @ @ @ @ The decision met with frustration in Portugal , with foreign minister Augusto Silva saying that it was “ neither substantiated nor backed by the facts ” .
Millions of British holidaymakers flock to the Algarve every year , meaning Portugal ’ s vital tourist industry is likely to take a considerable hit .
Despite a recent surge in new cases , Spain remained on the list of approved countries .
Before the Open newsletter : Start your day with the City View podcast and key market data In a statement , however , @ @ @ @ @ @ @ prepared to respond rapidly if the health situation of a country deteriorates ” .
Other countries such as Norway have banned travel to Spain , where the latest data from the European Centre for Disease Prevention and Control ( ECDC ) showed COVID-19 infections in Spain had risen to 30.9 per 100,000 inhabitants .
At the beginning of June the UK government imposed a mandatory 14-day quarantine on all incoming travellers due to coronavirus fears .
The move was deeply unpopular with lawmakers and businesses alike , who said the move could have @ @ @ @ @ @ @ s ability to recover from the pandemic .
Read more : Number of overseas visitors to UK halved in March on coronavirus fears At the beginning of July an initial list of 59 countries was released to which English people could travel without the need to self-isolate .
The DfT said that the list would remain subject to review every 28 days .

Government adds five countries to travel corridors list Portugal snubbed
The government has added five new countries to its list of countries people from England can travel without needing to quarantine on return, but has left Portugal off.
It had been widely expected that the Iberian nation would be added to the “travel corridor” list, having been snubbed when the initial list was released three weeks ago.
From 28 July, Estonia, Latvia, Slovakia, Slovenia and St Vincent and the Grenadines will be added to the list, the DfT confirmed.
The decision met with frustration in Portugal, with foreign minister Augusto Silva saying that it was “neither substantiated nor backed by the facts”.
Millions of British holidaymakers flock to the Algarve every year, meaning Portugal’s vital tourist industry is likely to take a considerable hit.
Despite a recent surge in new cases, Spain remained on the list of approved countries.
Before the Open newsletter: Start your day with the City View podcast and key market data
In a statement, however, the DfT said: “We are prepared to respond rapidly if the health situation of a country deteriorates”.
Other countries such as Norway have banned travel to Spain, where the latest data from the European Centre for Disease Prevention and Control (ECDC) showed COVID-19 infections in Spain had risen to 30.9 per 100,000 inhabitants.
At the beginning of June the UK government imposed a mandatory 14-day quarantine on all incoming travellers due to coronavirus fears.
The move was deeply unpopular with lawmakers and businesses alike, who said the move could have a huge impact on the country’s ability to recover from the pandemic.
At the beginning of July an initial list of 59 countries was released to which English people could travel without the need to self-isolate.
The DfT said that the list would remain subject to review every 28 days.


cityam--2020-07-24--3D printing takes on new dimensions

3D printing takes on new dimensions

3D printing ’ s evolution has dished up developments galore to chew over recently .
Six months ago a company ‘ making ’ a ( plant-based ) steak captured headlines , with the BBC asking : ‘ would you eat a ‘ steak ’ printed by robots ?
’ .
The same firm – a Barcelona start-up , NovaMeat – was in the headlines again a couple of months ago , unveiling 3D-printed ( plant-based ) ‘ pork ’ skewers .
This week , again in the food sector , we read that KFC is developing 3D-printed ‘ chicken ’ @ @ @ @ @ @ @ 3D printing – whose technical name is additive manufacturing – is penetrating sectors well beyond its established applications in fields ranging from medical devices ( such as the manufacturing of hearing-aids ) to industrial engineering .
The pace of innovation in 3D printing , which has a history stretching back more than 30 years , is increasing .
European patent applications for 3D printing increased at an average annual rate of 36 % from 2015 to 2018 ( more than ten times greater than the average yearly growth of all patent applications combined @ @ @ @ @ @ @ ) , according to data released last week by the European Patent Office ( EPO ) .
The USA made 34.8 % of 3D printing patent applications with the Munich-headquartered EPO between 2010-2018 ; Germany made 19 % ; Japan made 9.2 % ; and the UK made 5 % – the second largest European contributor ( just ahead of France at 4.8 % ) , according to the EPO ’ s 84-page report on trends in 3D printing technologies .
The biggest sectors for 3D printing patent applications are healthcare , energy @ @ @ @ @ @ @ electronics , construction , consumer goods and – yes – food also show rapid growth .
“ 3D printing is one of the most exciting technologies currently improving healthcare , ” the Association of British HealthTech Industries ( ABHI ) ’ s director of policy and communications , Richard Phillips , tells City AM .
“ The ability to manufacture bespoke products close to patients offers almost limitless potential .
With our engineering heritage , world-leading universities , Life Sciences Industrial Strategy [ published in 2017 ] and the NHS , the UK @ @ @ @ @ @ @ Within transport , 3D printing ’ s potential has also caught the eye of Railway Industry Association ( RIA ) senior technical and innovation manager Richard Jones .
The sector has , he says , seen greater focus on 3D fabrication in recent years and there is “ clearly untapped potential ” in developing 3D printing-related technologies further .
The scale of uptake , he says , will depend on factors such as whether companies feel 3D-printed materials are sturdy and safe enough .
As chief executive of manufacturers ’ trade association Make @ @ @ @ @ @ @ across a wide range of sectors .
He believes the coronavirus pandemic has showcased 3D printing ’ s growing importance .
“ The crisis has catapulted the adoption of digital technologies by industry and what might have taken five years has , in some cases , taken five months , ” he says .
“ The increased use of 3D printing has been very evident involving medical equipment in particular and , as the Fourth Industrial Revolution accelerates , it will be one for the forms of technology that industry will increasingly adopt @ @ @ @ @ @ @ processes.
” James Hunt of the University of Sheffield Advanced Manufacturing Research Centre ( AMRC ) is optimistic for 3D printing ’ s growth although he says that set-up costs can potentially become a “ real show-stopper ” , especially when using metals .
AMRC ’ s engineers joined the surge of organisations nationwide switching the use of their 3D printers to make personal protective equipment ( PPE ) for hospitals during the early weeks of the coronavirus crisis .
Hunt reflects : “ The challenges around sourcing medical equipment during Covid-19 have @ @ @ @ @ @ @ limitations in their ability to provide a rapid response .
Additive manufacturing , as part of a digital manufacturing toolkit , provides the flexibility and agility required of today ’ s production environment.
” Two out of three patent applications in 3D printing technologies were filed by very large companies , according to the EPO .
But , increasingly , start-ups and SMEs are also pushing innovation into new areas .
Rem3dy Health launched a 3D-printed vitamin brand , Nourished , last October .
The company has a growing number of 3D printers @ @ @ @ @ @ @ more being built – whirring away at its Birmingham base producing personalised supplements .
Using patented technology , Nourished combines seven active ingredients into one customised , vegan and sugar-free gummy stack , which are posted to about 3,000 subscribers every month .
“ We saw how consumer demand has driven personalisation across sectors such as retail and health , and applied it to nutrition , ” explains company founder Melissa Snover .
Rem3dy is aiming to launch a 3D-printed personalised medicine ‘ dispensary and combination solution ’ , Scripted , in 2021 @ @ @ @ @ @ @ in the pipeline .
Enthused by the potential of the 3D market more broadly , Snover believes that greater use of 3D printers in traditional manufacturing and also domestic settings , as 3D printers become more versatile and accessible , will continue to drive the technology into the mainstream .
“ Additive manufacturing enables the user to create bespoke solutions in rapid time , which I believe will have huge advantages for a number of industries as we see the trend in personalisation expand and grow , ” she says .

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3D printing takes on new dimensions
Nourished: a British start-up is using 3D-printing technology to make personalised vitamins
3D printing’s evolution has dished up developments galore to chew over recently. Six months ago a company ‘making’ a (plant-based) steak captured headlines, with the BBC asking: ‘would you eat a ‘steak’ printed by robots?’.
The same firm – a Barcelona start-up, NovaMeat – was in the headlines again a couple of months ago, unveiling 3D-printed (plant-based) ‘pork’ skewers. This week, again in the food sector, we read that KFC is developing 3D-printed ‘chicken’ nuggets.
These quirky examples illustrate how 3D printing – whose technical name is additive manufacturing – is penetrating sectors well beyond its established applications in fields ranging from medical devices (such as the manufacturing of hearing-aids) to industrial engineering.
Healthcare leads way as patent applications surge
The pace of innovation in 3D printing, which has a history stretching back more than 30 years, is increasing. European patent applications for 3D printing increased at an average annual rate of 36% from 2015 to 2018 (more than ten times greater than the average yearly growth of all patent applications combined during the same period – 3.5%), according to data released last week by the European Patent Office (EPO).
The USA made 34.8% of 3D printing patent applications with the Munich-headquartered EPO between 2010-2018; Germany made 19%; Japan made 9.2%; and the UK made 5% – the second largest European contributor (just ahead of France at 4.8%), according to the EPO’s 84-page report on trends in 3D printing technologies.
The biggest sectors for 3D printing patent applications are healthcare, energy and transport, while industrial tooling, electronics, construction, consumer goods and – yes – food also show rapid growth.
‘Almost limitless’ potential for UK Plc
“3D printing is one of the most exciting technologies currently improving healthcare,” the Association of British HealthTech Industries (ABHI)’s director of policy and communications, Richard Phillips, tells City AM. “The ability to manufacture bespoke products close to patients offers almost limitless potential. With our engineering heritage, world-leading universities, Life Sciences Industrial Strategy [published in 2017] and the NHS, the UK is exceptionally well positioned to capitalise.”
Within transport, 3D printing’s potential has also caught the eye of Railway Industry Association (RIA) senior technical and innovation manager Richard Jones. The sector has, he says, seen greater focus on 3D fabrication in recent years and there is “clearly untapped potential” in developing 3D printing-related technologies further. The scale of uptake, he says, will depend on factors such as whether companies feel 3D-printed materials are sturdy and safe enough.
As chief executive of manufacturers’ trade association Make UK, Stephen Phipson has a view across a wide range of sectors. He believes the coronavirus pandemic has showcased 3D printing’s growing importance. “The crisis has catapulted the adoption of digital technologies by industry and what might have taken five years has, in some cases, taken five months,” he says. “The increased use of 3D printing has been very evident involving medical equipment in particular and, as the Fourth Industrial Revolution accelerates, it will be one for the forms of technology that industry will increasingly adopt as part of new working practices and processes.”
James Hunt of the University of Sheffield Advanced Manufacturing Research Centre (AMRC) is optimistic for 3D printing’s growth although he says that set-up costs can potentially become a “real show-stopper”, especially when using metals.
AMRC’s engineers joined the surge of organisations nationwide switching the use of their 3D printers to make personal protective equipment (PPE) for hospitals during the early weeks of the coronavirus crisis. Hunt reflects: “The challenges around sourcing medical equipment during Covid-19 have highlighted how traditional manufacturing methods can have limitations in their ability to provide a rapid response. Additive manufacturing, as part of a digital manufacturing toolkit, provides the flexibility and agility required of today’s production environment.”
Patented technology enabling product personalisation
Two out of three patent applications in 3D printing technologies were filed by very large companies, according to the EPO. But, increasingly, start-ups and SMEs are also pushing innovation into new areas.
Rem3dy Health launched a 3D-printed vitamin brand, Nourished, last October. The company has a growing number of 3D printers – currently about 20, with many more being built – whirring away at its Birmingham base producing personalised supplements. Using patented technology, Nourished combines seven active ingredients into one customised, vegan and sugar-free gummy stack, which are posted to about 3,000 subscribers every month.
“We saw how consumer demand has driven personalisation across sectors such as retail and health, and applied it to nutrition,” explains company founder Melissa Snover.
Rem3dy is aiming to launch a 3D-printed personalised medicine ‘dispensary and combination solution’, Scripted, in 2021 and has other brand extensions for Nourished in the pipeline.
Enthused by the potential of the 3D market more broadly, Snover believes that greater use of 3D printers in traditional manufacturing and also domestic settings, as 3D printers become more versatile and accessible, will continue to drive the technology into the mainstream.
“Additive manufacturing enables the user to create bespoke solutions in rapid time, which I believe will have huge advantages for a number of industries as we see the trend in personalisation expand and grow,” she says.