cityam--2020-08-04--Coronavirus: How safe is the post-lockdown commute to work?

After more than four months of lockdown Londoners are beginning to return to the office as public transport operators take measures to make the once-daily commute as safe as possible from coronavirus .
Prime Minister Boris Johnson gave employers “ more discretion ” from 1 August to bring back their staff if it was safe to do so .
And business leaders such as Barclays ’ Jes Staley are keen to bring an end to their enforced exodus from London ’ s business hubs in the City and Canary Wharf .
However , they will have to contend with staff @ @ @ @ @ @ @ lie-ins and longer showers for 6am alarms and crowded train carriages .
Read more : England lockdown : Guidance on public transport and workplaces to be relaxed For others , health remains the main concern .
According to commuter watchdog Transport Focus , three in 10 workers “ do not feel safe on public transport at the moment ” .
One of the main challenges over the coming months may be convincing staff that it is indeed safe to travel .
Unsurprisingly , public transport operators have sprung into overdrive since the coronavirus @ @ @ @ @ @ @ implemented monumental cleaning regimes , social distancing and the mandatory wearing of masks to make commuting as safe as possible for passengers .
Transport for London ’ s ( TfL ) director of bus operations Claire Mann says convincing people it is safe to travel is one of the transport network ’ s key goals for the coming weeks and months .
“ Clearly , as restrictions ease , we need to play our part in the economic recovery by ensuring people have the confidence to come back to public transport , ” @ @ @ @ @ @ @ really want to do is encourage people that they can return to public transport , and we want to make sure that they realise that it ’ s clean and safe.
” What have transport operators done to make commutes safe ?
Rail operators have put in place a huge package of measures to make sure services are clean for post-lockdown commutes .
For example , Southern Rail cleans every one of its 2,700 carriage overnight , and also runs “ turnaround cleaning ” operations .
These involve sanitising seats , arm rests @ @ @ @ @ @ @ rails every time a service pulls into a station .
Every 21 days Southern also applies a chemical agent called Zoono to its carriages .
Customer service director Chris Fowler tells City A.M. the product gives 30 days ’ protection against the virus .
Other operators like Southeastern Rail and TfL are also using the disinfectant .
In addition , Fowler says Southern Rail has made a Covid-19 plan for every one of its stations .
It has added sanitisation stations , one-way routes and emergency plans to avoid overcrowding on post-lockdown commutes @ @ @ @ @ @ @ to two-metre social distancing measures on all of its services , despite the government reducing the official guidelines to “ one metre plus ” .
Many of these steps are common across operators , Fowler says , in an attempt to create a “ seamless journey for the customer , so they are not faced with one company doing something different from another ” .
Some have called in the scientists to test how effective their approaches to coronavirus-proof commutes are .
Last month Imperial College biologists carried out coronavirus testing at high @ @ @ @ @ @ @ air at Vauxhall , Pimlico and Victoria stations .
All 24 samples came back negative .
Southeastern has also done the same at five of its stations , with the same result : no coronavirus was found , and it will now go ahead with testing at all of its stations before passengers begin commutes in earnest .
How to coronavirus-proof your post-lockdown commute Passengers can also ensure their commute to work after lockdown is as safe as possible from coronavirus .
The advice is pretty simple , says Fowler – wash your @ @ @ @ @ @ @ check your travel arrangements to avoid busy services .
Even better – avoid using public transport at all , if it is possible for you to walk or cycle to work , he adds , to minimise the risk of coronavirus .
So far it seems that the majority of commuters are following these instructions .
Speaking to the Transport Select Committee last week , London mayor Sadiq Khan said 90 per cent of Londoners using TfL public transport are complying with coronavirus face mask rules .
A further five per cent are @ @ @ @ @ @ @ safe to use public transport amid coronavirus ?
However , there remains a sense that many people still need to be convinced that it is in fact safe to use public transport while coronavirus remains a threat .
The success of the government ’ s earlier ‘ Stay At Home ’ messaging is partly to blame , Go-Ahead Group ’ s commercial director Katy Taylor says .
“ At first , the government was very nervous about the number of people using public transport for social distancing reasons , ” she tells City @ @ @ @ @ @ @ understanding that public transport itself was unsafe.
” “ But that rationale was only for social distancing – public transport isn ’ t not safe and has never been not safe , ” she adds .
Mann agrees .
She says using public transport is “ at least ” as safe as going to the pub or the supermarket , “ if not safer ” for post-lockdown commutes .
Read more : People more likely to contract coronavirus at home , new study finds Could coronavirus spell the end for rush hour commutes @ @ @ @ @ @ @ commuters can do is try to avoid the dreaded rush hour .
Social distancing rules mean Tube services can only carry up to 25 per cent of their capacity safely , a figure which rises to 40 per cent for buses .
Read more : Transport for London trials thermal cameras to spot Covid symptoms TfL and others say they have been in touch with businesses to ask them to consider shifting employees ’ working hours where possible .
At Southern , for example , staff offer companies data as to how busy @ @ @ @ @ @ @ the course of the day to try and flatten peaks in demand .
Again , it appears to be working .
Mann and Fowler both say travel patterns have already started to shift in recent weeks .
“ We ’ ve seen the peak shift – it ’ s far earlier now .
We used to talk about seven to half eight as the busiest period but it ’ s now starting from five or half five and it ’ s really spread out , ” Fowler explains .
More than one in @ @ @ @ @ @ @ said they thought their job will be home-based with limited travel to their workplace in future .
Among those who were previously rail commuters , this figure rose to almost half .
So could the rush hour be a thing of the past ?
Travel operators suspect we may well have seen the last of crowded public transport commutes after coronavirus .
But those City A.M. spoke to are waiting to see what happens when more people start travelling over the coming months .
Although higher numbers of people are now starting to @ @ @ @ @ @ @ TfL is not expecting a surge when the government ’ s work from home directive ends in early August .
Instead London ’ s transport body is preparing for a “ slow rise through September ” .
When commuters do return in higher numbers , Mann says it is key that operators try and project a sense of normality to reassure them .
But ultimately , as Taylor tells City A.M. , the onus also lies on commuters to manage the risks that they are prepared to take .
Read more : PM @ @ @ @ @ @ @ bailout “ The risks are no greater on public transport than they are in any number of other avenues .
They are no greater than in a pub , a supermarket , or a workplace , so it ’ s about evaluating risk ” , she said .
“ At the end of the day , it ’ s as safe as anything you ’ re going to do outside your house .
”

Coronavirus: How safe is the post-lockdown commute to work?
Packed tubes and fewer vaccinated youth are likely what fuelled London’s shift to home working more than any other UK region.
After more than four months of lockdown Londoners are beginning to return to the office as public transport operators take measures to make the once-daily commute as safe as possible from coronavirus.
Prime Minister Boris Johnson gave employers “more discretion” from 1 August to bring back their staff if it was safe to do so.
And business leaders such as Barclays’ Jes Staley are keen to bring an end to their enforced exodus from London’s business hubs in the City and Canary Wharf.
However, they will have to contend with staff who may be reluctant to abandon their lie-ins and longer showers for 6am alarms and crowded train carriages.
For others, health remains the main concern. According to commuter watchdog Transport Focus, three in 10 workers “do not feel safe on public transport at the moment”.
One of the main challenges over the coming months may be convincing staff that it is indeed safe to travel.
Unsurprisingly, public transport operators have sprung into overdrive since the coronavirus lockdown began to ease. They have implemented monumental cleaning regimes, social distancing and the mandatory wearing of masks to make commuting as safe as possible for passengers.
Transport for London’s (TfL) director of bus operations Claire Mann says convincing people it is safe to travel is one of the transport network’s key goals for the coming weeks and months.
“Clearly, as restrictions ease, we need to play our part in the economic recovery by ensuring people have the confidence to come back to public transport,” she tells City A.M.
“What we really want to do is encourage people that they can return to public transport, and we want to make sure that they realise that it’s clean and safe.”
What have transport operators done to make commutes safe?
Rail operators have put in place a huge package of measures to make sure services are clean for post-lockdown commutes.
For example, Southern Rail cleans every one of its 2,700 carriage overnight, and also runs “turnaround cleaning” operations. These involve sanitising seats, arm rests, tables, door buttons and grab rails every time a service pulls into its terminus.
Every 21 days Southern also applies a chemical agent called Zoono to its carriages. Customer service director Chris Fowler tells City A.M. the product gives 30 days’ protection against the virus. Other operators like Southeastern Rail and TfL are also using the disinfectant.
Govia Thameslink Railway staff spray Zoono as an anti-coronavirus measure at St Alban’s Station. (Credit: GTR)
In addition, Fowler says Southern Rail has made a Covid-19 plan for every one of its stations. It has added sanitisation stations, one-way routes and emergency plans to avoid overcrowding on post-lockdown commutes.
It is also trying to keep to two-metre social distancing measures on all of its services, despite the government reducing the official guidelines to “one metre plus”.
Many of these steps are common across operators, Fowler says, in an attempt to create a “seamless journey for the customer, so they are not faced with one company doing something different from another”.
Some have called in the scientists to test how effective their approaches to coronavirus-proof commutes are. Last month Imperial College biologists carried out coronavirus testing at high frequency touch points, and in the air at Vauxhall, Pimlico and Victoria stations. All 24 samples came back negative.
Southeastern has also done the same at five of its stations, with the same result: no coronavirus was found, and it will now go ahead with testing at all of its stations before passengers begin commutes in earnest.
How to coronavirus-proof your post-lockdown commute
Passengers can also ensure their commute to work after lockdown is as safe as possible from coronavirus. The advice is pretty simple, says Fowler – wash your hands, wear a mask, and check your travel arrangements to avoid busy services.
And of course, if it is possible for you to walk or cycle to work, he adds, you should do so, to avoid crowding on services.
So far it seems that the majority of commuters are following these instructions. Speaking to the Transport Select Committee last week, London mayor Sadiq Khan said 90 per cent of Londoners using TfL public transport are complying with coronavirus face mask rules. A further five per cent are exempt for medical reasons.
A walkthrough of the social distancing measures that have been put in place at Blackfriars Station to enable post-lockdown commutes. (Credit: GTR)
Is it safe to use public transport amid coronavirus?
However, there remains a sense that many people still need to be convinced that it is in fact safe to use public transport while coronavirus remains a threat.
The success of the government’s earlier ‘Stay At Home’ messaging is partly to blame, Go-Ahead Group’s commercial director Katy Taylor says.
“At first, the government was very nervous about the number of people using public transport for social distancing reasons,” she tells City A.M. “But this mutated into an understanding that public transport itself was unsafe.”
“But that rationale was only for social distancing – public transport isn’t not safe and has never been not safe,” she adds.
Mann agrees. She says using public transport is “at least” as safe as going to the pub or the supermarket, “if not safer” for post-lockdown commutes.
Could coronavirus spell the end for rush hour commutes?
Arguably, the best thing that commuters can do is try to avoid the dreaded rush hour.
Social distancing rules mean Tube services can only carry up to 25 per cent of their capacity safely, a figure which rises to 40 per cent for buses.
TfL and others say they have been in touch with businesses to ask them to consider shifting employees’ working hours where possible.
At Southern, for example, staff offer companies data as to how busy their stations are in 15-minute chunks over the course of the day to try and flatten peaks in demand.
Again, it appears to be working. Mann and Fowler both say travel patterns have already started to shift in recent weeks.
Coronavirus may lead to the decline of the dreaded rush hour commute, with people travelling at different times of day instead.
“We’ve seen the peak shift – it’s far earlier now. We used to talk about seven to half eight as the busiest period but it’s now starting from five or half five and it’s really spread out,” Fowler explains.
More than one in three commuters in Transport Focus’ survey said they thought their job will be home-based with limited travel to their workplace in future. Among those who were previously rail commuters, this figure rose to almost half.
So could the rush hour be a thing of the past? Travel operators suspect we may well have seen the last of crowded public transport commutes after coronavirus. But those City A.M. spoke to are waiting to see what happens when more people start travelling over the coming months.
Commuters can ‘manage the risk’ coronavirus poses
Although higher numbers of people are now starting to use public transport again, Mann says TfL is not expecting a surge when the government’s work from home directive ends in early August.
Instead London’s transport body is preparing for a “slow rise through September”.
When commuters do return in higher numbers, Mann says it is key that operators try and project a sense of normality to reassure them.
But ultimately, as Taylor tells City A.M., the onus also lies on commuters to manage the risks that they are prepared to take.
“The risks are no greater on public transport than they are in any number of other avenues. They are no greater than in a pub, a supermarket, or a workplace, so it’s about evaluating risk”, she said.
“At the end of the day, it’s as safe as anything you’re going to do outside your house.”


cityam--2020-08-05--Lockdown reimposed in Aberdeen after coronavirus outbreak

Lockdown restrictions are being reimposed in Aberdeen following a sharp spike in infections in the region , Scotland ’ s First Minister Nicola Sturgeon announced today .
Pubs and restaurants will be among venues to close from 5pm today as part of the containment measures .
Aberdeen residents will be told not to go to one another ’ s houses , as Scotland scrambles to contain a fresh outbreak in the city .
Sturgeon said there had been 54 cases in the “ significant outbreak ” and that the cluster had now involved community transmissions .
Travel to the city @ @ @ @ @ @ @ while travel out of the city is not advised .
Those living in the area have been told not to travel more than five miles for leisure purposes , though travel for work or education is permitted .
Sturgeon said Scotland had “ extremely reluctantly ” agreed to reimpose the restrictions after discussions with NHS Grampian , Police Scotland and the city council .
The First Minister added that the new measures will be reviewed in a week ’ s time , adding that she hoped they would either be wholly or partly @ @ @ @ @ @ @ warning of further social distancing measures not he horizon , Sturgeon said the fresh lockdown could be extended beyond that seven-day period .
The Scottish leader said a list of the 20 licensed venues involved in the outbreak would be published later today , urging all customers who have visited the pubs recently to be “ extra vigilant ” .
It comes after the UK government last week introduced fresh lockdown restrictions in the north of England following a sharp spike in infections .
More than 4.5m people in Greater Manchester , East @ @ @ @ @ @ @ last night banned from meeting other households indoors .
Health secretary Matt Hancock described the move as “ absolutely necessary ” .
Prime Minister Boris Johnson said it was time to “ squeeze that brake pedal in order to keep the virus under control , ” warning that he would not hesitate to reimpose lockdown restrictions on a local “ or indeed national level ” .

Lockdown reimposed in Aberdeen after coronavirus outbreak
Lockdown restrictions are being reimposed in Aberdeen following a sharp spike in infections in the region, Scotland’s First Minister Nicola Sturgeon announced today.
Pubs and restaurants will be among venues to close from 5pm today as part of the containment measures.
Aberdeen residents will be told not to go to one another’s houses, as Scotland scrambles to contain a fresh outbreak in the city.
Sturgeon said there had been 54 cases in the “significant outbreak” and that the cluster had now involved community transmissions.
Travel to the city will be banned with immediate effect, while travel out of the city is not advised.
Those living in the area have been told not to travel more than five miles for leisure purposes, though travel for work or education is permitted.
Sturgeon said Scotland had “extremely reluctantly” agreed to reimpose the restrictions after discussions with NHS Grampian, Police Scotland and the city council.
The First Minister added that the new measures will be reviewed in a week’s time, adding that she hoped they would either be wholly or partly lifted.
However, in a stark warning of further social distancing measures not he horizon, Sturgeon said the fresh lockdown could be extended beyond that seven-day period.
“This virus hasn’t gone away. If you doubted that, then today we have evidence of how true that is,” she said.
The Scottish leader said a list of the 20 licensed venues involved in the outbreak would be published later today, urging all customers who have visited the pubs recently to be “extra vigilant”.
She added that businesses will be able to re-furlough staff affected by the new lockdown, and that the Scottish government will look at additional financial measures to help.
It comes after the UK government last week introduced fresh lockdown restrictions in the north of England following a sharp spike in infections.
More than 4.5m people in Greater Manchester, East Lancashire and parts of West Yorkshire were last night banned from meeting other households indoors.
Health secretary Matt Hancock described the move as “absolutely necessary”.
Prime Minister Boris Johnson said it was time to “squeeze that brake pedal in order to keep the virus under control,” warning that he would not hesitate to reimpose lockdown restrictions on a local “or indeed national level”.


cityam--2020-08-05--Compulsory face masks 'did not deter or encourage shoppers' in July

Compulsory face masks did not deter or encourage shoppers returning to the high street last month , the latest research showed .
A quarter of consumers said they were more likely to go shopping after the face mask rule was brought in , while 21 per cent said the new restrictions would discourage them .
Read more : WH Smith to cut 1,500 jobs as high street and travel footfall plummets In the week beginning 19 July , when face coverings were made compulsory in English stores , footfall dipped 2.8 per cent , statistics showed .
However retail experts @ @ @ @ @ @ @ the impact of face masks on long-term footfall trends .
Weekly footfall figures in July were up by 12.7 per cent compared to June , but yearly figures were down 53 per cent , according to Ipsos Retail Performance data .
Tim Dension , director of retail intelligence at Ipsos Retail Performance , said : “ From the off in mid-June , shoppers made a nervous and hesitant return to the stores , understandably anxious about their safety and re-wired to prefer shopping online .
“ Though footfall levels have risen every consecutive @ @ @ @ @ @ @ , they started from a very low base .
Read more : Face masks in England : The new rules on where and when to wear them “ It is still very early days , but the inauguration of face masks has not provided a light-switch moment for physical stores , nor the acceleration that the Government had hoped for .
He added : “ We all feel a little self-conscious when donning the vizard , but if everyone plays by the same rule it will soon become second nature and help allay @ @ @ @ @ @ @ people who choose to disregard the edict not only risk re-kindling anxiety for other shoppers , but also discouraging the majority from returning to the same stores again .
”

Compulsory face masks ‘did not deter or encourage shoppers’ in July
Compulsory face masks did not deter or encourage shoppers returning to the high street last month, the latest research showed.
A quarter of consumers said they were more likely to go shopping after the face mask rule was brought in, while 21 per cent said the new restrictions would discourage them.
In the week beginning 19 July, when face coverings were made compulsory in English stores, footfall dipped 2.8 per cent, statistics showed.
However retail experts said it was too soon to judge the impact of face masks on long-term footfall trends.
Weekly footfall figures in July were up by 12.7 per cent compared to June, but yearly figures were down 53 per cent, according to Ipsos Retail Performance data.
Tim Dension, director of retail intelligence at Ipsos Retail Performance, said: “From the off in mid-June, shoppers made a nervous and hesitant return to the stores, understandably anxious about their safety and re-wired to prefer shopping online.
“Though footfall levels have risen every consecutive week since stores re-opened bar last week, they started from a very low base.
“It is still very early days, but the inauguration of face masks has not provided a light-switch moment for physical stores, nor the acceleration that the Government had hoped for.
He added: “We all feel a little self-conscious when donning the vizard, but if everyone plays by the same rule it will soon become second nature and help allay concerns. However, the minority of people who choose to disregard the edict not only risk re-kindling anxiety for other shoppers, but also discouraging the majority from returning to the same stores again.”


cityam--2020-08-05--Virgin Australia to cut 3,000 jobs as carrier slims down under new owners

Embattled airline Virgin Australia is set to cut 3,000 staff as it seeks to streamline its business under prospective new owner Bain Capital .
Back in June Bain bought the carrier out of administration , with creditors due to vote on the sale on 4 September .
If the deal is approved , the airline will focus on the domestic and short-haul international market , targeting the profitable value-for-money market .
Alongside the job cuts , which account for a third of its staff , Virgin will get rid of its largest planes and instead concentrate its fleet operations on @ @ @ @ @ @ @ years of losses , the coronavirus pandemic was the final straw for the carrier , which went bankrupt as air travel collapsed around the world .
Administrators selected Bain to take over the company after an auction , pending approval from the firm ’ s bondholders , who are owed AU $ 7bn ( £3.8bn ) .
Before the Open newsletter : Start your day with the City View podcast and key market data Sister airline Virgin Atlantic yesterday filed for Chapter 15 bankruptcy in the US yesterday as part of a process @ @ @ @ @ @ @ a bailout package with investors in July .
In a filing , the airline said it had negotiated a deal with stakeholders “ for a consensual recapitalization ” that will get debt off its balance sheet and “ immediately position it for sustainable long-term growth.
” A spokeswoman for the airline said that the process was proceeding “ with the support of the majority of our creditors ” .
Non-US companies use Chapter 15 filings to block creditors who want to file lawsuits or tie up assets .
Read more : Virgin Atlantic @ @ @ @ @ @ @ turbulence The £1.2bn deal will need to be approved by creditors on 25 August , with the airline ’ s lawyers yesterday warning that it could run out of cash in September if the package was not approved .
Speaking at the High Court in London , David Allison QC said that the firm would run out of money altogether by the week beginning 28 September .

Virgin Australia to cut 3,000 jobs as carrier slims down under new owners
Embattled airline Virgin Australia is set to cut 3,000 staff as it seeks to streamline its business under prospective new owner Bain Capital.
Back in June Bain bought the carrier out of administration, with creditors due to vote on the sale on 4 September.
If the deal is approved, the airline will focus on the domestic and short-haul international market, targeting the profitable value-for-money market.
Alongside the job cuts, which account for a third of its staff, Virgin will get rid of its largest planes and instead concentrate its fleet operations on Boeing’s 737.
After seven years of losses, the coronavirus pandemic was the final straw for the carrier, which went bankrupt as air travel collapsed around the world.
Administrators selected Bain to take over the company after an auction, pending approval from the firm’s bondholders, who are owed AU$7bn (£3.8bn).
Before the Open newsletter: Start your day with the City View podcast and key market data
Sister airline Virgin Atlantic yesterday filed for Chapter 15 bankruptcy in the US yesterday as part of a process to recapitalize the business after it agreed a bailout package with investors in July.
In a filing, the airline said it had negotiated a deal with stakeholders “for a consensual recapitalization” that will get debt off its balance sheet and “immediately position it for sustainable long-term growth.”
A spokeswoman for the airline said that the process was proceeding “with the support of the majority of our creditors”.
Non-US companies use Chapter 15 filings to block creditors who want to file lawsuits or tie up assets.
The £1.2bn deal will need to be approved by creditors on 25 August, with the airline’s lawyers yesterday warning that it could run out of cash in September if the package was not approved.
Speaking at the High Court in London, David Allison QC said that the firm would run out of money altogether by the week beginning 28 September.


cityam--2020-08-05--Lords urge government to protect UK creative industries in post-Brexit trade deal

A House of Lords committee has written to the culture secretary demanding clarification on how a post-Brexit trade deal will affect the UK ’ s “ overlooked ” creative industries , as Britain edges towards the Brexit transition period deadline .
In a letter to Oliver Dowden , the House of Lords EU Services sub-committee urged the government to provide a comprehensive update on the government ’ s efforts to secure an agreement with the EU that supports the UK ’ s creative industries .
Read more : Sky Arts to become free to air channel in bid to boost @ @ @ @ @ @ @ s creative sector is “ often overlooked in the bigger picture of the UK-EU relationship ” .
The letter highlighted that the UK ’ s creative industries are growing at more than twice the rate of the British economy , generating upwards of £100bn each year .
The sector , which employs more than 2m people in the UK , also produces more than £30bn in service exports each year , the letter noted .
“ The creative industries form an important part of the cultural fabric of the UK .
They shape @ @ @ @ @ @ @ capital and are an important part of our soft power internationally .
“ What arrangements is the government seeking to negotiate to mitigate potential future barriers for these services ?
” the peers said .
It urged the government to provide information on whether creative professionals will be able to travel freely around Europe after the UK officially leaves the bloc on 1 January 2021 .
Musicians have warned that Brexit will kill off EU tours , with 71 per cent of more than 600 artists surveyed by the Incorporated Society of Musicians @ @ @ @ @ @ @ The cross-party group of peers also demanded clarity over whether the UK will still be eligible to benefit from EU creative funding schemes post-Brexit , and whether the government has plans to replace EU funding for film and broadcasting .
It comes as the UK ’ s creative sector has been battered by the pandemic , as social distancing measures continue to weigh on bottom lines as venues slowly re-emerge from months of lockdown .
Industry figures have warned that the chancellor ’ s injection of £1.54bn in emergency support for the sector @ @ @ @ @ @ @ the long run .
Creative industries will be hit twice as hard by coronavirus as the UK economy overall , according to a study by Oxford Economics .
Revenues for the sector are forecast to drop by £74bn in 2020 — a 30 per cent fall year on year — while job losses are predicted to hit more than 400,000 , as theatres , cinemas and performing arts venues have been forced to shutter for more than five months .
Industry figures have warned that reviving the UK ’ s creative industries will @ @ @ @ @ @ @ strength post-Brexit .
Britain ’ s culture sector is disproportionately valuable for its residents compared to its population , according to data from Music by Numbers .
Read more : JK Rowling among 152 celebrities to criticise ‘ cancel culture ’ in open letter France ’ s music industry is worth €867m in a country of 70m , while Germany ’ s is worth €1.4bn to its 90m people .
The UK ’ s cultural sector on the other hand is worth £5.2bn in a country of 67m — four times more than @ @ @ @ @ @ @ Before the Open : Get the jump on the markets with our early morning newsletter

Lords urge government to protect UK creative industries in post-Brexit trade deal
Mick Jagger
A House of Lords committee has written to the culture secretary demanding clarification on how a post-Brexit trade deal will affect the UK’s “overlooked” creative industries, as Britain edges towards the Brexit transition period deadline.
In a letter to Oliver Dowden, the House of Lords EU Services sub-committee urged the government to provide a comprehensive update on the government’s efforts to secure an agreement with the EU that supports the UK’s creative industries.
It added that Britain’s creative sector is “often overlooked in the bigger picture of the UK-EU relationship”.
The letter highlighted that the UK’s creative industries are growing at more than twice the rate of the British economy, generating upwards of £100bn each year.
The sector, which employs more than 2m people in the UK, also produces more than £30bn in service exports each year, the letter noted.
“The creative industries form an important part of the cultural fabric of the UK. They shape our national conversations, help build social capital and are an important part of our soft power internationally.
“What arrangements is the government seeking to negotiate to mitigate potential future barriers for these services?” the peers said.
It urged the government to provide information on whether creative professionals will be able to travel freely around Europe after the UK officially leaves the bloc on 1 January 2021.
Musicians have warned that Brexit will kill off EU tours, with 71 per cent of more than 600 artists surveyed by the Incorporated Society of Musicians saying bookings had already dried up.
The cross-party group of peers also demanded clarity over whether the UK will still be eligible to benefit from EU creative funding schemes post-Brexit, and whether the government has plans to replace EU funding for film and broadcasting.
It comes as the UK’s creative sector has been battered by the pandemic, as social distancing measures continue to weigh on bottom lines as venues slowly re-emerge from months of lockdown.
Industry figures have warned that the chancellor’s injection of £1.54bn in emergency support for the sector will do little to assure survival in the long run.
Creative industries will be hit twice as hard by coronavirus as the UK economy overall, according to a study by Oxford Economics.
Revenues for the sector are forecast to drop by £74bn in 2020 — a 30 per cent fall year on year — while job losses are predicted to hit more than 400,000, as theatres, cinemas and performing arts venues have been forced to shutter for more than five months.
Industry figures have warned that reviving the UK’s creative industries will be vital to Britain’s economic strength post-Brexit.
Britain’s culture sector is disproportionately valuable for its residents compared to its population, according to data from Music by Numbers.
France’s music industry is worth €867m in a country of 70m, while Germany’s is worth €1.4bn to its 90m people.
The UK’s cultural sector on the other hand is worth £5.2bn in a country of 67m — four times more than Britain’s hotly-debated fishing industry.
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cityam--2020-08-05--Estate agent LSL Property Services reports 'extremely encouraging' July trading

Estate agent LSL Property Services , the owner of Your Move and Reeds Rains , reported “ extremely encouraging ” trading in July after the housing market reopened .
In the six months to 30 June , group underlying operating profit was up £300,000 to £12.5m .
The figure does not include coronavirus-related costs of £2.8m .
It also does not account for £4.4m in exceptional charges relating to the £1.7m transformation of the surveying business and estate agent closures , and £2.4m on costs related to an aborted takeover of Countrywide .
Revenue fell 25 per cent to £114.9 @ @ @ @ @ @ @ the closure of 164 branches in February , and the tenant fee ban introduced in June last year .
Financial services operating profit increased 14 per cent and estate agent profit jumped three per cent .
However surveying profit dropped 23 per cent , as the coronavirus lockdown prohibited physical valuations .
LSL said July trading is “ extremely encouraging ” with “ strong front end sales metrics across all three divisions ” .
In the financial services unit , mortgage applications were up 20 per cent on the previous year .
July @ @ @ @ @ @ @ new mortgages .
Estate agency instructions surged 20 per cent compared to July last year , with net sales and instructions the highest in the year so far .
Group chairman Simon Embley said : “ I am pleased to confirm that LSL has performed extremely well , during a period of unprecedented uncertainty and disruption .
This is testament to the underlying strength of the Group , and its ability to respond quickly and effectively to rapidly changing market conditions .
After a strong first quarter , we reacted decisively to the @ @ @ @ @ @ @ our operations and cash position to secure the position of the Group , even in the event of the lockdown continuing throughout the year .
This same agility served us well as restrictions eased , as we rebuilt our capability quickly to trade strongly throughout June .
He added : “ Although we remain alert to the risk of more disruption , and will take prompt action should it occur , I am increasingly optimistic about market conditions , and am confident in our ability to compete successfully .
Our focus is increasingly @ @ @ @ @ @ @ as well as optimising current performance .
We have performed extremely well in 2020 , and I am confident about the future prospects of the Group .
”

Estate agent LSL Property Services reports ‘extremely encouraging’ July trading
Mortgage approvals remain robust despite surging house prices
Estate agent LSL Property Services, the owner of Your Move and Reeds Rains, reported “extremely encouraging” trading in July after the housing market reopened.
The figures
In the six months to 30 June, group underlying operating profit was up £300,000 to £12.5m.
The figure does not include coronavirus-related costs of £2.8m.
It also does not account for £4.4m in exceptional charges relating to the £1.7m transformation of the surveying business and estate agent closures, and £2.4m on costs related to an aborted takeover of Countrywide.
Revenue fell 25 per cent to £114.9, due to the Covid-19 pandemic, the closure of 164 branches in February, and the tenant fee ban introduced in June last year.
Financial services operating profit increased 14 per cent and estate agent profit jumped three per cent.
However surveying profit dropped 23 per cent, as the coronavirus lockdown prohibited physical valuations.
Why it’s interesting
LSL said July trading is “extremely encouraging” with “strong front end sales metrics across all three divisions”.
In the financial services unit, mortgage applications were up 20 per cent on the previous year. July was the strongest month of 2020 for new mortgages.
Estate agency instructions surged 20 per cent compared to July last year, with net sales and instructions the highest in the year so far.
What LSL said


cityam--2020-08-05--FTSE 100 climbs and gold hits new high as investors bet on US stimulus

The FTSE 100 rose as investors hoped US Democrats and the White House would strike a new stimulus deal , while gold surged to a fresh all-time high .
London ’ s blue-chip index climbed 1.1 per cent to 6,102 points as midday approached .
The FTSE 250 of mid-cap firms also rose 1.1 per cent .
Read more : William Hill to close 119 betting shops as profit plunges In Europe , Germany ’ s Dax climbed 0.9 per cent as optimism spread on the continent .
France ’ s CAC was also up 0.9 per cent .
Meanwhile @ @ @ @ @ @ @ barrier .
It jumped 1.2 per cent to $ 2,030 an ounce as investors bet more stimulus would come .
Investors have prayed for progress in the next round of US fiscal stimulus talks .
But it has been hard to come by , causing a shaky couple of weeks for the FTSE 100 and global markets .
Yesterday negotiators reported little headway .
However , investors found solace in some signs of movement , including top Senate Republican Mitch McConnell saying he may accept the extension of the $ 600 ( £458 @ @ @ @ @ @ @ The American people , in the end , need help , ” McConnell said .
The record-breaking gold price boosted many London-based miners , helping the FTSE 100 and FTSE 250 .
Polymetal International rose 4.7 per cent and Fresnillo climbed 4.3 per cent on the blue-chip index .
On the FTSE 250 , Hochschild Mining soared 10 per cent .
Centanim climbed 5.9 per cent .
British Airways-owner IAG was the biggest riser on the FTSE 100 , gaining 7.9 per cent .
Firms set to do well from a swift economic @ @ @ @ @ @ @ climbed sharply , reflecting positivity among investors .
Chris Beauchamp , chief market analyst at trading platform IG , said : “ Even the lacklustre FTSE 100 has managed to stage a decent rally.
” “ This morning ’ s gains have been helped along by the other big story , that of gold ’ s dizzying ascent to $ 2,000.
” Beauchamp said it “ shows how conflicted investors are ” that both equities and gold , a safe-haven asset , are rising at the same time .
He said investors “ @ @ @ @ @ @ @ equities ” but are also worried by terrible earnings reports and bankruptcies .
Read more : WH Smith to cut 1,500 jobs as high street and travel footfall plummets Luca Paolini , chief strategist at Pictet Asset Management , said he doubted markets can rally much further in the months ahead .
“ Coronavirus cases around the world are still rising , and corporate earnings expectations for this year are still too high.
” The rising gold price was driven by expectations of more fiscal and monetary stimulus , analysts said .
The @ @ @ @ @ @ @ against inflation and currency debasement .
Its rise has coincided with the dollar dropping to two-year lows .
David Madden , market analyst at trading platform CMC Markets , said : “ The aggressive easing policies of central banks around the global have put big pressure on bond yields , some of which turned negative.
” “ This has been a factor in the metals ’ popularity as some investors are turning to gold and silver.
” Silver surged to $ 26.85 an ounce .
Ipek Ozkardeskaya , senior analyst at Swissquote Bank @ @ @ @ @ @ @ we haven ’ t seen much profit-taking on the recent push .
It will be interesting to watch how investors behave above the $ 2,000 mark.
” The dollar slumped 0.5 per cent against a basket of other currencies .
Its slide has helped other global currencies , and pushed the pound 0.4 per cent higher to $ 1.312 as the FTSE 100 rose .

FTSE 100 ends higher and gold surges as investors bet on stimulus
The FTSE 100 closed higher and US stocks rose as investors hoped Democrats and the White House would strike a new stimulus deal, while gold surged to a fresh all-time high.
London’s blue-chip index ended the day one per cent higher at 6,098 points. The FTSE 250 of mid-cap firms jumped 1.7 per cent.
Read more: William Hill to close 119 betting shops as profit plunges
In Europe, Germany’s Dax rose 0.5 per cent as optimism spread on the continent. France’s CAC was up 0.8 per cent.
On Wall Street, the S&P 500 rose 0.7 per cent. The Dow Jones climbed 1.3 per cent and the Nasdaq jumped 0.4 per cent.
Meanwhile, gold smashed through the $2,000 barrier. It jumped 1.3 per cent in afternoon trading to $2,046 an ounce.
Investors have prayed for progress in the next round of US stimulus talks. But it has been hard to come by, causing a shaky couple of weeks for the FTSE 100 and global markets.
Markets were excited today, however, as US politicians “talk up the prospects of another relief package,” said Craig Erlam, senior market analyst at currency firm Oanda.
“Lawmakers appear encouraged by the progress of the last couple of days, with Treasury Secretary Steve Mnuchin talking up the prospects of a deal by the end of the week.”
Gold miners boost FTSE 100
The record-breaking gold price boosted many London-based miners, helping the FTSE 100 and FTSE 250.
Polymetal International rose six per cent and Fresnillo climbed 6.3 per cent on the blue-chip index. On the FTSE 250, Hochschild Mining soared 13.7 per cent. Centanim climbed 8.8 per cent.
Chris Beauchamp, chief market analyst at trading platform IG, said: “Even the lacklustre FTSE 100 has managed to stage a decent rally.”
“Gains have been helped along by the other big story, that of gold’s dizzying ascent to $2,000.”
Beauchamp said it “shows how conflicted investors are” that both equities and gold, a safe-haven asset, are rising at the same time.
He said they “can’t avoid being tempted by equities” but are also worried by terrible earnings reports and bankruptcies.
Luca Paolini, chief strategist at Pictet Asset Management, said he doubted that markets can rally much further in the months ahead.
“Coronavirus cases around the world are still rising, and corporate earnings expectations for this year are still too high.”
Gold surge continues as FTSE 100 climbs
The rising gold price was driven by expectations of more fiscal and monetary stimulus, analysts said. The yellow metal is seen as a hedge against inflation and currency debasement. Its rise has coincided with the dollar dropping to two-year lows.
David Madden, market analyst at trading platform CMC Markets, said: “The aggressive easing policies of central banks around the global have put big pressure on bond yields, some of which turned negative.”
“This has been a factor in the metals’ popularity as some investors are turning to gold and silver.” Silver surged to $26.80 an ounce.
Read more: Legal & General profit slumps two-thirds amid ‘unprecedented’ pandemic
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: “So far, we haven’t seen much profit-taking on the recent push. It will be interesting to watch how investors behave above the $2,000 mark.”


cityam--2020-08-05--Amazon to pass on UK digital tax to sellers in fees hike

Amazon is to increase seller fees next month , saying it will no longer absorb the UK ’ s digital services tax after talks with the government failed to progress .
The e-commerce giant said it had taken on the impact of the digital services tax — a two per cent levy on the firm ’ s annual revenues — since it was announced , but would now pass on that cost to its customers .
It did the same in France last year , after the country passed a three per cent digital tax on technology businesses with yearly @ @ @ @ @ @ @ While the legislation was being passed , and as we continued our discussions with the government to encourage them to take an approach that would not impact our selling partners , we absorbed this increase , ” Amazon said in a note to sellers today .
“ Now that the legislation has passed , we want to inform you that we will be increasing… fees by two per cent in the UK to reflect this additional cost.
” The move will affect Amazon ’ s referral fees , fees for fulfilment by amazon @ @ @ @ @ @ @ Amazon as a logistics partner for their products — and multi-channel fulfilment fees , and come into effect on 1 September .
Global discussions for a digital services tax solution by the OECD have stumbled in recent months , after the US said it would pull out of the talks .
US treasury secretary Steve Mnuchin said the legislation will unfairly target American companies , while critics say those businesses are profiting from local markets while making only limited contributions to the public purse .
The UK ’ s digital tax is intended @ @ @ @ @ @ @ is reached , placing a two per cent levy on companies that operate search engines , social media websites and online marketplaces with revenues above £500m .
A report from Moody ’ s last month said the impact of an Europe-wide digital tax would be “ limited ” , given smaller companies would likely be harder hit than the larger ones it is aimed at .
Read more : CMA gives Amazon ’ s Deliveroo investment the all-clear An Amazon spokesperson added to today ’ s announcement : “ “ Like many others @ @ @ @ @ @ @ pursue a global agreement on the taxation of the digital economy at OECD level rather than unilateral taxes , so that rules would be consistent across countries and clearer and fairer for businesses .
“ As we ’ ve previously indicated , the way that the government has designed the Digital Services Tax will directly impact the businesses that use our services .
”

Amazon to pass on UK digital tax to sellers in fees hike
Amazon is to increase seller fees next month, saying it will no longer absorb the UK’s digital services tax after talks with the government failed to progress.
The e-commerce giant said it had taken on the impact of the digital services tax — a two per cent levy on the firm’s annual revenues — since it was announced, but would now pass on that cost to its customers.
It did the same in France last year, after the country passed a three per cent digital tax on technology businesses with yearly revenues of more than €750m.
“While the legislation was being passed, and as we continued our discussions with the government to encourage them to take an approach that would not impact our selling partners, we absorbed this increase,” Amazon said in a note to sellers today.
“Now that the legislation has passed, we want to inform you that we will be increasing… fees by two per cent in the UK to reflect this additional cost.”
The move will affect Amazon’s referral fees, fees for fulfilment by amazon —which includes storage, where sellers use Amazon as a logistics partner for their products — and multi-channel fulfilment fees, and come into effect on 1 September.
Global discussions for a digital services tax solution by the OECD have stumbled in recent months, after the US said it would pull out of the talks.
US treasury secretary Steve Mnuchin said the legislation will unfairly target American companies, while critics say those businesses are profiting from local markets while making only limited contributions to the public purse.
The UK’s digital tax is intended to be temporary until a global agreement is reached, placing a two per cent levy on companies that operate search engines, social media websites and online marketplaces with revenues above £500m.
A report from Moody’s last month said the impact of an Europe-wide digital tax would be “limited”, given smaller companies would likely be harder hit than the larger ones it is aimed at.
An Amazon spokesperson added to today’s announcement: ““Like many others, we have encouraged the government to pursue a global agreement on the taxation of the digital economy at OECD level rather than unilateral taxes, so that rules would be consistent across countries and clearer and fairer for businesses.
“As we’ve previously indicated, the way that the government has designed the Digital Services Tax will directly impact the businesses that use our services.”


cityam--2020-08-05--UGC owner denies trying to takeover Petropavlovsk ahead of crunch vote

The Russian billionaire who owns a 22 per cent stake in FTSE 250 gold miner Petropavlovsk has denied that he is seeking to take over the firm ahead of a crunch shareholder meeting on Monday .
In an interview with the FT , Konstantin Strukov , who owns rival miner UGC , insisted that he wanted to see Petropavlovsk remain a public company .
“ My only wish is to be a shareholder of a big company , which takes my interests into account , which pays dividends ” , he said .
However , he added that the firm @ @ @ @ @ @ @ ” , referencing the boardroom strife that has gripped Petropavlovsk over the past couple of months .
Investor Prosperity has claimed that UGC , in concert with three other investors with a total holdings of 39 per cent of the firm ’ s stock , orchestrated a near-complete clear-out of the firm ’ s board at its AGM in June .
At the meeting , seven directors , including chief executive Pavel Maslovskiy , were ousted , with four interim directors then appointed .
These included Peter Hambro , the company ’ s @ @ @ @ @ @ @ dynasty .
At Monday ’ s requisitioned meeting , shareholders will vote on rival proposals from Prosperity and activist investor Everest Alliance .
Before the Open newsletter : Start your day with the City View podcast and key market data The former has proposed reinstating Mavlovskiy and four other directors , while the latter , which has denied claims it is working with UGC , is seeking to add two directors to the existing board .
Strukov also said that he felt like he had been shut out by the miner , claiming @ @ @ @ @ @ @ work with me ” .
“ My impression of the board at Petropavlovsk is that they were unwilling to work with me .
I didn ’ t feel really welcome there .
“ As the biggest shareholder I didn ’ t feel that someone wanted to reach out and talk to me.I nstead they are accusing me of a plan to take over the company ” , he said .
The company strongly denied the claims , saying it “ could not have done more to welcome Strukov and UGC as its new @ @ @ @ @ @ @ This included a site visit to all of the Petropavlovsk operations and the POX hub , hosted by Pavel Maslovskiy himself , with Struikov , [ Maxim ] Kharin , and indeed Nikolai Loustiger in his capacity as a major shareholder through Everest and Slevin .
“ The site visit between 14-17 February was only a few days before UGC became a shareholder .
Face to face meetings took place thereafter in Moscow in March prior to the lockdown .
“ Any suggestion of Strukov being ignored is completely untrue ” , the @ @ @ @ @ @ @ , Petropavlovsk has been one of the best performing stocks on the FTSE 250 over the last year , with shares now more than three times than they were a year ago .

UGC owner denies trying to takeover Petropavlovsk ahead of crunch vote
The Russian billionaire who owns a 22 per cent stake in FTSE 250 gold miner Petropavlovsk has denied that he is seeking to take over the firm ahead of a crunch shareholder meeting on Monday.
In an interview with the FT, Konstantin Strukov, who owns rival miner UGC, insisted that he wanted to see Petropavlovsk remain a public company.
“My only wish is to be a shareholder of a big company, which takes my interests into account, which pays dividends”, he said.
However, he added that the firm should have a “fully independent board”, referencing the boardroom strife that has gripped Petropavlovsk over the past couple of months.
Investor Prosperity has claimed that UGC, in concert with three other investors with a total holdings of 39 per cent of the firm’s stock, orchestrated a near-complete clear-out of the firm’s board at its AGM in June.
At the meeting, seven directors, including chief executive Pavel Maslovskiy, were ousted, with four interim directors then appointed.
These included Peter Hambro, the company’s co-founder and scion of the famous banking dynasty.
At Monday’s requisitioned meeting, shareholders will vote on rival proposals from Prosperity and activist investor Everest Alliance.
Before the Open newsletter: Start your day with the City View podcast and key market data
The former has proposed reinstating Mavlovskiy and four other directors, while the latter, which has denied claims it is working with UGC, is seeking to add two directors to the existing board.
Proxy advisers ISS and Glass Lewis have recommended investors back Prosperity’s plans.
Strukov also said that he felt like he had been shut out by the miner, claiming that its board was “unwilling to work with me”.
“My impression of the board at Petropavlovsk is that they were unwilling to work with me. I didn’t feel really welcome there.
“As the biggest shareholder I didn’t feel that someone wanted to reach out and talk to me.I nstead they are accusing me of a plan to take over the company”, he said.
The company strongly denied the claims, saying it “could not have done more to welcome Strukov and UGC as its new shareholder in early February”.
“This included a site visit to all of the Petropavlovsk operations and the POX hub, hosted by Pavel Maslovskiy himself, with Struikov, [Maxim] Kharin, and indeed Nikolai Loustiger in his capacity as a major shareholder through Everest and Slevin.
“The site visit between 14-17 February was only a few days before UGC became a shareholder. Face to face meetings took place thereafter in Moscow in March prior to the lockdown.
“Any suggestion of Strukov being ignored is completely untrue”, the statement finished.
Despite the boardroom battle, Petropavlovsk has been one of the best performing stocks on the FTSE 250 over the last year, with shares now more than three times than they were a year ago.


cityam--2020-08-05--BBC hires 800 agents to quell pensioner revolt over licence fee

The BBC has hired 800 agents to curb a growing revolt over the end of the over-75s licence fee , as it today prepares to send out millions of letters to affected households .
The public service broadcaster last week scrapped the free TV licence for pensioners , arguing that the freebie was costing the BBC £745m a year amid an already “ tough period ” during the pandemic .
Read more : BBC reaches record global audience in 2020 despite cash crunch More than 3m households have now been asked to start paying the £157.50 annual fee , with @ @ @ @ @ @ @ .
But the BBC ’ s announcement that poorer households will still be eligible for the free licence has sparked bureaucratic mayhem , with the broadcaster U-turning on its demand for documentary proof of lower incomes .
The BBC will still pay the licence fee to single pensioners on a weekly income below £173.75 and couples on less than £265.20 .
A 16-page letter and application form states that applicants should submit photocopies of documents from the Department for Work and Pensions or the Pension Service to prove that they are in receipt @ @ @ @ @ @ @ those without access to a photocopier can post bank statements instead , or provide an an over-the-phone “ verbal declaration process ” , after the demand for documentary proof sparked outcry .
A BBC spokesperson told City A.M. the 800 agents will be “ specially trained staff working to support customers through the changes to the over-75s licence , ” and that they will not make any house visits .
Pensioner groups have coordinated resistance to the move , urging all over-60s to cancel their TV licence direct debits in solidarity with over-75s @ @ @ @ @ @ @ the community organisation behind the protest , vowed to slam down a “ long attritional campaign ” to force the BBC to reverse its ditch of the free TV licence .
“ It defies belief that , as a second wave of coronavirus marches over the horizon , the BBC are doing this .
It shows a lack of compassion , a lack of empathy , a lack of understanding , ” said Silver Voices .
Labour ’ s shadow culture minister Christian Matheson said pensioners will be “ forced to choose between @ @ @ @ @ @ @ The BBC is cutting jobs and content to pay for the cost of the licence dumped on them by the government .
And pensioners are forced to choose between eating and watching TV , ” said Matheson .
The National Pensioners Convention echoed those concerns , adding that over-75s whose income is just above the pension credit threshold will be hardest hit .
“ They will have to buy less food and not put the heating on to afford a licence , ” it said .
The announcement that the BBC has hired @ @ @ @ @ @ @ paying the licence also stoked anger , after the broadcaster announced a wave of redundancies in recent weeks .
Read more : BBC to make 520 job cuts in news department Last month , the BBC said it will slash 970 jobs across its regional and news departments , as part of plans to shore up an extra £25m by 2022 .
The publicly-funded broadcaster had already planned to save £800m before the coronavirus struck , but the pandemic has added a further £125m to the BBC ’ s savings list due to @ @ @ @ @ @ @ must save £25m of this by 2022 .
Before the Open : Get the jump on the markets with our early morning newsletter

BBC hires 800 agents to quell pensioner revolt over licence fee
The BBC has hired 800 agents to curb a growing revolt over the end of the over-75s licence fee, as it today prepares to send out millions of letters to affected households.
The public service broadcaster last week scrapped the free TV licence for pensioners, arguing that the freebie was costing the BBC £745m a year amid an already “tough period” during the pandemic.
More than 3m households have now been asked to start paying the £157.50 annual fee, with letters demanding payment due to arrive today.
But the BBC’s announcement that poorer households will still be eligible for the free licence has sparked bureaucratic mayhem, with the broadcaster U-turning on its demand for documentary proof of lower incomes.
The BBC will still pay the licence fee to single pensioners on a weekly income below £173.75 and couples on less than £265.20.
A 16-page letter and application form states that applicants should submit photocopies of documents from the Department for Work and Pensions or the Pension Service to prove that they are in receipt of pension credit.
The BBC said those without access to a photocopier can post bank statements instead, or provide an an over-the-phone “verbal declaration process”, after the demand for documentary proof sparked outcry.
A BBC spokesperson told City A.M. the 800 agents will be “specially trained staff working to support customers through the changes to the over-75s licence,” and that they will not make any house visits.
Pensioner groups have coordinated resistance to the move, urging all over-60s to cancel their TV licence direct debits in solidarity with over-75s.
Dennis Reed of Silver Voices, the community organisation behind the protest, vowed to slam down a “long attritional campaign” to force the BBC to reverse its ditch of the free TV licence.
“It defies belief that, as a second wave of coronavirus marches over the horizon, the BBC are doing this. It shows a lack of compassion, a lack of empathy, a lack of understanding,” said Silver Voices.
Labour’s shadow culture minister Christian Matheson said pensioners will be “forced to choose between eating and watching TV”.
“The BBC is cutting jobs and content to pay for the cost of the licence dumped on them by the government. And pensioners are forced to choose between eating and watching TV,” said Matheson.
The National Pensioners Convention echoed those concerns, adding that over-75s whose income is just above the pension credit threshold will be hardest hit.
“They will have to buy less food and not put the heating on to afford a licence,” it said.
The announcement that the BBC has hired 800 agents to deal with those not paying the licence also stoked anger, after the broadcaster announced a wave of redundancies in recent weeks.
Last month, the BBC said it will slash 970 jobs across its regional and news departments, as part of plans to shore up an extra £25m by 2022.
The publicly-funded broadcaster had already planned to save £800m before the coronavirus struck, but the pandemic has added a further £125m to the BBC’s savings list due to a slump in revenue. The broadcaster must save £25m of this by 2022.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-08-05--WH Smith to cut 1,500 jobs as high street and travel footfall plummets

WH Smith is preparing to cut 1,500 jobs , the high street retailer announced this morning , as it warned it expects to post a full-year loss of £75m due to the coronavirus pandemic .
The retailer said it is reviewing its store operations across both its travel and high street businesses due to lower high street footfall and a sharp drop in passenger numbers .
Read more : WH Smith revenue dives 85 per cent during coronavirus lockdown This morning ’ s announcement brought the number of job cuts this week to 5,100 after Pizza Express , Dixons Carphone @ @ @ @ @ @ @ plans .
Group total revenue was down 57 per cent last month , with travel revenue down 73 per cent and high street sales down 35 per cent .
In April , the first full month of lockdown , travel revenue plummeted 92 per cent as commuters began working from home and holidays were cancelled .
High street revenue in April was down 71 per cent .
In a statement this morning WH Smith said : “ We are now starting a collective consultation on a proposed restructure which could lead to up @ @ @ @ @ @ @ This has been a very difficult decision and we are committed to supporting all our colleagues throughout this process and ensuring it is conducted fairly.
” Restructuring costs are expected to be between £15m to £19m .
WH Smith has reopened 53 per cent of its travel stores , despite significantly lower passenger numbers .
The retailer kept its 203 stores with Post Offices open throughout the crisis and has since reopened its remaining high street stores .
However footfall is also sharply down on 2019 levels .
Chief executive Carl Cowling said @ @ @ @ @ @ @ while we are beginning to see early signs of recovery in some of our markets , the speed of recovery continues to be slow .
“ At the same time , while there has been some progress in our high street business , it does continue to be adversely affected by low levels of footfall .
“ As a result , we now need to take further action to reduce costs across our businesses .
“ I regret that this will have an impact on a significant number of colleagues whose roles will @ @ @ @ @ @ @ and we will do everything we can to support them at this challenging time .
”

WH Smith to cut 1,500 jobs as high street and travel footfall plummets
WH Smith is preparing to cut 1,500 jobs, the high street retailer announced this morning, as it warned it expects to post a full-year loss of £75m due to the coronavirus pandemic.
The retailer said it is reviewing its store operations across both its travel and high street businesses due to lower high street footfall and a sharp drop in passenger numbers.
This morning’s announcement brought the number of job cuts this week to 5,100 after Pizza Express, Dixons Carphone and gym group DW Sports revealed redundancy plans.
Group total revenue was down 57 per cent last month, with travel revenue down 73 per cent and high street sales down 35 per cent.
In April, the first full month of lockdown, travel revenue plummeted 92 per cent as commuters began working from home and holidays were cancelled. High street revenue in April was down 71 per cent.
In a statement this morning WH Smith said: “We are now starting a collective consultation on a proposed restructure which could lead to up to c.1,500 roles becoming redundant.
“This has been a very difficult decision and we are committed to supporting all our colleagues throughout this process and ensuring it is conducted fairly.”
Restructuring costs are expected to be between £15m to £19m.
WH Smith has reopened 53 per cent of its travel stores, despite significantly lower passenger numbers.
The retailer kept its 203 stores with Post Offices open throughout the crisis and has since reopened its remaining high street stores.
However footfall is also sharply down on 2019 levels.
Chief executive Carl Cowling said: “In our travel business, while we are beginning to see early signs of recovery in some of our markets, the speed of recovery continues to be slow.
“At the same time, while there has been some progress in our high street business, it does continue to be adversely affected by low levels of footfall.
“As a result, we now need to take further action to reduce costs across our businesses.
“I regret that this will have an impact on a significant number of colleagues whose roles will be affected by these necessary actions, and we will do everything we can to support them at this challenging time.”
More to follow


cityam--2020-08-05--London sees further decline in permanent placements as pandemic takes its toll

Recruiters in the capital saw a further decline in permanent placements last month as firms transitioned out of the downturn caused by the pandemic .
The fall in placements across London was stronger than those seen across the rest of England , according to KPMG and REC ’ s latest report on jobs .
However the decline was the least marked since February and while the pandemic continued to stall hiring , there are signs of pick-up in new roles .
Read more : Furlough schemes are failing to save UK businesses , body warns Permanent vacancies in London dropped @ @ @ @ @ @ @ , but the rate of decline eased further from April ’ s nadir .
New roles for temporary staff in London also fell steeply and at a faster pace than those seen elsewhere in England .
But mirroring trends seen in permanent placements , the rate of decline was the softest in the current five-month contraction .
Further redundancies in London as the furlough scheme started to wind down led to a sharp increase in the supply of both permanent and temporary staff .
The rise in availability of permanent staff accelerated from @ @ @ @ @ @ @ December 2008 .
While the numbers have grown since April due to the pandemic , the increase in London remained softer than the UK average .
This was not the case for temporary availability as the rate of growth accelerated to the sharpest in nearly 23 years of data collection in July .
Last month was the fifth in as many months and was quicker than the UK average .
The report noted that firms that ended furlough schemes had made temporary staff redundant .
The 100 recruitment and employment consultancies surveyed also @ @ @ @ @ @ @ part-time work as the pandemic abated in the UK .
Read more : How badly will the UK unemployment rate spike when furlough ends ?
Lower vacancies and job cuts as a result of the crisis led to a fourth successive monthly drop in starting salaries and lower hourly rates for temporary employees .
James Stewart , vice chair at KPMG said : “ We are still a long way from being out of the woods , with hiring plans remaining on ice and the uncertain outlook still weighing heavily on business ’ @ @ @ @

London sees fresh fall in permanent jobs placements
London recruiters saw a further decline in permanent jobs placements last month as firms transitioned out of the downturn caused by the pandemic.
The fall in placements across London was stronger than those seen across the rest of England, according to KPMG and REC’s latest report on jobs. However the decline was the least marked since February and while the pandemic continued to stall hiring, there are signs of pick-up in new roles.
Permanent vacancies in London dropped for the fifth month running in July, but the rate of decline eased further from April’s nadir.
New roles for temporary staff in London also fell steeply and at a faster pace than those seen elsewhere in England. But mirroring trends seen in permanent placements, the rate of decline was the softest in the current five-month contraction.
Further redundancies in London as the furlough scheme started to wind down led to a sharp increase in the supply of both permanent and temporary staff.
The rise in availability of permanent staff accelerated from June and was the most marked since December 2008. While the numbers have grown since April due to the pandemic, the increase in London remained softer than the UK average.
This was not the case for temporary availability as the rate of growth accelerated to the sharpest in nearly 23 years of data collection in July. Last month was the fifth in as many months and was quicker than the UK average.
The report noted that firms that ended furlough schemes had made temporary staff redundant. The 100 recruitment and employment consultancies surveyed also noted that more people were looking for part-time work as the pandemic abated in the UK.
Lower vacancies and job cuts as a result of the crisis led to a fourth successive monthly drop in starting salaries and lower hourly rates for temporary employees.
James Stewart, vice chair at KPMG said: “We are still a long way from being out of the woods, with hiring plans remaining on ice and the uncertain outlook still weighing heavily on business’ recruitment decisions.”


cityam--2020-08-05--Voi to roll out first UK e-scooter trial in Cambridge

Swedish firm Voi has been selected to run one of the first e-scooter trials in the UK in Cambridge as part of the government ’ s consultation on the new form of urban mobility .
Working in partnership with local authorities , Voi will install its first fleet of coral-coloured scooters in the city by September , and create 50 jobs in doing so .
Read more : FTSE 100 ends higher and gold surges as investors bet on stimulus The trial will last for 12 months , and will see the firm work closely with local transport providers , @ @ @ @ @ @ @ was the only company selected to deploy its e-scooters in Cambridge , meaning it now provides its services in 45 cities across 11 countries .
During the trial , it will cost £1 to unlock the vehicles and an additional 20p per minute while they are being used .
The company will also offer subscriptions for £10 a day or £40 a month alongside subsidised Voi-4-All Passes for low income groups at £10 per month .
Key workers will be offered free rides and local businesses the chance to use the e-scooters for @ @ @ @ @ @ @ : Start your day with the City View podcast and key market data Fredrik Hjelm , co-founder and chief executive of Voi , said : “ We are delighted to announce that Cambridge , the world ’ s most renowned city for innovation and technology , will be the first place in the UK where people can use a Voi e-scooter and enjoy the benefits of this liberating new form of transport .
“ We can ’ t wait to get started in Cambridgeshire which has some of the best cycling infrastructure in @ @ @ @ @ @ @ to launch this revolutionary transport ” .
The e-scooter consultation is part of the government ’ s ambition to encourage people to use forms of so-called “ active travel ” instead of commuting by car or by public transport due to the coronavirus pandemic .
Cambridge mayor James Palmer said the city had seen a 27 per cent drop in carbon emissions and a 200 per cent increase in cycling this year alone .
“ Electric bikes and scooters have the potential to revolutionise travel and I am delighted that Cambridgeshire and Peterborough @ @ @ @ @ @ @ country to make both available to the public so they can enjoy quicker , healthier journeys ” , he added .
Voi ’ s UK general manager Richard Corbett said the scooters could be “ a compelling alternative that will outrun the car ” .
Read more : Boohoo inquiry calls for former Leicester factory workers to give evidence Across the country , more than 50 councils and regional authorities are putting in place e-scooter pilots , which can run for 12 months .
Cities including Liverpool , Birmingham , Milton Keynes and @ @ @ @ @ @ @ in running a pilot .

Voi to roll out first UK e-scooter trial in Cambridge
Swedish firm Voi has been selected to run one of the first e-scooter trials in the UK in Cambridge as part of the government’s consultation on the new form of urban mobility.
Working in partnership with local authorities, Voi will install its first fleet of coral-coloured scooters in the city by September, and create 50 jobs in doing so.
The trial will last for 12 months, and will see the firm work closely with local transport providers, including train and bus operators.
Voi was the only company selected to deploy its e-scooters in Cambridge, meaning it now provides its services in 45 cities across 11 countries.
During the trial, it will cost £1 to unlock the vehicles and an additional 20p per minute while they are being used.
The company will also offer subscriptions for £10 a day or £40 a month alongside subsidised Voi-4-All Passes for low income groups at £10 per month.
Key workers will be offered free rides and local businesses the chance to use the e-scooters for delivery services.
Before the Open newsletter: Start your day with the City View podcast and key market data
Fredrik Hjelm, co-founder and chief executive of Voi, said: “We are delighted to announce that Cambridge, the world’s most renowned city for innovation and technology, will be the first place in the UK where people can use a Voi e-scooter and enjoy the benefits of this liberating new form of transport.
“We can’t wait to get started in Cambridgeshire which has some of the best cycling infrastructure in the UK making it an ideal location to launch this revolutionary transport”.
The e-scooter consultation is part of the government’s ambition to encourage people to use forms of so-called “active travel” instead of commuting by car or by public transport due to the coronavirus pandemic.
Cambridge mayor James Palmer said the city had seen a 27 per cent drop in carbon emissions and a 200 per cent increase in cycling this year alone.
“Electric bikes and scooters have the potential to revolutionise travel and I am delighted that Cambridgeshire and Peterborough will be the first region in the country to make both available to the public so they can enjoy quicker, healthier journeys”, he added.
Voi’s UK general manager Richard Corbett said the scooters could be “a compelling alternative that will outrun the car”.
Across the country, more than 50 councils and regional authorities are putting in place e-scooter pilots, which can run for 12 months.
Cities including Liverpool, Birmingham, Milton Keynes and Southampton were amongst those to express interest in running a pilot.


cityam--2020-08-05--The City View: The Publishers Association CEO on culture wars, discovering talent and industry chall

In this episode Christian is joined by Stephen Lotinga , CEO of the Publishers Association , representing the UK ’ s fiction , non-fiction and academic publishing sector .
After the biggest year ever for the industry in 2019 , how has it coped with the lockdown and what are the chances of the great Coronavirus novel emerging ?
Stephen also discusses cancel culture , censorship and the role of authors and publishers in society .
Also in this episode Christian looks at the latest plans banks have for bringing staff back to the office ; some positive news from @ @ @ @ @ @ @ Tory mayoral candidate ’ s war of words with Sadiq Khan .
Read more : The City View : Tony Matharu on why it ’ s time to get London moving again ETX Capital is one of the UK ’ s leading spread betting and CFD trading providers , offering services to retail , institutional , professional and high net worth customers via an award-winning trading platform .
With over 50 years of experience in the financial markets , customers and service are always put first at ETX , and the company prides @ @ @ @ @ @ @ to every customer .
The multi-device TraderPro platform delivers a fully customisable , award-winning trading technology with customisable charts , instant execution and over 5,000 markets to trade .
Disclaimer : Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
76 % of retail investor accounts lose money when spread betting or trading CFDs with ETX .
You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing @ @ @ @ @ @ @ the Financial Conduct Authority with Financial Services register number 124721 .
ETX Capital provides an execution-only service and therefore any market analysis , opinion , commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice .
ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View: The Publishers Association CEO on culture wars, discovering talent and industry challenges
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
In this episode Christian is joined by Stephen Lotinga, CEO of the Publishers Association, representing the UK’s fiction, non-fiction and academic publishing sector. After the biggest year ever for the industry in 2019, how has it coped with the lockdown and what are the chances of the great Coronavirus novel emerging? Stephen also discusses cancel culture, censorship and the role of authors and publishers in society.
Also in this episode Christian looks at the latest plans banks have for bringing staff back to the office; some positive news from the latest economic figures; and the Tory mayoral candidate’s war of words with Sadiq Khan.
In association with ETX Capital
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Disclaimer: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money. Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721. ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.


cityam--2020-08-05--Goldman Sachs sets new diversity goals for employing vice presidents

Goldman Sachs has set new diversity goals for employing Black , Latino and female vice presidents , reflecting a growing acknowledgment that most top roles are held by white men .
The bank said that by 2025 it wants seven per cent of its employees with the title to be Black and nine per cent to be Latino .
Read more : HSBC to ‘ at least double ’ black employees in its upper ranks Vice presidents at investment banks are considered to be just below the rank of managing directors , and above analysts and associates .
Chief executive @ @ @ @ @ @ @ aiming for 40 per cent of its employees with the vice president title to be female .
Last year Goldman Sachs set out plans to increase representation at all levels to create “ an even stronger culture of inclusion ” for its employees .
It set a goal for 11 per cnet of all new analysts and entry-level associates hired in the US and nine per cent in the UK to be Black professionals .
Goldman Sachs also said it aimed for 14 per cent to be Latino and half to be women @ @ @ @ @ @ @ reiterated the bank ’ s belief that greater diversity leads to greater success in its business .
“ Progress on diversity will enhance our ability to execute our strategy and deliver for our clients , ” he added .
The bank also said it would build on its goals for its entry-level analysts and associates .
To do so it will strengthen its relationship with Historically Black Colleges and Universities ( HBCUs ) by doubling the number of its campus analyst hires in the US .
Read more : Netflix to spend $ @ @ @ @ @ @ @ HSBC told staff it will at “ least double ” the number of black employees in its upper ranks , indicating banks worldwide are recognising their lack of diversity .
In an internal memo chief executive Noel Quinn said : “ Black colleagues feel that HSBC has not been strong or vocal enough as an organisation on matters that concern them.
” Get the news as it happens by following City A.M. on Twitter .

Goldman Sachs sets new diversity goals for employing vice presidents
Goldman Sachs has set new diversity goals for employing Black, Latino and female vice presidents, reflecting a growing acknowledgment that most top roles are held by white men.
The bank said that by 2025 it wants seven per cent of its employees with the title to be Black and nine per cent to be Latino.
Vice presidents at investment banks are considered to be just below the rank of managing directors, and above analysts and associates.
Chief executive David Solomon also said the bank was aiming for 40 per cent of its employees with the vice president title to be female.
Last year Goldman Sachs set out plans to increase representation at all levels to create “an even stronger culture of inclusion” for its employees.
It set a goal for 11 per cnet of all new analysts and entry-level associates hired in the US and nine per cent in the UK to be Black professionals. Goldman Sachs also said it aimed for 14 per cent to be Latino and half to be women.
In a statement today, Solomon reiterated the bank’s belief that greater diversity leads to greater success in its business. “Progress on diversity will enhance our ability to execute our strategy and deliver for our clients,” he added.
The bank also said it would build on its goals for its entry-level analysts and associates. To do so it will strengthen its relationship with Historically Black Colleges and Universities (HBCUs) by doubling the number of its campus analyst hires in the US.
Last week HSBC told staff it will at “least double” the number of black employees in its upper ranks, indicating banks worldwide are recognising their lack of diversity.
In an internal memo chief executive Noel Quinn said: “Black colleagues feel that HSBC has not been strong or vocal enough as an organisation on matters that concern them.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-08-05--UK to send emergency relief to Lebanon following Beirut explosion

The UK will provide £5m in aid to Beirut , including search and rescue help and expert medical support after the explosion at Beirut Port yesterday .
An explosion in the Lebanese capital yesterday left thousands injured with a death toll of more than 100 .
Following a call with the Prime Minister of Lebanon Hassan Diab , the foreign secretary said the UK had made up to £5m in emergency funding available help people made homeless by the disaster .
“ This was a devastating explosion which has caused enormous suffering and damage .
The UK is a long-standing @ @ @ @ @ @ @ , and will stand with them in their hour of need , ” said Dominic Raab .
“ We have offered immediate direct support including search and rescue , emergency medical assistance and up to £5m in humanitarian aid.
” He also offered to immediately deploy search and rescue teams alongside an EMT advance clinical advisory team .
Yesterday ’ s blast at Beirut ’ s port warehouses was the most powerful in years and was felt as far away as Cyprus .
Officials have not yet said what caused the explosion but @ @ @ @ @ @ @ by welding work being carried out on a hole in the warehouse .
President Michel Aoun said that 2,750 tonnes of ammonium nitrate had been stored for six years at the port without safety measures , which he said was “ unacceptable ” .
Last night Prime Minister Boris Johnson joined others in offering their support to Lebanon .
“ The pictures and videos from Beirut tonight are shocking , ” Johnson wrote on Twitter .
“ All of my thoughts and prayers are with those caught up in this terrible incident .
@ @ @ @ @ @ @ for Lebanon , which is reeling from an economic crisis and a surge in coronavirus infections .
The pandemic has compounded government corruption and financial mismanagement .
Get the news as it happens by following City A.M. on Twitter .

UK to send emergency relief to Lebanon following Beirut explosion
The UK will provide £5m in aid to Beirut, including search and rescue help and expert medical support after the explosion at Beirut Port yesterday.
An explosion in the Lebanese capital yesterday left thousands injured with a death toll of more than 100.
Following a call with the Prime Minister of Lebanon Hassan Diab, the foreign secretary said the UK had made up to £5m in emergency funding available help people made homeless by the disaster.
“This was a devastating explosion which has caused enormous suffering and damage. The UK is a long-standing friend of Lebanon and the Lebanese people, and will stand with them in their hour of need,” said Dominic Raab.
“We have offered immediate direct support including search and rescue, emergency medical assistance and up to £5m in humanitarian aid.”
He also offered to immediately deploy search and rescue teams alongside an EMT advance clinical advisory team.
Yesterday’s blast at Beirut’s port warehouses was the most powerful in years and was felt as far away as Cyprus.
Officials have not yet said what caused the explosion but local media have suggested it was started by welding work being carried out on a hole in the warehouse.
President Michel Aoun said that 2,750 tonnes of ammonium nitrate had been stored for six years at the port without safety measures, which he said was “unacceptable”.
Last night Prime Minister Boris Johnson joined others in offering their support to Lebanon.
“The pictures and videos from Beirut tonight are shocking,” Johnson wrote on Twitter. “All of my thoughts and prayers are with those caught up in this terrible incident.
It comes at an incredibly difficult time for Lebanon, which is reeling from an economic crisis and a surge in coronavirus infections. The pandemic has compounded government corruption and financial mismanagement.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-08-05--FTSE 100 ends higher and gold surges as investors bet on stimulus

The FTSE 100 closed higher and US stocks rose as investors hoped Democrats and the White House would strike a new stimulus deal , while gold surged to a fresh all-time high .
London ’ s blue-chip index ended the day one per cent higher at 6,098 points .
The FTSE 250 of mid-cap firms jumped 1.7 per cent .
Read more : William Hill to close 119 betting shops as profit plunges In Europe , Germany ’ s Dax rose 0.5 per cent as optimism spread on the continent .
France ’ s CAC was up 0.8 per cent @ @ @ @ @ @ @ & P 500 rose 0.7 per cent .
The Dow Jones climbed 1.3 per cent and the Nasdaq jumped 0.4 per cent .
Meanwhile , gold smashed through the $ 2,000 barrier .
It jumped 1.3 per cent in afternoon trading to $ 2,046 an ounce .
Investors have prayed for progress in the next round of US stimulus talks .
But it has been hard to come by , causing a shaky couple of weeks for the FTSE 100 and global markets .
Markets were excited today , however , as US @ @ @ @ @ @ @ another relief package , ” said Craig Erlam , senior market analyst at currency firm Oanda .
“ Lawmakers appear encouraged by the progress of the last couple of days , with Treasury Secretary Steve Mnuchin talking up the prospects of a deal by the end of the week.
” The record-breaking gold price boosted many London-based miners , helping the FTSE 100 and FTSE 250 .
Polymetal International rose six per cent and Fresnillo climbed 6.3 per cent on the blue-chip index .
On the FTSE 250 , Hochschild Mining soared 13.7 @ @ @ @ @ @ @ cent .
Chris Beauchamp , chief market analyst at trading platform IG , said : “ Even the lacklustre FTSE 100 has managed to stage a decent rally.
” “ Gains have been helped along by the other big story , that of gold ’ s dizzying ascent to $ 2,000.
” Beauchamp said it “ shows how conflicted investors are ” that both equities and gold , a safe-haven asset , are rising at the same time .
He said they “ can ’ t avoid being tempted by equities ” but @ @ @ @ @ @ @ and bankruptcies .
Luca Paolini , chief strategist at Pictet Asset Management , said he doubted that markets can rally much further in the months ahead .
“ Coronavirus cases around the world are still rising , and corporate earnings expectations for this year are still too high.
” The rising gold price was driven by expectations of more fiscal and monetary stimulus , analysts said .
The yellow metal is seen as a hedge against inflation and currency debasement .
Its rise has coincided with the dollar dropping to two-year lows .
@ @ @ @ @ @ @ platform CMC Markets , said : “ The aggressive easing policies of central banks around the global have put big pressure on bond yields , some of which turned negative.
” “ This has been a factor in the metals ’ popularity as some investors are turning to gold and silver.
” Silver surged to $ 26.80 an ounce .
Ipek Ozkardeskaya , senior analyst at Swissquote Bank , said : “ So far , we haven ’ t seen much profit-taking on the recent push .
It will be interesting to watch @ @ @ @ @ @ @ mark .
”


cityam--2020-08-05--Finance must play a bigger role in the UK's national security, says think tank

A think tank has called on the government to use the UK ’ s financial capabilities to further support its national security policy .
The Royal United Services Institute ( RUSI ) has recommended the UK capitalise on its financial advantages ahead of an integrated review of the UK ’ s foreign policy , defence and security .
Read more : Furious Theresa May attacks PM ’ s political choice for national security adviser In February , the government announced the review , which was described as the largest review of the UK ’ s foreign , defence , security @ @ @ @ @ @ @ the Cold War .
The role of the economy in the UK ’ s national security has mainly been confined to recognising the importance of a strong and healthy national economy , including to pay for national defence .
But Tom Keatinge , author of the paper , argued it should be contributing more .
“ The narrow focus applied to national security to date… suggests that there is no cross-government strategy that draws together the range of opportunities afforded by these capabilities , ” he said .
The Intelligence and Security Committee @ @ @ @ @ @ @ ” threats which include organised crime , overt and covert financial influence campaigns and state-sponsored cyber attacks on financial institutions .
“ The common factor in these and the many other threats and opportunities the UK faces is finance , ” said Keatinge .
He told City A.M. that among the threats are illicit financial flows facilitated by the UK or invested in London .
This was highlighted in the Russia Report published last month , which revealed political interference in the 2019 general election .
Finance continues to underpin many of the @ @ @ @ @ @ @ points to the purchase of social media campaigns by anonymous companies that aim to destabilise the democratic process .
“ The government has failed to invest in the necessary analytical capability to understand these threats , ” the report stated .
It has called on initiatives such as the Joint State Threat Assessment Centre at MI5 to be resourced with the necessary knowledge to engage with the financial side of these threats .
Read more : Trump warns against foreign interference in UK projects as US steps up national security efforts Another central @ @ @ @ @ @ @ as a leading centre for the facilitation of money laundering .
“ This damages the UK ’ s international standing , subverting its authority with current and desired partner countries , ” Keatinge said .
A more careful assessment of purchasers in the UK ’ s open economy should be considered to protect national security .
The think tank also suggests that greater investment in the resourcing of the UK ’ s capabilities , would help countries identify and repatriate stolen assets sequestered in or via the UK .

Finance must play a bigger role in the UK’s national security, says think tank
The FTSE 100 and 250 were flat this morning as trade talks dragged on.
A think tank has called on the government to use the UK’s financial capabilities to further support its national security policy.
The Royal United Services Institute (RUSI) has recommended the UK capitalise on its financial advantages ahead of an integrated review of the UK’s foreign policy, defence and security.
In February, the government announced the review, which was described as the largest review of the UK’s foreign, defence, security and development policy since the end of the Cold War.
The role of the economy in the UK’s national security has mainly been confined to recognising the importance of a strong and healthy national economy, including to pay for national defence. But Tom Keatinge, author of the paper, argued it should be contributing more.
“The narrow focus applied to national security to date… suggests that there is no cross-government strategy that draws together the range of opportunities afforded by these capabilities,” he said.
The Intelligence and Security Committee has spoken about the “grey area” threats which include organised crime, overt and covert financial influence campaigns and state-sponsored cyber attacks on financial institutions.
“The common factor in these and the many other threats and opportunities the UK faces is finance,” said Keatinge.
He told City A.M. that among the threats are illicit financial flows facilitated by the UK or invested in London. This was highlighted in the Russia Report published last month, which revealed political interference in the 2019 general election.
Finance continues to underpin many of the malign threats to national security. RUSI points to the purchase of social media campaigns by anonymous companies that aim to destabilise the democratic process.
“The government has failed to invest in the necessary analytical capability to understand these threats,” the report stated. It has called on initiatives such as the Joint State Threat Assessment Centre at MI5 to be resourced with the necessary knowledge to engage with the financial side of these threats.
Another central issue is the UK’s reputation as a leading centre for the facilitation of money laundering. “This damages the UK’s international standing, subverting its authority with current and desired partner countries,” Keatinge said.
A more careful assessment of purchasers in the UK’s open economy should be considered to protect national security. The think tank also suggests that greater investment in the resourcing of the UK’s capabilities, would help countries identify and repatriate stolen assets sequestered in or via the UK.