cityam--2020-08-06--Uber's food delivery business doubles but demand for rides falters

Uber said demand for its food-delivery service doubled in the second quarter as users were locked down due to the pandemic , while demand for rides was hit .
The company maintained it was sticking to its goal of being profitable on an adjusted basis before the end of next year .
Today it reported that revenue in the second quarter fell 29 per cent to $ 2.24bn , beating analysts ’ estimates of $ 2.18bn .
Uber posted a $ 1.8bn net loss between April and June , which includes charges related to the laying off of 23 per @ @ @ @ @ @ @ coronavirus started to make a real impact on the US , the firm moved to lay off a number of staff .
It also offloaded its Jump electric bike business to bike-sharing competitor Lime .
Despite taking drastic cost-cutting measures , Uber announcced to buy Postmates , an on-demand delivery service , for $ 2.65bn in stock .
The technology firm reported an adjusted loss in Ebitda of $ 837m in the second quarter .
Ride-hailing trips , which have in the past accounted for nearly two-thirds of Uber ’ s revenue , @ @ @ @ @ @ @ in April .
However gross bookings remain down 75 per cent from last year to $ 10.2bn .
Revenue at Uber Eats doubled to $ 1.2bn , helped by a greater demand for delivery as customers continued to stay at home .
While gross bookings more than doubled , it recorded a $ 232 adjusted Ebitda loss in the second quarter .
Uber also reported a drop off in active platform users from 99m to 55m .
Read more : Uber faces final Supreme Court appeal to argue drivers are not employees The @ @ @ @ @ @ @ as authorities continue to question whether it can treat drivers in the US as independent contractors .
On Wednesday , the California Labor Commission ’ s office announced it had filed separate lawsuits against Uber and rival Lyft accusing them of committing wage theft by misclassifying drivers as contractors rather than employees .
Get the news as it happens by following City A.M. on Twitter .

Uber’s food delivery business doubles but demand for rides falters
Uber said demand for its food-delivery service doubled in the second quarter as users were locked down due to the pandemic, while demand for rides was hit.
The company maintained it was sticking to its goal of being profitable on an adjusted basis before the end of next year. Today it reported that revenue in the second quarter fell 29 per cent to $2.24bn, beating analysts’ estimates of $2.18bn.
Uber posted a $1.8bn net loss between April and June, which includes charges related to the laying off of 23 per cent of its workforce worldwide.
After coronavirus started to make a real impact on the US, the firm moved to lay off a number of staff. It also offloaded its Jump electric bike business to bike-sharing competitor Lime.
Despite taking drastic cost-cutting measures, Uber announcced to buy Postmates, an on-demand delivery service, for $2.65bn in stock.
The technology firm reported an adjusted loss in Ebitda of $837m in the second quarter. Ride-hailing trips, which have in the past accounted for nearly two-thirds of Uber’s revenue, increased five per cent from their low in April. However gross bookings remain down 75 per cent from last year to $10.2bn.
Revenue at Uber Eats doubled to $1.2bn, helped by a greater demand for delivery as customers continued to stay at home. While gross bookings more than doubled, it recorded a $232 adjusted Ebitda loss in the second quarter.
Uber also reported a drop off in active platform users from 99m to 55m.
The firm is also facing mounting legal battles as authorities continue to question whether it can treat drivers in the US as independent contractors.
On Wednesday, the California Labor Commission’s office announced it had filed separate lawsuits against Uber and rival Lyft accusing them of committing wage theft by misclassifying drivers as contractors rather than employees.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-08-06--Belgium, Andorra and the Bahamas added to UK's quarantine list

Belgium , Andorra and the Bahamas have been added to the UK ’ s quarantine list , after a spike in coronavirus cases .
People arriving in England from Andorra , Belgium and the Bahamas from 4am on Saturday 8 August will have to self-isolate for two weeks .
Read more : Ministers set to impose quarantine restrictions on Belgium Tweeting on Thursday evening , transport secretary Grant Shapps said : “ Data shows we need to remove Andorra , Belgium and the Bahamas from our list of # coronavirus Travel Corridors in order to keep infection rates DOWN.
” @ @ @ @ @ @ @ coronavirus infections in recent weeks , with 27.8 new cases per 100,000 people , compared to the UK ’ s current 8.4 .
It is also higher than the 27.4 per 100,000 people that Spain had when the government removed it from the exemption list .
There have been over 71,000 confirmed infections in Belgium in total , with 9,852 people having died from the virus so far .
Due to the the size of its population , it means that the country has one of the highest per capita death rates from @ @ @ @ @ @ @ Andorra , new cases per week have increased 5-fold over the same time period , while in the Bahamas the weekly case rate peaked at 78.6 last week , up from 3.1 in mid-July .
Shapps also announced the government would make travellers from Brunei and Malaysia exempt from quarantine measures after cases decreased .
Read more : Easyjet chief : We will keep flying to quarantined countries if there is demand Wales made a similar move earlier today , and the changes will come into force from midnight on Friday .
It @ @ @ @ @ @ @ Luxembourg from the exemption list after data showed a sharp increase in cases in the countries .
Get the news as it happens by following City A.M. on Twitter .

Belgium, Andorra and the Bahamas added to UK’s quarantine list
The country with the highest number of deaths attributed to coronavirus compared to its population is Belgium with 85 fatalities per 100,000 inhabitants. (Photo by François WALSCHAERTS / AFP) (Photo by FRANCOIS WALSCHAERTS/AFP via Getty Images)
Belgium, Andorra and the Bahamas have been added to the UK’s quarantine list, after a spike in coronavirus cases.
People arriving in England from Andorra, Belgium and the Bahamas from 4am on Saturday 8 August will have to self-isolate for two weeks.
Tweeting on Thursday evening, transport secretary Grant Shapps said: “Data shows we need to remove Andorra, Belgium and the Bahamas from our list of #coronavirus Travel Corridors in order to keep infection rates DOWN.”
Belgium has had a consistent rise in coronavirus infections in recent weeks, with 27.8 new cases per 100,000 people, compared to the UK’s current 8.4. It is also higher than the 27.4 per 100,000 people that Spain had when the government removed it from the exemption list.
There have been over 71,000 confirmed infections in Belgium in total, with 9,852 people having died from the virus so far.
Due to the the size of its population, it means that the country has one of the highest per capita death rates from the disease in the world.
In Andorra, new cases per week have increased 5-fold over the same time period, while in the Bahamas the weekly case rate peaked at 78.6 last week, up from 3.1 in mid-July.
Shapps also announced the government would make travellers from Brunei and Malaysia exempt from quarantine measures after cases decreased.
Wales made a similar move earlier today, and the changes will come into force from midnight on Friday.
It comes after the government removed Spain and Luxembourg from the exemption list after data showed a sharp increase in cases in the countries.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-08-06--Tory MPs in China Research Group targeted by phishing attacks

Cybersecurity experts have slammed Parliament ’ s cybersecurity training as “ appalling ” after members of the Sino-sceptic China Research Group of Conservative MPs have been targeted by phishing attacks .
Tom Tugendhat , chair of the Foreign Affairs Select Committee and co–founder of the China Research Group , last week revealed he believed Chinese state-sponsored hackers were behind a series of cyber attacks against him , including email impersonations and phishing attempts .
Tugendhat said that while he could not prove Beijing was behind the attacks , researchers had been able to identify the campaign came from internet addresses @ @ @ @ @ @ @ ’ t mean it ’ s the Chinese state doing it… but it does seem rather unlikely that this is not in some way connected to the state , ” he said .
Fellow Tory MP Neil O ’ Brien , who co-founded the China Research Group alongside Tugendhat , told City A.M. he has also been targeted by phishing attacks .
O ’ Brien said that he had referred the attacks to the relevant parliamentary authorities , but that they had not been able to identify the source of the phishing attempts @ @ @ @ @ @ @ his email had managed to “ get through parliamentary anti-phishing filters ” .
Alicia Kearns , Tory MP for Rutland and Melton and another member of the China Research Group , said she had been the subject of “ daily phishing attacks ” just one week after joining the parliamentary group in April .
Members of the China Research Group are among the most vocal opponents of China ’ s growing power in the West , and were instrumental in pressuring Boris Johnson to U-turn on his 5G deal with Huawei .
It @ @ @ @ @ @ @ classified US-UK trade documents were “ stolen ” from former trade minister Liam Fox ’ s email account through phishing attacks by Russian hackers .
Fox ’ s email account was hacked using a so-called spear phishing message , which fools the target into handing over their password and login details .
Several sources declined to name which Russian group or organisation they believed was responsible , but said the attack “ bore the hallmarks of a state-backed operation ” .
Cybersecurity experts have since slammed Parliament ’ s online security safeguards as @ @ @ @ @ @ @ to undertake wide-scale training to curb potential national security threats .
Philip Ingram , a former senior military intelligence officer and cybersecurity expert , told City A.M : “ We ’ ve got probably the best cybersecurity in the world in the form of the National Cyber Security Centre and it ’ s not being used by MPs and ministers , which I think is appalling.
” “ Cybersecurity training should be seen as as important as counterterrorism , because the single biggest vulnerability for espionage activity is through online , ” added @ @ @ @ @ @ @ have seen a large spike , as they are considered the “ preferred ” hacking method of Chinese and Russian cybercriminals .
Though members of the China Research Group have flagged phishing attempts to the parliamentary authorities , Ingram warned that “ for every 10 they recognise , one will probably get through.
” Dave Mount , European director of cybersecurity awareness firm Cofense added that vulnerability to phishing attacks has been especially high during the pandemic because MPs are not being reminded of the need to stay alert to potential threats .
@ @ @ @ @ @ @ trains every day , we saw the posters : report it , and if you see something , say something .
That ’ s constantly being reinforced into us from a counterterrorism perspective , and the same mindset ’ s got to apply to phishing.
” Mount added that guidance to MPs about phishing scams must be constantly updated , as “ the phishing threat landscape evolves at such a rapid pace ” .
The government ’ s Parliamentary Digital Service ( PDS ) website offering cybersecurity advice to MPs was last updated @ @ @ @ @ @ @ “ Parliament is a high-profile target for cyber criminals , so we take cybersecurity extremely seriously.
” “ We put in many technical systems to protect our staff , but ultimately we rely on good cybersecurity awareness and behaviours from everyone in Parliament to keep us safe.
” The website links to a series of animations using Guy Fawkes as an analogy for modern-day Parliamentary hacking .
“ Guy Fawkes attacked Parliament over 400 years ago , but if he was around today , he probably wouldn ’ t need to leave his @ @ @ @ @ @ @ .
The videos were made as part of the government ’ s 2017 cybersecurity awareness campaign , after a series of high-profile phishing attempts on MPs and staff compromised around one per cent of all parliamentary email accounts .
The government has since made efforts to remind MPs of cybersecurity threats , after alarms were raised over potential phishing attempts on MPs working from home during the pandemic .
In February , PDS ordered the production of around 2,000 mouse mats for use by staff across the parliamentary estate working from home .
@ @ @ @ @ @ @ £3,300 in total , were inscribed with cybersecurity advice reminding MPs to report suspected phishing attempts and to use different passwords for different accounts .
“ It ’ s not a bad idea , ” Ingram told City A.M. “ But actually adequate training could be done with little or no cost and have a massive impact on providing additional security for our public servants operating in the digital age.
” “ But the bottom line is that at the moment , ministers tend to get just a briefing , ” Ingram added @ @ @ @ @ @ @ : “ The UK Parliament takes cyber security extremely seriously .
We provide advice to users – including Members – to make them aware of the risks and how to manage their digital safety , however we do not comment on specific details of our cyber security policies ” .
Before the Open : Get the jump on the markets with our early morning newsletter

Tory MPs in China Research Group targeted by phishing attacks
(via Getty)
Cybersecurity experts have slammed Parliament’s online security training as “appalling” after members of the Sino-sceptic China Research Group of Conservative MPs have been targeted by phishing attacks.
China Research Group
Tom Tugendhat, chair of the Foreign Affairs Select Committee and co–founder of the China Research Group, last week revealed he believed Chinese state-sponsored hackers were behind a series of cyber attacks against him, including email impersonations and phishing attempts.
Tugendhat said that while he could not prove Beijing was behind the attacks, researchers had been able to identify the campaign came from internet addresses in mainland China.
“That doesn’t mean it’s the Chinese state doing it… but it does seem rather unlikely that this is not in some way connected to the state,” he said.
Fellow Tory MP Neil O’Brien, who co-founded the China Research Group alongside Tugendhat, told City A.M. he has also been targeted by phishing attacks.
O’Brien said that he had referred the attacks to the relevant parliamentary authorities, but that they had not been able to identify the source of the phishing attempts.
He added that attempted hacks on his email had managed to “get through parliamentary anti-phishing filters”.
Alicia Kearns, Tory MP for Rutland and Melton and another member of the China Research Group, said she had been the subject of “daily phishing attacks” just one week after joining the parliamentary group in April.
Members of the China Research Group are among the most vocal opponents of China’s growing power in the West, and were instrumental in pressuring Boris Johnson to U-turn on his 5G deal with Huawei.
Liam Fox
It comes after it emerged last week that classified US-UK trade documents were “stolen” from former trade minister Liam Fox’s email account through phishing attacks by Russian hackers.
Fox’s email account was hacked using a so-called spear phishing message, which fools the target into handing over their password and login details.
Several sources declined to name which Russian group or organisation they believed was responsible, but said the attack “bore the hallmarks of a state-backed operation”.
‘Appalling’ cybersecurity training
Cybersecurity experts have since slammed Parliament’s online security safeguards as “appalling”, and urged MPs to undertake wide-scale training to curb potential national security threats.
Philip Ingram, a former senior military intelligence officer and cybersecurity expert, told City A.M: “We’ve got probably the best cybersecurity in the world in the form of the National Cyber Security Centre and it’s not being used by MPs and ministers, which I think is appalling.”
“Cybersecurity training should be seen as as important as counterterrorism, because the single biggest vulnerability for espionage activity is through online.”
He added that phishing attempts have seen a large spike in recent months as they are considered the “preferred” hacking method of Chinese and Russian cyber criminals.
Though members of the China Research Group have flagged phishing attempts to the parliamentary authorities, Ingram warned that “for every 10 they recognise, one will probably get through.”
Dave Mount, European director of cybersecurity awareness firm Cofense added that vulnerability to phishing attacks has been especially high during the pandemic because MPs are not being reminded of the need to stay alert to potential threats.
“When we were all travelling on trains every day, we saw the posters: report it, and if you see something, say something. That’s constantly being reinforced into us from a counterterrorism perspective, and the same mindset’s got to apply to phishing.”
Mount added that guidance to MPs about phishing scams must be constantly updated, as “the phishing threat landscape evolves at such a rapid pace”.
Parliamentary advice
The Parliamentary Digital Service (PDS) website offering cybersecurity advice to MPs was last updated in 2017.
The website states: “Parliament is a high-profile target for cyber criminals, so we take cybersecurity extremely seriously.”
“We put in many technical systems to protect our staff, but ultimately we rely on good cybersecurity awareness and behaviours from everyone in Parliament to keep us safe.”
The website links to a series of animations using Guy Fawkes as an analogy for modern-day Parliamentary hacking.
“Guy Fawkes attacked Parliament over 400 years ago, but if he was around today, he probably wouldn’t need to leave his bedroom,” the PDS website states.
The videos were made as part of Parliament’s 2017 cybersecurity awareness campaign, after a series of high-profile phishing attempts on MPs and staff compromised around one per cent of all parliamentary email accounts.
Parliament has since made efforts to remind MPs of cybersecurity threats, after alarms were raised over potential phishing attempts on MPs working from home during the pandemic.
In February, PDS ordered the production of around 2,000 mouse mats for use by staff across the parliamentary estate working from home.
The mouse mats, which cost almost £3,300 in total, were inscribed with cybersecurity advice reminding MPs to report suspected phishing attempts and to use different passwords for different accounts.
“It’s not a bad idea,” Ingram told City A.M. “But actually adequate training could be done with little or no cost and have a massive impact on providing additional security for our public servants operating in the digital age.”
“But the bottom line is that at the moment, ministers tend to get just a briefing,” Ingram added.
A Parliamentary spokesperson told City A.M: “The UK Parliament takes cybersecurity extremely seriously. We provide advice to users — including Members — to make them aware of the risks and how to manage their digital safety, however we do not comment on specific details of our cybersecurity policies”.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-08-06--Ride-hailing firms Gett and Ola sign corporate partnership

Ride-hailing firms Gett and Ola have today announced a new partnership following a surge in demand for corporate travel as the UK returns to work after the coronavirus lockdown .
The partnership will allow Gett ’ s corporate clients access to Ola ’ s platform in London , enabling them to request a variety of Ola ride options from September .
In turn Ola , which recently launched a new corporate service , will gain access to Gett ’ s hefty list of corporate clients , including a third of Fortune 500 companies .
In June , the number of @ @ @ @ @ @ @ cent of the volumes recorded in February , with July even higher , compared to April and May where volumes were 67 per cent and 74 per cent of pre-Covid levels .
Ola only launched in London in February , but already offers services in 27 cities in the UK .
Its expansion into London comes as market leader Uber prepares to appeal against the loss of its license in September .
Before the Open newsletter : Start your day with the City View podcast and key market data Ola said that its @ @ @ @ @ @ @ save up to 25 per cent on travel expenses compared to other operators .
At the end of last year , Gett announced a similar partnership with Lyft in order to expand its reach in the US .
Chief executive Dave Waiser said : “ We are delighted to be announcing this strategic partnership with Ola .
“ We continue in our mission to organise the world ’ s best mobility providers in one platform , optimising the entire experience , from booking and riding , to invoicing and analytics , so businesses @ @ @ @ @ @ @ ” Ola ’ s UK managing director Marc Rozendal said : “ Partnering with Gett and its leading offering for corporates opens a large market for Ola ’ s platform as travel begins to resume in London , allowing us to further scale by meeting the clear demand from corporate users for consumer ride-hailing .

Ride-hailing firms Gett and Ola sign corporate partnership
Ola has secured $500m in funding ahead of its IPO
Ride-hailing firms Gett and Ola have today announced a new partnership following a surge in demand for corporate travel as the UK returns to work after the coronavirus lockdown.
The partnership will allow Gett’s corporate clients access to Ola’s platform in London, enabling them to request a variety of Ola ride options from September.
In turn Ola, which recently launched a new corporate service, will gain access to Gett’s hefty list of corporate clients, including a third of Fortune 500 companies.
In June, the number of corporate rides reached up to 89 per cent of the volumes recorded in February, with July even higher, compared to April and May where volumes were 67 per cent and 74 per cent of pre-Covid levels.
Ola only launched in London in February, but already offers services in 27 cities in the UK.
Its expansion into London comes as market leader Uber prepares to appeal against the loss of its license in September.
Before the Open newsletter: Start your day with the City View podcast and key market data
Ola said that its new corporate service would enable users to save up to 25 per cent on travel expenses compared to other operators.
At the end of last year, Gett announced a similar partnership with Lyft in order to expand its reach in the US.
Chief executive Dave Waiser said: “We are delighted to be announcing this strategic partnership with Ola.
“We continue in our mission to organise the world’s best mobility providers in one platform, optimising the entire experience, from booking and riding, to invoicing and analytics, so businesses can focus on what they do best.”
Ola’s UK managing director Marc Rozendal said: “Partnering with Gett and its leading offering for corporates opens a large market for Ola’s platform as travel begins to resume in London, allowing us to further scale by meeting the clear demand from corporate users for consumer ride-hailing.


cityam--2020-08-06--People must have the confidence to return to work, says PM

An economic recovery will require people to have the confidence to get back to the office , the Prime Minister has said in his latest attempt to push the UK to return to work .
During a visit to a housing development in Warrington this afternoon , Boris Johnson told reporters there were “ real signs of strength in the UK economy ” .
Read more : UK workers slowest in Europe to return to the office “ Unquestionably it will require people to have the confidence to go back to work in a Covid-secure way , ” he said @ @ @ @ @ @ @ employees have returned to work since the lockdown .
That compares to almost three-quarters of staff in Europe , according to analysis from Morgan Stanley .
The PM changed lockdown measures this week to encourage employees to head back to the office .
He also scrapped the guidance to avoid public transport unless absolutely necessary , paving the way for commuters to return to work .
A number of London firms have started to return to work , albeit in small numbers .
Social distancing measures prevent a mass return but a number @ @ @ @ @ @ @ basis .
Lloyds and HSBC have indicated a return in September , while Barclays boss Jes Staley said he would like to see staff return “ over time ” .
Natwest has told its 50,000 staff that the vast majority can keep working from home until 2021 .
Read more : The return to work : Here ’ s when City firms are going back to the office “ It ’ s also very , very important that we get all the schools back in September , on September 1 get all the @ @ @ @ @ @ @ the PM added .
“ That will be also very , very important for getting our economy overall moving again.
” There has been some speculation that pubs may need to close to allow schools to reopen next month .
It came after England ’ s chief medical officer said the country was “ near the limit ” of opening up society .
Get the news as it happens by following City A.M. on Twitter .

People must have the confidence to return to work, says PM
“it is in the collective interest of banks to support viable, productive businesses, rather than to seek to defend capital ratios” – FPC
An economic recovery will require people to have the confidence to get back to the office, the Prime Minister has said in his latest attempt to push the UK to return to work.
During a visit to a housing development in Warrington this afternoon, Boris Johnson told reporters there were “real signs of strength in the UK economy”.
“Unquestionably it will require people to have the confidence to go back to work in a Covid-secure way,” he said.
Just over one-third of UK white-collar employees have returned to work since the lockdown. That compares to almost three-quarters of staff in Europe, according to analysis from Morgan Stanley.
The PM changed lockdown measures this week to encourage employees to head back to the office. He also scrapped the guidance to avoid public transport unless absolutely necessary, paving the way for commuters to return to work.
A number of London firms have started to return to work, albeit in small numbers. Social distancing measures prevent a mass return but a number of employees have returned on a voluntary basis.
Lloyds and HSBC have indicated a return in September, while Barclays boss Jes Staley said he would like to see staff return “over time”.
Natwest has told its 50,000 staff that the vast majority can keep working from home until 2021.
“It’s also very, very important that we get all the schools back in September, on September 1 get all the pupils back into their schools,” the PM added.
“That will be also very, very important for getting our economy overall moving again.”
There has been some speculation that pubs may need to close to allow schools to reopen next month. It came after England’s chief medical officer said the country was “near the limit” of opening up society.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-08-06--Starling Bank predicts 2020 profitability despite deepened losses

Starling Bank has said it expects to break even by the end of this year and be profitable in 2021 , despite more than doubling its losses in 2019 .
Chief executive Anne Boden told reporters the digital bank had benefited from participating in government schemes to provide business loans during the pandemic , gaining new loans on its balance sheet without having to consider large impairments from previous lending .
This was despite starting 2020 in a rockier position , ending November 2019 at a £53.6m loss before tax compared to £26.9m a year earlier .
Read more : @ @ @ @ @ @ @ up for coronavirus lockdown “ We ’ re doing really well financially , and it ’ s a horrible thing to say , but the crisis has given us the opportunity to focus on getting new products out… and consolidating our position , ” she said .
The pandemic has taken Starling ’ s loan book from under £100m in November to more than £1bn last month .
Meanwhile its business banking and banking-as-a-service arms have helped it to rake in revenue where its rivals have struggled , though building its software proved @ @ @ @ @ @ @ operating overheads almost tripled in 2019 , rising to £91.5m from £32.7m a year earlier .
In that time it opened offices in Dublin and Southampton , as well as expanded its offices in London and Cardiff .
Boden said Starling Bank is now the fastest-growing small business bank in Europe , and is responsible for three per cent of all business accounts opened in the UK .
Starling Bank was one of the few lenders to accept coronavirus loan applications from new accounts , though Boden said only around a third of @ @ @ @ @ @ @ It has approved £903.1m in government-backed loans to date , and has yet to furlough or lay off any staff during the crisis .
It has instead hired 147 people since lockdown began in March , of whom approximately 35 will be tasked with managing any defaults that arise from coronavirus loans .
Boden said she expects the bank to reach up to 1,200 total staff by mid-2021 .
Starling ’ s annual report added that while it had taken precautions regarding its financial future — such as running the entire bank remotely @ @ @ @ @ @ @ no change in its ability to continue to operate for the foreseeable future .
It follows digital rival Monzo ’ s filings last week , which shocked the market after the bank said it held “ significant doubt ” over its ability to continue as a going concern in 12 months ’ time .
Read more : Monzo flags ‘ significant doubt ’ over ability to continue as losses double In a pointed comment on Starling ’ s competitors , Boden said the crisis had “ exposed those without a clear path to @ @ @ @ @ @ @ reminded of what Warren Buffet said at the time of the financial crisis : ‘ Only when the tide goes out , do you discover who has been swimming naked ’ .
” Starling now has more than 1.5m registered consumer and business accounts , with more than £3bn in deposits .
However this remains small in comparison to its two major digital rivals , with Monzo on 4.5m users and Revolut at over 12m .
In a trading update the bank said it generated £6.7m in revenue in July 2020 , which @ @ @ @ @ @ @ £80m .
Starling has now restarted the process of applying for a banking licence in Ireland to help support its international expansion plans and post-Brexit capabilities , after pausing the application at the start of lockdown .
“ I have every confidence that we ’ ll maintain our profitability month by month , ” Boden said .
“ What we will be in terms of our next financial year… largely depends on how our international development goes and how many countries we choose to launch in.
” The bank raised £100m in funding @ @ @ @ @ @ @ the few fintech firms alongside Revolut to secure fresh capital during the pandemic .

Starling Bank predicts 2020 profitability despite deepened losses
Starling Bank has said it expects to break even by the end of this year and be profitable in 2021, despite more than doubling its losses in 2019.
Chief executive Anne Boden told reporters the digital bank had benefited from participating in government schemes to provide business loans during the pandemic, gaining new loans on its balance sheet without having to consider large impairments from previous lending.
This was despite starting 2020 in a rockier position, ending November 2019 at a £53.6m loss before tax compared to £26.9m a year earlier.
“We’re doing really well financially, and it’s a horrible thing to say, but the crisis has given us the opportunity to focus on getting new products out… and consolidating our position,” she said.
The pandemic has taken Starling’s loan book from under £100m in November to more than £1bn last month.
Meanwhile its business banking and banking-as-a-service arms have helped it to rake in revenue where its rivals have struggled, though building its software proved extremely costly.
Starling Bank’s operating overheads almost tripled in 2019, rising to £91.5m from £32.7m a year earlier. In that time it opened offices in Dublin and Southampton, as well as expanded its offices in London and Cardiff.
Boden said Starling Bank is now the fastest-growing small business bank in Europe, and is responsible for three per cent of all business accounts opened in the UK.
Digital banking during a pandemic
Starling Bank was one of the few lenders to accept coronavirus loan applications from new accounts, though Boden said only around a third of all applications came from such users.
It has approved £903.1m in government-backed loans to date, and has yet to furlough or lay off any staff during the crisis.
It has instead hired 147 people since lockdown began in March, of whom approximately 35 will be tasked with managing any defaults that arise from coronavirus loans. Boden said she expects the bank to reach up to 1,200 total staff by mid-2021.
Starling’s annual report added that while it had taken precautions regarding its financial future — such as running the entire bank remotely and altering growth targets — there was no change in its ability to continue to operate for the foreseeable future.
It follows digital rival Monzo’s filings last week, which shocked the market after the bank said it held “significant doubt” over its ability to continue as a going concern in 12 months’ time.
In a pointed comment on Starling’s competitors, Boden said the crisis had “exposed those without a clear path to profitability”.
“I’m reminded of what Warren Buffet said at the time of the financial crisis: ‘Only when the tide goes out, do you discover who has been swimming naked’.”
Starling Bank’s expansion plans
Starling now has more than 1.5m registered consumer and business accounts, with more than £3bn in deposits. However this remains small in comparison to its two major digital rivals, with Monzo on 4.5m users and Revolut at over 12m.
In a trading update the bank said it generated £6.7m in revenue in July 2020, which represents an annualised revenue run rate of £80m.
Starling has now restarted the process of applying for a banking licence in Ireland to help support its international expansion plans and post-Brexit capabilities, after pausing the application at the start of lockdown.
“I have every confidence that we’ll maintain our profitability month by month,” Boden said.
“What we will be in terms of our next financial year… largely depends on how our international development goes and how many countries we choose to launch in.”
The bank raised £100m in funding this year, making it one of the few fintech firms alongside Revolut to secure fresh capital during the pandemic.


cityam--2020-08-07--What the data tells us about the shape of the US economic recovery

Looking at high-frequency data in the US , the key question is whether momentum in consumer spending can be sustained .
Some signs of the much hoped-for V-shaped recovery have started to emerge for the US economy .
While consumption collapsed in March and April due to lockdown measures and a jump in unemployment , stimulus cheques provided an immediate support to the US consumer as showed by the recent strength in retail sales .
While the debate between a U or a V-shaped recovery for the US economy will likely continue , the key question now has become whether @ @ @ @ @ @ @ to be sustained .
Markets always move ahead and they had already moved up in anticipation of a V-shaped recovery back in April .
As the Covid-19 pandemic is moving quickly in the US , looking at high-frequency indicators has become extremely important .
This data can give us an idea of what is happening in the economy more swiftly than government reports as they usually lag by at least a month .
Discover more from Schroders : Read : Investors expect even higher returns from the stock market in years ahead – @ @ @ @ @ @ @ US election : should investors prepare for a new president ?
Watch : Why do markets rise when economies slump ?
In particular , we look at daily data on US consumers ’ credit and debit card transactions to find that only some parts of consumer spending are back to their pre-Covid-19 activity levels .
We find evidence for a V-shaped recovery only for goods spending , not so for services .
After the initial March drop , as the reopening of the economy accelerated in May , spending at department , electronics @ @ @ @ @ @ @ recover .
This is largely thanks to a surge in disposable income , boosted by government transfers .
Latest data suggest that , despite the recent jump in the number of infections in the US , activity for the goods sector has not deteriorated in July .
What is the outlook for the service sector ?
However , the picture for the US services sector looks quite different .
In particular , activity for airline companies is only back to 38 % of the level seen before Covid19 and it remains quite depressed @ @ @ @ @ @ @ for a quicker bounce back in service sector activity are likely to remain dim .
Until a vaccine or effective treatment for the infection is developed , the recovery in these important parts of the US economy will continue to be subdued .
Finally , we think it is worth highlighting that the sustainability of the recovery in the goods sector is also at risk .
US employment is still well below its level before Covid-19 and sales could start to collapse if the stimulus cheques do not continue to come through .
@ @ @ @ @ @ @ in the next few days if it is to head off a fiscal cliff at the end of July when enhanced unemployment benefits are due to expire .
• You can discover more at Schroders insights and follow Schroders on twitter .
Important Information : This communication is marketing material .
The views and opinions contained herein are those of the author ( s ) on this page , and may not necessarily represent views expressed or reflected in other Schroders communications , strategies or funds .
This material is intended to be @ @ @ @ @ @ @ intended as promotional material in any respect .
The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument .
It is not intended to provide and should not be relied on for accounting , legal or tax advice , or investment recommendations .
Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions .
Past performance is not a reliable indicator of future results .
The value of an investment can go down as @ @ @ @ @ @ @ .
All investments involve risks including the risk of possible loss of principal .
Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy .
Some information quoted was obtained from external sources we consider to be reliable .
No responsibility can be accepted for errors of fact obtained from third parties , and this data may change with market conditions .
This does not exclude any duty or liability that Schroders has to its customers under any regulatory system .
Regions/ sectors shown for illustrative purposes @ @ @ @ @ @ @ a recommendation to buy/sell .
The opinions in this material include some forecasted views .
We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know .
However , there is no guarantee than any forecasts or opinions will be realised .
These views and opinions may change .
To the extent that you are in North America , this content is issued by Schroder Investment Management North America Inc. , an indirect wholly owned subsidiary of Schroders plc and SEC registered adviser providing @ @ @ @ @ @ @ in the US and Canada .
For all other users , this content is issued by Schroder Investment Management Limited , 1 London Wall Place , London EC2Y 5AU .
Registered No .
1893220 England .
Authorised and regulated by the Financial Conduct Authority .

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
What the data tells us about the shape of the US economic recovery
Getty images
Looking at high-frequency data in the US, the key question is whether momentum in consumer spending can be sustained.
Some signs of the much hoped-for V-shaped recovery have started to emerge for the US economy. While consumption collapsed in March and April due to lockdown measures and a jump in unemployment, stimulus cheques provided an immediate support to the US consumer as showed by the recent strength in retail sales.
What shape recovery?
While the debate between a U or a V-shaped recovery for the US economy will likely continue, the key question now has become whether that momentum in consumer spending is likely to be sustained.
Markets always move ahead and they had already moved up in anticipation of a V-shaped recovery back in April. As the Covid-19 pandemic is moving quickly in the US, looking at high-frequency indicators has become extremely important.
This data can give us an idea of what is happening in the economy more swiftly than government reports as they usually lag by at least a month.
Discover more from Schroders:
Read: Investors expect even higher returns from the stock market in years ahead – despite coronavirus shock
Learn: Forecasting the US election: should investors prepare for a new president?
Watch: Why do markets rise when economies slump?
In particular, we look at daily data on US consumers’ credit and debit card transactions to find that only some parts of consumer spending are back to their pre-Covid-19 activity levels. We find evidence for a V-shaped recovery only for goods spending, not so for services.
After the initial March drop, as the reopening of the economy accelerated in May, spending at department, electronics and furniture stores has quickly started to recover. This is largely thanks to a surge in disposable income, boosted by government transfers. Latest data suggest that, despite the recent jump in the number of infections in the US, activity for the goods sector has not deteriorated in July.
What is the outlook for the service sector?
However, the picture for the US services sector looks quite different. In particular, activity for airline companies is only back to 38% of the level seen before Covid19 and it remains quite depressed for hotels and restaurants too.
Prospects for a quicker bounce back in service sector activity are likely to remain dim. Until a vaccine or effective treatment for the infection is developed, the recovery in these important parts of the US economy will continue to be subdued.
Finally, we think it is worth highlighting that the sustainability of the recovery in the goods sector is also at risk. US employment is still well below its level before Covid-19 and sales could start to collapse if the stimulus cheques do not continue to come through.
The US Congress will need to decide in the next few days if it is to head off a fiscal cliff at the end of July when enhanced unemployment benefits are due to expire.
You can discover more at Schroders insights and follow Schroders on twitter.
Important Information: This communication is marketing material. The views and opinions contained herein are those of the author(s) on this page, and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds. This material is intended to be for information purposes only and is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. It is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions. Past performance is not a reliable indicator of future results. The value of an investment can go down as well as up and is not guaranteed. All investments involve risks including the risk of possible loss of principal. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. Some information quoted was obtained from external sources we consider to be reliable. No responsibility can be accepted for errors of fact obtained from third parties, and this data may change with market conditions. This does not exclude any duty or liability that Schroders has to its customers under any regulatory system. Regions/ sectors shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell. The opinions in this material include some forecasted views. We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know. However, there is no guarantee than any forecasts or opinions will be realised. These views and opinions may change. To the extent that you are in North America, this content is issued by Schroder Investment Management North America Inc., an indirect wholly owned subsidiary of Schroders plc and SEC registered adviser providing asset management products and services to clients in the US and Canada. For all other users, this content is issued by Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU. Registered No. 1893220 England. Authorised and regulated by the Financial Conduct Authority.


cityam--2020-08-07--Slow retail recovery expected as consumers reluctant to spend

Hopes of a rapid high street recovery have been thrown into doubt as consumers remain hesitant to splash out on new clothes and electronics .
According to research by the British Retail Consortium ( BRC ) , 24 per cent of consumers said they will spend less than usual over the next month , compared to 11 per cent who said they will spend more .
61 per cent they intended to spend the same amount as usual , while four per cent preferred not to say .
The most common categories for reduced spending over the next month were @ @ @ @ @ @ @ and health and beauty .
Consumers are still nervous about shopping in physical stores , although confidence has improved with the introduction of compulsory face coverings last month .
In total 42 per cent of shoppers were comfortable visiting non-food stores , up from 38 per cent last week .
Meanwhile , 62 per cent of respondents were comfortable buying groceries in store , up from 56 per cent last week .
However , just 14 per cent of shoppers will visit the high street to browse , up slightly from 12 per @ @ @ @ @ @ @ Those that would avoid visiting stores if possible fell to 23 per cent , down from 32 per cent .
The introduction of safety measures in store has begun to pay off for retailers .
51 per cent of respondents said shops were doing enough to protect the public from coronavirus , with 13 per cent disagreeing .
BRC chief executive Helen Dickinson said : “ Spending intentions remain down among UK consumers , suggesting retailers will continue to face hard times in the months ahead .
“ This was particularly true for @ @ @ @ @ @ @ particularly hit hard by the pandemic .
Read more : UK retailers must adapt business models to survive pandemic , experts say “ Nonetheless , the public continue to be reassured by the many safety measures that have been put in place by retailers , such as perspex screens , increased hand sanitiser and regular cleaning .
“ Four times as many people believe retailers are doing enough to protect the public as disagree and this has been reflected in the rise in footfall .
”

Slow retail recovery expected as consumers reluctant to spend
Hopes of a rapid high street recovery have been thrown into doubt as consumers remain hesitant to splash out on new clothes and electronics.
According to research by the British Retail Consortium (BRC), 24 per cent of consumers said they will spend less than usual over the next month, compared to 11 per cent who said they will spend more.
61 per cent they intended to spend the same amount as usual, while four per cent preferred not to say.
The most common categories for reduced spending over the next month were fashion, small electronics, large electronics and health and beauty.
Consumers are still nervous about shopping in physical stores, although confidence has improved with the introduction of compulsory face coverings last month. In total 42 per cent of shoppers were comfortable visiting non-food stores, up from 38 per cent last week.
Meanwhile, 62 per cent of respondents were comfortable buying groceries in store, up from 56 per cent last week.
However, just 14 per cent of shoppers will visit the high street to browse, up slightly from 12 per cent at the start of July. Those that would avoid visiting stores if possible fell to 23 per cent, down from 32 per cent.
The introduction of safety measures in store has begun to pay off for retailers. 51 per cent of respondents said shops were doing enough to protect the public from coronavirus, with 13 per cent disagreeing.
BRC chief executive Helen Dickinson said: “Spending intentions remain down among UK consumers, suggesting retailers will continue to face hard times in the months ahead.
“This was particularly true for clothing and fashion, which has been particularly hit hard by the pandemic.
“Nonetheless, the public continue to be reassured by the many safety measures that have been put in place by retailers, such as perspex screens, increased hand sanitiser and regular cleaning.
“Four times as many people believe retailers are doing enough to protect the public as disagree and this has been reflected in the rise in footfall.”


cityam--2020-08-07--Bill Esdaile’s guide to  Saturday’s Tote Scoop6

FOR the first time since Lockdown , there is a £250,000 Tote Scoop6 pool up for grabs at Ascot on Saturday and here is my race by race guide to trying to scoop the pot… Topweight and market leader Highland Dress is likely to be a popular selection based on a good run in the Wokingham Handicap at the Royal meeting .
He shouldn ’ t be far away but was below par at Newbury last time and is a favourite I am happy to take on .
I ’ d rather be with Andrew Balding ’ s CHIL CHIL @ @ @ @ @ @ @ this six furlongs last time .
Another one for those building a perm looks to be EQUITATION who bounced back to form last time and can go well .
The decent ground will help topweight Cap Francais bounce back and he is likely to go well .
However , I ’ d take a chance on in-form David O ’ Meara ’ s SHELIR who was unlucky last time and will relish the return to a mile .
Another who can go well is Mick Appleby ’ s KASBAAN who ran really well @ @ @ @ @ @ @ bad draw .
This looked the hardest race of the six to be confident about as you can make a case for the majority of the 11 runners .
KALOOR looks the obvious one as the step up to two mile looks likely to suit and he could be well-handicapped .
EDDYSTONE ROCK won this equivalent race at last year ’ s Shergar Cup meeting and this looks to have been the target for him .
He goes well at the track and despite being 4lbs higher in the weights , can go @ @ @ @ @ @ @ off another 3lbs .
Things didn ’ t go to plan for CARADOC in the John Smith ’ s Cup last month and he is better than he showed that day .
The step up to this 12 furlong trip may just help too .
At a bigger price I ’ d be keen to include Mick Channon ’ s KOEMAN who is very consistent .
He is a big price at around 14/1 considering I felt he should have won the equivalent race at last year ’ s Shergar Cup meeting .
@ @ @ @ @ @ @ leg and it looks super trappy .
GRAND BAZAAR has to be in most perms as he looks progressive and may take some beating .
He ’ s up another 5lbs for his most recent win but that may not be enough to stop him .
The same can also be said for WISE GLORY who keeps getting better too .
If you get through to the sixth and final leg , then things will get a little exciting .
Only 10 runners in a wide-open sprint handicap with the likely favourite being @ @ @ @ @ @ @ three on the bounce .
He is opposable though in a better race off a higher mark .
BLUE DE VEGA comes here in form and has decent track form so makes the shortlist .
Only a nose separated him and HAN SOLO BERGER last time and there is likely to be little between them again .

Bill Esdaile’s guide to Saturday’s Tote Scoop6
Kaloor ridden by Jim Crowley
FOR the first time since Lockdown, there is a £250,000 Tote Scoop6 pool up for grabs at Ascot on Saturday and here is my race by race guide to trying to scoop the pot…
Leg 1 – 1.50pm Ascot
Topweight and market leader Highland Dress is likely to be a popular selection based on a good run in the Wokingham Handicap at the Royal meeting. He shouldn’t be far away but was below par at Newbury last time and is a favourite I am happy to take on. I’d rather be with Andrew Balding’s CHIL CHIL who looked to be crying out for this six furlongs last time. Another one for those building a perm looks to be EQUITATION who bounced back to form last time and can go well.
Leg 2 – 2.25pm Ascot
The decent ground will help topweight Cap Francais bounce back and he is likely to go well. However, I’d take a chance on in-form David O’Meara’s SHELIR who was unlucky last time and will relish the return to a mile. Another who can go well is Mick Appleby’s KASBAAN who ran really well at the track last time from a bad draw.
Leg 3 – 3.00pm Ascot
This looked the hardest race of the six to be confident about as you can make a case for the majority of the 11 runners. KALOOR looks the obvious one as the step up to two mile looks likely to suit and he could be well-handicapped. EDDYSTONE ROCK won this equivalent race at last year’s Shergar Cup meeting and this looks to have been the target for him. He goes well at the track and despite being 4lbs higher in the weights, can go well with Cieren Fallon booked to take off another 3lbs.
Leg 4 – 3.35pm Ascot
Things didn’t go to plan for CARADOC in the John Smith’s Cup last month and he is better than he showed that day. The step up to this 12 furlong trip may just help too. At a bigger price I’d be keen to include Mick Channon’s KOEMAN who is very consistent. He is a big price at around 14/1 considering I felt he should have won the equivalent race at last year’s Shergar Cup meeting.
Leg 5 – 4.10pm Ascot
Only the six runners for the penultimate leg and it looks super trappy. GRAND BAZAAR has to be in most perms as he looks progressive and may take some beating. He’s up another 5lbs for his most recent win but that may not be enough to stop him. The same can also be said for WISE GLORY who keeps getting better too.
Leg 6 – 4.45pm Ascot
If you get through to the sixth and final leg, then things will get a little exciting. Only 10 runners in a wide-open sprint handicap with the likely favourite being Bay Watch who has won his last three on the bounce. He is opposable though in a better race off a higher mark. BLUE DE VEGA comes here in form and has decent track form so makes the shortlist. Only a nose separated him and HAN SOLO BERGER last time and there is likely to be little between them again.


cityam--2020-08-07--FTSE 100 flatlines as Trump order ramps up US-China tensions

The FTSE 100 flatlined on a choppy morning of trading after US President Donald Trump signed executive orders hitting Chinese firms Tiktok and Wechat , and Congress and the White House failed to agree on a stimulus plan .
London ’ s blue-chip index was roughly flat at 6,027 points at midday .
The FTSE 250 of mid-cap firms rose 0.2 per cent .
Read more : Trump issues executive order against Tiktok and Wechat over China links In Europe , Germany ’ s Dax rose 0.2 per cent after strong industrial data .
France ’ s CAC 40 was @ @ @ @ @ @ @ Stoxx 600 was flat .
On the Hong Kong stock market overnight , shares in Tencent , the owner of messaging and payment app Wechat , tumbled five per cent .
In his latest salvo against China and its companies , Trump signed two executive orders banning US firms from doing business with video app Tiktok and Wechat , starting in 45 days ’ time .
It comes hand in hand with Trump ’ s push for an American company to buy Tiktok .
The moves , which bring some of the world @ @ @ @ @ @ @ some are dubbing a new cold war , have worried global investors .
“ Tech was always an undercurrent in the US-Sino trade war , ” said Fiona Cincotta , market analyst at trading platform City Index .
But she added : “ This latest move points to the potential start of a more explicit tech war.
” On top of this , US lawmakers yesterday failed to make headway in talks on the latest round of stimulus .
Three hours of talks yielded nothing .
White House chief of staff Mark Meadows @ @ @ @ @ @ @ a considerable amount apart.
” However , investors did have some upbeat data to cling to .
Germany ’ s manufacturing output rose nine per cent in June .
It was helped by a 15 per cent jump in exports , figures showed today .
The German Statistics Office said the biggest month-on-month exports increase in 30 years was helped by strong demand from China .
“ Markets here in Europe have had an up and down week , ” said Michael Hewson , chief market analyst at CMC Markets .
He said @ @ @ @ @ @ @ US unemployment data for July .
Hewson said markets “ could still finish the week higher if today ’ s July US payrolls report is able to match some of the optimism from yesterday ’ s jobless claims numbers ” .
Read more : Rightmove : Demand surges 50 per cent after housing market reopens On the FTSE 100 , the biggest riser was Hikma Pharmaceuticals , soaring 10.4 per cent after it raised its dividend after a strong quarter .
Rightmove followed with a 9.2 per cent jump after better than expected @ @ @ @ @ @ @ Airways-owner IAG , a consistently volatile stock , with a 3.6 per cent fall .
It was followed by publisher Pearson , which shed 3.1 per cent .

FTSE 100 flatlines as Trump order ramps up US-China tensions
The FTSE 100 flatlined on a choppy morning of trading after US President Donald Trump signed executive orders hitting Chinese firms Tiktok and Wechat, and Congress and the White House failed to agree on a stimulus plan.
London’s blue-chip index was roughly flat at 6,027 points at midday. The FTSE 250 of mid-cap firms rose 0.2 per cent.
In Europe, Germany’s Dax rose 0.2 per cent after strong industrial data. France’s CAC 40 was down 0.3 per cent and the pan-European Stoxx 600 was flat.
On the Hong Kong stock market overnight, shares in Tencent, the owner of messaging and payment app Wechat, tumbled five per cent.
In his latest salvo against China and its companies, Trump signed two executive orders banning US firms from doing business with video app Tiktok and Wechat, starting in 45 days’ time.
It comes hand in hand with Trump’s push for an American company to buy Tiktok. The moves, which bring some of the world’s most profitable companies into what some are dubbing a new cold war, have worried global investors.
“Tech was always an undercurrent in the US-Sino trade war,” said Fiona Cincotta, market analyst at trading platform City Index. But she added: “This latest move points to the potential start of a more explicit tech war.”
FTSE 100 investors hope for more stimulus
On top of this, US lawmakers yesterday failed to make headway in talks on the latest round of stimulus. Three hours of talks yielded nothing. White House chief of staff Mark Meadows said: “We’re still a considerable amount apart.”
However, investors did have some upbeat data to cling to. Germany’s manufacturing output rose nine per cent in June. It was helped by a 15 per cent jump in exports, figures showed today.
The German Statistics Office said the biggest month-on-month exports increase in 30 years was helped by strong demand from China.
“Markets here in Europe have had an up and down week,” said Michael Hewson, chief market analyst at CMC Markets.
He said investors were focusing on today’s US unemployment data for July. Hewson said markets “could still finish the week higher if today’s July US payrolls report is able to match some of the optimism from yesterday’s jobless claims numbers”.
On the FTSE 100, the biggest riser was Hikma Pharmaceuticals, soaring 10.4 per cent after it raised its dividend after a strong quarter. Rightmove followed with a 9.2 per cent jump after better than expected results.
The biggest faller was British Airways-owner IAG, a consistently volatile stock, with a 3.6 per cent fall. It was followed by publisher Pearson, which shed 3.1 per cent.


cityam--2020-08-07--Massive £280,000 Tote Scoop6 pot  up for grabs at Ascot on Saturday

Saturday ’ s Tote Scoop6 has a huge £280,000 pool up for grabs , and for as little as a £2 stake , you could land the pot .
The task ?
Pick the winners of the six selected races and the rolling win fund and a shot at a massive Bonus fund will be yours !
The Scoop6 sounds hard – is it even possible ?
Winning the Scoop6 is far from easy , but it is very possible , given some preparation and a sprinkling of luck .
Unlike a lottery , the numbers are not randomly generated @ @ @ @ @ @ @ to one number or horse in each of the six legs .
Creating a “ perm ” bet means your stake will increase , but so will your chance of winning .
There are numerous factors which determine the outcome of a race .
By using simple form tools , you can quickly create shortlists of the most likely winners of the six Scoop6 contests , discarding those with little chance of winning .
At this point , you ’ re in a position to start building a strong perm .
How do @ @ @ @ @ @ @ £280,000 Scoop6 ?
Form – Visit your favoured set of racecards and start assessing the form .
Usually horse racing bettors use sites like the Racing Post , At The Races or Timeform , but any newspaper or online racecards can help you get the basic information you need .
From there , you can determine which horses arrive in-form , which ones have conditions of the race ( course and distance or “ CD ” winners are a big positive ! )
to suit and which trainers and jockeys are the ones @ @ @ @ @ @ @ – This is a really important step .
By using form , stats and information readily available online , you can quickly peel a 12 runner race down to two , three or four horses you feel have the best chance .
Narrow the field by crossing off the horses with the smallest chances of winning , and keep the hot horses you like on your Scoop6 shortlist .
Take your shortlist of horses for each of the six legs onto the final perm building stages .
Bankers – Within your six leg @ @ @ @ @ @ @ a couple of “ Banker ” picks .
These are horses who clearly standout from the field and the ones you feel have a great chance of winning , without the need to bolster up with other horses in those legs .
Having two , three or even four bankers in your perm will reduce your stake and give you a chance to test your eye for picking a hot fancy .
Perm building – So you have your shortlists and your banker picks for the six races in this weekend ’ s @ @ @ @ @ @ @ build your perm .
Let ’ s assume you have : two horses in Leg 1 , one in Leg 2 , three in Leg 3 , one in Leg 4 , one in Leg 5 and two in Leg six .
This is how your perm looks : 2 x 1 x 3 x 1 x 1 x 2 .
You then multiply the lines to get the total , in this : 12 Lines .
The minimum stake per line is £2 , multiplied by your 12 lines = a stake @ @ @ @ @ @ @ a small stakes player , having six bankers on a single , £2 line is a popular method .
But by perming up on some of the trickier legs , your chances of winning substantially increase .
Another fun way to increase your chance of winning this weekend ’ s £250,000 is by partnering up with a couple of friends to create a Scoop6 syndicate .
Get a “ Mission Scoop6 ” WhatsApp group on the go and start pooling some brain power and , of course , chip in together to create @ @ @ @ @ @ @ ways is just £8 .
By adding some more lines , you could have an even bigger perm , a better chance of winning a huge sum and still keep the bet perfectly affordable and within your comfort zone .

Massive £280,000 Tote Scoop6 pot up for grabs at Ascot on Saturday
Ascot Racecourse
Saturday’s Tote Scoop6 has a huge £280,000 pool up for grabs, and for as little as a £2 stake, you could land the pot. The task? Pick the winners of the six selected races and the rolling win fund and a shot at a massive Bonus fund will be yours!
The Scoop6 sounds hard – is it even possible?
Winning the Scoop6 is far from easy, but it is very possible, given some preparation and a sprinkling of luck. Unlike a lottery, the numbers are not randomly generated, and you’re not restricted to one number or horse in each of the six legs. Creating a “perm” bet means your stake will increase, but so will your chance of winning.
There are numerous factors which determine the outcome of a race. By using simple form tools, you can quickly create shortlists of the most likely winners of the six Scoop6 contests, discarding those with little chance of winning. At this point, you’re in a position to start building a strong perm.
How do I maximise my chances of winning the £280,000 Scoop6?
Form – Visit your favoured set of racecards and start assessing the form. Usually horse racing bettors use sites like the Racing Post, At The Races or Timeform, but any newspaper or online racecards can help you get the basic information you need. From there, you can determine which horses arrive in-form, which ones have conditions of the race (course and distance or “CD” winners are a big positive!) to suit and which trainers and jockeys are the ones to keep on your side.
Shortlisting – This is a really important step. By using form, stats and information readily available online, you can quickly peel a 12 runner race down to two, three or four horses you feel have the best chance. Narrow the field by crossing off the horses with the smallest chances of winning, and keep the hot horses you like on your Scoop6 shortlist. Take your shortlist of horses for each of the six legs onto the final perm building stages.
Bankers – Within your six leg perm, you will want to have a couple of “Banker” picks. These are horses who clearly standout from the field and the ones you feel have a great chance of winning, without the need to bolster up with other horses in those legs. Having two, three or even four bankers in your perm will reduce your stake and give you a chance to test your eye for picking a hot fancy.
Perm building – So you have your shortlists and your banker picks for the six races in this weekend’s Scoop6, now is the time to build your perm. Let’s assume you have: two horses in Leg 1, one in Leg 2, three in Leg 3, one in Leg 4, one in Leg 5 and two in Leg six. This is how your perm looks: 2 x 1 x 3 x 1 x 1 x 2. You then multiply the lines to get the total, in this: 12 Lines. The minimum stake per line is £2, multiplied by your 12 lines = a stake of £24.
If you’re a small stakes player, having six bankers on a single, £2 line is a popular method. But by perming up on some of the trickier legs, your chances of winning substantially increase.
Friends – Pooling some brain power!
Another fun way to increase your chance of winning this weekend’s £250,000 is by partnering up with a couple of friends to create a Scoop6 syndicate. Get a “Mission Scoop6” WhatsApp group on the go and start pooling some brain power and, of course, chip in together to create a solid perm. £24 split three ways is just £8. By adding some more lines, you could have an even bigger perm, a better chance of winning a huge sum and still keep the bet perfectly affordable and within your comfort zone.


cityam--2020-08-07--Evening Standard to cull a third of its workforce

The Evening Standard is preparing to cut around a third of its staff , as the coronavirus pandemic bites on advertising revenue .
Around 70 journalists — which amounts to half the paper ’ s editorial staff — will be affected in the cuts which encompass a total of 115 roles , the Guardian first reported .
Circulation of the free print paper is also set to be reduced , after it was halved in March as commuters stopped going to offices and using public transport during lockdown .
Read more : Ex-chancellor George Osborne quits as Evening Standard editor @ @ @ @ @ @ @ Evening Standard said the changes “ reflect the evolution of the Standard ’ s business priorities ” .
The newspaper group already halted print production of its ES Magazine until September .
It has been operating in the red for a number of years , reporting an £11.6m pre-tax loss in 2019 .
In April the Evening Standard ’ s circulation fell to 423,000 , down from more than 700,000 the previous month .
It imposed a 20 per cent pay cut on staff , and furloughed others .
It said last year @ @ @ @ @ @ @ transitioned towards a digital-first strategy and merged its online and print desks , though numbers were not confirmed .
Read more : Guardian to close weekend supplements as coronavirus batters newspaper “ The proposed restructuring underway at the Evening Standard is a result of the difficult market conditions that have affected the entire media industry over recent times ; these challenging conditions have been further accentuated by Covid-19 , ” the spokesperson added .
“ Under the new management team the Evening Standard will be focused on building its digital and mobile offering @ @ @ @ @ @ @ live events business with other new initiatives to be announced.
” Its top executives recently completed a reshuffle , moving former chancellor George Osborne to editor-in-chief of the group while Emily Sheffield took over as editor of the paper .
It also appointed veteran media executive Charles Yardley as its new chief executive in June , after Mike Soutar stepped down following just six months in the role .
Other news outlets have also been severely hit by the news crisis , amounting to almost a thousand jobs lost across publications such as @ @ @ @ @ @

Evening Standard to cull a third of its workforce
The Evening Standard is preparing to cut around a third of its staff, as the coronavirus pandemic bites on advertising revenue.
Around 70 journalists — which amounts to half the paper’s editorial staff — will be affected in the cuts which encompass a total of 115 roles, the Guardian first reported.
Circulation of the free print paper is also set to be reduced, after it was halved in March as commuters stopped going to offices and using public transport during lockdown.
A spokesperson for the Evening Standard said the changes “reflect the evolution of the Standard’s business priorities”.
The newspaper group already halted print production of its ES Magazine until September. It has been operating in the red for a number of years, reporting an £11.6m pre-tax loss in 2019.
In April the Evening Standard’s circulation fell to 423,000, down from more than 700,000 the previous month. It imposed a 20 per cent pay cut on staff, and furloughed others.
It said last year it was considering job cuts as it transitioned towards a digital-first strategy and merged its online and print desks, though numbers were not confirmed.
“The proposed restructuring underway at the Evening Standard is a result of the difficult market conditions that have affected the entire media industry over recent times; these challenging conditions have been further accentuated by Covid-19,” the spokesperson added.
“Under the new management team the Evening Standard will be focused on building its digital and mobile offering alongside print, whilst also developing a live events business with other new initiatives to be announced.”
Its top executives recently completed a reshuffle, moving former chancellor George Osborne to editor-in-chief of the group while Emily Sheffield took over as editor of the paper.
It also appointed veteran media executive Charles Yardley as its new chief executive in June, after Mike Soutar stepped down following just six months in the role.
Other news outlets have also been severely hit by the news crisis, amounting to almost a thousand jobs lost across publications such as the BBC and the Guardian.


cityam--2020-08-07--The return to work: Here’s when City firms are going back to the office

Prime Minister Boris Johnson on Thursday said a strong recovery for the UK economy will require people to have the confidence to return to work at the office .
The government is worried that hospitality businesses are being hit hard by people working from home .
But London firms have adopted a more cautious approach than the government would have liked .
Although three-quarters have already welcomed staff back to the office , the numbers have been small .
Morgan Stanley analysis showed British firms have been slower to bring workers back to their desks than counterparts in France , @ @ @ @ @ @ @ slow return prompted Johnson to say : “ Unquestionably [ an economic recovery ] will require people to have the confidence to go back to work in a Covid-secure way.
” Read more : PwC staff encouraged to return to work A City of London Corporation spokesperson said : “ We want to get the Square Mile back on its feet as quickly as possible in a safe and sustainable manner.
” But the biggest firms in the City – where more than 500,000 people work – are in little rush to send @ @ @ @ @ @ @ in the Square Mile and Canary Wharf .
Most would not comment on the record but flagged safety concerns and the success of working from home .
Many said they intended to return staff to office work from September but said safety measures would keep capacity low .
Here is what some of the City ’ s biggest employers are saying about returning to the office .
Read more : People ‘ more likely ’ to contract coronavirus at home Natwest , formerly known as RBS , has told around 50,000 staff – @ @ @ @ @ @ @ they can keep working from home until 2021 .
“ It ’ s a cautious approach but we feel the right one to take currently , ” an RBS memo said last month .
The banking giant , which is 62 per cent owned by the taxpayer , had initially planned to keep staff working from home until the end of September .
Currently around 50,000 of Lloyds ’ s roughly 65,000 employees are working from home .
But they could start returning to workplaces from September , the bank said at its @ @ @ @ @ @ @ executive Antonio Horta-Osario said : “ We would like people to return to the office when possible , subject to that being done in a safe way and also according to government advice.
” Read more : Still safe to return to work , Boris Johnson says , despite reopening pause The Canary Wharf-based bank told staff at the end of last month that only “ a small number ” of its tens of thousands of UK employees are working in its offices or branches .
It said it will not return any @ @ @ @ @ @ @ September 2020 at the earliest ” .
HSBC added that no more than 20 per cent of staff will return due to social distancing measures .
And it said their return would be “ on a phased basis ” .
It will prioritise colleagues “ carrying the greatest risk ” working from home in the first stage of its return to work .
And it will reportedly reduce social distancing to one metre .
Chief executive Jes Staley said last week that 60,000 Barclays staff were working from home at “ their kitchen @ @ @ @ @ @ @ in offices and branches , he said .
But Staley said he would like to see employees return to the office “ over time ” .
Staley told Bloomberg TV that “ it is important to get people back together in physical concentrations ” .
Although he gave no concrete timeline , he added that firms had a responsibility to the wider areas in which their offices are based to return to them .
Around 95 per cent of the US firm ’ s 19,000 UK staff – 12,000 of which are in @ @ @ @ @ @ @ during the coronavirus pandemic .
Sales and trading teams have maintained the biggest office presence , but even then 80 per cent were at home .
JP Morgan has slowly welcomed staff back to its offices on a voluntary basis and will gradually work its way up to 50 per cent of its buildings ’ capacity .
All staff are required to wear face masks in communal spaces – except at desks , which are spaced out .
JP expected just over 20 per cent of total London staff to be back in @ @ @ @ @ @ @ more : BoE governor calls on people to return to the office The Wall Street titan ’ s UK staff have slowly started to return to work at the office from mid-June .
But only around 15 per cent of its roughly 6,500 staff are in the office on any given day .
Around 40 per cent have returned to the office at some point since June .
Around 90 per cent of the US banking giant ’ s Canary Wharf staff are still working from home .
More and more are returning @ @ @ @ @ @ @ teams have chosen to return on a rotating basis , with half in the office one week and half the next .
Before the Open : Get the jump on the markets with our early morning newsletter Around two-thirds of the challenger bank ’ s roughly 9,000 staff are currently working from home .
Virgin said in its third quarter trading update that it expects working from home “ to remain in place for at least the remainder of 2020 ” .
Centuries-old insurance marketplace Lloyd ’ s closed down its cavernous underwriting @ @ @ @ @ @ @ during the pandemic .
But it plans to reopen it on 1 September .
However , it said it would reduce the underwriting room ’ s capacity to 45 per cent due to social distancing guidelines .
It is also installing clear screens on the underwriting desks or “ boxes ” as well as testing a virtual underwriting room .
LSE , which employed 1,700 people in the UK in 2019 , said in its latest results that most of its staff are still working from home .
The market added that it @ @ @ @ @ @ @ to work remotely for the remainder of 2020 ” .
However , it expects up to 30 per cent to gradually return to the office “ in some locations ” .
The UK ’ s central bank employed around 4,500 people in 2018 , and most staff have been working from home during the pandemic .
Yet governor Andrew Bailey said “ some more staff ” had begun to return to work at the office from 3 August .
“ It ’ s up to a few hundred now , ” he told @ @ @ @ @ @ @ policy announcement .
“ And we ’ ll keep it under constant review , that ’ s our position .
I just would say , I ’ m very keen obviously that all of us get back to normality as soon as we safely can.
” The corporation that runs the Square Mile has also seen the bulk of its staff work from home – although vital employees such as street cleaners and social workers helping the homeless have had to carry on as usual .
It intends to gradually bring people back @ @ @ @ @ @ @ and Mansion House .
But the City said safety measures meant that less than 50 per cent of employees would be able to come back at one time .
LME ran the last open-outcry trading floor in Europe until March , when the pandemic forced the noisy “ ring ” to temporarily close .
LME ’ s latest guidance cautioned that the trading floor is unlikely to reopen until the government ends or significantly changes its current one metre-plus social distancing advice , or there is a “ widely available vaccine ” .
@ @ @ @ @ @ @ s UK workforce – which stood at around 5,000 in 2017 – has been working from home .
UBS currently has no firm schedule for staff to return to work .
But it has set up its London office for social distancing with temperature checks at the door .
Most of the Japanese bank ’ s roughly 2,000 London staff are working from home .
It began returning staff to the office in early July and up to 10 per cent are now back .
It plans to gradually continue a staggered return @ @ @ @ @ @ @ instituted temperate checks on arrival at its offices and said face masks must be worn around the buildings .
It has supplied staff with protective equipment .
Dutch bank ING said the “ vast majority ” of its approximately 750 UK staff are working from home .
It is planning to gradually return workers from September .
“ Return to the office is on a voluntary basis , ” said Malgorzata Kolakowska , ING ’ s UK chief executive .
“ However , it ’ s clear that working from home has been @ @ @ @ @ @ @ .
“ We do not want to lose this benefit , which means a number of flex working arrangements will be retained.
” Stanchart has been running at no more than 10 per cent office capacity since staff were encouraged to work from home .
It has no concrete plans but is not likely to ask workers to return before September .
Read more : Google to extend working from home until mid-2021 The number of staff currently in the Swiss lender ’ s London offices is in the low hundreds .
It @ @ @ @ @ @ @ but is currently weighing up the government guidelines and staff concerns .
Credit Suisse has created one-way routes around the offices , changed desk layouts and made masks and sanitiser available .
The German lender ’ s London office is open but most staff are still working from home .
It wants to gradually increase the number of employees in the office but has no fixed time frame .

The return to work: Here’s when City firms are going back to the office
The return to work: Here’s when City firms are going back to the office
Prime Minister Boris Johnson on Thursday said a strong recovery for the UK economy will require people to have the confidence to return to work at the office.
The government is worried that hospitality businesses are being hit hard by people working from home.
But London firms have adopted a more cautious approach than the government would have liked. Although three-quarters have already welcomed staff back to the office, the numbers have been small.
Morgan Stanley analysis showed British firms have been slower to bring workers back to their desks than counterparts in France, Germany, Italy and Spain.
The slow return prompted Johnson to say: “Unquestionably [an economic recovery] will require people to have the confidence to go back to work in a Covid-secure way.”
A City of London Corporation spokesperson said: “We want to get the Square Mile back on its feet as quickly as possible in a safe and sustainable manner.”
But the biggest firms in the City – where more than 500,000 people work – are in little rush to send all their staff back to their offices in the Square Mile and Canary Wharf.
Most would not comment on the record but flagged safety concerns and the success of working from home. Many said they intended to return staff to office work from September but said safety measures would keep capacity low.
Here is what some of the City’s biggest employers are saying about returning to the office.
Natwest
Natwest, formerly known as RBS, has told around 50,000 staff – the “vast majority” – that they can keep working from home until 2021. “It’s a cautious approach but we feel the right one to take currently,” an RBS memo said last month.
The banking giant, which is 62 per cent owned by the taxpayer, had initially planned to keep staff working from home until the end of September.
Lloyds
Currently around 50,000 of Lloyds’s roughly 65,000 employees are working from home. But they could start returning to workplaces from September, the bank said at its earnings call in late July.
Chief executive Antonio Horta-Osario said: “We would like people to return to the office when possible, subject to that being done in a safe way and also according to government advice.”
HSBC
The Canary Wharf-based bank told staff at the end of last month that only “a small number” of its tens of thousands of UK employees are working in its offices or branches. It said it will not return any more staff to the office “before September 2020 at the earliest”.
HSBC added that no more than 20 per cent of staff will return due to social distancing measures. And it said their return would be “on a phased basis”.
It will prioritise colleagues “carrying the greatest risk” working from home in the first stage of its return to work. And it will reportedly reduce social distancing to one metre.
Barclays
Chief executive Jes Staley said last week that 60,000 Barclays staff were working from home at “their kitchen tables”. Around 20,000 were working in offices and branches, he said.
But Staley said he would like to see employees return to the office “over time”. Staley told Bloomberg TV that “it is important to get people back together in physical concentrations”. Although he gave no concrete timeline, he added that firms had a responsibility to the wider areas in which their offices are based to return to them.
The Canary Wharf business district, like the City, was all but deserted at the end of March and throughout April
JP Morgan
Around 95 per cent of the US firm’s 19,000 UK staff – 12,000 of which are in London – have been working from home during the coronavirus pandemic. Sales and trading teams have maintained the biggest office presence, but even then 80 per cent were at home.
JP Morgan has slowly welcomed staff back to its offices on a voluntary basis and will gradually work its way up to 50 per cent of its buildings’ capacity. All staff are required to wear face masks in communal spaces – except at desks, which are spaced out.
JP expected just over 20 per cent of total London staff to be back in the office by 3 August.
Goldman Sachs
The Wall Street titan’s UK staff have slowly started to return to work at the office from mid-June. But only around 15 per cent of its roughly 6,500 staff are in the office on any given day. Around 40 per cent have returned to the office at some point since June.
Morgan Stanley
Around 90 per cent of the US banking giant’s Canary Wharf staff are still working from home. More and more are returning but it remains a trickle. Some teams have chosen to return on a rotating basis, with half in the office one week and half the next.
Before the Open: Get the jump on the markets with our early morning newsletter
Virgin Money
Around two-thirds of the challenger bank’s roughly 9,000 staff are currently working from home. Virgin said in its third quarter trading update that it expects working from home “to remain in place for at least the remainder of 2020”.
Lloyd’s of London
The normally bustling underwriting room in the Lloyd’s of London building has been closed during the coronavirus outbreak, but will reopen on 1 September
Centuries-old insurance marketplace Lloyd’s closed down its cavernous underwriting room in the east of the City during the pandemic. But it plans to reopen it on 1 September.
However, it said it would reduce the underwriting room’s capacity to 45 per cent due to social distancing guidelines. It is also installing clear screens on the underwriting desks or “boxes” as well as testing a virtual underwriting room.
London Stock Exchange Group
LSE, which employed 1,700 people in the UK in 2019, said in its latest results that most of its staff are still working from home. The market added that it expects “the majority of our employees to work remotely for the remainder of 2020”.
However, it expects up to 30 per cent to gradually return to the office “in some locations”.
The Bank of England
The UK’s central bank employed around 4,500 people in 2018, and most staff have been working from home during the pandemic. Yet governor Andrew Bailey said “some more staff” had begun to return to work at the office from 3 August.
“It’s up to a few hundred now,” he told reporters after the Bank’s monetary policy announcement. “And we’ll keep it under constant review, that’s our position. I just would say, I’m very keen obviously that all of us get back to normality as soon as we safely can.”
City of London Corporation
The corporation that runs the Square Mile has also seen the bulk of its staff work from home – although vital employees such as street cleaners and social workers helping the homeless have had to carry on as usual.
It intends to gradually bring people back to its ancient sites in the Guildhall and Mansion House. But the City said safety measures meant that less than 50 per cent of employees would be able to come back at one time.
London Metal Exchange
LME ran the last open-outcry trading floor in Europe until March, when the pandemic forced the noisy “ring” to temporarily close.
LME’s latest guidance cautioned that the trading floor is unlikely to reopen until the government ends or significantly changes its current one metre-plus social distancing advice, or there is a “widely available vaccine”.
UBS
The majority of the Swiss bank’s UK workforce – which stood at around 5,000 in 2017 – has been working from home. UBS currently has no firm schedule for staff to return to work. But it has set up its London office for social distancing with temperature checks at the door.
The ring, the open trading floor of the new London Metal Exchange (LME), has shut down due to the coronavirus pandemic
Nomura
Most of the Japanese bank’s roughly 2,000 London staff are working from home. It began returning staff to the office in early July and up to 10 per cent are now back. It plans to gradually continue a staggered return and encourage flexible working.
Nomura has instituted temperate checks on arrival at its offices and said face masks must be worn around the buildings. It has supplied staff with protective equipment.
ING
Dutch bank ING said the “vast majority” of its approximately 750 UK staff are working from home. It is planning to gradually return workers from September. “Return to the office is on a voluntary basis,” said Malgorzata Kolakowska, ING’s UK chief executive.
“However, it’s clear that working from home has been successful for ING,” she added. “We do not want to lose this benefit, which means a number of flex working arrangements will be retained.”
Standard Chartered
Stanchart has been running at no more than 10 per cent office capacity since staff were encouraged to work from home. It has no concrete plans but is not likely to ask workers to return before September.
Credit Suisse
The number of staff currently in the Swiss lender’s London offices is in the low hundreds. It is considering increasing that number in September but is currently weighing up the government guidelines and staff concerns.
Credit Suisse has created one-way routes around the offices, changed desk layouts and made masks and sanitiser available.
Commerzbank
The German lender’s London office is open but most staff are still working from home. It wants to gradually increase the number of employees in the office but has no fixed time frame.


cityam--2020-08-07--Activist investor ValueAct sells entire stake in Rolls-Royce

Shares in Rolls-Royce edged lower on Friday morning after news that activist shareholder ValueAct had sold its entire stake in the firm .
The activist built up a 10 per cent stake in Rolls-Royce in 2015 after a string of profit warnings , but has now decided to exit the firm , according to the Financial Times .
ValueAct ’ s departure could not come at a worse time for Rolls-Royce as the pandemic hits the aerospace industry .
The engine maker contemplates raising between £1.5bn and £2bn from shareholders to bolster its coronavirus-ravaged balance sheet .
The engineer reported @ @ @ @ @ @ @ half of the financial year last month .
Most of the firm ’ s revenue comes from airlines , which pay it for the number of hours they use its engines .
But the slump in flights due to the coronavirus outbreak meant the amount of hours for which Rolls ’ engines were used in the first half slumped by half .
Current investors are pushing back against this fundraising after share hit their lowest in over 10 years this week , according to the FT. A number of investors told the newspaper @ @ @ @ @ @ @ end of the year when the firm can show it has stemmed outflows .
Shares dropped 2.21 per cent today after the report suggested that the hedge fund ’ s exit came after growing frustration with the company ’ s restructuring .
Read more : Rolls-Royce shares fall as it burns through £3bn in first half Rolls-Royce is currently in the process of a restructuring which will see at least 9,000 jobs cut and produce a free cash inflow of at least £750m in 2022 .
ValueAct reportedly started to reduce its stake @ @ @ @ @ @ @ its chief operating officer Brad Singer from the board in December .
In April it declared a 4.5 per cent stake , which the FT reported was later sold that month .

Activist investor ValueAct sells entire stake in Rolls-Royce
Rolls-Royce is eyeing £2bn in disposals after seeing its finances devastated by the pandemic.
Shares in Rolls-Royce edged lower on Friday morning after news that activist shareholder ValueAct had sold its entire stake in the firm.
The activist built up a 10 per cent stake in Rolls-Royce in 2015 after a string of profit warnings, but has now decided to exit the firm, according to the Financial Times.
ValueAct’s departure could not come at a worse time for Rolls-Royce as the pandemic hits the aerospace industry. The engine maker contemplates raising between £1.5bn and £2bn from shareholders to bolster its coronavirus-ravaged balance sheet.
The engineer reported cash outflows of £3bn for the first half of the financial year last month. Most of the firm’s revenue comes from airlines, which pay it for the number of hours they use its engines.
But the slump in flights due to the coronavirus outbreak meant the amount of hours for which Rolls’ engines were used in the first half slumped by half.
Current investors are pushing back against this fundraising after share hit their lowest in over 10 years this week, according to the FT. A number of investors told the newspaper they would prefer to wait until the end of the year when the firm can show it has stemmed outflows.
Shares dropped 2.21 per cent today after the report suggested that the hedge fund’s exit came after growing frustration with the company’s restructuring.
Rolls-Royce is currently in the process of a restructuring which will see at least 9,000 jobs cut and produce a free cash inflow of at least £750m in 2022.
ValueAct reportedly started to reduce its stake in the firm after the departure of its chief operating officer Brad Singer from the board in December. In April it declared a 4.5 per cent stake, which the FT reported was later sold that month.


cityam--2020-08-07--Hong Kong to offer free coronavirus testing for all residents

Hong Kong is set to offer free voluntary coronavirus testing for all its residents as it bids to contain a resurgence of the virus .
The plan , which was announced by leader Carrie Lam on Friday , will not be implemented for at least two weeks , but will enable citywide testing for the first time .
Read more : Gold consolidates near record highs as US-China tensions escalate It comes a week after China sent a team of health officials to conduct widespread Covid-19 testing in the financial hub .
It was the first time that the mainland @ @ @ @ @ @ @ virus .
“ The situation in Hong Kong is still critical , with the number of cases remaining high , ” Lam told reporters earlier today .
She said she had asked for help from Beijing in July to increase Hong Kong ’ s testing capacity .
She also used the press conference to dispel fears that China may use the opportunity to collect DNA samples .
“ It is a false accusation and smear to say DNA samples of Hong Kong citizens would be sent to the mainland , ” Lam said @ @ @ @ @ @ @ be destroyed after testing .
Read more : Britain can not stand by in the face of shocking human right abuses across Hong Kong The territory saw a surge in coronavirus cases at the start of last month and subsequently brought in stricter measures , including mandatory wearing of masks outside and restricting gatherings to two people .
Just under 4,000 people in Hong Kong have been infected , with 89 new cases reported on Friday .
In total , 46 people have died .

Hong Kong to offer free coronavirus testing for all residents
Hong Kong is set to offer free voluntary coronavirus testing for all its residents as it bids to contain a resurgence of the virus.
The plan, which was announced by leader Carrie Lam on Friday, will not be implemented for at least two weeks, but will enable citywide testing for the first time.
It comes a week after China sent a team of health officials to conduct widespread Covid-19 testing in the financial hub.
It was the first time that the mainland has assisted Hong Kong with battling the virus.
“The situation in Hong Kong is still critical, with the number of cases remaining high,” Lam told reporters earlier today.
She said she had asked for help from Beijing in July to increase Hong Kong’s testing capacity.
She also used the press conference to dispel fears that China may use the opportunity to collect DNA samples.
“It is a false accusation and smear to say DNA samples of Hong Kong citizens would be sent to the mainland,” Lam said, before adding that all samples would be destroyed after testing.
The territory saw a surge in coronavirus cases at the start of last month and subsequently brought in stricter measures, including mandatory wearing of masks outside and restricting gatherings to two people.
Just under 4,000 people in Hong Kong have been infected, with 89 new cases reported on Friday. In total, 46 people have died.