cityam--2020-09-26--Andrew Neil to leave BBC and lead new UK TV news channel

Andrew Neil is set to leave the BBC and lead a rival news channel backed by US group Discovery .
GB News plans to launch in early 2021 with Neil as its chair and top presenter .
Read more : UK news website readership rises by a fifth amid Covid-19 crisis The channel is aiming to bring a talk-radio style to the UK “ underserved and unheard by their media ” and upend the norms of British current-affairs broadcasting , including the BBC .
“ GB News is the most exciting thing to happen in British television news for more @ @ @ @ @ @ @ , who will leave his role as a leading political presenter at the BBC .
“ We will champion robust , balanced debate and a range of perspectives on the issues that affect everyone in the UK , not just those living in the London area.
” Neil was also the founding chairman of Rupert Murdoch ’ s Sky TV in 1988 .
Discovery has pledged around a quarter of the fundraising target , while GB News is still seeking to raise $ 55m- $ 65m to fund the station .
The channel @ @ @ @ @ @ @ in the market for presenter-driven programming , which has yielded the likes of Fox News so much success after it became the most watched US channel in prime time earlier this year .
Read more : The City View : City A.M. co-founder Lawson Muncaster on returning the newspaper to print GB News will depart from the format of rolling-news channels and be available to 96 per cent of households through Freeview , Sky and Virgin Media .
It plans to hire around 100 journalists and producers .
The channel is founded by @ @ @ @ @ @ @ businessmen who made their careers in the telecoms and media industry .

Andrew Neil to leave BBC and lead new UK TV news channel
Andrew Neil is set to leave the BBC and lead a rival news channel backed by US group Discovery.
GB News plans to launch in early 2021 with Neil as its chair and top presenter.
The channel is aiming to bring a talk-radio style to the UK “underserved and unheard by their media” and upend the norms of British current-affairs broadcasting, including the BBC.
“GB News is the most exciting thing to happen in British television news for more than 20 years,” said Neil, who will leave his role as a leading political presenter at the BBC.
“We will champion robust, balanced debate and a range of perspectives on the issues that affect everyone in the UK, not just those living in the London area.”
Neil was also the founding chairman of Rupert Murdoch’s Sky TV in 1988.
Discovery has pledged around a quarter of the fundraising target, while GB News is still seeking to raise $55m-$65m to fund the station.
The channel will be hoping to exploit a gap in the market for presenter-driven programming, which has yielded the likes of Fox News so much success after it became the most watched US channel in prime time earlier this year.
GB News will depart from the format of rolling-news channels and be available to 96 per cent of households through Freeview, Sky and Virgin Media.
It plans to hire around 100 journalists and producers.
The channel is founded by Andrew Cole and Mark Schneider, two businessmen who made their careers in the telecoms and media industry.


cityam--2020-09-26--UK to pledge £340m increase in funding for World Health Organisation

Prime Minister Boris Johnson will pledge on Saturday a 30 per cent increase in funding for the World Health Organization while urging reforms to the global health body and calling for a revival of cross-border cooperation to end “ ugly rifts ” .
Delivering a recorded speech to the United Nations General Assembly ( UNGA ) , Johnson will say the COVID-19 pandemic has increased barriers to trade .
Read more : Boris Johnson to call for greater international cooperation in UN speech He will also present a five-point plan to improve the international response to future pandemics .
“ @ @ @ @ @ @ @ the very notion of the international community looks tattered , ” he will say , according to advance extracts distributed by his office .
“ Unless we unite and turn our fire against our common foe , we know that everyone will lose .
Now is the time therefore … for humanity to reach across borders and repair these ugly rifts.
” His plan includes a global network of research hubs , more vaccine manufacturing capacity , and an agreement to reduce export tariffs imposed at the start of the COVID-19 pandemic .
@ @ @ @ @ @ @ pounds to the global vaccine partnership known as COVAX to secure purchase rights on 27 million doses , and 500 million to a separate COVAX initiative to help poorer countries access a vaccine .
Johnson will also announce £340m in funding for the WHO spread across four years – a 30 per cent increase on the previous four-year commitment – with around a third of the money dependent on reform to the organisation .
Read more : Boris Johnson : UK can be ‘ launchpad ’ for green industrial revolution Britain , along @ @ @ @ @ @ @ support for the WHO , albeit tied to reforms , when the body faces criticism over its pandemic response .
The United States gave a year ’ s notice in July that it is leaving the U.N. agency – which was created to improve health globally – after Trump accused it of being too close to China and having mishandled the COVID-19 pandemic .

UK to pledge £340m increase in funding for World Health Organisation
Prime Minister Boris Johnson will pledge on Saturday a 30 per cent increase in funding for the World Health Organization while urging reforms to the global health body and calling for a revival of cross-border cooperation to end “ugly rifts”.
Delivering a recorded speech to the United Nations General Assembly (UNGA), Johnson will say the COVID-19 pandemic has increased barriers to trade.
He will also present a five-point plan to improve the international response to future pandemics.
“After nine months of fighting COVID, the very notion of the international community looks tattered,” he will say, according to advance extracts distributed by his office.
“Unless we unite and turn our fire against our common foe, we know that everyone will lose. Now is the time therefore … for humanity to reach across borders and repair these ugly rifts.”
His plan includes a global network of research hubs, more vaccine manufacturing capacity, and an agreement to reduce export tariffs imposed at the start of the COVID-19 pandemic.
He will commit an initial 71 million pounds to the global vaccine partnership known as COVAX to secure purchase rights on 27 million doses, and 500 million to a separate COVAX initiative to help poorer countries access a vaccine.
Johnson will also announce £340m in funding for the WHO spread across four years – a 30 per cent increase on the previous four-year commitment – with around a third of the money dependent on reform to the organisation.
Britain, along with France and Germany, is expressing support for the WHO, albeit tied to reforms, when the body faces criticism over its pandemic response.
The United States gave a year’s notice in July that it is leaving the U.N. agency – which was created to improve health globally – after Trump accused it of being too close to China and having mishandled the COVID-19 pandemic.


cityam--2020-09-26--NHS Covid-19 app unable to accept a third of test results

England ’ s Covid-19 smartphone app launched to curb the spread of the virus does not accept test results processed in the country ’ s state-run laboratories , hospitals or as part of an official survey , it said on Saturday .
The App ’ s official account said on Twitter it could not link to test results taken in Public Health England ( PHE ) laboratories , at the National Health Service ( NHS ) or as part of a survey run by the Office for National Statistics ( ONS ) .
Read more : Coronavirus : UK reports @ @ @ @ @ @ @ rises again On Friday , 210,375 tests were taken , with 61,481 handled by PHE and the NHS , or 29 per cent .
That does not include tests taken as part of the ONS surveys because they are counted on a UK basis .
Tests taken in hospitals includes patients and health care staff .
The NHS Covid-19 app was launched this week , four months later than expected .
It uses Bluetooth signals to log when a user is in close contact with another user , generally meaning within two metres @ @ @ @ @ @ @ someone then tests positive for Covid-19 , they can share the result anonymously with their close contacts , who will each receive an alert and will have to isolate for 14 days .
Read more : FTSE 100 slips but US stocks rise amid Covid worries The launch comes as Britain braces for a second wave of infections , with daily cases numbers rising at rates not seen since the peak of the pandemic .
Testing capacity has also increased .
The Department for Health did not give an immediate response but its @ @ @ @ @ @ @ this issue as soon as possible .

NHS Covid-19 app unable to accept a third of test results
England’s Covid-19 smartphone app launched to curb the spread of the virus does not accept test results processed in the country’s state-run laboratories, hospitals or as part of an official survey, it said on Saturday.
The App’s official account said on Twitter it could not link to test results taken in Public Health England (PHE) laboratories, at the National Health Service (NHS) or as part of a survey run by the Office for National Statistics (ONS).
On Friday, 210,375 tests were taken, with 61,481 handled by PHE and the NHS, or 29 per cent. That does not include tests taken as part of the ONS surveys because they are counted on a UK basis.
Tests taken in hospitals includes patients and health care staff.
The NHS Covid-19 app was launched this week, four months later than expected. It uses Bluetooth signals to log when a user is in close contact with another user, generally meaning within two metres for 15 minutes or more.
If someone then tests positive for Covid-19, they can share the result anonymously with their close contacts, who will each receive an alert and will have to isolate for 14 days.
The launch comes as Britain braces for a second wave of infections, with daily cases numbers rising at rates not seen since the peak of the pandemic. Testing capacity has also increased.
The Department for Health did not give an immediate response but its website said it was working to rectify this issue as soon as possible.


cityam--2020-09-27--Evidence on negative rates ‘encouraging’, says Bank of England policymaker

The Bank of England has seen “ encouraging ” evidence that negative interest rates could help the British economy during the downturn triggered by the coronavirus , a policymaker has said .
Silvana Tenreyro , who sits on the Bank ’ s monetary policy committee ( MPC ) , said the committee has been discussing what options it has in its toolkit , including “ how effective negative rates might be in the current context ” .
Read more : Bank of England to do ‘ everything it can ’ during Covid surge “ The evidence has been encouraging , @ @ @ @ @ @ @ an interview .
She also told the paper that she did not expect Britain to continue to enjoy a V-shaped economic recovery due to headwinds from local flare-ups in Covid-19 , increasing unemployment and a “ very weak ” global economic outlook .
The BoE said in August that it was examining the case for negative rates more closely , and said earlier this month that it would take a detailed look at whether the policy could be feasible during the fourth quarter .
However governor Andrew Bailey has cautioned these steps do @ @ @ @ @ @ @ to implementing negative rates , which could see customers charged for holding deposits with banks .
So far , the BoE has responded to the coronavirus pandemic by slashing interest rates to a record-low of 0.1 per cent and expanding its asset purchase programme by £300bn .
Tenreyro said that evidence from the eurozone and Japan showed that cutting interest rates below zero had succeeded in reducing companies ’ borrowing costs and did not make it unprofitable for banks to lend .
She added that cuts in interest rates below zero had been @ @ @ @ @ @ @ rates charged to borrowers .
Read more : Bank of England reaction : Will interest rates go negative ?
“ Banks adapted well – their profitability increased with negative rates largely because impairments and loss provisions have decreased with the boost to activity and the increase in asset prices.
” Tenreyro said she expected Britain ’ s rebound from the historic 20 per cent drop in GDP in the second quarter to lose pace as coronavirus cases rise across the country .
She has clashed with fellow MPC member Andy Haldane over the @ @ @ @ @ @ @ , the Bank ’ s chief economist , insitits will be relatively quick and V-shaped .
Tenreyro said she expects the trajectory to be an “ interrupted , incomplete V ” , with the rebound in activity following the lifting of lockdown measures failing to reach pre-pandemic levels .
“ Flare-ups like we ’ re seeing may potentially lead to more localised lockdowns and will keep interrupting that V [ -shaped recovery ] .
” The economist told the Sunday Telegraph that it was too early to know whether the scaled-back job support @ @ @ @ @ @ @ week would be enough to stave off a significant rise in unemployment once the furlough scheme ends in October .
“ Another factor interrupting the V is a very weak global outlook , with high uncertainties , particularly with a second wave already striking many countries , ” she added .

Evidence on negative rates ‘encouraging’, says Bank of England policymaker
Silvana Tenreyro said the Bank’s monetary policy committee was assessing the options in its toolkit
The Bank of England has seen “encouraging” evidence that negative interest rates could help the British economy during the downturn triggered by the coronavirus, a policymaker has said.
Silvana Tenreyro, who sits on the Bank’s monetary policy committee (MPC), said the committee has been discussing what options it has in its toolkit, including “how effective negative rates might be in the current context”.
“The evidence has been encouraging,” she told the Sunday Telegraph in an interview. She also told the paper that she did not expect Britain to continue to enjoy a V-shaped economic recovery due to headwinds from local flare-ups in Covid-19, increasing unemployment and a “very weak” global economic outlook.
The BoE said in August that it was examining the case for negative rates more closely, and said earlier this month that it would take a detailed look at whether the policy could be feasible during the fourth quarter.
However governor Andrew Bailey has cautioned these steps do not mean the central bank is committed to implementing negative rates, which could see customers charged for holding deposits with banks.
So far, the BoE has responded to the coronavirus pandemic by slashing interest rates to a record-low of 0.1 per cent and expanding its asset purchase programme by £300bn.
Tenreyro said that evidence from the eurozone and Japan showed that cutting interest rates below zero had succeeded in reducing companies’ borrowing costs and did not make it unprofitable for banks to lend.
She added that cuts in interest rates below zero had been almost fully reflected in reductions in interest rates charged to borrowers.
“Banks adapted well – their profitability increased with negative rates largely because impairments and loss provisions have decreased with the boost to activity and the increase in asset prices.”
Tenreyro said she expected Britain’s rebound from the historic 20 per cent drop in GDP in the second quarter to lose pace as coronavirus cases rise across the country.
She has clashed with fellow MPC member Andy Haldane over the shape of the recovery, which Haldane, the Bank’s chief economist, insitits will be relatively quick and V-shaped.
Tenreyro said she expects the trajectory to be an “interrupted, incomplete V”, with the rebound in activity following the lifting of lockdown measures failing to reach pre-pandemic levels.
“Flare-ups like we’re seeing may potentially lead to more localised lockdowns and will keep interrupting that V[-shaped recovery].”
The economist told the Sunday Telegraph that it was too early to know whether the scaled-back job support plans unveiled by chancellor Rishi Sunak last week would be enough to stave off a significant rise in unemployment once the furlough scheme ends in October.
“Another factor interrupting the V is a very weak global outlook, with high uncertainties, particularly with a second wave already striking many countries,” she added.


cityam--2020-09-27--UK and EU to enter crunch final weeks in Brexit negotiations

The UK and EU are moving toward the final stages of Brexit trade talks , with the chances of a deal reportedly improving .
The ninth round of formal negotiations will begin on Tuesday , with both sides having made late concessions , according to the Sunday Times .
Read more : Right-wingers Dacre and Moore in line for top media posts Senunder Johnson Senior sources told the Times that Michael Gove has been pressuring Boris Johnson to get a deal done out of concern of what a no-deal Brexit and potential second Covid wave would do to the economy @ @ @ @ @ @ @ UK was on its way to leaving the EU customs union and single market on 31 December without a deal , after Johnson brought forward legislation that could breach the Brexit withdrawal treaty .
However , chief UK negotiator Lord David Frost and his EU counterpart Michel Barnier are reportedly set to hammer out the final details of a deal one-on-one over a two-week period starting at the end of next week .
Frost has reportedly budged on his refusal to accept Brussels ’ demands that the UK adopt the EU ’ s @ @ @ @ @ @ @ a level playing field for businesses on both sides of the channel .
Before the Open newsletter : Start your day with the City View podcast and key market data The UK will likely accept some rules as dictated by the EU as to how much the government can subsidise companies in order to secure zero-tariff trade with European nations .
The EU is also reportedly prepared to ensure that there is free movement of goods between Northern Ireland and Great Britain .
Frost told the Sunday Times : “ An agreement is @ @ @ @ @ @ @ very far from certain .
The last two weeks of informal talks have been relatively positive , but there remains much to be done and time is short .
“ If the gaps in these areas are to be bridged , the EU still needs to scale back more of its unrealistic ambitions and work on more realistic policy positions .
I hope this will be possible this coming week and I and my team are ready to work as hard as necessary to move things forward.
” Read more : Brexit : @ @ @ @ @ @ @ to monitor incoming lorries Both sides have set mid-October as a deadline for a deal to be done as the European parliament needs time to ratify any agreement .
The UK has also said that local businesses will need some time to prepare for any changes .

UK and EU to enter crunch final weeks in Brexit negotiations
Britain’s chief negotiator David Frost (L) and EU’s Brexit negotiator Michel Barnier
The UK and EU are moving toward the final stages of Brexit trade talks, with the chances of a deal reportedly improving.
The ninth round of formal negotiations will begin on Tuesday, with both sides having made late concessions, according to the Sunday Times.
Senior sources told the Times that Michael Gove has been pressuring Boris Johnson to get a deal done out of concern of what a no-deal Brexit and potential second Covid wave would do to the economy.
Fears escalated weeks ago that the UK was on its way to leaving the EU customs union and single market on 31 December without a deal, after Johnson brought forward legislation that could breach the Brexit withdrawal treaty.
However, chief UK negotiator Lord David Frost and his EU counterpart Michel Barnier are reportedly set to hammer out the final details of a deal one-on-one over a two-week period starting at the end of next week.
Frost has reportedly budged on his refusal to accept Brussels’ demands that the UK adopt the EU’s state subsidy rules as a part of a level playing field for businesses on both sides of the channel.
Before the Open newsletter: Start your day with the City View podcast and key market data
The UK will likely accept some rules as dictated by the EU as to how much the government can subsidise companies in order to secure zero-tariff trade with European nations.
The EU is also reportedly prepared to ensure that there is free movement of goods between Northern Ireland and Great Britain.
Frost told the Sunday Times: “An agreement is still very much possible, but equally very far from certain. The last two weeks of informal talks have been relatively positive, but there remains much to be done and time is short.
“If the gaps in these areas are to be bridged, the EU still needs to scale back more of its unrealistic ambitions and work on more realistic policy positions. I hope this will be possible this coming week and I and my team are ready to work as hard as necessary to move things forward.”
Both sides have set mid-October as a deadline for a deal to be done as the European parliament needs time to ratify any agreement.
The UK has also said that local businesses will need some time to prepare for any changes.


cityam--2020-09-27--Commerzbank poaches Deutsche Bank executive as new boss

Commerzbank has tapped a senior executive from rival Deutsche Bank to become its new chief executive , filling a leadership vacuum at the lender after months of uncertainty .
Manfred Knof , head of Deutsche Bank ’ s German retail business , will take over as head of Germany ’ s second largest bank in January .
Read more : Commerzbank warns of a loss in 2020 as Wirecard hits loan book Knof succeeds Martin Zielke , who resigned in July following a revolt by activist investor Cerberus – one of Commerzbank ’ s largest shareholders – which is pressing @ @ @ @ @ @ @ a bid to halt its lacklustre financial performance .
Shares in Commerzbank have fallen sharply since the private equity investor took a five per cent stake in 2017 .
Cerberus has pushed for the lender to overhaul leadership and make significant job cuts .
The appointment allows the bank to move forward with a new strategic plan , which had been put on hold until a new chief executive was found .
Commerzbank is considering closing branches and cutting international staff in a bid to reduce costs .
Read more : Cerberus wants @ @ @ @ @ @ @ at Commerzbank Hans-Joerg Vetter , who recently took over as chairman of Commerzbank ’ s supervisory board , has told employees that the lender is not a “ restructuring case , but Commerzbank must become more efficient ” .
“ It needs to increase its revenues , reduce costs , and to question the status quo , ” Vetter told employees , Reuters reported .
Vetter welcomed Knof ’ s appointment , describing him as an “ experienced and highly effective top manager who has proven himself in a wide range of tasks @ @ @ @ @ @ @

Commerzbank poaches Deutsche Bank executive as new boss
Commerzbank had come under pressure to overhaul its leadership from activist investor Cerberus
Commerzbank has tapped a senior executive from rival Deutsche Bank to become its new chief executive, filling a leadership vacuum at the lender after months of uncertainty.
Manfred Knof, head of Deutsche Bank’s German retail business, will take over as head of Germany’s second largest bank in January.
Knof succeeds Martin Zielke, who resigned in July following a revolt by activist investor Cerberus – one of Commerzbank’s largest shareholders – which is pressing for big changes at the lender in a bid to halt its lacklustre financial performance.
Shares in Commerzbank have fallen sharply since the private equity investor took a five per cent stake in 2017. Cerberus has pushed for the lender to overhaul leadership and make significant job cuts.
The appointment allows the bank to move forward with a new strategic plan, which had been put on hold until a new chief executive was found. Commerzbank is considering closing branches and cutting international staff in a bid to reduce costs.
Hans-Joerg Vetter, who recently took over as chairman of Commerzbank’s supervisory board, has told employees that the lender is not a “restructuring case, but Commerzbank must become more efficient”.
“It needs to increase its revenues, reduce costs, and to question the status quo,” Vetter told employees, Reuters reported.
Vetter welcomed Knof’s appointment, describing him as an “experienced and highly effective top manager who has proven himself in a wide range of tasks in the financial services industry”.


cityam--2020-09-27--Right-wingers Dacre and Moore in line for top media posts under Johnson

Two prominent right-wing media critics of the BBC are reportedly in line for jobs as the next president of the public service broadcaster and the head of TV regulator Ofcom .
Former Telegraph editor , and official Margaret Thatcher biographer , Lord Charles Moore is in line to be the next BBC president , while former Daily Mail editor Paul Dacre is said to be Boris Johnson ’ s first choice for Ofcom chairman .
Read more : Andrew Neil to leave BBC and lead new UK TV news channel Moore has been a critic of the BBC ’ s @ @ @ @ @ @ @ it should be decriminalised , while Dacre has often accused the BBC of being too left-wing .
In 2007 , Dacre said the corporation “ exercises a kind of cultural Marxism ” that “ tries to undermine that conservative society ” .
The pair have reportedly been wooed by Johnson personally , with both having been asked by the Prime Minister to take up the powerful roles .
Johnson ’ s Downing Street has been seen as confrontational toward the BBC , with ministers boycotting major programmes such as BBC Radio 4 ’ @ @ @ @ @ @ @ Speculation , first reported in the Sunday Times , that the controversial Brexiteers will be appointed to the roles has sparked claims that Downing Street has now declared an all out war on the BBC .
Before the Open newsletter : Start your day with the City View podcast and key market data Former Tony Blair communications chief Alastair Campbell , who has had a long-time rivalry with Dacre , said the former Daily Mail editor “ represents the worst of British values ” .
Former Guardian editor Alan Rusbridger accused the government @ @ @ @ @ @ @ potential hiring of Dacre and Moore .
Culture secretary Oliver Dowden told Sky News that “ everyone is getting a little ahead of themselves ” about Moore and Dacre , before adding that the BBC did need reform .
He said : “ There are three things that I ’ ve been talking about with the BBC -ensuring there is genuine impartiality…ensuring the BBC is up to the challenges of the future…and ensuring the BBC represents all parts of our nation and not just narrow metro areas.
” Read more : Gary Lineker @ @ @ @ @ @ @ BBC promises reform “ I think they ’ re working toward it and I think it has made good progress toward it.
” A government spokesman said : “ We will launch the application process for the new chair of the BBC shortly .
It is an open recruitment process and all public appointments are subject to a robust and fair selection criteria .
”

Right-wingers Dacre and Moore in line for top media posts under Johnson
Former Daily Mail editor Paul Dacre is said to be Boris Johnson’s first choice to be the next chairman of TV regulator Ofcom.
Two prominent right-wing media critics of the BBC are reportedly in line for jobs as the next president of the public service broadcaster and the head of TV regulator Ofcom.
Former Telegraph editor, and official Margaret Thatcher biographer, Lord Charles Moore is in line to be the next BBC president, while former Daily Mail editor Paul Dacre is said to be Boris Johnson’s first choice for Ofcom chairman.
Moore has been a critic of the BBC’s licensing fee in the past, arguing it should be decriminalised, while Dacre has often accused the BBC of being too left-wing.
In 2007, Dacre said the corporation “exercises a kind of cultural Marxism” that “tries to undermine that conservative society”.
The pair have reportedly been wooed by Johnson personally, with both having been asked by the Prime Minister to take up the powerful roles.
Johnson’s Downing Street has been seen as confrontational toward the BBC, with ministers boycotting major programmes such as BBC Radio 4’s Today before the coronavirus pandemic.
Speculation, first reported in the Sunday Times, that the controversial Brexiteers will be appointed to the roles has sparked claims that Downing Street has now declared an all out war on the BBC.
Before the Open newsletter: Start your day with the City View podcast and key market data
Former Tony Blair communications chief Alastair Campbell, who has had a long-time rivalry with Dacre, said the former Daily Mail editor “represents the worst of British values”.
Former Guardian editor Alan Rusbridger accused the government of not following due process in the potential hiring of Dacre and Moore.
Culture secretary Oliver Dowden told Sky News that “everyone is getting a little ahead of themselves” about Moore and Dacre, before adding that the BBC did need reform.
He said: “There are three things that I’ve been talking about with the BBC -ensuring there is genuine impartiality…ensuring the BBC is up to the challenges of the future…and ensuring the BBC represents all parts of our nation and not just narrow metro areas.”
“I think they’re working toward it and I think it has made good progress toward it.”
A government spokesman said: “We will launch the application process for the new chair of the BBC shortly. It is an open recruitment process and all public appointments are subject to a robust and fair selection criteria.”


cityam--2020-09-27--Natwest and Lloyds signal willingness to bring back dividends

Two of the UK ’ s largest banks have indicated that they are ready to restart paying dividends as the Bank of England prepares to review its ban on shareholder payouts .
Executives at Natwest and Lloyds have hinted at the strength of their balance sheets , with Natwest chairman Howard Davies saying lenders would resume paying dividends if regulators lifted the ban .
Read more : Bank of England could extend bank dividends suspension “ I ’ m not aware of anyone [ among the big banks ] who is in deep trouble , ” Davies told The Mail @ @ @ @ @ @ @ be in a position where they could distribute [ dividends ] at some level.
” Following pressure from the BoE ’ s Prudential Regulation Authority ( PRA ) , British lenders agreed in March to scrap dividends totalling roughly £8bn for the year in order to shore up their finances against the economic downturn caused by the pandemic .
The PRA is set to assess whether to extend the ban on dividends beyond the end of the year in the next three months .
The European Central Bank has extended its recommendation that @ @ @ @ @ @ @ dividends until January 2021 .
Lloyds chief executive Antonio Horto-Osario said the lender ’ s board would not make a decision on dividends until the end of the year .
In comments made to an online conference earlier this month and seen by the Mail on Sunday , Horto-Osario said that Lloyds would await the official “ update ” on the ban from the PRA .
Horto-Osario added that Lloyds had a “ very , very strong buffer ” to weather the economic devastation caused by coronavirus , and said the bank ’ @ @ @ @ @ @ @ set by the BoE .
Read more : Evidence on negative rates ‘ encouraging ’ , says Bank of England policymaker Davies , who in July called on the central bank to lift the dividend ban , said that banks would only seek to issue proportional payouts .
“ Nobody is going around the banking industry saying they want to pay a massive special dividend , ” he said .

Natwest and Lloyds signal willingness to bring back dividends
Natwest chairman Howard Davies previously called for the Bank of England to scrap the dividend ban
Two of the UK’s largest banks have indicated that they are ready to restart paying dividends as the Bank of England prepares to review its ban on shareholder payouts.
Executives at Natwest and Lloyds have hinted at the strength of their balance sheets, with Natwest chairman Howard Davies saying lenders would resume paying dividends if regulators lifted the ban.
“I’m not aware of anyone [among the big banks] who is in deep trouble,” Davies told The Mail on Sunday. “The banks would be in a position where they could distribute [dividends] at some level.”
Following pressure from the BoE’s Prudential Regulation Authority (PRA), British lenders agreed in March to scrap dividends totalling roughly £8bn for the year in order to shore up their finances against the economic downturn caused by the pandemic.
The PRA is set to assess whether to extend the ban on dividends beyond the end of the year in the next three months.
The European Central Bank has extended its recommendation that lenders in the bloc do not pay dividends until January 2021.
Lloyds chief executive Antonio Horto-Osario said the lender’s board would not make a decision on dividends until the end of the year.
In comments made to an online conference earlier this month and seen by the Mail on Sunday, Horto-Osario said that Lloyds would await the official “update” on the ban from the PRA.
Horto-Osario added that Lloyds had a “very, very strong buffer” to weather the economic devastation caused by coronavirus, and said the bank’s capital buffers far exceeded the requirement set by the BoE.
Davies, who in July called on the central bank to lift the dividend ban, said that banks would only seek to issue proportional payouts.
“Nobody is going around the banking industry saying they want to pay a massive special dividend,” he said.


cityam--2020-09-27--Boris Johnson facing parliamentary defeat over Covid powers

Boris Johnson is facing his first parliamentary defeat since winning the 2019 election , with up to 60 Tory MPs prepared to defy party whips and vote for an amendment to new Covid legislation .
Legislation to extend powers allowing the Prime Minister to unilaterally impose coronavirus restrictions by a further six months will come before the House of Commons on Wednesday .
Read more : Right-wingers Dacre and Moore in line for top media posts under Johnson However , an amendment to the legislation by Graham Brady , chair of the powerful 1922 committee of backbench Tories , would @ @ @ @ @ @ @ for all new coronavirus measures .
It is believed there are enough Tory MPs in favour of the amendment for it to pass if all opposition parties vote for it too .
Shadow culture secretary Jo Stevens told Sky News today that Labour would “ likely ” back the amendment , while Tory backbencher Steve Baker said the current situation “ is not a fit environment for free people ” .
“ Liberty dies…with government exercising draconian powers without parliamentary scrutiny in advance , ” he said .
Brady told the Observer : @ @ @ @ @ @ @ of Commons should have the opportunity to debate and vote on emergency measures before they come into force.
” The Tory revolt is a sign of growing unrest among the backbenches , which has been bubbling under for months now .
Johnson ’ s response to coronavirus has been widely criticised , with an Opinium poll released yesterday showing the government had a -20 rating when it came to its efforts against the virus .
This has seen Labour take a three-point lead in that same survey , marking the first lead in @ @ @ @ @ @ @ Sir Keir Starmer .
Read more : Labour takes three-point lead over Tories in new poll Some Tory MPs that won their seat in traditional Labour areas last year are reportedly nervous about the party ’ s popularity and the prospect of being out of office in 2024 .
Many of the parliamentary party ’ s libertarian and right-wing MPs are outraged at the government ’ s willingness to swiftly apply new coronavirus restrictions , the amount the Treasury has spent during the pandemic and speculation that Rishi Sunak is considering tax rises @ @ @ @ @ @ @

Boris Johnson facing parliamentary defeat over Covid powers
Boris Johnson is facing his first parliamentary defeat since winning the 2019 election, with up to 60 Tory MPs prepared to defy party whips and vote for an amendment to new Covid legislation.
Legislation to extend powers allowing the Prime Minister to unilaterally impose coronavirus restrictions by a further six months will come before the House of Commons on Wednesday.
However, an amendment to the legislation by Graham Brady, chair of the powerful 1922 committee of backbench Tories, would force the government to get parliamentary approval for all new coronavirus measures.
It is believed there are enough Tory MPs in favour of the amendment for it to pass if all opposition parties vote for it too.
Shadow culture secretary Jo Stevens told Sky News today that Labour would “likely” back the amendment, while Tory backbencher Steve Baker said the current situation “is not a fit environment for free people”.
“Liberty dies…with government exercising draconian powers without parliamentary scrutiny in advance,” he said.
Brady told the Observer: “It is essential that the House of Commons should have the opportunity to debate and vote on emergency measures before they come into force.”
The Tory revolt is a sign of growing unrest among the backbenches, which has been bubbling under for months now.
Johnson’s response to coronavirus has been widely criticised, with an Opinium poll released yesterday showing the government had a -20 rating when it came to its efforts against the virus.
This has seen Labour take a three-point lead in that same survey, marking the first lead in a major poll for the party under Sir Keir Starmer.
Some Tory MPs that won their seat in traditional Labour areas last year are reportedly nervous about the party’s popularity and the prospect of being out of office in 2024.
Many of the parliamentary party’s libertarian and right-wing MPs are outraged at the government’s willingness to swiftly apply new coronavirus restrictions, the amount the Treasury has spent during the pandemic and speculation that Rishi Sunak is considering tax rises to pay for the Budget deficit.


cityam--2020-09-27--Boris Johnson’s gigabit broadband target will be ‘missed by years’, warns BT boss

Boris Johnson ’ s target for delivering gigabit broadband across the UK will be missed by eight years without £9bn worth of tax and red tape cuts , BT has warned ministers .
BT claims the industry is on course to deliver gigabit speeds across the nation by 2033 , significantly later than Johnson ’ s election pledge of full coverage by 2025 .
Read more : BT blames coronavirus as profit and revenue shrink However the telecoms giant said the full-fibre target could still be reached by 2027 , but only if the government makes sweeping reforms to the @ @ @ @ @ @ @ government to cut business rates on new broadband networks by extending a current tax holiday from five to 20 years .
Chief executive Philip Jansen previously said the extension would be worth around £1bn to the company .
However government officials reportedly told the company that business rates will not be reconsidered until 2023 .
“ We must end the situation where BT and Virgin are actively penalised for investing in fibre , because they have to pay higher business rates on a fibre connection than they do on an older , much @ @ @ @ @ @ @ BT director of policy Alex Towers .
BT ’ s claims about the likely speed of the full-fibre rollout , which were first reported in the Sunday Telegraph , are based on a report by consultancy Analysys Mason .
In a report commissioned by BT , the firm estimates that , based on the current rollout pace , full-fibre broadband speeds would only reach 70 per cent of British homes and businesses by 2025 , with complete coverage taking a further eight years to achieve .
In addition to business rate cuts on @ @ @ @ @ @ @ overhauling planning rules to give engineers increased land access , and calling on local authorities to allow the use of the latest digging equipment as standard .
Such measures would save the industry a total of £9bn , the report found .
Read more : BT bosses to waive millions in bonuses after dividend suspension A spokesperson for the Department for Digital , Culture , Media and Sport said the government was “ determined to deliver on our gigabit commitment ’ .
“ [ We ] are already acting to remove the barriers @ @ @ @ @ @ @ as investing £5bn so the hardest to reach areas aren ’ t left behind , ” they added .

Boris Johnson’s gigabit broadband target will be ‘missed by years’, warns BT boss
Prime Minister Boris Johnson had pledged to rollout gigabit broadband to every home in the UK by 2025
Boris Johnson’s target for delivering gigabit broadband across the UK will be missed by eight years without £9bn worth of tax and red tape cuts, BT has warned ministers.
BT claims the industry is on course to deliver gigabit speeds across the nation by 2033, significantly later than Johnson’s election pledge of full coverage by 2025.
However the telecoms giant said the full-fibre target could still be reached by 2027, but only if the government makes sweeping reforms to the sector.
BT has been pushing the government to cut business rates on new broadband networks by extending a current tax holiday from five to 20 years.
Chief executive Philip Jansen previously said the extension would be worth around £1bn to the company. However government officials reportedly told the company that business rates will not be reconsidered until 2023.
“We must end the situation where BT and Virgin are actively penalised for investing in fibre,
because they have to pay higher business rates on a fibre connection than they do on an older, much slower, copper one,” said BT director of policy Alex Towers.
BT’s claims about the likely speed of the full-fibre rollout, which were first reported in the Sunday Telegraph, are based on a report by consultancy Analysys Mason.
In a report commissioned by BT, the firm estimates that, based on the current rollout pace, full-fibre broadband speeds would only reach 70 per cent of British homes and businesses by 2025, with complete coverage taking a further eight years to achieve.
In addition to business rate cuts on new broadband lines, the report recommended overhauling planning rules to give engineers increased land access, and calling on local authorities to allow the use of the latest digging equipment as standard.
Such measures would save the industry a total of £9bn, the report found.
A spokesperson for the Department for Digital, Culture, Media and Sport said the government was “determined to deliver on our gigabit commitment’.
“[We] are already acting to remove the barriers to industry accelerating broadband rollout as well as investing £5bn so the hardest to reach areas aren’t left behind,” they added.


cityam--2020-09-27--Labour takes three-point lead over Tories in new poll

Labour has taken a three-point lead over Boris Johnson ’ s Conservatives in a new poll , just days after Sir Keir Starmer ’ s first party conference as leader .
An Opinium/Observer poll released last night has Labour on 42 per cent and the Conservatives on 39 per cent , representing the first major poll to have the opposition lead the government since Johnson came to power last year .
Read more : Keir Starmer lashes out at Jeremy Corbyn and invokes Labour PMs in conference speech Labour was more than 20 points behind the Conservatives in polling when @ @ @ @ @ @ @ The Opinium poll found that 46 per cent of voters ’ “ opinion of the Labour party has become more positive since [ Starmer ] became leader ” .
It comes just days after his first party conference as leader , which carried the tagline of “ A New Leadership ” in a clear rebuke to former leader Jeremy Corbyn .
Before the Open newsletter : Start your day with the City View podcast and key market data Starmer used his speech to distance himself from Corbyn and his far-left supporters , while @ @ @ @ @ @ @ class voters by stressing the party ’ s need to be more patriotic .
He said the party “ deserved ” to lose last year ’ s General Election and that losing four elections in a row had been a “ betrayal of what we believe in ” .
The Conservatives ’ poll ratings have suffered as the public has become more disillusioned with the Johnson government ’ s response to coronavirus .
The Opinium poll showed half of people surveyed disapproved of the government ’ s Covid response , while only 30 @ @ @ @ @ @ @ political polling Adam Drummond said : “ While this is the first time since Boris Johnson became prime minister that Labour have been ahead of the Conservatives on vote share , Keir Starmer has had better approval ratings ( both raw and net ) than the prime minister for some time and the two leaders have tended to draw on the question of who would be the better prime minister .
“ While there is strong public support for the new Covid restrictions announced by the government earlier this week , they have @ @ @ @ @ @ @ boost in the government ’ s approval rating that the initial lockdown measures brought in March .
”

Labour takes three-point lead over Tories in new poll
Opposition Labour party leader Keir Starmer delivers his keynote speech during the party’s online conference from the Danum Gallery, Library and Museum in Doncaster, northeast England on September 22, 2020. (Photo by Stefan Rousseau / POOL / AFP) (Photo by STEFAN ROUSSEAU/POOL/AFP via Getty Images)
Labour has taken a three-point lead over Boris Johnson’s Conservatives in a new poll, just days after Sir Keir Starmer’s first party conference as leader.
An Opinium/Observer poll released last night has Labour on 42 per cent and the Conservatives on 39 per cent, representing the first major poll to have the opposition lead the government since Johnson came to power last year.
Labour was more than 20 points behind the Conservatives in polling when Starmer became leader six months ago.
The Opinium poll found that 46 per cent of voters’ “opinion of the Labour party has become more positive since [Starmer] became leader”.
It comes just days after his first party conference as leader, which carried the tagline of “A New Leadership” in a clear rebuke to former leader Jeremy Corbyn.
Before the Open newsletter: Start your day with the City View podcast and key market data
Starmer used his speech to distance himself from Corbyn and his far-left supporters, while also trying to appeal to lost working class voters by stressing the party’s need to be more patriotic.
He said the party “deserved” to lose last year’s General Election and that losing four elections in a row had been a “betrayal of what we believe in”.
The Conservatives’ poll ratings have suffered as the public has become more disillusioned with the Johnson government’s response to coronavirus.
The Opinium poll showed half of people surveyed disapproved of the government’s Covid response, while only 30 per cent approved.
Opinium head of political polling Adam Drummond said: “While this is the first time since Boris Johnson became prime minister that Labour have been ahead of the Conservatives on vote share, Keir Starmer has had better approval ratings (both raw and net) than the prime minister for some time and the two leaders have tended to draw on the question of who would be the better prime minister.
“While there is strong public support for the new Covid restrictions announced by the government earlier this week, they have not yet resulted in the sort of boost in the government’s approval rating that the initial lockdown measures brought in March.”


cityam--2020-09-27--Restaurant industry risks ‘lost generation’ without more support, top chefs warn

Raymond Blanc and Michel Roux Jr have warned that the restaurant industry risks losing a generation of talent and will “ suffer enormously ” amid fresh coronavirus restrictions and gaps in government support .
Industry figures have condemned the new 10pm curfew as “ devastating ” , while a quarter of hospitality businesses fear they will go bust by the end of the year without further government help .
Read more : A quarter of hospitality firms could go bust by the end of the year without more government support Blanc , chef patron of Le Manoir aux Quat ’ @ @ @ @ @ @ @ for the sector had been “ extremely generous ” so far , the measures introduced in the government ’ s “ winter plan for jobs ” were “ less generous ” .
“ There could be a lost generation of young people who would come into our industry and who will not , ” the chef told The Sunday Times .
“ This industry will suffer enormously.
” Chancellor Rishi Sunak last week unveiled a new host of business relief measures , including a replacement for the furlough scheme , which ends next @ @ @ @ @ @ @ subsidy programme to support “ viable ” jobs , extensions to government-backed loan schemes , and extending the cut in VAT for the hospitality sector until March .
One in eight hospitality staff have already been made redundant , with many more jobs in the industry expected to be lost once the furlough scheme ends .
One third of the three million employees currently on furlough work in the hospitality sector .
“ In a time of crisis , it ’ s never been more important to look after our people , ” @ @ @ @ @ @ @ Clare Symth – the first female chef in the UK to win three Michelin stars – are joining forces to launch a partnership to support hospitality workers who have lost their jobs due to the pandemic .
Read more : New wage subsidy scheme does not go far enough , warns hospitality industry Careerscope , which will launch tomorrow , is a partnership between five industry bodies , including UK Hospitality and the Institute of Hospitality .
It aims to provide advice and resources for struggling hospitality workers .
“ We were facing @ @ @ @ @ @ @ need to take drastic action to ensure there is the next generation of chefs coming through when the industry recovers , when opportunities for chefs to grow and develop will be stronger than ever , ” said Smyth .

Restaurant industry risks ‘lost generation’ without more support, top chefs warn
Raymond Blanc said the government’s latest support package for business was ‘less generous’ than previous measures
Raymond Blanc and Michel Roux Jr have warned that the restaurant industry risks losing a generation of talent and will “suffer enormously” amid fresh coronavirus restrictions and gaps in government support.
Industry figures have condemned the new 10pm curfew as “devastating”, while a quarter of hospitality businesses fear they will go bust by the end of the year without further government help.
Blanc, chef patron of Le Manoir aux Quat’ Saisons, said that while state support for the sector had been “extremely generous” so far, the measures introduced in the government’s “winter plan for jobs” were “less generous”.
“There could be a lost generation of young people who would come into our industry and who will not,” the chef told The Sunday Times. “This industry will suffer enormously.”
Chancellor Rishi Sunak last week unveiled a new host of business relief measures, including a replacement for the furlough scheme, which ends next month.
New measures included a wage subsidy programme to support “viable” jobs, extensions to government-backed loan schemes, and extending the cut in VAT for the hospitality sector until March.
One in eight hospitality staff have already been made redundant, with many more jobs in the industry expected to be lost once the furlough scheme ends. One third of the three million employees currently on furlough work in the hospitality sector.
“In a time of crisis, it’s never been more important to look after our people,” said Roux.
Blanc, Roux and Clare Symth – the first female chef in the UK to win three Michelin stars – are joining forces to launch a partnership to support hospitality workers who have lost their jobs due to the pandemic.
Careerscope, which will launch tomorrow, is a partnership between five industry bodies, including UK Hospitality and the Institute of Hospitality. It aims to provide advice and resources for struggling hospitality workers.
“We were facing a staffing crisis before Covid-19. We need to take drastic action to ensure there is the next generation of chefs coming through when the industry recovers, when opportunities for chefs to grow and develop will be stronger than ever,” said Smyth.


cityam--2020-09-28--Liz Truss sets mid-2021 deadline for UK-US trade deal

The UK is aiming to get a US trade deal completed by midway next year , according to international trade secretary Liz Truss .
Truss revealed the deadline on trade talks during a virtual Spectator event today , saying any potential deal will need to be agreed before the US Congress ’ power to approve trade deals expires mid-2021 .
Read more : Trade experts raise fresh doubts over UK-US trade deal due to tax row A potential UK trade deal with the US would be seen as a large victory for the government as it pursues its post-Brexit “ @ @ @ @ @ @ @ Truss said she would not agree to a deal with the US unless it is advantageous to the UK .
“ The point is we won ’ t do a deal just to hit a deadline , but of course a deadline can be good for focusing minds , ” she said .
“ Of course , if the other parties are unreasonable we ’ re not going to say ‘ fine we ’ ll sign up to your terms ’ .
Before the Open newsletter : Start your day with the City @ @ @ @ @ @ @ We ’ re only going to do a deal with the US if it improves on [ the current UK-US ] trading relationship and gives more of what the UK wants.
” Some of the most contentious issues in trade talks are around agricultural exports and whether the UK will adopt American food standards .
The US allows producers to engage in practices such as injecting beef with hormones and rinsing chicken with chlorine – both of which the US government insists is safe , but the EU says is not .
There @ @ @ @ @ @ @ in the UK to get a trade deal , however Truss said the government would not reduce its food standards in any agreement .
“ What isn ’ t helpful is scare stories about hormone beef and chlorinated chicken when it ’ s already banned in the UK anyway , ” she said .
“ We ’ ve imported all the EU laws on food standards…those remain.
” Another potential barrier to a deal is the UK ’ s digital services tax , which sees some large multinational online firms – such as @ @ @ @ @ @ @ tax on revenues they generate from British customers .
The US has said in the past that it will not agree to any trade deal with the UK while it has this tax in place .
Sam Lowe , a trade policy adviser at the Centre for European Reform , said the Donald Trump administration sees the tax “ as a discriminatory attack on US tech companies ” .
“ It has already threatened retaliatory tariffs on British exports if it comes into effect , ” he said .
“ The US is @ @ @ @ @ @ @ even if there is a Biden presidency , and is unlikely to strike a trade deal with the UK if it is in place .
”

Liz Truss sets mid-2021 deadline for UK-US trade deal
International trade secretary Elizabeth Truss arrives for a cabinet meeting at the FCO on September 22
The UK is aiming to get a US trade deal completed by midway next year, according to international trade secretary Liz Truss.
Truss revealed the deadline on trade talks during a virtual Spectator event today, saying any potential deal will need to be agreed before the US Congress’ power to approve trade deals expires mid-2021.
A potential UK trade deal with the US would be seen as a large victory for the government as it pursues its post-Brexit “Global Britain” agenda.
However, Truss said she would not agree to a deal with the US unless it is advantageous to the UK.
“The point is we won’t do a deal just to hit a deadline, but of course a deadline can be good for focusing minds,” she said.
“Of course, if the other parties are unreasonable we’re not going to say ‘fine we’ll sign up to your terms’.
Before the Open newsletter: Start your day with the City View podcast and key market data
“We’re only going to do a deal with the US if it improves on [the current UK-US] trading relationship and gives more of what the UK wants.”
Some of the most contentious issues in trade talks are around agricultural exports and whether the UK will adopt American food standards.
The US allows producers to engage in practices such as injecting beef with hormones and rinsing chicken with chlorine – both of which the US government insists is safe, but the EU says is not.
There has been opposition to embracing the practices in the UK to get a trade deal, however Truss said the government would not reduce its food standards in any agreement.
“What isn’t helpful is scare stories about hormone beef and chlorinated chicken when it’s already banned in the UK anyway,” she said.
“We’ve imported all the EU laws on food standards…those remain.”
Another potential barrier to a deal is the UK’s digital services tax, which sees some large multinational online firms – such as social media sites – hit with a tax on revenues they generate from British customers.
The US has said in the past that it will not agree to any trade deal with the UK while it has this tax in place.
Sam Lowe, a trade policy adviser at the Centre for European Reform, said the Donald Trump administration sees the tax “as a discriminatory attack on US tech companies”.
“It has already threatened retaliatory tariffs on British exports if it comes into effect,” he said.
“The US is unlikely to back down on the issue even if there is a Biden presidency, and is unlikely to strike a trade deal with the UK if it is in place.”


cityam--2020-09-28--FTSE 100 rallies as HSBC and Diageo shares jump

The FTSE 100 got off to a strong start this week , climbing as much as 1.5 per cent in morning trading .
Blue chips HSBC and spirits-maker Diageo helped boost the index , which was also buoyed by positive economic data from China .
Read more : Casino giant Caesars in ‘ advanced discussions ’ over £2.9bn William Hill takeover The FTSE 100 took its cue from Asian markets , which put in a strong performance on Monday amid signs that China ’ s economic recovery was gaining momentum .
The FTSE 100 index had risen 1.5 per cent @ @ @ @ @ @ @ while the FTSE 250 index was trading 2.02 per cent higher at 17,388.58 .
British lender HSBC surged over ten per cent in early trading after Chinese finance giant Ping An , its biggest shareholder , boosted its stake in the lender to eight per cent .
Shares in the lender were 8.65 per cent up by noon .
HSBC ’ s shares have taken a hammering in recent weeks , sinking to a 25-year low last week following allegations of money-laundering in the wake of the FinCEN files leak .
Worries over @ @ @ @ @ @ @ also hit the lender ’ s share price , which is down almost 47 per cent so far this year .
Blue-chip drinks maker Diageo also powered the FTSE 100 ’ s rise , climbing over 7.4 per cent after issuing an update saying it had made a “ good start ” in the new financial year .
In an update ahead of its AGM , Diageo said its US business was performing ahead of expectations , adding that the firm ’ s outlook for the full-year had improved since it reported a @ @ @ @ @ @ @ .
Hong Kong ’ s Hang Seng index climbed 0.94 per cent on Monday , while Japan ’ s Nikkei 225 added 1.32 per cent .
MSCI ’ s broadest index of Asia Pacific shares outside Japan rose 0.51 per cent .
Sentiment in Asia was boosted by data that showed profits at China ’ s industrial firms grew for the fourth straight month in August , buoyed in part by a rebound in commodities prices and equipment manufacturing .
European equities also started the session strong after falling sharply last week amid @ @ @ @ @ @ @ by the positive performance of Asian markets .
In Germany , the DAX rose as much as 2.67 per cent in morning trading , while France ’ s CAC 40 added 1.95 per cent .
“ A very strong start to markets sets the tone for an interesting week ahead , including Brexit trade talks and the first 2020 US Presidential debate , ” said AJ Bell investment director Russ Mould .
Meanwhile , the UK government is mulling tougher restrictions in England to tackle a swiftly accelerating second wave of the novel @ @ @ @ @ @ @ socialising , a junior health minister said this morning .
“ We don ’ t want to bring on new restrictions but of course we keep a constant eye on what is going on with the Covid rate , ” Helen Whately told Sky News .
“ We were looking at what we might be able to do , ” she added .

FTSE 100 climbs as ‘relief rally’ pushes global equities higher
The FTSE 100 has started the week off strong, climbing as much as 1.69 per cent amid a global “relief rally” as investors rushed to buy up shares in beaten-down sectors after last week’s sharp stock market sell-off.
Blue chips HSBC and spirits-maker Diageo helped boost the British blue-chip index on Monday, which was also buoyed by positive economic data from China.
Read more: Casino giant Caesars in ‘advanced discussions’ over £2.9bn William Hill takeover
The FTSE 100 took its cue from Asian markets, which put in a strong performance overnight amid signs that China’s economic recovery was gaining momentum.
HSBC shares rebound after Ping An ups stake
The FTSE 100 index had risen 1.69 per cent to 5,941.64 by 3pm, while the FTSE 250 index was trading 1.93 per cent higher at 17,373.91.
British lender HSBC surged over ten per cent in early trading after Chinese finance giant Ping An, its biggest shareholder, boosted its stake in the lender to eight per cent.
Shares in the lender were up 8.15 per cent up by 3pm.
HSBC’s shares have taken a hammering in recent weeks, sinking to a 25-year low last week following allegations of money-laundering in the wake of the FinCEN files leak.
Worries over the impact of deteriorating US-China relations have also hit the lender’s share price, which is down almost 47 per cent so far this year.
Blue-chip drinks maker Diageo also powered the FTSE 100’s rise, climbing 5.89 per cent after issuing an update saying it had made a “good start” in the new financial year.
In an update ahead of its AGM, Diageo said its US business was performing ahead of expectations, adding that the firm’s outlook for the full-year had improved since it reported a 47 per cent profit drop in August.
‘Relief rally’ pushes global markets higher
Wall Street climbed after the open following the longest weekly losing streak in a year for the S&P 500 and the Dow, with banks and travel stocks boosted by investors keen to snap up shares at reduced prices.
The S&P 500 was 1.71 per cent higher by mid-afternoon UK time, while the Dow added 1.91 per cent. The tech-heavy Nasdaq climbed 1.54 per cent.
“We’re seeing a bit of a relief rally,” said Jonathan Bell, chief investment officer at Stanhope Capital. “Things got oversold perhaps a little bit in the short term.”
“We saw quite a lot of exuberance in July and August, with prices particularly of tech stocks rising and that then has come off a little bit recently,” he added.
European equities also climbed after falling sharply last week amid a resurgence of coronavirus cases, lifted by the positive performance of Asian markets.
In Germany, the DAX rose as much as 2.84 per cent, while France’s CAC 40 added 2.28 per cent.
Hong Kong’s Hang Seng index climbed 0.94 per cent on Monday, while Japan’s Nikkei 225 added 1.32 per cent. MSCI’s broadest index of Asia Pacific shares outside Japan rose 0.51 per cent.
Sentiment in Asia was boosted by data that showed profits at China’s industrial firms grew for the fourth straight month in August, buoyed in part by a rebound in commodities prices and equipment manufacturing.
“A very strong start to markets sets the tone for an interesting week ahead, including Brexit trade talks and the first 2020 US Presidential debate,” said AJ Bell investment director Russ Mould.
Meanwhile, the UK government is mulling tougher restrictions in England to tackle a swiftly accelerating second wave of the novel coronavirus outbreak, possibly outlawing more inter-household socialising, a junior health minister said this morning.
Read more: London faces emergency two-week lockdown as coronavirus cases spike
“We don’t want to bring on new restrictions but of course we keep a constant eye on what is going on with the Covid rate,” Helen Whately told Sky News.
“We were looking at what we might be able to do,” she added.


Westfield's Tudor period

Stepping well and truly from the shadow of big brother Rolex , Tudor has cut the ribbon on a spectacular debut European boutique , in partnership with Watches of Switzerland , right here in London Town .
Alex Doak reports When Hans Wilsdorf patented the dial name ‘ Tudor ’ back in 1926 , little could he have known what journey it would take over the next century .
Busy with another little concern of his by the name of ‘ Rolex ’ , he didn ’ t even market a Tudor watch until 1946 .
As a confirmed Anglophile @ @ @ @ @ @ @ , before upping sticks for Switzerland in 1919 , he just needed to have ‘ Tudor ’ in the bank .
It is especially fitting , therefore , that Mr Wilsdorf ’ s hunch – which became a more accessible but equally dependable alternative to Rolex , then the outright high-end Swiss watchmaker we know today – has found itself back in London with a standalone , bricks-and-mortar boutique ; its very first in Europe .
Situated in west London ’ s lavishly appointed Westfield White City emporium ( ‘ shopping mall ’ @ @ @ @ @ @ @ was cut on the Tudor Boutique this Friday 25th September , in partnership with the UK ’ s largest luxury watch retailer The Watches of Switzerland Group , showcasing its full spectrum of men ’ s and women ’ s classic , sport , diving and heritage-inspired timepieces .
The Tudor Boutique joins an estimable family of 135 showrooms spanning the UK as well as US , including Goldsmiths stores , Mappin & Webb and of course Watches of Switzerland boutiques .
As you ’ d expect from the Group , whose 155 @ @ @ @ @ @ @ immersive luxury-retail innovations , stepping into the Tudor Boutique is a proper experience .
As executive director Craig Bolton attests , “ We take great pride in working with our brand partners to showcase their products and stories in the most authentic and engaging way possible.
” Sure enough , Tudor ’ s 40m² space at the heart of Westfield ’ s most opulent shopping area embodies the brand ’ s racy red , black and grey styling in a flawless mixture of high-quality finishes .
So many mono-brand spaces end up being @ @ @ @ @ @ @ Tudor and Watches of Switzerland have managed to balance a luxurious sheen with organic warmth and ( appropriately enough for the watchmaker itself ) accessibility .
Tudor has certainly come a long way ( as visitors will learn from the boutique ’ s specially curated ‘ history wall ’ , educating customers and exhibiting periodic vintage pieces ) .
It initially mirrored big brother – same design , same water-resistant ‘ Oyster ’ case , even the same model names – just with more ‘ industrial ’ mechanics inside .
The solid Rolex @ @ @ @ @ @ @ ’ s own ‘ Submariner ’ diving watch was snapped up by several military outfits , including France ’ s Marine Nationale .
The endorsement of MN ’ s elite frogmen has made the rebooted and renamed ‘ Black Bay ’ the posterboy for Tudor ’ s breathless renaissance of recent years .
Combining the famous ‘ snowflake ’ hours hand and Fifties-era oversize crown with modern manufacturing techniques , the Black Bay is so much more than vintage tribute – like Mini , it ’ s almost become a sub-brand itself .
@ @ @ @ @ @ @ Tudor Boutique : from marine-grade bronze , to steel and gold , to choices of red or blue rotating bezel , even ‘ GMT ’ and ‘ Chronograph ’ functionality , the Black Bay has something for everyone .
But in a year of cancelled trade fairs and stuttering unveilings , the latest ‘ Black Bay Fifty-Eight Navy Blue ’ ( in-store to try on , of course ) feels especially well poised .
Reined in at an efficient 39mm on the wrist and painted precisely in keeping with the MN ’ s @ @ @ @ @ @ @ is the price , at £2,760 .
Extraordinary because Tudor ’ s boutique isn ’ t the only European bricks and mortar it can call its own .
That £2,760 buys you access to one of the most coveted , and usually most expensive forms of mechanical movement : one manufactured in-house , rather than sourced from a third party .
With investment from Chanel , Tudor is well and truly cutting its ties to big brother and making its own , high-precision ‘ chronometer ’ calibres at a dedicated new facility in @ @ @ @ @ @ @ of Switzerland , you can now immerse ( and invest ) yourself in this whole new Tudorverse .
Find out more at www.tudorwatch.com

Westfield’s Tudor period
Tudor Boutique, Westfield, White City
Stepping well and truly from the shadow of big brother Rolex, Tudor has cut the ribbon on a spectacular debut European boutique, in partnership with Watches of Switzerland, right here in London Town. Alex Doak reports
When Hans Wilsdorf patented the dial name ‘Tudor’ back in 1926, little could he have known what journey it would take over the next century. Busy with another little concern of his by the name of ‘Rolex’, he didn’t even market a Tudor watch until 1946. As a confirmed Anglophile who started out in London in 1905, before upping sticks for Switzerland in 1919, he just needed to have ‘Tudor’ in the bank.
It is especially fitting, therefore, that Mr Wilsdorf’s hunch – which became a more accessible but equally dependable alternative to Rolex, then the outright high-end Swiss watchmaker we know today – has found itself back in London with a standalone, bricks-and-mortar boutique; its very first in Europe.
Situated in west London’s lavishly appointed Westfield White City emporium (‘shopping mall’ seems pusillanimous somehow), the ribbon was cut on the Tudor Boutique this Friday 25th September, in partnership with the UK’s largest luxury watch retailer The Watches of Switzerland Group, showcasing its full spectrum of men’s and women’s classic, sport, diving and heritage-inspired timepieces.
The Tudor Boutique joins an estimable family of 135 showrooms spanning the UK as well as US, including Goldsmiths stores, Mappin & Webb and of course Watches of Switzerland boutiques. As you’d expect from the Group, whose 155 Regent Street flagship has pioneered so many immersive luxury-retail innovations, stepping into the Tudor Boutique is a proper experience. As executive director Craig Bolton attests, “We take great pride in working with our brand partners to showcase their products and stories in the most authentic and engaging way possible.”
Sure enough, Tudor’s 40m² space at the heart of Westfield’s most opulent shopping area embodies the brand’s racy red, black and grey styling in a flawless mixture of high-quality finishes. So many mono-brand spaces end up being a cold, monochromatic put-off, but Tudor and Watches of Switzerland have managed to balance a luxurious sheen with organic warmth and (appropriately enough for the watchmaker itself) accessibility.
Tudor has certainly come a long way (as visitors will learn from the boutique’s specially curated ‘history wall’, educating customers and exhibiting periodic vintage pieces). It initially mirrored big brother – same design, same water-resistant ‘Oyster’ case, even the same model names – just with more ‘industrial’ mechanics inside. The solid Rolex pedigree with cheaper pricetags, meant Tudor’s own ‘Submariner’ diving watch was snapped up by several military outfits, including France’s Marine Nationale.
The endorsement of MN’s elite frogmen has made the rebooted and renamed ‘Black Bay’ the posterboy for Tudor’s breathless renaissance of recent years. Combining the famous ‘snowflake’ hours hand and Fifties-era oversize crown with modern manufacturing techniques, the Black Bay is so much more than vintage tribute – like Mini, it’s almost become a sub-brand itself.
You can see for yourself at the Tudor Boutique: from marine-grade bronze, to steel and gold, to choices of red or blue rotating bezel, even ‘GMT’ and ‘Chronograph’ functionality, the Black Bay has something for everyone. But in a year of cancelled trade fairs and stuttering unveilings, the latest ‘Black Bay Fifty-Eight Navy Blue’ (in-store to try on, of course) feels especially well poised. Reined in at an efficient 39mm on the wrist and painted precisely in keeping with the MN’s favoured colourway, the most extraordinary feature is the price, at £2,760.
Extraordinary because Tudor’s boutique isn’t the only European bricks and mortar it can call its own. That £2,760 buys you access to one of the most coveted, and usually most expensive forms of mechanical movement: one manufactured in-house, rather than sourced from a third party. With investment from Chanel, Tudor is well and truly cutting its ties to big brother and making its own, high-precision ‘chronometer’ calibres at a dedicated new facility in Le Locle. With thanks to Watches of Switzerland, you can now immerse (and invest) yourself in this whole new Tudorverse.
Mr Wilsdorf would be proud.
Find out more at www.tudorwatch.com


cityam--2020-09-28--Parliament scraps plans to exempt its own bars from 10pm curfew

Parliament has U-turned on a decision to allow the sale of alcohol on its premises after 10pm despite a nationwide curfew , following furious backlash from MPs and unions .
Licenced bars and catering facilities within the Parliamentary estate had initially been allowed to stay open after the 10pm deadline after ministers argued that MPs and peers often work late into the night , the Times reported .
Parliament premises were granted special status on the basis that they were deemed “ a workplace canteen ” , meaning visitors were not required to give their contact details in line with @ @ @ @ @ @ @ have now decided alcohol “ will not be sold after 10pm ” following sharp backlash .
Labour ‘ s deputy leader Angela Rayner took to Twitter this morning to slam the exemption , saying : “ Not good , so many in the hospitality sector on the verge of collapse or struggling to cope , they will be rightly very angry to read this .
“ We should get our own house in order before demanding others follow regulations , people are fed up with this nonsense.
” Labour MP Rupa Huq said @ @ @ @ @ @ @ that everyone else must .
“ Nightly 100s of MPs queue up for over 1km with no social distancing to vote , ignoring rule of 6 and now its watering holes exempt from 10pm curfew thats killing hospitality sector.
” Huq added ; “ Clear case of ‘ do as I say , not as I do . '
” Dave Penman , general secretary of the FDA union , which represents parliamentary staff , said : “ It ’ s not just the “ optics ” on this that are terrible ( @ @ @ @ @ @ @ “ Parliament is a workplace for thousands of public servants who are at risk of infection if rules that are meant to protect them and the MPs themselves are flouted or avoided.
” Parliament said catering facilities will stay open if debates go on beyond the deadline “ to serve food for those still working ” .
Before the Open : Get the jump on the markets with our early morning newsletter

Parliament scraps plans to exempt its own bars from 10pm curfew
Parliament has U-turned on a decision to allow the sale of alcohol on its premises after 10pm despite a nationwide curfew, following furious backlash from MPs and unions.
Licenced bars and catering facilities within the Parliamentary estate had initially been allowed to stay open after the 10pm deadline after ministers argued that MPs and peers often work late into the night, the Times reported.
Parliament premises were granted special status on the basis that they were deemed “a workplace canteen”, meaning visitors were not required to give their contact details in line with national coronavirus guidelines.
However, authorities have now decided alcohol “will not be sold after 10pm” following sharp backlash.
Labour ‘s deputy leader Angela Rayner took to Twitter this morning to slam the exemption, saying: “Not good, so many in the hospitality sector on the verge of collapse or struggling to cope, they will be rightly very angry to read this.
“We should get our own house in order before demanding others follow regulations, people are fed up with this nonsense.”
Labour MP Rupa Huq said: “Hypocritical Parliament follows no rules that everyone else must.
“Nightly 100s of MPs queue up for over 1km with no social distancing to vote, ignoring rule of 6 and now its watering holes exempt from 10pm curfew thats killing hospitality sector.”
Huq added; “Clear case of ‘do as I say, not as I do.'”
Dave Penman, general secretary of the FDA union, which represents parliamentary staff, said: “It’s not just the “optics” on this that are terrible (don’t judge me).
“Parliament is a workplace for thousands of public servants who are at risk of infection if rules that are meant to protect them and the MPs themselves are flouted or avoided.”
Parliament said catering facilities will stay open if debates go on beyond the deadline “to serve food for those still working”.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-09-28--Uber wins bid to regain London operating licence

Uber has won its legal bid to regain its licence to operate in London after a long-running court battle .
Deputy senior district judge Tan Ikram said that despite its previous failings , the firm was now “ fit and proper ” to hold a licence .
Read more : Uber touts safety updates in second day of London court battle Ikram decided to give the firm a licence to operate for 18 months , with 21 conditions attached .
Responding to the decision Jamie Heywood , Uber ’ s regional general manager for northern and eastern Europe , said @ @ @ @ @ @ @ of Uber ’ s commitment to safety and we will continue to work constructively with TfL .
“ There is nothing more important than the safety of the people who use the Uber app as we work together to keep London moving.
” London mayor Sadiq Khan said that TfL would continue to monitor the firm : “ Public safety is paramount , so TfL was absolutely right not to renew Uber ’ s licence last November after identifying failures that directly put passengers in danger .
“ I am pleased that Uber @ @ @ @ @ @ @ real concerns about passenger safety was inadequate , and since then Uber has made improvements .
“ I can assure Londoners that TfL will continue to closely monitor Uber and will not hesitate to take swift action should they fail to meet the strict standards required to protect passengers.
” In 2019 , Transport for London refused to renew the ride-hailing app ’ s license to operate in the capital after what it called a “ pattern of failures ” .
The Silicon Valley firm appealed the decision , saying that it had @ @ @ @ @ @ @ the complaints .
Uber said it had improved systems to verify drivers ’ insurance documents and launched real-time identification in the app .
Before the Open newsletter : Start your day with the City View podcast and key market data When it denied the firm a new license , TfL alleged more than 14,000 trips were taken between 2018 and 2019 by unauthorised drivers , using loopholes in Uber ’ s systems to share apps and cars by changing their identification photos .
Business group London First said that the decision was “ @ @ @ @ @ @ @ the capital .
“ As TfL recognised last year , Uber has taken significant steps to improve its operations and safety in London .
This Court ruling recognises these important enhancements to its service .
“ On demand transport services are here to stay , and TfL and private companies like Uber must continue to work together to enable safe and responsible innovation on our roads.
” However , Labour MP Wes Streeting slammed the decision , saying that any other operator would have lost their licence .
“ If a Black Taxi @ @ @ @ @ @ @ rules like Uber , they ’ d have lost their licence ” , he tweeted .
“ It ’ s one rule for them and another for the tax-avoiding , rule-flouting multinational company based in San Francisco .
This decision stinks.
” Read more : Uber ’ s second London legal challenge gets underway Taxi driver association the Licensed Taxi Drivers ’ Association ( LTDA ) , an interested party in the case , agreed , calling the decision a “ disaster for London ” .
Uber first lost its licence in London @ @ @ @ @ @ @ operating on a 15-month probationary licence .
It then received a two-month licence in September last year , before failing to gain an extension from TfL in November .

Uber wins bid to regain London operating licence
Uber has won its legal bid to regain its licence to operate in London after a long-running court battle.
Deputy senior district judge Tan Ikram said that despite its previous failings, the firm was now “fit and proper” to hold a licence.
Ikram decided to give the firm a licence to operate for 18 months, with 21 conditions attached.
Responding to the decision Jamie Heywood, Uber’s regional general manager for northern and eastern Europe, said:
“This decision is a recognition of Uber’s commitment to safety and we will continue to work constructively with TfL.
“There is nothing more important than the safety of the people who use the Uber app as we work together to keep London moving.”
London mayor Sadiq Khan said that TfL would continue to monitor the firm:
“Public safety is paramount, so TfL was absolutely right not to renew Uber’s licence last November after identifying failures that directly put passengers in danger.
“I am pleased that Uber have admitted that their response to very real concerns about passenger safety was inadequate, and since then Uber has made improvements.
“I can assure Londoners that TfL will continue to closely monitor Uber and will not hesitate to take swift action should they fail to meet the strict standards required to protect passengers.”
In 2019, Transport for London refused to renew the ride-hailing app’s license to operate in the capital after what it called a “pattern of failures”.
The Silicon Valley firm appealed the decision, saying that it had improved its security features in response to the complaints.
Uber said it had improved systems to verify drivers’ insurance documents and launched real-time identification in the app.
Before the Open newsletter: Start your day with the City View podcast and key market data
When it denied the firm a new license, TfL alleged more than 14,000 trips were taken between 2018 and 2019 by unauthorised drivers, using loopholes in Uber’s systems to share apps and cars by changing their identification photos.
Business group London First said that the decision was “good news” for the people of the capital.
“As TfL recognised last year, Uber has taken significant steps to improve its operations and safety in London. This Court ruling recognises these important enhancements to its service.
“On demand transport services are here to stay, and TfL and private companies like Uber must continue to work together to enable safe and responsible innovation on our roads.”
However, Labour MP Wes Streeting slammed the decision, saying that any other operator would have lost their licence.
“If a Black Taxi driver or minicab operator had flouted the rules like Uber, they’d have lost their licence”, he tweeted.
“It’s one rule for them and another for the tax-avoiding, rule-flouting multinational company based in San Francisco. This decision stinks.”
Taxi driver association the Licensed Taxi Drivers’ Association (LTDA), an interested party in the case, agreed, calling the decision a “disaster for London”.
Uber first lost its licence in London in 2017, and had since been operating on a 15-month probationary licence. It then received a two-month licence in September last year, before failing to gain an extension from TfL in November.


cityam--2020-09-28--Crispin Odey pleads not guilty to indecent assault charge

High-profile hedge fund manager Crispin Odey has pleaded not guilty to a charge of indecent assault .
The 61-year-old was @ @ @ @ @ assaulting a woman at his London home in 1998 , according to court filings .
@ @ @ @ @ draws up emergency plan ahead of assault trial Appearing in Westminster Magistrates Court this morning @ @ @ @ @ his name and address and to deny the charge .
The founder of Odey Asset @ @ @ @ @ count of indecent assault under the Sexual Offences Act .
Today ’ s hearing marks @ @ @ @ @ London court since his arrest .
Read more : Crispin Odey to sue German regulator @ @ @ @ @ was one of the biggest donors to the campaign for Britain to leave the EU @ @ @ @ @ Boris Johnson during his campaign to become Prime Minister .
His Mayfair-based asset management firm @ @ @ @ @ long-short European equity fund managed by Odey .

Crispin Odey pleads not guilty to indecent assault charge
High-profile hedge fund manager Crispin Odey has pleaded not guilty to a charge of indecent assault.
The 61-year-old was charged in May with indecently assaulting a woman at his London home in 1998, according to court filings.
Appearing in Westminster Magistrates Court this morning, Odey spoke to confirm his name and address and to deny the charge.
The founder of Odey Asset Management was charged with one count of indecent assault under the Sexual Offences Act. Today’s hearing marks his first appearance before a London court since his arrest.
Odey was one of the biggest donors to the campaign for Britain to leave the EU, and donated £10,000 to Boris Johnson during his campaign to become Prime Minister.
His Mayfair-based asset management firm is best known for the long-short European equity fund managed by Odey.


cityam--2020-09-28--Crisis in football: Former Culture chair calls on government to bailout lower league clubs

MPs have called on the Culture Secretary to arrange a bailout of lower-league football clubs or risk “ the collapse of the national league structure we have known for over one hundred years.
” Damian Collins , former chair of the Culture Select Committee , has written to Oliver Dowden this morning warning him that the “ government itself needs to take responsibility ” for the future of many smaller football sides rather than asking the Premier League to step in .
Clubs in the lower rungs of the football pyramid had expected to be able to welcome fans in @ @ @ @ @ @ @ the move towards more draconian lockdown restrictions in recent weeks has made that unlikely for the foreseeable future .
The Premier League has established a “ solidarity fund ” for clubs in lower leagues , but many believe that will not be enough to keep some businesses viable .
In the letter , Collins and co-signees including the chairman of Sunderland FC and other parliamentarians in the Commons and Lords , say many clubs outside the Premiership are “ actively preparing to make all but essential staff redundant , cease playing , close @ @ @ @ @ @ @ , and put their business into administration.
” The letter follows calls for the government to develop a specific package for sports clubs similar to the £1.5bn bailout of arts and cultural organisations .
Many clubs in the lower reaches of the football league are more reliant on ticket income , which has dried up , than those in the Premier League .
The delay in welcoming supporters back , Collins warns , means that already struggling clubs are now likely to have to refund season ticket purchasers .
Outspoken Accrington Stanley chairman @ @ @ @ @ @ @ said the government needed to “ go further ” if the future of football in the lower parts of the pyramid are to survive .

Crisis in football: Former Culture chair calls on government to bailout lower league clubs
Lower league matches are being played without crowds, putting the future of many lower league clubs in question
MPs have called on the Culture Secretary to arrange a bailout of lower-league football clubs or risk “the collapse of the national league structure we have known for over one hundred years.”
Damian Collins, former chair of the Culture Select Committee, has written to Oliver Dowden this morning warning him that the “government itself needs to take responsibility” for the future of many smaller football sides rather than asking the Premier League to step in.
Clubs in the lower rungs of the football pyramid had expected to be able to welcome fans in to their matches from October, but the move towards more draconian lockdown restrictions in recent weeks has made that unlikely for the foreseeable future.
The Premier League has established a “solidarity fund” for clubs in lower leagues, but many believe that will not be enough to keep some businesses viable.
Read more: Wigan Athletic football club enters administration amid ‘significant impact’ of coronavirus pandemic
In the letter, Collins and co-signees including the chairman of Sunderland FC and other parliamentarians in the Commons and Lords, say many clubs outside the Premiership are “actively preparing to make all but essential staff redundant, cease playing, close down their youth academies and community foundations, and put their business into administration.”
The letter follows calls for the government to develop a specific package for sports clubs similar to the £1.5bn bailout of arts and cultural organisations.
Many clubs in the lower reaches of the football league are more reliant on ticket income, which has dried up, than those in the Premier League.
The delay in welcoming supporters back, Collins warns, means that already struggling clubs are now likely to have to refund season ticket purchasers.
Outspoken Accrington Stanley chairman Andy Holt welcomed the letter, but said the government needed to “go further” if the future of football in the lower parts of the pyramid are to survive.


cityam--2020-09-28--Britain and EU reach temporary agreement on derivatives clearing

Britain and the EU have reached a temporary accord on the information-sharing arrangements needed for eurozone banks to continue to use London ’ s clearing houses until June 2022 .
Britain ’ s unfettered access to the bloc ’ s markets ends on 31 December .
Brussels had already agreed to grant UK clearing houses temporary access for 18 months , but an updated regulatory agreement between the Bank of England and European markets watchdog was needed to implement the decision .
Read more : EU to maintain access to City of London clearing houses after Brexit The European Securities @ @ @ @ @ @ @ the temporary access arrangement would apply to three clearing houses in Britain : the London Stock Exchange ’ s LCH , ICE Clear Europe , and LME Clear .
It has classified ICE Clearing and LCH as being “ systemically important ” , meaning they will face close scrutiny from the EU , particularly during any market crisis .
LCH clears the bulk of euro-denominated interest rate swaps — a derivatives contract that helps companies shield themselves against unexpected moves in borrowing costs .
Brussels has said that banks operating in the EU @ @ @ @ @ @ @ their “ excessive reliance ” on London ’ s clearing houses .
ESMA said it will conduct a review into the systemic importance of each UK clearing house during this period , and will take any “ appropriate measures ” to address financial stability risks .
Such measures could include deciding that a foreign clearing house or some of its services are of such substantial systemic importance that it should not be allowed to serve EU customers , the regulator said .
The news comes as EU governments move to address the risk @ @ @ @ @ @ @ unable to trade in London once the transition period ends , posing a threat to EU stocks with dual listings in the City .
EU diplomats are set to meet today to try and find a way around the rules governing dual-listed firms , the Financial Times reported .
Prominent companies with dual listings in the UK and on EU exchanges include BA-owner International Airlines Group and the Bank of Ireland .
Central to the issue is the EU ’ s so-called “ share trading obligation ” ( STA ) , which limits @ @ @ @ @ @ @ to trade shares on non-EU exchanges after the shares have been admitted to trading on an exchange within the bloc .
Read more : Brexit : City faces wait beyond 2020 for EU financial market access The FT reported that a leaked diplomatic note from Germany , in its capacity as current EU President , confirms that some countries within the bloc want to explore a regulatory solution to the STA issue now .
However the European Commission views the issue of the post-Brexit relationship between the EU and the City as a @ @ @ @ @ @ @ EU-UK negotiations , and is urging governments to wait for a planned review of EU trading rules scheduled for next year , the paper reported .

Britain and EU reach temporary agreement on derivatives clearing
Britain and the EU have reached a temporary accord on the information-sharing arrangements needed for eurozone banks to continue to use London’s clearing houses until June 2022.
Britain’s unfettered access to the bloc’s markets ends on 31 December. Brussels had already agreed to grant UK clearing houses temporary access for 18 months, but an updated regulatory agreement between the Bank of England and European markets watchdog was needed to implement the decision.
The European Securities and Markets Authority (ESMA) said the temporary access arrangement would apply to three clearing houses in Britain: the London Stock Exchange’s LCH, ICE Clear Europe, and LME Clear.
It has classified ICE Clearing and LCH as being “systemically important”, meaning they will face close scrutiny from the EU, particularly during any market crisis.
LCH clears the bulk of euro-denominated interest rate swaps — a derivatives contract that helps companies shield themselves against unexpected moves in borrowing costs.
Brussels has said that banks operating in the EU should use the 18 months to cut their “excessive reliance” on London’s clearing houses.
ESMA said it will conduct a review into the systemic importance of each UK clearing house during this period, and will take any “appropriate measures” to address financial stability risks.
Such measures could include deciding that a foreign clearing house or some of its services are of such substantial systemic importance that it should not be allowed to serve EU customers, the regulator said.
The news comes as EU governments move to address the risk that shares in European firms could be unable to trade in London once the transition period ends, posing a threat to EU stocks with dual listings in the City.
EU diplomats are set to meet today to try and find a way around the rules governing dual-listed firms, the Financial Times reported.
Prominent companies with dual listings in the UK and on EU exchanges include BA-owner International Airlines Group and the Bank of Ireland.
Central to the issue is the EU’s so-called “share trading obligation” (STA), which limits the rights of investors in the bloc to trade shares on non-EU exchanges after the shares have been admitted to trading on an exchange within the bloc.
The FT reported that a leaked diplomatic note from Germany, in its capacity as current EU President, confirms that some countries within the bloc want to explore a regulatory solution to the STA issue now.
However the European Commission views the issue of the post-Brexit relationship between the EU and the City as a key source of leverage in the ongoing EU-UK negotiations, and is urging governments to wait for a planned review of EU trading rules scheduled for next year, the paper reported.