cityam--2020-11-27--Restaurant food delivered for the last weekend of lockdown

This is the last weekend of full lockdown , although the muddled , miserable restrictions that continue to place an unfair burden upon the hospitality sector mean it ’ s hardly time to pull out the party poppers .
Read more : Industry TV show : The City is the star performer in Gen Z spin on Wall Street Still , if you ’ re looking for one last big weekend home-delivery binge before venturing out in your household bubble to enjoy a socially distanced meal in a restaurant that ’ s probably about to go bankrupt , here are @ @ @ @ @ @ @ cook beef wellington .
It ’ s one of those dishes that should be reserved for boozy sundays in low-lit restaurants .
There ’ s something a little louche about a beef wellington , even beyond the hedonistic premise of taking a beautiful cut of beef and wrapping it in pastry .
No , I will never cook a beef wellington .
I won ’ t put myself through the heartache of not doing it justice .
Lockdown , therefore , has starved me of beef wellington .
It has been over eight @ @ @ @ @ @ @ pink meat .
What a treat , then , to have someone else do all the work and leave one sitting on my doorstep , complete with a bottle of wine to wash it down with .
It also came with a pack of cards , the reason being this beef wellington was prepared in bookmakers-cum-members ’ club Fitzdares .
All you have to do with your wellington and trimmings ( creamy mashed potato , heritage carrots , spinach mornay , red wine jus ) is stick it in the oven for 20 @ @ @ @ @ @ @ go .
I can vouch that it ’ s just as good as I remember from all those months ago .
The wellington package for two , which includes wine and a sweet pear frangipane , costs £100 .
Just dim the lights , set a fire and enjoy .
Order it here .
Chef Richard Corrigan ’ s famed 100-year-old fish restaurant is available from the comfort of your home .
Mr Oyster Boy offers a range of the most renowned dishes Bentley ’ s Oyster Bar and Grill has to offer @ @ @ @ @ @ @ Fish Pie , Cornish dressed crab , the classic Bentley ’ s Shellfish Cocktail and 6/12 Rock Oysters with Champagne Mignonette .
It ’ s available Nationwide .
Order here .
If you have a hankering for ham , then this could be manna from heaven .
Michelin-starred Nacho Manzano , who grew up in the tiny village of La Salgar in the northern Asturias mountains , is now bringing his tasty Spanish tapas straight to your door .
If you live within 2.5 miles of any Iberica restaurant ( Victoria , Farringdon @ @ @ @ @ @ @ then you can gorge yourself on top-notch hot tapas , cheese , meat and charcuterie .
Order here .
Family-run Italian business Vallebona has a selection of Grazing Boxes to inject some excitement into the last weekend of lockdown .
It delivers the same charcuterie , cheeses and Italian pantry goods they supply to the likes of the River Café , Bocca di Lupo , Alain Ducasse at the Dorchester and Le Gavroche , including Sardinian pasta , Tuscan sausages , jarred artichokes , antipasti and a delicious selection of cheeses .
Order @ @

Restaurant food delivered for the last weekend of lockdown
Fitzdares’ lockdown delivery beef wellington
This is the last weekend of full lockdown, although the muddled, miserable restrictions that continue to place an unfair burden upon the hospitality sector mean it’s hardly time to pull out the party poppers.
Still, if you’re looking for one last big weekend home-delivery binge before venturing out in your household bubble to enjoy a socially distanced meal in a restaurant that’s probably about to go bankrupt, here are our top picks.
Bentley’s – picture by Jodi Hinds
Vallebona
Iberica at Home
Fitzdares at Home
I will never cook beef wellington. It’s one of those dishes that should be reserved for boozy sundays in low-lit restaurants. There’s something a little louche about a beef wellington, even beyond the hedonistic premise of taking a beautiful cut of beef and wrapping it in pastry. No, I will never cook a beef wellington. I won’t put myself through the heartache of not doing it justice.
Lockdown, therefore, has starved me of beef wellington. It has been over eight months since glazed pastry gave way to pink meat. What a treat, then, to have someone else do all the work and leave one sitting on my doorstep, complete with a bottle of wine to wash it down with.
It also came with a pack of cards, the reason being this beef wellington was prepared in bookmakers-cum-members’ club Fitzdares. All you have to do with your wellington and trimmings (creamy mashed potato, heritage carrots, spinach mornay, red wine jus) is stick it in the oven for 20 minutes and it’s ready to go.
I can vouch that it’s just as good as I remember from all those months ago. The wellington package for two, which includes wine and a sweet pear frangipane, costs £100. Just dim the lights, set a fire and enjoy. Order it here.
Bentley’s
Chef Richard Corrigan’s famed 100-year-old fish restaurant is available from the comfort of your home. Mr Oyster Boy offers a range of the most renowned dishes Bentley’s Oyster Bar and Grill has to offer, such as The Bentley’s Fish Pie, Cornish dressed crab, the classic Bentley’s Shellfish Cocktail and 6/12 Rock Oysters with Champagne Mignonette. It’s available Nationwide. Order here.
Iberica at Home
If you have a hankering for ham, then this could be manna from heaven. Michelin-starred Nacho Manzano, who grew up in the tiny village of La Salgar in the northern Asturias mountains, is now bringing his tasty Spanish tapas straight to your door.
If you live within 2.5 miles of any Iberica restaurant (Victoria, Farringdon, Marylebone and Canary Wharf), then you can gorge yourself on top-notch hot tapas, cheese, meat and charcuterie. Order here.
Vallebona
Family-run Italian business Vallebona has a selection of Grazing Boxes to inject some excitement into the last weekend of lockdown. It delivers the same charcuterie, cheeses and Italian pantry goods they supply to the likes of the River Café, Bocca di Lupo, Alain Ducasse at the Dorchester and Le Gavroche, including Sardinian pasta, Tuscan sausages, jarred artichokes, antipasti and a delicious selection of cheeses. Order here.


cityam--2020-11-27--Stocking filler: London Stock Exchange backs virtual charity carol concert

London Stock Exchange has teamed up with music royalties firm Hipgnosis to support a star-studded virtual carol concert that will raise funds for charity .
Chic legend Nile Rogers , who acts as an adviser to Hipgnosis , will host the festive gig on Tuesday 15 December .
The programme will feature appearances from a string of music icons , including Sir Cliff Richard , Florence Welch and The Who ’ s Roger Daltrey .
US rock group One Republic are also on the bill alongside some of the finest British talent , including Freya Ridings , Kaiser Chiefs and @ @ @ @ @ @ @ and The Script .
The carol concert , which will be held virtually for the first time this year , will raise funds for music therapy charity Nordoff Robbins .
The gig will be streamed live online from across the globe , with locations including stars ’ homes and the famous Abbey Road Studios .
In keeping with tradition , the choir will be filmed from St Luke ’ s Church in Chelsea .
“ Nordoff Robbins Music Therapy is a charity close to my heart as I ’ ve witnessed the power @ @ @ @ @ @ @ in a statement .
“ I ’ ve seen how music connects with people all over the world in a way that nothing else can so when I heard that Nordoff Robbins were taking their annual carol service online , I jumped at the chance to host the event and to bring along some of my closest musical friends to help spread some Christmas cheer.
” Nordoff Robbins , which is the UK ’ s largest independent music therapy charity , provides sessions across the UK to people affected by life-limiting illness , @ @ @ @ @ @ @ Tradition goes digital as city of london carol service raises money for four charities But the charity has been hit hard by the pandemic , and is expecting to lose three-quarters of its fundraising income this year — contributing to a financial hit of almost £6m .
The concert will be free to stream at 7pm on Tuesday 15 December via carols.nordoff-robbins.org.uk .

Stocking filler: London Stock Exchange backs virtual charity carol concert
Chic legend Nile Rodgers will host the Nordoff Robbins carol concert
London Stock Exchange has teamed up with music royalties firm Hipgnosis to support a star-studded virtual carol concert that will raise funds for charity.
Chic legend Nile Rodgers, who acts as an adviser to Hipgnosis, will host the festive gig on Tuesday 15 December.
The programme will feature appearances from a string of music icons, including Sir Cliff Richard, Florence Welch and The Who’s Roger Daltrey.
US rock group One Republic are also on the bill alongside some of the finest British talent, including Freya Ridings, Kaiser Chiefs and the frontmen of both Manic Street Preachers and The Script.
The carol concert, which will be held virtually for the first time this year, will raise funds for music therapy charity Nordoff Robbins.
The gig will be streamed live online from across the globe, with locations including stars’ homes and the famous Abbey Road Studios.
In keeping with tradition, the choir will be filmed from St Luke’s Church in Chelsea.
“Nordoff Robbins Music Therapy is a charity close to my heart as I’ve witnessed the power of music firsthand,” Rodgers said in a statement.
“I’ve seen how music connects with people all over the world in a way that nothing else can so when I heard that Nordoff Robbins were taking their annual carol service online, I jumped at the chance to host the event and to bring along some of my closest musical friends to help spread some Christmas cheer.”
Nordoff Robbins, which is the UK’s largest independent music therapy charity, provides sessions across the UK to people affected by life-limiting illness, isolation or disability.
But the charity has been hit hard by the pandemic, and is expecting to lose three-quarters of its fundraising income this year — contributing to a financial hit of almost £6m.
The concert will be free to stream at 7pm on Tuesday 15 December via carols.nordoff-robbins.org.uk.


cityam--2020-11-27--UK has ‘significant’ ethnic wealth gaps, latest data suggest

Wealth in the UK is divided along ethnic lines , the latest data from the Office for National Statistics suggest .
White British headed households were the wealthiest ethnic group , according to data collected between 2016 and 2018 .
White households had a median net worth of nine times that of Black African households , the least wealthy ethnic group .
Ethnic minority households are more likely to be younger , non-homeowning , and in lower-earning professions , all of which are associated with lower wealth .
However , once these characteristics were controlled for , many ethnic wealth @ @ @ @ @ @ @ Office for National Statistics .
Though household characteristics , such as age and socioeconomic status , explain most of the wealth gap between Black African and White households , this is not the case for all ethnic groups .
Indian households , for example , have an average of £270,000 less in wealth than their household characteristics would predict .
Other factors , such as discriminatory lending policies , and differing migration histories , may better explain the ethnic wealth gap .
Is the term “ BAME ” useful ?
These data suggest @ @ @ @ @ @ @ neatly divided across Black and Minority Ethnic ( BAME ) and non-BAME lines .
There were vast differences within the BAME groups .
Bangladeshi households , for example , had a third the median wealth of Pakistani households .
Some researchers have called for the term BAME to be scrapped because of its imprecision , with the British Medical Journal officially abandoning the term on Monday .
The starkest ethnic wealth gaps were in property and pensions .
Indian households had the highest net property wealth , at £150,000 , followed by Pakistani @ @ @ @ @ @ @ over £100,000 .
For all other ethnic groups , however , average property wealth was half this amount , at £50,000 .
In pensions , White British households had an average of £80,000 .
No other ethnic group had pensions even approaching that amount , with Black African households holding an average of just £2,000 in pensions .

UK has ‘significant’ ethnic wealth gaps, latest data suggest
Wealth in the UK is divided along ethnic lines, the latest data from the Office for National Statistics suggest.
White British headed households were the wealthiest ethnic group, according to data collected between 2016 and 2018.
White households had a median net worth of nine times that of Black African households, the least wealthy ethnic group.
Ethnic minority households are more likely to be younger, non-homeowning, and in lower-earning professions, all of which are associated with lower wealth.
However, once these characteristics were controlled for, many ethnic wealth gaps remained significant, according to the Office for National Statistics.
A murky picture
Though household characteristics, such as age and socioeconomic status, explain most of the wealth gap between Black African and White households, this is not the case for all ethnic groups.
Indian households, for example, have an average of £270,000 less in wealth than their household characteristics would predict.
Other factors, such as discriminatory lending policies, and differing migration histories, may better explain the ethnic wealth gap.
Is the term “BAME” useful?
These data suggest that wealth in the UK is not neatly divided across Black and Minority Ethnic (BAME) and non-BAME lines.
There were vast differences within the BAME groups.
Bangladeshi households, for example, had a third the median wealth of Pakistani households.
Some researchers have called for the term BAME to be scrapped because of its imprecision, with the British Medical Journal officially abandoning the term on Monday.
Where did wealth gaps occur?
The starkest ethnic wealth gaps were in property and pensions.
Indian households had the highest net property wealth, at £150,000, followed by Pakistani and White British households, with just over £100,000.
For all other ethnic groups, however, average property wealth was half this amount, at £50,000.
In pensions, White British households had an average of £80,000.
No other ethnic group had pensions even approaching that amount, with Black African households holding an average of just £2,000 in pensions.


cityam--2020-11-27--Heathrow workers to strike next week

Heathrow workers to strike next week

Workers at Heathrow Airport are planning to strike on Tuesday over proposed pay cuts , the airport said today .
Unite the union is also preparing for further industrial action on 14 , 17 , and 18 December .
Read more : Two charged with money laundering after £1.2m Heathrow cash bust Heathrow said that there are currently no pre-planned flight schedule amendments for any of the dates .
As the UK will still be under lockdown on 1 December , no disruption to passenger journeys is expected , it added .
Unite workers are striking over claims that the @ @ @ @ @ @ @ its 4,000 workers on vastly reduced pay .
Organisers say that Heathrow is is trying to force workers to accept permanent pay cuts of up to £8,000 per year , a quarter of their total pay .
Unite regional coordinating officer Wayne King said : “ Workers are taking strike action as a direct result of Heathrow Airport ’ s brutal proposals to fire and rehire them on greatly reduced wages .
Before the Open newsletter : Start your day with the City View podcast and key market data “ The airport is @ @ @ @ @ @ @ to permanently cut workers ’ pay.
” Under the proposals , less than three per cent of Heathrow workers will have their pay reduced by more than 20 per cent and less than one per cent of staff will have their pay reduced by a quarter .
So far , 4,263 of 4,642 frontline staff ( 92 per cent ) have already accepted the proposals .
A Heathrow spokesperson said : “ It ’ s very disappointing that Unite has decided to take strike action during the worst crisis to hit the aviation @ @ @ @ @ @ @ to protect jobs – which is why we ’ ve offered every frontline colleague who wants one a job at a market rate salary above the London Living Wage , even despite a loss of over £1.5bn to our business so far this year .
“ We do not believe this strike action is necessary , but have activated extensive contingency plans which will keep the airport open and operating safely throughout this period .
”

Heathrow workers to strike next week
Members of union Unite will strike on Tuesday, Heathrow airport said today.
Workers at Heathrow Airport are planning to strike on Tuesday over proposed pay cuts, the airport said today.
Unite the union is also preparing for further industrial action on 14, 17, and 18 December.
Heathrow said that there are currently no pre-planned flight schedule amendments for any of the dates.
As the UK will still be under lockdown on 1 December, no disruption to passenger journeys is expected, it added.
Unite workers are striking over claims that the airport is seeking to fire and rehire its 4,000 workers on vastly reduced pay.
Organisers say that Heathrow is is trying to force workers to accept permanent pay cuts of up to £8,000 per year, a quarter of their total pay.
Unite regional coordinating officer Wayne King said: “Workers are taking strike action as a direct result of Heathrow Airport’s brutal proposals to fire and rehire them on greatly reduced wages.
Before the Open newsletter: Start your day with the City View podcast and key market data
“The airport is using the Covid-19 pandemic as a smokescreen to permanently cut workers’ pay.”
Under the proposals, less than three per cent of Heathrow workers will have their pay reduced by more than 20 per cent and less than one per cent of staff will have their pay reduced by a quarter.
So far, 4,263 of 4,642 frontline staff (92 per cent) have already accepted the proposals.
A Heathrow spokesperson said: “It’s very disappointing that Unite has decided to take strike action during the worst crisis to hit the aviation sector.
“Our focus has been to protect jobs – which is why we’ve offered every frontline colleague who wants one a job at a market rate salary above the London Living Wage, even despite a loss of over £1.5bn to our business so far this year.
“We do not believe this strike action is necessary, but have activated extensive contingency plans which will keep the airport open and operating safely throughout this period.”


cityam--2020-11-27--Suspected North Korean hackers ‘target’ Covid-19 vaccine maker Astrazeneca

Suspected North Korean hackers are said to have made multiple attempts to hack into the computer systems of British Covid-19 vaccine maker Astrazeneca .
Hackers posed as recruiters on Linkedin and Whatsapp and approached Astrazeneca staff with fake job offers , Reuters reported , citing sources .
Read more : Government urges regulator to approve Astrazeneca-Oxford vaccine for emergency supply They then sent documents purporting to be job descriptions that were teeming with malicious code designed to break into the victim ’ s computers .
The attacks are said to have targeted a range of employees at the pharma giant @ @ @ @ @ @ @ vaccine , but are not thought to have been successful .
Astrazeneca has been contacted for comment .
According to the report , the techniques used in the cyber attacks were consistent with an ongoing hacking campaign that US authorities and cyber experts have attributed to North Korea .
The campaign previously focused on defence companies and media organisations , but is said to have shifted its attention to coronavirus-related targets in recent weeks .
The number of cyber attacks has jumped this year as unscrupulous hackers attempt to capitalise on the pandemic @ @ @ @ @ @ @ more than 700 major attacks in the year to the end of August , roughly a quarter of which were related to the virus .
But authorities have warned that hostile states are also attempting to access research and information about Covid-19 vaccines as scientists scramble to roll out a cure for the disease .
Read more : Astrazeneca mulling extra vaccine trial to ‘ validate ’ efficacy after results confusion The government today formally asked UK medicine regulators to authorise Astrazeneca ’ s Covid-19 vaccine for emergency supply .
The vaccine , @ @ @ @ @ @ @ an average efficacy of 70 per cent , though questions have since been raised over the accuracy of the figure .

Suspected North Korean hackers ‘target’ Covid-19 vaccine maker Astrazeneca
Suspected North Korean hackers are said to have made multiple attempts to hack into the computer systems of British Covid-19 vaccine maker Astrazeneca.
Hackers posed as recruiters on Linkedin and Whatsapp and approached Astrazeneca staff with fake job offers, Reuters reported, citing sources.
They then sent documents purporting to be job descriptions that were teeming with malicious code designed to break into the victim’s computers.
The attacks are said to have targeted a range of employees at the pharma giant, including those working on its Covid-19 vaccine, but are not thought to have been successful.
Astrazeneca has been contacted for comment.
According to the report, the techniques used in the cyber attacks were consistent with an ongoing hacking campaign that US authorities and cyber experts have attributed to North Korea.
The campaign previously focused on defence companies and media organisations, but is said to have shifted its attention to coronavirus-related targets in recent weeks.
The number of cyber attacks has jumped this year as unscrupulous hackers attempt to capitalise on the pandemic.
The National Cyber Security Centre blocked more than 700 major attacks in the year to the end of August, roughly a quarter of which were related to the virus.
But authorities have warned that hostile states are also attempting to access research and information about Covid-19 vaccines as scientists scramble to roll out a cure for the disease.
The government today formally asked UK medicine regulators to authorise Astrazeneca’s Covid-19 vaccine for emergency supply.
The vaccine, developed with Oxford University, has showed an average efficacy of 70 per cent, though questions have since been raised over the accuracy of the figure.


cityam--2020-11-28--Starling says IPO ‘in our sights’ amid reported big-bank interest

Challenger bank Starling has said it has its sights set on an IPO after a report said City giants Lloyds and JP Morgan were interested in the company .
JP Morgan has talked about snapping up Starling , while Lloyds is interested in its technology , The Times reported .
Read more : Starling becomes first challenger to make a profit However , Starling today said : “ An IPO is still in our sights.
” It stressed that founder and chief executive Anne Boden has always said she will “ never sell to a big bank ” .
The @ @ @ @ @ @ @ known alongside its rival Monzo for its easy-to-use app and brightly coloured card .
Both companies and similar fintechs have struggled to make a profit from their products , however .
Their lack of a foothold in the world of lending has been a hindrance .
Yet Starling said this month that its profit of £800,000 in October made it “ the first of the new breed of digital banks to break even ” .
Its customer numbers have grown sharply thanks to being accredited to lend through the government-backed coronavirus support schemes @ @ @ @ @ @ @ and Starling top list of best UK banks The Times reported that JP Morgan ’ s interest in the fintech firm comes as it prepares to launch a UK retail bank in 2021 .
Starling had 1.42m retail accounts as of October .
JP Morgan declined to comment .
Lloyds has been contacted for comment .

Starling says IPO ‘in our sights’ amid reported big-bank interest
Starling Bank chief executive Anne Boden has said she will never sell to a big bank
Challenger bank Starling has said it has its sights set on an IPO after a report said City giants Lloyds and JP Morgan were interested in the company.
JP Morgan has talked about snapping up Starling, while Lloyds is interested in its technology, The Times reported.
However, Starling today said: “An IPO is still in our sights.” It stressed that founder and chief executive Anne Boden has always said she will “never sell to a big bank”.
The bank was founded in 2017 and is known alongside its rival Monzo for its easy-to-use app and brightly coloured card.
Both companies and similar fintechs have struggled to make a profit from their products, however. Their lack of a foothold in the world of lending has been a hindrance.
Yet Starling said this month that its profit of £800,000 in October made it “the first of the new breed of digital banks to break even”.
Its customer numbers have grown sharply thanks to being accredited to lend through the government-backed coronavirus support schemes.
The Times reported that JP Morgan’s interest in the fintech firm comes as it prepares to launch a UK retail bank in 2021. Starling had 1.42m retail accounts as of October.
JP Morgan declined to comment. Lloyds has been contacted for comment.


cityam--2020-11-28--Mike Ashley ‘offers Arcadia £50m’ as crows circle retail group

Mike Ashley ’ s Frasers Group is suggesting a £50m loan to keep Arcadia Group in business as the crows circle around the failing retail giant .
Plans for the emergency loan come as Sir Philip Green ’ s Arcadia prepares to call in administrators , according to Sky News .
It would be one of the biggest corporate victims of the coronavirus pandemic .
Read more : Philip Green ’ s Arcadia ‘ faces collapse ’ in the coming days Arcadia – which owns Topshop , Miss Selfridge , Dorothy Perkins and other brands – has been hit hard @ @ @ @ @ @ @ lacks the online footprint of many of its rivals .
Its stores in Scotland , Wales and Northern Ireland are open but the bulk of its more than 500 sites remain closed due to the new lockdown in England .
The further restrictions have been a big blow to the company .
Arcadia said on Friday that its board has “ been working on a number of contingency options to secure the future of the group ’ s brands ” .
Chris Wootton , Frasers Group ’ s chief financial officer , told @ @ @ @ @ @ @ Philip Green and the Arcadia Group will contact us today to discuss how we can support them and help save as many jobs as possible.
” Someone with knowledge of the situation said that Arcadia had not been approached directly by Frasers .
They also said that any offer was a “ non-starter ” .
The person highlighted that Ashley would need to gain the approval of the Arcadia pension scheme .
Read more : Coronavirus : Debenhams and Arcadia in talks with landlords over store closures Ashley ’ s offer has the @ @ @ @ @ @ @ attempting to take control of other businesses such as Debenhams .
It will stoke the personal animosity between the two retail tycoons , who fell out over the struggles at Debenhams .
Ashley last year told The Times he would not buy “ any part of Arcadia… for a pound ” .

Mike Ashley ‘offers Arcadia £50m’ as crows circle retail group
Arcadia is reportedly set to call in the administrators, having been battered by the coronavirus pandemic
Mike Ashley’s Frasers Group is suggesting a £50m loan to keep Arcadia Group in business as the crows circle around the failing retail giant.
Plans for the emergency loan come as Sir Philip Green’s Arcadia prepares to call in administrators, according to Sky News. It would be one of the biggest corporate victims of the coronavirus pandemic.
Arcadia – which owns Topshop, Miss Selfridge, Dorothy Perkins and other brands – has been hit hard by forced store closures. It also lacks the online footprint of many of its rivals.
Its stores in Scotland, Wales and Northern Ireland are open but the bulk of its more than 500 sites remain closed due to the new lockdown in England. The further restrictions have been a big blow to the company.
Arcadia said on Friday that its board has “been working on a number of contingency options to secure the future of the group’s brands”.
Chris Wootton, Frasers Group’s chief financial officer, told Sky: “We hope that Sir Philip Green and the Arcadia Group will contact us today to discuss how we can support them and help save as many jobs as possible.”
Offer dismissed as ‘non-starter’
Someone with knowledge of the situation said that Arcadia had not been approached directly by Frasers.
They also said that any offer was a “non-starter”. The person highlighted that Ashley would need to gain the approval of the Arcadia pension scheme.
Ashley’s offer has the hallmark of tactics he has employed when attempting to take control of other businesses such as Debenhams.
It will stoke the personal animosity between the two retail tycoons, who fell out over the struggles at Debenhams. Ashley last year told The Times he would not buy “any part of Arcadia… for a pound”.


cityam--2020-11-28--A sea apart: UK dismisses EU Brexit fishing offer as ‘derisory’

A post-Brexit trade deal appeared to be a way off this weekend after the UK reportedly labelled the EU ’ s offer on fishing rights “ derisory ” .
EU chief negotiator Michel Barnier is back in London today for the latest round of talks .
Face-to-face negotiations had to be postponed just over a week ago when a member of Barnier ’ s team caught coronavirus .
Read more : Hooked : UK and EU stuck in Brexit deadlock over fisheries Before Barnier was forced into self-isolation , things were looking up for a Brexit deal .
Yet the @ @ @ @ @ @ @ again on fishing with only weeks to go until the Brexit transition period ends .
Barnier reportedly told EU ambassadors at a meeting that he had offered the UK a 15 to 18 per cent reduction in the bloc ’ s fishing rights in British waters .
Yet British officials said the UK has dismissed the offer .
The proposals , first reported by Irish broadcaster RTE , were called “ derisory ” .
Yesterday , Barnier said talks remained stalled over the “ same divergences ” of fisheries , state aid , @ @ @ @ @ @ @ The UK is keen to take a much bigger share of the EU ’ s current fishing rights in British waters , which are worth around €650m ( £580m ) .
Chief negotiator David Frost is pushing for around 80 per cent of the rights , according to reports .
Yesterday Frost tweeted : “ For a deal to be possible it must fully respect UK sovereignty .
Read more : Brexit : UK business groups ‘ crying out for certainty ’ as talks drag on “ That is not just a word @ @ @ @ @ @ @ includes : controlling our borders ; deciding ourselves on a robust and principled subsidy control system ; and controlling our fishing waters.
” City A.M. has contacted Number 10 and the European Commission for comment .
Should a deal be agreed , the Labour Party is planning to back it in parliament , according to The Guardian .
It comes as the party seeks to signal to voters in former Labour heartlands that it has heard them on Brexit .
Multiple sources told the paper that Labour leader Sir Keir Starmer is likely @ @ @ @ @ @ @ back the deal in a vote .
Labour has been contacted for comment .
A Labour spokesperson said : “ The Conservatives need to get a grip on the negotiations and deliver the trade deal they promised the British people at the last election .
Read more : Labour ’ s Anneliese Dodds says Brexit deal looks ‘ thin as gruel ’ “ We have consistently said that no deal would be the worst possible scenario , especially with workers , families and businesses already under so much strain from the pandemic .
@ @ @ @ @ @ @ detail of any deal if and when it is agreed .
”

A sea apart: UK dismisses EU Brexit fishing offer as ‘derisory’
EU chief negotiator Michel Barnier arrived in London today ahead of face-to-face Brexit negotiations
A post-Brexit trade deal appeared to be a way off this weekend after the UK reportedly labelled the EU’s offer on fishing rights “derisory”.
EU chief negotiator Michel Barnier is back in London today for the latest round of talks. Face-to-face negotiations had to be postponed just over a week ago when a member of Barnier’s team caught coronavirus.
Before Barnier was forced into self-isolation, things were looking up for a Brexit deal. Yet the two sides appear to be far apart again on fishing with only weeks to go until the Brexit transition period ends.
Barnier reportedly told EU ambassadors at a meeting that he had offered the UK a 15 to 18 per cent reduction in the bloc’s fishing rights in British waters.
Yet British officials said the UK has dismissed the offer. The proposals, first reported by Irish broadcaster RTE, were called “derisory”.
Yesterday, Barnier said talks remained stalled over the “same divergences” of fisheries, state aid, and how to resolve future disputes.
UK says EU must respect post-Brexit ‘sovereignty’
The UK is keen to take a much bigger share of the EU’s current fishing rights in British waters, which are worth around €650m (£580m). Chief negotiator David Frost is pushing for around 80 per cent of the rights, according to reports.
Yesterday Frost tweeted: “For a deal to be possible it must fully respect UK sovereignty.
“That is not just a word – it has practical consequences. That includes: controlling our borders; deciding ourselves on a robust and principled subsidy control system; and controlling our fishing waters.”
City A.M. has contacted Number 10 and the European Commission for comment.
Labour mulls support for Brexit deal
Should a deal be agreed, the Labour Party is planning to back it in parliament, according to The Guardian. It comes as the party seeks to signal to voters in former Labour heartlands that it has heard them on Brexit.
Multiple sources told the paper that Labour leader Sir Keir Starmer is likely to tell his MPs that they must back the deal in a vote. Labour has been contacted for comment.
A Labour spokesperson said: “The Conservatives need to get a grip on the negotiations and deliver the trade deal they promised the British people at the last election.
“We have consistently said that no deal would be the worst possible scenario, especially with workers, families and businesses already under so much strain from the pandemic.
“Labour will look carefully at the detail of any deal if and when it is agreed.”


cityam--2020-11-28--Boris Johnson appoints new minister for UK coronavirus vaccine rollout

Prime Minister Boris Johnson has made Nadhim Zahawi the minister responsible for overseeing the rollout of coronavirus vaccines at the health department , in the latest sign that the government is laying the groundwork for the jabs to become widely available .
Zahawi – who has been the Tory MP for Stratford-on-Avon for a decade – will keep his role as parliamentary undersecretary of state at the Department for Business , Energy and Industrial Strategy .
He previously worked in the Department for Education .
Read more : Tiers are here to stay until vaccine rollout , says minister It @ @ @ @ @ @ @ vaccines were more than 90 per cent effective .
Astrazeneca/Oxford University announced that their jab was around 70 per cent effective , although some have questioned the data .
Astrazeneca is mulling running another trial to try to assuage concerns .
The UK expects to receive around 40m doses of the Pfizer vaccine by the end of 2021 , with the majority of doses anticipated in the first half of the year .
It has also ordered 5m doses of the Moderna jab and 100m doses of the Astra vaccine .
The appointment @ @ @ @ @ @ @ for mass vaccinations , but also tries to manage the public ’ s expectations .
Yesterday , the government formally asked the Medicines and Healthcare Products Regulatory Agency to evaluate whether supply of Oxford/AstraZeneca vaccine can be authorised .
On Thursday , Johnson said : “ We now have reason to hope that by Spring , community testing and vaccines will combine to end this era of restrictions .
Read more : Government urges regulator to approve Astrazeneca-Oxford vaccine for emergency supply Yet he also said : “ To get there we must @ @ @ @ @ @ @ burden on our NHS is heaviest and the cold weather favours the virus.
” Zahawi will report to health secretary Matt Hancock .
It is expected to be a temporary position , likely until next summer .

Boris Johnson appoints new minister for UK coronavirus vaccine rollout
Business minister Nadhim Zahawi will oversee the UK coronavirus vaccine rollout, the government said
Prime Minister Boris Johnson has made Nadhim Zahawi the minister responsible for overseeing the rollout of coronavirus vaccines at the health department, in the latest sign that the government is laying the groundwork for the jabs to become widely available.
Zahawi – who has been the Tory MP for Stratford-on-Avon for a decade – will keep his role as parliamentary undersecretary of state at the Department for Business, Energy and Industrial Strategy. He previously worked in the Department for Education.
It comes after Moderna and Pfizer/Biontech said their vaccines were more than 90 per cent effective.
Astrazeneca/Oxford University announced that their jab was around 70 per cent effective, although some have questioned the data. Astrazeneca is mulling running another trial to try to assuage concerns.
The UK expects to receive around 40m doses of the Pfizer vaccine by the end of 2021, with the majority of doses anticipated in the first half of the year. It has also ordered 5m doses of the Moderna jab and 100m doses of the Astra vaccine.
Government readies for UK coronavirus vaccine
The appointment of Zahawi comes as the government prepares for mass vaccinations, but also tries to manage the public’s expectations.
Yesterday, the government formally asked the Medicines and Healthcare Products Regulatory Agency to evaluate whether supply of Oxford/AstraZeneca vaccine can be authorised.
On Thursday, Johnson said: “We now have reason to hope that by Spring, community testing and vaccines will combine to end this era of restrictions.
Yet he also said: “To get there we must first navigate a hard winter when the burden on our NHS is heaviest and the cold weather favours the virus.”
Zahawi will report to health secretary Matt Hancock. It is expected to be a temporary position, likely until next summer.


cityam--2020-11-28--Climate change analysis: what tools do investors need?

‘ Climate Change Analysis in the Investment Process ’ is a significant report that explores the role of the financial industry in addressing the impact of climate change .
Published by CFA Institute in September 2020 , the report includes case studies of firms that are integrating climate-related analysis into their investment models .
The report also provides six recommendations – summarised in this article – for what practitioners and investment professionals need , to improve their understanding about the application of climate risk to financial analysis and portfolio management .
The physical and economic impacts of our warming planet @ @ @ @ @ @ @ Global cost estimates reach into the tens of trillions of US dollars by the end of the century , with the potential to shave off one tenth of US GDP by that time if no actions are taken to forestall climate change .
To inform our understanding about how climate change is included in or omitted from the investment process , CFA Institute surveyed its community .
We found that – at present – only about 40 per cent of respondents incorporate climate change information into the investment process , although more than @ @ @ @ @ @ @ is an important issue .
The gap between these percentages seems to come from a lack of data and disclosure on climate risks from issuers , which we hope that the report and other work in this area can ameliorate .
As the Earth ’ s atmosphere continues to warm and the side effects of climate change become more prevalent , more pressure will be placed on everyone , including financial professionals , to take this into consideration .
To do this important work , financial professionals would benefit from these six developments @ @ @ @ @ @ @ essential tool CFA Institute agrees that a price on carbon is an essential tool in combating climate change , supported by a transparent pricing mechanism that enables financial professionals to reliably incorporate carbon pricing into their analysis of investments ’ exposure to climate risk .
CFA Institute believes that market-based mechanisms are the most effective way to develop and support carbon pricing .
CFA Institute calls on policymakers to ensure that regulatory frameworks for carbon markets are designed to deliver transparency , liquidity , ease of access for global market participants and similar @ @ @ @ @ @ @ underpin robust and reliable carbon pricing .
A realistic market price on carbon will send a price signal that analysts need in order to properly value the externalities that come with greenhouse gas emissions .
CFA Institute recommends that investment professionals account for carbon prices and their expectations thereof in climate risk analysis.The externality of climate change has a cost , and that cost will be the future impact of climate change on our markets and society .
Economists , investors , and policymakers who have studied the issue agree that a realistic @ @ @ @ @ @ @ accurately price the impact of carbon on the world economy .
Investors should work with issuers to settle on the metrics that matter when assessing a company ’ s climate change strategy .
CFA Institute acknowledges that the investment industry is coalescing around the Sustainability Accounting Standards Board ( SASB ) and Task Force on Climate-related Financial Disclosures ( TCFD ) standards for climate-related disclosures – the most relevant and succinct climate-related disclosure standards for addressing the materiality of climate-related risks .
Investors agree that climate change is an important issue , but @ @ @ @ @ @ @ climate metrics are holding back climate-related analysis .
We believe investors should engage with issuers to ensure that climate data , scenario analysis and related disclosures are sufficiently thorough to support robust climate risk analysis in the investment process .
Investors need to continue to educate themselves about climate change in order to provide clients with the climate-related analysis they need .
Investors need to continue to urge policymakers to ensure that investors have the tools they need to do the work of finance – that is , the efficient allocation of capital @ @ @ @ @ @ @ of climate change .
The investment profession needs to incorporate the risks of climate change into financial analysis to efficiently manage portfolio risks and opportunities .
With this research , we hope to educate stakeholders and advance the debate on climate change in our industry .
‘ Climate Change Analysis in the Investment Process is a 64-page report from CFA Institute .
> > To download the report click here .
All posts are the opinion of the author .
As such , they should not be construed as investment advice , nor @ @ @ @ @ @ @ views of CFA Institute or the author ’ s employer .

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Climate change analysis: what tools do investors need?
‘Climate Change Analysis in the Investment Process’ is a significant report that explores the role of the financial industry in addressing the impact of climate change. Published by CFA Institute in September 2020, the report includes case studies of firms that are integrating climate-related analysis into their investment models.
The report also provides six recommendations – summarised in this article – for what practitioners and investment professionals need, to improve their understanding about the application of climate risk to financial analysis and portfolio management.
The physical and economic impacts of our warming planet are becoming clearer year by year. Global cost estimates reach into the tens of trillions of US dollars by the end of the century, with the potential to shave off one tenth of US GDP by that time if no actions are taken to forestall climate change.
To inform our understanding about how climate change is included in or omitted from the investment process, CFA Institute surveyed its community.
We found that – at present – only about 40 per cent of respondents incorporate climate change information into the investment process, although more than 75 per cent feel that climate change is an important issue.
The gap between these percentages seems to come from a lack of data and disclosure on climate risks from issuers, which we hope that the report and other work in this area can ameliorate.
As the Earth’s atmosphere continues to warm and the side effects of climate change become more prevalent, more pressure will be placed on everyone, including financial professionals, to take this into consideration. To do this important work, financial professionals would benefit from these six developments.
A price on carbon is an essential tool
CFA Institute agrees that a price on carbon is an essential tool in combating climate change, supported by a transparent pricing mechanism that enables financial professionals to reliably incorporate carbon pricing into their analysis of investments’ exposure to climate risk. CFA Institute believes that market-based mechanisms are the most effective way to develop and support carbon pricing.
CFA Institute calls on policymakers to ensure that regulatory frameworks for carbon markets are designed to deliver transparency, liquidity, ease of access for global market participants and similar standards across jurisdictions, in order to underpin robust and reliable carbon pricing.
Carbon price expectations included in analyst reports
A realistic market price on carbon will send a price signal that analysts need in order to properly value the externalities that come with greenhouse gas emissions.
CFA Institute recommends that investment professionals account for carbon prices and their expectations thereof in climate risk analysis.The externality of climate change has a cost, and that cost will be the future impact of climate change on our markets and society. Economists, investors, and policymakers who have studied the issue agree that a realistic price on carbon will allow markets to accurately price the impact of carbon on the world economy.
Increased transparency and disclosure on climate metrics
Investors should work with issuers to settle on the metrics that matter when assessing a company’s climate change strategy.
CFA Institute acknowledges that the investment industry is coalescing around the Sustainability Accounting Standards Board (SASB) and Task Force on Climate-related Financial Disclosures (TCFD) standards for climate-related disclosures – the most relevant and succinct climate-related disclosure standards for addressing the materiality of climate-related risks.
Engagement with companies to ensure thoroughness
Investors agree that climate change is an important issue, but lack of data and consistent disclosure around climate metrics are holding back climate-related analysis.
We believe investors should engage with issuers to ensure that climate data, scenario analysis and related disclosures are sufficiently thorough to support robust climate risk analysis in the investment process.
Education within the investment profession
Investors need to continue to educate themselves about climate change in order to provide clients with the climate-related analysis they need.
Policy that complements our efforts
Investors need to continue to urge policymakers to ensure that investors have the tools they need to do the work of finance – that is, the efficient allocation of capital that helps to tackle the existential threat of climate change.
The investment profession needs to incorporate the risks of climate change into financial analysis to efficiently manage portfolio risks and opportunities. With this research, we hope to educate stakeholders and advance the debate on climate change in our industry.
‘Climate Change Analysis in the Investment Process is a 64-page report from CFA Institute. >> To download the report click here.
By Matt Orsagh, CFA, CIPM, Senior Director, Capital Markets Policy at CFA Institute.
All posts are the opinion of the author. As such, they should not be construed as investment advice, nor do the opinions expressed necessarily reflect the views of CFA Institute or the author’s employer.
Image credits: Getty / Ilka & Franz


cityam--2020-11-28--FTSE 100 heads for second-best month on record but still lags peers

Britain ’ s FTSE 100 stock index is on track for its second-best month in history as optimism about vaccines boosts unloved sectors such as financials and industrials that dominate the UK corporate landscape .
Yet the index is still well behind its global peers this year .
Despite US markets and global stocks hitting record highs , the UK index is down around 16 per cent year to date .
Read more : Government urges regulator to approve Astrazeneca-Oxford vaccine for emergency supply The FTSE has stormed ahead this month , posting gains of 14.1 per cent so far @ @ @ @ @ @ @ revealed strong vaccine results .
It stood at 6,369 points on Friday .
Investors have rushed towards stocks that have been battered by the pandemic , figuring a vaccine will heal the economy and bring damaged companies back to life .
That has particularly benefited the FTSE , which is chock full of banks , oil firms and travel groups that the pandemic has hit hard .
The index ’ s monthly gains would be the best in 30 years , when the index gained 14.4 per cent in early 1989 .
A @ @ @ @ @ @ @ could see November ’ s gains top the record charts .
It comes after the FTSE plunged 9.7 per cent in February and 13.8 per cent in March as coronavirus hit .
After a recovery of sorts , it then shed 4.9 per cent in October amid second wave .
“ The recovery in the FTSE 100 has been remarkable , ” said IG chief analyst Chris Beauchamp in a note .
“ An index that had spent all summer moving in a downward direction from its June high has managed to recoup @ @ @ @ @ @ @ about three weeks .
“ The vaccine news has been the catalyst .
The potential for an earlier than expected reopening of the global economy has given new life to several key sectors with big weightings , which has been enough to drive the overall index to its highest level in six months.
” However , the FTSE had a lacklustre week amid concerns about the direction of the economy over the winter .
Brexit talks have also weighed on sentiment .
It is down around 16 per cent this year .
Many @ @ @ @ @ @ @ rebounded strongly as central banks pumped money into the economy and investors snapped up big tech firms that were benefitting from the pandemic .
Read more : A sea apart : UK dismisses EU Brexit fishing offer as ‘ derisory ’ Yet the FTSE lacks those shiny tech names , making it a relative laggard .
The US ’ s Nasdaq is up around 34 per cent for the year , for example , while the S & P 500 is 11 per cent higher .
Germany ’ s Dax is down around @ @ @ @ @ @ @ s CAC 40 is around seven per cent lower .

FTSE 100 heads for second-best month on record but still lags peers
The FTSE 100 has had a stellar November – but its recovery since March has lagged behind indices elsewhere
Britain’s FTSE 100 stock index is on track for its second-best month in history as optimism about vaccines boosts unloved sectors such as financials and industrials that dominate the UK corporate landscape.
Yet the index is still well behind its global peers this year. Despite US markets and global stocks hitting record highs, the UK index is down around 16 per cent year to date.
The FTSE has stormed ahead this month, posting gains of 14.1 per cent so far after Moderna, Pfizer/Biontech and Astrazeneca/Oxford University revealed strong vaccine results. It stood at 6,369 points on Friday.
Investors have rushed towards stocks that have been battered by the pandemic, figuring a vaccine will heal the economy and bring damaged companies back to life. That has particularly benefited the FTSE, which is chock full of banks, oil firms and travel groups that the pandemic has hit hard.
The index’s monthly gains would be the best in 30 years, when the index gained 14.4 per cent in early 1989. A strong day’s trading on Monday could see November’s gains top the record charts.
It comes after the FTSE plunged 9.7 per cent in February and 13.8 per cent in March as coronavirus hit. After a recovery of sorts, it then shed 4.9 per cent in October amid second wave.
FTSE 100’s recovery ‘remarkable’
“The recovery in the FTSE 100 has been remarkable,” said IG chief analyst Chris Beauchamp in a note.
“An index that had spent all summer moving in a downward direction from its June high has managed to recoup months of losses in the space of about three weeks.
“The vaccine news has been the catalyst. The potential for an earlier than expected reopening of the global economy has given new life to several key sectors with big weightings, which has been enough to drive the overall index to its highest level in six months.”
However, the FTSE had a lacklustre week amid concerns about the direction of the economy over the winter. Brexit talks have also weighed on sentiment.
It is down around 16 per cent this year. Many indices – particularly in the US – rebounded strongly as central banks pumped money into the economy and investors snapped up big tech firms that were benefitting from the pandemic.
Yet the FTSE lacks those shiny tech names, making it a relative laggard. The US’s Nasdaq is up around 34 per cent for the year, for example, while the S&P 500 is 11 per cent higher.
Germany’s Dax is down around one per cent, while France’s CAC 40 is around seven per cent lower.


cityam--2020-11-29--Tiering it down: Boris Johnson backtracks on Covid restrictions

Boris Johnson has bent to the demands of Tory backbench MPs by softening England ’ s future Covid restrictions regime .
Johnson wrote to MPs telling them that people stuck in the strictest Covid restrictions will have them downgraded next month , while also promising that the tier system will end earlier than expected .
Read more : Covid-19 : London in Tier 2 restrictions – what are the new rules to follow ?
Millions of people put into Tier 3 restrictions this week will be downgraded to Tier 2 at the next review on 16 December to ensure they @ @ @ @ @ @ @ up to Christmas , according to the Sunday Times .
Areas in Tier 3 include Greater Manchester , Birmingham and the whole of Kent .
Before the Open newsletter : Start your day with the City View podcast and key market data The tier system is now set to be scrapped in February , instead of April as previously suggested by some ministers earlier last week .
Johnson told MPs in the letter that the restrictions “ have a sunset of 3 February ” .
It is hoped that by this time Covid @ @ @ @ @ @ @ rollout .
The Financial Times reported yesterday that the Pfizer/BioNTech vaccine could be rolled out from 7 December across the UK .
The climbdown came after 70 Conservative MPs threatened to vote against the new Covid restrictions in parliament on Tuesday .
This would have meant the government could only pass legislation with the help of Sir Keir Starmer and Labour .
The Prime Minister promised to “ publish further analysis of the health , economic and social impacts of Covid and the measures taken to suppress them ” before the House of @ @ @ @ @ @ @ ringleader of the party ’ s Covid rebels , Steve Baker called Johnson ’ s new position “ constructive ” .
Johnson ’ s U-turn comes just after a piece written by Cabinet Office minister Michael Gove yesterday , which said restrictions should count for entire counties and that hospitals would be overwhelmed without the new measures .
Read more : Tier two diners must leave pubs when meals are finished Tory MP Mark Harper told Times Radio today that Gove needs to “ show us the evidence ” on Covid restrictions .
@ @ @ @ @ @ @ this would weigh heavily with me , if he genuinely thinks that hospitals would be overwhelmed , then show us the modeling and the evidence that he sees , ” he said .
“ So the all MPs can see it , and we can take that decision .
”

Tiering it down: Boris Johnson backtracks on Covid restrictions
Lateral flow tests have run out on the government website.
Boris Johnson has bent to the demands of Tory backbench MPs by softening England’s future Covid restrictions regime.
Johnson wrote to MPs telling them that people stuck in the strictest Covid restrictions will have them downgraded next month, while also promising that the tier system will end earlier than expected.
Millions of people put into Tier 3 restrictions this week will be downgraded to Tier 2 at the next review on 16 December to ensure they can patronise hospitality venues in the lead up to Christmas, according to the Sunday Times.
Areas in Tier 3 include Greater Manchester, Birmingham and the whole of Kent.
Before the Open newsletter: Start your day with the City View podcast and key market data
The tier system is now set to be scrapped in February, instead of April as previously suggested by some ministers earlier last week.
Johnson told MPs in the letter that the restrictions “have a sunset of 3 February”.
It is hoped that by this time Covid vaccines will have had a reasonably wide rollout. The Financial Times reported yesterday that the Pfizer/BioNTech vaccine could be rolled out from 7 December across the UK.
The climbdown came after 70 Conservative MPs threatened to vote against the new Covid restrictions in parliament on Tuesday.
This would have meant the government could only pass legislation with the help of Sir Keir Starmer and Labour.
The Prime Minister promised to “publish further analysis of the health, economic and social impacts of Covid and the measures taken to suppress them” before the House of Commons vote.
Conservative MP, and ringleader of the party’s Covid rebels, Steve Baker called Johnson’s new position “constructive”.
Johnson’s U-turn comes just after a piece written by Cabinet Office minister Michael Gove yesterday, which said restrictions should count for entire counties and that hospitals would be overwhelmed without the new measures.
Tory MP Mark Harper told Times Radio today that Gove needs to “show us the evidence” on Covid restrictions.
“If he genuinely thinks, and this would weigh heavily with me, if he genuinely thinks that hospitals would be overwhelmed, then show us the modeling and the evidence that he sees,” he said.
“So the all MPs can see it, and we can take that decision.”


cityam--2020-11-29--Soho House founder: ‘If we’re desperate for cash we’ll let in our 50,000 waiting list’

Nick Jones , founder of Soho House , has said if the business needed more money post-pandemic , it would let in its “ huge ” waiting list of 50,000 people .
Speaking in an interview with the Telegraph , Jones was confident Soho House customers would return to the private members club when they could , and if the business needed extra cash , it had plenty of people wanting to be a part of the scene .
“ Once everything switches back on and there is light at the end of the tunnel all those worries about ‘ @ @ @ @ @ @ @ profit ’ will go away , ” he said .
“ If we were desperate for cash , we would let in our huge waiting lists , you could just go straight to that and let them in .
We have about 50,000 people on our waiting lists.
” Like other hospitality businesses , the Covid-19 crisis has been tough for Soho House .
The club bid goodbye to 1,000 of its 8,000 global staff , has cut ties with its suppliers and asked its landlords for rent holidays .
Soho House has @ @ @ @ @ @ @ and $ 22m ( £16.5m ) in crisis loans backed by the US government .
Read more : Boris Johnson appoints new minister for UK coronavirus vaccine rollout “ We have very good relationships with all our landlords , I ’ ve known them all and every deal I ’ ve done has always been a personal deal , ” he told the Telegraph .
“ But that doesn ’ t mean we have paid everyone .
We didn ’ t refuse to pay either .
We sat down and negotiated deferment or @ @ @ @ @ @ @ pretty up to date .
”

Soho House founder: ‘If we were desperate for cash we’d let in our 50,000 waiting list’
The West End has been hit hard by lockdown restrictions, but sunshine finally appears to be tempting shoppers back to Central London.
Nick Jones, founder of Soho House, has said if the business needed more money post-pandemic, it would let in its “huge” waiting list of 50,000 people.
Speaking in an interview with the Telegraph, Jones was confident Soho House customers would return to the private members club when they could, and if the business needed extra cash, it had plenty of people wanting to be a part of the scene.
“Once everything switches back on and there is light at the end of the tunnel all those worries about ‘is there too much debt against the profit’ will go away,” he said.
“If we were desperate for cash, we would let in our huge waiting lists, you could just go straight to that and let them in. We have about 50,000 people on our waiting lists.”
Like other hospitality businesses, the Covid-19 crisis has been tough for Soho House. The club bid goodbye to 1,000 of its 8,000 global staff, has cut ties with its suppliers and asked its landlords for rent holidays.
Soho House has also made use of the furlough scheme and $22m (£16.5m) in crisis loans backed by the US government.
“We have very good relationships with all our landlords, I’ve known them all and every deal I’ve done has always been a personal deal,” he told the Telegraph.
“But that doesn’t mean we have paid everyone. We didn’t refuse to pay either. We sat down and negotiated deferment or some rent-free months. We’re pretty up to date.”


cityam--2020-11-29--Half of Swiss support Responsible Business Initiative in early voting

Half of Swiss voters on Sunday supported a constitutional amendment extending Swiss companies ’ liability over human rights abuses and @ @ @ @ @ according to first estimates by Swiss broadcaster SRF .
Voters are choosing in a referendum @ @ @ @ @ by the Responsible Business Initative , which would change the Swiss constitution , and a @ @ @ @ @ force firms to step up checks on their overseas operations and supply chains but stops @ @ @ @ @ Swiss courts .
According to first counts , 50 per cent of voters accepted the @ @ @ @ @ proposals to make large companies and those in high-risk businesses liable in Swiss courts for @ @ @ @ @ control .
But the vote must also gain backing in a majority of cantons , @ @ @ @ @ public initiative to be enacted in Switzerland .

Swiss firms narrowly avoid ‘Responsible Business’ liability as vote divides nation
By Brenna Hughes Neghaiwi
ZURICH (Reuters) – Swiss firms narrowly avoided facing greater liability for human rights and environmental abuses on Sunday after a national vote rejected the proposal due to regional differences despite it winning majority popular support.
In a divisive referendum, 50.7% of Swiss voters supported proposals by the Responsible Business Initiative (RBI) to extend liability over international human rights abuses and environmental harm caused by major Swiss companies and the firms they control abroad.
But the initiative failed to win support in a majority of cantons, a necessary condition for a public initiative to be enacted in Switzerland, paving the way for a milder government counter-proposal to come into force.
It is the first time in over 60 years a Swiss vote has failed on regional grounds after winning popular support.
“The Federal Council is pleased with the result, but is also aware that many who have fought for years for the initiative are disappointed today,” Justice Minister Karin Keller-Sutter said at a press conference.
She said the enactment of new government measures meant supporters would not leave the campaign with empty hands. “The Federal Council is convinced that this is a good way to achieve the common and undisputed goal of better protecting human rights and the environment.”
The government proposal will require firms to step up and publicly report checks on their overseas operations and supply chains, hitherto voluntary measures, but stops short of extending liability to Swiss courts.
Proponents of the initiative said its broad public support – a rare, if symbolic, victory for a politically and economically progressive issue in the traditionally staid country – remained cause for sharper scrutiny of multinationals and commodities firms in one of the world’s leading commercial centres.
“Human rights is such a fundamental issue. People understand you can’t justify human rights violations by economic considerations,” Florian Wettstein, a professor for business ethics at the University of St. Gallen and co-organiser of the initiative, told Reuters.
In a polarizing campaign, the government and multinationals denounced the negative economic consequences of the proposal, while activists, religious groups and various political factions argued Switzerland risked falling behind other countries in tackling progressive social and economic issues without it.
“It was the most aggressive campaign I’ve ever experienced in my 20 years in politics,” parliamentarian Christa Markwalder told Swiss broadcaster SRF.
Meanwhile, voters more clearly rejected a proposal seeking to impose a ban on funding arms makers, the latest anti-military referendum in a nation that has not fought an external war for 200 years.
The vote, which held implications for major Swiss banks and investors including the country’s central bank and pension funds, as well as Swiss industry, received 57.5% rejection.
Organisers said the more than 40% approval gained by the initiative, spanning beyond the country’s most left-leaning political camps, nonetheless put pressure on arms financing and showed the need for further action.
(Reporting by Brenna Hughes Neghaiwi; Editing by Kirsten Donovan and Jan Harvey)


cityam--2020-11-29--China to further expand outbound investor schemes: Xinhua

China plans to roll out an outbound investment scheme to new regions as it looks to meet onshore investors ’ @ @ @ @ @ news agency Xinhua reported on Sunday .
China will expand the Qualified Domestic Limited Partner @ @ @ @ @ underway in Shanghai , Beijing and Shenzhen , Xinhua said , citing an unnamed official @ @ @ @ @ .
It will also pilot the scheme in Chongqing city and the Hainan free trade @ @ @ @ @ Administration of Foreign Exchange ( SAFE ) granted fresh quotas under its outbound Qualified Domestic @ @ @ @ @ scheme for the first time since April 2019 .
Last month , Xinhua said fresh @ @ @ @ @ issued in several batches under QDII scheme .

China to further expand outbound investor schemes: Xinhua
FILE PHOTO: Illustration photo of a China yuan note
China plans to roll out an outbound investment scheme to new regions as it looks to meet onshore investors’ asset allocation needs, official news agency Xinhua reported on Sunday.
China will expand the Qualified Domestic Limited Partner(QDLP) trials already underway in Shanghai, Beijing and Shenzhen, Xinhua said, citing an unnamed official at the foreign exchange regulator.
It will also pilot the scheme in Chongqing city and the Hainan free trade zone.
In September，the State Administration of Foreign Exchange (SAFE) granted fresh quotas under its outbound Qualified Domestic Institutional Investor (QDII) scheme for the first time since April 2019.
Last month, Xinhua said fresh quotas worth £7.5bn would be issued in several batches under QDII scheme.


cityam--2020-11-29--UK confirms H5N8 bird flu on English turkey farm

Bird flu has been found at a turkey farm in northern England , the government said on Sunday .
“ @ @ @ @ @ at a commercial turkey fattening farm near Northallerton , North Yorkshire , ” Chief Veterinary @ @ @ @ @ in a statement .
The disease was the H5N8 strain .
It said all 10,500 @ @ @ @ @ be humanely culled to limit the spread of the disease , and that the risk @ @ @ @ @ low .
The outbreak does not pose a food safety risk , the statement added

UK confirms H5N8 bird flu on English turkey farm
Bird flu has been found at a turkey farm in northern England, the government said on Sunday.
“Avian flu has been confirmed at a commercial turkey fattening farm near Northallerton, North Yorkshire,” Chief Veterinary Officer, Christine Middlemiss said in a statement. The disease was the H5N8 strain.
It said all 10,500 birds at the farm would be humanely culled to limit the spread of the disease, and that the risk to public health was very low. The outbreak does not pose a food safety risk, the statement added


cityam--2020-11-29--Brexit: Intensive UK-EU trade talks entering 'last week', says Dominic Raab

Post-Brexit trade negotiations between the UK and EU are set to enter the “ last week or so ” of “ substantive ” talks , according to foreign secretary Dominic Raab .
The UK is set to leave the EU ’ s single market and customs union on 31 December , leaving little time to close a Brexit trade deal and get it ratified by the European Parliament .
Read more : A sea apart : UK dismisses EU Brexit fishing offer as ‘ derisory ’ Future fishing arrangements in UK waters has been one of the largest barriers to @ @ @ @ @ @ @ in an interview with Sky News that Brussels must climb down from its demands on access to UK fisheries .
“ As we leave the transition [ period ] , we are an independent coastal state – we ’ ve got to be able to control our waters , ” he said .
“ We can talk about transitions and things like that and we recognise the impact it has on other countries around Europe .
Before the Open newsletter : Start your day with the City View podcast and key market data @ @ @ @ @ @ @ , comes with leaving not just the EU but the transition period .
“ I think the answer is , can the EU accept that point of principle that comes with us leaving the political club ?
” EU chief negotiator Michel Barnier ’ s starting position in talks with the UK was that Brussels wanted EU countries to retain the same rights to fish in British waters as they had prior to Brexit .
This was turned down by UK chief negotiator David Frost , who said on many occasions that the @ @ @ @ @ @ @ state ” from next year .
Frost has pushed for a “ zonal ” arrangement , which would see EU countries allowed only a certain amount of fish from UK waters every year .
Read more : Today : ‘ Urgent ’ EU meeting on fisheries may signal breakthrough in Brexit talks The UK also wants this arrangement to be re-negotiated on a regular basis .
It is believed that Barnier is now demanding for the EU to keep around 80 per cent of its current access to UK waters .

Brexit: Intensive UK-EU trade talks entering ‘last week’, says Dominic Raab
Post-Brexit trade negotiations between the UK and EU are set to enter the “last week or so” of “substantive” talks, according to foreign secretary Dominic Raab.
The UK is set to leave the EU’s single market and customs union on 31 December, leaving little time to close a Brexit trade deal and get it ratified by the European Parliament.
Future fishing arrangements in UK waters has been one of the largest barriers to a deal.
The foreign secretary reiterated in an interview with Sky News that Brussels must climb down from its demands on access to UK fisheries and that leaving without a trade deal was a very real possibility.
“As we leave the transition [period], we are an independent coastal state – we’ve got to be able to control our waters,” he said.
“We can talk about transitions and things like that and we recognise the impact it has on other countries around Europe.
Before the Open newsletter: Start your day with the City View podcast and key market data
“But that principle comes with sovereignty, comes with leaving not just the EU but the transition period.
“I think the answer is, can the EU accept that point of principle that comes with us leaving the political club?”
EU chief negotiator Michel Barnier’s starting position in talks with the UK was that Brussels wanted EU countries to retain the same rights to fish in British waters as they had prior to Brexit.
This was turned down by UK chief negotiator David Frost, who said on many occasions that the UK will be a “independent coastal state” from next year.
Frost has pushed for a “zonal” arrangement, which would see EU countries allowed only a certain amount of fish from UK waters every year.
The UK also wants this arrangement to be re-negotiated on a regular basis.
It is believed that Barnier is now demanding for the EU to keep around 80 per cent of its current access to UK waters.


cityam--2020-11-29--BoE's Haldane sees inflation risks as economies bounce back

Bank of England chief economist Andy Haldane said inflation could rise by more than expected as progress on Covid-19 vaccines and huge amounts of stimulus raised the chances of a swift economic bounce-back .
“ As the economic recovery gathers pace next year , it will be important central banks remain squarely focussed on their core medium-term price stability mandates , ” Haldane said in a speech to a University College London webinar on Saturday .
Haldane has consistently sounded more upbeat than his fellow interest-rate setters about the prospects for an economic recovery in Britain after the record 25 @ @ @ @ @ @ @ lockdown in the spring .
The BoE ’ s nine-member Monetary Policy Committee has stressed that it will not be in a hurry to tighten monetary policy by saying it first wanted to see clear evidence of “ significant progress ” to hitting its 2 % inflation target sustainably .
Haldane said recent news of progress with the development of Covid-19 vaccines “ offers some economic light at the end of the long , dark tunnel of this year ” and there could be a rapid economic recovery in Britain and globally .
@ @ @ @ @ @ @ of policy stimulus provided this year , this will in my view leave risks to the economic outlook more evenly balanced than for some time , including risks to inflation over the medium term , ” he added .
The most recent consumer price index showed inflation at 0.7 % .
Haldane focused most of his speech on central bank independence and said the blurring of the distinction in some people ’ s minds between governments and central banks had been reflected partly in a fall in public trust in central banks .
@ @ @ @ @ @ @ of efforts to improve public understanding of the economy , financial system and build trust in central banks ’ role in supporting both , ” he said .

BoE’s Haldane sees inflation risks as economies bounce back
Former BoE MPC member Andy Haldance hs left Threadneedle St
Bank of England chief economist Andy Haldane said inflation could rise by more than expected as progress on Covid-19 vaccines and huge amounts of stimulus raised the chances of a swift economic bounce-back.
“As the economic recovery gathers pace next year, it will be important central banks remain squarely focussed on their core medium-term price stability mandates,” Haldane said in a speech to a University College London webinar on Saturday.
Haldane has consistently sounded more upbeat than his fellow interest-rate setters about the prospects for an economic recovery in Britain after the record 25% slump triggered by the first coronavirus lockdown in the spring.
The BoE’s nine-member Monetary Policy Committee has stressed that it will not be in a hurry to tighten monetary policy by saying it first wanted to see clear evidence of “significant progress” to hitting its 2% inflation target sustainably.
Haldane said recent news of progress with the development of Covid-19 vaccines “offers some economic light at the end of the long, dark tunnel of this year” and there could be a rapid economic recovery in Britain and globally.
“Taken together with the huge amounts of policy stimulus provided this year, this will in my view leave risks to the economic outlook more evenly balanced than for some time, including risks to inflation over the medium term,” he added.
The most recent consumer price index showed inflation at 0.7%.
Haldane focused most of his speech on central bank independence and said the blurring of the distinction in some people’s minds between governments and central banks had been reflected partly in a fall in public trust in central banks.
“These developments underscore the crucial importance of efforts to improve public understanding of the economy, financial system and build trust in central banks’ role in supporting both,” he said.


cityam--2020-11-29--HSBC mulls exit from US retail banking

HSBC mulls exit from US retail banking

HSBC is considering a total exit from retail banking in the US after narrowing the options for how to improve performance at its struggling North America business .
Senior management at HSBC aim to present the plan to the bank ’ s board in the coming weeks , as HSBC seeks to move resources from the US and toward a more profitable Asia , the Financial Times reported .
Read more : Got an HSBC account ?
It ’ s time to show your support for the people of Hong Kong According to the FT , managers are likely to @ @ @ @ @ @ @ bank client roster to focus on international clients , particularly those with Asian and Middle Eastern links .
Read more : HSBC to overhaul business model as ultra-low interest rates hit profit The bank is planning a coronavirus-induced overhaul of its business model , seeking to shift its main source of income from interest rate to fee-based businesses .
Europe ’ s biggest lender will also accelerate a sweeping cost-cutting programme , despite reporting better-than-expected results for the third quarter .
In a potentially seismic shift for the banking industry , HSBC also @ @ @ @ @ @ @ current accounts in markets including the UK , where they are currently free .

HSBC mulls exit from US retail banking
HSBC is considering a total exit from retail banking in the US after narrowing the options for how to improve performance at its struggling North America business.
Senior management at HSBC aim to present the plan to the bank’s board in the coming weeks, as HSBC seeks to move resources from the US and toward a more profitable Asia, the Financial Times reported.
According to the FT, managers are likely to also recommend trimming HSBC’s investment bank client roster to focus on international clients, particularly those with Asian and Middle Eastern links.
HSBC declined to comment.
The bank is planning a coronavirus-induced overhaul of its business model, seeking to shift its main source of income from interest rate to fee-based businesses.
Europe’s biggest lender will also accelerate a sweeping cost-cutting programme, despite reporting better-than-expected results for the third quarter.
In a potentially seismic shift for the banking industry, HSBC also suggested that it could start charging for current accounts in markets including the UK, where they are currently free.


cityam--2020-11-29--Philip Green’s Arcadia collapse to push Debenhams to the brink

The imminent collapse of retail group Arcadia will push Debenhams to the brink of liquidation , as potential buyer JD Sports considers backing out of the deal .
JD ’ s board was supposed to decide whether to go through with the Debenhams acquisition by the end of last week , but has had second thoughts after learning that Arcadia is set to appoint administrators as early as this weekend , The Sunday Times reported .
Read more : Philip Green ’ s Arcadia ‘ faces collapse ’ in the coming days JD Sports entered exclusive talks with Debenhams last @ @ @ @ @ @ @ be interested in Debenhams because its website is still one of the most popular shopping destinations , and such a move would allow the sports retailer to snap up cheap space on the high street .
According to The Sunday Times , if JD drops out of the race for Debenhams , the only potential buyer for the business would be House of Fraser owner Mike Ashley .
Ashley was “ frozen out ” of Debenhams sales talks last month , which he was said the be “ furious ” about – the @ @ @ @ @ @ @ Debenhams and lost £150m when the chain was taken over by its lenders last year .
Read more : JD Sports in exclusive talks with Debenhams to buy department store Arcadia , which owns Topshop , Dorothy Perkins and Burton , could appoint administrators as soon as tomorrow .
The firm ’ s administration could put 13,000 jobs at risk .
In a statement last week Arcadia said : “ We are aware of the recent media speculation surrounding the future of Arcadia .
The forced closure of our stores for sustained periods @ @ @ @ @ @ @ has had a material impact on trading across our businesses .
“ As a result , the Arcadia boards have been working on a number of contingency options to secure the future of the Group ’ s brands .
The brands continue to trade and our stores will be opening again in England and ROI as soon as the government Covid-19 restrictions are lifted next week.
” JD Sports and Debenhams have been contacted for comment .

Philip Green’s Arcadia collapse to push Debenhams to the brink
The Debenhams/JD Sports deal could collapse following the reported impending administration of Arcadia.
The imminent collapse of retail group Arcadia will push Debenhams to the brink of liquidation, as potential buyer JD Sports considers backing out of the deal.
JD’s board was supposed to decide whether to go through with the Debenhams acquisition by the end of last week, but has had second thoughts after learning that Arcadia is set to appoint administrators as early as this weekend, The Sunday Times reported.
JD Sports entered exclusive talks with Debenhams last week. JD Sports is said to be interested in Debenhams because its website is still one of the most popular shopping destinations, and such a move would allow the sports retailer to snap up cheap space on the high street.
According to The Sunday Times, if JD drops out of the race for Debenhams, the only potential buyer for the business would be House of Fraser owner Mike Ashley.
Ashley was “frozen out” of Debenhams sales talks last month, which he was said the be “furious” about – the mogul previously owned 30 per cent of Debenhams and lost £150m when the chain was taken over by its lenders last year.
Arcadia, which owns Topshop, Dorothy Perkins and Burton, could appoint administrators as soon as tomorrow. The firm’s administration could put 13,000 jobs at risk.
In a statement last week Arcadia said: “We are aware of the recent media speculation surrounding the future of Arcadia. The forced closure of our stores for sustained periods as a result of the COVID-19 pandemic has had a material impact on trading across our businesses.
“As a result, the Arcadia boards have been working on a number of contingency options to secure the future of the Group’s brands. The brands continue to trade and our stores will be opening again in England and ROI as soon as the government Covid-19 restrictions are lifted next week.”
JD Sports and Debenhams have been contacted for comment.


cityam--2020-11-30--Antony Blinken and the tragedy of America’s foreign policy establishment

I was recently speaking to an DC-insider friend of mine about the appointment of Antony Blinken as America ’ s next secretary of state .
My old colleague — a veteran of my seminal struggles with the neo-conservatives around the time of the Iraq War , a passionate Republican Never-Trumper and card-carrying member of the Washington establishment — summed up the foreign policy blob ’ s reaction to his elevation : “ Thank God we are going back to discussing men who speak in rounded , well-crafted sentences.
” I knew Tony Blinken a little from meetings during my decade @ @ @ @ @ @ @ never close .
Even then , he was a cut above the rest personally .
Well-educated , good-looking , quietly ironical ( and quite funny ) , absorbed in the work at hand , and keenly intelligent , Tony seemed to be in it for the Republic , rather than himself — a rarity in a town built on often unearned self-promotion .
Read more : Joe Biden could favour Ireland travel corridor over London-New York link – reports Even my trusted deputy , whose job was primarily to protect me from the @ @ @ @ @ @ @ was a man we could do business with .
And yet , in just now looking back at these two analyses of Blinken , I can ’ t help but see the standard description of the best of the Wilsonian hawk advisers that have dominated the foreign policy establishment since the time of Kennedy and have caused so much damage .
They too were charismatic , erudite , high minded , fiercely intelligent , and born to rule .
But the historical record of an analyst must never be predicated primarily on whether @ @ @ @ @ @ @ , but on whether they are statesmen .
For JFK ’ s “ Best and Brightest ” also enmeshed the United States in the Vietnam War , an act of supreme folly that caused unending personal and geostrategic tragedy .
This is what ultimately matters , not whether someone is particularly clever at a Washington cocktail party .
And it is on his record where Blinken falls down .
Former secretary of defense Robert Gates , a man who served under both a Republican ( George W. Bush ) and Democratic President ( @ @ @ @ @ @ @ Biden personally , summed him up in his memoirs as a man “ who has been wrong on nearly every major foreign policy and national security issue over the past four decades.
” Read more : Biden set to pick former US Fed chair Janet Yellen as his Treasury Secretary Of course , for the latter portion of this time , Tony Blinken was sitting in the room , serving as the president-elect ’ s primary foreign policy adviser .
Biden and Blinken were catastrophically wrong about the Iraq War ( as were @ @ @ @ @ @ @ Kerry , for that matter ) .
They were wrong about the US remaining endlessly in Afghanistan .
They were wrong about the Obama administration ’ s “ reset ” with Russia .
They were wrong about the disastrous intervention in Libya , which left it a smoldering failed state .
They were wrong about China too , following the blob groupthink over the past two decades in seeing Beijing ’ s rise as fundamentally benign .
The one time Blinken has strayed from his boss , advocating US involvement in the Dantean @ @ @ @ @ @ @ eager to increase American intervention , seemingly having learnt nothing from Iraq .
As Republican senator Josh Hawley of Missouri put it , Blinken “ backed every endless war since the Iraq invasion ” .
Accountability must matter to any great power — with successful statesmen being rewarded and failing ones sent out to pasture — if it is to remain a great power for long .
To put it mildly , if an analyst wanted to join my political risk firm with Blinken ’ s record , I would send them expeditiously @ @ @ @ @ @ @ primarily wrong here is not the man himself ; it is the unreconstructed wrongheaded philosophy of the American foreign policy establishment , a whole misguided way of looking at the world .
As Anatol Lieven and I wrote in Ethical Realism : “ It consists of beliefs that America is both so powerful and so obviously good that it has the ability to spread democracy throughout the world ; that if necessary , this can be achieved through war ; that this mission can be made to advance particular US interests ; and @ @ @ @ @ @ @ by good people all over the world , irrespective of their own political traditions , national allegiances , and national interests.
” As a patriot ( and as someone who thinks he is a good man ) , I wish Tony Blinken nothing but the best in his new job .
But , given the recent record of the US foreign policy establishment of which he is a charter member , I fear for him — and more for the country .
Read more : Love him or hate him , Trump is @ @ @ @ @ @ @ endless wars

Antony Blinken and the tragedy of America’s foreign policy establishment
Does Bliken’s record let him down?
I was recently speaking to an DC-insider friend of mine about the appointment of Antony Blinken as America’s next secretary of state.
My old colleague — a veteran of my seminal struggles with the neo-conservatives around the time of the Iraq War, a passionate Republican Never-Trumper and card-carrying member of the Washington establishment — summed up the foreign policy blob’s reaction to his elevation: “Thank God we are going back to discussing men who speak in rounded, well-crafted sentences.”
I knew Tony Blinken a little from meetings during my decade in Washington, though we were certainly never close. Even then, he was a cut above the rest personally. Well-educated, good-looking, quietly ironical (and quite funny), absorbed in the work at hand, and keenly intelligent, Tony seemed to be in it for the Republic, rather than himself — a rarity in a town built on often unearned self-promotion.
Even my trusted deputy, whose job was primarily to protect me from the vipers of the place, said Tony was a man we could do business with.
And yet, in just now looking back at these two analyses of Blinken, I can’t help but see the standard description of the best of the Wilsonian hawk advisers that have dominated the foreign policy establishment since the time of Kennedy and have caused so much damage. They too were charismatic, erudite, high minded, fiercely intelligent, and born to rule.
But the historical record of an analyst must never be predicated primarily on whether they look the part of the statesman, but on whether they are statesmen. For JFK’s “Best and Brightest” also enmeshed the United States in the Vietnam War, an act of supreme folly that caused unending personal and geostrategic tragedy.
This is what ultimately matters, not whether someone is particularly clever at a Washington cocktail party.
And it is on his record where Blinken falls down.
Former secretary of defense Robert Gates, a man who served under both a Republican (George W. Bush) and Democratic President (Barack Obama), while liking Joe Biden personally, summed him up in his memoirs as a man “who has been wrong on nearly every major foreign policy and national security issue over the past four decades.”
Of course, for the latter portion of this time, Tony Blinken was sitting in the room, serving as the president-elect’s primary foreign policy adviser.
Biden and Blinken were catastrophically wrong about the Iraq War (as were fellow Wilsonian hawks Hillary Clinton and John Kerry, for that matter). They were wrong about the US remaining endlessly in Afghanistan. They were wrong about the Obama administration’s “reset” with Russia. They were wrong about the disastrous intervention in Libya, which left it a smoldering failed state.
They were wrong about China too, following the blob groupthink over the past two decades in seeing Beijing’s rise as fundamentally benign.
The one time Blinken has strayed from his boss, advocating US involvement in the Dantean hell that is Syria, he appeared eager to increase American intervention, seemingly having learnt nothing from Iraq. As Republican senator Josh Hawley of Missouri put it, Blinken “backed every endless war since the Iraq invasion”.
Accountability must matter to any great power — with successful statesmen being rewarded and failing ones sent out to pasture — if it is to remain a great power for long. To put it mildly, if an analyst wanted to join my political risk firm with Blinken’s record, I would send them expeditiously to the door.
What’s primarily wrong here is not the man himself; it is the unreconstructed wrongheaded philosophy of the American foreign policy establishment, a whole misguided way of looking at the world.
As Anatol Lieven and I wrote in Ethical Realism: “It consists of beliefs that America is both so powerful and so obviously good that it has the ability to spread democracy throughout the world; that if necessary, this can be achieved through war; that this mission can be made to advance particular US interests; and that this combination will naturally be supported by good people all over the world, irrespective of their own political traditions, national allegiances, and national interests.”
As a patriot (and as someone who thinks he is a good man), I wish Tony Blinken nothing but the best in his new job. But, given the recent record of the US foreign policy establishment of which he is a charter member, I fear for him — and more for the country.
Main image credit: Getty


cityam--2020-11-30--Today: UK to outline roadmap to removing Huawei equipment from its 5G networks

The UK will today set out its plan to remove all “ high risk ” Huawei equipment from its 5G networks by 2027 .
The government announced earlier this year that it will be illegal to purchase Huawei equipment to use in UK 5G networks from the end of this year .
Read more : Telecoms firms to face hefty fines under new Huawei laws All existing equipment procured from the Chinese telecoms giant will then need to be removed from all 5G networks by 2027 .
Digital secretary Oliver Dowden will later today announce that operators must stop installing @ @ @ @ @ @ @ September 2021 .
The government will also say today that all “ high risk vendors ” will be banned from the UK ’ s 5G networks .
In a statement released yesterday , Dowden said : “ Today I am setting out a clear path for the complete removal of high risk vendors from our 5G networks .
Before the Open newsletter : Start your day with the City View podcast and key market data “ This will be done through new and unprecedented powers to identify and ban telecoms equipment which poses @ @ @ @ @ @ @ The digital secretary is also set to announce a £250m “ diversification strategy ” in a bid to ensure other companies are able to supply 5G equipment .
This will include funding a trial with Japanese telecoms provider NEC and creating a “ National Telecoms Lab ” , which will be “ a secure research facility that will bring together operators , existing and new suppliers , academia and the government to create representative networks in which to research and test new ways of increasing security and interoperability ” .
“ We are @ @ @ @ @ @ @ sure we are never again dependent on a handful of telecoms vendors for the smooth and secure running of our networks , ” Dowden said .
“ Our plans will spark a wave of innovation in the design of our future mobile networks.
” Huawei was banned from the UK , after the US imposed sanctions on the company that will severely affect its supply chain .
Boris Johnson said this development meant it could no longer trust that the company would not undertake surveillance of Britain for the Chinese government , a @ @ @ @

Today: UK to outline roadmap to removing Huawei equipment from its 5G networks
The government announced earlier this year that it will be illegal to purchase Huawei equipment for 5G network infrastructure from the end of this year.
The UK will today set out its plan to remove all “high risk” Huawei equipment from its 5G networks by 2027.
The government announced earlier this year that it will be illegal to purchase Huawei equipment to use in UK 5G networks from the end of this year.
All existing equipment procured from the Chinese telecoms giant will then need to be removed from all 5G networks by 2027.
Digital secretary Oliver Dowden will later today announce that operators must stop installing any Huawei equipment from the end of September 2021.
The government will also say today that all “high risk vendors” will be banned from the UK’s 5G networks.
In a statement released yesterday, Dowden said: “Today I am setting out a clear path for the complete removal of high risk vendors from our 5G networks.
Before the Open newsletter: Start your day with the City View podcast and key market data
“This will be done through new and unprecedented powers to identify and ban telecoms equipment which poses a threat to our national security.”
Diversification strategy
The digital secretary is also set to announce a £250m “diversification strategy” in a bid to ensure other companies are able to supply 5G equipment.
This will include funding a trial with Japanese telecoms provider NEC and creating a “National Telecoms Lab”, which will be “a secure research facility that will bring together operators, existing and new suppliers, academia and the government to create representative networks in which to research and test new ways of increasing security and interoperability”.
“We are also publishing a new strategy to make sure we are never again dependent on a handful of telecoms vendors for the smooth and secure running of our networks,” Dowden said.
“Our plans will spark a wave of innovation in the design of our future mobile networks.”
Huawei was banned from the UK, after the US imposed sanctions on the company that will severely affect its supply chain.
Boris Johnson said this development meant it could no longer trust that the company would not undertake surveillance of Britain for the Chinese government, a claim Huawei denies.