cityam--2020-11-19--Jet2 cagey on next summer after passenger numbers collapse

Travel firm Jet2 said it remained cautious in its outlook for next summer after falling to a pre-tax loss of £119.3m for the first half of the year .
With travel bans and quarantine restrictions in place for much of the six months to 30 September , the package holiday company swung from a £337m profit the year before .
Read more : Jet2 to add more flight capacity despite quarantine regime The firm was forced to ground its planes from mid-March to mid-July due to the coronavirus pandemic , allowing some flights to take place .
But with the @ @ @ @ @ @ @ free travel list , it has flown just 1m passengers this summer , down from 10m the year before .
Jet2 initially tried to focus on popular holiday destinations such as Spain and the Canary Islands , but was soon forced to divert away from these .
Before the Open newsletter : Start your day with the City View podcast and key market data It said that it expected further losses in the second half of the year , which coincides with the traditionally less profitable winter season .
Winter seat capacity is @ @ @ @ @ @ @ levels , Jet2 said .
But , with international travel banned under the current lockdown , it said that its “ ability to fly in the short-term remains uncertain ” .
Although recent announcements that not one but two vaccines have proved effective against the new disease , chairman Philip Meeson said the firm was still cautious over future prospects .
Read more : Jet2 cancels flights to Spanish islands after ‘ contradictory ’ advice He added that current bookings for next summer were close to 2019 ’ s levels already .

Jet2 cagey on next summer after passenger numbers collapse
Jet2
Travel firm Jet2 said it remained cautious in its outlook for next summer after falling to a pre-tax loss of £119.3m for the first half of the year.
With travel bans and quarantine restrictions in place for much of the six months to 30 September, the package holiday company swung from a £337m profit the year before.
The firm was forced to ground its planes from mid-March to mid-July due to the coronavirus pandemic, allowing some flights to take place.
But with the government swiftly knocking countries off its quarantine free travel list, it has flown just 1m passengers this summer, down from 10m the year before.
Jet2 initially tried to focus on popular holiday destinations such as Spain and the Canary Islands, but was soon forced to divert away from these.
Before the Open newsletter: Start your day with the City View podcast and key market data
It said that it expected further losses in the second half of the year, which coincides with the traditionally less profitable winter season.
Winter seat capacity is currently expected to be half of 2019 levels, Jet2 said.
But, with international travel banned under the current lockdown, it said that its “ability to fly in the short-term remains uncertain”.
Although recent announcements that not one but two vaccines have proved effective against the new disease, chairman Philip Meeson said the firm was still cautious over future prospects.
He added that current bookings for next summer were close to 2019’s levels already.


cityam--2020-11-19--Boris Johnson vows to make UK Europe's greatest naval power with new defence spending

Boris Johnson has vowed the UK will return to its place as “ the foremost naval power in Europe ” through a landmark increase in military spending .
Johnson said the country will benefit from a “ renaissance of ship building ” , while also focusing on space-based defence technologies that will “ targets with inexhaustiable lasers ” .
Read more : TODAY : Boris Johnson to unveil largest military spending increase in decades The government will increase defence spending by 10 per cent a year over the next four years , which translates into a £24.1bn rise .
The @ @ @ @ @ @ @ .
Johnson said the spending will go toward beefing up the UK ’ s naval capabilities , while also investing in space technologies of the future .
“ We ’ re going to use our defence spending to restore Britain ’ s position as the foremost naval power in Europe , ” he said .
Before the Open newsletter : Start your day with the City View podcast and key market data “ This will spur a renaissance of British ship building across the UK .
“ In Glasgow and Rosyth , Belfast @ @ @ @ @ @ @ jobs and illuminating the benefits of the union in the white light of the arch welders torch.
” He added : “ Our warships and combat vehicles will carry directed energy weapons , destroying targets with inexhaustible lasers and for them the phrase ‘ out of ammunition ’ will become redundant .
“ Nations are racing to master this new doctrine of warfare and our investment is designed to place Britain among the winners .
”

Boris Johnson vows to make UK Europe’s greatest naval power with new defence spending
LONDON, ENGLAND – NOVEMBER 10: Britain’s Prime Minister Boris Johnson returns to number 10, Downing Street following the weekly Cabinet meeting at the Foreign Office on November 10, 2020 in London, England. (Photo by Leon Neal/Getty Images)
Boris Johnson has vowed the UK will return to its place as “the foremost naval power in Europe” through a landmark increase in military spending.
Johnson said the country will benefit from a “renaissance of ship building”, while also focusing on space-based defence technologies that will destroy “targets with inexhaustiable lasers”.
The government will increase defence spending by 10 per cent a year over the next four years, which translates into a £24.1bn rise.
The current annual defence budget is around £40bn.
Johnson said the spending will go toward beefing up the UK’s naval capabilities, while also investing in space technologies of the future.
“We’re going to use our defence spending to restore Britain’s position as the foremost naval power in Europe,” he said.
“This will spur a renaissance of British ship building across the UK.
“In Glasgow and Rosyth, Belfast, Appledore, and Birkenhead. Guaranteeing jobs and illuminating the benefits of the union in the white light of the arch welders torch.”
He added: “Our warships and combat vehicles will carry directed energy weapons, destroying targets with inexhaustible lasers and for them the phrase ‘out of ammunition’ will become redundant.
“Nations are racing to master this new doctrine of warfare and our investment is designed to place Britain among the winners.”
Johnson also announced the creation of an Artificial Intelligence (AI) agency, a National Cyber Force and a new space force that will aim to launch its first rocket in 2022.
Before the Open newsletter: Start your day with the City View podcast and key market data
It is estimated that the new spending will create up to 10,000 jobs a year annually.
Defence industry body ADS’s chief executive Paul Everitt welcomed the new commitments.
“This investment will boost our national security, help the UK address new and rapidly evolving threats by developing innovative world-class equipment, and support our economic recovery”, he said. “The commitment to key projects will embed high-value design and manufacturing skills in all regions and nations of the UK for decades to come.
“It is important that the procurement regime delivers quickly and in a manner that prioritises UK industrial impact, aiding planning and clarity and helping to build back better.”
Shares in defence giant BAE Systems rose 2.2 per cent on the back of the announcement.
The announcement comes after a decade of funding stagnation for the armed forces and Johnson said today marked the end of “the era of retreat”.
“Reviving our armed forces is one pillar of the government’s ambition to safeguard Britain’s interests and values by strengthening our global influence, and reinforcing our ability to join the United States and our other allies to defend free and open societies,” Johnson said.
“The international situation is now more perilous and intensely competitive than at any time since the Cold War.”
The extra military spending is large victory for defence secretary Ben Wallace at a time where there has been talk of cuts in other areas such as foreign aid.
The UK has spent more than £200bn on its coronavirus response and the annual budget is expected to be at least £350bn – a 12-fold increase from pre-pandemic expectations.
Professor Malcolm Chalmers, deputy director-general at the Royal United Services Institute for Defence and Security Studies (RUSI) think tank, said the announcement was “a remarkable tribute to the persuasive powers of the Ministry of Defence”.
“The Conservative manifesto had committed to an annual real increase of only 0.5 per cent, and even this seemed under threat as the economics of the pandemic and Brexit began to kick in,” he said.
“This will go down well in the new US Administration and with the UK’s Nato allies.”


cityam--2020-11-19--Mike Ashley's Frasers Group increases stake in luxury brand Mulberry

Mike Ashley ’ s Frasers Group has increased its stake in Mulberry , sending the luxury handbag firm ’ s share price up more than eight per cent this morning .
Frasers Group , which was formerly known as Sports Direct , has upped its stake in the designer brand to 36.82 per cent .
Read more : Retail tycoon Mike Ashley ‘ furious ’ after being ‘ frozen out ’ of Debenhams sale The group , which also owns House of Fraser , Jack Wills and Flannels as well as Sports Direct , first took a stake in Mulberry @ @ @ @ @ @ @ its holding to around 29 per cent earlier this month .
A stake of more than 30 per cent would usually require the retailer to make an offer to buy the whole company , under takeover panel rules .
However , as Challice , which is owned by Singaporean billionaire Christina Ong , currently holds around 56 per cent of Mulberry ’ s issued share capital , Frasers Group has been granted a dispensation by the panel .
Frasers Group said it will reserve its right to make a voluntary offer for the @ @ @ @ @ @ @ December .
Ashley , who founded budget sportswear retailer Sports Direct in 1982 , has been on an acquisition spree over the past few years to strengthen his company ’ s portfolio of high street stores .
Read more : Frasers Group launches charm offensive to boost reputation over treatment of staff He bought the beleaguered department store House of Fraser out of administration in 2018 , declaring it would be transformed into the “ Harrods of the high street ” .
The company has been targeting a higher-end reputation for some time @ @ @ @ @ @ @ retailer Flannels in 2017 and ditched its Sports Direct name in favour of Frasers Group last year .

Mike Ashley’s Frasers Group increases stake in luxury brand Mulberry
Mike Ashley’s Frasers Group has increased its stake in Mulberry, sending the luxury handbag firm’s share price up more than eight per cent this morning.
Frasers Group, which was formerly known as Sports Direct, has upped its stake in the designer brand to 36.82 per cent.
The group, which also owns House of Fraser, Jack Wills and Flannels as well as Sports Direct, first took a stake in Mulberry in February this year.
It doubled its holding to around 29 per cent earlier this month.
A stake of more than 30 per cent would usually require the retailer to make an offer to buy the whole company, under takeover panel rules.
However, as Challice, which is owned by Singaporean billionaire Christina Ong, currently holds around 56 per cent of Mulberry’s issued share capital, Frasers Group has been granted a dispensation by the panel.
Frasers Group said it will reserve its right to make a voluntary offer for the company, with a deadline of 17 December.
Ashley, who founded budget sportswear retailer Sports Direct in 1982, has been on an acquisition spree over the past few years to strengthen his company’s portfolio of high street stores.
He bought the beleaguered department store House of Fraser out of administration in 2018, declaring it would be transformed into the “Harrods of the high street”.
The company has been targeting a higher-end reputation for some time, having taken full control of luxury retailer Flannels in 2017 and ditched its Sports Direct name in favour of Frasers Group last year.


cityam--2020-11-19--Charles Stanley profits sink as FUM weighs down revenue

Wealth manager Charles Stanley reported a 27.5 per cent decline in profit as funds under management dragged revenues lower .
The London-listed firm reported revenues fell 4.1 per cent to £81.9m in the first half of the year , reflecting the impact of the pandemic on funds under management and administration ( FUMA ) and lower interest rates .
It was also hit with a 66 per cent increase in its Financial Services Compensation Scheme levy to £3.5m .
IT costs were £1.5m higher in the first half but Charles Stanley said this will be offset by reduced employment costs @ @ @ @ @ @ @ Stanley ’ s FUMA averaged £22.1bn , 9.4 per cent lower than in the same period last year , although it picked back up to £22.8bn by the end of the period .
It said it had written off £700,000 from its 2019 Myddleton Croft acquisition due to the fall in FUMA .
Its investment management services arm generated revenues of £72.9m , down slightly from £77m , while Charles Stanley Direct , its online service , maintained revenues at £4.5m .
The wealth manager ’ s financial planning service remained loss-making but @ @ @ @ @ @ @ £4.5m , which helped to offset the fall in investment fees .
Chief executive Paul Abberley said : “ These are resilient results in the face of the exceptionally difficult trading conditions caused by the COVID-19 pandemic , with revenue and profits at encouraging levels.
” “ Against this background the low interest rate environment , augmented by central bank asset purchases , should help ensure moderate investment returns in the months ahead.
” Despite the circumstances Charles Stanley said it is “ well-positioned to maintain the ongoing economic uncertainties ” and has @ @ @ @ @ @ @ payout .
Shares are trading up 4.5 per cent .

Charles Stanley profits sink as FUM weighs down revenue
Responsible investing is not a bubble ready to burst. It is an economic and societal transition – a revolution, writes Saker Nusseibeh
Wealth manager Charles Stanley reported a 27.5 per cent decline in profit as funds under management dragged revenues lower.
The London-listed firm reported revenues fell 4.1 per cent to £81.9m in the first half of the year, reflecting the impact of the pandemic on funds under management and administration (FUMA) and lower interest rates.
It was also hit with a 66 per cent increase in its Financial Services Compensation Scheme levy to £3.5m. IT costs were £1.5m higher in the first half but Charles Stanley said this will be offset by reduced employment costs from the second half onwards.
Charles Stanley’s FUMA averaged £22.1bn, 9.4 per cent lower than in the same period last year, although it picked back up to £22.8bn by the end of the period.
It said it had written off £700,000 from its 2019 Myddleton Croft acquisition due to the fall in FUMA.
Its investment management services arm generated revenues of £72.9m, down slightly from £77m, while Charles Stanley Direct, its online service, maintained revenues at £4.5m.
The wealth manager’s financial planning service remained loss-making but increased revenue by 15.4 per cent to £4.5m, which helped to offset the fall in investment fees.
Chief executive Paul Abberley said: “These are resilient results in the face of the exceptionally difficult trading conditions caused by the COVID-19 pandemic, with revenue and profits at encouraging levels.”
“Against this background the low interest rate environment, augmented by central bank asset purchases, should help ensure moderate investment returns in the months ahead.”
Despite the circumstances Charles Stanley said it is “well-positioned to maintain the ongoing economic uncertainties” and has maintained its three pence per share dividend payout.
Shares are trading up 4.5 per cent.


And Breathe...

Bitcoin traded a touch softer , although there was also plenty of dip buying interest .
In the early European trade , Bitcoin was trading in the mid- $ 17,000 area .
The growth in the open interest ( OI ) has abated somewhat , where stablecoin margined venues have gained market share relative to Bitcoin margined venues .
That being said , the volume surged close to $ 60bln , with Huobi accounting for $ 13bln and Binance $ 16bln .
Elsewhere , JPMorgan Chase CEO Jamie Dimon said blockchain will have a pivotal role in the future of @ @ @ @ @ @ @ cryptocurrency that made blockchain famous , is not his “ cup of tea.
” Speaking at the New York Times ’ DealBook Conference Wednesday , Dimon reiterated JPMorgan ’ s support for blockchain technology as a potentially transformative financial mechanism .
Of note , OKB , the in-house token for crypto exchange OKEx , rallied more than 13 % Wednesday on rumors that the firm ’ s founder , Mingxing “ Star ” Xu , had been released from police custody .
After more than a month of zero completed withdrawals , Xu @ @ @ @ @ @ @ return to normal for the exchange .
OKB ’ s primary uses are for discounts on trading fees and collateral for margin trading at OKEx , so its utility depends on the exchange ’ s viability .
Crypto AM : Market View in association with Ziglu Crypto AM : Technically Speaking in association with with Zumo Crypto AM : Talking Legal in association with INX Crypto AM shines its Spotlight on ByteTree Asset Management

Crypto AM Daily in association with BEQUANT

And Breathe…
Plenty for Everyone
Bitcoin traded a touch softer, although there was also plenty of dip buying interest. In the early European trade, Bitcoin was trading in the mid-$17,000 area. The growth in the open interest (OI) has abated somewhat, where stablecoin margined venues have gained market share relative to Bitcoin margined venues. That being said, the volume surged close to $60bln, with Huobi accounting for $13bln and Binance $16bln.
In the Markets
Future of Finance
Elsewhere, JPMorgan Chase CEO Jamie Dimon said blockchain will have a pivotal role in the future of finance even if bitcoin, the market-leading cryptocurrency that made blockchain famous, is not his “cup of tea.” Speaking at the New York Times’ DealBook Conference Wednesday, Dimon reiterated JPMorgan’s support for blockchain technology as a potentially transformative financial mechanism.
Time for a rally?
Of note, OKB, the in-house token for crypto exchange OKEx, rallied more than 13% Wednesday on rumors that the firm’s founder, Mingxing “Star” Xu, had been released from police custody.
After more than a month of zero completed withdrawals, Xu’s rumored release could mean a return to normal for the exchange. OKB’s primary uses are for discounts on trading fees and collateral for margin trading at OKEx, so its utility depends on the exchange’s viability.
Crypto AM: Longer Reads
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with with Zumo
Crypto AM: Talking Legal in association with INX
Crypto AM: Inside Blockchain with Troy Norcross
Crypto AM: Definitively DeFi
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM shines its Spotlight on ByteTree Asset Management


cityam--2020-11-19--Government to set out post-lockdown plan next week

The government will set out a plan for exiting England ’ s month-long lockdown next week , the Prime Minister ’ s spokesperson has said .
Boris Johnson has repeatedly vowed the country will return to a “ regional tiered approach ” when lockdown restrictions are due to expire on 2 December .
Read more : Christmas relaxation of restrictions will likely spell January lockdown However , head of Public Health England Dr Susan Hopkins earlier this week suggested the three-tier system may need to be strengthened to stamp out a rise in infections .
Hopkins ’ comments drew concern @ @ @ @ @ @ @ beyond the month-long window announced by the PM on 31 October .
“ We ’ ll set out any details next week in terms of what happens post 2 December , ” the PM ’ s official spokeperson said .
“ It has been the Prime Minister ’ s ambition to [ move to regional restrictions ] on 2 December , ” they added .
It comes after Public Health England last night U-turned on comments made by Hopkins at yesterday ’ s coronavirus briefing .
Hopkins initially told the Downing Street meeting @ @ @ @ @ @ @ every day that we release [ measures ] we will need two days of tighter restrictions ” .
However , a spokesperson for Public Health England later clarified that Hopkins had misspoken , and that “ for every one day of relaxation , five days of tighter restrictions would potentially be needed.
” The clarification stoked speculation that a five-day lifting of the rules over the Christmas period could see England back in lockdown for the whole of January .
“ I think once we have got past the Christmas period if there @ @ @ @ @ @ @ we will all have to be very responsible and reduce those contacts again , ” Hopkins added .
It comes after the UK ’ s top health officials last week set out the priority list for vaccination against coronavirus , following promising results from both Moderna and Pfizer ’ s vaccine candidates .
Downing Street has urged cautious optimism over the vaccine results , suggesting that they could spell the end to nationwide restrictions next year .
Professor Wei Shen Lim , chair of the committee , said the first phase of vaccine @ @ @ @ @ @ @ individuals in society , specifically people who are most likely to die from severe Covid-19 infection ” .
Interim current recommendations place care home residents and care home workers at the top of the priority list , followed by older age groups from 80-plus-year-olds , going down to 60-plus-year-olds , Professor Lim said .
“ Then adults with underlying health conditions , then 50-plus-year-olds , going down the age bands .
”

Government to set out post-lockdown plan next week
The government will set out a plan for exiting England’s month-long lockdown next week, the Prime Minister’s spokesperson has said.
Boris Johnson has repeatedly vowed the country will return to a “regional tiered approach” when lockdown restrictions are due to expire on 2 December.
However, head of Public Health England Dr Susan Hopkins earlier this week suggested the three-tier system may need to be strengthened to stamp out a rise in infections.
Hopkins’ comments drew concern that some areas may remain under lockdown beyond the month-long window announced by the PM on 31 October.
“We’ll set out any details next week in terms of what happens post 2 December,” the PM’s official spokeperson said.
“It has been the Prime Minister’s ambition to [move to regional restrictions] on 2 December,” they added.
It comes after Public Health England last night U-turned on comments made by Hopkins at yesterday’s coronavirus briefing.
Hopkins initially told the Downing Street meeting that advice from Sage showed “for every day that we release [measures] we will need two days of tighter restrictions”.
However, a spokesperson for Public Health England later clarified that Hopkins had misspoken, and that “for every one day of relaxation, five days of tighter restrictions would potentially be needed.”
The clarification stoked speculation that a five-day lifting of the rules over the Christmas period could see England back in lockdown for the whole of January.
“I think once we have got past the Christmas period if there has been a release and some socialisation we will all have to be very responsible and reduce those contacts again,” Hopkins added.
It comes after the UK’s top health officials last week set out the priority list for vaccination against coronavirus, following promising results from both Moderna and Pfizer’s vaccine candidates.
Downing Street has urged cautious optimism over the vaccine results, suggesting that they could spell the end to nationwide restrictions next year.
Professor Wei Shen Lim, chair of the committee, said the first phase of vaccine rollout would “prioritise the most vulnerable individuals in society, specifically people who are most likely to die from severe Covid-19 infection”.
Read more: Spending watchdog criticises government over £18bn Covid contracts
Interim current recommendations place care home residents and care home workers at the top of the priority list, followed by older age groups from 80-plus-year-olds, going down to 60-plus-year-olds, Professor Lim said.
“Then adults with underlying health conditions, then 50-plus-year-olds, going down the age bands.”


cityam--2020-11-19--FTSE 100 slides after vaccine sugar-rush

The FTSE 100 dropped as worries about rising coronavirus cases and longer-than-expected lockdowns knocked the index after positive vaccine news drove it higher yesterday .
London ’ s main stock index fell 0.9 per cent to 6,327 points as midday approached .
The FTSE 250 of slightly smaller firms fell 0.6 per cent .
Read more : Pfizer-Biontech coronavirus vaccine now 95 per cent effective Upbeat results from Moderna and Pfizer ’ s vaccine trials has sent the FTSE soaring so far this month .
Yesterday , Pfizer and Biontech released new results suggesting their vaccine is 95 per cent @ @ @ @ @ @ @ are increasingly aware that the shots may not be available early enough to spare economies more pain this winter .
European stocks also dipped this morning , with Germany ’ s Dax fell 0.9 per cent and France ’ s CAC 40 moved 0.8 per cent lower .
The continent-wide Stoxx 600 was also down 0.7 per cent .
US stocks were set to open slightly lower after Asian stocks had a mixed session overnight .
“ There are definitely some fears that the lack of progress on a new stimulus aid package @ @ @ @ @ @ @ pressure on corporates and earnings before the vaccines do their stuff , ” said Neil Wilson , chief market analyst at Markets.com “ Meanwhile the virus is showing no signs of slowing down in its spread – New York now closing schools.
” The dollar rose 0.2 per cent against a basket of other currencies .
That suggested investors are looking for safe assets .
US government bond prices also rose .
Charalambos Pissouros , senior market analyst at JFD Group , said : “ The Covid era is not behind us yet @ @ @ @ @ @ @ months of rising infections and economic slowdown .
However , the upbeat developments with regards to the vaccine suggest that the end of this crisis is approaching.
” Read more : Pfizer chief insists company did not delay vaccine results until after US election On the FTSE 100 , stocks exposed to the economic cycle dipped .
Financial groups , energy firms and travel companies were the biggest fallers .
Chris Beauchamp , chief market analyst at IG , said : “ Virus fears have hit an overextended global stock market this morning @ @ @ @ @ @ @ pointing towards a weaker start in the US .
”

FTSE 100 and global stocks fall after vaccine sugar-rush
The FTSE 100 and global stocks dropped as worries about rising coronavirus cases and longer-than-expected lockdowns knocked the index after positive vaccine news drove it higher yesterday.
London’s main stock index fell 0.9 per cent to 6,327 points by mid-afternoon. The FTSE 250 of slightly smaller firms also fell 0.9 per cent.
In the US, stocks were mixed as jobless claims unexpectedly rose amid soaring coronavirus cases.
Upbeat results from Moderna and Pfizer’s vaccine trials has sent the FTSE and other global stock markets soaring so far this month. Yesterday, Pfizer and Biontech released new results suggesting their vaccine is 95 per cent effective, cheering markets.
But investors are increasingly aware that the shots may not be available early enough to spare economies more pain this winter.
European stocks also dipped this morning, with Germany’s Dax fell 0.7 per cent and France’s CAC 40 moved 0.6 per cent lower. The continent-wide Stoxx 600 was down 0.7 per cent.
Wall Street’s S&P 500 slipped 0.4 per cent while the Dow Jones dipped 0.6 per cent. The tech-heavy Nasdaq rose 0.2 per cent, however.
The moves came after figures showed that claims for US unemployment benefits rose unexpectedly last week. Investors took it as a signal that the economy was in for a tough winter.
“There are definitely some fears that the lack of progress on a new stimulus aid package in the US is going to put pressure on corporates and earnings before the vaccines do their stuff,” said Neil Wilson, chief market analyst at Markets.com
“Meanwhile the virus is showing no signs of slowing down in its spread – New York now closing schools.”
Financials and industrials weigh on FTSE 100
The dollar rose 0.3 per cent against a basket of other currencies. That suggested investors are looking for safe assets. US government bond prices also rose.
Charalambos Pissouros, senior market analyst at JFD Group, said: “The Covid era is not behind us yet.
“We may experience several more months of rising infections and economic slowdown. However, the upbeat developments with regards to the vaccine suggest that the end of this crisis is approaching.”
On the FTSE 100, stocks exposed to the economic cycle dipped. Financial groups, energy firms and travel companies were the biggest fallers.
Chris Beauchamp, chief market analyst at IG, said: “Virus fears have hit an overextended global stock market this morning, knocking European equities sharply lower and pointing towards a weaker start in the US.”


cityam--2020-11-19--B&Q owner Kingfisher expects £175m profit boost due to Covid-19 support and cost savings

B & Q owner Kingfisher expects to report an extra £175m profit for the year due to temporary cost savings , including government Covid-19 support measures .
The London-listed DIY firm said today that sales soared 17.6 per cent to £3.5bn in the third quarter due to a surge in people beginning home improvement projects during the pandemic .
Read more : Kingfisher profit jumps as online sales rise during lockdown Kingfisher returned the £23m it claimed under the government ’ s furlough scheme while its stores were closed during the first UK lockdown .
However it said other support @ @ @ @ @ @ @ a £175m profit before tax boost for the year .
The company has benefited from £110m of business rates relief during the year .
Meanwhile , Covid-related costs are expected to reach £45m , up £5m from previous guidance .
Kingfisher , which also owns Screwfix , said its third quarter performance was “ reassuring ” but warned over continued coronavirus uncertainty and the impact of temporary lockdown restrictions .
However it said the “ renewed focus on homes is supportive ” for its markets , as lockdowns have prompted more people to @ @ @ @ @ @ @ brand had boomed during lockdown , but recent vaccine research breakthroughs could mean it will struggle to replicate the success when normality resumes .
Julie Palmer , partner at restructuring firm Begbies Traynor said : “ Kingfisher is one of the winners of lockdown and the series of restrictions that have left people largely confined to their homes .
“ As people spent more time staying in and less money going out many started making home renovations .
“ This resulted in a boom for both Screwfix and its long suffering sister-brand B @ @ @ @ @ @ @ news about a vaccine Kingfisher is in the odd position of having to discover how it replicates its lockdown performance.
” Richard Hunter , head of markets at Interactive Investor , said : “ There is a strong potential for pent-up demand in consumers choosing to travel again , rather than funnel time and money towards home improvements .
“ At the same time , while the home working environment could be here to stay in a limited capacity , there will be some form of a return to the office which will @ @ @ @ @ @ @ of Kingfisher .
“ Even so , the company is clearly making hay while the sun shines and has been able to capitalise on the current environment .
”

B&Q owner Kingfisher expects £175m profit boost due to Covid-19 support and cost savings
Wickes and rival Kingfisher, which runs B&Q and Screwfix, have indicated sales and profits have weakened over the past year, as they also saw DIY demand from locked-down customers start to soften
B&Q owner Kingfisher expects to report an extra £175m profit for the year due to temporary cost savings, including government Covid-19 support measures.
The London-listed DIY firm said today that sales soared 17.6 per cent to £3.5bn in the third quarter due to a surge in people beginning home improvement projects during the pandemic.
Kingfisher returned the £23m it claimed under the government’s furlough scheme while its stores were closed during the first UK lockdown.
However it said other support measures and cost savings would result in a £175m profit before tax boost for the year.
The company has benefited from £110m of business rates relief during the year.
Meanwhile, Covid-related costs are expected to reach £45m, up £5m from previous guidance.
Kingfisher, which also owns Screwfix, said its third quarter performance was “reassuring” but warned over continued coronavirus uncertainty and the impact of temporary lockdown restrictions.
However it said the “renewed focus on homes is supportive” for its markets, as lockdowns have prompted more people to tackle DIY projects.
Analysts said the brand had boomed during lockdown, but recent vaccine research breakthroughs could mean it will struggle to replicate the success when normality resumes.
Julie Palmer, partner at restructuring firm Begbies Traynor said: “Kingfisher is one of the winners of lockdown and the series of restrictions that have left people largely confined to their homes.
“As people spent more time staying in and less money going out many started making home renovations.
“This resulted in a boom for both Screwfix and its long suffering sister-brand B&Q. But with increasingly positive news about a vaccine Kingfisher is in the odd position of having to discover how it replicates its lockdown performance.”
Richard Hunter, head of markets at Interactive Investor, said: “There is a strong potential for pent-up demand in consumers choosing to travel again, rather than funnel time and money towards home improvements.
“At the same time, while the home working environment could be here to stay in a limited capacity, there will be some form of a return to the office which will again impact future prospects for the likes of Kingfisher.
“Even so, the company is clearly making hay while the sun shines and has been able to capitalise on the current environment.”


cityam--2020-11-19--UK manufacturing orders drop as near-term outlook darkens

Britain ’ s manufacturers suffered a fall in orders in November as governments tightened coronavirus restrictions in a bid to halt the rapid spread of coronavirus , a survey has shown .
The CBI ’ s monthly measure of manufacturing order books fell to a score of minus 40 in November .
It had picked up sharply to minus 34 in October , although that was still well below the long-run average of minus 14 .
Read more : One in seven UK companies at risk of collapse as recovery slows Anna Leach , CBI Deputy Chief Economist , said @ @ @ @ @ @ @ as global demand has been hit by intensified lockdowns , and manufacturers have trimmed their expectations .
“ Key to stabilising trading conditions for manufacturing firms will be getting the pandemic under control through further investment in mass testing.
” The overall measure of output improved in November , the CBI said .
But businesses in the manufacturing sector became more gloomy about the next three months .
Output expectations dropped sharply .
It comes with England entering its third week of lockdown .
Countries around the world have also put in place @ @ @ @ @ @ @ vaccines in recent weeks have cheered financial markets .
But companies remain worried about the rest of the winter .
Read more : Christmas relaxation of restrictions will likely spell January lockdown Chancellor Rishi Sunak has extended economic support , including the wage subsidy “ furlough ” scheme .
Leach said the extension is “ very welcome ” .
Nonetheless , Tom Crotty , group director at Ineos , said : “ Manufacturers up and down the country are continuing to face very difficult circumstances as we move into the winter .
”

UK manufacturing orders drop as near-term outlook darkens
UK factories are feeling the pain of fresh coronavirus restrictions in the UK and around the world
Britain’s manufacturers suffered a fall in orders in November as governments tightened coronavirus restrictions in a bid to halt the rapid spread of coronavirus, a survey has shown.
The CBI’s monthly measure of manufacturing order books fell to a score of minus 40 in November. It had picked up sharply to minus 34 in October, although that was still well below the long-run average of minus 14.
Anna Leach, CBI Deputy Chief Economist, said: “Order books have softened again as global demand has been hit by intensified lockdowns, and manufacturers have trimmed their expectations.
“Key to stabilising trading conditions for manufacturing firms will be getting the pandemic under control through further investment in mass testing.”
Manufacturing firms’ pessimism grows
The overall measure of output improved in November, the CBI said. But businesses in the manufacturing sector became more gloomy about the next three months. Output expectations dropped sharply.
It comes with England entering its third week of lockdown. Countries around the world have also put in place new Covid restrictions.
Positive news about vaccines in recent weeks have cheered financial markets. But companies remain worried about the rest of the winter.
Chancellor Rishi Sunak has extended economic support, including the wage subsidy “furlough” scheme. Leach said the extension is “very welcome”.
Nonetheless, Tom Crotty, group director at Ineos, said: “Manufacturers up and down the country are continuing to face very difficult circumstances as we move into the winter.”


cityam--2020-11-19--UK competition watchdog launches probe into O2-Virgin Media merger

The UK competition watchdog has opened an investigation into the planned £31bn mega-merger between O2 and Virgin Media after the deal was referred from the EU .
The Competition and Markets Authority ( CMA ) last month requested to take over the case , arguing the potential impact on competition would primarily affect the UK market .
The watchdog has now launched a phase one investigation into the tie-up between parent companies Telefonica and Liberty Global after the European Commission granted the referral .
“ We welcome the European Commission ’ s decision to transfer the proposed deal between Virgin @ @ @ @ @ @ @ , ” said CMA chief executive Andrea Coscelli .
“ These are incredibly important UK markets that continue to evolve , and the deal needs to be carefully reviewed to make sure that consumers are protected.
” Virgin and O2 have asked the watchdog to fast-track its investigation to the in-depth phase two stage .
Companies are allowed to request this when it is clear from an early stage that the deal requires closer scrutiny .
The CMA said it expects to accept this request unless it receives any valid objections .
The @ @ @ @ @ @ @ merger could harm competition in the telecoms sector – particularly in the retail and wholesale mobile markets .
The transaction originally fell under the remit of the EU to review , but the CMA argued the deal was more relevant to the UK , adding that any effect would only be felt once the Brexit transition period had ended .
The CMA is now inviting views by 26 November on how the deal could impact competition .
“ We have been in close contact with the CMA and Ofcom throughout this process and @ @ @ @ @ @ @ , ” Telefonica and Liberty said in a joint statement .
“ Our view remains that this transaction is pro-competitive and we continue to expect closing around the middle of next year .
”

UK competition watchdog launches probe into O2-Virgin Media merger
O2 and Virgin Media have announced plans for a £31bn mega-merger which has since been referred to the CMA.
The UK competition watchdog has opened an investigation into the planned £31bn mega-merger between O2 and Virgin Media after the deal was referred from the EU.
The Competition and Markets Authority (CMA) last month requested to take over the case, arguing the potential impact on competition would primarily affect the UK market.
The watchdog has now launched a phase one investigation into the tie-up between parent companies Telefonica and Liberty Global after the European Commission granted the referral.
“We welcome the European Commission’s decision to transfer the proposed deal between Virgin and O2 to the CMA for investigation,” said CMA chief executive Andrea Coscelli.
“These are incredibly important UK markets that continue to evolve, and the deal needs to be carefully reviewed to make sure that consumers are protected.”
Virgin and O2 have asked the watchdog to fast-track its investigation to the in-depth phase two stage. Companies are allowed to request this when it is clear from an early stage that the deal requires closer scrutiny.
The CMA said it expects to accept this request unless it receives any valid objections.
The regulator has previously outlined concerns that the merger could harm competition in the telecoms sector – particularly in the retail and wholesale mobile markets.
The transaction originally fell under the remit of the EU to review, but the CMA argued the deal was more relevant to the UK, adding that any effect would only be felt once the Brexit transition period had ended.
The CMA is now inviting views by 26 November on how the deal could impact competition.
“We have been in close contact with the CMA and Ofcom throughout this process and are confident the transition will be seamless,” Telefonica and Liberty said in a joint statement.
“Our view remains that this transaction is pro-competitive and we continue to expect closing around the middle of next year.”


cityam--2020-11-20--Radio listening surges in second lockdown as Brits work from home

Radio listening was given a fresh boost during the second coronavirus lockdown this month as Brits went back to working at home .
More than a third of commercial radio listeners are tuning in for an extra one hour and 53 minutes per day in November , compared to the period before the first lockdown in April .
Read more : Graham Norton to join Virgin Radio after BBC exit The UK ’ s commercial radio stations attracted record audiences even before lockdown measures came into force in March , with listening time leaping even further in April .
The @ @ @ @ @ @ @ Radiocentre , shows slightly fewer people increased their listening in November compared to April , suggesting Brits may be less confined to their homes during the second lockdown .
Unsurprisingly , the figures showed the biggest increase in radio listening was among Brits who have been forced to work from home during the pandemic .
Roughly 40 per cent of this demographic tuned in for more than two extra hours per day this month .
The report also identified an increase in listening among people who had returned to work over the summer @ @ @ @ @ @ @ from home or been placed on furlough during the second lockdown .
“ With the UK in various stages of lockdown again , our research shows that people are spending more time listening to commercial radio .
This backs up reports from commercial radio stations of a double digit increase in listening since before the lockdown , ” said Siobhan Kenny , chief executive of Radiocentre .
“ Radio helps listeners stay connected which is especially important during lockdown .
We are all finding our own ways to cope during the pandemic , @ @ @ @ @ @ @ is proving such a consistent source of comfort and trusted news to so many.
” The UK ’ s commercial radio sector has enjoyed a rise in listener numbers in recent years , with online listening , podcasts and the rise of smart speakers all contributing to renewed interest .
But while audiences have been further boosted by the pandemic , the commercial radio sector has also been battling a downturn in advertising revenue as brands tighten the purse strings .
Read more : Bauer to shutter dozens of radio brands in restructuring @ @ @ @ @ @ @ ’ attention , rival media groups have been ramping up their investment in radio as they look to take on the traditional might of the BBC .
This week News UK ’ s Virgin Radio announced it had tapped Graham Norton for a flagship weekend show after the presenter stepped down from his role at Radio 2 .

Radio listening surges in second lockdown as Brits work from home
Commercial radio stations have enjoyed increased listening during the pandemic
Radio listening was given a fresh boost during the second coronavirus lockdown this month as Brits went back to working at home.
More than a third of commercial radio listeners are tuning in for an extra one hour and 53 minutes per day in November, compared to the period before the first lockdown in April.
The UK’s commercial radio stations attracted record audiences even before lockdown measures came into force in March, with listening time leaping even further in April.
The latest data, compiled by industry body Radiocentre, shows slightly fewer people increased their listening in November compared to April, suggesting Brits may be less confined to their homes during the second lockdown.
Unsurprisingly, the figures showed the biggest increase in radio listening was among Brits who have been forced to work from home during the pandemic. Roughly 40 per cent of this demographic tuned in for more than two extra hours per day this month.
The report also identified an increase in listening among people who had returned to work over the summer, but have gone back to working from home or been placed on furlough during the second lockdown.
“With the UK in various stages of lockdown again, our research shows that people are spending more time listening to commercial radio. This backs up reports from commercial radio stations of a double digit increase in listening since before the lockdown,” said Siobhan Kenny, chief executive of Radiocentre.
“Radio helps listeners stay connected which is especially important during lockdown. We are all finding our own ways to cope during the pandemic, and it’s great that radio is proving such a consistent source of comfort and trusted news to so many.”
The UK’s commercial radio sector has enjoyed a rise in listener numbers in recent years, with online listening, podcasts and the rise of smart speakers all contributing to renewed interest.
But while audiences have been further boosted by the pandemic, the commercial radio sector has also been battling a downturn in advertising revenue as brands tighten the purse strings.
With competition growing to capture listeners’ attention, rival media groups have been ramping up their investment in radio as they look to take on the traditional might of the BBC.
This week News UK’s Virgin Radio announced it had tapped Graham Norton for a flagship weekend show after the presenter stepped down from his role at Radio 2.


cityam--2020-11-20--The Mandalorian season 2 episode 4 review: S2E4 feels like classic Star Wars

*** SPOILERS AHEAD : If you haven ’ t watched the most recent episodes of The Mandalorian Season 2 , look away now*** In last week ’ s chapter , The Heiress , we were introduced to new characters who are likely to play a big role in this season at some point .
This week , we go back to a relatively self-contained adventure , however Mando ’ s allies are a more familiar bunch .
Read more : Why virtual clubbing could lift your lockdown blues With the repairs on his ship not quite as extensive as he @ @ @ @ @ @ @ Pedro Pascal ) and The Child make a stop on Navarro , a planet that was the setting for the first season ’ s finale .
There , they meet up with Greef Karga ( Carl Weathers ) and Cara Dune ( Gina Carano ) , who have cleaned up the planet into something more civilised .
While the ship is being repaired , they ask Mando to help them on a job : taking out a sparsely manned Imperial base , the last real threat to Navarro ’ s safety .
Like @ @ @ @ @ @ @ “ get in , overload the reactor , get the hell out of there ” .
However , as always , not everything goes to plan .
If last week was a treat for lovers of the animated series , this feels like fan service for The Old School .
There are echoes of A New Hope throughout this episode , from the mission itself to the thrilling final moments .
If there ’ s one thing The Mandalorian does better than any other Star Wars media , it ’ s the ability @ @ @ @ @ @ @ Trilogy .
It ’ s also nice to catch up with Karga and Dune .
Weathers is entertaining as ever with his booming bravado , and Carano ’ s character is always an effective ally for our hero , even the actor ’ s recent off-screen activity has made her a problematic watch for some .
Despite only seeing them four episodes ago , there ’ s a sense of getting The Gang back together to go on an action-packed side quest .
Once we get to the base , it ’ s @ @ @ @ @ @ @ possible .
Weathers directs this episode , drawing on his career as an 80s action star to bring a cavalcade of explosions and quips .
It ’ s impressive work , and we certainly wouldn ’ t mind having him in the director ’ s chair for more episodes .
Alongside our tough trio is Mithrol ( Horatio Sanz ) , The Mandalorian ’ s bounty from the very first episode .
He ’ s now working off his debt as an accountant for Karga , and provides a welcome sprinkling of humour @ @ @ @ @ @ @ shooting , our heroes do indeed get in , overload the reactor , and get the hell out there .
Karga and Dune ’ s escape , chased by TIE Fighters , is the cherry of top of an episode that feels like classic Star Wars in every way .
That ’ s not to say there aren ’ t larger questions answered .
Once in the base , they discover that it is in fact some kind of lab , and uncover a log from Dr. Pershing ( Omid Abtahi ) .
@ @ @ @ @ @ @ ’ s Client in the first series , explains that the base is used for some kind of experiment , involving blood taken from The Child .
Learning that Moff Gideon ( Giancarlo Esposito ) is alive , The Mandalorian realises time is against him and makes a quick departure to avoid detection .
The trouble is , Gideon knows exactly where they are .
The final scene reveals that the villain has attached a tracking device to Mando ’ s ship , meaning that their next stop is likely to stage another @ @ @ @ @ @ @ gasp moment that promises less patient viewers that something big is on the way .
As for Baby Yoda , there ’ s not a lot for The Child to do in this episode other than be adorable .
After a comedy mishap with some faulty wiring , he ’ s parked in a Navarro classroom where we see his first use of The Force this season , to prize some food from the hands of a classmate .
It ’ s not spectacular , but as always it is adorable .
Read @ @ @ @ @ @ @ This £139,000 hybrid coupe is here to change that This episode might be frustrating for some , particularly if you were expecting Clone Wars favourite Ahsoka Tano to make her appearance this week .
However , showrunner Jon Favreau and his collaborators understand that Star Wars isn ’ t about the destination .
It ’ s about hanging out in catinas , meeting alien smugglers , or blowing up a big base full of Stormtroopers .
We suspect there are more densely plotted episodes to come from the second half of this season @ @ @ @ @ @ @ we ’ re likely to remember mostly fondly .
New episodes of The Mandalorian Season 2 are available every Friday on Disney+

The Mandalorian season 2 episode 4 review: S2E4 feels like classic Star Wars
Baby Yoda in The Mandalorian S2E4
*** SPOILERS AHEAD: If you haven’t watched the most recent episodes of The Mandalorian Season 2, look away now***
In last week’s chapter, The Heiress, we were introduced to new characters who are likely to play a big role in this season at some point. This week, we go back to a relatively self-contained adventure, however Mando’s allies are a more familiar bunch.
With the repairs on his ship not quite as extensive as he’d hoped, The Mandalorian (Pedro Pascal) and The Child make a stop on Navarro, a planet that was the setting for the first season’s finale. There, they meet up with Greef Karga (Carl Weathers) and Cara Dune (Gina Carano), who have cleaned up the planet into something more civilised. While the ship is being repaired, they ask Mando to help them on a job: taking out a sparsely manned Imperial base, the last real threat to Navarro’s safety. Like always, the task is simple: “get in, overload the reactor, get the hell out of there”. However, as always, not everything goes to plan.
If last week was a treat for lovers of the animated series, this feels like fan service for The Old School. There are echoes of A New Hope throughout this episode, from the mission itself to the thrilling final moments. If there’s one thing The Mandalorian does better than any other Star Wars media, it’s the ability to capture the feel of that Original Trilogy.
It’s also nice to catch up with Karga and Dune. Weathers is entertaining as ever with his booming bravado, and Carano’s character is always an effective ally for our hero, even the actor’s recent off-screen activity has made her a problematic watch for some. Despite only seeing them four episodes ago, there’s a sense of getting The Gang back together to go on an action-packed side quest.
Once we get to the base, it’s about blasting through as many Stormtroopers as possible. Weathers directs this episode, drawing on his career as an 80s action star to bring a cavalcade of explosions and quips. It’s impressive work, and we certainly wouldn’t mind having him in the director’s chair for more episodes. Alongside our tough trio is Mithrol (Horatio Sanz), The Mandalorian’s bounty from the very first episode. He’s now working off his debt as an accountant for Karga, and provides a welcome sprinkling of humour.
So, after a lot of shooting, our heroes do indeed get in, overload the reactor, and get the hell out there. Karga and Dune’s escape, chased by TIE Fighters, is the cherry of top of an episode that feels like classic Star Wars in every way.
That’s not to say there aren’t larger questions answered. Once in the base, they discover that it is in fact some kind of lab, and uncover a log from Dr. Pershing (Omid Abtahi). The doctor, who accompanied Werner Herzog’s Client in the first series, explains that the base is used for some kind of experiment, involving blood taken from The Child.
Learning that Moff Gideon (Giancarlo Esposito) is alive, The Mandalorian realises time is against him and makes a quick departure to avoid detection. The trouble is, Gideon knows exactly where they are. The final scene reveals that the villain has attached a tracking device to Mando’s ship, meaning that their next stop is likely to stage another meeting. It’s a big gasp moment that promises less patient viewers that something big is on the way.
As for Baby Yoda, there’s not a lot for The Child to do in this episode other than be adorable. After a comedy mishap with some faulty wiring, he’s parked in a Navarro classroom where we see his first use of The Force this season, to prize some food from the hands of a classmate. It’s not spectacular, but as always it is adorable.
This episode might be frustrating for some, particularly if you were expecting Clone Wars favourite Ahsoka Tano to make her appearance this week. However, showrunner Jon Favreau and his collaborators understand that Star Wars isn’t about the destination. It’s about hanging out in catinas, meeting alien smugglers, or blowing up a big base full of Stormtroopers. We suspect there are more densely plotted episodes to come from the second half of this season, but it’s these adventures we’re likely to remember mostly fondly.
New episodes of The Mandalorian Season 2 are available every Friday on Disney+


cityam--2020-11-20--Not heard of Polestar? This £139,000 hybrid coupe is here to change that

Make a splash with a supercar , then make money with an SUV .
That ’ s how to launch ( or relaunch ) a car company in 2020 : a strategy Lotus , Maserati , Pininfarina and Polestar have all subscribed to .
The Polestar 1 is the first part of this plan , a sparkling apéritif before the main meal .
With a carbon fibre body and plug-in hybrid drivetrain , the Swedes certainly haven ’ t watered it down .
Polestar started as Volvo ’ s go-faster sub-brand – think AMG to Mercedes-Benz – but has evolved @ @ @ @ @ @ @ next-door to Volvo in Gothenburg and under the umbrella of Chinese parent , Geely ) .
Design and tech focused , with a green conscience , it aims to take on Tesla with a range of premium electric cars .
As the 2030 ban on new petrol and diesel cars looms , Polestar could be the right brand at the right time .
And so to the ‘ 1 ’ .
If this car ’ s mission is to thrust Polestar into public consciousness , consider it accomplished .
During its week in @ @ @ @ @ @ @ and questioned every day by people curious to know more .
Never have I driven a car that sparked more conversations with strangers .
Social distancing ?
Not in a Polestar 1 .
Interestingly , one elderly gent likens the ‘ cross ’ badge to Citroen ’ s double chevrons – a view shared by the French courts , which have temporarily banned Polestar from using its logo there .
Legal wrangles aside , this is a fabulous piece of design .
An elegant roofline and pronounced haunches evoke the classic Volvo P1800 @ @ @ @ @ @ @ The Saint , while the 21-inch alloys radiate concept car cool .
For my money ( all , um , £139,000 of it ) , it squares up to the Ferrari Roma for the title of most beautiful car on sale .
That price tag puts the Polestar up against some formidable EVs , including the Porsche Taycan Turbo S and Tesla Model S Performance , plus more conventional rivals such as the Bentley Continental GT and Mercedes S-Class Coupe .
Fortunately , beneath that svelte carbon skin , the 1 is far @ @ @ @ @ @ @ prom dress .
Let ’ s start with the hybrid system , which combines a supercharged and turbocharged 2.0-litre petrol engine with a starter-generator and two 85kW electric motors on the rear axle .
The net result is 600hp and a walloping 738lb ft ( 1,000Nm ) of torque : more than an Aston Martin DBS Superleggera .
Select Pure mode and , with the batteries fully charged , you can travel 77 miles in zero-emissions silence .
Or switch to Power and blast to 62mph in 4.2 seconds .
The latter is @ @ @ @ @ @ @ components in the mix , too .
Bespoke Öhlins adjustable dampers are more readily seen in motorsport , and offer five stages of adjustment – or 22 if you ’ re prepared to get the spanners out .
And the six-piston front brake calipers come from Akebono : the supplier used by McLaren for the P1 .
The Polestar also scores for exclusivity .
The plan is to build 500 cars a year , and 1,500 in total , so you might never see another one ( or should that be another ‘ @ @ @ @ @ @ @ of such small-scale production is the disproportionate cost of retooling for right-hand drive , thus the steering wheel only comes on the ‘ wrong ’ side .
Inside , the 1 is very ‘ Volvo ’ ; normally a good thing , but less palatable when you ’ ve paid six figures .
The dashboard , with its Orrefors crystal gear selector , is lifted straight from the S90 .
And the touchscreen infotainment lags behind the slick Android Auto system in the Polestar 2 ( more on that shortly ) .
At @ @ @ @ @ @ @ are present and correct – you won ’ t find better in a Bentley .
The Polestar gathers speed calmly and relentlessly , the mid-range muscle of its e-motors delivering a hefty shove between your shoulder blades .
Drive is seamless , despite there being no mechanical link between the ( petrol-driven ) front wheels and ( electric ) rears , and the eight-speed automatic gearbox responds quickly and intuitively .
The chassis does a good job of disguising its substantial heft , too .
At 2,350kg , this 2+2 coupe weighs 10kg @ @ @ @ @ @ @ those big-ticket dampers keep it fluid and unflappable .
The steering is pleasingly lucid and the brakes are just brilliant .
What ’ s not to like ?
Well , there are a couple of things that count against the ‘ 1 ’ as a long-striding super-GT .
Firstly , the ride , which is quite abrupt on those huge alloys and skinny-fit 30-profile tyres .
Perhaps the suspension could be manually slackened off a little – I didn ’ t attempt it .
Secondly , there ’ s the tiny boot , @ @ @ @ @ @ @ behind a perspex cover , leaving just 143 litres for luggage .
You can pack a toothbrush and some pants , but that ’ s about it .
Despite its flaws , the ‘ 1 ’ is a very cool and covetable car , and a relatively future-proof modern classic .
Yet Polestar has already moved on .
It ’ s money-making ‘ 2 ’ SUV is here : a fully electric rival for the Tesla Model 3 that feels much further removed from its Volvo roots .
This is a snapshot of @ @ @ @ @ @ @ but I expect it ’ s also the start of something big .

Not heard of Polestar? This £139,000 hybrid coupe is here to change that
Make a splash with a supercar, then make money with an SUV. That’s how to launch (or relaunch) a car company in 2020: a strategy Lotus, Maserati, Pininfarina and Polestar have all subscribed to. The Polestar 1 is the first part of this plan, a sparkling apéritif before the main meal. With a carbon fibre body and plug-in hybrid drivetrain, the Swedes certainly haven’t watered it down.
Polestar started as Volvo’s go-faster sub-brand – think AMG to Mercedes-Benz – but has evolved into a standalone marque (albeit still next-door to Volvo in Gothenburg and under the umbrella of Chinese parent, Geely). Design and tech focused, with a green conscience, it aims to take on Tesla with a range of premium electric cars.
As the 2030 ban on new petrol and diesel cars looms, Polestar could be the right brand at the right time.
And so to the ‘1’. If this car’s mission is to thrust Polestar into public consciousness, consider it accomplished. During its week in my care, I’m stopped and questioned every day by people curious to know more. Never have I driven a car that sparked more conversations with strangers. Social distancing? Not in a Polestar 1.
Interestingly, one elderly gent likens the ‘cross’ badge to Citroen’s double chevrons – a view shared by the French courts, which have temporarily banned Polestar from using its logo there.
Legal wrangles aside, this is a fabulous piece of design. An elegant roofline and pronounced haunches evoke the classic Volvo P1800, as driven by Roger Moore in The Saint, while the 21-inch alloys radiate concept car cool. For my money (all, um, £139,000 of it), it squares up to the Ferrari Roma for the title of most beautiful car on sale.
That price tag puts the Polestar up against some formidable EVs, including the Porsche Taycan Turbo S and Tesla Model S Performance, plus more conventional rivals such as the Bentley Continental GT and Mercedes S-Class Coupe. Fortunately, beneath that svelte carbon skin, the 1 is far more than simply a Volvo in a prom dress.
Let’s start with the hybrid system, which combines a supercharged and turbocharged 2.0-litre petrol engine with a starter-generator and two 85kW electric motors on the rear axle. The net result is 600hp and a walloping 738lb ft (1,000Nm) of torque: more than an Aston Martin DBS Superleggera.
Select Pure mode and, with the batteries fully charged, you can travel 77 miles in zero-emissions silence. Or switch to Power and blast to 62mph in 4.2 seconds. The latter is more fun.
There are some exotic components in the mix, too. Bespoke Öhlins adjustable dampers are more readily seen in motorsport, and offer five stages of adjustment – or 22 if you’re prepared to get the spanners out. And the six-piston front brake calipers come from Akebono: the supplier used by McLaren for the P1.
The Polestar also scores for exclusivity. The plan is to build 500 cars a year, and 1,500 in total, so you might never see another one (or should that be another ‘1’?). The drawback of such small-scale production is the disproportionate cost of retooling for right-hand drive, thus the steering wheel only comes on the ‘wrong’ side.
Inside, the 1 is very ‘Volvo’; normally a good thing, but less palatable when you’ve paid six figures. The dashboard, with its Orrefors crystal gear selector, is lifted straight from the S90. And the touchscreen infotainment lags behind the slick Android Auto system in the Polestar 2 (more on that shortly).
At least Volvo’s sumptuously padded seats are present and correct – you won’t find better in a Bentley.
The Polestar gathers speed calmly and relentlessly, the mid-range muscle of its e-motors delivering a hefty shove between your shoulder blades. Drive is seamless, despite there being no mechanical link between the (petrol-driven) front wheels and (electric) rears, and the eight-speed automatic gearbox responds quickly and intuitively.
The chassis does a good job of disguising its substantial heft, too. At 2,350kg, this 2+2 coupe weighs 10kg less than a Range Rover, but those big-ticket dampers keep it fluid and unflappable. The steering is pleasingly lucid and the brakes are just brilliant. What’s not to like?
Well, there are a couple of things that count against the ‘1’ as a long-striding super-GT. Firstly, the ride, which is quite abrupt on those huge alloys and skinny-fit 30-profile tyres. Perhaps the suspension could be manually slackened off a little – I didn’t attempt it.
Secondly, there’s the tiny boot, which shows off the hybrid electrical connectors behind a perspex cover, leaving just 143 litres for luggage. You can pack a toothbrush and some pants, but that’s about it.
Despite its flaws, the ‘1’ is a very cool and covetable car, and a relatively future-proof modern classic. Yet Polestar has already moved on. It’s money-making ‘2’ SUV is here: a fully electric rival for the Tesla Model 3 that feels much further removed from its Volvo roots. This is a snapshot of a moment in time, then – but I expect it’s also the start of something big.
Tim Pitt writes for Motoring Research
PRICE: £139,000
0-62MPH: 4.2sec
TOP SPEED: 155mph
CO2 G/KM: 15
MPG COMBINED: 404


cityam--2020-11-20--Pfizer applies for emergency use of Covid-19 vaccine in US

Pfizer has applied for emergency use of its Covid-19 vaccine in the US , meaning the treatment could be rolled out as early as next month .
Pfizer and its German partner BioNTech submitted an emergency use authorisation request to the US Food and Drug Administration ( FDA ) , and is also seeking approval elsewhere around the world .
Read more : Pfizer-Biontech coronavirus vaccine now 95 per cent effective It comes just days after the pharma reported its vaccine was 95 per cent effective with no major safety concerns .
If the vaccine is approved in the US @ @ @ @ @ @ @ high-risk patients in the country as early as next month .
Pfizer and BioNTech expected to produce up to 50m doses of the vaccine globally by the end of the year and up to 1.3bn by the end of 2021 .
The companies said they expected the FDA to grant approval by mid-December , adding that they were ready to distribute the vaccine within hours of receiving authorisation .
Shares in Pfizer and BioNTech rose two per cent and five per cent respectively on increased optimism that an end to the pandemic could @ @ @ @ @ @ @ already ordered 40m doses of Pfizer ’ s vaccine .
However , it has not yet been approved for use by British regulators .
An FDA advisory committee is planning to meet on 8 December to discuss the vaccine , a source told Reuters , though these dates could change .
The final trial data for the vaccine showed it provided a similar level of protection across different ages and ethnicities .

Pfizer applies for emergency use of Covid-19 vaccine in US
Pfizer has applied for emergency use of its Covid-19 vaccine in the US, meaning the treatment could be rolled out as early as next month.
Pfizer and its German partner BioNTech submitted an emergency use authorisation request to the US Food and Drug Administration (FDA), and is also seeking approval elsewhere around the world.
It comes just days after the pharma reported its vaccine was 95 per cent effective with no major safety concerns.
If the vaccine is approved in the US, it could be used to treat high-risk patients in the country as early as next month.
Pfizer and BioNTech expected to produce up to 50m doses of the vaccine globally by the end of the year and up to 1.3bn by the end of 2021.
The companies said they expected the FDA to grant approval by mid-December, adding that they were ready to distribute the vaccine within hours of receiving authorisation.
Shares in Pfizer and BioNTech rose two per cent and five per cent respectively on increased optimism that an end to the pandemic could be in sight.
The UK has already ordered 40m doses of Pfizer’s vaccine. However, it has not yet been approved for use by British regulators.
An FDA advisory committee is planning to meet on 8 December to discuss the vaccine, a source told Reuters, though these dates could change.
The final trial data for the vaccine showed it provided a similar level of protection across different ages and ethnicities.


cityam--2020-11-20--Hungary says EU recovery fund spat will be resolved

Hungary ’ s Prime Minister has said a dispute over the EU ’ s €750bn ( £670bn ) coronavirus recovery fund and budget can be solved , after his government and Poland ’ s blocked the package at a key meeting .
Both Hungary and Poland voted against measures that would allow the €1.8 trillion 2021-2027 budget and recovery fund to become operational , even though they stand to benefit .
Read more : Hungary and Poland veto EU budget and coronavirus recovery fund They object to rules that say countries have to respect the “ rule of law ” @ @ @ @ @ @ @ nations have long accused the nationalist governments in both countries of undermining the independence of the media and courts .
However , Hungary ’ s Prime Minister Viktor Orvab told state radio today that there will be an agreement “ in the end ” .
“ The talks should be continued and in the end we will come to an agreement , that ’ s how this usually goes , ” he said .
A number of compromises would be “ acceptable to Hungary and Poland , ” he said .
However he @ @ @ @ @ @ @ the EU fear that the blockage to the recovery fund will hit the bloc ’ s economies .
Countries across Europe have reinstated lockdown measures in response to surging coronavirus cases .
Yesterday , European Central Bank ( ECB ) president Christine Lagarde said the package “ must become operational without delay ” .
She told the European Parliament : “ The euro area economy is expected to be severely affected by the fallout from the rapid increase in infections and the reinstatement of containment measures.
” She said this posed “ a @ @ @ @ @ @ @ outlook ” .

Hungary says EU recovery fund spat will be resolved
Viktor Orban said a deal will be reached ‘in the end’
Hungary’s Prime Minister has said a dispute over the EU’s €750bn (£670bn) coronavirus recovery fund and budget can be solved, after his government and Poland’s blocked the package at a key meeting.
Both Hungary and Poland voted against measures that would allow the €1.8 trillion 2021-2027 budget and recovery fund to become operational, even though they stand to benefit.
They object to rules that say countries have to respect the “rule of law” to access the funds.
Other EU nations have long accused the nationalist governments in both countries of undermining the independence of the media and courts.
However, Hungary’s Prime Minister Viktor Orvab told state radio today that there will be an agreement “in the end”.
“The talks should be continued and in the end we will come to an agreement, that’s how this usually goes,” he said.
A number of compromises would be “acceptable to Hungary and Poland,” he said. However he did not provide details.
Many in the EU fear that the blockage to the recovery fund will hit the bloc’s economies.
Countries across Europe have reinstated lockdown measures in response to surging coronavirus cases.
Yesterday, European Central Bank (ECB) president Christine Lagarde said the package “must become operational without delay”.
She told the European Parliament: “The euro area economy is expected to be severely affected by the fallout from the rapid increase in infections and the reinstatement of containment measures.”
She said this posed “a clear downside risk to the near-term economic outlook”.


cityam--2020-11-20--Exclusive: Liberty Steel poised to swoop for stranded Port Talbot steelworks

Sanjeev Gupta ’ s Liberty Steel is poised to swoop for Tata ’ s UK steelworks at Port Talbot in Wales , City A.M. understands .
Over the weekend the Indian conglomerate announced that Swedish firm SSAB was in discussions with Tata over buying its assets in the Netherlands , which would lead to the break-up of the firm ’ s European steel operations .
Read more : Tata Steel UK future in doubt as firm begins break up of operations Potential Swedish ownership has led to considerable alarm over the future of the Port Talbot site , which currently @ @ @ @ @ @ @ week said it was reviewing all options to make its UK business “ self-sustaining ” in the future .
The steelworks has been asking for emergency government support for months , but none has thus far been forthcoming , leading to fears that it is facing imminent bankruptcy .
Sources close to Liberty Steel told City A.M. that in the event that no funding was forthcoming , Gupta ’ s firm would be a willing buyer .
A spokesperson for Tata said : “ We do not comment on speculation and rumour.
” @ @ @ @ @ @ @ Tata Steel UK made a pre-tax loss of £654m for the previous financial year .
Officials remain bullish , but there is growing concern that the company will be able to bear such losses if it is split away from its Dutch operations .
Local Labour MP Stephen Kinnock told City A.M. : “ The separation of Tata ’ s European operations is a chance for the Port Talbot steelworks to become even more focused and efficient – it can be the master of its own destiny .
“ However , emergency funding @ @ @ @ @ @ @ on for far too long and a decision must be made imminently in order to give the plant and its workers certainty over their future.
” If the government does not stump up the reported £500m that Tata has repeatedly called for , the steel industry is eager for Port Talbot to avoid a similar fate to that which befell British Steel last year .
Having fallen into insolvency in May , with 5,000 jobs at risk , it took almost a year for British Steel to be rescued by Chinese firm Jingye @ @ @ @ @ @ @ your day with the City View podcast and key market data It is estimated that it cost the taxpayer around £1m a day to keep British Steel afloat before the takeover was confirmed – 292 days later .
Yesterday Tata Steel ’ s UK boss said that it needed “ substantive and permanent ” financial support to keep its operations running .
TV Narendran told Indian media : “ The UK operations are within sight of meeting the target of being self-sustainable .
“ The support we are looking for is a little @ @ @ @ @ @ @ that will help us bring down cost of production and add value to the product mix.
” Tata asked the government for emergency support under its Project Birch programme , which was set up to prop up businesses deemed of strategic importance to the UK .
Only one firm – fellow steelmaker Celsa – has received funding through the scheme so far .
A spokesperson for Tata said : “ We remain in ongoing and constructive talks with the UK Government on areas of potential support .
As these discussions have not reached @ @ @ @ @ @ @ to comment.
” Back in 2016 Liberty Steel submitted a bid for the Port Talbot site after Tata put it up for sale .
However , it later decided to keep hold of the plant .
Liberty is part of Gupta ’ s GFG Alliance , which has recently submitted a bid for embattled German conglomerate Thyssenkrupp ’ s struggling steel division .

Exclusive: Liberty Steel poised to swoop for stranded Port Talbot steelworks
Tata’s Port Talbot steelworks, employs 8,000 people, has been seeking emergency government funding for months.
Sanjeev Gupta’s Liberty Steel is poised to swoop for Tata’s UK steelworks at Port Talbot in Wales, City A.M. understands.
Over the weekend the Indian conglomerate announced that Swedish firm SSAB was in discussions with Tata over buying its assets in the Netherlands, which would lead to the break-up of the firm’s European steel operations.
Potential Swedish ownership has led to considerable alarm over the future of the Port Talbot site, which currently employs about 8,000 workers.
Tata last week said it was reviewing all options to make its UK business “self-sustaining” in the future.
The steelworks has been asking for emergency government support for months, but none has thus far been forthcoming, leading to fears that it is facing imminent bankruptcy.
Sources close to Liberty Steel told City A.M. that in the event that no funding was forthcoming, Gupta’s firm would be a willing buyer.
A spokesperson for Tata said: “We do not comment on speculation and rumour.”
Even before the coronavirus pandemic hit, Tata Steel UK made a pre-tax loss of £654m for the previous financial year.
Officials remain bullish, but there is growing concern that the company will be able to bear such losses if it is split away from its Dutch operations.
Local Labour MP Stephen Kinnock told City A.M.: “The separation of Tata’s European operations is a chance for the Port Talbot steelworks to become even more focused and efficient – it can be the master of its own destiny.
“However, emergency funding negotiations with the government have been dragging on for far too long and a decision must be made imminently in order to give the plant and its workers certainty over their future.”
If the government does not stump up the reported £500m that Tata has repeatedly called for, the steel industry is eager for Port Talbot to avoid a similar fate to that which befell British Steel last year.
Having fallen into insolvency in May, with 5,000 jobs at risk, it took almost a year for British Steel to be rescued by Chinese firm Jingye.
Before the Open newsletter: Start your day with the City View podcast and key market data
It is estimated that it cost the taxpayer around £1m a day to keep British Steel afloat before the takeover was confirmed – 292 days later.
Yesterday Tata Steel’s UK boss said that it needed “substantive and permanent” financial support to keep its operations running.
Question marks grow over ‘Project Birch’
Tata asked the government for emergency support under its Project Birch programme, which was set up to prop up businesses deemed of strategic importance to the UK.
Only one firm – fellow steelmaker Celsa – has received funding through the scheme so far.
Shadow business secretary Ed Miliband said: “For months, manufacturers have been crying out for help, warning of job losses if they didn’t get it. While government has sat on its hands, thousands of people have lost their jobs in manufacturing.
“The only fair-minded conclusion is that the ideology of government stepping back runs deep and has, even in this crisis, stopped action – with our country and communities paying the price.”
A spokesperson for Tata said: “We remain in ongoing and constructive talks with the UK Government on areas of potential support. As these discussions have not reached a conclusion, it would be premature to comment.”
A government spokesperson declined to comment.
Back in 2016 Liberty Steel submitted a bid for the Port Talbot site after Tata put it up for sale. However, it later decided to keep hold of the plant.
Liberty is part of Gupta’s GFG Alliance, which has recently submitted a bid for embattled German conglomerate Thyssenkrupp’s struggling steel division.


cityam--2020-11-20--Bullying inquiry head quits as Johnson sides with Patel

Senior civil servant and independent adviser to Boris Johnson Sir Alex Allan has resigned following publication of his report that found Priti Patel broke behaviour rules around bullying .
Allan was heading up an inquiry into bullying allegations made against home secretary Priti Patel .
His report found Patel broke behaviour rules , however Boris Johnson has since said he has “ full confidence ” in the home secretary .
Read more : Matt Hancock defends ‘ kind ’ Priti Patel as Home Secretary comes under fire The report said : “ The home secretary has not consistently met the @ @ @ @ @ @ @ Her approach on occasions has amounted to behaviour that can be described as bullying in terms of the impact felt by individuals .
To that extent her behaviour has been in breach of the Ministerial Code , even if unintentionally.
” Sir Allan has since resigned following the government ’ s backing of Patel .
Allan said : “ I recognise that it is for the Prime Minister to make a judgement on whether actions by a Minister amount to a breach of the Ministerial Code .
But I feel that it is @ @ @ @ @ @ @ my position as the Prime Minister ’ s independent adviser on the Code.
” Read more : Priti Patel promises overhaul of the UK asylum system The Cabinet Office began an inquiry into her conduct after Sir Philip Rutnam , the most senior Home Office official , resigned in February .
Philip – who is suing for constructive dismissal – alleged staff felt that Patel had “ created fear ” .
The home secretary has always denied bullying allegations .
Earlier today Boris Johnson told the government he has full confidence in Patel @ @ @ @ @ @ @ the ministerial code .
“ The Prime Minister has full confidence in the Home Secretary and considers this matter now closed , ” the government said in a statement , following the publication of findings into Patel ’ s conduct .
“ The Prime Minister ’ s judgement is that the Ministerial Code was not breached.
” Following the publication of the report Patel said : “ I am sorry that my behaviour in the past has upset people .
It has never been my intention to cause upset to anyone .
I @ @ @ @ @ @ @ of thousands of civil servants who help to deliver the government ’ s agenda .
”

Bullying inquiry head quits as Johnson sides with Patel
The department of Home Secretary Priti Patel made the decision not to end digital checks on Monday only a day after the REC urged the Home Office to extend digital checks until all restrictions have been lifted.
Senior civil servant and independent adviser to Boris Johnson Sir Alex Allan has resigned following publication of his report that found Priti Patel broke behaviour rules around bullying.
Allan headed up an inquiry into bullying allegations made against home secretary Priti Patel. His report found Patel broke behaviour rules, however Boris Johnson has since said he has “full confidence” in the home secretary.
The report said: “The home secretary has not consistently met the high standards required by the Ministerial Code… Her approach on occasions has amounted to behaviour that can be described as bullying in terms of the impact felt by individuals. To that extent her behaviour has been in breach of the Ministerial Code, even if unintentionally.”
This morning Sir Allan has announced he was resigning from his post.
Allan said: “I recognise that it is for the Prime Minister to make a judgement on whether actions by a Minister amount to a breach of the Ministerial Code. But I feel that it is right that I should now resign from my position as the Prime Minister’s independent adviser on the Code.”
Earlier today Boris Johnson told the government he has full confidence in Patel and judges that she did not breach the ministerial code.
“The Prime Minister has full confidence in the Home Secretary and considers this matter now closed,” the government said in a statement, following the publication of findings into Patel’s conduct.
“The Prime Minister’s judgement is that the Ministerial Code was not breached.”
The Cabinet Office began an inquiry into her conduct after Sir Philip Rutnam, the most senior Home Office official, resigned in February. Philip – who is suing for constructive dismissal – alleged staff felt that Patel had “created fear”.
The home secretary has always denied bullying allegations.
Following the publication of the report Patel said: “I am sorry that my behaviour in the past has upset people. It has never been my intention to cause upset to anyone. I am very grateful for the hard work of thousands of civil servants who help to deliver the government’s agenda.”


cityam--2020-11-20--Just 30% of businesses commit to 2020 Christmas bonus

Just three in 10 businesses that offer annual Christmas bonuses have committed to doing so in 2020 .
Numerous businesses @ @ @ @ @ will offer their traditional annual bonus , and a recent survey by expenses app ExpensesOnDemand @ @ @ @ @ the majority of businesses is cash flow as they struggle to manage through the winter @ @ @ @ @ said : “ As the real economic impact of the pandemic takes effect many individuals @ @ @ @ @ as financial leaders manage in the short term to try and survive this difficult year @ @ @ @ @ to see our survey showed a predicted shift from cash flow to sales over the @ @ @ @ @ will be monitoring these trends closely.
” Businesses across the board have been hit hard @ @ @ @ @ The government has lent nearly £52bn to businesses via its emergency coronavirus loans funding schemes @ @ @ @ @ store chain John Lewis confirmed it will not pay a staff bonus for the first @ @ @ @ @ years as it posted a pre-tax loss of £635m in the first half .

Just 30% of businesses commit to 2020 Christmas bonus
Just 30% of businesses have confirmed they will offer a Christmas bonus in 2020.
Just three in 10 businesses that offer annual Christmas bonuses have committed to doing so in 2020.
Numerous businesses have not confirmed if they will offer their traditional annual bonus, and a recent survey by expenses app ExpensesOnDemand found the sole focus for the majority of businesses is cash flow as they struggle to manage through the winter.
ExpenseOnDemand founder Sunil Nigam said: “As the real economic impact of the pandemic takes effect many individuals are seeing reductions in pay as financial leaders manage in the short term to try and survive this difficult year.
“It is encouraging to see our survey showed a predicted shift from cash flow to sales over the next six months and we will be monitoring these trends closely.”
Businesses across the board have been hit hard by the coronavirus pandemic. The government has lent nearly £52bn to businesses via its emergency coronavirus loans funding schemes.
Earlier this year department store chain John Lewis confirmed it will not pay a staff bonus for the first time in more than 70 years as it posted a pre-tax loss of £635m in the first half.


Pushing the Gas

The market showed a lot of resilience and dip buying interest to shake off any immediate questions about the sustainability of the recent upside .
So much that Bitcoin moved above the $ 18,000 level and remains on track to retest the highs from earlier on in the week .
In addition , the demand for risk saw the open interest ( OI ) rise yet again to a new record high .
In particular , the trend of turning to stablecoin margined products is particularly supportive for the price action and removes some of the unfavourable price action , @ @ @ @ @ @ @ due to convexity .
Similarly , in the options market , the OI also recorded a new all time high , with the skew showing plenty of evidence of bullish market positioning .
Elsewhere , Ethereum looks set to break through the key $ 500 level .
Despite the recent liquidity exodus from Uniswap , the overall levels of liquidity has since stabilised .
In addition , instead of flooding the market with Ethereum , yield farmers turned to Sushiswap and others , to look to alternative yield plays .
This in itself @ @ @ @ @ @ @ , as a reminder earlier in the week , Ethereum co-founder Vitalik Buterin recently answered a number of community questions as part of an “ ask me anything , ” or AMA , session on Reddit .
During the AMA , hosted by the Ethereum Foundation ’ s ETH 2.0 research team , Buterin said that he expects noticeable network improvements sooner rather than later .
“ TLDR : merge happens faster , PoS happens faster , you get your juicy 100k TPS faster , ” Buterin said on Wednesday as part of @ @ @ @ @ @ @ ETH 2.0 .
Ask me anything Similarly , in the options market , the OI also recorded a new all time high , with the skew showing plenty of evidence of bullish market positioning .
Elsewhere , Ethereum looks set to break through the key $ 500 level .
Despite the recent liquidity exodus from Uniswap , the overall levels of liquidity has since stabilised .
In addition to that , instead of flooding the market with Ethereum , yield farmers turned to Sushiswap and others , to look to alternative yield plays @ @ @ @ @ @ @ for Ethereum .
Also , as a reminder earlier in the week , Ethereum co-founder Vitalik Buterin recently answered a number of community questions as part of an “ ask me anything , ” or AMA , session on Reddit .
During the AMA , hosted by the Ethereum Foundation ’ s ETH 2.0 research team , Buterin said that he expects noticeable network improvements sooner rather than later .
“ TLDR : merge happens faster , PoS happens faster , you get your juicy 100k TPS faster , ” Buterin said on @ @ @ @ @ @ @ s fifth AMA on ETH 2.0 .
Crypto AM : Market View in association with Ziglu Crypto AM : Technically Speaking in association with with Zumo Crypto AM : Talking Legal in association with INX Crypto AM shines its Spotlight on ByteTree Asset Management

Pushing the Gas
New Record?
The market showed a lot of resilience and dip buying interest to shake off any immediate questions about the sustainability of the recent upside. So much that Bitcoin moved above the $18,000 level and remains on track to retest the highs from earlier on in the week.
In addition, the demand for risk saw the open interest (OI) rise yet again to a new record high. In particular, the trend of turning to stablecoin margined products is particularly supportive for the price action and removes some of the unfavourable price action, since Bitcoin margined futures can amplify downside due to convexity.
Similarly, in the options market, the OI also recorded a new all time high, with the skew showing plenty of evidence of bullish market positioning. Elsewhere, Ethereum looks set to break through the key $500 level.
Farming Yield
Despite the recent liquidity exodus from Uniswap, the overall levels of liquidity has since stabilised. In addition, instead of flooding the market with Ethereum, yield farmers turned to Sushiswap and others, to look to alternative yield plays. This in itself is very supportive for Ethereum.
Also, as a reminder earlier in the week, Ethereum co-founder Vitalik Buterin recently answered a number of community questions as part of an “ask me anything,” or AMA, session on Reddit.
During the AMA, hosted by the Ethereum Foundation’s ETH 2.0 research team, Buterin said that he expects noticeable network improvements sooner rather than later. “TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster,” Buterin said on Wednesday as part of the foundation’s fifth AMA on ETH 2.0.
In the Markets
Ask me anything
Similarly, in the options market, the OI also recorded a new all time high, with the skew showing plenty of evidence of bullish market positioning. Elsewhere, Ethereum looks set to break through the key $500 level.
Despite the recent liquidity exodus from Uniswap, the overall levels of liquidity has since stabilised. In addition to that, instead of flooding the market with Ethereum, yield farmers turned to Sushiswap and others, to look to alternative yield plays. This in itself is very supportive for Ethereum.
Also, as a reminder earlier in the week, Ethereum co-founder Vitalik Buterin recently answered a number of community questions as part of an “ask me anything,” or AMA, session on Reddit.
During the AMA, hosted by the Ethereum Foundation’s ETH 2.0 research team, Buterin said that he expects noticeable network improvements sooner rather than later. “TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster,” Buterin said on Wednesday as part of the foundation’s fifth AMA on ETH 2.0.
Crypto AM: Longer Reads
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with with Zumo
Crypto AM: Talking Legal in association with INX
Crypto AM: Inside Blockchain with Troy Norcross
Crypto AM: Definitively DeFi
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM shines its Spotlight on ByteTree Asset Management


cityam--2020-11-20--Gold prices set for second week of falls as vaccine hopes spur traders

Gold prices were on track to fall for a second consecutive week as investors chanced their arms on equities again on news of not one but two effective coronavirus vaccines .
The safe haven asset has seen prices jump almost 25 per cent this year , with traders piling in as stock markets melted down around the world .
However , that surge has slowed in recent weeks , with the spot gold price falling to $ 1867.31 today .
On Monday , pharma giant Moderna said that its coronavirus vaccine had proved 95 per cent effective against the disease @ @ @ @ @ @ @ same for its vaccine .
Both announcements prompted markets to rally on the hope that an end could be in sight for the upheaval caused by the pandemic .
Before the Open newsletter : Start your day with the City View podcast and key market data Stephen Innes , Chief Global Market Strategist at Axi , said that optimism over a vaccine would see investors scrap speculative bets on the commodity .
“ News of another vaccine is most welcome but is intuitively negative for bullion prices , and with several in the @ @ @ @ @ @ @ , he said .
In addition , calls from US treasury secretary Steve Mnuchin for the Federal Reserve to end its pandemic lending programmes also weighed on gold prices .
In a letter to Fed chair Jay Powell , Mnuchin said that $ 455bn allocated to the Treasury should be returned to Congress to spend as it sees fit .
“ If the Fed does start shrinking its assistance programme that could be a bit of headwind for gold again .
The monetary debasement argument that has supported gold could weaken , ” @ @ @ @ @ @ @ ’ s head of commodity research .

Gold prices set for second week of falls as vaccine hopes spur traders
Gold prices were on track to fall for a second consecutive week as investors chanced their arms on equities again on news of not one but two effective coronavirus vaccines.
The safe haven asset has seen prices jump almost 25 per cent this year, with traders piling in as stock markets melted down around the world.
However, that surge has slowed in recent weeks, with the spot gold price falling to $1867.31 today.
On Monday, pharma giant Moderna said that its coronavirus vaccine had proved 95 per cent effective against the disease, a week after Pfizer announced the same for its vaccine.
Both announcements prompted markets to rally on the hope that an end could be in sight for the upheaval caused by the pandemic.
Before the Open newsletter: Start your day with the City View podcast and key market data
Stephen Innes, Chief Global Market Strategist at Axi, said that optimism over a vaccine would see investors scrap speculative bets on the commodity.
“News of another vaccine is most welcome but is intuitively negative for bullion prices, and with several in the pipeline, it screams sell gold”, he said.
In addition, calls from US treasury secretary Steve Mnuchin for the Federal Reserve to end its pandemic lending programmes also weighed on gold prices.
In a letter to Fed chair Jay Powell, Mnuchin said that $455bn allocated to the Treasury should be returned to Congress to spend as it sees fit.
“If the Fed does start shrinking its assistance programme that could be a bit of headwind for gold again. The monetary debasement argument that has supported gold could weaken,” said Lachlan Shaw, National Australia Bank’s head of commodity research.