cityam--2020-07-05--Matt Hancock praises behaviour of 'vast majority' on 'super Saturday'

Health secretary Matt Hancock has lauded the behaviour of the “ vast majority ” of people in England who went out to celebrate the reopening of pubs and restaurants yesterday .
Scenes of city centres busy with revellers were captured across England yesterday in what was widely dubbed as “ super Saturday ” .
Read more : Super Saturday : Pubs to open as London braces for boozing Brits Concerns were raised by some that social distancing was not adhered to , with the Police Federation of England and Wales chair saying it was impossible to enforce the rules on @ @ @ @ @ @ @ he had seen in Southampton “ naked men , possession of class A drugs , happy drunks , angry drunks , fights [ and ] more angry drunks ” .
He added : “ What was crystal clear is that drunk people can ’ t/won ’ t socially distance.
” However , Hancock told Sky News today that he was happy with the behaviour of most people who celebrated .
Before the Open newsletter : Start your day with the City View podcast and key market data “ From what I ’ ve @ @ @ @ @ @ @ pictures to the contrary , very , very largely people have acted responsibly , ” he said .
“ So overall I ’ m pleased with what happened yesterday .
It was really good to see people out and about and largely , very largely , social distancing .
“ People should enjoy summer safely , and of course the emphasis is both on enjoy and safely.
” Boris Johnson addressed the nation on Friday about the easing of the lockdown , telling people “ not to overdo it ” .
Some had @ @ @ @ @ @ @ while the number of daily Covid-19 deaths was still relatively high compared to other countries in Europe .
Leicester has also had to remain in a local lockdown , after a surge in infections .
Hancock said that the rate of infection was low enough to ease lockdown restrictions .
Read more : Super Saturday : 11 London pubs to visit as capital reopens “ We have got this virus getting right under control , the number of new infections is under 600 on the last data , so it is really coming @ @ @ @ @ @ @ positive cases that we ’ re finding and that is good news , ” he said .
“ But we ’ ve just got to have the resilience and resolve to stick at it and to be very careful in how we enjoy those new freedoms .
”

Matt Hancock praises behaviour of ‘vast majority’ on ‘super Saturday’
LONDON, ENGLAND – JULY 04: Police officers are seen breaking up a fight outside a pub in Soho on July 4, 2020 in London, United Kingdom. The UK Government announced that Pubs, Hotels and Restaurants can open from Saturday, July 4th providing they follow guidelines on social distancing and sanitising. (Photo by Peter Summers/Getty Images)
Health secretary Matt Hancock has lauded the behaviour of the “vast majority” of people in England who went out to celebrate the reopening of pubs and restaurants yesterday.
Scenes of city centres busy with revellers were captured across England yesterday in what was widely dubbed as “super Saturday”.
Concerns were raised by some that social distancing was not adhered to, with the Police Federation of England and Wales chair saying it was impossible to enforce the rules on drunk people.
John Apter tweeted that he had seen in Southampton “naked men, possession of class A drugs, happy drunks, angry drunks, fights [and] more angry drunks”.
He added: “What was crystal clear is that drunk people can’t/won’t socially distance.”
However, Hancock told Sky News today that he was happy with the behaviour of most people who celebrated.
Before the Open newsletter: Start your day with the City View podcast and key market data
“From what I’ve seen, although there’s some pictures to the contrary, very, very largely people have acted responsibly,” he said.
“So overall I’m pleased with what happened yesterday. It was really good to see people out and about and largely, very largely, social distancing.
“People should enjoy summer safely, and of course the emphasis is both on enjoy and safely.”
Boris Johnson addressed the nation on Friday about the easing of the lockdown, telling people “not to overdo it”.
Some had criticised the government for lifting the lockdown while the number of daily Covid-19 deaths was still relatively high compared to other countries in Europe.
Leicester has also had to remain in a local lockdown, after a surge in infections.
Hancock said that the rate of infection was low enough to ease lockdown restrictions.
“We have got this virus getting right under control, the number of new infections is under 600 on the last data, so it is really coming down in terms of the number of positive cases that we’re finding and that is good news,” he said.
“But we’ve just got to have the resilience and resolve to stick at it and to be very careful in how we enjoy those new freedoms.”


cityam--2020-07-05--Johnson prepares to scrap Huawei from UK 5G network

Prime Minister Boris Johnson is set to draw up plans this month to start phasing out Huawei from the UK ’ s 5G infrastructure in a major U-turn following pressure from security agencies .
A security review from the National Cyber Security Centre ( NCSC ) , a branch of GCHQ , is understood to have revised assurances that risks posed by Huawei can be safely handled by the UK government , the Sunday Telegraph reported .
The report , which is set to be passed to the PM this week , is expected to conclude that fresh US sanctions @ @ @ @ @ @ @ to use unsafe technology that could imperil UK security .
In May , US President Donald Trump imposed new sanctions on Huawei which reduced the company ’ s ability to use American-made chips in its telecom products .
The move came amid mounting concerns that technology made by the Chinese tech company could be used for state spying in Beijing .
Huawei has repeatedly denied the claims .
The NCSC review has concluded that the sanctions have had a “ severe ” impact on Huawei that will significantly change their operations and could @ @ @ @ @ @ @ vowed to protect Britain from “ hostile state vendors , ” while culture secretary Oliver Dowden said US sanctions were “ likely ” to have an impact on Huawei ’ s viability as a 5G supplier .
“ We have , since the middle of May , had the US sanctions in respect of Huawei , so clearly given that those sanctions are targeted at 5G .
.
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it is likely to have an impact on the viability of Huawei as a provider for the 5G network , ” Dowden told MPs @ @ @ @ @ @ @ be drawing up plans to ban new Huawei technology from the UK ’ s 5G networks in as little as six months , and to strip Huawei technology that is already in place .
UK vendors have warned that U-turning on the Huawei deal , which granted the Chinese firm to build 35 per cent of the 5G UK ’ s infrastructure , would prove costly , and would slow down the government ’ s roll out of new phone networks .
BT , which owns the EE network , has said it @ @ @ @ @ @ @ with the government ’ s 35 per cent cap on Huawei equipment .
It comes as international relations with China have continued to sour over recent weeks , after Beijing imposed a new security law handing China sweeping powers over Hong Kong .
Tory MPs urged the Prime Minister to take a firm stance in his dealings with the Chinese telecoms equipment company in light of the security law .
Conservative MP Bob Seely told City A.M : “ We need to be supportive of trade with China , but we need to @ @ @ @ @ @ @ adversarial , and more communist , to be frank .
We can ’ t just have business as usual , that would be unethical.
” Fellow Tory MP Damian Green told City A.M. that “ the chances of keeping Huawei out of 5G are getting stronger by the week ” .
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Johnson prepares to scrap Huawei from UK 5G network
Prime Minister Boris Johnson is set to draw up plans this month to start phasing out Huawei from the UK’s 5G infrastructure in a major U-turn following pressure from security agencies.
A security review from the National Cyber Security Centre (NCSC), a branch of GCHQ, is understood to have revised assurances that risks posed by Huawei can be safely handled by the UK government, the Sunday Telegraph reported.
The report, which is set to be passed to the PM this week, is expected to conclude that fresh US sanctions on the Chinese vendor will force Huawei to use unsafe technology that could imperil UK security.
In May, US President Donald Trump imposed new sanctions on Huawei which reduced the company’s ability to use American-made chips in its telecom products. The move came amid mounting concerns that technology made by the Chinese tech company could be used for state spying in Beijing. Huawei has repeatedly denied the claims.
The NCSC review has concluded that the sanctions have had a “severe” impact on Huawei that will significantly change their operations and could impact the UK.
Johnson last week vowed to protect Britain from “hostile state vendors,” while culture secretary Oliver Dowden said US sanctions were “likely” to have an impact on Huawei’s viability as a 5G supplier.
Security officials are now said to be drawing up plans to ban new Huawei technology from the UK’s 5G networks in as little as six months, and to strip Huawei technology that is already in place.
Asked about the reports on Sky News this morning, health secretary Matt Hancock said he wouldn’t comment on “leaks”. However, he added that But he added the report revealed “there were a number of conditions that needed to be met”.
“I’m sure that the National Security Council will look at those conditions and make the right decision on this to make sure that we have both a very strong telecoms infrastructure and everyone can get a phone signal,” Hancock added.
Huawei’s head of international media, Paul Harrison, responded by claiming that UK policy is “being dictated” by the Trump administration.
“Shouldn’t the US respect a United Kingdom in the post-Brexit era being in a position to chose its own telecommunication strategy?,” Harrison tweeted.
He added the US had “consistently failed to provide evidence to back up endless spurious allegations”.
UK vendors have warned that U-turning on the Huawei deal, which granted the Chinese firm to build 35 per cent of the 5G UK’s infrastructure, would prove costly, and would slow down the government’s roll out of new phone networks.
BT, which owns the EE network, has said it would cost the company £500m to comply with the government’s 35 per cent cap on Huawei equipment.
It comes as international relations with China have continued to sour over recent weeks, after Beijing imposed a new security law handing China sweeping powers over Hong Kong.
Tory MPs urged the Prime Minister to take a firm stance in his dealings with the Chinese telecoms equipment company in light of the security law.
Conservative MP Bob Seely told City A.M: “We need to be supportive of trade with China, but we need to be mindful that China is becoming more adversarial, and more communist, to be frank. We can’t just have business as usual, that would be unethical.”
Fellow Tory MP Damian Green told City A.M. that “the chances of keeping Huawei out of 5G are getting stronger by the week”.
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cityam--2020-07-05--Former Tory PM advisers call for government to spend big on coronavirus recovery

A group of former economic advisers to a string of Tory prime ministers and chancellors have called for a swathe of jobs programmes and fiscal spending to aid the UK ’ s economic recovery .
The group called for £30bn investment into high growth firms , a new retraining fund , a doubling of further education funding and tax reform .
Read more : Rishi Sunak considers £500 hand out to every adult The former advisers have urged that Boris Johnson ’ s government only implement tax cuts that cut “ the cost of employment through reducing the burden of @ @ @ @ @ @ @ cutting VAT is not prioritised .
They have also called for a pledge from chancellor Rishi Sunak that the government will aim to have debt falling as a share of GDP by 2024 .
The paper was written for think tank Onward and published today .
Authors of the paper were advisers for David Cameron , George Osborne , Theresa May , Sajid Javid and Philip Hammond .
Mats Persson , former special adviser to David Cameron and Sajid Javid , said : “ The scale of the current crisis must be matched @ @ @ @ @ @ @ allows the kitchen sink to be thrown at the recovery now but sees debt beginning to fall by the end of this parliament .
“ This is not a time for chasing short-term headlines or tinkering with micro changes that will achieve little.
” Will Tanner , former special adviser to Theresa May and now Director of Onward , added : “ The chancellor must focus his immediate attention on creating jobs , jobs , jobs .
That means prioritising any tax cutting measures at relieving pressure on employers.
” Sunak will address @ @ @ @ @ @ @ economic statement , where he is expected to announce part of his vision for the UK ’ s post-Covid recovery .
Policy moves that have been mooted as potential announcements from the chancellor are a temporary VAT cut or one-off cash payments .
Read more : Johnson prepares to scrap Huawei from UK 5G network The Observer also reported today that Sunak was considering handing £500 to every adult and £250 to every child in the country to spend on sectors worst affected by the coronavirus crisis .
The plans , which have @ @ @ @ @ @ @ the Resolution Foundation , would see people handed vouchers to spend on sectors such as hospitality and bricks and mortar retail .

Former Tory PM advisers call for government to spend big on coronavirus recovery
A group of former economic advisers to a string of Tory prime ministers and chancellors have called for a swathe of jobs programmes and fiscal spending to aid the UK’s economic recovery.
The group called for £30bn investment into high growth firms, a new retraining fund, a doubling of further education funding and tax reform.
The former advisers have urged that Boris Johnson’s government only implement tax cuts that cut “the cost of employment through reducing the burden of employer national insurance contributions” and that cutting VAT is not prioritised.
They have also called for a pledge from chancellor Rishi Sunak that the government will aim to have debt falling as a share of GDP by 2024.
The paper was written for think tank Onward and published today.
Authors of the paper were advisers for David Cameron, George Osborne, Theresa May, Sajid Javid and Philip Hammond.
Mats Persson, former special adviser to David Cameron and Sajid Javid, said: “The scale of the current crisis must be matched in kind by the response, that allows the kitchen sink to be thrown at the recovery now but sees debt beginning to fall by the end of this parliament.
“This is not a time for chasing short-term headlines or tinkering with micro changes that will achieve little.”
Will Tanner, former special adviser to Theresa May and now Director of Onward, added: “The chancellor must focus his immediate attention on creating jobs, jobs, jobs. That means prioritising any tax cutting measures at relieving pressure on employers.”
Sunak will address parliament on Wednesday to deliver his summer economic statement, where he is expected to announce part of his vision for the UK’s post-Covid recovery.
Policy moves that have been mooted as potential announcements from the chancellor are a temporary VAT cut or one-off cash payments.
The Observer also reported today that Sunak was considering handing £500 to every adult and £250 to every child in the country to spend on sectors worst affected by the coronavirus crisis.
The plans, which have been drawn up by left-leaning think tank the Resolution Foundation, would see people handed vouchers to spend on sectors such as hospitality and bricks and mortar retail.


cityam--2020-07-05--Rishi Sunak to announce £111m for traineeship programme

Chancellor Rishi Sunak will announce next week that the government will provide £111m in funding to triple the number of 16-24 year old trainees in England .
Sunak will use his summer economic statement on Wednesday to announce the extension of the programme , which will see participants receive maths , English and CV writing training in addition to advice about what to expect in the workplace .
Read more : Rishi Sunak considers £500 hand out to every adult They will also get a work placement for between six weeks and six months , with employers receiving a £1,000 @ @ @ @ @ @ @ .
The increase in funding for trainees represents a threefold increase , with the Treasury aiming for numbers of trainees to rise to 45,000 people next year .
The government is also providing a further £21m for devolved administrations in Scotland , Wales and Northern Ireland to follow suit .
Before the Open newsletter : Start your day with the City View podcast and key market data Sunak will address parliament on Wednesday to deliver his summer economic statement , where he is expected to announce part of his vision for the UK @ @ @ @ @ @ @ that have been mooted as potential announcements from the chancellor are a temporary VAT cut , one-off cash payments and a large expansion of apprenticeships .
The Observer also reported today that Sunak was considering handing £500 to every adult and £250 to every child in the country to spend on sectors worst affected by the coronavirus crisis .
The plans , which have been drawn up by left-leaning think tank the Resolution Foundation , would see people handed vouchers to spend on sectors such as hospitality and bricks and mortar retail .
@ @ @ @ @ @ @ government ’ s next phase of its coronavirus economic response in a speech on Tuesday , calling for a “ New Deal ” for Britain .
The New Deal was a set of public spending programmes aimed at lifting the US out of the Great Depression in the 1930s .
“ We must use this moment now , this interval , to plan our response and fix the problems that are most brutally illuminated in that Covid lightning flash , ” Johnson said .
Read more : Boris Johnson ’ s New Deal @ @ @ @ @ @ @ ’ infrastructure overhaul “ This economic crisis is the moment to address the problems we have failed to tackle for decades , because it ’ s one of the most extraordinary feature of the UK , in many ways the greatest place on earth , that we tolerate such yawning gaps between the best and the rest .
“ It is time not just for a new deal , but a fair deal for the British people .
”

Rishi Sunak to announce £111m for traineeship programme
A barber wearing gloves and a visor to protect against the transmission of COVID-19 cut the hair of a customer at Fadezone Hair barber’s shop in Ripon, north Yorkshire, on July 5, 2020, as restrictions are eased during the novel coronavirus COVID-19 pandemic. – Hairdressers can welcome back the public as part of a wider government plan to relaunch the hospitality, tourism and culture sectors and help the UK economy recover from more than three tough months of lockdown. (Photo by Oli SCARFF / AFP) (Photo by OLI SCARFF/AFP via Getty Images)
Chancellor Rishi Sunak will announce next week that the government will provide £111m in funding to triple the number of 16-24 year old trainees in England.
Sunak will use his summer economic statement on Wednesday to announce the extension of the programme, which will see participants receive maths, English and CV writing training in addition to advice about what to expect in the workplace.
They will also get a work placement for between six weeks and six months, with employers receiving a £1,000 bonus for every trainee they take on.
The increase in funding for trainees represents a threefold increase, with the Treasury aiming for numbers of trainees to rise to 45,000 people next year.
The government is also providing a further £21m for devolved administrations in Scotland, Wales and Northern Ireland to follow suit.
Before the Open newsletter: Start your day with the City View podcast and key market data
Sunak will address parliament on Wednesday to deliver his summer economic statement, where he is expected to announce part of his vision for the UK’s post-Covid recovery.
Policy moves that have been mooted as potential announcements from the chancellor are a temporary VAT cut, one-off cash payments and a large expansion of apprenticeships.
The Observer also reported today that Sunak was considering handing £500 to every adult and £250 to every child in the country to spend on sectors worst affected by the coronavirus crisis.
The plans, which have been drawn up by left-leaning think tank the Resolution Foundation, would see people handed vouchers to spend on sectors such as hospitality and bricks and mortar retail.
Boris Johnson set the tone for the government’s next phase of its coronavirus economic response in a speech on Tuesday, calling for a “New Deal” for Britain.
The New Deal was a set of public spending programmes aimed at lifting the US out of the Great Depression in the 1930s.
“We must use this moment now, this interval, to plan our response and fix the problems that are most brutally illuminated in that Covid lightning flash,” Johnson said.
“This economic crisis is the moment to address the problems we have failed to tackle for decades, because it’s one of the most extraordinary feature of the UK, in many ways the greatest place on earth, that we tolerate such yawning gaps between the best and the rest.
“It is time not just for a new deal, but a fair deal for the British people.”


cityam--2020-07-05--Government to announce £1.57bn support for UK arts and culture industries

The UK ’ s arts , heritage and culture industries will benefit from a £1.57bn support package to protect them against the coronavirus downturn .
Boris Johnson will announce the new package tomorrow , which will provide funding for thousands of galleries , museums , venues , theatres , historic palaces and independent cinemas .
Read more : Johnson prepares to scrap Huawei from UK 5G network The package will include a £1.15bn pot of support for cultural institutions across England through a mix of loans and grants .
This will be made up of £880m in grants and £270m @ @ @ @ @ @ @ £100m for “ cultural national institutions ” such as English Heritage Trust and £120m earmarked for infrastructure investment to “ restart construction on cultural infrastructure and for heritage construction projects in England ” that were halted due to Covid-19 .
A further £188m will go to the devolved administrations to administer .
In a statement , Johnson said : “ From iconic theatre and musicals , mesmerising exhibitions at our world-class galleries to gigs performed in local basement venues , the UK ’ s cultural industry is the beating heart of this country @ @ @ @ @ @ @ the sector for future generations , ensuring arts groups and venues across the UK can stay afloat and support their staff whilst their doors remain closed and curtains remain down.
” Awarding of the loans and grants will be decided by independent experts and figures from a number of organisations , such as the Arts Council England and other specialist bodies such as Historic England , National Lottery Heritage Fund and the British Film Institute .
Musical composer Andrew Lloyd Webber welcomed the announcement , which is being touted as Britain ’ s @ @ @ @ @ @ @ arts .
Read more : Rishi Sunak considers £500 hand out to every adult “ It is absolutely critical that Britain ’ s cultural sector is restored to health as soon as possible , and I look forward to seeing the details of the rescue package and working further with [ culture secretary ] Oliver [ Dowden ] and the government to get all of Britain ’ s theatres – both large and small – open as soon as possible , ” he said .
Arts Council England chair Sir Nicholas Serota added @ @ @ @ @ @ @ and creative organisations will repay the faith that the government has shown by demonstrating the range of their creativity , by serving their communities and by helping the nation recover as we emerge from the pandemic .
”

Government to announce £1.57bn support for UK arts and culture industries
Volunteers from the #MissingLiveTheatre initiative wrap pink tape reading missing live theatre on the National Theatre in south east London on July 3, 2020, – Venues around the country, from the National Theatre to Manchesters Royal Exchange, will be wrapped in pink tape reading missing live theatre as part of a campaign to bring joy and colour to the buildings. (Photo by Tolga Akmen / AFP) (Photo by TOLGA AKMEN/AFP via Getty Images)
The UK’s arts, heritage and culture industries will benefit from a £1.57bn support package to protect them against the coronavirus downturn.
Boris Johnson will announce the new package tomorrow, which will provide funding for thousands of galleries, museums, venues, theatres, historic palaces and independent cinemas.
The package will include a £1.15bn pot of support for cultural institutions across England through a mix of loans and grants.
This will be made up of £880m in grants and £270m in loans.
There will also be £100m for “cultural national institutions” such as English Heritage Trust and £120m earmarked for infrastructure investment to “restart construction on cultural infrastructure and for heritage construction projects in England” that were halted due to Covid-19.
A further £188m will go to the devolved administrations to administer.
In a statement, Johnson said: “From iconic theatre and musicals, mesmerising exhibitions at our world-class galleries to gigs performed in local basement venues, the UK’s cultural industry is the beating heart of this country.
“This money will help safeguard the sector for future generations, ensuring arts groups and venues across the UK can stay afloat and support their staff whilst their doors remain closed and curtains remain down.”
Awarding of the loans and grants will be decided by independent experts and figures from a number of organisations, such as the Arts Council England and other specialist bodies such as Historic England, National Lottery Heritage Fund and the British Film Institute.
Musical composer Andrew Lloyd Webber welcomed the announcement, which is being touted as Britain’s largest ever one-off government investment into the arts.
“It is absolutely critical that Britain’s cultural sector is restored to health as soon as possible, and I look forward to seeing the details of the rescue package and working further with [culture secretary] Oliver [Dowden] and the government to get all of Britain’s theatres – both large and small – open as soon as possible,” he said.
Arts Council England chair Sir Nicholas Serota added: “I know our amazing artists and creative organisations will repay the faith that the government has shown by demonstrating the range of their creativity, by serving their communities and by helping the nation recover as we emerge from the pandemic.”


cityam--2020-07-05--Government launches major review into long-term health impacts of coronavirus

The UK government has launched a major review of the long-term mental and physical health implications of coronavirus .
A study of more than 10,000 patients , led by the Leicester Biomedical Research Centre , will assess the impact of coronavirus on patients and how recovery is shaped by individual characteristics such as gender and ethnicity , the Department for Health and Social Care announced today .
Read more : Former MI6 chief amps up fears coronavirus came from Wuhan lab Experts from UK Research and Innovation ( UKRI ) and the National Institute for Health Research ( NIHR ) @ @ @ @ @ @ @ and analysis of blood and lung samples to create a comprehensive picture of the impact of Covid-19 on long-term health outcomes .
A growing body of evidence suggests that even patients with mild coronavirus symptoms may suffer long-lasting health effects including lung damage .
A report released in March by the RSNA showed that of 70 Chinese patients who survived Covid-19 pneumonia , 66 had developed some form of lung damage that was visible in CT scans .
The Department for Health announced it will pour £8.4m into the new study , which @ @ @ @ @ @ @ of the long-term impacts of Covid-19 on patients in the world .
Health secretary Matt Hancock said : “ As we continue our fight against this global pandemic , we are learning more and more about the impact the disease can have not only on immediate health , but longer-term physical and mental health too .
“ This world-leading study is another fantastic contribution from the UK ’ s world-leading life sciences and research sector .
It will also help to ensure future treatment can be tailored as much as possible to the @ @ @ @ @ @ @ hospital patients from the end of July , and will focus on “ under-represented ” groups , the Department for Health said .
Chief medical officer Professor Chris Whitty said : “ As well as the immediate health impacts of the virus it is also important to look at the longer-term impacts on health , which may be significant .
“ We have rightly focused on mortality , and what the UK can do straight away to protect lives , but we should also look at how Covid-19 impacts on the health of @ @ @ @ @ @ @ immediate disease.
” It comes as the NHS today announced the rollout of a long-term recovery service called Your Covid Recovery , which will offer online advice for “ tens of thousands ” of patients in England that have suffered lasting symptoms from the disease .
The online tool , launched on the NHS ’ 72nd birthday today , will allow patients to contact healthcare workers and mental health services , and to track their recovery from coronavirus .
The service is expected to launch later this month , and will initially be @ @ @ @ @ @ @ have been hospitalised with the virus .
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Government launches major review into long-term health impacts of coronavirus
(Getty)
The UK government has launched a major review of the long-term mental and physical health implications of coronavirus.
A study of more than 10,000 patients, led by the Leicester Biomedical Research Centre, will assess the impact of coronavirus on patients and how recovery is shaped by individual characteristics such as gender and ethnicity, the Department for Health and Social Care announced today.
Experts from UK Research and Innovation (UKRI) and the National Institute for Health Research (NIHR) will use techniques such as advanced imaging and analysis of blood and lung samples to create a comprehensive picture of the impact of Covid-19 on long-term health outcomes.
A growing body of evidence suggests that even patients with mild coronavirus symptoms may suffer long-lasting health effects including lung damage.
A report released in March by the RSNA showed that of 70 Chinese patients who survived Covid-19 pneumonia, 66 had developed some form of lung damage that was visible in CT scans.
The Department for Health announced it will pour £8.4m into the new study, which is set to be the largest review of the long-term impacts of Covid-19 on patients in the world.
Health secretary Matt Hancock said: “As we continue our fight against this global pandemic, we are learning more and more about the impact the disease can have not only on immediate health, but longer-term physical and mental health too.
“This world-leading study is another fantastic contribution from the UK’s world-leading life sciences and research sector. It will also help to ensure future treatment can be tailored as much as possible to the person.”
The study will start recruiting hospital patients from the end of July, and will focus on “under-represented” groups, the Department for Health said.
Chief medical officer Professor Chris Whitty said: “As well as the immediate health impacts of the virus it is also important to look at the longer-term impacts on health, which may be significant.
“We have rightly focused on mortality, and what the UK can do straight away to protect lives, but we should also look at how Covid-19 impacts on the health of people after they have recovered from the immediate disease.”
It comes as the NHS today announced the rollout of a long-term recovery service called Your Covid Recovery, which will offer online advice for “tens of thousands” of patients in England that have suffered lasting symptoms from the disease.
The online tool, launched on the NHS’ 72nd birthday today, will allow patients to contact healthcare workers and mental health services, and to track their recovery from coronavirus.
The service is expected to launch later this month, and will initially be available for more than 129,000 people who have been hospitalised with the virus.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-07-05--UK coronavirus death toll rises by 22

UK coronavirus death toll rises by 22

A further 22 people have died in the UK after contracting coronavirus , taking the total number of deaths to 44,220 .
The increase , announced today by the Department for Health and Social Care ( DHSC ) , includes the number of people who have died after testing positive for Covid-19 in hospitals , care homes and the wider community as of 5pm on Saturday .
Read more : Glaxosmithkline set to bag £500m UK deal for coronavirus vaccine The DHSC also said that in the 24-hour period up to 9am on Sunday , there were 516 positive coronavirus @ @ @ @ @ @ @ of confirmed UK cases to 285,416 .
Statistics published on Sundays and Mondays tend to be lower due to a lag in processing the weekend ’ s data .
Figures published on Tuesdays are often much higher as the data catches up with reality .
It comes after pubs , restaurants , galleries , museums and hairdressers in England were allowed to reopen yesterday after months of lockdown , in the country ’ s widest relaxation of social distancing measures since March .
Scenes of revellers raised concerns that the infection rate in @ @ @ @ @ @ @ to central London on so-called Super Saturday yesterday to enjoy their first pub beers in months .
The Police Federation of England and Wales chair John Apter voiced worries that it was impossible to enforce social distancing rules on drunk people .
Apter took to Twitter to describe scenes of “ naked men , possession of class A drugs , happy drunks , angry drunks , fights [ and ] more angry drunks ” in Southampton last night .
However , health secretary Matt Hancock this morning praised the behaviour of the “ @ @ @ @ @ @ @ who went out to celebrate the reopening of pubs and restaurants yesterday .
Read more : Former MI6 chief amps up fears coronavirus came from Wuhan lab Speaking to Sky News , Hancock said : “ Overall I ’ m pleased with what happened yesterday .
It was really good to see people out and about and largely , very largely , social distancing .
“ People should enjoy summer safely , and of course the emphasis is both on enjoy and safely.
” Before the Open : Get the jump on the @ @ @ @ @ @

UK coronavirus death toll rises by 22
A further 22 people have died in the UK after contracting coronavirus, taking the total number of deaths to 44,220.
The increase, announced today by the Department for Health and Social Care (DHSC), includes the number of people who have died after testing positive for Covid-19 in hospitals, care homes and the wider community as of 5pm on Saturday.
The DHSC also said that in the 24-hour period up to 9am on Sunday, there were 516 positive coronavirus test results, bringing the total number of confirmed UK cases to 285,416.
Statistics published on Sundays and Mondays tend to be lower due to a lag in processing the weekend’s data. Figures published on Tuesdays are often much higher as the data catches up with reality.
It comes after pubs, restaurants, galleries, museums and hairdressers in England were allowed to reopen yesterday after months of lockdown, in the country’s widest relaxation of social distancing measures since March.
Scenes of revellers raised concerns that the infection rate in England could hike, after thousands flocked to central London on so-called Super Saturday yesterday to enjoy their first pub beers in months.
The Police Federation of England and Wales chair John Apter voiced worries that it was impossible to enforce social distancing rules on drunk people.
Apter took to Twitter to describe scenes of “naked men, possession of class A drugs, happy drunks, angry drunks, fights [and] more angry drunks” in Southampton last night.
However, health secretary Matt Hancock this morning praised the behaviour of the “vast majority” of people in England who went out to celebrate the reopening of pubs and restaurants yesterday.
Speaking to Sky News, Hancock said: “Overall I’m pleased with what happened yesterday. It was really good to see people out and about and largely, very largely, social distancing.
“People should enjoy summer safely, and of course the emphasis is both on enjoy and safely.”
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cityam--2020-07-05--Former MI6 chief amps up fears coronavirus came from Wuhan lab

The former head of the British Secret Intelligence Service ( MI6 ) has fanned fears that the coronavirus pandemic is the result of a Chinese lab leak , after scientists raised fresh questions over the outbreak of Covid-19 .
Sir Richard Dearlove , who served as chief of MI6 from 1999 to 2004 , departed from the prevailing theory that the pandemic was not man-made by reaffirming his view that the virus accidentally escaped from a lab in the Chinese city of Wuhan , where the first cases of coronavirus were recorded .
Read more : Glaxosmithkline set to bag @ @ @ @ @ @ @ told Sky News : “ I subscribe to the theory… that it ’ s an engineered escapee from the Wuhan Institute [ of Virology ] .
” “ I am not saying anything other than it was the result of an accident and that the virus is the consequence of gain-of-function experiments that were being conducted in Wuhan , which I don ’ t think are particularly sinister.
” The former spy chief urged officials to investigate the theory , adding : “ There is an accumulation of evidence that this is something @ @ @ @ @ @ @ the scientific community.
” “ If we are going to have an inquiry in the UK — which I ’ m sure will happen — about the pandemic and government policy , it will have to start with the science .
Where did this virus actually come from ?
” It comes amid fresh questions from scientists about the origins of the virus , as officials from the World Health Organization ( WHO ) prepare to fly to China this week to investigate the origins of the pandemic , which has so far @ @ @ @ @ @ @ world .
An investigation by the Sunday Times today found evidence that China failed to share information relating to an earlier version of the virus .
Read more : Donald Trump claims to have seen evidence coronavirus started in Wuhan lab The closest known match to the Covid-19 strain was found seven years ago by Chinese scientists in an abandoned mine and was linked to deaths caused by a coronavirus-type respiratory illness , the Sunday Times found .
The virus was subsequently stored at the Wuhan Institute of Virology , which is alleged @ @ @ @ @ @ @ experiments to increase the infectivity of coronaviruses in an attempt to understand the mechanisms that might cause a pandemic ” .
US President Donald Trump , who has repeatedly blamed China for the coronavirus pandemic , claimed in April he had seen evidence it had come from a laboratory .
The current prevailing scientific theory is that the virus originated from a large-scale wet market in Wuhan , which sells animals such as bats and pangolins that are now known to spread the virus .
The bulk of the original 41 cases of @ @ @ @ @ @ @ linked to the 116-acre Wuhan market , which led to its temporary closure on 1 January .
However , the Chinese Centre of Disease Control and Prevention is now investigating the theory that the market in Wuhan was a “ victim ” of coronavirus rather than the source of it .
Read more : Government launches major review into long-term health impacts of coronavirus WHO director Tedros Adhanom Ghebreyeus this week said the science body will now be revisiting theories surrounding the source of the virus .
“ We can fight the virus @ @ @ @ @ @ @ virus , including how it started , ” he said .

Former MI6 chief amps up fears coronavirus came from Wuhan lab
The Wuhan Institute of Virology in Wuhan in China’s central Hubei province
The former head of the British Secret Intelligence Service (MI6) has fanned fears that the coronavirus pandemic is the result of a Chinese lab leak, after scientists raised fresh questions over the outbreak of Covid-19.
Sir Richard Dearlove, who served as chief of MI6 from 1999 to 2004, departed from the prevailing theory that the pandemic was not man-made by reaffirming his view that the virus accidentally escaped from a lab in the Chinese city of Wuhan, where the first cases of coronavirus were recorded.
Dearlove told Sky News: “I subscribe to the theory… that it’s an engineered escapee from the Wuhan Institute [of Virology].”
“I am not saying anything other than it was the result of an accident and that the virus is the consequence of gain-of-function experiments that were being conducted in Wuhan, which I don’t think are particularly sinister.”
The former spy chief urged officials to investigate the theory, adding: “There is an accumulation of evidence that this is something that has to be openly discussed in the scientific community.”
“If we are going to have an inquiry in the UK — which I’m sure will happen — about the pandemic and government policy, it will have to start with the science. Where did this virus actually come from?”
It comes amid fresh questions from scientists about the origins of the virus, as officials from the World Health Organization (WHO) prepare to fly to China this week to investigate the origins of the pandemic, which has so far killed more than 500,000 people around the world.
An investigation by the Sunday Times today found evidence that China failed to share information relating to an earlier version of the virus.
The closest known match to the Covid-19 strain was found seven years ago by Chinese scientists in an abandoned mine and was linked to deaths caused by a coronavirus-type respiratory illness, the Sunday Times found.
The virus was subsequently stored at the Wuhan Institute of Virology, which is alleged to have been “carrying out high-risk experiments to increase the infectivity of coronaviruses in an attempt to understand the mechanisms that might cause a pandemic”.
US President Donald Trump, who has repeatedly blamed China for the coronavirus pandemic, claimed in April he had seen evidence it had come from a laboratory.
The current prevailing scientific theory is that the virus originated from a large-scale wet market in Wuhan, which sells animals such as bats and pangolins that are now known to spread the virus.
The bulk of the original 41 cases of Covid-19 reported to WHO in December were linked to the 116-acre Wuhan market, which led to its temporary closure on 1 January.
However, the Chinese Centre of Disease Control and Prevention is now investigating the theory that the market in Wuhan was a “victim” of coronavirus rather than the source of it.
WHO director Tedros Adhanom Ghebreyeus this week said the science body will now be revisiting theories surrounding the source of the virus.
“We can fight the virus better when we know everything about the virus, including how it started,” he said.


cityam--2020-07-05--Robert Jenrick faces fresh questions over new planning row

Under fire housing secretary Robert Jenrick has been plunged into a potential new controversy over a planning approval called up by the government just after he was appointed to cabinet .
Quinn Estates had an application for a 675-home housing development in Kent taken over by the government last August from Swale Borough Council , after the plans were heavily criticised by local councillors and residents .
Read more : Robert Jenrick warned by civil service about £1bn development before approving it The Mail on Sunday has revealed that the planning application was taken out of the council ’ s @ @ @ @ @ @ @ appointed housing secretary .
The Mail also revealed that Quinn Estates donated £11,000 to the Conservative party the same month the application was called up by Jenrick .
The company went on to donate a further £40,000 to the Tories over the next few months .
A Jenrick spokesperson said that no decision has been made on the Quinn Estates application .
It comes after Jenrick recently became embroiled in another ongoing planning row .
In February , the housing secretary approved an application for a 1,500-home East London development shortly after sitting @ @ @ @ @ @ @ donor , Richard Desmond at a Conservative party fundraising dinner .
The application had previously been denied by Tower Hamlets council , before Jenrick overturned the decision .
Desmond then went on to donate thousands of pounds to the Tories a month after his application was approved .
Jenrick later said the decision was “ unlawful ” due to “ apparent bias ” and cancelled the project .
Read more : Prime Minister has ‘ full confidence ’ in Jenrick over £1bn housing row However , he denies any wrongdoing or that there @ @ @ @ @ @ @ .
Labour shadow communities secretary Steve Reed has called the affair an example of “ cash for favours ” and has asked for a disclosure of all documents relating to Jenrick ’ s contact with Desmond .

Robert Jenrick faces fresh questions over new planning row
Under fire housing secretary Robert Jenrick has been plunged into a potential new controversy over a planning approval called up by the government just after he was appointed to cabinet.
Quinn Estates had an application for a 675-home housing development in Kent taken over by the government last August from Swale Borough Council, after the plans were heavily criticised by local councillors and residents.
The Mail on Sunday has revealed that the planning application was taken out of the council’s hands just a month after Jenrick was appointed housing secretary.
The Mail also revealed that Quinn Estates donated £11,000 to the Conservative party the same month the application was called up by Jenrick.
The company went on to donate a further £40,000 to the Tories over the next few months.
A Jenrick spokesperson said that no decision has been made on the Quinn Estates application.
It comes after Jenrick recently became embroiled in another ongoing planning row.
In February, the housing secretary approved an application for a 1,500-home East London development shortly after sitting with the developer, and major Tory donor, Richard Desmond at a Conservative party fundraising dinner.
The application had previously been denied by Tower Hamlets council, before Jenrick overturned the decision.
Desmond then went on to donate thousands of pounds to the Tories a month after his application was approved.
Jenrick later said the decision was “unlawful” due to “apparent bias” and cancelled the project.
However, he denies any wrongdoing or that there was any exchange of favours for donations.
Labour shadow communities secretary Steve Reed has called the affair an example of “cash for favours” and has asked for a disclosure of all documents relating to Jenrick’s contact with Desmond.


cityam--2020-07-05--Glaxosmithkline set to bag £500m UK deal for coronavirus vaccine

Pharmaceuticals giants Glaxosmithkline ( GSK ) and Sanofi are close to securing a £500m deal to supply the UK government 60m doses of their coronavirus vaccine , according to reports .
The Department for Business , Energy and Industrial Strategy ( Beis ) is said to be taking an option to buy the vaccine from the two drugs companies if it proves successful in human trials due to begin in September , the Sunday Times reported .
Read more : “ Vaccine will come , but not without huge challenges ” – leading world epidemiologist The move will mark the @ @ @ @ @ @ @ after the two rivals formed a research partnership in April .
The deal , which is expected to be announced in the coming days , will see British firm GSK supply an adjuvant , which prompts the body to produce antibodies , and French company Sanofi supply an antigen .
The £500m from the UK government will be paid in stages as the vaccine progresses through clinical trials , the Sunday Times reported .
The deal adds GSK and Sanofi to a long list of global pharmaceutical companies racing to produce a virus @ @ @ @ @ @ @ increase in infections in the West has renewed pressure to produce a long-term solution to the crisis .
Rival firm Astrazeneca in June struck an agreement with the EU to supply up to 400m doses of the University of Oxford ’ s vaccine by the end of 2020 , should the drug pass its final phase of human trials .
In the meantime , countries around the world have been scrambling to stockpile coronavirus treatments in a bid to increase the chances of survival for those who have already contracted the virus .
@ @ @ @ @ @ @ courses of low-dose steroid dexamethasone in the hopes of saving around 5,000 lives in the UK and many more around the world .
The cheap and widely available drug has been proven to cut the risk of death from around 40 per cent for patients on ventilators to 28 per cent .
Meanwhile , the US has stockpiled most of the world ’ s supply of remdesivir , an antiviral treatment produced by American drugs firm Gilead , in a move that has sparked concern the US will not cooperate in cross-border efforts @ @ @ @ @ @ @ have now been more than 11.2m confirmed cases of Covid-19 around the world , with more than 528,000 fatalities .
Latin America and the Caribbean yesterday surpassed Europe ’ s number of infections , following a sharp upturn in cases in Brazil Peru , Chile and Columbia in recent weeks .
Brazil has confirmed more than 61,500 deaths and nearly 1.5m infections and is currently the world ’ s second worst-hit country .
Read more : Coronavirus : NHS test and trace system fails to reach a quarter of cases Meanwhile , a @ @ @ @ @ @ @ have begun to emerge from lockdown such as the US and Germany has amped up concerns of a second wave of the pandemic .
The US last week set a record for a one-day increase in cases , sparking a U-turn in many states ’ plans to reopen .
Parts of Texas re-entered lockdown last week after the number of coronavirus cases in the state nearly tripled in two weeks .
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Glaxosmithkline set to bag £500m UK deal for coronavirus vaccine
The government yesterday secured an “initial” order of 5m doses of the Moderna vaccine
Pharmaceuticals giants Glaxosmithkline (GSK) and Sanofi are close to securing a £500m deal to supply the UK government 60m doses of their coronavirus vaccine, according to reports.
The Department for Business, Energy and Industrial Strategy (Beis) is said to be taking an option to buy the vaccine from the two drugs companies if it proves successful in human trials due to begin in September, the Sunday Times reported.
The move will mark the first vaccine deal for each company, after the two rivals formed a research partnership in April.
The deal, which is expected to be announced in the coming days, will see British firm GSK supply an adjuvant, which prompts the body to produce antibodies, and French company Sanofi supply an antigen.
The £500m from the UK government will be paid in stages as the vaccine progresses through clinical trials, the Sunday Times reported.
The deal adds GSK and Sanofi to a long list of global pharmaceutical companies racing to produce a virus for the vaccine, after a sharp increase in infections in the West has renewed pressure to produce a long-term solution to the crisis.
Rival firm Astrazeneca in June struck an agreement with the EU to supply up to 400m doses of the University of Oxford’s vaccine by the end of 2020, should the drug pass its final phase of human trials.
In the meantime, countries around the world have been scrambling to stockpile coronavirus treatments in a bid to increase the chances of survival for those who have already contracted the virus.
Last month, the UK bought 200,000 courses of low-dose steroid dexamethasone in the hopes of saving around 5,000 lives in the UK and many more around the world. The cheap and widely available drug has been proven to cut the risk of death from around 40 per cent for patients on ventilators to 28 per cent.
Meanwhile, the US has stockpiled most of the world’s supply of remdesivir, an antiviral treatment produced by American drugs firm Gilead, in a move that has sparked concern the US will not cooperate in cross-border efforts to stub out the virus.
There have now been more than 11.2m confirmed cases of Covid-19 around the world, with more than 528,000 fatalities.
Latin America and the Caribbean yesterday surpassed Europe’s number of infections, following a sharp upturn in cases in Brazil Peru, Chile and Columbia in recent weeks. Brazil has confirmed more than 61,500 deaths and nearly 1.5m infections and is currently the world’s second worst-hit country.
Meanwhile, a spike in new infections in countries that have begun to emerge from lockdown such as the US and Germany has amped up concerns of a second wave of the pandemic.
The US last week set a record for a one-day increase in cases, sparking a U-turn in many states’ plans to reopen. Parts of Texas re-entered lockdown last week after the number of coronavirus cases in the state nearly tripled in two weeks.
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cityam--2020-07-05--Rishi Sunak considers £500 hand out to every adult

Chancellor Rishi Sunak is considering plans to hand £500 to every adult and £250 to every child in the country to spend on sectors worst affected by the coronavirus crisis .
The plans , which have been drawn up by left-leaning think tank the Resolution Foundation , would see people handed vouchers to spend on sectors such as hospitality and bricks and mortar retail .
Read more : Johnson prepares to scrap Huawei from UK 5G network The scheme could see money topped up on vouchers or travel cards and mobile phones used to pay .
The Observer reported today @ @ @ @ @ @ @ £30bn to administer , with the aim of boosting demand in the economy .
Similar schemes have already been used in countries such as China and Malta to aid their respective economic recoveries from the pandemic .
Before the Open newsletter : Start your day with the City View podcast and key market data Sunak will address parliament on Wednesday to deliver his summer economic statement , where he is expected to announce part of his vision for the UK ’ s post-Covid recovery .
Other potential measures that have been mooted as @ @ @ @ @ @ @ temporary VAT cut or one-off cash payments .
Speaking to The Observer , Resolution Foundation research director James Smith said : “ Social distancing has huge implications for firms in sectors like retail , hospitality , tourism and leisure that will last into the reopening phase .
“ That is why the jobs of so many workers in these sectors are in the firing line .
The chancellor ’ s recovery package on Wednesday should reflect this unique economic challenge.
” It comes as NHS chiefs have slammed Sunak for not providing £10bn @ @ @ @ @ @ @ he would give the health service “ whatever it needs ” .
Read more : Matt Hancock praises behaviour of ‘ vast majority ’ on ‘ super Saturday ’ NHS England chief executive Simon Stevens allegedly told the Treasury that it needed £10bn to effectively fight Covid-19 .
However , negotiations are at a standstill on the funding , according to The Observer .

Rishi Sunak considers £500 hand out to every adult
Chancellor of the Exchequer Rishi Sunak participates in a national “clap for carers” to show thanks for the work of Britain’s NHS
Chancellor Rishi Sunak is considering plans to hand £500 to every adult and £250 to every child in the country to spend on sectors worst affected by the coronavirus crisis.
The plans, which have been drawn up by left-leaning think tank the Resolution Foundation, would see people handed vouchers to spend on sectors such as hospitality and bricks and mortar retail.
The scheme could see money topped up on vouchers or travel cards and mobile phones used to pay.
The Observer reported today that the scheme could cost up to £30bn to administer, with the aim of boosting demand in the economy.
Similar schemes have already been used in countries such as China and Malta to aid their respective economic recoveries from the pandemic.
Before the Open newsletter: Start your day with the City View podcast and key market data
Sunak will address parliament on Wednesday to deliver his summer economic statement, where he is expected to announce part of his vision for the UK’s post-Covid recovery.
Other potential measures that have been mooted as potential announcements from the chancellor are a temporary VAT cut or one-off cash payments.
Speaking to The Observer, Resolution Foundation research director James Smith said: “Social distancing has huge implications for firms in sectors like retail, hospitality, tourism and leisure that will last into the reopening phase.
“That is why the jobs of so many workers in these sectors are in the firing line. The chancellor’s recovery package on Wednesday should reflect this unique economic challenge.”
It comes as NHS chiefs have slammed Sunak for not providing £10bn of emergency funding, despite previously saying he would give the health service “whatever it needs”.
NHS England chief executive Simon Stevens allegedly told the Treasury that it needed £10bn to effectively fight Covid-19.
However, negotiations are at a standstill on the funding, according to The Observer.


cityam--2020-07-06--COP26 has been delayed, but the City's charge against climate change continues

Businesses and households across the world have been hit hard by Covid-19 , but as we move to the next phase of recovery from the pandemic , it is vital that we keep the fight against climate change top of the agenda .
That ’ s why last week , to mark London Climate Action Week , we announced a major summit in November that will focus on the role of green finance .
Organised with the Green Finance Institute and supported by the World Economic Forum , the “ Green Horizon Summit — The Pivotal Role of Finance ” @ @ @ @ @ @ @ home and abroad can help raise the monumental amount of capital needed to achieve an orderly transition to a net-zero future , as well as create jobs and revitalise our economy in the wake of coronavirus .
Read more : Confession of an ESG sceptic : How I learned to stop worrying and love ESG The virtual event will be held between 9 and 11 November — the original dates for the postponed United Nations Climate Change Conference ( COP26 ) , which will now take place in Glasgow in November 2021 .
@ @ @ @ @ @ @ profile business figures , including Mark Carney , the former Bank of England governor who is now UN special envoy for climate action and finance , and finance adviser for COP26 .
The link to COP26 is no coincidence .
While it made sense for the conference to be postponed to next year while the world grappled with the Covid-19 pandemic , the fight against climate change can not be delayed .
We must keep up the momentum if we are to realise the UK ’ s ambition to become net-zero emission by @ @ @ @ @ @ @ UN ’ s “ Race to Zero ” plan .
Green finance is a crucial part of meeting that challenge .
The figures speak for themselves .
Some $ 90 trillion is needed by 2030 to realise our international climate ambitions .
Meanwhile , over the next three decades , the total required investments in the energy sector alone will be US $ 3.5 trillion per year , while billions per year are needed to fund carbon capture and biofuel technology .
I am proud to say that the City is already leading @ @ @ @ @ @ @ are world leaders in green finance and efforts to accurately price climate-related risks and opportunities , and last year London came top in the Z/Yen green finance global rankings .
The London Stock Exchange is home to more than 200 sustainable bonds which have raised over £40bn .
London ’ s talent , depth of capital markets , and scale of innovation mean that we are ahead of the game in critical products like transition bonds .
But while we may be already leading the way , investors must do more , and @ @ @ @ @ @ @ their part — whether that is through structuring transition bonds , developing new forms of insurance , or building climate-friendly investment portfolios .
Asset managers should get on board with schemes like the Transition Pathways Initiative , launched by the Environment Agency and Church of England .
Private sector capital is a major piece of the puzzle for our transition to net-zero .
That ’ s why finance is the cornerstone of the COP26 agenda .
And professional services too have a role in developing credible transition plans .
In advance of next @ @ @ @ @ @ @ this November ’ s Green Horizon Summit will see the global financial community come together to collectively play its part in the fight against climate change .
London can truly support a global green recovery .

COP26 has been delayed, but the City’s charge against climate change continues
Green finance is a crucial part of meeting the climate challenge
Businesses and households across the world have been hit hard by Covid-19, but as we move to the next phase of recovery from the pandemic, it is vital that we keep the fight against climate change top of the agenda.
That’s why last week, to mark London Climate Action Week, we announced a major summit in November that will focus on the role of green finance.
Organised with the Green Finance Institute and supported by the World Economic Forum, the “Green Horizon Summit — The Pivotal Role of Finance” will explore how the private sector at home and abroad can help raise the monumental amount of capital needed to achieve an orderly transition to a net-zero future, as well as create jobs and revitalise our economy in the wake of coronavirus.
The virtual event will be held between 9 and 11 November — the original dates for the postponed United Nations Climate Change Conference (COP26), which will now take place in Glasgow in November 2021. It will feature keynote addresses from high profile business figures, including Mark Carney, the former Bank of England governor who is now UN special envoy for climate action and finance, and finance adviser for COP26.
The link to COP26 is no coincidence. While it made sense for the conference to be postponed to next year while the world grappled with the Covid-19 pandemic, the fight against climate change cannot be delayed. We must keep up the momentum if we are to realise the UK’s ambition to become net-zero emission by 2050, and support campaigns like the UN’s “Race to Zero” plan.
Green finance is a crucial part of meeting that challenge. The figures speak for themselves. Some $90 trillion is needed by 2030 to realise our international climate ambitions. Meanwhile, over the next three decades, the total required investments in the energy sector alone will be US$3.5 trillion per year, while billions per year are needed to fund carbon capture and biofuel technology.
I am proud to say that the City is already leading the charge in this area. We are world leaders in green finance and efforts to accurately price climate-related risks and opportunities, and last year London came top in the Z/Yen green finance global rankings. The London Stock Exchange is home to more than 200 sustainable bonds which have raised over £40bn.
London’s talent, depth of capital markets, and scale of innovation mean that we are ahead of the game in critical products like transition bonds. But while we may be already leading the way, investors must do more, and all parts of the City must play their part — whether that is through structuring transition bonds, developing new forms of insurance, or building climate-friendly investment portfolios. Asset managers should get on board with schemes like the Transition Pathways Initiative, launched by the Environment Agency and Church of England.
Private sector capital is a major piece of the puzzle for our transition to net-zero. That’s why finance is the cornerstone of the COP26 agenda. And professional services too have a role in developing credible transition plans.
In advance of next year’s event, I hope this November’s Green Horizon Summit will see the global financial community come together to collectively play its part in the fight against climate change. London can truly support a global green recovery.
Main image credit: Getty


cityam--2020-07-06--UK banks ‘draw up code of conduct’ for coronavirus business loan defaults

UK banks are reportedly drawing up a code of conduct for pursuing businesses that default on government-backed coronavirus interruption loans , amid concerns that a high proportion of the loans will never be repaid .
Industry body UK Finance and the state-owned British Business Bank ( BBB ) have begun talks with commercial lenders in the hope of setting up industry-wide debt collection standards for the loans , according to the Guardian .
Read more : UK businesses borrow over £43bn to survive coronavirus UK businesses have so far borrowed £43bn via government-backed loans to help them survive the pandemic @ @ @ @ @ @ @ HMRC .
Loans granted under the flagship coronavirus business interruption loans scheme ( CBILS ) and bounce back loan scheme for SMEs ( BBLS ) have a one-year repayment free period , with the first repayments due in spring 2021 .
Bank of England governor Andrew Bailey was warned by an industry group last month that up to £36bn of emergency loans to SMEs risk turning toxic , with banks warning that up to 50 per cent of BBLS were unlikely to be repaid .
While discussions over how banks will pursue the @ @ @ @ @ @ @ , the Guardian reported , one banking executive said that an industry-wide code of conduct was likely to result in a “ lighter-touch approach ” than some banks would typically use .
“ That ’ s really important so that customers get fair treatment and equal treatment .
If they have a bounce-back loan with Barclays or HSBC , it doesn ’ t feel more heavy-handed in one place or another — it ’ s agreed , ” they told the paper .
BBLS are 100 per cent backed by the government , @ @ @ @ @ @ @ bank ’ s losses if a customer defaults on the loan .
CBILS come with an 80 per cent government guarantee , meaning that banks will shoulder 20 per cent of any losses .
Lenders are expected to attempt to recover the full loan amount before accessing the guarantee .
As of 28 June , just over £11bn of CBILS had been granted to 52,275 companies , while 967,321 SMEs had been lent £29.5bn via BBLS .
British banks are keen to avoid being perceived as pursuing SMEs for loan repayments too aggressively @ @ @ @ @ @ @ ’ treatment of small firms following the global financial crisis .
Royal Bank of Scotland ’ s Global Restructuring Group was accused by small firms of stripping their assets between 2008 and 2013 , while hundreds of small businesses owners were defrauded by a Lloyds Halifax Bank of Scotland ( HBOS ) branch in Reading .
Read more : SMEs anticipate spike in redundancies this summer as lockdown eases UK Finance declined to comment on reports of that a code of conduct was being prepared .
A spokesperson for the BBB said : @ @ @ @ @ @ @ meetings with lenders , UK Finance , HM Treasury and others to discuss the operation of the government ’ s Covid-19 response to loan guarantee schemes .
Among other topics discussed is the need to treat customers fairly should collection of debts be required in the future .
”

UK banks ‘draw up code of conduct’ for coronavirus business loan defaults
British businesses have so far borrowed £43bn via government-backed coronavirus loans
UK banks are reportedly drawing up a code of conduct for pursuing businesses that default on government-backed coronavirus interruption loans, amid concerns that a high proportion of the loans will never be repaid.
Industry body UK Finance and the state-owned British Business Bank (BBB) have begun talks with commercial lenders in the hope of setting up industry-wide debt collection standards for the loans, according to the Guardian.
UK businesses have so far borrowed £43bn via government-backed loans to help them survive the pandemic, according to the latest figures from HMRC.
Loans granted under the flagship coronavirus business interruption loans scheme (CBILS) and bounce back loan scheme for SMEs (BBLS) have a one-year repayment free period, with the first repayments due in spring 2021.
Bank of England governor Andrew Bailey was warned by an industry group last month that up to £36bn of emergency loans to SMEs risk turning toxic, with banks warning that up to 50 per cent of BBLS were unlikely to be repaid.
While discussions over how banks will pursue the unpaid loans are at an early stage, the Guardian reported, one banking executive said that an industry-wide code of conduct was likely to result in a “lighter-touch approach” than some banks would typically use.
“That’s really important so that customers get fair treatment and equal treatment. If they have a bounce-back loan with Barclays or HSBC, it doesn’t feel more heavy-handed in one place or another — it’s agreed,” they told the paper.
BBLS are 100 per cent backed by the government, meaning that the taxpayer will cover a bank’s losses if a customer defaults on the loan. CBILS come with an 80 per cent government guarantee, meaning that banks will shoulder 20 per cent of any losses.
Lenders are expected to attempt to recover the full loan amount before accessing the guarantee.
As of 28 June, just over £11bn of CBILS had been granted to 52,275 companies, while 967,321 SMEs had been lent £29.5bn via BBLS.
British banks are keen to avoid being perceived as pursuing SMEs for loan repayments too aggressively after a series of scandals surrounding lenders’ treatment of small firms following the global financial crisis.
Royal Bank of Scotland’s Global Restructuring Group was accused by small firms of stripping their assets between 2008 and 2013, while hundreds of small businesses owners were defrauded by a Lloyds Halifax Bank of Scotland (HBOS) branch in Reading.
UK Finance declined to comment on reports of that a code of conduct was being prepared.
A spokesperson for the BBB said: “The British Business Bank has regular meetings with lenders, UK Finance, HM Treasury and others to discuss the operation of the government’s Covid-19 response to loan guarantee schemes. Among other topics discussed is the need to treat customers fairly should collection of debts be required in the future.”


cityam--2020-07-06--Uber to buy Postmates in $2.6bn food delivery tie-up

Uber is set to buy out rival delivery app Postmates in a $ 2.6bn deal , with the agreement to be announced later today .
The all-stock deal represents only a slight increase on Postmate ’ s last private valuation of $ 2.4bn in September .
People familiar with the matter told Bloomberg that Pierre-Dimitri Gore-Coty , head of Uber Eats , is expected to continue to run the combined delivery business .
San Francisco-based Postmates has become a popular choice in US coastal cities such as Los Angeles , cornering around eight per cent market share across the country @ @ @ @ @ @ @ for US food delivery service Postmates It had previously held talks with other delivery firms such as Doordash , but later opted to file for an initial public offering earlier this year .
Similarly , Uber had previously entered into merger discussions with rival Grubhub before it was bought by Just Eat for $ 7.3bn .
As a combined entity Postmates and Uber Eats would have a 37 per cent share of food delivery sales in the US , according to the New York Times , based on credit card spending data .
@ @ @ @ @ @ @ 45 per cent , while Grubhub would have 17 per cent .
Read more : Uber Eats orders skyrocket 160 per cent in lockdown However while its Uber Eats business is not profitable , demand for food delivery has skyrocketed in recent months as people stayed home during the coronavirus crisis .
In the UK , the number of restaurant partners on Uber Eats has almost doubled since March , with orders of some products rising as much as 166 per cent .
Uber reported a $ 2.9bn loss globally for the first @ @ @ @ @ @ @ , and announced it was laying off 14 per cent of its staff .
However revenue for its Uber Eats division rose 53 per cent .
Postmates did not immediately respond to a request for comment .
Uber declined to comment .

Uber confirms acquisition of Postmates in $2.65bn food delivery tie-up
Uber has bought up rival delivery app Postmates in a $2.65bn deal, the companies announced today, ending speculation of a tie-up between the pair.
The all-stock deal represents only a slight increase on Postmate’s last private valuation of $2.4bn in September.
Postmates will be kept as a separate app to Uber Eats, but some parts of the back-end processes will be merged — such as using the same couriers for both apps.
“Uber and Postmates have long shared a belief that platforms like ours can power much more than just food delivery — they can be a hugely important part of local commerce and communities, all the more important during crises like Covid-19,” said Uber chief executive Dara Khosrowshahi.
People familiar with the matter told Bloomberg yesterday that Pierre-Dimitri Gore-Coty, head of Uber Eats, is expected to continue to run the combined delivery business.
San Francisco-based Postmates has become a popular choice in US coastal cities such as Los Angeles, cornering around eight per cent market share across the country.
It had previously held talks with other delivery firms such as Doordash, but later opted to file for an initial public offering earlier this year.
Similarly, Uber had previously entered into merger discussions with rival Grubhub before it was bought by Just Eat for $7.3bn.
Postmates co-founder and chief Bastian Lehmann said: “Over the past eight years we have been focused on a single mission: enable anyone to have anything delivered to them on-demand.
“Joining forces with Uber will continue that mission as we continue to build Postmates while creating an even stronger platform that brings this mission to life for our customers.”
As a combined entity Postmates and Uber Eats would have a 37 per cent share of food delivery sales in the US, according to the New York Times, based on credit card spending data.
Doordash would remain the largest player with 45 per cent, while Grubhub would have 17 per cent.
However while its Uber Eats business is not profitable, demand for food delivery has skyrocketed in recent months as people stayed home during the coronavirus crisis.
In the UK, the number of restaurant partners on Uber Eats has almost doubled since March, with orders of some products rising as much as 166 per cent.
Uber reported a $2.9bn loss globally for the first three months of the year in May, and announced it was laying off 14 per cent of its staff.
However revenue for its Uber Eats division rose 53 per cent. Globally, Khosrowshahi said orders on Uber Eats had risen more than 100 per cent in the second quarter.


cityam--2020-07-06--BEQUANT talks to Ripple

BEQUANT talks to Ripple

Marcus Treacher , SVP Customer Success , Ripple talks to BEQUANT about how the organisation copied with the challenges presented by Covid-19 , what it will take to install mass adoption of digital assets and what the future holds for Ripple .
How has Ripple adapted to the challenges of COVID-19 , and how are you currently supporting your customers and employees ?
During this crisis , our priority has and will always be the safety and wellbeing of our employees ; we ’ ve kept our offices closed and put measures in place for our staff to work remotely @ @ @ @ @ @ @ comfortable home working setup , mental health programs , and such to provide support for all employees .
In terms of our customers , many are financial institutions such as money transfer businesses and banks , that play a pivotal role in facilitating the flow of money abroad .
This is an area that has been massively hit by the global crisis , and for many countries , remittances are a key source of capital income .
As such , the World Bank has recommended that public authorities in these markets should treat @ @ @ @ @ @ @ the pandemic .
We ’ ve seen our partners ’ customers facing job losses and income reductions on an unprecedented scale , while the need to send money to friends and family is stronger than ever In response , we ’ ve partnered with global financial institutions such as Azimo , TransferGo and Siam Commercial Bank to reduce or waive transaction fees during the pandemic .
These institutions all serve developing markets most affected by the remittance crisis , and so by temporarily lowering processing fees through these partnerships , payments providers can @ @ @ @ @ @ @ to the people who are most reliant on inbound remittances .
How does Ripple ’ s technology support the remittance market ?
Our fundamental mission is to make the transfer of money as fast , easy , and low cost , as the transfer of information is today over the internet .
Instead of moving money around the world through a system of one-sided messages sent between correspondent banks running on legacy systems , we have built a network that serves all , not just the big banks .
The primary use case @ @ @ @ @ @ @ volume payments – we ’ re focused on remittances because that ’ s where the highest friction is .
Today the average cost of sending $ 200 is $ 14 — it ’ s unacceptable that those who have the least pay the most .
The existing plumbing of global payments was built in the 1970 ’ s to serve the big corporations and banks — today ’ s payments are completely different , and hundreds of millions of people have been left out of the global economy because of antiquated technology .
@ @ @ @ @ @ @ bKash in Bangladesh who have brought digital wallets to 36 million people , many of whom were unbanked or underbanked before .
In a world where remittances are a key lifeline for so many communities and economies around the world , we should be able to service these needs with speed and affordability .
Blockchain technology holds promise – what do you think is a good use case for it in the current economic climate ?
Blockchain and digital assets can play a key role resolving issues with the existing system , in @ @ @ @ @ @ @ ways – this is vital in today ’ s current climate .
They can make remittance payments more transparent and much faster as all transactions can be tracked and financial institutions do not have to manoeuvre multiple correspondent banks within the payment value chain .
This empowers non-bank payment providers to offer low cost remittance services to more customers in markets that need it most .
What are some barriers still holding back wide scale adoption of digital assets ?
Given the proven use-case for digital assets , this question comes down to @ @ @ @ @ @ @ , traditional banks and currencies command a great deal of trust in their services as most consumers have never used anything else .
Even if a product has a proven track-record of usability and worth , it will naturally take time for many users to invest their hard-earned money into a relatively recent innovation like digital assets .
But as more banks begin to embrace digital assets , we can see this trust rubbing off .
The centuries-old existence of banks and traditional currencies has also meant that , over the years , @ @ @ @ @ @ @ into place to control how these assets are dealt with .
There are pages upon pages of regulatory background to a pound or a dollar , the likes of which are still being developed for digital currencies .
But this is thankfully changing all the time .
As traditional tech and finance players enter the digital currency arena , such as Facebook , Fidelity , Amazon and JP Morgan , we can see an inflated demand for more thorough regulation .
This expansion of the digital asset market is acting as the catalyst @ @ @ @ @ @ @ thinking properly about cryptocurrency as assets that need a space in common law .
We ’ ve also seen other regulatory bodies like ISO 20022 working to create a single common ‘ language ’ for all financial communications , allowing participants and systems in different markets to communicate in a consistent message format .
And with Ripple ’ s acceptance into this standards body as the first blockchain company , we can start shaping what the future of payments can look like – as it ’ s estimated that 87 % of global @ @ @ @ @ @ @ 20022 by 2023 .
How do you see digital assets and blockchain technology evolving in the next decade , and how has COVID-19 impacted this ?
COVID-19 has shown how traditional systems – payments , and otherwise – are not prepared for catastrophes on this scale .
This is something the world hasn ’ t dealt with before , and is catalysing change on an unprecedented scale .
Specifically in financial services , the need for technologically modern , open systems is more obvious than ever .
Blockchain is poised to play an @ @ @ @ @ @ @ system , because of its inherent open , transparent nature .
As we can already see , there is interest from governments to traditional finance , from neobanks to the biggest money transfer companies to explore and adopt this technology .
Let ’ s remake the future global financial infrastructure into something that serves people , not the other way around .
How do you think the relationship between digital assets and traditional banks will evolve over the coming years ?
As we see a continuing trend of greater acceptance and adoption of @ @ @ @ @ @ @ have a unique opportunity – as fintechs – to collaborate with these institutions and catalyze innovation at a greater pace .
Our combined knowledge , capability , and customer reach holds the potential to remove friction in payments , by giving us the ability to almost entirely reset the plumbing of how these payments flow .
Innovation could be at the forefront of product development , combining the established reach and influence of traditional banks with the industry-leading tech and new talent at the disposal of fintechs .
Offering these innovative services as @ @ @ @ @ @ @ in fintech ’ s financial services to a greater level , and could give established banks ’ customers a far faster and more contemporary experience .
If we look at the partnership between Ripple and Banco Santander , one of the largest commercial banks in Spain , for instance .
Together , we launched One Pay FX , a blockchain-powered mobile application that solves the problem of slow and opaque international payments .
The application completely overhauled the inconvenient process previously in place where a customer would have to visit a branch , @ @ @ @ @ @ @ for the recipient to receive the money .
Now , the bank uses RippleNet to offer same-day international payments with an easy mobile experience .
If fintechs and banks were to build this kind of continued and mutually beneficial relationship , more services could be elevated to modern standards of customer service and speed as we continue to pull legacy banking systems out of their comfort zone and into the modern era of banking .
We ’ re laser focused on further growing our network , RippleNet – from the number of customers @ @ @ @ @ @ @ in which they operate , with a mission of enabling payments everywhere , every way for everyone .
We ’ re also focused on expanding our On Demand Liquidity service which uses XRP as a bridge currency between two fiat currencies — this is the first time that digital assets are being used in production for an enterprise use case .
We have established On Demand Liquidity corridors into Mexico , the Philippines , Australia and Europe , and we ’ re hoping to further this expansion by opening corridors to APAC and @ @ @ @

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BEQUANT talks to Ripple
Ripple, the company behind XRP, has revealed its now valued at $15bn after buying back shares from series c investors.
Marcus Treacher, SVP Customer Success, Ripple talks to BEQUANT about how the organisation copied with the challenges presented by Covid-19, what it will take to install mass adoption of digital assets and what the future holds for Ripple.
How has Ripple adapted to the challenges of COVID-19, and how are you currently supporting your customers and employees?
During this crisis, our priority has and will always be the safety and wellbeing of our employees; we’ve kept our offices closed and put measures in place for our staff to work remotely. These measures entail a safe and comfortable home working setup, mental health programs, and such to provide support for all employees.
In terms of our customers, many are financial institutions such as money transfer businesses and banks, that play a pivotal role in facilitating the flow of money abroad. This is an area that has been massively hit by the global crisis, and for many countries, remittances are a key source of capital income. As such, the World Bank has recommended that public authorities in these markets should treat remittance service providers as essential services during the pandemic. We’ve seen our partners’ customers facing job losses and income reductions on an unprecedented scale, while the need to send money to friends and family is stronger than ever
In response, we’ve partnered with global financial institutions such as Azimo, TransferGo and Siam Commercial Bank to reduce or waive transaction fees during the pandemic. These institutions all serve developing markets most affected by the remittance crisis, and so by temporarily lowering processing fees through these partnerships, payments providers can continue to deliver faster and affordable payments to the people who are most reliant on inbound remittances.
How does Ripple’s technology support the remittance market?
Our fundamental mission is to make the transfer of money as fast, easy, and low cost, as the transfer of information is today over the internet. Instead of moving money around the world through a system of one-sided messages sent between correspondent banks running on legacy systems, we have built a network that serves all, not just the big banks.
The primary use case for RippleNet is low value, high volume payments – we’re focused on remittances because that’s where the highest friction is. Today the average cost of sending $200 is $14 — it’s unacceptable that those who have the least pay the most.
The existing plumbing of global payments was built in the 1970’s to serve the big corporations and banks — today’s payments are completely different, and hundreds of millions of people have been left out of the global economy because of antiquated technology. We work with alternative remittance players like bKash in Bangladesh who have brought digital wallets to 36 million people, many of whom were unbanked or underbanked before.
In a world where remittances are a key lifeline for so many communities and economies around the world, we should be able to service these needs with speed and affordability.
Blockchain technology holds promise – what do you think is a good use case for it in the current economic climate?
Blockchain and digital assets can play a key role resolving issues with the existing system, in turn driving financial inclusion in a few ways – this is vital in today’s current climate. They can make remittance payments more transparent and much faster as all transactions can be tracked and financial institutions do not have to manoeuvre multiple correspondent banks within the payment value chain. This empowers non-bank payment providers to offer low cost remittance services to more customers in markets that need it most.
What are some barriers still holding back wide scale adoption of digital assets?
Given the proven use-case for digital assets, this question comes down to trust. Having been around for centuries, traditional banks and currencies command a great deal of trust in their services as most consumers have never used anything else. Even if a product has a proven track-record of usability and worth, it will naturally take time for many users to invest their hard-earned money into a relatively recent innovation like digital assets. But as more banks begin to embrace digital assets, we can see this trust rubbing off.
The centuries-old existence of banks and traditional currencies has also meant that, over the years, comprehensive rules and regulations have been put into place to control how these assets are dealt with. There are pages upon pages of regulatory background to a pound or a dollar, the likes of which are still being developed for digital currencies.
But this is thankfully changing all the time. As traditional tech and finance players enter the digital currency arena, such as Facebook, Fidelity, Amazon and JP Morgan, we can see an inflated demand for more thorough regulation. This expansion of the digital asset market is acting as the catalyst for governments and regulatory bodies to begin thinking properly about cryptocurrency as assets that need a space in common law.
We’ve also seen other regulatory bodies like ISO 20022 working to create a single common ‘language’ for all financial communications, allowing participants and systems in different markets to communicate in a consistent message format. And with Ripple’s acceptance into this standards body as the first blockchain company, we can start shaping what the future of payments can look like – as it’s estimated that 87% of global financial transactions will be supported by ISO 20022 by 2023.
How do you see digital assets and blockchain technology evolving in the next decade, and how has COVID-19 impacted this?
COVID-19 has shown how traditional systems – payments, and otherwise – are not prepared for catastrophes on this scale. This is something the world hasn’t dealt with before, and is catalysing change on an unprecedented scale. Specifically in financial services, the need for technologically modern, open systems is more obvious than ever.
Blockchain is poised to play an integral role in our future global financial system, because of its inherent open, transparent nature. As we can already see, there is interest from governments to traditional finance, from neobanks to the biggest money transfer companies to explore and adopt this technology. Let’s remake the future global financial infrastructure into something that serves people, not the other way around.
How do you think the relationship between digital assets and traditional banks will evolve over the coming years?
As we see a continuing trend of greater acceptance and adoption of digital assets by traditional banks, we have a unique opportunity – as fintechs – to collaborate with these institutions and catalyze innovation at a greater pace. Our combined knowledge, capability, and customer reach holds the potential to remove friction in payments, by giving us the ability to almost entirely reset the plumbing of how these payments flow.
Innovation could be at the forefront of product development, combining the established reach and influence of traditional banks with the industry-leading tech and new talent at the disposal of fintechs. Offering these innovative services as a team would help to boost trust in fintech’s financial services to a greater level, and could give established banks’ customers a far faster and more contemporary experience.
If we look at the partnership between Ripple and Banco Santander, one of the largest commercial banks in Spain, for instance. Together, we launched One Pay FX, a blockchain-powered mobile application that solves the problem of slow and opaque international payments. The application completely overhauled the inconvenient process previously in place where a customer would have to visit a branch, fill in forms and then wait days for the recipient to receive the money. Now, the bank uses RippleNet to offer same-day international payments with an easy mobile experience.
If fintechs and banks were to build this kind of continued and mutually beneficial relationship, more services could be elevated to modern standards of customer service and speed as we continue to pull legacy banking systems out of their comfort zone and into the modern era of banking.
What’s next for Ripple?
We’re laser focused on further growing our network, RippleNet – from the number of customers who join the network to the corridors in which they operate, with a mission of enabling payments everywhere, every way for everyone. We’re also focused on expanding our On Demand Liquidity service which uses XRP as a bridge currency between two fiat currencies — this is the first time that digital assets are being used in production for an enterprise use case. We have established On Demand Liquidity corridors into Mexico, the Philippines, Australia and Europe, and we’re hoping to further this expansion by opening corridors to APAC and EMEA this year.