cityam--2020-11-26--Oppo Reno 4 Pro review: An all-rounder but no killer blow

Last week I reviewed two new phones , one you ’ ve definitely heard of , and one you almost certainly haven ’ t .
The latter was a handset from one of the biggest manufacturers in the world , Chinese firm Vivo , which has virtually no footprint in Europe ( the camera-focused X51 is its first official launch over here ) .
This week I ’ m getting a major sense of deja vu , reviewing the Oppo Reno 4 Pro , a handset from one of the biggest manufacturers in the world , but one with virtually @ @ @ @ @ @ @ don ’ t end there .
The phone in my hand right now hails from the city of Dongguan in the Guangdong province of China , just like the X51 .
It ’ s either an upper-mid or lower-top tier phone , just like the X51 .
In fact , if you were to put them both on a table next to each other , you ’ d be hard-pressed to tell them apart .
Both have a long , thin letterbox design with a glass rear and a 6.6-inch AMOLED display that @ @ @ @ @ @ @ handset .
If you examine the back of the Reno 4 under the light , however , you ’ ll spot a prism effect casting little rainbows over a subtly repeating “ OP ” logo ” , which I could do without .
Thankfully there are other , more pronounced differences .
While the X51 was essentially a camera sales-pitch wrapped in a mobile phone , the Reno 4 is more of an all-round workhorse .
It has an incredibly efficient battery , for instance , which will charge from zero to 100 @ @ @ @ @ @ @ will comfortably give you a full day ’ s juice .
Its photography array is no slouch either , with the main camera shooting in up to 48MP ( 12MP by default ) , with an ultra-wide and telephoto lens also in attendance .
The big selling point is the Night Mode camera , which impressed me on a jaunt through the City at night , capturing some impressive pictures even in very low or uneven light .
It also has a nifty Macro mode , which the phone can detect and automatically @ @ @ @ @ @ @ amount of detail when shooting tiny things , like these Warhammer 40K models I ’ ve been painting .
Its video recording , while a little less professional-grade than some of its rivals ( see both of last week ’ s reviews ) is absolutely passable , with decent image stabilisation and , again , good performance in low light .
To be honest , the difference between this and the video-focused X51 is negligable , although if you have a more advanced set-up the difference in hardware may start to become more @ @ @ @ @ @ @ s impressive without setting the house on fire .
It will handle everything you can throw at it today but that ’ s a given – the question is how well it will hold up in two or three years , and judging by the benchmark figures , the answer is not quite as well as some of its rivals .
At £699 , it doesn ’ t come cheap .
It ’ s a solid all-round phone , but it ’ s hard to come up with a convincing argument to choose @ @ @ @ @ @ @ Pixel , iPhone or Galaxy .
The Oppo Reno 4 Pro ticks a lot of boxes , but in a market this fiercely competitive , that no longer feels like enough .

Oppo Reno 4 Pro review: An all-rounder but no killer blow
Last week I reviewed two new phones, one you’ve definitely heard of, and one you almost certainly haven’t. The latter was a handset from one of the biggest manufacturers in the world, Chinese firm Vivo, which has virtually no footprint in Europe (the camera-focused X51 is its first official launch over here).
This week I’m getting a major sense of deja vu, reviewing the Oppo Reno 4 Pro, a handset from one of the biggest manufacturers in the world, but one with virtually no footprint in Europe.
The similarities don’t end there. The phone in my hand right now hails from the city of Dongguan in the Guangdong province of China, just like the X51. It’s either an upper-mid or lower-top tier phone, just like the X51. In fact, if you were to put them both on a table next to each other, you’d be hard-pressed to tell them apart.
Both have a long, thin letterbox design with a glass rear and a 6.6-inch AMOLED display that wraps right to the edge of the handset. If you examine the back of the Reno 4 under the light, however, you’ll spot a prism effect casting little rainbows over a subtly repeating “OP” logo”, which I could do without.
Thankfully there are other, more pronounced differences. While the X51 was essentially a camera sales-pitch wrapped in a mobile phone, the Reno 4 is more of an all-round workhorse. It has an incredibly efficient battery, for instance, which will charge from zero to 100 per cent in 30 minutes, and will comfortably give you a full day’s juice.
Its photography array is no slouch either, with the main camera shooting in up to 48MP (12MP by default), with an ultra-wide and telephoto lens also in attendance.
The big selling point is the Night Mode camera, which impressed me on a jaunt through the City at night, capturing some impressive pictures even in very low or uneven light.
It also has a nifty Macro mode, which the phone can detect and automatically put to use, giving a nice amount of detail when shooting tiny things, like these Warhammer 40K models I’ve been painting.
Its video recording, while a little less professional-grade than some of its rivals (see both of last week’s reviews) is absolutely passable, with decent image stabilisation and, again, good performance in low light. To be honest, the difference between this and the video-focused X51 is negligable, although if you have a more advanced set-up the difference in hardware may start to become more pronounced.
Specs wise, it’s impressive without setting the house on fire. It will handle everything you can throw at it today but that’s a given – the question is how well it will hold up in two or three years, and judging by the benchmark figures, the answer is not quite as well as some of its rivals.
At £699, it doesn’t come cheap. It’s a solid all-round phone, but it’s hard to come up with a convincing argument to choose it over, say, the equivalent Pixel, iPhone or Galaxy. The Oppo Reno 4 Pro ticks a lot of boxes, but in a market this fiercely competitive, that no longer feels like enough.


cityam--2020-11-26--Brexit: UK business groups 'crying out for certainty' as talks drag on

Some of Britain ’ s largest business groups have made a fresh plea for post-Brexit certainty from the government as the country is just 35 days away from leaving the EU completely .
The Confederation of British Industry ( CBI ) , British Chambers of Commerce and the Federation of Small Businesses told City A.M. that their members desperately need to know what arrangements to make for next year after the UK leaves the EU ’ s single market and customs union .
Read more : Editorial : No-deal Brexit and London lockdown would compound economic catastrophe Trade negotiations between @ @ @ @ @ @ @ , with seemingly little progress made in the past several months .
The two largest barriers to a deal are future fisheries arrangements and the UK ’ s future state subsidy regime , which is a part of discussions over the so-called level playing field .
Talks , which are taking place virtually this week , are set to drag on into next month and will likely go down to the wire , with the Brexit transition period ending on 31 December .
Leaving the EU on no-deal terms would be a disaster @ @ @ @ @ @ @ with the Office for Budget Responsibility ( OBR ) predicting that this scenario would knock two per cent off the UK ’ s GDP growth next year .
This would come after a predicted 11.3 per cent drop in GDP this year – the largest contraction in 300 years .
Read more : OBR : ‘ No-deal ’ Brexit to wipe 2 per cent off GDP – with finance worst hit The uncertainty has made it difficult for British businesses that have ties with the EU to plan ahead , according to business @ @ @ @ @ @ @ of international affairs at the Federation of Small Businesses , said UK firms were “ crying out for certainty ” .
“ We welcome government efforts to encourage businesses to prepare for those changes that will take effect regardless of the outcome of talks , but until we know exactly what the state of play will be from 1 January , it ’ s extremely difficult to fully plan , ” he said .
The British Chambers of Commerce ( BCC ) said that post-Brexit uncertainty had meant some of their firms had @ @ @ @ @ @ @ The BCC ’ s co-executive director Hannah Essex said : “ As things stand , businesses do not have all the information about what this will mean in terms of costs and processes and it is therefore difficult to be able to plan ahead with confidence .
“ We ’ re hearing of firms losing EU customers who are also worried about additional costs and delays at the border come January.
” Before the Open newsletter : Start your day with the City View podcast and key market data Some changes are inevitable @ @ @ @ @ @ @ a UK-EU trade deal is struck or not .
Lorry drivers entering Kent will need a special permit from next year to show they have filled out the proper paperwork to cross the channel .
There will also be several lorry parks established to make border checks where necessary .
The Cabinet Office warned months ago that these new measures could lead to 7000-long lorry queues if companies are not prepared .
Last month , the Road Hauliers ’ Association lashed out at the government for “ creating confusion ” and for not @ @ @ @ @ @ @ Rolling [ Brexit ] deadlines are already costing companies , which have seen cash reserves disappear and stockpiles dwindle , ” he said .
Brexit talks were forced to go virtual this week , after a member of the EU negotiating team tested positive for Covid .
Read more : Exclusive : Siemens UK chief says pandemic brought ‘ helpful ’ distraction from Brexit A Number 10 spokesman today said the UK wanted to resume face to face talks if possible , but that it was “ dependent on the EU ” .
@ @ @ @ @ @ @ negotiations that our intention is to try and conclude a free trade agreement as quickly as possible , ” he said .

Brexit: UK business groups ‘crying out for certainty’ as talks drag on
The CEO of Tesco said product movement is the biggest Brexit-related problem facing supermarkets.
Some of Britain’s largest business groups have made a fresh plea for post-Brexit certainty from the government as the country is just 35 days away from leaving the EU completely.
The Confederation of British Industry (CBI), British Chambers of Commerce and the Federation of Small Businesses told City A.M. that their members desperately need to know what arrangements to make for next year after the UK leaves the EU’s single market and customs union.
Trade negotiations between the UK and EU are still deadlocked, with seemingly little progress made in the past several months.
The two largest barriers to a deal are future fisheries arrangements and the UK’s future state subsidy regime, which is a part of discussions over the so-called level playing field.
Talks, which are taking place virtually this week, are set to drag on into next month and will likely go down to the wire, with the Brexit transition period ending on 31 December.
Leaving the EU on no-deal terms would be a disaster for the UK’s economy, with the Office for Budget Responsibility (OBR) predicting that this scenario would knock two per cent off the UK’s GDP growth next year.
This would come after a predicted 11.3 per cent drop in GDP this year – the largest contraction in 300 years.
The uncertainty has made it difficult for British businesses that have ties with the EU to plan ahead, according to business advocacy groups.
James Sibley, head of international affairs at the Federation of Small Businesses, said UK firms were “crying out for certainty”.
“We welcome government efforts to encourage businesses to prepare for those changes that will take effect regardless of the outcome of talks, but until we know exactly what the state of play will be from 1 January, it’s extremely difficult to fully plan,” he said.
The British Chambers of Commerce (BCC) said that post-Brexit uncertainty had meant some of their firms had been losing contracts from EU clients.
The BCC’s co-executive director Hannah Essex said: “As things stand, businesses do not have all the information about what this will mean in terms of costs and processes and it is therefore difficult to be able to plan ahead with confidence.
“We’re hearing of firms losing EU customers who are also worried about additional costs and delays at the border come January.”
Before the Open newsletter: Start your day with the City View podcast and key market data
Some changes are inevitable from next year, regardless of whether a UK-EU trade deal is struck or not.
Lorry drivers entering Kent will need a special permit from next year to show they have filled out the proper paperwork to cross the channel.
There will also be several lorry parks established to make border checks where necessary.
The Cabinet Office warned months ago that these new measures could lead to 7000-long lorry queues if companies are not prepared.
Last month, the Road Hauliers’ Association lashed out at the government for “creating confusion” and for not providing certainty for lorry drivers.
CBI acting director general Josh Hardie said “firms need a deal now”.
“Rolling [Brexit] deadlines are already costing companies, which have seen cash reserves disappear and stockpiles dwindle,” he said.
Brexit talks were forced to go virtual this week, after a member of the EU negotiating team tested positive for Covid.
A Number 10 spokesman today said the UK wanted to resume face to face talks if possible, but that it was “dependent on the EU”.
“You’ve seen throughout the negotiations that our intention is to try and conclude a free trade agreement as quickly as possible,” he said.


cityam--2020-11-27--Black Friday: Amazon workers call for inquiry into ‘dehumanising’ conditions

Amazon workers have called for a parliamentary inquiry into “ dehumanising ” conditions at the ecommerce giant ’ s warehouses .
Disgruntled employees have projected a banner reading ‘ Make Amazon Pay ’ outside the tech firm ’ s London headquarters as part of protests coinciding with Black Friday .
Read more : Amazon to give frontline staff $ 500m in bonuses amid safety concerns “ Amazon is well known for unsafe , dehumanising work practices which see our members break bones , fall unconscious and have to be taken away in ambulances , ” said Mick Rix , national @ @ @ @ @ @ @ the protests .
“ They pay a pittance in tax while taking millions from the taxpayer in lucrative government contracts .
“ Now , during a pandemic which has made the world ’ s richest man even more money , they ’ ve been packing workers into warehouses like sardines in a tin .
Enough is enough.
” GMB said it has joined a global coalition alongside Amnesty International and Oxfam that is attempting to curb Amazon ’ s “ monstrous ” power .
The tech giant has faced numerous accusations of gruelling @ @ @ @ @ @ @ .
An investigation by GMB last year revealed that ambulances were called out to Amazon warehouses 600 times during just three financial years , while 602 serious injuries and near misses were reported to the Health and Safety Executive .
Warehouse staff also reported working in agony and being denied toilet breaks , while one heavily pregnant woman was forced to work standing .
But Amazon hit back at the union , denying accusations of unsafe working conditions .
“ Yet again , our critics seem determined to paint a false picture of @ @ @ @ @ @ @ for Amazon .
They repeat the same sensationalised , unsubstantiated allegations time and time again , ” the company said in a statement .
“ Safety is our priority and we are proud of the safe , modern workplaces we provide for our people.
” Amazon has said it will spend $ 500m ( £375m ) on staff bonuses over the Christmas period as it looks to stave off the risk of strikes over the crucial shopping period .
Full-time warehouse staff in the UK will receive £300 , while part-time workers will @ @ @ @ @ @ @ Amazon ‘ sacks dozens of staff ’ on drone delivery programme Last year Amazon staff staged walkouts on Black Friday and Cyber Monday in protest at the “ appalling ” treatment of workers .
Amazon has been one of the major winners of the coronavirus pandemic .
The tech giant posted sales of nearly $ 100bn in the third quarter amid a surge in demand for online shopping .

Black Friday: Union calls for inquiry into Amazon over ‘dehumanising’ conditions
Union members have called for a parliamentary inquiry into Amazon over “dehumanising” conditions at the ecommerce giant’s warehouses.
Disgruntled unionists have projected a banner reading ‘Make Amazon Pay’ outside the tech firm’s London headquarters as part of protests coinciding with Black Friday.
“Amazon is well known for unsafe, dehumanising work practices which see our members break bones, fall unconscious and have to be taken away in ambulances,” said Mick Rix, national officer at union GMB, which organised the protests.
“They pay a pittance in tax while taking millions from the taxpayer in lucrative government contracts.
“Now, during a pandemic which has made the world’s richest man even more money, they’ve been packing workers into warehouses like sardines in a tin. Enough is enough.”
GMB said it has joined a global coalition alongside Amnesty International and Oxfam that is attempting to curb Amazon’s “monstrous” power.
The tech giant has faced numerous accusations of gruelling and unsafe working conditions in its warehouses.
An investigation by GMB last year revealed that ambulances were called out to Amazon warehouses 600 times during just three financial years, while 602 serious injuries and near misses were reported to the Health and Safety Executive.
Warehouse staff also reported working in agony and being denied toilet breaks, while one heavily pregnant woman was forced to work standing.
But Amazon hit back at the union, denying accusations of unsafe working conditions.
“Yet again, our critics seem determined to paint a false picture of what it’s like to work for Amazon. They repeat the same sensationalised, unsubstantiated allegations time and time again,” the company said in a statement.
“Safety is our priority and we are proud of the safe, modern workplaces we provide for our people.”
Amazon has said it will spend $500m (£375m) on staff bonuses over the Christmas period as it looks to stave off the risk of strikes over the crucial shopping period.
Full-time warehouse staff in the UK will receive £300, while part-time workers will be given £150.
Last year the GMB staged demonstrations on Black Friday and Cyber Monday in protest at the “appalling” treatment of Amazon workers.
Amazon has been one of the major winners of the coronavirus pandemic. The tech giant posted sales of nearly $100bn in the third quarter amid a surge in demand for online shopping.


cityam--2020-11-27--Hooked: UK and EU stuck in Brexit deadlock over fisheries

“ Significant divergences ” remain between the UK and EU in Brexit trade deal talks , Michel Barnier said today , as the EU chief negotiator holds crunch talks over access to Britain ’ s fisheries .
In-person negotiations between Barnier and UK envoy David Frost are set to resume in London this afternoon after a member of the EU team contracted coronavirus last week .
Read more : Today : ‘ Urgent ’ EU meeting on fisheries may signal breakthrough in Brexit talks Speaking ahead of today ’ s meeting , Barnier said talks remained stalled over the “ @ @ @ @ @ @ @ aid , and how to resolve future disputes .
Future fisheries arrangements between the UK and EU have been one of the largest stumbling blocks to a post-Brexit trade deal .
Barnier ’ s starting position in negotiations with the UK was that Brussels wanted EU countries to retain the same rights to fish in British waters as they had prior to Brexit .
Barnier ’ s demand was rejected by Frost , who repeatedly affirmed that the UK will be an “ independent coastal state ” from next year .
Prime Minister @ @ @ @ @ @ @ clearly there are substantial and important differences still to be bridged but we ’ re getting on with it.
” “ The likelihood of a deal is very much determined by our friends and partners in the EU — there ’ s a deal there to be done if they want to do it , ” the PM added .
Frost took to Twitter this afternoon to insist “ that it ’ s my job to do my utmost to see if the conditions for a deal exist .
It is late , @ @ @ @ @ @ @ and I will continue to talk until it ’ s clear that it isn ’ t. ” Time is running thin for a deal to be struck between the two sides , with the UK set to leave the EU ’ s single market and customs union on 31 December .
Read more : Brexit : UK business groups ‘ crying out for certainty ’ as talks drag on The European Commission has repeatedly warned that both sides will need significant time to ratify a potential deal through parliament .
Britain formally left @ @ @ @ @ @ @ , but has remained in a transition period since then under which rules on trade , travel and business remain unchanged .
From 1 January it will be treated by Brussels as a third country .

Hooked: UK and EU stuck in Brexit deadlock over fisheries
“Significant divergences” remain between the UK and EU in Brexit trade deal talks, Michel Barnier said today, as the EU chief negotiator holds crunch talks over access to Britain’s fisheries.
In-person negotiations between Barnier and UK envoy David Frost are set to resume in London this afternoon after a member of the EU team contracted coronavirus last week.
Speaking ahead of today’s meeting, Barnier said talks remained stalled over the “same divergences” of fisheries, state aid, and how to resolve future disputes.
Future fisheries arrangements between the UK and EU have been one of the largest stumbling blocks to a post-Brexit trade deal.
Barnier’s starting position in negotiations with the UK was that Brussels wanted EU countries to retain the same rights to fish in British waters as they had prior to Brexit.
Barnier’s demand was rejected by Frost, who repeatedly affirmed that the UK will be an “independent coastal state” from next year.
Prime Minister Boris Johnson told reporters yesterday that “clearly there are substantial and important differences still to be bridged but we’re getting on with it.”
“The likelihood of a deal is very much determined by our friends and partners in the EU — there’s a deal there to be done if they want to do it,” the PM added.
Frost took to Twitter this afternoon to insist “that it’s my job to do my utmost to see if the conditions for a deal exist. It is late, but a deal is still possible, and I will continue to talk until it’s clear that it isn’t.”
Time is running thin for a deal to be struck between the two sides, with the UK set to leave the EU’s single market and customs union on 31 December.
The European Commission has repeatedly warned that both sides will need significant time to ratify a potential deal through parliament.
Britain formally left the EU on 31 January this year, but has remained in a transition period since then under which rules on trade, travel and business remain unchanged. From 1 January it will be treated by Brussels as a third country.


cityam--2020-11-27--Travel giant records sales spike thanks to growing consumer confidence

The London-based travel company Not Just Travel has recorded a 62 per cent surge in bookings this week .
The top holiday destinations booked by consumers , in order of preference , were the USA , the Canary Islands , Dubai , Lapland and the Maldives .
Not Just Travel co-founders Steve Witt and Paul Harrison attributed this increase in bookings to Black Friday and the lead-up to Christmas .
They predicted sales would keep increasing across the weekend , due to Black Friday and Cyber Monday deals .
Witt and Harrison said : “ There ’ s been a @ @ @ @ @ @ @ want to travel , they want adventures , they desperately want to spend time with family and friends , and they want something to look forward to.
” Witt and Harrison added the success of the Pfizer , Moderna and Astrazeneca Covid-19 vaccines in the clinical trial stage is also giving people the confidence to book breaks earlier than in previous years .
Peak busy time for the travel industry usually runs from Christmas until March , but the Not Just Travel co-founders believe peak booking season will be prolonged this year , @ @ @ @ @ @ @ next few months .

Travel giant records 62 per cent sales spike as consumer confidence grows
London-based travel giant Not Just Travel recorded a 62 per cent surge in bookings this week.
The top holiday destinations booked by consumers, in order of preference, were the USA, the Canary Islands, Dubai, Lapland and the Maldives.
Not Just Travel co-founders Steve Witt and Paul Harrison attributed this increase in bookings to Black Friday and the lead-up to Christmas as travel restrictions will be eased in December.
They predicted sales would keep increasing across the weekend, due to Black Friday and Cyber Monday deals.
Witt and Harrison said: “There’s been a surge in public positivity.”
“People want to travel, they want adventures, they desperately want to spend time with family and friends, and they want something to look forward to.”
Vaccine coming
Witt and Harrison added the success of the Pfizer, Moderna and Astrazeneca’s Covid-19 vaccines in the clinical trial stage is also giving people the confidence to book breaks earlier than in previous years.
Peak busy time for the travel industry usually runs from Christmas until March, but the Not Just Travel co-founders believe peak booking season will be prolonged this year, with bookings more spaced out over the next few months.


cityam--2020-11-27--Bitcoin parabola signals the starts of a new crypto paradigm

Bitcoin momentum stalled at around $ 19,400 as it began to slip into dangerous territory before breaking its parabolic trend that began in the first week of October .
However , historical precedent speaks volumes about bitcoin ’ s mini parabolic run-up , and what ’ s to come in 2021 .
While hindsight bias could elaborate on what precipitated the sell off , bitcoin ’ s technical data has already begun to cool-off as level-heads begin to prevail once more .
On Wednesday bitcoin closed in on $ 19,500 , hitting as high as $ 19,474 before losing steam @ @ @ @ @ @ @ in the following hours , finding brief support at $ 18,700 before finally finding a temporary bottom at $ 16,214 .
Interestingly enough , the unwinding of leveraged trades came before the technical pullback , per data from Glassnode media .
According to the above chart , futures funding rates saw a multi-month high over the weekend , reaching 0.098 % .
Every eight hours , a funding fee is paid to lenders from borrowers who leverage trade bitcoin and other cryptocurrencies .
Typically , a sharp increase in positive funding rate suggests @ @ @ @ @ @ @ cooling-off due to over-leveraged aggressive traders .
However , given that the funding rate started to cool off well before the drop , it could be that the majority of traders were anticipating a pull-back scenario and acted accordingly .
This opens up the possibility that other events might have caused the sell-off .
Still the most likely scenario is that a domino effect ensued , with one event compounding sell-side pressure over another .
At the time of writing , the funding rate has fallen back to 0.011 % , according to @ @ @ @ @ @ @ long liquidations amounted to a massive $ 800 million , matching the amount of liquidations since the black Thursday sell off in March when bitcoin fell to $ 4,000 .
This was further exacerbated by the fact that no technical structure was built during the parabolic run-up , opening the door to a cascading effect of stop-loss triggers and forced liquidations .
Bitcoin had been in a steady parabola with virtually no pullback for weeks on end , per the below 3-day chart .
From a technical perspective , such an incredible run-up @ @ @ @ @ @ @ reminiscent of 2013 when bitcoin parabolas preceded thousand-percent increases in the following months .
While this pull-back scenario came as no surprise for various influencers and newsletter readers , a good number of crypto influencers expected the $ 20,000 psychological level to get taken out before a correction .
However , CNBC ’ s Brian Kelly was not among this crowd .
Indeed , CNBC finally managed to correctly project a bitcoin top , citing the fact that 2017 buyers would be looking to sell their holdings close to all-time highs if the @ @ @ @ @ @ @ , CNBC ’ s ‘ moon calls ’ often represented bitcoin tops and were jokingly said to be great counter-trade signals .
This does not seem to be the case in 2020 .
Of course , any number of reasons could be argued for now that the sell-off took place .
However , despite this turnaround , there ’ s reason to be optimistic .
Indeed , while this sell-off has been bloody and may continue for a while longer , the path of least resistance for bitcoin remains to the upside .
@ @ @ @ @ @ @ ’ t going away overnight .
On the contrary , they ’ re only expected to increase .
Bitcoin ’ s long-term prospects exist in contrast to short term liquidity grabs , which are ultimately reconciled in the direction that provides the most of it .
This is not financial advice .
Author Credit : Christopher Attard , journalism and content specialist who covers bitcoin and crypto markets .
Get in touch at contact @ chrisoncrypto.com Crypto AM : Technically Speaking in association with Zumo

Bitcoin parabola signals the starts of a new crypto paradigm
Bitcoin momentum stalled at around $19,400 as it began to slip into dangerous territory before breaking its parabolic trend that began in the first week of October. However, historical precedent speaks volumes about bitcoin’s mini parabolic run-up, and what’s to come in 2021.
While hindsight bias could elaborate on what precipitated the sell off, bitcoin’s technical data has already begun to cool-off as level-heads begin to prevail once more.
On Wednesday bitcoin closed in on $19,500, hitting as high as $19,474 before losing steam. The crypto continued to trend sideways in the following hours, finding brief support at $18,700 before finally finding a temporary bottom at $16,214.
Interestingly enough, the unwinding of leveraged trades came before the technical pullback, per data from Glassnode media.
According to the above chart, futures funding rates saw a multi-month high over the weekend, reaching 0.098%. Every eight hours, a funding fee is paid to lenders from borrowers who leverage trade bitcoin and other cryptocurrencies. Typically, a sharp increase in positive funding rate suggests that the market is at risk of cooling-off due to over-leveraged aggressive traders.
However, given that the funding rate started to cool off well before the drop, it could be that the majority of traders were anticipating a pull-back scenario and acted accordingly. This opens up the possibility that other events might have caused the sell-off. Still the most likely scenario is that a domino effect ensued, with one event compounding sell-side pressure over another.
At the time of writing, the funding rate has fallen back to 0.011%, according to Glassnode data.
$800 million liquidated longs
All in all, long liquidations amounted to a massive $800 million, matching the amount of liquidations since the black Thursday sell off in March when bitcoin fell to $4,000. This was further exacerbated by the fact that no technical structure was built during the parabolic run-up, opening the door to a cascading effect of stop-loss triggers and forced liquidations.
Bitcoin parabola fails to reach $20,000
Bitcoin had been in a steady parabola with virtually no pullback for weeks on end, per the below 3-day chart. From a technical perspective, such an incredible run-up beggars belief, as this price-action is reminiscent of 2013 when bitcoin parabolas preceded thousand-percent increases in the following months.
While this pull-back scenario came as no surprise for various influencers and newsletter readers, a good number of crypto influencers expected the $20,000 psychological level to get taken out before a correction.
However, CNBC’s Brian Kelly was not among this crowd. Indeed, CNBC finally managed to correctly project a bitcoin top, citing the fact that 2017 buyers would be looking to sell their holdings close to all-time highs if the opportunity presented itself.
Back in 2018, CNBC’s ‘moon calls’ often represented bitcoin tops and were jokingly said to be great counter-trade signals. This does not seem to be the case in 2020.
Of course, any number of reasons could be argued for now that the sell-off took place.
However, despite this turnaround, there’s reason to be optimistic. Indeed, while this sell-off has been bloody and may continue for a while longer, the path of least resistance for bitcoin remains to the upside.
After all, macro bullish factors aren’t going away overnight. On the contrary, they’re only expected to increase.
Bitcoin’s long-term prospects exist in contrast to short term liquidity grabs, which are ultimately reconciled in the direction that provides the most of it.
This is not financial advice.
Author Credit: Christopher Attard, journalism and content specialist who covers bitcoin and crypto markets.
Get in touch at contact@chrisoncrypto.com
Crypto AM: Technically Speaking in association with Zumo


cityam--2020-11-27--Gatwick Airport demand takes off after quarantine rule change

Gatwick Airport is preparing to ramp up flights after the government said quarantine rules will be relaxed in the run-up to Christmas .
Chief executive Stewart Wingate said the airport had already seen boosted demand and was expecting to handle around 100 flights per day by mid-December .
This is compared to just four a day during the current nationwide lockdown .
“ We are seeing already an uptick in flights , so we should expect to see about 100 flights per day by the time we get to the middle of December , and across the Christmas period , @ @ @ @ @ @ @ week transport secretary Grant Shapps said quarantine measures will be relaxed from 15 December to allow people to travel from high-risk ‘ red list ’ countries to visit relatives for Christmas .
The changes mean passengers arriving in the UK can end self-isolation after five days if they get a negative result from a Covid-19 test .
Wingate today said he hoped the airport ’ s new testing facility would also hope to stimulate demand after a sharp downturn that has battered the aviation industry .
Gatwick , which is the UK ’ @ @ @ @ @ @ @ launched a new pre-departure and post-arrival Covid-19 screening service for passengers and staff .
The test costs £60 for passengers and provides results the following day .
Read more : Wizz Air slams slot suspension as it seeks to grow presence at Gatwick The Gatwick boss also said budget carrier Ryanair was keen to grow its presence at the airport .
Rival Wizz Air is also known to be targeting slots at Gatwick , where many airlines have reduced services due to the pandemic .

Gatwick Airport demand takes off after quarantine rule change
Gatwick said it also hopes its new testing facility will stimulate demand
Gatwick Airport is preparing to ramp up flights after the government said quarantine rules will be relaxed in the run-up to Christmas.
Chief executive Stewart Wingate said the airport had already seen boosted demand and was expecting to handle around 100 flights per day by mid-December.
This is compared to just four a day during the current nationwide lockdown.
“We are seeing already an uptick in flights, so we should expect to see about 100 flights per day by the time we get to the middle of December, and across the Christmas period,” Wingate told Reuters.
Earlier this week transport secretary Grant Shapps said quarantine measures will be relaxed from 15 December to allow people to travel from high-risk ‘red list’ countries to visit relatives for Christmas.
The changes mean passengers arriving in the UK can end self-isolation after five days if they get a negative result from a Covid-19 test.
Wingate today said he hoped the airport’s new testing facility would also hope to stimulate demand after a sharp downturn that has battered the aviation industry.
Gatwick, which is the UK’s second largest airport, last month launched a new pre-departure and post-arrival Covid-19 screening service for passengers and staff.
The test costs £60 for passengers and provides results the following day.
The Gatwick boss also said budget carrier Ryanair was keen to grow its presence at the airport.
Rival Wizz Air is also known to be targeting slots at Gatwick, where many airlines have reduced services due to the pandemic.


cityam--2020-11-27--The City A.M. Punter Podcast EP:28 Newbury, Newcastle & Hong Kong

Trainer & Clerk of the Course Harriet Graham joins us to talk about her stable star Aye Right who has a big chance of winning the feature race at Newbury on Saturday .
Racing editor Bill Esdaile looks at the best of the weekend jumps action at Newbury and Newcastle and Wally Pyrah talks us through Sunday ’ s Hong Kong race meeting .
Hosted by Chris Barnett .
‘ The Punter ’ has been City AM ’ s dedicated sports betting section for over a decade with a primary focus on horseracing .
Throughout the season ‘ The Punter @ @ @ @ @ @ @ action every Friday along with in-depth coverage of all the major racing festivals .
In a partnership with the Hong Kong Jockey Club , ‘ The Punter ’ also previews every midweek Wednesday Hong Kong meeting as well as all the major meetings .
Every Friday , and for all major racing Festivals , the City AM racing podcast will give you in-depth analysis of the action .
Featuring interviews with leading trainers , jockeys and owners , the podcast is hosted by well-known racing broadcaster Chris Barnett who is joined by Bill @ @ @ @ @ @ @ Pyrah City AM ’ s racing editor Bill Esdaile has written for the paper since 2008 .
He had previously written for publications including the Sporting Life , Racing Post and The Sportsman .
Each week he picks out his best bets for the weekend ’ s big racing action .
Chris Barnett has been a broadcasting specialist for over two decades , specialising in radio , video and podcast presentation and production .
Since working at SIS , Betfair Radio , Timeform Radio , Royal Ascot , Glorious Goodwood , Cheltenham Festival @ @ @ @ @ @ @ , Chris has always been at the forefront of the top sporting events , grabbing interviews with those that matter .
Having spent most of the last decade out in Hong Kong working as a racing expert for the Hong Kong Jockey Club , Wally has teamed up with City AM to share his expert opinions on the weekly racing action .
He picks out his best bets for the weekend ’ s Hong Kong racing action .

The City A.M. Punter Podcast EP:28 Newbury, Newcastle & Hong Kong
Trainer & Clerk of the Course Harriet Graham joins us to talk about her stable star Aye Right who has a big chance of winning the feature race at Newbury on Saturday.
Racing editor Bill Esdaile looks at the best of the weekend jumps action at Newbury and Newcastle and Wally Pyrah talks us through Sunday’s Hong Kong race meeting. Hosted by Chris Barnett.
The City A.M. Punter Podcast
‘The Punter’ has been City AM’s dedicated sports betting section for over a decade with a primary focus on horseracing. Throughout the season ‘The Punter’ will preview the weekend’s action every Friday along with in-depth coverage of all the major racing festivals. In a partnership with the Hong Kong Jockey Club, ‘The Punter’ also previews every midweek Wednesday Hong Kong meeting as well as all the major meetings.
Every Friday, and for all major racing Festivals, the City AM racing podcast will give you in-depth analysis of the action. Featuring interviews with leading trainers, jockeys and owners, the podcast is hosted by well-known racing broadcaster Chris Barnett who is joined by Bill Esdaile and Hong Kong racing expert Wally Pyrah
Bill Esdaile
City AM’s racing editor Bill Esdaile has written for the paper since 2008. He had previously written for publications including the Sporting Life, Racing Post and The Sportsman. Each week he picks out his best bets for the weekend’s big racing action.
Chris Barnett
Chris Barnett has been a broadcasting specialist for over two decades, specialising in radio, video and podcast presentation and production. Since working at SIS, Betfair Radio, Timeform Radio, Royal Ascot, Glorious Goodwood, Cheltenham Festival Radio and more recently, Arena Racing, Chris has always been at the forefront of the top sporting events, grabbing interviews with those that matter.
Wally Pyrah
Having spent most of the last decade out in Hong Kong working as a racing expert for the Hong Kong Jockey Club, Wally has teamed up with City AM to share his expert opinions on the weekly racing action. He picks out his best bets for the weekend’s Hong Kong racing action.


cityam--2020-11-27--Watch two LSO short films shot in the City during lockdown

If you ’ ve been missing the Square Mile while you ’ ve been working from home these last few months , we have a treat for you .
The London Symphony Orchestra has paired up with emerging videographers , dancers and composers to create two short films inspired by lockdown in the City of London .
Read more : Tier 2 dining : heated terraces to meet for a covid-safe meal The films feature premieres of new music by composers Jasmin Kent Rodgman and Darren Bloom , with the performances filmed in iconic City locations including London Wall Place @ @ @ @ @ @ @ to “ highlight the incredible creative energy of the Square Mile , which remains undiminished despite lockdown restrictions.
” You can watch the two incredible films here : Rising director Antonia Luxem says : “ My starting point for this film was asking : how does it feel like to perform in a locked-down world ?
I wanted the answer to this to be something positive and dreamy , to communicate a sense of renewal .
“ I was interested in exploring our longing to connect with other human beings , even when @ @ @ @ @ @ @ ’ re in the midst of a global pandemic… I ’ m fascinated by humans as a highly adaptable species that keeps finding new ways to connect when the old ways become obsolete .
This is for me also one of the values of art , as a connector of people and communities .
“ This film is also about renewing our relationship to space — personal spaces such as our flats or offices , but also the space offered by the city to a community of people .
When there ’ s @ @ @ @ @ @ @ we are forced to reconsider our surroundings and form new bonds with them .
That ’ s what our artists do here — Maxine Kwok when she plays her violin as if she were on a stage , and Marie Astrid Mence when she communicates with Maxine through the rhythm of her body.
” The two films , commissioned by Culture Mile and Brookfield Properties , have been released ahead of PLAY , a music festival hosted by Brookfield Properties , taking place at London Wall Place in May next year .

Watch two LSO short films shot in the City during lockdown
A still from a new LSO film that celebrates the City during lockdown
If you’ve been missing the Square Mile while you’ve been working from home these last few months, we have a treat for you. The London Symphony Orchestra has paired up with emerging videographers, dancers and composers to create two short films inspired by lockdown in the City of London.
The films feature premieres of new music by composers Jasmin Kent
Rodgman and Darren Bloom, with the performances filmed in iconic City locations including London Wall Place and 100 Bishopsgate.
The project aimed to “highlight the incredible creative energy of the Square Mile, which remains undiminished despite lockdown restrictions.”
You can watch the two incredible films here:
‘Rising’ by Antonia Luxem
‘The Spell & The Promise’ by Lexi Kiddo
Rising director Antonia Luxem says: “My starting point for this film was asking: how does it feel like to perform in a locked-down world? I wanted the answer to this to be something positive and dreamy, to communicate a sense of renewal.
“I was interested in exploring our longing to connect with other human beings, even when that’s practically impossible because we’re in the midst of a global pandemic… I’m fascinated by humans as a highly adaptable species that keeps finding new ways to connect when the old ways become obsolete. This is for me also one of the values of art, as a connector of people and communities.
“This film is also about renewing our relationship to space — personal spaces such as our flats or offices, but also the space offered by the city to a community of people. When there’s a sudden change of status quo, we are forced to reconsider our surroundings and form new bonds with them. That’s what our artists do here — Maxine Kwok when she plays her violin as if she were on a stage, and Marie Astrid Mence when she communicates with Maxine through the rhythm of her body.”
The two films, commissioned by Culture Mile and Brookfield Properties, have been released ahead of PLAY, a music festival hosted by Brookfield Properties, taking place at London Wall Place in May next year.


cityam--2020-11-27--Eurozone economic confidence slides amid soaring Covid cases

Economic confidence fell sharply in the Eurozone in November , a new survey has shown , as the bloc grappled with soaring coronavirus cases and countries put in place economically damaging restrictions .
The European Commission ’ s economic sentiment indicator dropped 3.5 points to 87.6 , having recovered sharply in the summer after the lockdowns of the spring .
Read more : Eurozone business activity shrink sharply in November as lockdowns bite It comes after countries across the euro area brought back tough new restrictions to try to curb the spread of Covid-19 .
Shops , restaurants and bars @ @ @ @ @ @ @ busy christmas period .
The November “ decline was fuelled by diving confidence in retail trade , services and among consumers , ” the Commission said .
“ Sentiment in industry and construction held up rather well , posting comparatively mild deteriorations.
” The services sector confidence gauge fell sharply , by 5.2 points , “ sealing the end of its recovery , ” the Commission said .
In November the bloc ’ s financial services sector became markedly more gloomy .
Its confidence gauge plunged 10.9 points , with respondents expecting tough @ @ @ @ @ @ @ to focus on bond buying and bank liquidity to keep eurozone afloat , says Lagarde EU countries have agreed in principle to a €750bn ( £670bn ) coronavirus recovery fund .
It is designed to raise funds collectively to help those states most in need after Covid .
Yet the fund is currently being blocked by Hungary and Poland .
They oppose provisions that say countries must follow the rule of law , which they say is targeted at their right-wing governments .

Eurozone economic confidence slides amid soaring Covid cases
Countries across the Eurozone put in place new restrictions to try to curb coronavirus cases in November
Economic confidence fell sharply in the Eurozone in November, a new survey has shown, as the bloc grappled with soaring coronavirus cases and countries put in place economically damaging restrictions.
The European Commission’s economic sentiment indicator dropped 3.5 points to 87.6, having recovered sharply in the summer after the lockdowns of the spring.
It comes after countries across the euro area brought back tough new restrictions to try to curb the spread of Covid-19. Shops, restaurants and bars have been heavily disrupted in the normally busy christmas period.
The November “decline was fuelled by diving confidence in retail trade, services and among consumers,” the Commission said.
“Sentiment in industry and construction held up rather well, posting comparatively mild deteriorations.”
The services sector confidence gauge fell sharply, by 5.2 points, “sealing the end of its recovery,” the Commission said.
In November the bloc’s financial services sector became markedly more gloomy. Its confidence gauge plunged 10.9 points, with respondents expecting tough times ahead.
EU countries have agreed in principle to a €750bn (£670bn) coronavirus recovery fund. It is designed to raise funds collectively to help those states most in need after Covid.
Yet the fund is currently being blocked by Hungary and Poland. They oppose provisions that say countries must follow the rule of law, which they say is targeted at their right-wing governments.


cityam--2020-11-27--Philip Green's Arcadia 'faces collapse' in the coming days

Sir Philip Green ’ s retail empire Arcadia , owner of Topshop , could appoint administrators early next week .
Sky News reported the move could put 15,000 jobs at risk .
Read more : Arcadia taking ‘ appropriate steps ’ amid second lockdown but denies administration The appointment of administrators could happen as early as Monday , although one source close to the story told Sky News the plan had not been finalised and could be delayed .
A statement from Arcadia said : “ We are aware of the recent media speculation surrounding the future of Arcadia .
@ @ @ @ @ @ @ sustained periods as a result of the COVID-19 pandemic has had a material impact on trading across our businesses .
“ As a result , the Arcadia boards have been working on a number of contingency options to secure the future of the Group ’ s brands .
The brands continue to trade and our stores will be opening again in England and ROI as soon as the government Covid-19 restrictions are lifted next week.
” Arcadia Group , which owns TopShop , Burton and Dorothy Perkins , earlier this month said Arcadia @ @ @ @ @ @ @ to mitigate the impact of a second lockdown and hit back at claims it is about to enter into administration .
Read more : McDonalds , Topshop and New Look close stores due to coronavirus Like other retailers Arcadia has been hit by store closures due to new restrictions in addition to shifting consumer habits .
Arcadia ’ s stores in Scotland , Wales and Northern Ireland are open but the bulk of its more than 500 sites remain closed due to lockdown in England .
Further restrictions are a big blow to @ @ @ @ @ @ @ smaller online footprint than its peers , relying on brick-and-mortar stores .
Green has furloughed more than 14,000 staff , relying on government support , while also considering a string of set sales to raise funds .
In September reports suggested Green had put Burton ’ s former London headquarters up for sale .
Read more : Coronavirus : Debenhams and Arcadia in talks with landlords over store closures According to Sky News , if the insolvency is confirmed it is expected to trigger a scramble among creditors to get their hands on @ @ @ @ @ @ @ would involve Arcadia ’ s online operations and the stores which are permitted to open under lockdown restrictions to continue trading , according to one retail figure .
Arcadia ’ s difficulties come just 18 months after it narrowly avoided collapse by securing a company voluntary arrangement that led to 1,000 job cuts and 50 store closures .

Philip Green’s Arcadia ‘faces collapse’ in the coming days
Green’s Arcadia could appoint administrators next week.
Sir Philip Green’s retail empire Arcadia, owner of Topshop, could appoint administrators early next week.
Sky News reported the move could put 13,000 jobs at risk.
The appointment of administrators could happen as early as Monday, although one source close to the story told Sky News the plan had not been finalised and could be delayed.
A statement from Arcadia said: “We are aware of the recent media speculation surrounding the future of Arcadia. The forced closure of our stores for sustained periods as a result of the COVID-19 pandemic has had a material impact on trading across our businesses.
“As a result, the Arcadia boards have been working on a number of contingency options to secure the future of the Group’s brands. The brands continue to trade and our stores will be opening again in England and ROI as soon as the government Covid-19 restrictions are lifted next week.”
Arcadia Group, which owns TopShop, Burton and Dorothy Perkins, earlier this month said Arcadia was taking “all appropriate steps” to mitigate the impact of a second lockdown and hit back at claims it is about to enter into administration.
Like other retailers Arcadia has been hit by store closures due to new restrictions in addition to shifting consumer habits.
Arcadia’s stores in Scotland, Wales and Northern Ireland are open but the bulk of its more than 500 sites remain closed due to lockdown in England. Further restrictions are a big blow to the retail company, which has a smaller online footprint than its peers, relying on brick-and-mortar stores.
Green has furloughed more than 14,000 staff, relying on government support, while also considering a string of set sales to raise funds. In September reports suggested Green had put Burton’s former London headquarters up for sale.
According to Sky News, if the insolvency is confirmed it is expected to trigger a scramble among creditors to get their hands on the company’s assets.
It would involve Arcadia’s online operations and the stores which are permitted to open under lockdown restrictions to continue trading, according to one retail figure.
Arcadia’s difficulties come just 18 months after it narrowly avoided collapse by securing a company voluntary arrangement that led to 1,000 job cuts and 50 store closures.


cityam--2020-11-27--Can asset management’s Covid-19 response help regain public trust?

The tenth anniversary of the Global Financial Crisis ( GFC ) back in 2018 sparked a deluge of articles recalling the days the financial system stared into the abyss .
They questioned just how close we came to complete collapse , but also whether it could happen again .
Had anything changed in the decade that followed ?
From some perspectives the answer was yes , a great deal .
Bank balance sheets in the US and Europe , for example , are far more robust than they were pre-GFC .
The Covid-19 pandemic has arguably disrupted lives and economies @ @ @ @ @ @ @ While the strength of the reinforced financial system has meant that any “ systemic ” threat was contained , the impact on businesses , especially small and medium-sized firms , has been profound .
In many cases , it has been existential .
As stringent restrictions designed to stem the virus ’ spread are re-imposed , we think we are entering a period of real hardship for UK businesses .
A lot of companies are going to need cash injections in the next 24 months .
We believe asset managers are in a @ @ @ @ @ @ @ .
This is an opportunity to support good businesses through hardship , and fuel growth when it is sorely needed .
As responsible investors – stewards of capital – assisting companies through this gauntlet is both a duty and a chance to rebuild trust .
The next two years are going to pose major challenges for otherwise sound UK companies .
Many of these good companies look cheap at the moment , and should recover strongly with the right help .
We think equity investing is the best mechanism for helping businesses confront @ @ @ @ @ @ @ also offering potential rewards to investors .
– Learn : Can asset management ’ s Covid-19 response help regain public trust ?
– Read : Think short-term for lockdown but not for investing – Watch : How climate change could affect your investment returns ?
Equity investing allows an active interest in the operation of a business , and doesn ’ t shackle it to debt repayments .
Debt has been an important source of funding for companies in the pandemic so far , with many drawing on bank loans or making use @ @ @ @ @ @ @ government .
Figures show UK companies have applied for loans totalling £65.5 billion ( as at 15 November ) under the government ’ s three main coronavirus support programmes ( Coronavirus Business Interruption Loan Scheme , Coronavirus Large Business Interruption Loan Scheme , and the Bounce Back Loan Scheme ) .
Meanwhile , a large number of listed UK companies have already turned to the stock market to raise more money this year , as the chart below shows .
Many more will need to do the same .
However , the total @ @ @ @ @ @ @ is far below the amount borrowed from the government .
What is notable is that small and mid-sized companies – those with a market capitalisation of £50 million to £2 billion – have raised very little capital this year ( as shown by the pink bars ) .
This is an area where we think there will be significant demand for fresh equity .
Ever-increasing amounts of debt can not be the answer .
Interest rates are currently very low in the UK , making debt manageable , but that could change in @ @ @ @ @ @ @ rates could have a very severe negative impact .
Many businesses have had to borrow just to survive in the past few months , and some are reluctant to take on further debt to invest in future growth opportunities .
Without business investment , the outlook for jobs and GDP growth in the UK would be dismal .
This is where both the stock market and private equity investors have a crucial role to play .
• Read more : Is the UK stock market doing its job ?
Active fund management is @ @ @ @ @ @ @ to invest in ( as opposed to buying a passive fund like an index tracker ) .
It is also , crucially , about engaging with investee companies to help shape their strategy .
This is particularly important in challenging times like today .
For many companies , surviving this temporary difficult period is clearly their primary focus .
But we take very seriously our responsibility as stewards of our clients ’ capital and this means retaining a long-term view .
It is our duty to work with companies to find out how @ @ @ @ @ @ @ .
We use our voice to make sure that companies are focused on what matters to their business .
By engaging with investee companies , we can help them look beyond the day-to-day and make the right decisions to drive innovation .
This can help to promote jobs and growth in the future .
We also engage with companies to ensure they have a long-term focus on the sustainability of their operations , taking into account their impact on the environment and other stakeholders such as suppliers and employees .
• Read more @ @ @ @ @ @ @ Schroders actively engage with the companies it invests in As investors , we can engage with our investee companies whether they are public or private .
There is a misguided view that engagement practices are not as developed or effective for private companies as they are for listed companies .
In some ways we think they can be better .
Private equity allows for an ongoing dialogue to improve upon areas identified as below-par , whether operationally or in terms of being socially or environmentally conscious .
The fact that private equity investors @ @ @ @ @ @ @ and typically hold portfolio companies for many years , means it can be easier to ensure adoption of better practices wherever improvement is needed .
What ’ s more , a relatively large portion of the privately owned companies are smaller companies , often focused on a single type of service or type of product .
This can make it simpler to keep track of the positive or negative qualities of a company than might be the case with diverse conglomerates with different business lines and offerings .
The fact that there are @ @ @ @ @ @ @ that private equity investors can also be highly selective .
We see a wide range of companies in the UK , particularly in the small and medium-sized segment , where equity investment has the potential to make a significant difference both to investee companies and , ultimately , to investor returns .
These opportunities can be found among listed companies and privately held firms .
Consumer-facing businesses have been some of the hardest hit by the pandemic .
Many industries , from pubs to airlines , saw demand plunge to virtually zero overnight @ @ @ @ @ @ @ patient with such businesses , but we are confident that demand will return .
The appeal of dining and holidaying exclusively at home will inevitably start to wear thin .
Then there are the businesses that may develop the products and technologies we will use in the future that deserve to survive , and we can help them do that .
The UK is home to a number of innovative companies in the technology and healthcare sectors , for example .
For asset management to emerge from the Covid-19 pandemic in a better @ @ @ @ @ @ @ it needs to demonstrate social value and contribute to sustainable future growth .
And it can .
Responsible investors have the capacity to back companies that demonstrate good corporate behaviour and positively impact society .
Crucially , not only do we think that this can be achieved without sacrificing investor returns , but that doing so contributes to better long-term investor outcomes .
– For more visit Schroders insights and follow Schroders on twitter .
Important Information : This communication is marketing material .
The views and opinions contained herein are those of @ @ @ @ @ @ @ page , and may not necessarily represent views expressed or reflected in other Schroders communications , strategies or funds .
This material is intended to be for information purposes only and is not intended as promotional material in any respect .
The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument .
It is not intended to provide and should not be relied on for accounting , legal or tax advice , or investment recommendations .
Reliance should not be placed on the views @ @ @ @ @ @ @ individual investment and/or strategic decisions .
Past performance is not a reliable indicator of future results .
The value of an investment can go down as well as up and is not guaranteed .
All investments involve risks including the risk of possible loss of principal .
Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy .
Some information quoted was obtained from external sources we consider to be reliable .
No responsibility can be accepted for errors of fact obtained from third parties , and @ @ @ @ @ @ @ .
This does not exclude any duty or liability that Schroders has to its customers under any regulatory system .
Regions/ sectors shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell .
The opinions in this material include some forecasted views .
We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know .
However , there is no guarantee than any forecasts or opinions will be realised .
These views and opinions may change .
To the @ @ @ @ @ @ @ , this content is issued by Schroder Investment Management North America Inc. , an indirect wholly owned subsidiary of Schroders plc and SEC registered adviser providing asset management products and services to clients in the US and Canada .
For all other users , this content is issued by Schroder Investment Management Limited , 1 London Wall Place , London EC2Y 5AU .
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What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Can asset management’s Covid-19 response help regain public trust?
The tenth anniversary of the Global Financial Crisis (GFC) back in 2018 sparked a deluge of articles recalling the days the financial system stared into the abyss.
They questioned just how close we came to complete collapse, but also whether it could happen again. Had anything changed in the decade that followed?
From some perspectives the answer was yes, a great deal. Bank balance sheets in the US and Europe, for example, are far more robust than they were pre-GFC.
The Covid-19 pandemic has arguably disrupted lives and economies even more drastically than the GFC. While the strength of the reinforced financial system has meant that any “systemic” threat was contained, the impact on businesses, especially small and medium-sized firms, has been profound. In many cases, it has been existential.
As stringent restrictions designed to stem the virus’ spread are re-imposed, we think we are entering a period of real hardship for UK businesses. A lot of companies are going to need cash injections in the next 24 months.
What is effective asset management?
We believe asset managers are in a unique position now to demonstrate their worth. This is an opportunity to support good businesses through hardship, and fuel growth when it is sorely needed. As responsible investors – stewards of capital – assisting companies through this gauntlet is both a duty and a chance to rebuild trust.
The next two years are going to pose major challenges for otherwise sound UK companies. Many of these good companies look cheap at the moment, and should recover strongly with the right help.
We think equity investing is the best mechanism for helping businesses confront the challenges of the pandemic, while also offering potential rewards to investors.
Discover more from Schroders:
– Learn: Can asset management’s Covid-19 response help regain public trust?
– Read: Think short-term for lockdown but not for investing
– Watch: How climate change could affect your investment returns?
Why equity not debt?
Equity investing allows an active interest in the operation of a business, and doesn’t shackle it to debt repayments. Debt has been an important source of funding for companies in the pandemic so far, with many drawing on bank loans or making use of various loan schemes offered by the government.
Figures show UK companies have applied for loans totalling £65.5 billion (as at 15 November) under the government’s three main coronavirus support programmes (Coronavirus Business Interruption Loan Scheme, Coronavirus Large Business Interruption Loan Scheme, and the Bounce Back Loan Scheme).
Meanwhile, a large number of listed UK companies have already turned to the stock market to raise more money this year, as the chart below shows. Many more will need to do the same. However, the total equity raised – around £22 billion – is far below the amount borrowed from the government.
What is notable is that small and mid-sized companies – those with a market capitalisation of £50 million to £2 billion – have raised very little capital this year (as shown by the pink bars). This is an area where we think there will be significant demand for fresh equity.
Ever-increasing amounts of debt cannot be the answer. Interest rates are currently very low in the UK, making debt manageable, but that could change in future. Even a small increase in rates could have a very severe negative impact.
Many businesses have had to borrow just to survive in the past few months, and some are reluctant to take on further debt to invest in future growth opportunities. Without business investment, the outlook for jobs and GDP growth in the UK would be dismal.
This is where both the stock market and private equity investors have a crucial role to play.
Engagement is crucial in tough times
Active fund management is not just about actively selecting which companies to invest in (as opposed to buying a passive fund like an index tracker). It is also, crucially, about engaging with investee companies to help shape their strategy.
This is particularly important in challenging times like today. For many companies, surviving this temporary difficult period is clearly their primary focus. But we take very seriously our responsibility as stewards of our clients’ capital and this means retaining a long-term view. It is our duty to work with companies to find out how prepared they are for a changing world. We use our voice to make sure that companies are focused on what matters to their business.
By engaging with investee companies, we can help them look beyond the day-to-day and make the right decisions to drive innovation. This can help to promote jobs and growth in the future. We also engage with companies to ensure they have a long-term focus on the sustainability of their operations, taking into account their impact on the environment and other stakeholders such as suppliers and employees.
Read more: How does an asset manager like Schroders actively engage with the companies it invests in
As investors, we can engage with our investee companies whether they are public or private.
There is a misguided view that engagement practices are not as developed or effective for private companies as they are for listed companies.
In some ways we think they can be better. Private equity allows for an ongoing dialogue to improve upon areas identified as below-par, whether operationally or in terms of being socially or environmentally conscious.
The fact that private equity investors often own controlling stakes in a business and typically hold portfolio companies for many years, means it can be easier to ensure adoption of better practices wherever improvement is needed.
What’s more, a relatively large portion of the privately owned companies are smaller companies, often focused on a single type of service or type of product. This can make it simpler to keep track of the positive or negative qualities of a company than might be the case with diverse conglomerates with different business lines and offerings.
The fact that there are hundreds of thousands of privately-held companies means that private equity investors can also be highly selective.
Protecting future growth
We see a wide range of companies in the UK, particularly in the small and medium-sized segment, where equity investment has the potential to make a significant difference both to investee companies and, ultimately, to investor returns. These opportunities can be found among listed companies and privately held firms.
Consumer-facing businesses have been some of the hardest hit by the pandemic. Many industries, from pubs to airlines, saw demand plunge to virtually zero overnight. Equity investors may need to be patient with such businesses, but we are confident that demand will return. The appeal of dining and holidaying exclusively at home will inevitably start to wear thin.
Then there are the businesses that may develop the products and technologies we will use in the future that deserve to survive, and we can help them do that. The UK is home to a number of innovative companies in the technology and healthcare sectors, for example.
For asset management to emerge from the Covid-19 pandemic in a better light than it did after the GFC it needs to demonstrate social value and contribute to sustainable future growth. And it can.
Responsible investors have the capacity to back companies that demonstrate good corporate behaviour and positively impact society. Crucially, not only do we think that this can be achieved without sacrificing investor returns, but that doing so contributes to better long-term investor outcomes.
– For more visit Schroders insights and follow Schroders on twitter.
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cityam--2020-11-27--Tier two diners must leave pubs when meals are finished

People living in areas under tier two restrictions will have to leave pubs once they have finished eating , Number 10 confirmed today .
The Prime Minister ’ s spokesman today said that pubgoers would not be able to linger for more drinks once they have finished their meals .
Read more : It ’ s closing time for the nation ’ s pubs and bars — perhaps for good He said : “ We ’ ve been clear that , in Tier 2 I believe , that you need to have a substantial meal if ordering any alcohol and @ @ @ @ @ @ @ says that once the meal is finished , it is at that point.
” Official guidance is yet to clarify what defines a “ substantial meal ” .
The revelation is yet another blow the the country ’ s pubs , which have been hammered by coronavirus restrictions .
Under the new rules , pubs in tier two areas – like London – will only be able to serve drinks to those eating , while those in tier three aread must remain closed .
Before the Open newsletter : Start your day with @ @ @ @ @ @ @ data However , with the whole of the UK under tier two or three restrictions with the exception of the Isle of Wight , Cornwall , and the Isles of Scilly , the industry has warned it is facing its “ darkest of moments ” .
UK Hospitality has warned that if the planned restrictions remain in place for the whole of the month , pubs could lose £7.8bn in trading .
Pubs and restaurants are also awaiting further guidance on whether business lunches will be allowed in tier two areas , as @ @ @ @ @ @ @ .
At that time , the government created a specific exemption so that workers who could not meet elsewhere could meet in hospitality venues .
Read more : Pubs in tier two and three still in lockdown ‘ in all but name ’ Office workers were asked to avoid such venues , but this was never enshrined in law , leading to many restaurants to accept bookings from business people .
It is as yet unclear whether the situation will remain the same this time around .

Tier two diners must leave pubs when meals are finished
The pub, restaurant and retail sectors welcomed Rishi Sunak’s announcement
People living in areas under tier two restrictions will have to leave pubs once they have finished eating, Number 10 confirmed today.
The Prime Minister’s spokesman today said that pubgoers would not be able to linger for more drinks once they have finished their meals.
He said: “We’ve been clear that, in Tier 2 I believe, that you need to have a substantial meal if ordering any alcohol and it remains the case that the guidance says that once the meal is finished, it is at that point.”
Official guidance is yet to clarify what defines a “substantial meal”.
The revelation is yet another blow the the country’s pubs, which have been hammered by coronavirus restrictions.
Under the new rules, pubs in tier two areas – like London – will only be able to serve drinks to those eating, while those in tier three aread must remain closed.
Before the Open newsletter: Start your day with the City View podcast and key market data
However, with the whole of the UK under tier two or three restrictions with the exception of the Isle of Wight, Cornwall, and the Isles of Scilly, the industry has warned it is facing its “darkest of moments”.
UK Hospitality has warned that if the planned restrictions remain in place for the whole of the month, pubs could lose £7.8bn in trading.
Pubs and restaurants are also awaiting further guidance on whether business lunches will be allowed in tier two areas, as they were under the previous tier system.
At that time, the government created a specific exemption so that workers who could not meet elsewhere could meet in hospitality venues.
Office workers were asked to avoid such venues, but this was never enshrined in law, leading to many restaurants to accept bookings from business people.
It is as yet unclear whether the situation will remain the same this time around.


cityam--2020-11-27--Oil prices post weekly gain ahead of OPEC+ meeting

NEW YORK ( Reuters ) – Oil prices were mixed on Friday but posted a fourth straight week of gains ahead of an OPEC+ meeting early next week .
Brent crude January futures rose 38 cents to settle at $ 48.18 a barrel , while the more active February contract gained 46 cents to $ 48.25 .
U.S. West Texas Intermediate ( WTI ) crude futures fell 18 cents to settle at $ 45.53 a barrel .
Brent rose 7.2 % over the week , while WTI gained 8 % for the week .
Encouraging news on potential COVID-19 vaccines @ @ @ @ @ @ @ markets .
However , questions have been raised over AstraZeneca ’ s “ vaccine for the world , ” with several scientists sounding caution over the trial results .
“ While a successful vaccine rollout should break the link between infection and mobility , even then global oil demand will likely only reach its pre-pandemic run rate by mid-2022 , ” JP Morgan said .
The Organization of the Petroleum Exporting Countries ( OPEC ) and allies including Russia are leaning towards delaying next year ’ s planned increase in oil output , @ @ @ @ @ @ @ group .
OPEC+ was planning to raise output by 2 million barrels per day ( bpd ) in January – about 2 % of global consumption – after record supply cuts this year .
OPEC+ ministers are due to meet from Monday .
“ The market expects prices to see a limited increase if OPEC+ indeed does what is expected and changes its planned route , postponing a planned supply increase from January , ” said Bjornar Tonhaugen , Rystad Energy ’ s head of oil markets A panel of OPEC+ will hold @ @ @ @ @ @ @ day later than scheduled , a source with the knowledge of the matter told Reuters .
Rising Libyan output is also contributing to concerns about oversupply in the market .
The OPEC member , which is exempt from the oil cuts , has added more than 1.1 million bpd of output since early September .

Oil prices post weekly gain ahead of OPEC+ meeting
By Stephanie Kelly
NEW YORK (Reuters) – Oil prices were mixed on Friday but posted a fourth straight week of gains ahead of an OPEC+ meeting early next week.
Brent crude January futures rose 38 cents to settle at $48.18 a barrel, while the more active February contract gained 46 cents to $48.25.
U.S. West Texas Intermediate (WTI) crude futures fell 18 cents to settle at $45.53 a barrel.
Brent rose 7.2% over the week, while WTI gained 8% for the week. Encouraging news on potential COVID-19 vaccines from AstraZeneca and others have lifted the markets. However, questions have been raised over AstraZeneca’s “vaccine for the world,” with several scientists sounding caution over the trial results.
“While a successful vaccine rollout should break the link between infection and mobility, even then global oil demand will likely only reach its pre-pandemic run rate by mid-2022,” JP Morgan said.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia are leaning towards delaying next year’s planned increase in oil output, said three sources close to the OPEC+ group.
OPEC+ was planning to raise output by 2 million barrels per day (bpd) in January – about 2% of global consumption – after record supply cuts this year. OPEC+ ministers are due to meet from Monday.
“The market expects prices to see a limited increase if OPEC+ indeed does what is expected and changes its planned route, postponing a planned supply increase from January,” said Bjornar Tonhaugen, Rystad Energy’s head of oil markets
A panel of OPEC+ will hold informal online talks on Sunday – a day later than scheduled, a source with the knowledge of the matter told Reuters.
Rising Libyan output is also contributing to concerns about oversupply in the market.
The OPEC member, which is exempt from the oil cuts, has added more than 1.1 million bpd of output since early September.
(Reporting by Stephanie Kelly in New York; additional reporting by Ahmad Ghaddar in London and Aaron Sheldrick in Tokyo; Editing by Marguerita Choy and Louise Heavens)


cityam--2020-11-27--Joe Biden could favour Ireland travel corridor over London-New York link - reports

The aviation industry is facing a race against time to set up a travel corridor between London and New York amid fears that President-elect Joe Biden will favour an air link with Dublin instead .
There had been hopes that a quarantine-free corridor between London and New York would be in place by Thanksgivings , but these have proved misplaced .
Read more : Travel giant records 62 per cent sales spike as consumer confidence grows Instead , officials are now reportedly rushing to get a travel corridor in place before Donald Trump leaves office on 20 January .
Sources @ @ @ @ @ @ @ was concerned that the new President ’ s team might prioritise Dublin over London .
Biden ’ s affinity with Ireland , to which he has a family connection , is no secret .
Others warned that the UK was among the hardest of European countries with which to set up a travel corridor .
Before the Open newsletter : Start your day with the City View podcast and key market data The London to New York air route is one of the most lucrative in world aviation and is vital for business @ @ @ @ @ @ @ , it has been effectively closed since March 14 under an executive order banning entry into the US unless in exceptional circumstances .
In recent weeks carriers have been trialling coronavirus testing regimes in a bid to get around existing restrictions .
United Airlines is currently running a trial programme offering Covid tests to passengers flying from Newark in New Jersey to London .
The development comes as the UK prepares to ease its 14 day quarantine regime on 15 December .
Read more : Island countries added to quarantine free travel corridors @ @ @ @ @ @ @ will be replaced by a new “ test to release ” system which will see travellers who wish to take a private test on the fifth day after arriving .
If the test comes back negative , they will then be able to leave self-isolation .

Joe Biden could favour Ireland travel corridor over London-New York link – reports
President-elect Biden’s affinity to Ireland, where he has ancestral routes, are well-known.
The aviation industry is facing a race against time to set up a travel corridor between London and New York amid fears that President-elect Joe Biden will favour an air link with Dublin instead.
There had been hopes that a quarantine-free corridor between London and New York would be in place by Thanksgivings, but these have proved misplaced.
Instead, officials are now reportedly rushing to get a travel corridor in place before Donald Trump leaves office on 20 January.
Sources told the Evening Standard that the industry was concerned that the new President’s team might prioritise Dublin over London.
Biden’s affinity with Ireland, to which he has a family connection, is no secret.
Others warned that the UK was among the hardest of European countries with which to set up a travel corridor.
Before the Open newsletter: Start your day with the City View podcast and key market data
The London to New York air route is one of the most lucrative in world aviation and is vital for business links between the two countries.
However, it has been effectively closed since March 14 under an executive order banning entry into the US unless in exceptional circumstances.
In recent weeks carriers have been trialling coronavirus testing regimes in a bid to get around existing restrictions.
United Airlines is currently running a trial programme offering Covid tests to passengers flying from Newark in New Jersey to London.
The development comes as the UK prepares to ease its 14 day quarantine regime on 15 December.
It will be replaced by a new “test to release” system which will see travellers who wish to take a private test on the fifth day after arriving.
If the test comes back negative, they will then be able to leave self-isolation.


cityam--2020-11-27--Covid-19: London in Tier 2 restrictions – what are the new rules to follow?

London will be placed into Tier 2 of the regionalised covid-19 restrictions when the current lockdown ends .
The covid-19 restrictions have been strengthened since before the lockdown , so what are the new rules now that London ’ s in Tier 2 .
Read more : Breaking : London to enter Tier 2 next Wednesday The tier ranking for each region will be reviewed weekly , however restrictions will relax for five days across the entire UK at Christmas which will allow three households to come together indoors .
That is not allowed under Tier 2 .
Meeting up @ @ @ @ @ @ @ Tier 2 up to six people can meet up outdoors .
However , different households can not mix indoors ( unless you have formed a support bubble ) , hence the rise in sales of outdoor heaters .
Overnight stays with people outside your household or bubble , therefore , are still not allowed .
Read more : London Tier 2 : City leaders breathe ‘ sigh of relief ’ but push for return to the office Eating and drinking at pubs and restaurants London pubs and restaurants can once again welcome customers @ @ @ @ @ @ @ 2 rules , pubs and restaurants must only serve alcohol if part of a “ substantial meal ” although what consitutues “ substantial ” has not yet been defined .
Read more : Pubs in tier two and three still in lockdown ‘ in all but name ’ As with before lockdown , it ’ ll be table service only , but there has been a change to cloing time : instead of the 10pm curfew , it will be 10pm for last orders and everybody out by 11pm .
As with lockdown @ @ @ @ @ @ @ Read more : Beers in tiers : The new rules to stick to when pubs reopen after the Covid lockdown Nightclubs , casinos and bowling alleys remain closed .
Pubs that do not serve food will also stay shut .
The rule of six applies for dining ( and drinking ) outside , there is no household mixing allowed indoors .
Non-essential retail , so the bulk of the high street , malls and retail parks , will reopen after lockdown ends of 2 December .
This is regardless of Tier restrictions , @ @ @ @ @ @ @ in person ( mask and social distincing measures do apply ) .
Read more : Retailers ‘ relieved ’ as shops get green light to open before Christmas Boris Johnson this week said under all tier retriction levels “ people who can work from home , should continue to do so ” .
However it ’ s expected that as Londoners get out and socialise and shop more under the Tier 2 restrictions , many more will travel into the office as well .
Business meetings are allowed in Tier 2 , up @ @ @ @ @ @ @ long as social distancing is maintained .
The Government also urged Londoner to walk or cycle into work if you can , and travel outside of peak times if using public transport .
Read more : London pandemic update : How many Covid-19 infections are there in your local borough ?
London ’ s Premier League clubs will be allowed to have up to 2,000 people attend matches , under capacity restrictions for live entertainment in Tier 2 .
Theatres will also be able to welcome guests back outdoors at 50 per cent @ @ @ @ @ @ @ ( that would be most of them in winter ) will have attendance capped at 1,000 .
Read more : Island countries added to quarantine free travel corridors list and ban on Denmark lifted Theatres can stay open beyond 11pm , so long as their performances began before 10pm .
Leaving your tier area is only restricted in tier 3 .
London being placed in Tier 2 means capital city dwellers are free to travel out of the city and the country , but hould avoid travelling to a tier 3 area .
@ @ @ @ @ @ @ out of the area ahead of Christmas , reducing the risk of commuter bottlenecks spreading the infection .
It also means we may be some of the first to use Grant Shapps ’ new airport testing scheme for holiday makers and business travellers returning from abroad .
London hotels and accommodation can welcome a wider range of guests under Tier 2 restrictions .
Read more : Coronavirus cases ‘ levelling off ’ across England ahead of three-tier system As with non-essential retail , the Prime Minister earlier this week said Brits will still @ @ @ @ @ @ @ , book a haircut and get their nails done , no matter which tier restrictions their region must abide by .
You must wear a face mask to your appointment , unless already exempt .
Schools , nurseries , colleges and universities remain open for study in tier 2 , as they were in the nationwide lockdown .
As per pre-lockdown , funerals will be capped at 30 people attending .
Wedding celebrations will also be a muted affair , with a maximum limit of 15 attendees .

Covid-19: London in Tier 2 restrictions – what are the new rules to follow?
The Christmas lights on Oxford Street could soon have more people shopping beneath them after London enters tier 2 restriction status from next week. (Photo by Dan Kitwood/Getty Images)
London will be placed into Tier 2 of the regionalised covid-19 restrictions when the current lockdown ends.
The covid-19 restrictions have been strengthened since before the lockdown, so what are the new rules now that London’s in Tier 2.
The tier ranking for each region will be reviewed weekly, however restrictions will relax for five days across the entire UK at Christmas which will allow three households to come together indoors. That is not allowed under Tier 2.
Meeting up with friends and family
With London in Tier 2 up to six people can meet up outdoors. However, different households cannot mix indoors (unless you have formed a support bubble), hence the rise in sales of outdoor heaters. Overnight stays with people outside your household or bubble, therefore, are still not allowed.
It’ll be the return of face shields and table service at pubs when they re-open (Photo by Jeff J Mitchell/Getty Images)
Eating and drinking at pubs and restaurants
London pubs and restaurants can once again welcome customers, with restrictions.
To follow Tier 2 rules, pubs and restaurants must only serve alcohol if part of a “substantial meal” although what consitutues “substantial” has not yet been defined.
As with before lockdown, it’ll be table service only, but there has been a change to cloing time: instead of the 10pm curfew, it will be 10pm for last orders and everybody out by 11pm. As with lockdown, takeaway will still be available.
Nightclubs, casinos and bowling alleys remain closed. Pubs that do not serve food will also stay shut.
The rule of six applies for dining (and drinking) outside, there is no household mixing allowed indoors.
How to shop
Non-essential retail, so the bulk of the high street, malls and retail parks, will reopen after lockdown ends of 2 December.
This is regardless of Tier restrictions, so Londoners can do their Christmas shopping in person (mask and social distincing measures do apply).
Britain’s Health Secretary Matt Hancock set out the rules in the House of Commons today, saying he was guided “by the best scientific advice”
Where to work
Boris Johnson this week said under all tier retriction levels “people who can work from home, should continue to do so”. However it’s expected that as Londoners get out and socialise and shop more under the Tier 2 restrictions, many more will travel into the office as well.
Business meetings are allowed in Tier 2, up to 30 members of staff, so long as social distancing is maintained.
The Government also urged Londoner to walk or cycle into work if you can, and travel outside of peak times if using public transport.
Watching sport and live entertainment
London’s Premier League clubs will be allowed to have up to 2,000 people attend matches, under capacity restrictions for live entertainment in Tier 2.
Theatres will also be able to welcome guests back outdoors at 50 per cent capacity or 2,000 people. Indoor performances (that would be most of them in winter) will have attendance capped at 1,000.
Theatres can stay open beyond 11pm, so long as their performances began before 10pm.
Leaving London
Leaving your tier area is only restricted in tier 3. London being placed in Tier 2 means capital city dwellers are free to travel out of the city and the country, but hould avoid travelling to a tier 3 area.
It means Londoners can begin to travel out of the area ahead of Christmas, reducing the risk of commuter bottlenecks spreading the infection.
It also means we may be some of the first to use Grant Shapps’ new airport testing scheme for holiday makers and business travellers returning from abroad. London hotels and accommodation can welcome a wider range of guests under Tier 2 restrictions.
Londoners in tier 2 will be urged to travel only if necessary, but it won’t be illegal
Gyms, barbers and beauty salons
As with non-essential retail, the Prime Minister earlier this week said Brits will still be able to head to the gym, book a haircut and get their nails done, no matter which tier restrictions their region must abide by.
You must wear a face mask to your appointment, unless already exempt.
Education
Schools, nurseries, colleges and universities remain open for study in tier 2, as they were in the nationwide lockdown.
Weddings and funerals
As per pre-lockdown, funerals will be capped at 30 people attending. Wedding celebrations will also be a muted affair, with a maximum limit of 15 attendees.