cityam--2020-06-08--Quarantine will hit the City's vital connections

Starting today , people coming into the UK from overseas by plane , train or ferry are being told they must self-isolate for 14 days – or risk a fine of up to £1,000 or prosecution .
The Government ’ s new quarantine policy , which was set out by the Home Secretary last week , has raised a number of concerns from across the City and beyond .
Of course , public safety must continue to be the priority when it comes to dealing with this pandemic and minimising the risk of a second wave of the virus .
@ @ @ @ @ @ @ , that the effect of these measures on our economy and international competitiveness should be ignored .
The current quarantine proposals will have a major impact on a range of sectors , including the City ’ s financial and professional services firms as well as our cultural institutions .
Many people who would have come to the UK for business or pleasure as lockdown restrictions are gradually eased will now simply choose not to do so rather than be forced to lock themself away for two weeks .
This is particularly challenging for @ @ @ @ @ @ @ jurisdictions and have teams located in different countries that need to travel in and out of the UK frequently .
The near blanket quarantine approach sends a confusing signal to international businesses and investors as we try to lay the foundations for our recovery from COVID-19 .
It is frankly baffling why seasonal agricultural workers and truck drivers are being exempted from the rules but service sector staff are not .
Restrictions which seem arbitrary rather than consistent undermine confidence and will hold us back .
We believe a much more targeted and @ @ @ @ @ @ @ ’ s commitment to keep the policy under regular review is welcome .
The City of London Corporation will continue to call for the current approach to be reconsidered and replaced with one that is internationally co-ordinated , protects people and does not hamper the UK recovery .
As part of the review process , a number of other measures should be considered to get passengers flying safely as soon as possible .
This could include the screening of people arriving in the UK , or the introduction of international travel corridors , @ @ @ @ @ @ @ transmission countries .
I hope that the government will continue bilateral discussions with international partners about the possible implementation of such innovative solutions .
Almost any other year , many of us would be turning our thoughts to our summer holiday plans .
The consequences of the quarantine policy on overseas breaks is important but so too is the impact – direct and indirect – that it will have on many industries and the jobs that they underpin .
In recent weeks , the Government has rightly been shifting its focus towards how @ @ @ @ @ @ @ to mitigate the economic damage caused by the virus and drive the recovery forwards .
It would be deeply disappointing , therefore , if this quarantine policy undermines the international connectivity that is central to achieving this .

Quarantine will hit the City’s vital connections
Starting today, people coming into the UK from overseas by plane, train or ferry are being told they must self-isolate for 14 days – or risk a fine of up to £1,000 or prosecution.
The Government’s new quarantine policy, which was set out by the Home Secretary last week, has raised a number of concerns from across the City and beyond.
Of course, public safety must continue to be the priority when it comes to dealing with this pandemic and minimising the risk of a second wave of the virus.
Read more: Heathrow chief warns of quarantine impact
This is not to say, however, that the effect of these measures on our economy and international competitiveness should be ignored. The current quarantine proposals will have a major impact on a range of sectors, including the City’s financial and professional services firms as well as our cultural institutions.
Many people who would have come to the UK for business or pleasure as lockdown restrictions are gradually eased will now simply choose not to do so rather than be forced to lock themself away for two weeks. This is particularly challenging for many City firms that operate across multiple jurisdictions and have teams located in different countries that need to travel in and out of the UK frequently.
The near blanket quarantine approach sends a confusing signal to international businesses and investors as we try to lay the foundations for our recovery from COVID-19. It is frankly baffling why seasonal agricultural workers and truck drivers are being exempted from the rules but service sector staff are not. Restrictions which seem arbitrary rather than consistent undermine confidence and will hold us back.
We believe a much more targeted and proportionate system is needed so the Government’s commitment to keep the policy under regular review is welcome. The City of London Corporation will continue to call for the current approach to be reconsidered and replaced with one that is internationally co-ordinated, protects people and does not hamper the UK recovery.
As part of the review process, a number of other measures should be considered to get passengers flying safely as soon as possible. This could include the screening of people arriving in the UK, or the introduction of international travel corridors, so-called “air bridges” with low transmission countries. I hope that the government will continue bilateral discussions with international partners about the possible implementation of such innovative solutions.
Almost any other year, many of us would be turning our thoughts to our summer holiday plans. The consequences of the quarantine policy on overseas breaks is important but so too is the impact – direct and indirect – that it will have on many industries and the jobs that they underpin.
In recent weeks, the Government has rightly been shifting its focus towards how it can work with the private sector to mitigate the economic damage caused by the virus and drive the recovery forwards. It would be deeply disappointing, therefore, if this quarantine policy undermines the international connectivity that is central to achieving this.


cityam--2020-06-08--Treasury reveals £38m support package for debt advice providers

Ministers have approved an extra £37.8m in support for debt advice providers this year so they can continue to help people during the coronavirus pandemic .
Allocation of the funds will be overseen by the Money and Pensions Service ( Maps ) .
Charities will also be eligible to receive support .
The Treasury today said the package will help providers to deliver advice to more people in England who are experiencing financial difficulties due to coronavirus .
It will also help providers whose income has fallen during the pandemic .
Read more : Boris Johnson moves to ease lockdown @ @ @ @ @ @ @ “ The impact the coronavirus pandemic will have on people ’ s financial wellbeing is significant and will continue for some time , ” said Maps chief executive Caroline Siarkiewicz .
“ We know there will be increased demand for free , expert debt advice services over the coming months and this extra funding will help to ensure that more people can access help more quickly.
” It added that the funding consists of £20.6m from the government and £14.2m raised through a one-off increase to the Financial Services Levy .
Maps will @ @ @ @ @ @ @ existing budget .
Read more : Businesses urge Treasury to incentivise private investors to protect SMEs from collapse The package comes on top of all previously announced funding to support businesses and people .
The Treasury said today that the government ’ s Job Retention Scheme has helped to protect 8.7m jobs with £17.5bn claimed so far , while the Self-Employed Income Support Scheme has reported 2.5m claims worth £7.2bn .

Treasury reveals £38m support package for debt advice providers
Barrows won £2.5m after he was unfairly dismissed while battling cancer.
Ministers have approved an extra £37.8m in support for debt advice providers this year so they can continue to help people during the coronavirus pandemic.
Allocation of the funds will be overseen by the Money and Pensions Service (Maps). Charities will also be eligible to receive support.
The Treasury today said the package will help providers to deliver advice to more people in England who are experiencing financial difficulties due to coronavirus. It will also help providers whose income has fallen during the pandemic.
“The impact the coronavirus pandemic will have on people’s financial wellbeing is significant and will continue for some time,” said Maps chief executive Caroline Siarkiewicz.
“We know there will be increased demand for free, expert debt advice services over the coming months and this extra funding will help to ensure that more people can access help more quickly.”
It added that the funding consists of £20.6m from the government and £14.2m raised through a one-off increase to the Financial Services Levy. Maps will be contributing a further £3m from its existing budget.
The package comes on top of all previously announced funding to support businesses and people.
The Treasury said today that the government’s Job Retention Scheme has helped to protect 8.7m jobs with £17.5bn claimed so far, while the Self-Employed Income Support Scheme has reported 2.5m claims worth £7.2bn.


cityam--2020-06-08--M&C Saatchi rebuffs board attempt by tech entrepreneur

A request to join the board of M & C Saatchi by tech entrepreneur Vin Murria was denied this week , after the businesswoman amassed a large stake in the ad agency .
Murria has built a stake of more than 13 per cent in M & C , following accounting problems at the firm which has led to an 80 per cent decline in its share price .
City sources told Sky News she had followed that purchase with a formal request for a board position as a non-executive director , but that this had been denied for “ @ @ @ @ @ @ @ : Suitors line up bids for troubled ad agency M & C Saatchi The report added that it now remains unclear whether Murria will seek to increase her stake further and launch a takeover bid for the firm .
Murria is the founder of Advanced Computer Software , a tech firm which previously created technology for the NHS that was later sold to a private equity firm .
She currently sits on the boards of Bunzl and Softcat .
Prior to increasing her stake last month , Murria had previously been offered a @ @ @ @ @ @ @ & C , but was said by people close to the agency to have turned it down due to other commitments .
Read more : M & C Saatchi scraps dividend and cuts salaries due to coronavirus Founded by Maurice and Charles Saatchi in 1995 , the London-based ad giant remains under investigation by watchdog the Financial Conduct Authority for an £11.6m accounting scandal .
The woes led to an exodus of four directors at M & C , including Maurice Saatchi .
M & C Saatchi was contacted for comment .
Murria @ @ @ @ @ @ @

M&C Saatchi rebuffs board attempt by tech entrepreneur
A request to join the board of M&C Saatchi by tech entrepreneur Vin Murria was denied this week, after the businesswoman amassed a large stake in the ad agency.
Murria has built a stake of more than 13 per cent in M&C, following accounting problems at the firm which has led to an 80 per cent decline in its share price.
City sources told Sky News she had followed that purchase with a formal request for a board position as a non-executive director, but that this had been denied for “corporate governance reasons”.
The report added that it now remains unclear whether Murria will seek to increase her stake further and launch a takeover bid for the firm.
Murria is the founder of Advanced Computer Software, a tech firm which previously created technology for the NHS that was later sold to a private equity firm. She currently sits on the boards of Bunzl and Softcat.
Prior to increasing her stake last month, Murria had previously been offered a role as a non-executive director at M&C, but was said by people close to the agency to have turned it down due to other commitments.
Founded by Maurice and Charles Saatchi in 1995, the London-based ad giant remains under investigation by watchdog the Financial Conduct Authority for an £11.6m accounting scandal.
The woes led to an exodus of four directors at M&C, including Maurice Saatchi.
M&C Saatchi was contacted for comment. Murria could not be reached for comment.


cityam--2020-06-08--Coronavirus to knock out global economic output

The coronavirus pandemic will cause global economic output to contract by 5.2 per cent in 2020 , the World Bank has said , as more than 90 per cent of the world ’ s economies have fallen into recession .
Advanced economies are expected to shrink seven per cent in 2020 , the Bank said in its Global Economic Prospects report .
Emerging market economies will contract 2.5 per cent , their first since aggregate data became available in 1960 .
Read more : Coronavirus is a ‘ devastating blow ’ to the economy , says World Bank chief On @ @ @ @ @ @ @ ’ s economic contraction will be the deepest since 1945-46 as spending during the Second World War dried up .
The collapse in 2020 will be almost three times worse than the global recession after the 2008 financial crisis .
The World Bank said its scenarios were based on assumptions that social distancing and lockdown measures will begin to ease at the end of June .
The Eurozone is expected to contract by 9.1 per cent in 2020 , while the US and Japan will post contractions of 6.1 per cent .
Brazil @ @ @ @ @ @ @ per cent , and 3.2 per cent in India .
Meanwhile China is expected to maintain growth of one per cent in 2020 , falling from a forecast in January of six per cent .
The updated forecasts from the World Bank show more damage to the economy than estimates released in April by the International Monetary Fund ( IMF ) , which predicted a three per cent global contraction in 2020 .
The IMF plans to update its forecasts on 24 June and managing director Kristalina Georgieva has said that further cuts @ @ @ @ @ @ @ this week World Bank president David Malpass said coronavirus would deal a “ devastating blow ” to the world economy , with the fallout from the pandemic to last up to a decade .

World Bank: Coronavirus to hit economic output by 5.2 per cent
Credit: Getty Images
The coronavirus pandemic will cause global economic output to contract by 5.2 per cent in 2020, the World Bank has said, as more than 90 per cent of the world’s economies have fallen into recession.
Advanced economies are expected to shrink seven per cent in 2020, the Bank said in its Global Economic Prospects report. Emerging market economies will contract 2.5 per cent, their first since aggregate data became available in 1960.
On a per-capita GDP basis, the world’s economic contraction will be the deepest since 1945-46 as spending during the Second World War dried up. The collapse in 2020 will be almost three times worse than the global recession after the 2008 financial crisis.
The World Bank said its scenarios were based on assumptions that social distancing and lockdown measures will begin to ease at the end of June.
The Eurozone is expected to contract by 9.1 per cent in 2020, while the US and Japan will post contractions of 6.1 per cent. Brazil’s economy will contract by eight per cent, and 3.2 per cent in India.
Meanwhile China is expected to maintain growth of one per cent in 2020, falling from a forecast in January of six per cent.
The updated forecasts from the World Bank show more damage to the economy than estimates released in April by the International Monetary Fund (IMF), which predicted a three per cent global contraction in 2020.
The IMF plans to update its forecasts on 24 June and managing director Kristalina Georgieva has said that further cuts are “very likely”.
Earlier this week World Bank president David Malpass said coronavirus would deal a “devastating blow” to the world economy, with the fallout from the pandemic to last up to a decade.


cityam--2020-06-08--Tory MPs blast Huawei over British media blitz

Tory MPs have blasted Huawei ’ s UK media blitz as a “ ridiculous ” attempt to gain British sympathy , amid increasing pressure for Boris Johnson to cut ties with the Chinese technology firm .
In an open letter to the British public Huawei today emphasised its commitment to the UK over the past two decades and its credibility as a telecoms provider .
“ For nearly 20 years , we ’ ve supplied the UK ’ s mobile and broadband companies with 3G and 4G .
But some now question our role in helping Britain lead the way @ @ @ @ @ @ @ “ We ‘ re here to help you enjoy better , faster connections — quickly , affordably and securely.
” Victor Zhang , Huawei vice executive and head of UK operations , rebutted claims that technology made by the Chinese vendor might be used for spying by Beijing officials , adding that the firm is a private company that is “ 100 per cent owned by employees ” .
However , Conservative MPs today said Zhang ’ s comments were “ not credible ” , and urged Johnson to U-turn on his decision @ @ @ @ @ @ @ the UK ’ s 5G network .
Bob Seely , MP for the Isle of Wight , told City AM : “ I don ’ t buy it for one second .
They claim they ’ re a private company .
That ’ s just absolutely not credible.
” “ Huawei is throwing huge amounts of money at this using slick PR .
But what ’ s clear is that for the Chinese state this is a massive battle that they have to win.
” Seely added that parts of the British government @ @ @ @ @ @ @ itself to be “ bullied into this ridiculous situation over time.
” Conservative MP Damian Green added : “ I don ’ t think a PR blitz is going to improve Huawei ’ s image in the UK.
” “ The Chinese authorities need to change their attitude to Hong Kong and to international economic cooperation if they want to be trusted.
” Read more : US senator : China using Huawei to ‘ drive wedge ’ in UK-US relationship Huawei ’ s charm offensive , published online and in several full-page newspaper @ @ @ @ @ @ @ after weeks of mounting attacks on the company from both sides of the Atlantic .
Johnson has faced increasing pressure from a group of around 60 Tory rebels — including Seely and Green — to ban Huawei from the UK ’ s 5G rollout .
This comes despite the fact that the company ’ s involvement in the network is integral to the PM ’ s pledge to deliver gigabit broadband to the whole country by 2025 .
In a sign that he might be bowing to international pressure , Johnson last week @ @ @ @ @ @ @ partners — the US , Canada , Australia and New Zealand — to develop alternatives to Huawei .
In an additional blow to China , he also extended a visa offer to nearly 3m Hong Kong citizens eligible for a British National Overseas passport .
Read more : HSBC warns of reprisals in China if UK bans Huawei equipment The US , meanwhile , has taken a hardline approach to the Chinese vendor and urged its allies to ban Huawei technology .
In May , US President Donald Trump placed significant sanctions on @ @ @ @ @ @ @ off its access to the country ’ s computer chip technology .
It comes as Trump continues to ignite hostility with Beijing over the coronavirus pandemic .
Trump has repeatedly blamed China for more than 100,000 US fatalities from Covid-19 , which he has often referred to as the “ Chinese virus ” .
Matthew Jackson , director of the Asia Studies Centre at think tank the Henry Jackson Society told City AM : “ On a global stage , this is a matter of trust .
The Chinese government is telling us @ @ @ @ @ @ @ ’ m afraid it ’ s the wolf dressed as grandma , ” he said .
“ Considering they lied about the pandemic and told us that it wasn ’ t an imminent threat and it was , why should we trust them ?
” Seely added that there would be a “ significant battle with China this summer .
The Tory MP said : “ There has been a sea change in how international countries are viewing China .
Whether its Hong Kong or coronavirus , we need to make sure we @ @ @ @ @ @ @ .
”

Tory MPs blast Huawei over British media blitz
Tory MPs have blasted Huawei’s UK media blitz as a “ridiculous” attempt to gain British sympathy, amid increasing pressure for Boris Johnson to cut ties with the Chinese technology firm.
In an open letter to the British public Huawei today emphasised its commitment to the UK over the past two decades and its credibility as a telecoms provider.
“For nearly 20 years, we’ve supplied the UK’s mobile and broadband companies with 3G and 4G. But some now question our role in helping Britain lead the way in 5G,” it said. “We‘re here to help you enjoy better, faster connections — quickly, affordably and securely.”
Victor Zhang, Huawei vice executive and head of UK operations, rebutted claims that technology made by the Chinese vendor might be used for spying by Beijing officials, adding that the firm is a private company that is “100 per cent owned by employees”.
However, Conservative MPs today said Zhang’s comments were “not credible”, and urged Johnson to U-turn on his decision to allow Huawei to build part of the UK’s 5G network.
Bob Seely, MP for the Isle of Wight, told City AM: “I don’t buy it for one second. They claim they’re a private company. That’s just absolutely not credible.”
“Huawei is throwing huge amounts of money at this using slick PR. But what’s clear is that for the Chinese state this is a massive battle that they have to win.”
Seely added that parts of the British government had been “supine” and allowed itself to be “bullied into this ridiculous situation over time.”
Conservative MP Damian Green added: “I don’t think a PR blitz is going to improve Huawei’s image in the UK.”
“The Chinese authorities need to change their attitude to Hong Kong and to international economic cooperation if they want to be trusted.”
Huawei’s charm offensive, published online and in several full-page newspaper adverts across the country today, comes after weeks of mounting attacks on the company from both sides of the Atlantic.
Johnson has faced increasing pressure from a group of around 60 Tory rebels — including Seely and Green — to ban Huawei from the UK’s 5G rollout.
This comes despite the fact that the company’s involvement in the network is integral to the PM’s pledge to deliver gigabit broadband to the whole country by 2025.
In a sign that he might be bowing to international pressure, Johnson last week agreed to collaborate with so-called Five Eyes partners — the US, Canada, Australia and New Zealand — to develop alternatives to Huawei.
In an additional blow to China, he also extended a visa offer to nearly 3m Hong Kong citizens eligible for a British National Overseas passport.
The US, meanwhile, has taken a hardline approach to the Chinese vendor and urged its allies to ban Huawei technology.
In May, US President Donald Trump placed significant sanctions on the company in a bid to choke off its access to the country’s computer chip technology.
It comes as Trump continues to ignite hostility with Beijing over the coronavirus pandemic. Trump has repeatedly blamed China for more than 100,000 US fatalities from Covid-19, which he has often referred to as the “Chinese virus”.
Matthew Jackson, director of the Asia Studies Centre at think tank the Henry Jackson Society told City AM: “On a global stage, this is a matter of trust. The Chinese government is telling us to trust them.”
“But I’m afraid it’s the wolf dressed as grandma,” he said. “Considering they lied about the pandemic and told us that it wasn’t an imminent threat and it was, why should we trust them?”
Seely added that there would be a “significant battle with China this summer”. The Tory MP said: “There has been a sea change in how international countries are viewing China. Whether it’s Hong Kong or coronavirus, we need to make sure we defend international order and protect our country.”


cityam--2020-06-08--South Korean court denies arrest warrant request for Samsung leader

A court in South Korea has today denied a request for an arrest warrant for Samsung Group heir Jay Y. Lee , after prosecutors sought to charge him with accounting fraud and stock manipulation .
Prosecutors had requested an arrest warrant for Lee last week as part of a probe into a controversial 2015 merger of two Samsung affiliates , valued at $ 8bn .
Lee had previously been jailed for about one year until February 2018 for his role in a bribery scandal .
He was accused of giving horses to the daughter of a confidante of former South @ @ @ @ @ @ @ support for the merger of the two affiliates .
Lee is currently vice chairman of Samsung Electronics , the world ’ s top maker of smartphones and memory chips .
Its annual revenue is equivalent to 12 per cent of South Korea ’ s gross domestic product .
“ It appears that prosecutors have secured considerable amount of evidence through their investigation , but they fell short of explaining the validity to detain Lee , ” the Seoul Central District Court said in a statement .
Samsung Group last week denied the allegation @ @ @ @ @ @ @ was “ beyond common sense ” to claim he had been involved in the decision-making .
In a further statement over the weekend , the group said the lengthy probe is weighing on management , which is in “ crisis ” at a time when the Covid-19 pandemic and US-China trade disputes are adding to uncertainty .
Prosecutors may still decide to reapply for Lee ’ s arrest warrant after further investigation , or bring Lee to trial without arrest .

South Korean court denies arrest warrant request for Samsung leader
A court in South Korea has today denied a request for an arrest warrant for Samsung Group heir Jay Y. Lee, after prosecutors sought to charge him with accounting fraud and stock manipulation.
Prosecutors had requested an arrest warrant for Lee last week as part of a probe into a controversial 2015 merger of two Samsung affiliates, valued at $8bn.
Lee had previously been jailed for about one year until February 2018 for his role in a bribery scandal. He was accused of giving horses to the daughter of a confidante of former South Korean President Park Geun-hye to win government support for the merger of the two affiliates.
Lee is currently vice chairman of Samsung Electronics, the world’s top maker of smartphones and memory chips. Its annual revenue is equivalent to 12 per cent of South Korea’s gross domestic product.
“It appears that prosecutors have secured considerable amount of evidence through their investigation, but they fell short of explaining the validity to detain Lee,” the Seoul Central District Court said in a statement.
Samsung Group last week denied the allegation of stock-manipulation against Lee, saying it was “beyond common sense” to claim he had been involved in the decision-making.
In a further statement over the weekend, the group said the lengthy probe is weighing on management, which is in “crisis” at a time when the Covid-19 pandemic and US-China trade disputes are adding to uncertainty.
Prosecutors may still decide to reapply for Lee’s arrest warrant after further investigation, or bring Lee to trial without arrest.


cityam--2020-06-08--Sadiq Khan accused of 'not looking after coppers' in London protests

London ’ s police union has slammed Sadiq Khan ’ s response to the weekend ’ s protests , after more than 30 police officers were injured .
Metropolitan Police Federation chairman Ken Marsh accused Khan of not looking after police officers during the demonstrations and that he was “ very disappointed ” by the mayor ’ s response .
Read more : Sir Keir Starmer not supportive of Bristol statue being pulled down by protesters Thousands attended mostly peaceful protests over the weekend in London as a part of the global Black Lives Matter demonstrations .
The UK protests @ @ @ @ @ @ @ in the wake of the death of George Floyd at the hands of a Minneapolis police officer .
Some protesters turned violent against police officers outside Downing Street , with some also vandalising monuments such as the Cenotaph and Winston Churchill ’ s statue outside parliament .
Images were captured of some police being hit with projectiles , and other officers being punched and hit with makeshift weapons .
The mayor , who is in charge of the Metropolitan Police , put out a statement yesterday condemning the violence and said “ this @ @ @ @ @ @ @ a tiny minority who turned violent and threw glass bottles and lit flares , endangering other protestors and injuring police officers ” .
However , Marsh told City A.M. that Khan should not have let the demonstrations happen in the first place during the Covid-19 lockdown and that he had not shown enough solidarity with police officers in the aftermath .
Marsh said : “ Why didn ’ t he shut the Tube when he knew this was going to happen ?
“ Leaders at tough times like this need to lead .
@ @ @ @ @ @ @ for the lockdown , but when it comes to this he ’ s done nothing .
“ How ’ s that for looking after your coppers ?
I ’ m bewildered.
” Responding to Marsh ’ s comments , a spokesperson for Khan said : “ The responsibility for banning protests lies with the police and not the mayor , but Sadiq has made it clear that Covid-19 remains a very real danger to our communities and urged Londoners to consider different ways to make their voice heard that does not put themselves @ @ @ @ @ @ @ “ Those that behaved violently and irresponsibly [ at the protests ] are in no way representative of those that protested respectfully , and their actions towards police officers who worked long hours to facilitate the protest were totally unacceptable and will not be tolerated .
“ Demonstrations were also seen in Bristol yesterday , where protesters pulled down a statue of 17th century slave trader Edward Colston .
Demonstrators were seen stomping on the statue and kneeling on its neck after it was pulled down , before they threw it into the @ @ @ @ @ @ @ official spokesman said today that the Prime Minister condemned the actions of the Bristol protesters .
“ People can campaign for the removal of the statue , but what happened yesterday was a cirminal act , ” he said .
Read more : Hundreds attend memorial service for George Floyd as US anti-racism protests continue “ The Prime Minister absolutely understands the strength of feeling , but in this country we settle our differences democratically.
” Labour leader Sir Keir Starmer said the statue had “ no place in 21st century Britain ” @ @ @ @ @ @ @ been brought down properly with consent and put , I would say , in a museum ” .

Sadiq Khan accused of ‘not looking after coppers’ in London protests
Some protesters turned violent against police officers outside Downing Street, with some also vandalising monuments such as the Cenotaph and Winston Churchill’s statue outside parliament.
London’s police union has slammed Sadiq Khan’s response to the weekend’s protests, after more than 30 police officers were injured.
Metropolitan Police Federation chairman Ken Marsh accused Khan of not looking after police officers during the demonstrations and that he was “very disappointed” by the mayor’s response.
Thousands attended mostly peaceful protests over the weekend in London as a part of the global Black Lives Matter demonstrations.
The UK protests were sparked by similar events in America in the wake of the death of George Floyd at the hands of a Minneapolis police officer.
Some protesters turned violent against police officers outside Downing Street, with some also vandalising monuments such as the Cenotaph and Winston Churchill’s statue outside parliament.
Images were captured of some police being hit with projectiles, and other officers being punched and hit with makeshift weapons.
The mayor, who is in charge of the Metropolitan Police, put out a statement yesterday condemning the violence and said “this vital cause was badly let down by a tiny minority who turned violent and threw glass bottles and lit flares, endangering other protestors and injuring police officers”.
However, Marsh told City A.M. that Khan should not have let the demonstrations happen in the first place during the Covid-19 lockdown and that he had not shown enough solidarity with police officers in the aftermath.
Marsh said: “Why didn’t he shut the Tube when he knew this was going to happen?
“Leaders at tough times like this need to lead. He’s been a great advocate for the lockdown, but when it comes to this he’s done nothing.
“How’s that for looking after your coppers? I’m bewildered.”
Responding to Marsh’s comments, a spokesperson for Khan said: “The responsibility for banning protests lies with the police and not the mayor, but Sadiq has made it clear that Covid-19 remains a very real danger to our communities and urged Londoners to consider different ways to make their voice heard that does not put themselves or others at risk of infection.
“Those that behaved violently and irresponsibly [at the protests] are in no way representative of those that protested respectfully, and their actions towards police officers who worked long hours to facilitate the protest were totally unacceptable and will not be tolerated. “
Demonstrations were also seen in Bristol yesterday, where protesters pulled down a statue of 17th century slave trader Edward Colston.
Demonstrators were seen stomping on the statue and kneeling on its neck after it was pulled down, before they threw it into the River Avon.
Boris Johnson’s official spokesman said today that the Prime Minister condemned the actions of the Bristol protesters.
“People can campaign for the removal of the statue, but what happened yesterday was a cirminal act,” he said.
“The Prime Minister absolutely understands the strength of feeling, but in this country we settle our differences democratically.”
Labour leader Sir Keir Starmer said the statue had “no place in 21st century Britain”, but that it “should have been brought down properly with consent and put, I would say, in a museum”.


cityam--2020-06-08--Prince Andrew's legal team in dispute over US Epstein inquiry

Legal representatives for Prince Andrew today hit back at reports they had not been cooperative in the US investigation into disgraced financier Jeffrey Epstein .
Investigators wish to interview the Duke of York about his friendship with Epstein , who was found dead in prison last year while awaiting charges of trafficking minors .
“ The Duke of York has on at least three occasions this year offered his assistance as a witness to the DoJ [ Department of Justice ] , ” the Duke ’ s lawyers Blackfords said .
They added : “ Unfortunately , the DoJ has @ @ @ @ @ @ @ breaching their own confidentiality rules and claiming that the Duke has offered zero cooperation .
In doing so , they are perhaps seeking publicity rather than accepting the assistance proffered.
” The Sun reported earlier today that the DoJ had sent UK authorities a mutual legal assistance treaty ( MLAT ) request , used in criminal investigations to gain information from other states which could not be obtained through police cooperation .
The Duke of York stepped away from public duties in November last year as the scandal surrounding Epstein and the pair @ @ @ @ @ @ @ not been accused of any wrongdoing .
Before the Open newsletter : Start your day with the City View podcast and key market data In March , US attorney Geoffrey Berman said that despite the Duke publicly stating he would cooperate with the inquiry , he had “ shut the door on voluntary cooperation and our office is considering its options ” .

Prince Andrew’s legal team in dispute over US Epstein inquiry
Legal representatives for Prince Andrew today hit back at reports they had not been cooperative in the US investigation into disgraced financier Jeffrey Epstein.
Investigators wish to interview the Duke of York about his friendship with Epstein, who was found dead in prison last year while awaiting charges of trafficking minors.
“The Duke of York has on at least three occasions this year offered his assistance as a witness to the DoJ [Department of Justice],” the Duke’s lawyers Blackfords said.
They added: “Unfortunately, the DoJ has reacted to the first two offers by breaching their own confidentiality rules and claiming that the Duke has offered zero cooperation. In doing so, they are perhaps seeking publicity rather than accepting the assistance proffered.”
The Sun reported earlier today that the DoJ had sent UK authorities a mutual legal assistance treaty (MLAT) request, used in criminal investigations to gain information from other states which could not be obtained through police cooperation.
The Duke of York stepped away from public duties in November last year as the scandal surrounding Epstein and the pair’s friendship erupted. He has not been accused of any wrongdoing.
Before the Open newsletter: Start your day with the City View podcast and key market data
In March, US attorney Geoffrey Berman said that despite the Duke publicly stating he would cooperate with the inquiry, he had “shut the door on voluntary cooperation and our office is considering its options”.


cityam--2020-06-08--Markets live: FTSE 100 falters after last week's rally as US stocks inch up

The FTSE 100 faltered today after a strong rally last week , coming down from highs despite more countries moving to ease lockdown measures .
The blue chip index dropped as much as 0.75 per cent following the open .
The FTSE 100 later pared back losses to close down 0.085 per cent lower at 6,478 .
Meanwhile , US stocks pushed higher again as investors shrugged off widespread racism protests after a shock US jobs report showing 2.5m new jobs were created last month , defying predictions of 8m more redundancies .
Europe was also subdued , however , @ @ @ @ @ @ @ to join the FTSE 100 lower .
Germany ’ s Dax dropped 0.7 per cent on an Ifo survey suggesting manufacturing faces more production plunges to close down 0.16 per cent .
France ’ s Cac fell 0.3 per cent .
Drugmaker Astrazeneca closed down nearly three per cent following reports yesterday that it had approached US rival Gilead about a possible merger to form one of the world ’ s largest drug companies .
The Cambridge-based company , which recently saw its share price hit a record high , contacted Gilead last @ @ @ @ @ @ @ in a possible deal , but did not provide details of any transaction , Bloomberg reported .
“ Investors are unlikely to welcome a large M & A deal at a time when both companies are trying to fight coronavirus as it could prove to be a distraction to management , ” said AJ Bell investment director Russ Mould .
“ The timing seems wrong when both companies have such important work to do , ” he added .
However , analysts were still positive about the FTSE 100 , and blamed the @ @ @ @ @ @ @ airlines and travel stocks “ The surge in travel- and airline-related names comes on the day when the UK implements a quarantine for overseas travel , perhaps the very definition of shutting stable doors after the horse has bolted , ” Chris Beauchamp , chief market analyst at IG , said .
“ With lockdowns easing across Europe and no sign of a second infection wave , this move has been staunchly opposed by airlines , and it looks like the market expects the restriction to remain in place for only a limited @ @ @ @ @ @ @ up this morning are oil stocks , after Opec+ extended their production cuts until the end of July .
It looks like the oversupply story is being replaced by expectations of higher demand , or least by hopes that demand will not be as weak as previously feared .
“ Overall , markets continue to look past all the bad data and concentrate on the good news , hence the strong reaction to Friday ’ s job numbers .
While this leaves indices vulnerable to a pullback , the strength of the bounce @ @ @ @ @ @ @ weakness will be only temporary.
” The mid-cap FTSE 250 rose as much as 0.91 per cent , while oil and gas stocks jumped after major producers agreed to extend a deal on record output cuts to the end of July .
Over the weekend , OPEC and its allies formally agreed to extend the deal to withdraw almost 10 per cent of global supplies from the market by a third month to the end of July .
Saudi Arabia is not planning to extend its voluntary cuts in oil output into July @ @ @ @ @ @ @ Prince Abdulaziz bin Salman told reporters on Monday .
Brent Crude and West Texas Intermediate both hit their highest price since early March following the OPEC+ agreement , helping boost energy firms in the FTSE 100 .
Oil major Shell rose as much as 3.91 per cent , while BP climbed 2.88 per cent .
Bjarne Schieldrop , chief commodities analyst at Swedish corporate bank SEB , said the oil market “ is now totally reliant on full compliance to production targets in OPEC+ ” .
Read more : BP set to axe @ @ @ @ @ @ @ the producers in the group do not comply , they risk all producers in the group moving back to full production .
This threat is the only real controlling mechanism the group has , and it will have to use it from time to time for the weapon to be real , ” he said .
“ OPEC+ has become much more nimble and light on its feet .
It will cut deep in the short term and create prompt tightness , with the very front-end of the Brent crude curve now starting @ @ @ @ @ @ @ gives fewer assurances for the future.
” In Europe , shares retreated from a three-month high as investors moved to lock in some profits following last week ’ s rally .
Following the FTSE 100 ’ s lead , the pan-European STOXX 600 shed as much as 0.8 per cent , before closing down 0.25 per cent .
Personal and household goods , healthcare and retail sectors leading the decline .
Germany ’ s DAX slipped one per cent after data showed that German industrial production recorded its steepest plunge on record in @ @ @ @ @ @ @ companies in Europe ’ s largest economy to dramatically scale back production .
The index had pared back most of the losses to close 0.087 per cent down .
France ’ s CAC 40 fell as much as 0.79 per cent in morning trading , but made up some ground later and down 0.38 per cent .
US stocks stay in green after shock jobs report Read more : ‘ Mind-blowing ’ : US economy adds 2.5m jobs as states reopen The Dow added one per cent shortly after Wall Street opened this @ @ @ @ @ @ @ jobs report .
Economists were shocked when the US economy added 2.5m jobs last month , compared to a predicted fall of 8m .
April had seen a record plunge of 20.7m jobs as the coronavirus lockdown saw firms haemorrhage staff .
The Dow trimmed its gains but still stood 0.9 per cent higher by 4.30pm .
The S & P 500 rose 0.36 per cent while the Nasdaq edged up 0.15 per cent .
Analysts said US stocks ’ broad push higher suggested traders believe the Federal Reserve ’ s trillions of @ @ @ @ @ @ @ helping curb the huge levels of unemployment in the US .
“ It ’ s a bullish signal for global stocks , ” Edward Moya , senior market analyst at trading platform Oanda , said .
“ The world ’ s largest economy just grabbed the baton back and is leading the stock market rally.
” New York ’ s initial reopening phase begins today , adding to optimism , as Moya said “ Wall Street continues to ride the global reopening trade ” .
The S & P 500 has almost recovered @ @ @ @ @ @ @ infections and 110,000 deaths in the US .
Widespread racism protests after the death of George Floyd in police custody have also failed to halt the rise of US stocks .
The S & P 500 hovered just above 3,200 points around 3pm , close to its February high of 3,386 .
The Nasdaq posted a new intraday record high on Friday , following strong US jobs figures that helped lift hopes of a quicker global economic recovery following weeks of lockdowns aimed at limiting the spread of the coronavirus pandemic .
“ @ @ @ @ @ @ @ ’ ve seen history made as the US economy posted a record number of job losses in one month , only to be followed by a record number of jobs gains in the following month , ” said CMC Markets ’ Michael Hewson .
‘ Despite all of the enthusiasm over last month ’ s jobs report it doesn ’ t change the fact that US unemployment is still well above post financial crisis levels , and is likely to remain so for quite some time , ” he added .
Get the @ @ @ @ @ @ @ A.M. on Twitter .

Markets live: FTSE 100 falters after last week’s rally as US stocks inch up
Drugmaker Astrazeneca was one of the index’s fallers on Monday morning
The FTSE 100 faltered today after a strong rally last week, coming down from highs despite more countries moving to ease lockdown measures.
The blue chip index dropped as much as 0.75 per cent following the open. The FTSE 100 later pared back losses to close down 0.085 per cent lower at 6,478.
Meanwhile, US stocks pushed higher again as investors shrugged off widespread racism protests after a shock US jobs report showing 2.5m new jobs were created last month, defying predictions of 8m more redundancies.
Europe was also subdued, however, after last week’s rally, to join the FTSE 100 lower. Germany’s Dax dropped 0.7 per cent on an Ifo survey suggesting manufacturing faces more production plunges to close down 0.16 per cent. France’s Cac fell 0.3 per cent.
Read more: Astrazeneca approaches Gilead about potential merger
Drugmaker Astrazeneca closed down nearly three per cent following reports yesterday that it had approached US rival Gilead about a possible merger to form one of the world’s largest drug companies.
The Cambridge-based company, which recently saw its share price hit a record high, contacted Gilead last month in a bid to gauge interest in a possible deal, but did not provide details of any transaction, Bloomberg reported.
“Investors are unlikely to welcome a large M&A deal at a time when both companies are trying to fight coronavirus as it could prove to be a distraction to management,” said AJ Bell investment director Russ Mould.
“The timing seems wrong when both companies have such important work to do,” he added.
However, analysts were still positive about the FTSE 100, and blamed the UK’s quarantine for holding back airlines and travel stocks
“The surge in travel- and airline-related names comes on the day when the UK implements a quarantine for overseas travel, perhaps the very definition of shutting stable doors after the horse has bolted,” Chris Beauchamp, chief market analyst at IG, said.
“With lockdowns easing across Europe and no sign of a second infection wave, this move has been staunchly opposed by airlines, and it looks like the market expects the restriction to remain in place for only a limited time.
“Also, on the up this morning are oil stocks, after Opec+ extended their production cuts until the end of July. It looks like the oversupply story is being replaced by expectations of higher demand, or least by hopes that demand will not be as weak as previously feared.
“Overall, markets continue to look past all the bad data and concentrate on the good news, hence the strong reaction to Friday’s job numbers. While this leaves indices vulnerable to a pullback, the strength of the bounce of the past month suggests that such weakness will be only temporary.”
Oil prices rise on OPEC+ cuts
The mid-cap FTSE 250 rose as much as 0.91 per cent, while oil and gas stocks jumped after major producers agreed to extend a deal on record output cuts to the end of July.
Over the weekend, OPEC and its allies formally agreed to extend the deal to withdraw almost 10 per cent of global supplies from the market by a third month to the end of July.
Saudi Arabia is not planning to extend its voluntary cuts in oil output into July, the country’s energy minister Prince Abdulaziz bin Salman told reporters on Monday.
Brent Crude and West Texas Intermediate both hit their highest price since early March following the OPEC+ agreement, helping boost energy firms in the FTSE 100.
Oil major Shell rose as much as 3.91 per cent, while BP climbed 2.88 per cent.
Bjarne Schieldrop, chief commodities analyst at Swedish corporate bank SEB, said the oil market “is now totally reliant on full compliance to production targets in OPEC+”.
“If the producers in the group do not comply, they risk all producers in the group moving back to full production. This threat is the only real controlling mechanism the group has, and it will have to use it from time to time for the weapon to be real,” he said.
“OPEC+ has become much more nimble and light on its feet. It will cut deep in the short term and create prompt tightness, with the very front-end of the Brent crude curve now starting to move into backwardation, but it gives fewer assurances for the future.”
European stocks pare back gains
In Europe, shares retreated from a three-month high as investors moved to lock in some profits following last week’s rally. Following the FTSE 100’s lead, the pan-European STOXX 600 shed as much as 0.8 per cent, before closing down 0.25 per cent. Personal and household goods, healthcare and retail sectors leading the decline.
Germany’s DAX slipped one per cent after data showed that German industrial production recorded its steepest plunge on record in April, as the coronavirus pandemic forced companies in Europe’s largest economy to dramatically scale back production.
The index had pared back most of the losses to close 0.087 per cent down.
France’s CAC 40 fell as much as 0.79 per cent in morning trading, but made up some ground later and down 0.38 per cent.
US stocks stay in green after shock jobs report
The Dow added one per cent shortly after Wall Street opened this afternoon after Friday’s shock US jobs report.
Economists were shocked when the US economy added 2.5m jobs last month, compared to a predicted fall of 8m.
April had seen a record plunge of 20.7m jobs as the coronavirus lockdown saw firms haemorrhage staff.
The Dow trimmed its gains but still stood 0.9 per cent higher by 4.30pm. The S&P 500 rose 0.36 per cent while the Nasdaq edged up 0.15 per cent.
Analysts said US stocks’ broad push higher suggested traders believe the Federal Reserve’s trillions of dollars of stimulus is working, and helping curb the huge levels of unemployment in the US.
“It’s a bullish signal for global stocks,” Edward Moya, senior market analyst at trading platform Oanda, said.
“The world’s largest economy just grabbed the baton back and is leading the stock market rally.”
New York’s initial reopening phase begins today, adding to optimism, as Moya said “Wall Street continues to ride the global reopening trade”.
The S&P 500 has almost recovered all its coronavirus losses despite almost 2m infections and 110,000 deaths in the US.
Widespread racism protests after the death of George Floyd in police custody have also failed to halt the rise of US stocks.
The S&P 500 hovered just above 3,200 points around 3pm, close to its February high of 3,386.
The Nasdaq posted a new intraday record high on Friday, following strong US jobs figures that helped lift hopes of a quicker global economic recovery following weeks of lockdowns aimed at limiting the spread of the coronavirus pandemic.
Read more: Ifo: German industry predicts summer-long production slump
“In the space of four weeks we’ve seen history made as the US economy posted a record number of job losses in one month, only to be followed by a record number of jobs gains in the following month,” said CMC Markets’ Michael Hewson.
‘Despite all of the enthusiasm over last month’s jobs report it doesn’t change the fact that US unemployment is still well above post financial crisis levels, and is likely to remain so for quite some time,” he added.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-06-08--British public support scrapping Sunday trading laws, says new poll

The government ’ s plan to allow super markets in England and Wales to open for longer on Sundays has the public ’ s backing , according to new polling .
A YouGov poll released today showed that 48 per cent of people supported the change , with 31 per cent opposing and 21 per cent unsure .
Read more : Labour not supportive of changing Sunday trading laws Boris Johnson is poised to lift Sunday trading restrictions for at least one year to help stimulate the economy in the face of mass jobs losses .
The Sunday Times reported @ @ @ @ @ @ @ raft of measures the government will implement to speed up the easing of the lockdown , in the face of figures that show 3.5m jobs are at risk .
The trading laws , which came into place in 1994 , limit shops with retail space of over 280 square metres to a maximum of six hours of trading on Sundays .
David Cameron and George Osborne tried to get rid of the restrictions in 2016 , but was defeated in a parliamentary vote after 27 Tory backbenchers voted against the government .
Before @ @ @ @ @ @ @ with the City View podcast and key market data British Chambers of Commerce director general Adam Marshall said changing the laws was a vital step to get the economy moving again .
“ Businesses need to be given every possible opportunity to start to generate sales again , ” he said .
“ If there are rules that can be relaxed to give more companies a fighting chance to trade their way through this crisis without compromising safety , ministers should do everything in their power to make it happen.
” Labour does @ @ @ @ @ @ @ shadow foreign secretary Lisa Nandy saying yesterday she is “ deeply worried about what this will mean for [ workers ] in terms of times with their families ” .
The changes are also vehemently opposed by the Union of Shop , Distributive and Allied Workers ( Usdaw ) .
Some members of the right-wing faction of the Conservative party will likely also oppose any change to Sunday trading on religious grounds .
Read more : Number 10 pours cold water on speculation UK pubs will open on 22 June Speaking to LBC @ @ @ @ @ @ @ said : “ There are many people in the Conservative party who think that you shouldn ’ t interfere with Sunday trading for various reasons – a day where it isn ’ t the same as everything else .
“ There ’ s obviously a religious element to it , so we ’ ll look at what the government says , but I don ’ t think that one is a Labour , Tory split – there ’ s a wider difference of views on that one .
”

British public support scrapping Sunday trading laws, says new poll
A cashier at a Tesco supermarket works behind a protective perspex barrier in Croydon, south London on May 5, 2020 as life in Britain continues during the nationwide lockdown due to the novel coronavirus. (Photo by JUSTIN TALLIS / AFP) (Photo by JUSTIN TALLIS/AFP via Getty Images)
The government’s plan to allow super markets in England and Wales to open for longer on Sundays has the public’s backing, according to new polling.
A YouGov poll released today showed that 48 per cent of people supported the change, with 31 per cent opposing and 21 per cent unsure.
Boris Johnson is poised to lift Sunday trading restrictions for at least one year to help stimulate the economy in the face of mass jobs losses.
The Sunday Times reported that it would be one of a raft of measures the government will implement to speed up the easing of the lockdown, in the face of figures that show 3.5m jobs are at risk.
The trading laws, which came into place in 1994, limit shops with retail space of over 280 square metres to a maximum of six hours of trading on Sundays.
David Cameron and George Osborne tried to get rid of the restrictions in 2016, but was defeated in a parliamentary vote after 27 Tory backbenchers voted against the government.
Before the Open newsletter: Start your day with the City View podcast and key market data
British Chambers of Commerce director general Adam Marshall said changing the laws was a vital step to get the economy moving again.
“Businesses need to be given every possible opportunity to start to generate sales again,” he said.
“If there are rules that can be relaxed to give more companies a fighting chance to trade their way through this crisis without compromising safety, ministers should do everything in their power to make it happen.”
Labour does not support the proposed changes, with shadow foreign secretary Lisa Nandy saying yesterday she is “deeply worried about what this will mean for [workers] in terms of times with their families”.
The changes are also vehemently opposed by the Union of Shop, Distributive and Allied Workers (Usdaw).
Some members of the right-wing faction of the Conservative party will likely also oppose any change to Sunday trading on religious grounds.
Speaking to LBC today, Labour leader Sir Keir Starmer said: “There are many people in the Conservative party who think that you shouldn’t interfere with Sunday trading for various reasons – a day where it isn’t the same as everything else.
“There’s obviously a religious element to it, so we’ll look at what the government says, but I don’t think that one is a Labour, Tory split – there’s a wider difference of views on that one.”


cityam--2020-06-08--UK facing record labour market inactivity, warns Bank of England's Haldane

The UK is facing what appears to be a record level of inactivity in its labour market as huge numbers of people are on furlough or facing unemployment due to Covid-19 , the Bank of England ’ s chief economist has warned .
“ We ’ ve seen activity across the economy collapse , and we ’ ve seen a rapid rise in inactivity among workers – both people being made unemployed , but importantly… eight million people underemployed due to furlough schemes , ” said Andy Haldane .
Read more : Bank of England asks banks for pandemic loan @ @ @ @ @ @ @ at the CogX technology conference , he added : “ That ’ s a level of inactivity in the jobs market we haven ’ t seen , possibly ever.
” The BoE said last month that Britain ’ s unemployment rate was likely to double to nine per cent in the three months to June , excluding the millions of workers who have been placed on furlough within the government ’ s job retention scheme .
Haldane has warned that the UK faces an unemployment crisis on a scale not seen since the @ @ @ @ @ @ @ : “ We need to find a way of reabsorbing all of that labour as quickly as possible in good jobs.
” Read more : Bank of England deputy warns of risks to BoE ’ s upbeat forecast Last month , chancellor Rishi Sunak extended the scheme to October , in a move expected to cost the government around £84bn .
UK companies have warned that they will struggle to contribute to furloughed workers ’ wages as the job retention scheme begins to wind down .
Employers will be required to meet some @ @ @ @ @ @ @ ’ s salaries from August .

BoE: Furlough means UK faces record labour market inactivity
Former BoE MPC member Andy Haldance hs left Threadneedle St
The UK is facing what appears to be a record level of inactivity in its labour market as huge numbers of people are on furlough or facing unemployment due to Covid-19, the Bank of England’s chief economist has warned.
“We’ve seen activity across the economy collapse, and we’ve seen a rapid rise in inactivity among workers – both people being made unemployed, but importantly… 8m people underemployed due to furlough schemes,” said Andy Haldane.
Speaking in an online discussion at the CogX technology conference, he added: “That’s a level of inactivity in the jobs market we haven’t seen, possibly ever.”
The BoE said last month that Britain’s unemployment rate was likely to double to nine per cent in the three months to June, excluding the millions of workers who have been placed on furlough within the government’s job retention scheme.
Haldane has warned that the UK faces an unemployment crisis on a scale not seen since the 1980s, telling The Telegraph last month: “We need to find a way of reabsorbing all of that labour as quickly as possible in good jobs.”
Last month, chancellor Rishi Sunak extended the furlough scheme to October, in a move expected to cost the government around £84bn.
UK companies have warned that they will struggle to contribute to furloughed workers’ wages as the job retention scheme begins to wind down. Employers will be required to meet some of the costs of their furloughed staff’s salaries from August.


cityam--2020-06-09--The US firm using data to get corporates back to work

Nobody is quite sure when Britain might go ‘ back to work ’ – but it ’ s clear that companies are going to have to play a bigger role than they might ever anticipated in ensuring that their offices are pandemic-proofed .
One American firm , Everbridge , is trying to get a jump on the market with a new product launching in Europe this week : a single platform that , in theory , will allow companies to ensure their offices remain open ( and their businesses functioning ) during the return to work and in the case @ @ @ @ @ @ @ : Uncertain FTSE looks forward with guarded optimism Everything from information on government twitter accounts to local media reports sits on the platform and identifies those areas , and individuals , at risk ; a report of an infected person , then , would set a chain of events in motion that ends with a text message to potentially affected staff with instructions to stay home or self-isolate .
Javier Colado , the firm ’ s Head of International Markets , tells City A.M. from Madrid that he thinks it ’ s the @ @ @ @ @ @ @ the shelves in these uncomfortable times .
“ If you don ’ t have a system in place like this , it makes it more difficult for you to go back to work now , and go back to normal .
There ’ s no way you can track what is happening in different locations .
It makes it more difficult .
So companies are realising why they need a solution like this , ” he tells us .
The product has already been rolled out in the states and he expects plenty @ @ @ @ @ @ @ citing terror attacks in London and French strikes as examples of business disruption .
The firm itself was born out of the ultimate disruptor – the 9/11 attacks .
“ The company ’ s founders were looking for something that says OK , if another thing like this happens again , we should be able to communicate to other people that might be in the infected area.
” In the beginning the product was essentially a “ mass communication system.
” “ If something happened they could react and send a message to @ @ @ @ @ @ @ Over the years what we ’ ve been doing is to add more and more applications to come out with what we see today , ” says Colado of the firm ’ s journey over the past twenty years .
Text messages are still at the heart of the firm ’ s offering , but in a new world of awareness about data privacy , it ’ s no surprise that such a platform raises some ‘ Big Brother-esque ’ concerns .
The firm is keen to emphasise that their platform is secure @ @ @ @ @ @ @ by the company.
” Evidently large outfits are convinced .
Everbridge has been used by governments over the past few months , from Norway to New Zealand , but Colado believes the key market is large corporates .
“ Usually the type of profile of companies that tend to use critical event management are the global 2000 , the big big corporation , with people in many countries across the world.
” The Covid-19 platform has already landed well on Wall Street , and there ’ s reason to believe similar will happen @ @ @ @ @ @ @ the disruption caused by a global pandemic , and the ongoing lockdown restrictions across the world , has made the value of information never more obvious – especially for firms caught short at the beginning of the outbreak , with supply chain disruptions still affecting them today .

The US firm using data to get corporates back to work
Nobody is quite sure when Britain might go ‘back to work’ – but it’s clear that companies are going to have to play a bigger role than they might ever anticipated in ensuring that their offices are pandemic-proofed.
One American firm, Everbridge, is trying to get a jump on the market with a new product launching in Europe this week: a single platform that, in theory, will allow companies to ensure their offices remain open (and their businesses functioning) during the return to work and in the case of a second spike.
Read more: Uncertain FTSE looks forward with guarded optimism
Everything from information on government twitter accounts to local media reports sits on the platform and identifies those areas, and individuals, at risk; a report of an infected person, then, would set a chain of events in motion that ends with a text message to potentially affected staff with instructions to stay home or self-isolate.
Javier Colado, the firm’s Head of International Markets, tells City A.M. from Madrid that he thinks it’s the sort of product that will fly off the shelves in these uncomfortable times.
“If you don’t have a system in place like this, it makes it more difficult for you to go back to work now, and go back to normal. There’s no way you can track what is happening in different locations. It makes it more difficult. So companies are realising why they need a solution like this,” he tells us.
The product has already been rolled out in the states and he expects plenty of interest in Europe, too, citing terror attacks in London and French strikes as examples of business disruption.
The firm itself was born out of the ultimate disruptor – the 9/11 attacks. “The company’s founders were looking for something that says OK, if another thing like this happens again, we should be able to communicate to other people that might be in the infected area.”
In the beginning the product was essentially a “mass communication system.”
“If something happened they could react and send a message to the people in that specific area. Over the years what we’ve been doing is to add more and more applications to come out with what we see today,” says Colado of the firm’s journey over the past twenty years.
Text messages are still at the heart of the firm’s offering, but in a new world of awareness about data privacy, it’s no surprise that such a platform raises some ‘Big Brother-esque’ concerns.
The firm is keen to emphasise that their platform is secure.
“The data is really owned by the company.”
Evidently large outfits are convinced. Everbridge has been used by governments over the past few months, from Norway to New Zealand, but Colado believes the key market is large corporates.
“Usually the type of profile of companies that tend to use critical event management are the global 2000, the big big corporation, with people in many countries across the world.”
The Covid-19 platform has already landed well on Wall Street, and there’s reason to believe similar will happen in Europe.
The sheer scale of the disruption caused by a global pandemic, and the ongoing lockdown restrictions across the world, has made the value of information never more obvious – especially for firms caught short at the beginning of the outbreak, with supply chain disruptions still affecting them today.
Everbridge will launch their European platform in a webinar on Wednesday 17th June


cityam--2020-06-09--Apple set to manufacture its own chips for new Mac computers

Apple is said to be preparing to announce a move to its own processors in Mac computers later this month , replacing a long-running partnership with Intel .
The announcement could be made at Apple ’ s Worldwide Developer Conference ( WWDC ) on 22 June , people familiar with the matter told Bloomberg .
Codenamed Kalamata , an announcement at WWDC would provide developers with enough time to prepare ahead of new Macs hitting stands in 2021 .
Read more : Apple prepares to sell Mac computers with its own chips from next year The new chips will use @ @ @ @ @ @ @ tech giant backed by Softbank — a relationship that already provides the chips inside iPhones and iPads .
It will be the first time an Apple-designed chip has been used in a Mac computer .
Apple is understood to be moving away from its deal with Intel , following the conclusion of a legal battle between the iPhone creator and chipmaker Qualcomm last year .
Apple walked away with Intel ’ s smartphone modem business for $ 1bn last July , absorbing approximately 2,200 of the latter ’ s employees .
Apple had @ @ @ @ @ @ @ , but now produces its own .
Read more : Apple splashes out $ 1bn on Intel ’ s chip business Intel has provided the technology for Mac and Macbook processors since 2005 , but its chips have been beset by issues in performance in recent years .
A prominent Apple analyst suggested in February that the Cupertino tech firm would move away from using Intel chips in its Mac computers later this year — a little earlier than today ’ s report suggests .
Sources told Bloomberg that Apple eventually intends to @ @ @ @ @ @ @ its own chips , in line with a general move to design chips across all of its products .
Separately , Apple will also be gearing up to announce updates to its operating systems across Mac , iPhone and Apple Watch .
Apple did not immediately respond to a request for comment .

Apple set to manufacture its own chips for new Mac computers
Apple is said to be preparing to announce a move to its own processors in Mac computers later this month, replacing a long-running partnership with Intel.
The announcement could be made at Apple’s Worldwide Developer Conference (WWDC) on 22 June, people familiar with the matter told Bloomberg. Codenamed Kalamata, an announcement at WWDC would provide developers with enough time to prepare ahead of new Macs hitting stands in 2021.
The new chips will use technology licensed from Arm, a British tech giant backed by Softbank — a relationship that already provides the chips inside iPhones and iPads. It will be the first time an Apple-designed chip has been used in a Mac computer.
Apple is understood to be moving away from its deal with Intel, following the conclusion of a legal battle between the iPhone creator and chipmaker Qualcomm last year.
Apple walked away with Intel’s smartphone modem business for $1bn last July, absorbing approximately 2,200 of the latter’s employees. Apple had previously relied on Qualcomm for modem hardware, but now produces its own.
Intel has provided the technology for Mac and Macbook processors since 2005, but its chips have been beset by issues in performance in recent years. A prominent Apple analyst suggested in February that the Cupertino tech firm would move away from using Intel chips in its Mac computers later this year — a little earlier than today’s report suggests.
Sources told Bloomberg that Apple eventually intends to transition its entire Mac lineup to utilise its own chips, in line with a general move to design chips across all of its products.
Separately, Apple will also be gearing up to announce updates to its operating systems across Mac, iPhone and Apple Watch.
Apple did not immediately respond to a request for comment.


cityam--2020-06-09--Track and trace app ‘ready in weeks’

Track and trace app ‘ready in weeks’

The NHS track and trace app will be ready in time for the next stage of lockdown easing next month , according to reports .
Whitehall sources suggested that an upgraded version of the trial app used on the Isle of Wight was almost ready , the Times reported .
The app had been due to launch alongside the government ’ s track , test and trace programme at the end of last month , but was delayed because of software issues .
An earlier version of the app was trialled on the Isle of Wight , where it was @ @ @ @ @ @ @ app was criticised for being rudimentary as it only probed users about two symptoms — a high temperature and continuous cough — and did not allow them to enter a positive or negative coronavirus test result .
Read more : NHS coronavirus track and trace programme could help ease UK ’ s 14-day quarantine It comes in the face of stiff criticism that the UK ’ s track and trace system has been insufficient in helping stem the spread of the virus .
NHS contact tracers have complained of chaotic training and lack @ @ @ @ @ @ @ Sage today highlighted “ multiple flaws ” in the UK ’ s Test , Track and Trace system .
In a new report the group raised concerns that the smartphone app , which uses Bluetooth to share data across phones , might be vulnerable to “ fraudulent use ” .
Independent Sage also warned of the possible dangers of sharing personal data with an app that has been developed by a private company .
Officials have insisted that the next stage of lockdown easing in early July is not dependent on the app @ @ @ @ @ @ @ keen to launch it to coincide with the opening of pubs and restaurants , the Times reported .
The need for a comprehensive tracing system will become more urgent when people return work and public transport .
Health Secretary Matt Hancock said he believes the app will play a big role n the UK ’ s long-term strategy in tackling coronavirus and may be used in the future to guide local lockdowns .

Track and trace app ‘ready in weeks’
The NHS track and trace app will be ready in time for the next stage of lockdown easing next month, according to reports.
Whitehall sources suggested that an upgraded version of the trial app used on the Isle of Wight was almost ready, the Times reported.
The app had been due to launch alongside the government’s track, test and trace programme at the end of last month, but was delayed because of software issues.
An earlier version of the app was trialled on the Isle of Wight, where it was rolled out on 7 May.
The app was criticised for being rudimentary as it only probed users about two symptoms — a high temperature and continuous cough — and did not allow them to enter a positive or negative coronavirus test result.
It comes in the face of stiff criticism that the UK’s track and trace system has been insufficient in helping stem the spread of the virus. NHS contact tracers have complained of chaotic training and lack of work.
Scientific advisory group Independent Sage today highlighted “multiple flaws” in the UK’s Test, Track and Trace system. In a new report the group raised concerns that the smartphone app, which uses Bluetooth to share data across phones, might be vulnerable to “fraudulent use”.
Independent Sage also warned of the possible dangers of sharing personal data with an app that has been developed by a private company.
Officials have insisted that the next stage of lockdown easing in early July is not dependent on the app, however the Department for Health is keen to launch it to coincide with the opening of pubs and restaurants, the Times reported.
The need for a comprehensive tracing system will become more urgent when people return work and public transport.
Health Secretary Matt Hancock said he believes the app will play a big role n the UK’s long-term strategy in tackling coronavirus and may be used in the future to guide local lockdowns.


cityam--2020-06-09--Government’s Future Fund approves just £55.9m of convertible loans to date

The government ’ s Future Fund scheme has approved £55.9m of convertible loans despite receiving applications worth £515m on the first day of launching .
The fund was set up as an alternative to the Coronavirus Business Interruption Loans Scheme ( CBILS ) for startups unable to demonstrate a turnover .
It was designed to support startups through the coronavirus crisis through government loans ranging from £125,000 to £5m , subject to matched funding from investors .
Read more : £500m Future Fund launch mired by fears startups will miss out The British Business Bank ( BBB ) today said @ @ @ @ @ @ @ for the convertible loans , with 533 applications since it opened for applications on 20 May .
The £55.9m of convertible loans has been matched by at least the same amount from third party investors .
The bank said the application process is expected to take a minimum of 21 days from initial application to funding being awarded .
Keith Morgan , chief executive of the British Business Bank said : “ Since the Chancellor announced the Future Fund on 20 April , the British Business Bank has delivered an open access online @ @ @ @ @ @ @ ” “ This rapid build has enabled businesses to gain access to finance through the scheme quickly and efficiently.
” However , the fund has been mired with issues as entrepreneurs and investors warned it risked freezing out a swathe of firms .
Before the Open newsletter : Start your day with the City View podcast and key market data Too little , too late ?
The Future Fund was initially announced by the Chancellor on 20 April , and was open for applications a month later .
It means that a number @ @ @ @ @ @ @ have gone nearly two months without government support .
There had also been concerns that the initial £250m would go too quickly .
Tim Fouracre , founder and chief executive of banking app Countingup , told City A.M. that it was likely to go very quickly given it ’ s a similar size to a seed VC fund .
Indeed , the fund proved extremely popular on launch with applications worth £515m , showing the extent of the help needed for startups .
This sentiment was echoed by Chris Smith , managing partner @ @ @ @ @ @ @ early-stage fund ’ s preferred route was to continue closing priced equity rounds .
“ This is primarily because we don ’ t want to rely on the Future Fund as it ’ s really a very small amount based on a first come , first served basis not the strength of a business plan.
” However Rishi Sunak has insisted the Treasury will increase the available funds if necessary .
Since the Future Fund has a convertible loan note structure , it means it is not compliant with the Enterprise Investment Scheme @ @ @ @ @ @ @ form of tax relief that encourages investors to push money into early-stage businesses .
Without the tax relief , investors are unlikely to put money in alongside the government and it means big VCs are better-placed to co-invest .
Yesterday , British businesses called on the government to incentivise these angel investors to invest in SMEs by introducing a temporary tax relief scheme .
Buckworths , a law firm which works exclusively with startups , wrote to the Treasury to ask for a high upfront rate of income tax relief for the scheme @ @ @ @ @ @ @ have called for a second Future Fund to support startups .
Anthony Rose , founder and chief executive of SeedLegal , a platform which helps startups with funding , told City A.M. , “ I ’ d love to see the government come up with another scheme – either direct investment or perhaps SEIS/EIS incentives .
It is the most scalable approach.
” Before the Open : Get the jump on the markets with our early morning newsletter

Government’s Future Fund approves just £55.9m of convertible loans to date
The vast majority of investment from the government’s Future Fund went to venture and growth stage companies.
The government’s Future Fund scheme has approved £55.9m of convertible loans despite receiving applications worth £515m on the first day of launching.
The fund was set up as an alternative to the Coronavirus Business Interruption Loans Scheme (CBILS) for startups unable to demonstrate a turnover. It was designed to support startups through the coronavirus crisis through government loans ranging from £125,000 to £5m, subject to matched funding from investors.
The British Business Bank (BBB) today said the first 53 companies have been approved for the convertible loans, with 533 applications since it opened for applications on 20 May. The £55.9m of convertible loans has been matched by at least the same amount from third party investors.
The bank said the application process is expected to take a minimum of 21 days from initial application to funding being awarded.
Keith Morgan, chief executive of the British Business Bank said: “Since the Chancellor announced the Future Fund on 20 April, the British Business Bank has delivered an open access online transaction process to issue convertible loan notes.”
“This rapid build has enabled businesses to gain access to finance through the scheme quickly and efficiently.”
However, the fund has been mired with issues as entrepreneurs and investors warned it risked freezing out a swathe of firms.
Before the Open newsletter: Start your day with the City View podcast and key market data
Too little, too late?
The Future Fund was initially announced by the Chancellor on 20 April, and was open for applications a month later. It means that a number of startups struggling in the current climate have gone nearly two months without government support.
There had also been concerns that the initial £250m would go too quickly. Tim Fouracre, founder and chief executive of banking app Countingup, told City A.M. that it was likely to go very quickly given it’s a similar size to a seed VC fund.
Indeed, the fund proved extremely popular on launch with applications worth £515m, showing the extent of the help needed for startups.
This sentiment was echoed by Chris Smith, managing partner of Playfair Capital, who said the early-stage fund’s preferred route was to continue closing priced equity rounds.
“This is primarily because we don’t want to rely on the Future Fund as it’s really a very small amount based on a first come, first served basis not the strength of a business plan.”
However Rishi Sunak has insisted the Treasury will increase the available funds if necessary.
Future Fund Version 2
Since the Future Fund has a convertible loan note structure, it means it is not compliant with the Enterprise Investment Scheme (EIS). EIS is a form of tax relief that encourages investors to push money into early-stage businesses.
Without the tax relief, investors are unlikely to put money in alongside the government and it means big VCs are better-placed to co-invest.
Yesterday, British businesses called on the government to incentivise these angel investors to invest in SMEs by introducing a temporary tax relief scheme.
Buckworths, a law firm which works exclusively with startups, wrote to the Treasury to ask for a high upfront rate of income tax relief for the scheme.
Additionally, some investors and entrepreneurs have called for a second Future Fund to support startups.
Anthony Rose, founder and chief executive of SeedLegals, an automated legal service platform for startups, told City A.M., “I’d love to see the government come up with another scheme – either direct investment or perhaps SEIS/EIS incentives. It is the most scalable approach.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-06-09--Coronavirus unemployment could take seven years to rebound, says think tank

Levels of unemployment could take seven years to be restored to pre-coronavirus levels , according to a leading UK think tank .
Torsten Bell , chief executive at The Resolution Foundation , said today there had been “ way too much talk of a v-shaped [ economic ] recovery ” and that based on historical precedents it will take almost a decade for employment to bounce back .
Read more : Coronavirus : New fund launched to create apprenticeships in London The Office for Budget Responsibility ( OBR ) has estimated that unemployment will reach nine per cent as a @ @ @ @ @ @ @ told the Treasury Select Committee was “ optimistic ” .
The UK ’ s official unemployment rate is expected to rise substantially when new figures are released , after a 70 per cent increase in Universal Credit claims in April .
More job losses will likely follow when the government ’ s furlough scheme is lifted , with many companies using the programme tipped to not re-open .
Before the Open newsletter : Start your day with the City View podcast and key market data “ If unemployment hits 10 per cent , @ @ @ @ @ @ @ years to get back to employment before the crisis , ” Bell said .
“ Because we ’ ve all lived through record employment for the last five years , we ’ ve forgotten how slow general history shows unemployment bounce backs are.
” He added : “ The sectors that have generally been the quickest to bring people back from unemployment are hospitality and retail .
“ If you look at hospitality and retail after the financial crisis , they were 10 per cent of the jobs , but 22 per cent @ @ @ @ @ @ @ the crisis and they can not do that this time in the same way.
” Boris Johnson has already warned of high levels of unemployment as a result of the crisis and has promised to offer apprenticeships for every young person who wants one .
There has also been speculation that Johnson wants to re-open the hospitality sector before the end of the month in order to save jobs .
Read more : Boris Johnson tells UK to brace for mass unemployment The government ’ s Covid-19 lockdown roadmap said the sector would @ @ @ @ @ @ @ Chancellor Rishi Sunak is also reportedly drawing up plans for a long-term jobs programme to retrain and reskill the labour force .

Coronavirus unemployment could take seven years to rebound, says think tank
Levels of unemployment could take seven years to be restored to pre-coronavirus levels, according to a leading UK think tank.
Torsten Bell, chief executive at The Resolution Foundation, said today there had been “way too much talk of a v-shaped [economic] recovery” and that based on historical precedents it will take almost a decade for employment to bounce back.
The Office for Budget Responsibility (OBR) has estimated that unemployment will reach nine per cent as a result of the crisis, which Bell told the Treasury Select Committee was “optimistic”.
The UK’s official unemployment rate is expected to rise substantially when new figures are released, after a 70 per cent increase in Universal Credit claims in April.
More job losses will likely follow when the government’s furlough scheme is lifted, with many companies using the programme tipped to not re-open.
Before the Open newsletter: Start your day with the City View podcast and key market data
“If unemployment hits 10 per cent, on historical standards it will take seven years to get back to employment before the crisis,” Bell said.
“Because we’ve all lived through record employment for the last five years, we’ve forgotten how slow general history shows unemployment bounce backs are.”
He added: “The sectors that have generally been the quickest to bring people back from unemployment are hospitality and retail.
“If you look at hospitality and retail after the financial crisis, they were 10 per cent of the jobs, but 22 per cent often move from unemployment to jobs after the crisis and they cannot do that this time in the same way.”
Boris Johnson has already warned of high levels of unemployment as a result of the crisis and has promised to offer apprenticeships for every young person who wants one.
There has also been speculation that Johnson wants to re-open the hospitality sector before the end of the month in order to save jobs.
The government’s Covid-19 lockdown roadmap said the sector would not be opened before 4 July.
Chancellor Rishi Sunak is also reportedly drawing up plans for a long-term jobs programme to retrain and reskill the labour force.


cityam--2020-06-09--IBM ditches facial recognition tech business amid racial profiling concerns

Computing giant IBM has called time on its facial recognition business , after saying that it opposes the use of technology for racial profiling and mass surveillance .
IBM chief execuvite Arvind Krishna said the company will no longer sell facial recognition services , as it seeks to “ advance racial equality ” .
Read more : Black Lives Matter : Which business leaders have spoken out after George Floyd ’ s death ?
In a letter to members of US Congress , Krishna wrote : “ IBM firmly opposes and will not condone uses of any technology , including @ @ @ @ @ @ @ for mass surveillance , racial profiling , violations of basic human rights and freedoms.
” The decision comes in the wake of widespread protests both in the US and across the globe , calling for an end to systemic racism , and in particular police brutality against people from ethnic minority backgrounds .
The protests were sparked by the death of George Floyd , an unarmed black man , at the hands of police in Minneapolis last month .
Krishna said that although the artificial intelligence technology which underpins facial recognition tools could @ @ @ @ @ @ @ must be “ tested for bias ” against certain races .
“ We believe now is the time to begin a national dialogue on whether and how facial recognition technology should be employed by domestic law enforcement agencies.
” It comes just months after a US government study suggested facial recognition algorithms are far less accurate at identifying African-American and Asian faces compared to Caucasian faces .
African-American females were even more likely to be misidentified , the research by The National Institute of Standards and Technology ( NIST ) found .
Meanwhile @ @ @ @ @ @ @ of Algorithmic Justice League , testified before Congress about her research for Massachusetts Institute of Technology into the bias she found in facial recognition software .
IBM boss Krishna also called on the US Congress to establish a “ federal registry of police misconduct ” to hold police officers to account .
Read more : Hundreds attend memorial service for George Floyd as US anti-racism protests continue In London , the Met Police is now using its controversial live facial recognition technology following 10 trials across the capital .
This comes despite an @ @ @ @ @ @ @ use of the technology , commissioned by the Met itself , which found the technology was actually 81 per cent inaccurate .

IBM ditches facial recognition tech business amid racial profiling concerns
Facial recognition technology is already used by many police forces across the globe.
Computing giant IBM has called time on its facial recognition business, after saying that it opposes the use of technology for racial profiling and mass surveillance.
IBM chief execuvite Arvind Krishna said the company will no longer sell facial recognition services, as it seeks to “advance racial equality”.
In a letter to members of US Congress, Krishna wrote: “IBM firmly opposes and will not condone uses of any technology, including facial recognition technology offered by other vendors for mass surveillance, racial profiling, violations of basic human rights and freedoms.”
The decision comes in the wake of widespread protests both in the US and across the globe, calling for an end to systemic racism, and in particular police brutality against people from ethnic minority backgrounds.
The protests were sparked by the death of George Floyd, an unarmed black man, at the hands of police in Minneapolis last month.
Krishna said that although the artificial intelligence technology which underpins facial recognition tools could “keep citizens safe”, it must be “tested for bias” against certain races.
“We believe now is the time to begin a national dialogue on whether and how facial recognition technology should be employed by domestic law enforcement agencies.”
It comes just months after a US government study suggested facial recognition algorithms are far less accurate at identifying African-American and Asian faces compared to Caucasian faces.
African-American females were even more likely to be misidentified, the research by The National Institute of Standards and Technology (NIST) found.
Meanwhile last year, Joy Buolamwini, founder of Algorithmic Justice League, testified before Congress about her research for Massachusetts Institute of Technology into the bias she found in facial recognition software.
IBM boss Krishna also called on the US Congress to establish a “federal registry of police misconduct” to hold police officers to account.
In London, the Met Police is now using its controversial live facial recognition technology following 10 trials across the capital.
This comes despite an independent report into the force’s use of the technology, commissioned by the Met itself, which found the technology was actually 81 per cent inaccurate.