cityam--2020-08-16--Crispin Odey draws up emergency plan ahead of assault trial

Crispin Odey ’ s hedge fund business is reportedly drawing up contingency plans which could be activated if he is convicted of indecent assault .
Odey Asset Management is preparing an emergency scheme to deal with the hedge fund manager ’ s absence , according to the Sunday Times .
Among contingency plans is the closure of his flagship European fund , with money being returned to investors .
Read more : Crispin Odey to sue German regulator over Wirecard short-selling ban The newspaper also reported that Odey ’ s “ retail ” funds , which are open to savers @ @ @ @ @ @ @ Hanbury and Oliver Kelton .
Last month the Crown Prosecution Service charged the high-profile hedge fund manager with indecent assault .
In a statement the CPS said Odey had been “ charged with indecent assault following a complaint by a woman over an incident in 1998 ” .
He is due to appear at Westminster Magistrates ’ Court on 28 September .
The Metropolitan police said he is alleged to have indecently assaulted “ a woman over 16 years of age ” on or around 13 July 1998 at an address in Swan @ @ @ @ @ @ @ statement , Odey said : “ The allegation is denied and I will strongly contest this matter.
” Odey , who set up his firm in 1991 , is married to Jupiter Asset Management chairwoman Nichola Pease .
The couple are worth an estimated £825m , according to the Sunday Times Rich List .
He has made headlines as a vocal supporter of Brexit and is a donor to the Conservative party .
The Sunday Times reported that Odey Asset Management had drawn up the plans as a worst-case scenario .

Crispin Odey draws up emergency plan ahead of assault trial
Crispin Odey’s hedge fund business is reportedly drawing up contingency plans which could be activated if he is convicted of indecent assault.
Odey Asset Management is preparing an emergency scheme to deal with the hedge fund manager’s absence, according to the Sunday Times.
Among contingency plans is the closure of his flagship European fund, with money being returned to investors.
The newspaper also reported that Odey’s “retail” funds, which are open to savers, will be handed to colleagues James Hanbury and Oliver Kelton.
Last month the Crown Prosecution Service charged the high-profile hedge fund manager with indecent assault. In a statement the CPS said Odey had been “charged with indecent assault following a complaint by a woman over an incident in 1998”. He is due to appear at Westminster Magistrates’ Court on 28 September.
The Metropolitan police said he is alleged to have indecently assaulted “a woman over 16 years of age” on or around 13 July 1998 at an address in Swan Walk, Chelsea.
In a short statement, Odey said: “The allegation is denied and I will strongly contest this matter.”
Odey, who set up his firm in 1991, is married to Jupiter Asset Management chairwoman Nichola Pease. The couple are worth an estimated £825m, according to the Sunday Times Rich List. He has made headlines as a vocal supporter of Brexit and is a donor to the Conservative party.
The Sunday Times reported that Odey Asset Management had drawn up the plans as a worst-case scenario.


cityam--2020-08-16--Parents and students set for court battle over A-level results

Angry parents and students are preparing to take legal action to appeal A-level results awarded under the emergency coronavirus marking system .
Many students saw their expected results downgraded by the government ’ s system last week , particularly in lower socio-economic areas .
Read more : Labour call for government U-turn on A-levels ‘ fiasco ’ For example , there have been many examples of students from poorer backgrounds having expected A* or A grades downgraded to a B or lower .
The fiasco has caused many students to have their places from prestigious universities , such as Oxford @ @ @ @ @ @ @ MPs have also called for education secretary Gavin Williamson to resign over the fiasco .
The Sunday Times reports that parents across the country are now preparing to judicially challenge grades awarded to their children .
Before the Open newsletter : Start your day with the City View podcast and key market data Some of the claims have been supported by groups such as The Good Law Project and law firm Leigh Day .
The Good Law Project has sent a pre-action letter to Ofqual to challenge the fairness of the grading system @ @ @ @ @ @ @ people legally challenging a grading , after her son Ridwan received a D in business studies and Us in physics and maths .
Ridwan – who went to New City College , a further education college in Tower Hamlets – had predicted grades of A , B and B in business studies , physics and maths respectively .
Nur told the Sunday Times : “ This is not just for my son — this is for all the students .
“ We want them to review the whole process , quash the results @ @ @ @ @ @ @ of assessing students.
” Read more : More than one third of A-level results downgraded as Gavin Williamson comes under fire Former Scottish Tories leader Ruth Davidson told Times Radio today that Williamson needed to “ grip ” the issue immediately .
“ The education secretary needs to get out on the television , he needs to be telling people what ’ s going on , he needs to be telling Ofqual , what is going to happen and he needs to grab this , ” she said .

Parents and students set for court battle over A-level results
LONDON, ENGLAND – AUGUST 14: Sixth form students protest against the downgrading of A-level results on August 14, 2020 in London, England. (Photo by John Phillips/Getty Images)
Angry parents and students are preparing to take legal action to appeal A-level results awarded under the emergency coronavirus marking system.
Many students saw their expected results downgraded by the government’s system last week, particularly in lower socio-economic areas.
For example, there have been many examples of students from poorer backgrounds having expected A* or A grades downgraded to a B or lower.
The fiasco has caused many students to have their places from prestigious universities, such as Oxford and Cambridge, withdrawn.
Multiple Labour MPs have also called for education secretary Gavin Williamson to resign over the fiasco.
The Sunday Times reports that parents across the country are now preparing to judicially challenge grades awarded to their children.
Before the Open newsletter: Start your day with the City View podcast and key market data
Some of the claims have been supported by groups such as The Good Law Project and law firm Leigh Day.
The Good Law Project has sent a pre-action letter to Ofqual to challenge the fairness of the grading system.
Hamza Nur is one of the people legally challenging a grading, after her son Ridwan received a D in business studies and Us in physics and maths.
Ridwan – who went to New City College, a further education college in Tower Hamlets – had predicted grades of A, B and B in business studies, physics and maths respectively.
Nur told the Sunday Times: “This is not just for my son — this is for all the students.
“We want them to review the whole process, quash the results and come up with a fairer system of assessing students.”
Former Scottish Tories leader Ruth Davidson told Times Radio today that Williamson needed to “grip” the issue immediately.
“The education secretary needs to get out on the television, he needs to be telling people what’s going on, he needs to be telling Ofqual, what is going to happen and he needs to grab this,” she said.


cityam--2020-08-17--Chris Smalling invests in UK plant-based meat business

A startup that specialises in “ hyper-realistic ” plant-based food has secured investment from international footballer Chris Smalling in its latest funding round .
THIS closed its £4m Seedrs crowdfunding campaign on Friday , which was live for 2 and a half days before hitting its £4m target .
THIS aims to mimic meat in taste , texture , appearance and smell without the environmental impact , instead using peas and soya beans .
It was founded by Andy Shovel and Pete Sharman after exiting burger chain Chosen Bun .
The funding round , which surpassed its £2m target within @ @ @ @ @ @ @ investment fund Veg Capital .
Venture capital firms Backed , Five Seasons Ventures , Idinvest Partners , Seedcamp and Manta Ray were also involved in the round , alongside footballer Chris Smalling .
It is the second ethical investment Smalling has made in the past year .
The Manchester United player , currently on loan at AS Roma , last year announced investment into Ananas Anam .
He acquired a stake in the company which manufactures and sells Pinatex , a natural , non-woven material made of pineapple leaf fibre which can be @ @ @ @ @ @ @ He said : “ I ’ ve been really impressed with what Andy & Pete have achieved in such a short time .
They ’ ve created a killer brand with amazing products .
Thrilled to be part of their journey ” .
Read more : UK firm tells staff to go meat-free to expense meals THIS said the new funding will be used to invest £1m in a London-based “ innovation centre ” and employ world-leading food scientists , engineers and flavourists .
The plant-based business also said it was planning to @ @ @ @ @ @ @ years .
Shovel and Sharman said : “ After 3+ weeks of not sleeping because we thought no one would invest – we broke loads of records on Seedrs !
We were publicly live for all of 2 days , before we hit our £4m overfunding limit .
We haven ’ t clicked refresh that often since our online dating days.
” Get the news as it happens by following City A.M. on Twitter .

Chris Smalling invests in UK plant-based meat business
(Photo by Nathan Stirk/Getty Images)
A startup that specialises in “hyper-realistic” plant-based food has secured investment from international footballer Chris Smalling in its latest funding round.
THIS closed its £4m Seedrs crowdfunding campaign on Friday, which was live for 2 and a half days before hitting its £4m target.
THIS aims to mimic meat in taste, texture, appearance and smell without the environmental impact, instead using peas and soya beans. It was founded by Andy Shovel and Pete Sharman after exiting burger chain Chosen Bun.
The funding round, which surpassed its £2m target within a day, secured investment from vegan investment fund Veg Capital. Venture capital firms Backed, Five Seasons Ventures, Idinvest Partners, Seedcamp and Manta Ray were also involved in the round, alongside footballer Chris Smalling.
It is the second ethical investment Smalling has made in the past year. The Manchester United player, currently on loan at AS Roma, last year announced investment into Ananas Anam.
He acquired a stake in the company which manufactures and sells Pinatex, a natural, non-woven material made of pineapple leaf fibre which can be used as an alternative to leather.
He said: “I’ve been really impressed with what Andy & Pete have achieved in such a short time. They’ve created a killer brand with amazing products. Thrilled to be part of their journey”.
THIS said the new funding will be used to invest £1m in a London-based “innovation centre” and employ world-leading food scientists, engineers and flavourists. The plant-based business also said it was planning to launch 10 products per year for three years.
Shovel and Sharman said: “After 3+ weeks of not sleeping because we thought no one would invest – we broke loads of records on Seedrs! We were publicly live for all of 2 days, before we hit our £4m overfunding limit. We haven’t clicked refresh that often since our online dating days.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-08-17--Liz Truss blasts 'unacceptable' US tariffs on Scotch whisky

International trade secretary Liz Truss has slammed the “ unacceptable and unfair ” US tariffs on British products , while also vowing to negotiate their end when the UK leaves the post-Brexit transition period .
The US levelled tariffs on several European countries last year – after permission from the World Trade Organisation ( WTO ) – as a part of a long-running dispute between Airbus and Boeing .
Read more : Business groups find little reason to celebrate US call to not raise UK tariffs This included tariffs on British products , such as whisky , salmon and cashmere @ @ @ @ @ @ @ it would not also impose planned tariffs on a further £5.75bn of British goods and that it had dropped import taxes on shortbread biscuits .
Truss wrote in the Daily Telegraph calling for the existing tariffs to be scrapped by the US , while also calling the whisky industry ” a jewel in our national crown ” .
“ I am determined to settle the issue as soon as possible and help our struggling producers , ” she said .
Before the Open newsletter : Start your day with the City View podcast @ @ @ @ @ @ @ the finger at the EU for not doing enough to reduce the tariffs through its negotiations with the WTO .
She said that the UK ’ s exit from the EU single market and customs union will give the government better a platform to negotiate an end to the tariffs .
“ While we do have some more powers now , from 1 January we ’ ll be an independent trading nation once again , with our own tariff regime , and will be able to take direct control of this , ” @ @ @ @ @ @ @ stepping up talks with the US to try and break the impasse , and will be entering into further discussions with my opposite number US Trade Representative Robert Lighthizer in the coming weeks.
” The UK and US are currently negotiating a free trade deal , with talks still far from yielding an agreement .
Read more : UK companies lobby Mike Pompeo to ease travel restrictions and end tariff dispute Last year , some government figures said the aim was to have a deal done this year , however this was always @ @ @ @ @ @ @ sticking points in negotiations are agriculture exports from the US and digital services .

Liz Truss blasts ‘unacceptable’ US tariffs on Scotch whisky
International Trade Secretary Liz Truss arrives at the Foreign and Commonwealth office
International trade secretary Liz Truss has slammed the “unacceptable and unfair” US tariffs on British products, while also vowing to negotiate their end when the UK leaves the post-Brexit transition period.
The US levelled tariffs on several European countries last year – after permission from the World Trade Organisation (WTO) – as a part of a long-running dispute between Airbus and Boeing.
This included tariffs on British products, such as whisky, salmon and cashmere.
The US announced last week that it would not also impose planned tariffs on a further £5.75bn of British goods and that it had dropped import taxes on shortbread biscuits.
Truss wrote in the Daily Telegraph calling for the existing tariffs to be scrapped by the US, while also calling the whisky industry ” a jewel in our national crown”.
“I am determined to settle the issue as soon as possible and help our struggling producers,” she said.
Before the Open newsletter: Start your day with the City View podcast and key market data
She also pointed the finger at the EU for not doing enough to reduce the tariffs through its negotiations with the WTO.
She said that the UK’s exit from the EU single market and customs union will give the government better a platform to negotiate an end to the tariffs.
“While we do have some more powers now, from 1 January we’ll be an independent trading nation once again, with our own tariff regime, and will be able to take direct control of this,” she said.
“The government is stepping up talks with the US to try and break the impasse, and will be entering into further discussions with my opposite number US Trade Representative Robert Lighthizer in the coming weeks.”
The UK and US are currently negotiating a free trade deal, with talks still far from yielding an agreement.
Read more: UK companies lobby Mike Pompeo to ease travel restrictions and end tariff dispute
Last year, some government figures said the aim was to have a deal done this year, however this was always considered unlikely.
Some of the key sticking points in negotiations are agriculture exports from the US and digital services.


cityam--2020-08-17--Huawei pushes for document release in trial of finance chief

Huawei will today call for the release of more confidential documents relating to the arrest of the company ’ s finance director as her extradition battle ploughs on .
Meng Wanzhou was arrested in Vancouver in 2018 after US authorities accused her of bank fraud and breaching sanctions against Iran .
Read more : Huawei finance chief struck blow in US extradition trial Meng , whose father Reng Zhengfei founded Huawei , is under house arrest in Vancouver and fighting extradition to the US .
During a hearing held via telephone link today lawyers for the company ’ s chief @ @ @ @ @ @ @ the Canadian attorney general to release more confidential documents linked to her arrest .
Meng ’ s legal team has argued that she was unlawfully detained , searched and interrogated by US and Canadian officials when she was arrested at Vancouver airport .
As a result they have called for the extradition proceedings to be scrapped .
Read more : EU countries must urgently diversify 5G suppliers in Huawei aftermath , Commission says While Canada has handed over some documents related to the arrest , others have been withheld on the basis of @ @ @ @ @ @ @ s lawyers will dispute this week .
A decision on the documents is scheduled to be made by 2 October , at which point the rest of the trial can proceed .

Huawei pushes for document release in trial of finance chief
Huawei will today call for the release of more confidential documents relating to the arrest of the company’s finance director as her extradition battle ploughs on.
Meng Wanzhou was arrested in Vancouver in 2018 after US authorities accused her of bank fraud and breaching sanctions against Iran.
Meng, whose father Reng Zhengfei founded Huawei, is under house arrest in Vancouver and fighting extradition to the US.
During a hearing held via telephone link today lawyers for the company’s chief financial officer are set to call on the Canadian attorney general to release more confidential documents linked to her arrest.
Meng’s legal team has argued that she was unlawfully detained, searched and interrogated by US and Canadian officials when she was arrested at Vancouver airport.
As a result they have called for the extradition proceedings to be scrapped.
While Canada has handed over some documents related to the arrest, others have been withheld on the basis of privilege — a claim that Meng’s lawyers will dispute this week.
A decision on the documents is scheduled to be made by 2 October, at which point the rest of the trial can proceed.


cityam--2020-08-17--Coronavirus: Cineworld in legal battle over unpaid lockdown rent

Cineworld is said to be facing a legal challenge from one of its landlords after the cinema chain failed to pay rent during the coronavirus lockdown .
The London-listed cinema group is understood to be withholding rent from property giant AEW after it was hit by closures due to the Covid-19 crisis .
Read more : Top 10 most shorted UK stocks : Hedge funds bet against Metro Bank , Royal Mail and Cineworld AEW has now filed a legal challenge against Cine-UK , a UK subsidiary of Cineworld , the Telegraph reported .
Cineworld is one of a number @ @ @ @ @ @ @ pay rent during the pandemic .
Sports Direct , Boots and Travelodge are among the other firms that have withheld payments either partially or in full .
In March the government introduced a three-month moratorium on lease forfeiture and debt enforcement to help businesses that are struggling to pay rent due to the lockdown .
This has since been extended to the end of September after the hospitality sector warned many businesses faced closure without further support .
But the measures do not prevent landlords from taking legal action to recuperate unpaid rent @ @ @ @ @ @ @ toll on cinema chains , which were forced to close their doors during the lockdown .
Cineworld has seen a steep decline in its share price since the start of the year and is one of the most shorted UK stocks .
The company faced a fresh blow last month when it withdrew from a $ 2.1bn deal to buy US rival Cineplex .
Read more : Cineworld lands additional $ 250m lifeline as it prepares for re-opening The two firms are now locked in a legal battle over accusations Cineworld breached its @ @ @ @ @ @ @ and AEW have been contacted for comment .

Coronavirus: Cineworld in legal battle over unpaid lockdown rent
Cineworld is said to be facing a legal challenge from one of its landlords after the cinema chain failed to pay rent during the coronavirus lockdown.
The London-listed cinema group is understood to be withholding rent from property giant AEW after it was hit by closures due to the Covid-19 crisis.
AEW has now filed a legal challenge against Cine-UK, a UK subsidiary of Cineworld, the Telegraph reported.
Cineworld is one of a number of UK companies that have refused to pay rent during the pandemic.
Sports Direct, Boots and Travelodge are among the other firms that have withheld payments either partially or in full.
In March the government introduced a three-month moratorium on lease forfeiture and debt enforcement to help businesses that are struggling to pay rent due to the lockdown.
This has since been extended to the end of September after the hospitality sector warned many businesses faced closure without further support.
But the measures do not prevent landlords from taking legal action to recuperate unpaid rent.
The coronavirus crisis has taken its toll on cinema chains, which were forced to close their doors during the lockdown.
Cineworld has seen a steep decline in its share price since the start of the year and is one of the most shorted UK stocks.
The company faced a fresh blow last month when it withdrew from a $2.1bn deal to buy US rival Cineplex.
The two firms are now locked in a legal battle over accusations Cineworld breached its obligations to complete the deal.
Cineworld and AEW have been contacted for comment.


cityam--2020-08-17--Ex-Flybe shareholders eye legal action against former directors

Former Flybe shareholders are reportedly examining legal action over a cut-price sale of the budget airline in early 2019 .
A group of retail investors want to take former directors to court over allegations they put out inaccurate statements , the Mail on Sunday reported .
Read more : Flybe ’ s last flight : How Europe ’ s biggest regional airline met its demise Shareholders received just 1p per share when the airline was sold in an emergency deal to a Virgin-led group called Connect Airways in early 2019 .
Flybe ’ s stock had been trading at 16.4p @ @ @ @ @ @ @ , the day before the deal was announced .
Shareholders were left with just £2.2m to share , even though the airline raised an additional £2.8m by selling assets .
Connect ’ s acquisition of the financially troubled airline ended in failure after coronavirus hit bookings and the government refused to hand over a £100m bailout loan .
The Mail on Sunday reported that the former shareholders have hired a law firm to examine a case against ex-directors including former chief executive Christine Ourmieres-Widener and ex-chair Simon Laffin .
“ We are exploring @ @ @ @ @ @ @ shareholders against the former directors of Flybe for their alleged misconduct and mishandling of the company ’ s affairs .
We are analysing the prospects of recovery and whether the board has insurance , ” a spokesperson for the law firm told the Mail on Sunday .
“ We will be considering the robustness of the sale process and seeking answers as to how confidential information surrounding terms of the takeover was leaked to the media , which resulted in Flybe having little to no opportunity to mitigate its position .
“ The @ @ @ @ @ @ @ failure to provide accurate and true statements and failing to act in the best interests of the company and shareholders.
” Laffin and Ourmieres-Widener were contacted for comment .

Ex-Flybe shareholders eye legal action against former directors
Former Flybe shareholders are reportedly examining legal action over a cut-price sale of the budget airline in early 2019.
A group of retail investors want to take former directors to court over allegations they put out inaccurate statements, the Mail on Sunday reported.
Shareholders received just 1p per share when the airline was sold in an emergency deal to a Virgin-led group called Connect Airways in early 2019.
Flybe’s stock had been trading at 16.4p per share, valuing it at £36m, the day before the deal was announced.
Shareholders were left with just £2.2m to share, even though the airline raised an additional £2.8m by selling assets.
Connect’s acquisition of the financially troubled airline ended in failure after coronavirus hit bookings and the government refused to hand over a £100m bailout loan.
The Mail on Sunday reported that the former shareholders have hired a law firm to examine a case against ex-directors including former chief executive Christine Ourmieres-Widener and ex-chair Simon Laffin.
“We are exploring the merits of a potential claim by shareholders against the former directors of Flybe for their alleged misconduct and mishandling of the company’s affairs. We are analysing the prospects of recovery and whether the board has insurance,” a spokesperson for the law firm told the Mail on Sunday.
“We will be considering the robustness of the sale process and seeking answers as to how confidential information surrounding terms of the takeover was leaked to the media, which resulted in Flybe having little to no opportunity to mitigate its position.
“The directors could be potentially accountable for any failure to provide accurate and true statements and failing to act in the best interests of the company and shareholders.”
Laffin and Ourmieres-Widener were contacted for comment.


cityam--2020-08-17--Market shock: how did investors react to the impact of Covid-19?

Coronavirus brought a decade-long US bull market to an end and sparked a sudden stock market collapse .
A surprising proportion of investors responded by taking on more risk .
Faced by of one of the biggest economic shocks in history it is little surprise that the vast majority of investors reacted by changing their portfolios .
What is surprising however is that more than a third of investors ( 35 % ) took the opportunity to raise their exposure to higher-risk investments .
The latest issue of Schroders ’ Global Investor Study , a landmark annual survey of more @ @ @ @ @ @ @ , suggests a significant proportion of savers viewed February ’ s fall in share prices as an opportunity to invest further .
The survey , conducted across 32 worldwide locations between 30 April and 15 June 2020 , probed savers about their actions following a period of extreme market volatility .
This arose as most of the world ’ s major economies went into lockdown in an effort to limit the Covid-19 pandemic .
Between mid-February and mid-March , world stock markets lost approximately one third of their value* .
Almost 80 % @ @ @ @ @ @ @ to their portfolio as a result .
Only 19 % said they kept their investments “ where they were ” .
A small 3 % were unaware of the turmoil in markets , and so took no action .
Of the 78 % who did change their holdings as the crisis unfolded , there was a stark divergence in response .
A total 53 % said they moved “ some ” or “ a significant proportion ” of their portfolio to lower-risk investments .
But 35 % took contrary action , saying they @ @ @ @ @ @ @ significant proportion ” in to high-risk holdings .
“ Instinct tells us to take cover after a big shock , ” says Rupert Rucker , Schroders ’ Head of Income , “ and so it is not surprising to see that some investors were selling in the wake of Covid-19 .
But it ’ s noteworthy such a large group took the opposite action , and added to their risk.
” He sees this as a sign that investors are becoming increasingly “ value aware ” .
“ We ’ ve got to @ @ @ @ @ @ @ period of rising stock markets , and my sense is that many investors were conscious of valuations becoming high , ” he says .
“ So they saw the February-March correction as a window of opportunity .
I think we ’ re seeing a large cohort of investors not only committed to stock markets , but also increasingly watchful , looking to spot moments of value.
” Discover more : – Learn : Results of Schroders Global Investor Study 2020 – Read : Investors expect even higher returns from the stock market in @ @ @ @ @ @ @ small and mid-cap companies weathering the US economic storm ?
In the short term , the action taken by some bullish respondents is likely to have paid off , as stock markets have rallied strongly since their lows despite a continuing stream of unsettling economic data .
“ It may also be the case that investors are becoming used to seeing a divergence between stock market performance and economic performance , ” Rupert adds .
Are older investors more inured to shocks than younger counterparts ?
Age or experience – or both – @ @ @ @ @ @ @ how investors respond to volatility .
Millennial investors ( aged 18-37 ) were almost twice as likely to alter their portfolios as their parents , the “ Baby Boomers ” ( aged 51-70 ) , the research showed .
The oldest cohort of investors , those aged 71 and above , were least likely to change tack .
“ There could be a number of factors at play here , ” Rupert says .
“ One is that older investors are perhaps more likely to have structured their portfolios around a long-term plan @ @ @ @ @ @ @ to step back at moments of crisis , and leave their investments intact.
” The outlook for their savings and investments has become a bigger concern for investors since the pandemic .
Before the outbreak of coronavirus , 35 % of investors thought about their investments at least weekly .
Following Covid-19 this proportion has leaped to 49 % .
In total , 83 % of investors now think about their portfolios at least on a monthly basis .
…but investors are broadly optimistic about the pandemic ’ s negative economic impact A @ @ @ @ @ @ @ of coronavirus will pass within two years , reflecting an optimism that ’ s not in line with many countries ’ own official forecasts .
In the UK , for example , the Office of Budget Responsibility , which now predicts decades-long consequences in terms of national debt , has questioned the extent to which “ the resulting economic and fiscal damage [ could ] turn out to be permanent ” .
** Again , investors ’ comparatively optimistic response could be due to their experience in the past decade of healthy stock @ @ @ @ @ @ @ economy faced significant challenges .
One area where investors took a more negative view was that of the investment income they would expect to receive from their portfolios over the next 12 months .
In 2019 , investors expected their holdings to deliver a chunky 10.3 % income .
Following the Covid-19 crisis , this has dropped in 2020 to 8.8 % .
It is still highly unrealistic , however .
Most investments ’ “ natural yield ” – such as the dividends paid to shareholders , or interest paid to bondholders – @ @ @ @ @ @ @ And one of the effects of the Covid-19 crisis has been to push these yields even lower .
Many companies have cut or cancelled dividend payments in the aftermath of the outbreak .
Bond yields have also fallen , in part due to central banks such as the Federal Reserve cutting interest rates and committing to keeping them at low levels .
This backdrop of ultra-low interest rates is another possible explanation for investors ’ readiness to remain invested in stock markets , or increase their exposure to higher-risk holdings .
The role @ @ @ @ @ @ @ s holding it , and for what ?
While some investors said they were moving a proportion of their portfolio into lower-risk investments , others went further , and said they had switched to cash .
When questioned about their actions following the onset of the pandemic , 18 % of respondents said they moved “ a significant proportion ” of their portfolio into cash .
“ The survey gives an intriguing snapshot into investors ’ attitude to cash .
Clearly there are investors who view cash as a safe haven in times @ @ @ @ @ @ @ they sold equities and switched into cash , ” he says .
“ But the responses also revealed that a large proportion – more than a third – moved into higher-risk investments , and that suggests to me that some investors hold cash , and other less-volatile assets , as an ‘ opportunity pot ’ to spend when share prices fall to attractive levels .
“ As history shows , in practice it is very difficult to spot the best time to invest .
The biggest problem facing those who switched into cash @ @ @ @ @ @ @ when to go back in to the market.
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Market shock: how did investors react to the impact of Covid-19?
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Coronavirus brought a decade-long US bull market to an end and sparked a sudden stock market collapse. A surprising proportion of investors responded by taking on more risk.
Faced by of one of the biggest economic shocks in history it is little surprise that the vast majority of investors reacted by changing their portfolios. What is surprising however is that more than a third of investors (35%) took the opportunity to raise their exposure to higher-risk investments.
The latest issue of Schroders’ Global Investor Study, a landmark annual survey of more than 23,000 investors from around the world, suggests a significant proportion of savers viewed February’s fall in share prices as an opportunity to invest further.
The survey, conducted across 32 worldwide locations between 30 April and 15 June 2020, probed savers about their actions following a period of extreme market volatility. This arose as most of the world’s major economies went into lockdown in an effort to limit the Covid-19 pandemic. Between mid-February and mid-March, world stock markets lost approximately one third of their value*.
Almost 80% of respondents said they made some changes to their portfolio as a result. Only 19% said they kept their investments “where they were”. A small 3% were unaware of the turmoil in markets, and so took no action.
Of the 78% who did change their holdings as the crisis unfolded, there was a stark divergence in response. A total 53% said they moved “some” or “a significant proportion” of their portfolio to lower-risk investments. But 35% took contrary action, saying they moved “some” or “a significant proportion” in to high-risk holdings.
“Instinct tells us to take cover after a big shock,” says Rupert Rucker, Schroders’ Head of Income, “and so it is not surprising to see that some investors were selling in the wake of Covid-19. But it’s noteworthy such a large group took the opposite action, and added to their risk.”
He sees this as a sign that investors are becoming increasingly “value aware”.
“We’ve got to remember that Covid-19 came after a long period of rising stock markets, and my sense is that many investors were conscious of valuations becoming high,” he says. “So they saw the February-March correction as a window of opportunity. I think we’re seeing a large cohort of investors not only committed to stock markets, but also increasingly watchful, looking to spot moments of value.”
Discover more:
– Learn: Results of Schroders Global Investor Study 2020
– Read: Investors expect even higher returns from the stock market in years to come
– Watch: Are small and mid-cap companies weathering the US economic storm?
In the short term, the action taken by some bullish respondents is likely to have paid off, as stock markets have rallied strongly since their lows despite a continuing stream of unsettling economic data. “It may also be the case that investors are becoming used to seeing a divergence between stock market performance and economic performance,” Rupert adds.
Are older investors more inured to shocks than younger counterparts?
Age or experience – or both – appear to be a clear factor in how investors respond to volatility. Millennial investors (aged 18-37) were almost twice as likely to alter their portfolios as their parents, the “Baby Boomers” (aged 51-70), the research showed.
The oldest cohort of investors, those aged 71 and above, were least likely to change tack.
“There could be a number of factors at play here,” Rupert says. “One is that older investors are perhaps more likely to have structured their portfolios around a long-term plan. This makes it easier for them to step back at moments of crisis, and leave their investments intact.”
Savings are a greater concern following Covid-19…
The outlook for their savings and investments has become a bigger concern for investors since the pandemic.
Before the outbreak of coronavirus, 35% of investors thought about their investments at least weekly. Following Covid-19 this proportion has leaped to 49%. In total, 83% of investors now think about their portfolios at least on a monthly basis.
…but investors are broadly optimistic about the pandemic’s negative economic impact
A majority of investors reckon the economic effects of coronavirus will pass within two years, reflecting an optimism that’s not in line with many countries’ own official forecasts.
In the UK, for example, the Office of Budget Responsibility, which now predicts decades-long consequences in terms of national debt, has questioned the extent to which “the resulting economic and fiscal damage [could] turn out to be permanent”.**
Again, investors’ comparatively optimistic response could be due to their experience in the past decade of healthy stock market returns – even while the world economy faced significant challenges.
View more findings from Schroders’ Global Investor Study 2020
Investment income: savers’ hopes are “unrealistic”
One area where investors took a more negative view was that of the investment income they would expect to receive from their portfolios over the next 12 months.
In 2019, investors expected their holdings to deliver a chunky 10.3% income.
Following the Covid-19 crisis, this has dropped in 2020 to 8.8%.
It is still highly unrealistic, however. Most investments’ “natural yield” – such as the dividends paid to shareholders, or interest paid to bondholders – is far lower than 8.8%. And one of the effects of the Covid-19 crisis has been to push these yields even lower.
Many companies have cut or cancelled dividend payments in the aftermath of the outbreak. Bond yields have also fallen, in part due to central banks such as the Federal Reserve cutting interest rates and committing to keeping them at low levels. This backdrop of ultra-low interest rates is another possible explanation for investors’ readiness to remain invested in stock markets, or increase their exposure to higher-risk holdings.
The role of cash after Covid-19 – who’s holding it, and for what?
While some investors said they were moving a proportion of their portfolio into lower-risk investments, others went further, and said they had switched to cash.
When questioned about their actions following the onset of the pandemic, 18% of respondents said they moved “a significant proportion” of their portfolio into cash.
This raises interesting questions about investors’ future intentions, Rupert Rucker suggests.
“The survey gives an intriguing snapshot into investors’ attitude to cash. Clearly there are investors who view cash as a safe haven in times of crisis, and some respondents said they sold equities and switched into cash,” he says. “But the responses also revealed that a large proportion – more than a third – moved into higher-risk investments, and that suggests to me that some investors hold cash, and other less-volatile assets, as an ‘opportunity pot’ to spend when share prices fall to attractive levels.
“As history shows, in practice it is very difficult to spot the best time to invest. The biggest problem facing those who switched into cash is likely to be the issue of when to go back in to the market.”
*MSCI WORLD fell 34% between 12 February and 23 March. Source: Refinitiv
**UK’s Office for Budget Responsibility, Fiscal Sustainability Report 2020
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cityam--2020-08-17--GCSE results in Northern Ireland to be based on predicted grades

Pupils in Northern Ireland will receive teacher predicted grades for their GCSEs , the education minister said .
Ahead of the publication of GCSE results on Thursday education minister Peter Weir said that “ exceptional circumstances ” meant that pupils would receive predicted grades as their final mark .
Read more : Parents and students set for court battle over A-level results “ Having received advice from CCEA and listened to the concerns of school leaders , teachers , parents and young people , I have decided that all GCSE candidates will now be awarded the grades submitted by their @ @ @ @ @ @ @ the BBC .
“ Standardisation is normally a key feature of awarding qualifications in Northern Ireland and across the UK .
“ However , these are exceptional circumstances and in exceptional times truly difficult decisions are made .
“ I am conscious that for GCSEs , unlike at A-level , we do not have system level prior performance data for this group of young people.
” The decision comes amid a growing backlash against the government for its handling of A-level results which were released last Thursday .
Read more : Labour call @ @ @ @ @ @ @ ’ The algorithm used to moderate results by regulator Ofqual based on predicted grades and a school ’ s previous exam history has led to numerous examples of students receiving steep grade downgrades that have often meant missing out on university offers .
Almost 40 per cent of A-level grades awarded were lower than predicted following moderation .
Additionally , the algorithm used has been accused of favoring smaller institutions with strong exams results histories , arguably favouring privately educated students .
The Sixth Form Colleges Association said its analysis showed that students @ @ @ @ @ @ @ this year ’ s A-levels system which was introduced after exams were cancelled because of the coronavirus pandemic .
Bill Watkin , chief executive of the SFCA , said Ofqual should “ immediately recalibrate and rerun the model to provide all students with an accurate grade ” .
“ Should this still fail to produce results that are broadly similar to previous years , students should be awarded the grades predicted by teachers ( known as centre assessed grades ) , ” the BBC reported .

GCSE results in Northern Ireland to be based on predicted grades
Pupils in Northern Ireland will receive teacher predicted grades for their GCSEs, the education minister said.
Ahead of the publication of GCSE results on Thursday education minister Peter Weir said that “exceptional circumstances” meant that pupils would receive predicted grades as their final mark.
“Having received advice from CCEA and listened to the concerns of school leaders, teachers, parents and young people, I have decided that all GCSE candidates will now be awarded the grades submitted by their centre,” Weir said according to the BBC.
“Standardisation is normally a key feature of awarding qualifications in Northern Ireland and across the UK.
“However, these are exceptional circumstances and in exceptional times truly difficult decisions are made.
“I am conscious that for GCSEs, unlike at A-level, we do not have system level prior performance data for this group of young people.”
The decision comes amid a growing backlash against the government for its handling of A-level results which were released last Thursday.
The algorithm used to moderate results by regulator Ofqual based on predicted grades and a school’s previous exam history has led to numerous examples of students receiving steep grade downgrades that have often meant missing out on university offers.
Almost 40 per cent of A-level grades awarded were lower than predicted following moderation.
Additionally, the algorithm used has been accused of favoring smaller institutions with strong exams results histories, arguably favouring privately educated students.
The Sixth Form Colleges Association said its analysis showed that students in larger institutions have been failed by this year’s A-levels system which was introduced after exams were cancelled because of the coronavirus pandemic.
Bill Watkin, chief executive of the SFCA, said Ofqual should “immediately recalibrate and rerun the model to provide all students with an accurate grade”.
“Should this still fail to produce results that are broadly similar to previous years, students should be awarded the grades predicted by teachers (known as centre assessed grades),” the BBC reported.


cityam--2020-08-17--FTSE 100 falters after US-China trade talks delayed

The FTSE 100 had a subdued start to the week ’ s trading as a delay to US-China trade talks added to jitters about a slow economic recovery from the coronavirus crisis .
The blue-chip index initially slipped as markets opened before climbing 0.28 per cent to 6,106 points by shortly after 10am .
Germany ’ s Dax and French benchmark Cac 40 were also up 0.19 per cent and 0.18 per cent during a quiet morning of trading .
Read more : UK urges at-risk groups to sign up for coronavirus vaccine trials The US and China had been @ @ @ @ @ @ @ review of their phase one trade deal .
But the meeting was scrapped due to conflicting schedules and the need to allow China more time to buy US exports , Reuters reported .
Meanwhile , focus is beginning to shift to the US presidential election in November , with controversy heating up over Donald Trump ’ s attack on the postal service .
Bullish sentiment was also stunted last week as optimism over a potential US stimulus package began to fade and disappointing retail sales took their toll .
“ US politics is @ @ @ @ @ @ @ with little in the way of evidence that the delay to a new stimulus plan is causing damage to the US economy , ” said Michael Hewson , chief market analyst at CMC Markets .
“ The number of new Covid-19 cases across Europe is the number one thing to watch in the coming days as it has the potential to send nascent economic recovery into reverse , ” said Neil Wilson , chief market analyst at Markets.com .
Italy last night tightened its rules on wearing masks and shuttered nightclubs amid fears @ @ @ @ @ @ @ continent .
Germany has also extended travel warnings to nearly all of Spain .
It came after the UK added France , the Netherlands and Malta to its 14-day quarantine rules .
The announcement continued to hit travel stocks , with IAG and Tui down 2.85 per cent and 3.53 per cent respectively .
Easyjet and Ryanair also slipped in morning trading .
Hewson added : “ The implementation of quarantine measures , by the UK government , as well as others , in response to rising infection rates in other European countries @ @ @ @ @ @ @ a fashion that appears to be prompting knee-jerk responses that could exacerbate the economic damage all round.
” Property developers were among the biggest FTSE fallers this morning amid renewed signs that workers will not be rushing back the the office .
Fund manager Schroders yesterday became the first major City firm to tell staff they will not be required to return to the office five days a week even after the pandemic .
The announcement will reignite fears that changes to working habits due to Covid-19 will become permanent .
Property giants @ @ @ @ @ @ @ both hit by the move , falling 1.80 per cent and 1.68 per cent respectively .
British office workers have been much slower to return to offices than counterparts in France , Germany and Italy according to analysis from Morgan Stanley ’ s research unit Alphawise .
Just over one-third of UK white-collar employees have returned to work since the lockdown , compared to almost three-quarters of staff in Europe .
But it wasn ’ t all bad news this morning , and the FTSE 100 was lifted by gains for major blue-chip @ @ @ @ @ @ @ rises , gaining 2.11 per cent in early trading .
Polymetal International and Fresnillo were also up roughly two per cent .
The gains came after China announced it would inject $ 100bn into its financial system .
But Russ Mould , investment director at AJ Bell , warned the impact of the stimulus was limited , adding : “ Investors will be wary of reaching the point where the announcement of big financial packages no longer acts as a positive catalyst.
” The FTSE ’ s progress was hindered this morning by @ @ @ @ @ @ @ , financial analyst at Spreadex , said it was “ difficult for the European markets to get a feel for what direction they should be heading in ” .
Instead , traders will be turning their attention to a string of data releases this week — including inflation and retail sales — that will provide further insight into the UK ’ s recovery from coronavirus .
“ There appears to be an increasing nervousness , despite the gains of the last 100 days , that for all of the optimism over recent economic @ @ @ @ @ @ @ limits of what they can do , without increasing the risk of a surging second wave of cases , as we head towards the autumn months , ” said Hewson .
Brexit will also be back in the limelight this week as trade talks with the European Commission resume tomorrow .
Chief negotiator David Frost last week said an agreement could be reached in September .

Wall Street nears record highs on retail optimism as mining stocks lift FTSE 100
Wall Street edged towards record highs this afternoon on optimism about better-than-expected retail earnings as the FTSE 100 pushed higher during a subdued start to the week’s trading.
The Nasdaq rose 0.68 per cent while the S&P 500 resumed its ascent towards record highs with gains of 0.29 per cent. However, the Dow Jones slipped 0.27 per cent into the red.
It came after the FTSE 100 reversed early losses to close up 0.80 per cent at 6,139 points.
Germany’s Dax and French benchmark Cac 40 were also up 0.31 per cent and 0.35 per cent respectively following a quiet day of trading.
US stocks near record high
Gains on Wall Street left the S&P 500 hovering just below its record high recorded in February.
A bullish run pushed the index towards touching distance of the record last week, but jitters later in the week about economies’ Covid-19 recovery meant it stopped just short.
However, positive sentiment this afternoon meant the S&P 500 was trading just three points shy of its February high.
“It goes back to the basic factor – with interest rates low, next to zero even though yields have gone up, there is no place to put your money so stocks continue to hover near record highs,” said Peter Cardillo, chief market economist at Spartan Capital Securities.
“I am not sure if we can [hit a record high] today because up until now there’s no particular news that would spark a strong rally.”
Traders were also buoyed by optimism about a string of earnings reports from US retailers, which are expected to gain a lockdown sales boost.
Walmart and Target are both set to report earnings later this week alongside home improvement chains Lowe’s and Home Depot.
It came as traders shrugged off concerns about US-China relations.
The two countries had been due to meet on Saturday for a review of their phase one trade deal, but the meeting was scrapped due to conflicting schedules and the need to allow China more time to buy US exports, Reuters reported.
Meanwhile, focus is beginning to shift to the US presidential election in November, with controversy heating up over Donald Trump’s attack on the postal service.
Bullish sentiment was also stunted last week as optimism over a potential US stimulus package began to fade and disappointing retail sales took their toll.
“US politics is also presenting a problem for investors, with little in the way of evidence that the delay to a new stimulus plan is causing damage to the US economy,” said Michael Hewson, chief market analyst at CMC Markets.
Miners lift FTSE 100
While markets were somewhat subdued in Monday trading, the FTSE 100 outperformed as it was lifted by gains for major blue-chip miners.
Anglo American was among the top FTSE risers, gaining 2.42 per cent. Polymetal International and Fresnillo were also up more than two per cent.
The gains came after China announced it would inject $100bn into its financial system and gold and copper prices rose.
But Russ Mould, investment director at AJ Bell, warned the impact of the stimulus was limited, adding: “Investors will be wary of reaching the point where the announcement of big financial packages no longer acts as a positive catalyst.”
Connor Campbell, financial analyst at Spreadex, said it was a “stodgy session for all bar the FTSE”.
“It appeared that the index’s successes were linked to the latest lunge from gold,” he said.
“The safe haven instrument became appealing after another weekend of disappointing or downright worrying headlines, climbing 2.1 per cent to re-cross $1990 per ounce.”
He added: “And with copper also up two per cent, the FTSE’s miners started the week on the front foot.”
Covid-19 cases rise
“The number of new Covid-19 cases across Europe is the number one thing to watch in the coming days as it has the potential to send nascent economic recovery into reverse,” said Neil Wilson, chief market analyst at Markets.com.
Italy last night tightened its rules on wearing masks and shuttered nightclubs amid fears about an uptick in cases across the continent.
Germany has also extended travel warnings to nearly all of Spain.
It came after the UK added France, the Netherlands and Malta to its 14-day quarantine rules.
The announcement continued to hit travel stocks, with IAG and Tui both falling more than five per cent. Easyjet and Ryanair, which announced base and route closures, also dropped roughly five per cent.
Hewson added: “The implementation of quarantine measures, by the UK government, as well as others, in response to rising infection rates in other European countries is also raising the political temperature in a fashion that appears to be prompting knee-jerk responses that could exacerbate the economic damage all round.”
Empty offices hit property firms
Property developers were among the biggest FTSE fallers this morning amid renewed signs that workers will not be rushing back the the office.
Fund manager Schroders yesterday became the first major City firm to tell staff they will not be required to return to the office five days a week even after the pandemic.
The announcement will reignite fears that changes to working habits due to Covid-19 will become permanent.
Property giants British Land and Land Securities Group were both hit by the move, falling 1.80 per cent and 1.68 per cent respectively.
British office workers have been much slower to return to offices than counterparts in France, Germany and Italy according to analysis from Morgan Stanley’s research unit Alphawise.
Just over one-third of UK white-collar employees have returned to work since the lockdown, compared to almost three-quarters of staff in Europe.
Trade talks shelved
The US and China had been due to meet on Saturday for a review of their phase one trade deal.
But the meeting was scrapped due to conflicting schedules and the need to allow China more time to buy US exports, Reuters reported.
Meanwhile, focus is beginning to shift to the US presidential election in November, with controversy heating up over Donald Trump’s attack on the postal service.
Bullish sentiment was also stunted last week as optimism over a potential US stimulus package began to fade and disappointing retail sales took their toll.
“US politics is also presenting a problem for investors, with little in the way of evidence that the delay to a new stimulus plan is causing damage to the US economy,” said Michael Hewson, chief market analyst at CMC Markets.
Brexit and economic data
The FTSE’s progress was hindered this morning by an empty economic calendar.
Connor Campbell, financial analyst at Spreadex, said it was “difficult for the European markets to get a feel for what direction they should be heading in”.
Instead, traders will be turning their attention to a string of data releases this week — including inflation and retail sales — that will provide further insight into the UK’s recovery from coronavirus.
“There appears to be an increasing nervousness, despite the gains of the last 100 days, that for all of the optimism over recent economic re-openings, that economies are reaching the limits of what they can do, without increasing the risk of a surging second wave of cases, as we head towards the autumn months,” said Hewson.
Brexit will also be back in the limelight this week as trade talks with the European Commission resume tomorrow.
Chief negotiator David Frost last week said an agreement could be reached in September.


cityam--2020-08-17--UK wages fall steeply in August as job fears grow

UK households suffered a fall in wages in August and reported increased fears about job security , a survey published today said .
The IHS Markit UK Household Finance Index ( HFI ) – which measures households ’ overall perceptions of financial wellbeing – fell from 41.5 in July to 40.8 in August , “ signalling a further , slightly sharper , deterioration in the financial situation of UK households , ” the report said .
Read more : River Island to cut a further 350 jobs in management restructure UK households remain “ highly pessimistic of their financial wellbeing @ @ @ @ @ @ @ the survey found .
Incomes from employment dropped sharply last month and job security perceptions remained pessimistic .
Households continued to cut back on spending and there was an increased demand for unsecured credit .
Read more : REC : Post-lockdown record rise in vacancies hints at UK jobs recovery The demand for credit was driven by a reduction in cash availability , with the latest survey data showing a “ marked reduction ” in the amount of cash available to UK households .
Lewis Cooper , economist at IHS Markit , said @ @ @ @ @ @ @ a continued strain on the finances of UK households , with the headline figure dipping in August as pressure intensified slightly .
“ The 12-month outlook for finances remained highly negative amid substantial uncertainty surrounding the economic impact of the COVID-19 pandemic .
“ Incomes from employment fell sharply again , while the survey measure of job security perceptions remained firmly in negative territory as the winding down of the government ’ s furlough scheme looms .
“ Overall , the data hint at some worrying trends when put in the context of @ @ @ @ @ @ @ “ Although lockdown measures are looser ; households are spending less , earning less and unsure about their jobs , all of which has the ability to add severe friction to the pace of the economic recovery .
”

UK wages fall steeply in August as job fears grow
UK households suffered a fall in wages in August and reported increased fears about job security, a survey published today said.
The IHS Markit UK Household Finance Index (HFI) – which measures households’ overall perceptions of financial wellbeing – fell from 41.5 in July to 40.8 in August, “signalling a further, slightly sharper, deterioration in the financial situation of UK households,” the report said.
UK households remain “highly pessimistic of their financial wellbeing over the coming 12 months,” the survey found.
Incomes from employment dropped sharply last month and job security perceptions remained pessimistic.
Households continued to cut back on spending and there was an increased demand for unsecured credit.
The demand for credit was driven by a reduction in cash availability, with the latest survey data showing a “marked reduction” in the amount of cash available to UK households.
Lewis Cooper, economist at IHS Markit, said: “The latest survey data highlight a continued strain on the finances of UK households, with the headline figure dipping in August as pressure intensified slightly.
“The 12-month outlook for finances remained highly negative amid substantial uncertainty surrounding the economic impact of the COVID-19 pandemic.
“Incomes from employment fell sharply again, while the survey measure of job security perceptions remained firmly in negative territory as the winding down of the government’s furlough scheme looms.
“Overall, the data hint at some worrying trends when put in the context of the significant recession facing the UK.
“Although lockdown measures are looser; households are spending less, earning less and unsure about their jobs, all of which has the ability to add severe friction to the pace of the economic recovery.”


cityam--2020-08-17--Belarus: There will be no new election, says Lukashenko

Belarus leader Alexander Lukashenko today said there would be no new presidential election despite calls from the opposition and nationwide anti-government protests , the Belta news agency reported .
“ You should never expect me to do something under pressure , ” he was quoted as saying .
“ They ( new elections ) won ’ t happen.
” Read more : Belarus protests continue as Lukashenko claims Nato tanks are on the border Lukashenko ’ s reported comments came as he faces the biggest challenge to his 26 years of rule in Belarus after opposition voters claim his election @ @ @ @ @ @ @ opposition politician Sviatlana Tsikhanouskaya said today she was ready to lead Belarus and called for the creation of a legal mechanism to ensure that a new fair presidential election could be held .
Speaking in a video address from Lithuania , she also urged security and law enforcement officers to switch sides from President Alexander Lukashenko ’ s government , saying their past behaviour would be forgiven if they did so now .
Her video was released a day after Belarusians chanting “ Step down !
” filled the centre of the capital @ @ @ @ @ @ @ against what they said was the fraudulent re-election a week ago of longtime president Lukashenko .
“ I am ready to take responsibility and act as a national leader during this period , ” Tsikhanouskaya said , saying it was essential to make the most of the momentum generated by a week of protests .
The former English teacher has become one of the leading opposition figures against Lukashenko , who is struggling to contain a wave of mass protests and strikes that pose the biggest challenge to his 26-year rule of the @ @ @ @ @ @ @ , saying she had done so for the safety of her children , but quickly began releasing new videos calling for anti-government protests to continue .
The unrest has spread to sections of society normally seen as loyal to the president , as workers from large state factories staged walkouts and some police , journalists from state media , and a sitting ambassador came out in support of the protesters .
Opponents of Lukashenko say he rigged the 9 August presidential election to secure a sixth term in power .
He denies losing @ @ @ @ @ @ @ just over 80 per cent of the vote .
Read more : Lebanon PM Hassan Diab and his government resign after Beirut explosion The Kremlin said on Sunday that Russian President Vladimir Putin had told Lukashenko Moscow was ready to assist Belarus in accordance with a collective military pact if necessary and that external pressure was being applied to the country .
It did not say where from .
Russia is watching closely as Belarus hosts pipelines that carry Russian energy exports to the West and is viewed by Moscow as a buffer @ @ @ @

Belarus: There will be no new election, says Lukashenko
A man holds a picture of the Belarus President Alexander Lukashenko reading “Go away!” during a protest rally against police violence during recent rallies of opposition supporters, who accuse strongman Alexander Lukashenko of falsifying the polls in the presidential election
Belarus leader Alexander Lukashenko today said there would be no new presidential election despite calls from the opposition and nationwide anti-government protests, the Belta news agency reported.
“You should never expect me to do something under pressure,” he was quoted as saying. “They (new elections) won’t happen.”
Lukashenko’s reported comments came as he faces the biggest challenge to his 26 years of rule in Belarus after opposition voters claim his election victory last week was fraudulent.
Belarusian opposition politician Sviatlana Tsikhanouskaya said today she was ready to lead Belarus and called for the creation of a legal mechanism to ensure that a new fair presidential election could be held.
Belarus opposition supporters attends a rally in central Minsk on August 16, 2020. The Belarusian strongman leader, who has ruled his ex-Soviet country with an iron grip since 1994, is under increasing pressure from the streets and abroad over his claim to have won re-election on 9 August 9 with 80 percent of the vote
Speaking in a video address from Lithuania, she also urged security and law enforcement officers to switch sides from President Alexander Lukashenko’s government, saying their past behaviour would be forgiven if they did so now.
Her video was released a day after Belarusians chanting “Step down!” filled the centre of the capital Minsk in the biggest protest so far against what they said was the fraudulent re-election a week ago of longtime president Lukashenko.
“I am ready to take responsibility and act as a national leader during this period,” Tsikhanouskaya said, saying it was essential to make the most of the momentum generated by a week of protests.
The former English teacher has become one of the leading opposition figures against Lukashenko, who is struggling to contain a wave of mass protests and strikes that pose the biggest challenge to his 26-year rule of the country.
She fled abroad last week, saying she had done so for the safety of her children, but quickly began releasing new videos calling for anti-government protests to continue.
The unrest has spread to sections of society normally seen as loyal to the president, as workers from large state factories staged walkouts and some police, journalists from state media, and a sitting ambassador came out in support of the protesters.
Opponents of Lukashenko say he rigged the 9 August presidential election to secure a sixth term in power. He denies losing, citing official results that gave him just over 80 per cent of the vote.
The Kremlin said on Sunday that Russian President Vladimir Putin had told Lukashenko Moscow was ready to assist Belarus in accordance with a collective military pact if necessary and that external pressure was being applied to the country.
It did not say where from.
Russia is watching closely as Belarus hosts pipelines that carry Russian energy exports to the West and is viewed by Moscow as a buffer zone against Nato.


cityam--2020-08-17--The City View: Beyoncé's former manager on why classic hits are a hot asset class

In this episode Christian talks to music industry veteran Merck Mercuriadis , a former manager of acts including Elton John and Beyoncé whose FTSE-listed investment firm has just hit a £1bn market cap after snapping up the rights to hits including Livin ’ on a Prayer , Back to Black , Uptown Funk , Single Ladies and Don ’ t Stop Believing .
Music rights is big business , and Merck ’ s company Hipgnosis counts heavyweight Investec , Schroders and Aviva as shareholders .
He discusses the growth potential of streaming services ; the criteria for selecting an investable @ @ @ @ @ @ @ operation is good for investors as well as song-writers .
Also in this episode , Christian reflects on his own return to the office in the City of London .
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Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View: Beyoncé’s former manager on why classic hits are a hot asset class
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In this episode Christian talks to music industry veteran Merck Mercuriadis, a former manager of acts including Elton John and Beyoncé whose FTSE-listed investment firm has just hit a £1bn market cap after snapping up the rights to hits including Livin’ on a Prayer, Back to Black, Uptown Funk, Single Ladies and Don’t Stop Believing. Music rights is big business, and Merck’s company Hipgnosis counts heavyweight Investec, Schroders and Aviva as shareholders. He discusses the growth potential of streaming services; the criteria for selecting an investable song; and why he believes his operation is good for investors as well as song-writers.
Also in this episode, Christian reflects on his own return to the office in the City of London.
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Disclaimer: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money. Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721. ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.


cityam--2020-08-17--JPMorgan appoints former Chancellor Sajid Javid to advisory role

JPMorgan has hired former Chancellor Sajid Javid as a senior adviser , the bank announced on Monday .
Javid will continue take up a role on the Wall Street giant ’ s advisory council for Europe , the Middle East and Africa ( EMEA ) .
It ’ s a move that sees him him resume his career in investment banking .
Read more : Ranked : Monzo and Starling top list of best UK banks He quit his role at the Treasury earlier this year after a disagreement with Prime Minister Boris Johnson during a cabinet reshuffle that saw @ @ @ @ @ @ @ remains an MP and his appointment has been signed off by the UK government ’ s Advisory Committee on Business Appointments .
“ We are delighted to welcome Sajid back to JPMorgan as a senior adviser , and we look forward to drawing upon his in-depth understanding of the business and economic environment to help shape our client strategy across Europe , ” a spokesman for the US bank said in a statement .
Javid worked at Chase Manhattan in the early stages of his career before joining JPMorgan .
He worked in @ @ @ @ @ @ @ and emerging market businesses .
He later joined Deutsche Bank and ran several of its trading businesses in Asia before being elected as an MP in 2010 .
Read more : Bank of England paper says banker bonus cap can reduce excessive risk-taking JPMorgan has regularly appointed former government ministers as advisers , including former Prime Minister Tony Blair and former Finland Prime Minister Esko Aho .
Blair was appointed in 2008 as a senior global advisor and paid £2m per year .
The former Italian Italian finance minister Vittorio Grilli has just @ @ @ @ @ @ @ EMEA advisory council .

JPMorgan appoints former Chancellor Sajid Javid to advisory role
JPMorgan has hired former Chancellor Sajid Javid as a senior adviser, the bank announced on Monday.
Javid will take up a role on the Wall Street giant’s advisory council for Europe, the Middle East and Africa (EMEA).
It’s a move that sees him resume his career in investment banking.
He quit his role at the Treasury earlier this year after a disagreement with Prime Minister Boris Johnson during a cabinet reshuffle that saw Rishi Sunak take his place.
He remains an MP and his appointment has been signed off by the UK government’s Advisory Committee on Business Appointments.
“We are delighted to welcome Sajid back to JPMorgan as a senior adviser, and we look forward to drawing upon his in-depth understanding of the business and economic environment to help shape our client strategy across Europe,” a spokesman for the US bank said in a statement.
Javid worked at Chase Manhattan in the early stages of his career before joining JPMorgan.
He worked in a number of roles in its currencies and emerging market businesses.
He later joined Deutsche Bank and ran several of its trading businesses in Asia before being elected as an MP in 2010.
JPMorgan has regularly appointed former government ministers as advisers, including former Prime Minister Tony Blair and former Finland Prime Minister Esko Aho.
Blair was appointed in 2008 as a senior global advisor and paid £2m per year.
The former Italian Italian finance minister Vittorio Grilli has just been appointed as the chair of the EMEA advisory council.


cityam--2020-08-17--Downing Street confident of striking UK-EU trade deal next month

The UK is still on course to deliver an EU trade deal next month , according to Downing Street .
Negotiations are set to enter their seventh round on Tuesday when UK negotiators travel to Brussels .
The Prime Minister ’ s spokesman has said they would “ continue to plug the gaps ” .
A number of issues remain unresolved , including those on competition rules , fishing rights and how a deal would be enforced .
The UK continues to rule out extending the transition period , which is due to conclude at the end of this year @ @ @ @ @ @ @ last scheduled negotiating round before autumn , although both sides have committed to continue discussions in September .
EU chief negotiator Michel Barnier criticised the UK for a lack of “ willingness to break the deadlock ” following the last round of talks in London .
He said an agreement would needed by October “ At the latest ” or it would not be ratified in time .
UK negotiation David Frost said the EU ’ s offers had failed to honour “ the “ fundamental principles which we have repeatedly made clear @ @ @ @ @ @ @ the UK was willing to consider a “ simpler ” structure for an agreement , rather than the series of separate deals currently being suggested .
Frost added that the EU had been “ pragmatic ” its approach to the UK demands to limit the European Court of Justice ’ s role following the end of the transition period .

Downing Street confident of striking UK-EU trade deal next month
The UK is still on course to deliver an EU trade deal next month, according to Downing Street.
Negotiations are set to enter their seventh round on Tuesday when UK negotiators travel to Brussels.
The Prime Minister’s spokesman has said they would “continue to plug the gaps”.
A number of issues remain unresolved, including those on competition rules, fishing rights and how a deal would be enforced.
The UK continues to rule out extending the transition period, which is due to conclude at the end of this year.
The talks this week are the last scheduled negotiating round before autumn, although both sides have committed to continue discussions in September.
EU chief negotiator Michel Barnier criticised the UK for a lack of “willingness to break the deadlock” following the last round of talks in London.
He said an agreement would needed by October “At the latest” or it would not be ratified in time.
UK negotiation David Frost said the EU’s offers had failed to honour “the “fundamental principles which we have repeatedly made clear”.
However, he added that the UK was willing to consider a “simpler” structure for an agreement, rather than the series of separate deals currently being suggested.
Frost added that the EU had been “pragmatic” its approach to the UK demands to limit the European Court of Justice’s role following the end of the transition period.


cityam--2020-08-17--Trump to allow oil drilling in Arctic National Wildlife Refuge for first time in 30 years

The Trump administration today finalised plans to auction off the rights to drill for oil and gas in one of the country ’ s most iconic wild places .
The 1.6m acre coastal plain at the Arctic National Wildlife Refuge will be leased to the highest bidder in a move that sees US President Donald Trump continue to ignore calls to tackle climate change .
It means fossil fuel development will return to the area , which is home to polar bears and foxes , as well as migrating caribou and waterfowl among other animals , for the first time @ @ @ @ @ @ @ Trump escorted from briefing after shooting near White House Interior Secretary David Bernhardt defended the decision by saying it followed through on the 2017 budget bill that instructed the federal government to conduct oil and gas leasing on the refuge .
“ President Trump ’ s leadership brought more than three decades of inaction to an end , ” Bernhard said .
“ This is no ordinary oil and gas program on public lands.
” He added that the plan had been “ carefully tailored ” to minimise the impact on the surrounding @ @ @ @ @ @ @ to conduct two lease sales of 400,000 acres each before the end of 2024 under that 2017 law .
The first sale must happen before the end of 2021 but Bernhardt said it could happen as soon as this year .
“ I am confident that we can move forward quite promptly after this decision is rendered , ” he said .
The coastal plain provides a habitat to more than 270 different species , including 900 denning polar bears , 250 musk oxen and 300,000 snow geese .
Drilling was authorised on @ @ @ @ @ @ @ It has since been blocked , however , until the Trump administration .
Environmentalists and some Alaskans have pledged to protest against the decision , which will cause disruption to the ecosystem and affect food sources for natives .

Trump to allow oil drilling in Arctic National Wildlife Refuge for first time in 30 years
Oil and gas drilling to be allowed in Arctic National Wildlife Refuge
The Trump administration today finalised plans to auction off the rights to drill for oil and gas in one of the country’s most iconic wild places.
The 1.6m acre coastal plain at the Arctic National Wildlife Refuge will be leased to the highest bidder in a move that sees US President Donald Trump continue to ignore calls to tackle climate change.
It means fossil fuel development will return to the area, which is home to polar bears and foxes, as well as migrating caribou and waterfowl among other animals, for the first time in 30 years.
Interior Secretary David Bernhardt defended the decision by saying it followed through on the 2017 budget bill that instructed the federal government to conduct oil and gas leasing on the refuge.
“President Trump’s leadership brought more than three decades of inaction to an end,” Bernhard said.
“This is no ordinary oil and gas program on public lands.”
He added that the plan had been “carefully tailored” to minimise the impact on the surrounding environment.
The federal government are required to conduct two lease sales of 400,000 acres each before the end of 2024 under that 2017 law.
The first sale must happen before the end of 2021 but Bernhardt said it could happen as soon as this year.
“I am confident that we can move forward quite promptly after this decision is rendered,” he said.
The coastal plain provides a habitat to more than 270 different species, including 900 denning polar bears, 250 musk oxen and 300,000 snow geese.
Drilling was authorised on the refuge by Congress in 1980. It has since been blocked, however, until the Trump administration.
Environmentalists and some Alaskans have pledged to protest against the decision, which will cause disruption to the ecosystem and affect food sources for natives.


cityam--2020-08-17--UK needs 10m tests a week, says Premier League's coronavirus adviser

The company behind the Premier League ’ s coronavirus testing efforts has backed calls for the government to introduce a UK-wide testing scheme by the end of the year .
Avi Lasarow , chief executive of testing firm Prenetics , has called on the government to swap its half-price restaurant scheme for a universal testing service across the UK .
He hopes such a scheme will allow people to get back to work and help the UK economy get back on its feet .
Read more : UK to distribute millions of 90-minute coronavirus tests “ The government has done @ @ @ @ @ @ @ strategy around laboratory testing , but we ’ re hoping that will evolve to allow for mass testing across the population on a fortnightly basis , ” Lasarow tells City A.M .
He believes the scheme could be subsidised by ditching the Eat Out to Help Out scheme , where diners are offered £10 off meals at restaurants between Monday and Wednesday until the end of August .
That scheme is designed to encourage people to spend money at struggling cafes and restaurants .
But Lasarow argues the same money could create a @ @ @ @ @ @ @ term confidence to hit the high street .
Read more : New test and trace app will not alert one in three people after a positive test “ The chancellor could be thinking instead of pub lunch subsidies , testing subsidies for the same sort of price twice a month , and get everyone ’ s mindset back to some form of normality.
” Prenetics ’ coronavirus testing in UK sport helped enable the Premier League season to conclude in a safe and timely manner following lockdown .
It has delivered similar campaigns @ @ @ @ @ @ @ .
And now the company has joined the Confederation of British Industry ( CBI ) in calling for the government to roll out mass testing by the end of the year .
Lasarow offered his support for the call from the Tony Blair Institute for Global Change , with the initiative also getting cross-party support .
The report reads : “ We know there is a delicate balance to be struck between health and economic concerns .
We also know that the two are inextricably linked : an economy in freefall causes immense @ @ @ @ @ @ @ of lockdowns will lead to deep and lasting economic damage .
“ Having the confidence to return to work and for consumers to interact with businesses is now a must , but it can only be achieved by learning to live alongside the virus .
Short of a safe vaccine , mass testing is the only way to realise this.
” The government is currently capable of doing around 2m tests a week .
But that capacity would need to increase to nearer 10m weekly tests over the next three months , Lasarow @ @ @ @ @ @ @ predicts it would take to implement regular , country-wide testing .
“ One of the ways to do that is to bring together a constellation of smaller companies , like ourselves , who are bringing innovative and new tech to market , but have also got tried and tested methodology , on how this can be done , ” Lasarow says .
“ We foresee in the next three months that these tests will be available globally like they are now for emergency FDA approval for under $ 10.
” Rapid advancements in @ @ @ @ @ @ @ not only be more affordable but could soon provide a result in less than 90 minutes .
Read more : NHS Test and Trace to cut 6,000 staff The Blair-led initiative suggests these tests are rolled out on a sector-by-sector basis .
Tests would initially target emergency services , social care and transport and education workers before reaching all industries .
Although there are a number of ways this could work , one approach could see employers take responsibility for testing employees with financial support from the government .
Lasarow argues that subsidising @ @ @ @ @ @ @ open up the economy than other schemes , such as the Eat Out to Help Out campaign .
No vaccine makes testing the UK economy ’ s best hope “ Without a vaccine , people are always going to have the emotional fear of going out and not catching the virus , ” he says .
“ Until you can alleviate that fear , in this case with mass testing , people are always going to have a second thought about going out and getting involved in their everyday life.
” “ We @ @ @ @ @ @ @ sport that ’ s how to do it .
Award-winning economists are advocating that the cost of testing the country is far less than the impact [ of coronavirus ] on the economy , so it makes sense.
” With no guarantee of a vaccine , Lasarow is keen to push this as the next best way of helping society recover .
By allowing people to feel more comfortable leaving the house , he says it will not only help the economy , but also boost the country ’ s mental health and @ @ @ @ @ @ @ that have been implemented since lockdown .
Prenetics ’ health passport plugs into an identification system on the owner ’ s phone using a QR code and confirms the result of a coronavirus test and when it was last done .
Read more : WHO tells UK to implement test and trace ‘ properly ’ In essence , it would allow a person entry to a building on the basis of them having a negative coronavirus test result within a pre-determined timeframe .
This would most likely set by Sage , the government @ @ @ @ @ @ @ is how all Premier League players gained admission to stadiums on matchdays .
“ It works in all these sporting environments , so why wouldn ’ t that apply to going into City A.M. headquarters on a Monday morning ?
We ’ re familiar with the concept of turnstiles and scanning into work , this is exactly the same but takes it a step further , ” says Lasarow .
“ When we could use a credit card from our iPhone it was weird , but now you don ’ t think about @ @ @ @ @ @ @ We will have health passports moving forward .
If not for Covid-19 , for the next thing that happens , and it will become part of our normality .
”

UK needs 10m tests a week, says Premier League’s coronavirus adviser
Prenetics, the company behind the Premier League’s coronavirus testing scheme, says the UK government must subsidise 10m tests per week before the end of the year to give people the confidence to resume normality
The company behind the Premier League’s coronavirus testing efforts has backed calls for the government to introduce a UK-wide testing scheme by the end of the year.
Avi Lasarow, chief executive of testing firm Prenetics, has called on the government to swap its half-price restaurant scheme for a universal testing service across the UK.
He hopes such a scheme will allow people to get back to work and help the UK economy get back on its feet.
“The government has done a great job in developing a centralised strategy around laboratory testing, but we’re hoping that will evolve to allow for mass testing across the population on a fortnightly basis,” Lasarow tells City A.M.
He believes the scheme could be subsidised by ditching the Eat Out to Help Out scheme, where diners are offered £10 off meals at restaurants between Monday and Wednesday until the end of August.
That scheme is designed to encourage people to spend money at struggling cafes and restaurants. But Lasarow argues the same money could create a robust testing scheme that gives people longer term confidence to hit the high street.
“The chancellor could be thinking instead of pub lunch subsidies, testing subsidies for the same sort of price twice a month, and get everyone’s mindset back to some form of normality.”
Prenetics’ coronavirus testing in UK sport helped enable the Premier League season to conclude in a safe and timely manner following lockdown. It has delivered similar campaigns in boxing, Moto GP and cricket.
And now the company has joined the Confederation of British Industry (CBI) in calling for the government to roll out mass testing by the end of the year.
Lasarow offered his support for the call from the Tony Blair Institute for Global Change, with the initiative also getting cross-party support.
The report reads: “We know there is a delicate balance to be struck between health and economic concerns. We also know that the two are inextricably linked: an economy in freefall causes immense physical and mental harm and the uncertainty of lockdowns will lead to deep and lasting economic damage.
“Having the confidence to return to work and for consumers to interact with businesses is now a must, but it can only be achieved by learning to live alongside the virus. Short of a safe vaccine, mass testing is the only way to realise this.”
UK ‘needs to roll out 10m tests a week’
The government is currently capable of doing around 2m tests a week. But that capacity would need to increase to nearer 10m weekly tests over the next three months, Lasarow estimates.
That is the timeframe Prenetics predicts it would take to implement regular, country-wide testing.
“One of the ways to do that is to bring together a constellation of smaller companies, like ourselves, who are bringing innovative and new tech to market, but have also got tried and tested methodology, on how this can be done,” Lasarow says.
“We foresee in the next three months that these tests will be available globally like they are now for emergency FDA approval for under $10.”
Rapid advancements in testing tchnology means that antigen testing will not only be more affordable but could soon provide a result in less than 90 minutes.
Prenetics are the testing firm for the Premier League, checking players and staff for coronavirus after the season resumed over summer.
The Blair-led initiative suggests these tests are rolled out on a sector-by-sector basis. Tests would initially target emergency services, social care and transport and education workers before reaching all industries.
Although there are a number of ways this could work, one approach could see employers take responsibility for testing employees with financial support from the government.
Lasarow argues that subsidising mass testing will do more to help open up the economy than other schemes, such as the Eat Out to Help Out campaign.
No vaccine makes testing the UK economy’s best hope
“Without a vaccine, people are always going to have the emotional fear of going out and not catching the virus,” he says.
“Until you can alleviate that fear, in this case with mass testing, people are always going to have a second thought about going out and getting involved in their everyday life.”
“We’ve demonstrated with a bubble in sport that’s how to do it. Award-winning economists are advocating that the cost of testing the country is far less than the impact [of coronavirus] on the economy, so it makes sense.”
With no guarantee of a vaccine, Lasarow is keen to push this as the next best way of helping society recover.
By allowing people to feel more comfortable leaving the house, he says it will not only help the economy, but also boost the country’s mental health and reduce the need for the additional measures that have been implemented since lockdown.
Prenetics has delivered regular testing across UK sport and in other industries in other countries globally
Are health passports the future?
Prenetics’ health passport plugs into an identification system on the owner’s phone using a QR code and confirms the result of a coronavirus test and when it was last done.
In essence, it would allow a person entry to a building on the basis of them having a negative coronavirus test result within a pre-determined timeframe.
This would most likely set by Sage, the government’s scientific advisory body. This is how all Premier League players gained admission to stadiums on matchdays.
“It works in all these sporting environments, so why wouldn’t that apply to going into City A.M. headquarters on a Monday morning? We’re familiar with the concept of turnstiles and scanning into work, this is exactly the same but takes it a step further,” says Lasarow.
“When we could use a credit card from our iPhone it was weird, but now you don’t think about it. The future is here. We will have health passports moving forward. If not for Covid-19, for the next thing that happens, and it will become part of our normality.”