cityam--2020-10-15--London lockdown: Tier 2 restrictions the 'death knell' for hospitality sector

The government ’ s announcement that London will be placed under a Tier 2 lockdown this week is the “ death knell ” for the capital ’ s struggling hospitality sector , industry bodies have warned .
Care minister Helen Whately told London MPs this morning that the city will move from Tier 1 to Tier 2 on Friday night .
Read more : London lockdown : Khan warns of ‘ dark winter ahead ’ as city moves to a Tier 2 ban on household mixing The new restrictions mean separate households will no longer be able to meet indoors @ @ @ @ @ @ @ to stay open , but the reduction in group sizes will have a knock on effect on the hospitality sector , experts said .
Speaking just hours before restrictions were confirmed UK Hospitality chief executive Kate Nicholls said the new rules could “ well be the death knell for many hospitality businesses ” .
She said a move into Tier 2 wipes a further 15 per cent off very low revenues , which are currently at 20 to 30 per cent of normal levels in London .
Many will not recover if London @ @ @ @ @ @ @ which would force pubs to close , Nicholls said .
Read more : London to be moved to Tier 2 from tomorrow “ Further restrictive measures which adversely impacts trade , already at far lower levels than before the pandemic , without any discerning targeted support , could be the death knell , ” he said .
The measures will effect 3,640 pubs and 7,556 restaurants across London , Altus said , according to analysis of official government data .
Richard Burge , chief executive of the London Chamber of Commerce , said @ @ @ @ @ @ @ the lockdown as people reduce public transport use .
“ With no non-household mixing allowed indoors and a reduction in journeys on public transport requested , Tier 2 will hit London ’ s hospitality sector hard , particularly in its centre , ” he said .
“ There is bound to also be an impact on retail .
Read more : Business groups warn London lockdown would ‘ crumble ’ capital as mayor calls for support “ Hospitality businesses are between the rock and hard place .
Their trade is impacted by the @ @ @ @ @ @ @ sufficient support available to help them to stay open .
“ Many would rather be in a Tier 3 area , as at least if they were required to close by law they would be able to access grants and the more generous furlough scheme .
”

London lockdown: Tier 2 restrictions the ‘death knell’ for hospitality sector
The government’s announcement that London will be placed under a Tier 2 lockdown this week is the “death knell” for the capital’s struggling hospitality sector, industry bodies have warned.
Care minister Helen Whately told London MPs this morning that the city will move from Tier 1 to Tier 2 on Friday night.
The new restrictions mean separate households will no longer be able to meet indoors.
Pubs and restaurants will be allowed to stay open, but the reduction in group sizes will have a knock on effect on the hospitality sector, experts said.
Speaking just hours before restrictions were confirmed UK Hospitality chief executive Kate Nicholls said the new rules could “well be the death knell for many hospitality businesses”.
She said a move into Tier 2 wipes a further 15 per cent off very low revenues, which are currently at 20 to 30 per cent of normal levels in London.
Many will not recover if London moves into Tier 3 lockdown restrictions, which would force pubs to close, Nicholls said.
“Support measures urgently needed to avoid mass redundancies,” she added.
Robert Hayton, head of UK property tax at real estate adviser Altus Group, agreed.
“Further restrictive measures which adversely impacts trade, already at far lower levels than before the pandemic, without any discerning targeted support, could be the death knell,” he said.
The measures will effect 3,640 pubs and 7,556 restaurants across London, Altus said, according to analysis of official government data.
Richard Burge, chief executive of the London Chamber of Commerce, said central London will be particularly impacted by the lockdown as people reduce public transport use.
“With no non-household mixing allowed indoors and a reduction in journeys on public transport requested, Tier 2 will hit London’s hospitality sector hard, particularly in its centre,” he said.
“There is bound to also be an impact on retail.
“Hospitality businesses are between the rock and hard place. Their trade is impacted by the restrictions, yet there’s not sufficient support available to help them to stay open.
“Many would rather be in a Tier 3 area, as at least if they were required to close by law they would be able to access grants and the more generous furlough scheme.”


cityam--2020-10-15--New fighter jet can support 20,000 jobs, says BAE Systems

BAE Systems has said that its new fighter jet could support 20,000 jobs in the UK as it seeks to make the case for the new combat air system .
The Tempest programme , which is being delivered by the FTSE 100 company alongside a consortium of defence giants , is also predicted to contribute £25.3bn to the economy over its first thirty years .
Read more : BAE Systems posts weaker half-year profit as it predicts stronger end to 2020 The estimates come from an independent study by accountants PwC , which will form part of a business case @ @ @ @ @ @ @ this year .
According to the report , every year between 2026 and 250 the Tempest project will support 270 jobs for every 100 it directly creates .
It also found that for every £100 of direct value added generated by the programme ’ s partners , £220 of gross value added would be created across the economy .
The Tempest is intended to replace the Eurofighter jet .
The project was launched in 2018 after France and Germany announced that they would work on a new fighter plane without the UK .
@ @ @ @ @ @ @ day with the City View podcast and key market data The government has already poured £2bn into the project , with the aim of manufacturing beginning in 2025 .
Fellow defence firms Leonardo UK , MBDA , and Rolls-Royce , alongside smaller firms such as GE Aviation and GKN Aerospace , make up the rest of the consortium .
Michael Christie , director of combat air acquisition programme at BAE , said : The initial analysis revealed today demonstrates that Tempest is critical to ensuring the UK can sustain its world-leading Combat Air @ @ @ @ @ @ @ is essential to retaining military freedom of action for the UK.
” The PwC report was commissioned by BAE , with the full findings to be made available by the end of the year .
Read more : BAE Systems warns of drop in first half profit amid coronavirus disruption The boss of sector body ADS said that the project could play a crucial role in the post-Covid recovery .
“ It will embed high-value design and manufacturing skills in the UK for decades to come , sustain thousands of high paying jobs @ @ @ @ @ @ @ their career in an iconic programme with massive export potential ” , said Paul Everitt .

New fighter jet can support 20,000 jobs, says BAE Systems
BAE Systems has said that its new fighter jet could support 20,000 jobs in the UK as it seeks to make the case for the new combat air system.
The Tempest programme, which is being delivered by the FTSE 100 company alongside a consortium of defence giants, is also predicted to contribute £25.3bn to the economy over its first thirty years.
The estimates come from an independent study by accountants PwC, which will form part of a business case to be presented to the government later this year.
According to the report, every year between 2026 and 250 the Tempest project will support 270 jobs for every 100 it directly creates.
It also found that for every £100 of direct value added generated by the programme’s partners, £220 of gross value added would be created across the economy.
The Tempest is intended to replace the Eurofighter jet. The project was launched in 2018 after France and Germany announced that they would work on a new fighter plane without the UK.
Before the Open newsletter: Start your day with the City View podcast and key market data
The government has already poured £2bn into the project, with the aim of manufacturing beginning in 2025.
Fellow defence firms Leonardo UK, MBDA, and Rolls-Royce, alongside smaller firms such as GE Aviation and GKN Aerospace, make up the rest of the consortium.
Michael Christie, director of combat air acquisition programme at BAE, said: The initial analysis revealed today demonstrates that Tempest is critical to ensuring the UK can sustain its world-leading Combat Air Sector, preserving the sovereign capability that is essential to retaining military freedom of action for the UK.”
The PwC report was commissioned by BAE, with the full findings to be made available by the end of the year.
The boss of sector body ADS said that the project could play a crucial role in the post-Covid recovery.
“It will embed high-value design and manufacturing skills in the UK for decades to come, sustain thousands of high paying jobs and give apprentices the opportunity to build their career in an iconic programme with massive export potential”, said Paul Everitt.


cityam--2020-10-15--AO World shares jump as pandemic drives online sales surge

Shares in AO World jumped this morning after the electronics retailer said sales had jumped by more than a half over the last six months .
The white goods group said it expected revenue to hit £715m in the half-year to the end of September , up 57 per cent on the same period last year .
Sales were up 54 per cent in the UK , while the company ’ s German division soared 83 per cent on a constant currency basis .
The online retailer has benefitted from a shift to online shopping during the coronavirus pandemic , @ @ @ @ @ @ @ stay at home .
Many brick-and-mortar stores were allowed to reopen in July , but AO World said the figures showed it had maintained its momentum from the first quarter .
Shares in the retailer jumped more than 17 per cent to 272p by late morning .
AO World noted that it had seen increased cashback redemption rates and cancellations of contracts in its mobile business , which took a toll on gross margin .
“ The last six months of trading have been like no other during my two decades in the @ @ @ @ @ @ @ coming into this financial year and the global , structural shift in customer behaviour to online , accelerated by Covid , emphasised our strengths , ” said John Roberts , AO World founder and chief executive .
“ The progress that we ’ ve made in Germany gives us the platform and confidence to grow .
We remain excited by the opportunities ahead and ambitious to realise them.
” Read more : AO World closes loss-making operations in the Netherlands Russ Mould , investment director at AJ Bell , said : “ AO @ @ @ @ @ @ @ going to be a tough one and the company has delivered what many people thought was unachievable .
“ Ongoing lockdown restrictions provide the tailwind that AO needs as it continues its path towards making a profit .
And herein lies a big issue – everything to date has been about driving sales growth but the business hasn ’ t really made any proper money .
That could soon change .
”

AO World shares jump as pandemic drives online sales surge
AO World (Photographer: (Jason Alden) www.jasonalden.com 0781 063 1642)
Shares in AO World jumped this morning after the electronics retailer said sales had jumped by more than a half over the last six months.
The white goods group said it expected revenue to hit £715m in the half-year to the end of September, up 57 per cent on the same period last year.
Sales were up 54 per cent in the UK, while the company’s German division soared 83 per cent on a constant currency basis.
The online retailer has benefitted from a shift to online shopping during the coronavirus pandemic, which has forced millions of people to stay at home.
Many brick-and-mortar stores were allowed to reopen in July, but AO World said the figures showed it had maintained its momentum from the first quarter.
Shares in the retailer jumped more than 17 per cent to 272p by late morning.
AO World noted that it had seen increased cashback redemption rates and cancellations of contracts in its mobile business, which took a toll on gross margin.
“The last six months of trading have been like no other during my two decades in the business. AO was in good shape coming into this financial year and the global, structural shift in customer behaviour to online, accelerated by Covid, emphasised our strengths,” said John Roberts, AO World founder and chief executive.
“The progress that we’ve made in Germany gives us the platform and confidence to grow. We remain excited by the opportunities ahead and ambitious to realise them.”
Russ Mould, investment director at AJ Bell, said: “AO’s second quarter period was always going to be a tough one and the company has delivered what many people thought was unachievable.
“Ongoing lockdown restrictions provide the tailwind that AO needs as it continues its path towards making a profit. And herein lies a big issue – everything to date has been about driving sales growth but the business hasn’t really made any proper money. That could soon change.”


cityam--2020-10-15--Travel and leisure shares hit hardest as FTSE 100 plunges on lockdown fears

The FTSE 100 sank to a three-week low this morning as fears over sweeping new coronavirus restrictions and Brexit-related uncertainty prompted investors to cash in profits .
The blue-chip index plunged 2.26 per cent to 5,800.88 by 11am following confirmation that London would be placed under Tier 2 restrictions from midnight tomorrow , shifting the capital from “ medium ” to “ high alert ” .
Read more : London pandemic update : How many Covid-19 infections are there in your local borough ?
Energy , travel and leisure stocks clocked the biggest falls amid concerns over the impact of @ @ @ @ @ @ @ and leisure sectors .
“ These localized lockdowns over time grow to nationwide lockdowns almost inevitably and this is going to have an impact on the economy , ” said TS Lombard strategist Andrea Cicione .
Countries across Europe are introducing tougher measures to limit the spread of the virus amid rising infection rates , with France announcing a curfew in Paris and other major cities last night .
Northern Ireland was also placed under a tougher lockdown yesterday , closing schools , bars and restaurants .
Before the Open newsletter : Start @ @ @ @ @ @ @ and key market data EU leaders are set to meet in Brussels later in the day where they will pressure Britain for concessions in Brexit trade talks , a day after Prime Minister Boris Johnson expressed his disappointment over progress in negotiations .
Travel and leisure stocks led the FTSE 100 ’ s fallers amid growing fears over the introduction of further Covid-19 restrictions .
Ex-dividend trading also put pressure on the index .
Premier Inn-owner Whitbread fell 5.97 per cent , while Intercontinental Hotels dropped 2.81 per cent .
IAG , which @ @ @ @ @ @ @ cent on fears over the impact of further restrictions on the already battered airline industry .
Oil majors Shell and BP were also among the worst fallers , dropping over four per cent apiece .
Distribution specialist Bunzl and supermarket giant Tesco both fell 3.3 per cent as they traded without dividend .
The midcap FTSE 250 fell 1.85 per cent to 17,621.73 .
The FTSE 100 ’ s European peers also fell sharply in morning trading , closing in on two-week lows as Covid-19 cases continued to surge across the continent .
@ @ @ @ @ @ @ per cent , while France ’ s CAC 40 shed 2.2 per cent .
The pan-continental Stoxx 600 index slipped 2.16 per cent .
Read more : Goldman Sachs says Brexit drama ahead but thin deal could be reached Dashed hopes of a US stimulus package following downbeat comments from US Treasury Secretary Steven Mnuchin that a stimulus deal was unlikely be made before the election also sent shares lower .
“ European equities are under strong pressure this morning as reality has caught up with the markets , ” said Axi analyst @ @ @ @ @ @ @ a matter of time before investors are no longer able to ignore the sharp increase in new Covid-19 cases and new restrictions being introduced throughout Europe , ” he continued .
“ So far it has mainly been the hope for new stimulus measures that has kept the optimism alive.
” Asian shares slipped overnight as investors locked in recent gains , amid concerns over a resurgence of coronavirus infections .
MSCI ’ s broadest index of Asia-Pacific shares outside Japan shed 1.04 per cent as risk sentiment soured .
In Hong Kong @ @ @ @ @ @ @ cent , while the Shanghai composite slipped 0.26 per cent .
Japan ’ s Nikkei 225 fell 0.51 per cent .

FTSE 100 closes deep in the red amid new coronavirus lockdowns
The FTSE 100 closed at a three-week low today after tumbling in response to new coronavirus restrictions, while US stocks slipped amid worries over a lack of stimulus.
London’s blue-chip index slumped 1.7 per cent and closed at 5,833 points. It followed confirmation that London would be placed on “high alert”, meaning “Tier 2” restrictions apply from midnight tomorrow.
Read more: London pandemic update: How many Covid-19 infections are there in your local borough?
Disappointment about possible US stimulus and rising jobless claims saw Wall Street stocks open lower.
In Europe, Germany’s Dax was a particularly big faller, shedding more than two per cent as the continent-wide Stoxx 600 slumped.
Oil prices fell in anticipation of lower demand. Meanwhile, the US dollar and government bonds rose as investors sought out safe assets.
“It’s a classic risk-off day,” said Mark McCormick of TD Securities. He noted “a sour taste in global equities and a perky bounce in the USD”.
Travel and leisure shares drag FTSE 100 lower
Energy and leisure stocks were among the biggest fallers on the FTSE 100 amid concerns over the impact of tightened restrictions.
Yet it was packaging company Mondi that fell the most, with a 4.6 per cent drop. Publisher Pearson’s 4.4 per cent drop was the second biggest.
Shell’s shares closed 3.6 per cent down. BP was not far behind, and miner Glencore was also in the top 20 fallers.
Burberry, the internationally focused luxury brand, shed 4.3 per cent.
“European risk assets have been sold in an unseemly rush,” said Chris Beauchamp, chief market analyst at trading platform IG. He noted that the FTSE 100 was already back to the 5,800 level that marked the low in September.
Travel stocks were also in trouble across the UK market. Susannah Streeter, senior markets analyst at Hargreaves Lansdown, said: “It’s been another turbulent day of trading for airline stocks.
“IAG, Easyjet and Ryanair [have all fallen] as the resurgence of Covid-19 in key markets pushes prospects for recovery further into the future.”
Restrictions weigh on Europe
Countries across Europe are introducing tougher measures to limit the spread of the virus amid rising infection rates. For example France announced a curfew in Paris and other major cities last night.
London has been placed under “Tier 2” restrictions. That means people from different households are forbidden from mixing indoors.
The prospect of further economic disruption hit Germany’s Dax particularly hard. It was down 2.5 per cent, while France’s CAC 40 and the Europe-wide Stoxx fell 2.1 per cent.
David Madden, market analyst at CMC Markets, said: “Dealers are in risk-off mode because they fear that economies will suffer in terms of economic activity.
“The Eurozone’s economic recovery was already cooling before the recent spike in cases.”
US stocks hit by fading stimulus hopes
US stocks opened in the red as the chances of a stimulus deal before the 3 November presidential election continued to fade.
The tech-heavy Nasdaq was down 1.3 per cent while the S&P 500 was 0.8 per cent lower.
Figures also showed that new jobless claims unexpectedly rose last week. They were close to 900,000 after falling to 845,000 the week before.
The Brent crude oil price fell 2.2 per cent to $42.50 a barrel. The drop in riskier assets pushed up US Treasury bonds, and the dollar rose 0.5 per cent against a basket of other currencies.
“Traders are not holding their breath for a virus stimulus bill this side of the election,” said Edward Moya, senior market analyst at Oanda. “So risky assets will have a hard time rallying.”


cityam--2020-10-15--A lost generation of startups: are early-stage companies being left behind?

Early-stage companies face a difficult winter ahead as barriers to funding increase and the number of failing tech startups soar .
Last month saw a record number of filings for administrations , liquidations or dissolutions of the UK ’ s startups .
Research by Plexal and Beauhurst published today reveals more than 1,000 tech startups have filed since the start of lockdown with a staggering 273 in September alone .
The 181 per cent month-on-month rise is the highest monthly figure since 2011 .
The increase in failures has been keenly felt in London where 388 companies have filed since @ @ @ @ @ @ @ to 95 between August and September .
The preservative effect of some of the government ’ s support schemes is starting to wane and the end of the furlough scheme at the end of this month will also trigger further redundancies .
Government support and more contracts awarded to startups could be two paths that will boost the UK ’ s entrepreneur culture and help the UK long term as Europe ’ s tech hub .
Read more : London ’ s startup scene is under threat – here ’ s how we @ @ @ @ @ @ @ leave early startups out in the cold It is unsurprising that startups have been forced to file for administration or liquidation since they have simply been unable to access funds .
High-growth startups have raised £5.37bn since the UK was placed into lockdown in March , but just £458m of this was first-time funding , a 55 per cent year-on-year decrease according to Plexal ’ s research .
“ The energy that used to be palpable in some startup communities is starting to become muted… The energy has been sucked out of some @ @ @ @ @ @ @ any funding and they see no end in sight ” , Andrew Roughan , managing director of Plexal tells City A.M. As with many of the government schemes , it highlights the growing disparity between more mature companies and those at the earliest stages .
While the government went some way in helping UK ’ s startups , the structure of many of the support schemes did little to help pre-revenue companies .
The Future Fund was designed to provide support to startups through government loans ranging from £125,000 to £5m , subject @ @ @ @ @ @ @ the terms favoured investment from VC funds meaning a large number of angel investors were frozen out .
“ [ The Future Fund ] mainly targeted businesses backed by VCs which were more likely to access funding from existing VC relationships , rather than earlier stage companies ” , Pip Wilson , angel investor and co-founder of Amicable tells City A.M .
Entry level for VC funding starts at around £2m , whereas earlier startups rely on angel investors who were less likely to be able to access government support .
Dami Hastrup @ @ @ @ @ @ @ startup Moonhub : “ It wasn ’ t geared towards genuine startups… We fit all of the criteria but we couldn ’ t even apply because it had to be done through an investor.
” “ The issue was that VCs weren ’ t investing so to fix the problem the government gave VCs more money… ” Hastrup notes .
Read more : £500m Future Fund launch mired by fears startups will miss out Risk of a ‘ lost generation ’ without further investment As the UK hurtles towards another national lockdown , @ @ @ @ @ @ @ without further support from govenment and investors .
“ We need to put our arms around the startup community otherwise we fear a lost generation of startups , ” Roughan tells City A.M. gloomily .
While much has been made of Rishi Sunak ’ s new Winter plan there has been a distinct lack of support for startups , even as the deadline for loans and Future Fund applications draws closer .
The chancellor ’ s new jobs scheme will do little for the early startup community given it mainly benefits employers who @ @ @ @ @ @ @ .
However the “ Pay As You Grow ” scheme which extends the repayment of the bounce back loans to 10 years , and allowing businesses to make interest-only payments are a step in the right direction .
It will give companies who have relied on this support as a lifeline to properly plan for the future of their business .
In addition to this , there is scope to expand some of the tax relief schemes that relate to early-stage investments such as the Enterprise Investment Scheme ( EIS ) and Seed @ @ @ @ @ @ @ EIS is a form of tax relief to encourage investment into startups and early-stage businesses .
It allows startups to raise up to £5m a year , capped at £12m overall , through private investors who receive tax breaks .
SEIS has a lower ceiling of £150,000 .
Roughan , who has been a strong voice in lobbying for startups , suggests a short or medium method whereby the structure of the relief schemes will eventually encourage more investment .
This would go a huge way in helping early-stage startups , rather than @ @ @ @ @ @ @ in recent months .
But government initiatives alone are not sufficient to support startups most in need of funding .
One way of helping startups through the next few months will be for private sector companies to increase their spend on products within the SME marketplace .
“ In the last six months there has been too much focus on bailouts and debt and not enough focus on new contracts .
Startups will survive and thrive if they ’ re able to sell to their customers , ” Roughan tells City A.M .
@ @ @ @ @ @ @ , chief executive and founder of Surevine who says feedback is essential .
“ Does the idea have value ?
They get that [ feedback ] through contracts trials ” .
“ If you want to support startups , give them a contract – be that Government agencies or other public sector organisations paying for trials – or private sector organisations feeling the incentive to back British innovation ” , he said .
“ When you ’ re making procurement decisions consider companies who are coming up with an interesting and disruptive way @ @ @ @ @ @ @ way to save the community ” , Roughan adds .
In any recession there will inevitably be companies that can not adapt and will fail .
But early stage firms will play an increasingly important role in the UK ’ s recovery .
Without further support from the government and investors alike , the UK risks losing out on a talented pool of entrepreneurs and startups .

A lost generation of startups: are early-stage companies being left behind?
Early-stage companies face a difficult winter ahead as barriers to funding increase and the number of failing tech startups soar.
Last month saw a record number of filings for administrations, liquidations or dissolutions of the UK’s startups.
Research by Plexal and Beauhurst published today reveals more than 1,000 tech startups have filed since the start of lockdown with a staggering 273 in September alone.
The 181 per cent month-on-month rise is the highest monthly figure since 2011.
The increase in failures has been keenly felt in London where 388 companies have filed since April, and numbers increased from 30 to 95 between August and September.
The preservative effect of some of the government’s support schemes is starting to wane and the end of the furlough scheme at the end of this month will also trigger further redundancies.
Government support and more contracts awarded to startups could be two paths that will boost the UK’s entrepreneur culture and help the UK long term as Europe’s tech hub.
Barriers to investment leave early startups out in the cold
It is unsurprising that startups have been forced to file for administration or liquidation since they have simply been unable to access funds.
High-growth startups have raised £5.37bn since the UK was placed into lockdown in March, but just £458m of this was first-time funding, a 55 per cent year-on-year decrease according to Plexal’s research.
“The energy that used to be palpable in some startup communities is starting to become muted… The energy has been sucked out of some startups where they are unable to access any funding and they see no end in sight”, Andrew Roughan, managing director of Plexal tells City A.M.
As with many of the government schemes, it highlights the growing disparity between more mature companies and those at the earliest stages.
While the government went some way in helping UK’s startups, the structure of many of the support schemes did little to help pre-revenue companies.
Future vehicle
The Future Fund was designed to provide support to startups through government loans ranging from £125,000 to £5m, subject to match-funding from private investors.
But the terms favoured investment from VC funds meaning a large number of angel investors were frozen out.
“[The Future Fund] mainly targeted businesses backed by VCs which were more likely to access funding from existing VC relationships, rather than earlier stage companies”, Pip Wilson, angel investor and co-founder of Amicable tells City A.M.
Entry level for VC funding starts at around £2m, whereas earlier startups rely on angel investors who were less likely to be able to access government support.
Dami Hastrup ran into this issue with his London-based startup Moonhub: “It wasn’t geared towards genuine startups… We fit all of the criteria but we couldn’t even apply because it had to be done through an investor.”
“The issue was that VCs weren’t investing so to fix the problem the government gave VCs more money…” Hastrup notes.
Andrew Roughan, managing director of innovation centre Plexal, has been an outspoken voice for startups.
Risk of a ‘lost generation’ without further investment
As the UK hurtles towards another national lockdown, a rise in failing startups is inevitable without further support from govenment and investors.
“We need to put our arms around the startup community otherwise we fear a lost generation of startups,” Roughan tells City A.M. gloomily.
While much has been made of Rishi Sunak’s new Winter plan there has been a distinct lack of support for startups, even as the deadline for loans and Future Fund applications draws closer.
The chancellor’s new jobs scheme will do little for the early startup community given it mainly benefits employers who can easily scale down employees’ hours.
“Lots of these startups don’t have the ambition to employ in that area of the jobs market. The current job scheme will do little to support the community we’re measuring here.” Andrew Roughan
However the “Pay As You Grow” scheme which extends the repayment of the bounce back loans to 10 years, and allowing businesses to make interest-only payments are a step in the right direction.
It will give companies who have relied on this support as a lifeline to properly plan for the future of their business.
In addition to this, there is scope to expand some of the tax relief schemes that relate to early-stage investments such as the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS).
EIS is a form of tax relief to encourage investment into startups and early-stage businesses. It allows startups to raise up to £5m a year, capped at £12m overall, through private investors who receive tax breaks. SEIS has a lower ceiling of £150,000.
Roughan, who has been a strong voice in lobbying for startups, suggests a short or medium method whereby the structure of the relief schemes will eventually encourage more investment.
This would go a huge way in helping early-stage startups, rather than the VC-focused schemes the government has promoted in recent months.
But government initiatives alone are not sufficient to support startups most in need of funding.
Hand contracts to early-stage firms
One way of helping startups through the next few months will be for private sector companies to increase their spend on products within the SME marketplace.
“In the last six months there has been too much focus on bailouts and debt and not enough focus on new contracts. Startups will survive and thrive if they’re able to sell to their customers,” Roughan tells City A.M.
This sentiment is echoed by Stuart Murdoch, chief executive and founder of Surevine who says feedback is essential. “Does the idea have value? They get that [feedback] through contracts trials”.
“If you want to support startups, give them a contract – be that Government agencies or other public sector organisations paying for trials – or private sector organisations feeling the incentive to back British innovation”, he said.
“When you’re making procurement decisions consider companies who are coming up with an interesting and disruptive way of doing things. This is the way to save the community”, Roughan adds.
In any recession there will inevitably be companies that cannot adapt and will fail.
But early stage firms will play an increasingly important role in the UK’s recovery. Without further support from the government and investors alike, the UK risks losing out on a talented pool of entrepreneurs and startups.


cityam--2020-10-15--London lockdown: Khan warns of 'dark winter ahead' as city moves to a Tier 2 ban on household mixing

Mayor Sadiq Khan has sent a stark warning to London , telling people they face a “ dark winter ” as Tier 2 restrictions banning household mixing are placed on the capital .
People will still be able to meet in groups of six from outside their household in outdoor areas , while the 10pm hospitality curfew will remain in place .
Read more : London to be moved to Tier 2 from tomorrow Khan said the measures were necessary and people in the capital could not “ bury their heads in the sand ” .
“ The virus is @ @ @ @ @ @ @ city , ” he said .
“ Nobody wants to see more restrictions , but this has been deemed necessary to protect London by myself , London council leaders and ministers.
” Millions of Londoners will face the harsher measures from Saturday , with a ban on households mixing indoors , local MPs have been told .
It ’ s understood ministers are being briefed over the new measures in a call with health minister Helen Whately .
The mayor also echoed the statement of Labour leader Sir Keir Starmer by calling for @ @ @ @ @ @ @ Before the Open newsletter : Start your day with the City View podcast and key market data “ Given how far the virus has already been allowed to spread and the government ’ s complete failure to get a test , trace and isolate system in place I think we need to work at a national scale , ” he said .
“ I ’ ll call for a very short national circuit breaker…this could save thousands of lives , drive the virus down to manageable levels and finally give the government time @ @ @ @ @ @ @ test and trace system.
” Cases in London have now reached 100 cases per 100,000 people , which has been the threshold for most other cities placed in Tier 2 restrictions this week .
Cases are currently doubling every week , with Ealing , Richmond and Hackney the worst affected boroughs .
Tory Cities of London and Westminster MP Nickie Aiken urged the government to provide more economic support to businesses that are affected by Tier 2 restrictions .
“ Whilst I appreciate the public health crisis we find ourselves in , I @ @ @ @ @ @ @ lockdown will have on the Capital ’ s hospitality , leisure and retail businesses , ” he said .
“ We must now urgently come up with a clear plan and timetable to get London back into Tier 1 , as soon as it is right to do so .
“ Many of our businesses are already on their knees , and I urge the government to consider further support before they disappear for good.
” Jasmine Whitbread , chief of lobby group London First , said the government had to get its @ @ @ @ @ @ @ prevent an endless cycle of Covid lockdowns .
“ If tough action now means we can save lives and avoid a more severe lockdown later , then businesses in the capital will hope that these short-term measures will prevent worse to come , ” she said .
“ But for firms just starting to get back on their feet , these further restrictions will come as a severe blow .
Transparency over how any measures are expected to reduce transmission and when they will be lifted as rates fall will be crucial for @ @ @ @ @ @ @ up to Tier 3 restrictions , as Liverpool was yesterday , then household mixing will be banned in all settings .
Read more : Business groups warn London lockdown would ‘ crumble ’ capital as mayor calls for support All pubs and bars that do not serve “ substantial meals ” with alcohol will also be shuttered .
However , being put into Tier 3 also means extra government support for businesses including being able to access a revised version of the furlough scheme .

London lockdown: Khan warns of ‘dark winter ahead’ as city moves to a Tier 2 ban on household mixing
Londoners will face a new household mixing ban from Saturday
Mayor Sadiq Khan has sent a stark warning to London, telling people they face a “dark winter” as Tier 2 restrictions banning household mixing are placed on the capital.
People will still be able to meet in groups of six from outside their household in outdoor areas, while the 10pm hospitality curfew will remain in place.
Khan said the measures were necessary and people in the capital could not “bury their heads in the sand”.
“The virus is spreading rapidly in every corner of our city,” he said.
“Nobody wants to see more restrictions, but this has been deemed necessary to protect London by myself, London council leaders and ministers.”
Millions of Londoners will face the harsher measures from Saturday, with a ban on households mixing indoors, local MPs have been told.
It’s understood ministers are being briefed over the new measures in a call with health minister Helen Whately.
The mayor also echoed the statement of Labour leader Sir Keir Starmer by calling for a two to three-week national lockdown.
Before the Open newsletter: Start your day with the City View podcast and key market data
“Given how far the virus has already been allowed to spread and the government’s complete failure to get a test, trace and isolate system in place I think we need to work at a national scale,” he said.
“I’ll call for a very short national circuit breaker…this could save thousands of lives, drive the virus down to manageable levels and finally give the government time to get a grip on its failing test and trace system.”
Cases in London have now reached 100 cases per 100,000 people, which has been the threshold for most other cities placed in Tier 2 restrictions this week.
Cases are currently doubling every week, with Ealing, Richmond and Hackney the worst affected boroughs.
Figures shown to London MPs at today’s briefing
Tory Cities of London and Westminster MP Nickie Aiken urged the government to provide more economic support to businesses that are affected by Tier 2 restrictions.
“Whilst I appreciate the public health crisis we find ourselves in, I remain deeply concerned about the impact further lockdown will have on the Capital’s hospitality, leisure and retail businesses,” he said.
“We must now urgently come up with a clear plan and timetable to get London back into Tier 1, as soon as it is right to do so.
“Many of our businesses are already on their knees, and I urge the government to consider further support before they disappear for good.”
If London is moved up to Tier 3 restrictions, as Liverpool was yesterday, then household mixing will be banned in all settings.
All pubs and bars that do not serve “substantial meals” with alcohol will also be shuttered.
However, being put into Tier 3 also means extra government support for businesses including being able to access a revised version of the furlough scheme.
Jasmine Whitbread, chief of lobby group London First, said the government had to get its track and trace system working properly to prevent an endless cycle of Covid lockdowns.
“If tough action now means we can save lives and avoid a more severe lockdown later, then businesses in the capital will hope that these short-term measures will prevent worse to come,” she said.
“But for firms just starting to get back on their feet, these further restrictions will come as a severe blow. Transparency over how any measures are expected to reduce transmission and when they will be lifted as rates fall will be crucial for building confidence.”


cityam--2020-10-15--Nestle sets $5bn water brand sale in motion, says report

Food and drink giant Nestle is set to sell its North American water brands – which could go for around $ 5bn ( £3.9bn ) – as it moves away from lower-growth businesses .
Private equity funds including Apollo are expected to show an interest , according to Reuters , which cited numerous sources .
Wall Street titan Morgan Stanley is running the sale of the unwanted businesses .
They include Pure Life , Poland Spring , Deer Park , Ozarka , Ice Mountain , Zephyrhills and Arrowhead .
It comes as Nestle boss Mark Schneider shifts the focus of @ @ @ @ @ @ @ higher earning brands .
Reuters said Schneider is looking to keep hold of stronger brands like Perrier , San Pellegrino , and Acqua Panna .
Nestle declined to comment .
Apollo and Morgan Stanley have been contacted for comment .
Schneider has been an active chief executive since taking over in 2017 , having bought and sold around 50 businesses .
The water businesses up for sale have core earnings of about $ 600m .
But analysts say they are declining slightly in value thanks in part to competition .
Nestle beat analysts @ @ @ @ @ @ @ the year .
Its sales growth was helped by people buying more pet-food and groceries online as they stayed at home due to coronavirus .

Nestle sets $5bn water brand sale in motion
Food and drink giant Nestle is set to sell its North American water brands – which could go for around $5bn (£3.9bn) – as it moves away from lower-growth businesses.
Private equity funds including Apollo are expected to show an interest, according to Reuters, which cited numerous sources.
Wall Street titan Morgan Stanley is running the sale of the unwanted businesses. They include Pure Life, Poland Spring, Deer Park, Ozarka, Ice Mountain, Zephyrhills and Arrowhead.
It comes as Nestle boss Mark Schneider shifts the focus of the world’s largest food-maker towards higher earning brands.
Reuters said Schneider is looking to keep hold of stronger brands like Perrier, San Pellegrino, and Acqua Panna.
Nestle declined to comment. Apollo and Morgan Stanley have been contacted for comment.
Schneider has been an active chief executive since taking over in 2017, having bought and sold around 50 businesses.
The water businesses up for sale have core earnings of about $600m. But analysts say they are declining slightly in value thanks in part to competition.
Nestle beat analysts’ expectations during the first half of the year. Its sales growth was helped by people buying more pet-food and groceries online as they stayed at home due to coronavirus.


cityam--2020-10-15--Donald Trump needs to get back to basics on the campaign trail

Tuesday ’ s Opinium poll showing Donald Trump trailing Joe Biden by a staggering 17 points will likely be the death knell for the President ’ s campaign .
Even at the nadir of Trump ’ s 2016 campaign , when a leaked tape showed him bragging about him sexually assaulting women , the President ’ s poll deficit never dipped below 15 per cent in any one poll .
Even this figure was considered aberrant , with Trump very rarely trailing by double figures to Hilary Clinton during the presidential race .
Read more : Trump or Biden ?
@ @ @ @ @ @ @ to step into the void Also concerning for Trump is that polling in many crucial swing states – i.e .
Pennsylvania , Michigan , Arizona , Wisconsin and North Carolina – that catapulted him to victory in 2016 continue to go in the wrong direction .
For months I have maintained that Trump , if he kept the race race close enough during the worst parts of the Covid crisis , would likely storm home as he ramped up his short campaign .
Four years ago , Trump was relentless on the campaign @ @ @ @ @ @ @ rally to sold out rally in America ’ s deindustrialised cities in states such as Pennsylvania , Ohio , Michigan and Wisconsin .
Before the Open newsletter : Start your day with the City View podcast and key market data While his rallies , much like his subsequent Presidency , were mostly ad-libbed and largely nonsensical , he still maintained a laserlike focus on his core populist message .
He showed immense discipline in being able to hammer home the idea that globalisation , immigration and the American metropolitan elites had marginalised working @ @ @ @ @ @ @ poverty .
Helpfully , he was able to point to Hilary Clinton as the living embodiment of the typical 21st century Washington insider that had put them there .
All this was neatly wrapped up in his four-word slogan – “ Make America Great Again ” .
The past two decades have shown that one of the keys to electoral success in Western democracies is being able to create a clear , overarching narrative that can be condensed to simple phrases , slogans and symbols .
Along with Trump ’ s 2016 slogan @ @ @ @ @ @ @ Can ” , Brexit had “ Take back Control ” and Boris Johnson had “ Get Brexit Done ” .
Former Australian Prime Minister , and now British trade adviser , Tony Abbott won a landslide election victory in 2013 with his “ Stop the Boats ” and “ Axe the Tax ” rhetoric , which railed against illegal immigrants and a newly implemented carbon tax respectively .
While this year Trump has begun his trademark rallies , despite Covid death rates in America continuing to rise , his messaging has been nebulous @ @ @ @ @ @ @ to court Biden as Number 10 falls off Trump train He seems to jump from one idea to the next , without ever really landing any blows on Joe Biden or constructing a coherent political narrative .
One minute it ’ s a spiel on the strength of the US ’ pre-Covid economy , hardly relevant now that lockdowns have created carnage , and the next he ’ s onto conspiracies about Biden ’ s son .
The former Vice President on the other hand has kept it almost painfully simple by focussing @ @ @ @ @ @ @ and the need to invest just a little bit more into infrastructure and public services after the pandemic ends .
If Trump is going to have any chance of making a historic comeback he needs to get back to basics and stick to a simple narrative that could hit home with voters in the mid-west .
Read more : US election : Kamala Harris suspends campaign as aide tests positive for Covid Staying relentlessly on his law and order messaging is likely his best bet to scare white working class voters into action @ @ @ @ @ @ @ the Republican base .
However , with the scenes of street violence and rioting that were common earlier this year subsiding , even this message may have lost its bite for many voters .

Donald Trump needs to get back to basics on the campaign trail
President Donald trump at a recent rally in Iowa
Tuesday’s Opinium poll showing Donald Trump trailing Joe Biden by a staggering 17 points will likely be the death knell for the President’s campaign.
Even at the nadir of Trump’s 2016 campaign, when a leaked tape showed him bragging about him sexually assaulting women, the President’s poll deficit never dipped below 15 per cent in any one poll.
Even this figure was considered aberrant, with Trump very rarely trailing by double figures to Hilary Clinton during the presidential race.
Also concerning for Trump is that polling in many crucial swing states – i.e. Pennsylvania, Michigan, Arizona, Wisconsin and North Carolina – that catapulted him to victory in 2016 continue to go in the wrong direction.
For months I have maintained that Trump, if he kept the race race close enough during the worst parts of the Covid crisis, would likely storm home as he ramped up his short campaign.
Four years ago, Trump was relentless on the campaign trail as he jumped from sold out rally to sold out rally in America’s deindustrialised cities in states such as Pennsylvania, Ohio, Michigan and Wisconsin.
Before the Open newsletter: Start your day with the City View podcast and key market data
While his rallies, much like his subsequent Presidency, were mostly ad-libbed and largely nonsensical, he still maintained a laserlike focus on his core populist message.
He showed immense discipline in being able to hammer home the idea that globalisation, immigration and the American metropolitan elites had marginalised working class Americans and driven them into generational poverty.
Helpfully, he was able to point to Hilary Clinton as the living embodiment of the typical 21st century Washington insider that had put them there.
All this was neatly wrapped up in his four-word slogan – “Make America Great Again”.
The past two decades have shown that one of the keys to electoral success in Western democracies is being able to create a clear, overarching narrative that can be condensed to simple phrases, slogans and symbols.
Along with Trump’s 2016 slogan, Barack Obama had “Yes we Can”, Brexit had “Take back Control” and Boris Johnson had “Get Brexit Done”.
Former Australian Prime Minister, and now British trade adviser, Tony Abbott won a landslide election victory in 2013 with his “Stop the Boats” and “Axe the Tax” rhetoric, which railed against illegal immigrants and a newly implemented carbon tax respectively.
While this year Trump has begun his trademark rallies, despite Covid death rates in America continuing to rise, his messaging has been nebulous.
He seems to jump from one idea to the next, without ever really landing any blows on Joe Biden or constructing a coherent political narrative.
One minute it’s a spiel on the strength of the US’ pre-Covid economy, hardly relevant now that lockdowns have created carnage, and the next he’s onto conspiracies about Biden’s son.
The former Vice President on the other hand has kept it almost painfully simple by focussing on the President’s erratic behaviour and the need to invest just a little bit more into infrastructure and public services after the pandemic ends.
If Trump is going to have any chance of making a historic comeback he needs to get back to basics and stick to a simple narrative that could hit home with voters in the mid-west.
Staying relentlessly on his law and order messaging is likely his best bet to scare white working class voters into action in the necessary swing states and rally the Republican base.
However, with the scenes of street violence and rioting that were common earlier this year subsiding, even this message may have lost its bite for many voters.


cityam--2020-10-15--Our Pick: Pictures of the Day - October 15

Every day we ’ ll take a look at the best pictures from around London and the rest of the @ @ @ @ @ 2 : What do the new London lockdown measures mean for you ?
Read more @ @ @ @ @ list as Crete travel ban lifted

Our Pick: Pictures of the Day – October 15
A near-deserted Trafalgar Square is pictured in central London, as Londoners face more stringent novel coronavirus COVID-19 restrictions as the number of cases rises. The landmark is, in normal times, a tourist hotspot and thronging with people. Photo by JUSTIN TALLIS / AFP) (Photo by JUSTIN TALLIS/AFP via Getty Images)
Every day we’ll take a look at the best pictures from around London and the rest of the world
A near-deserted Trafalgar Square is pictured in central London, as Londoners face more stringent novel coronavirus COVID-19 restrictions as the number of cases rises. The landmark is, in normal times, a tourist hotspot and thronging with people. Photo by JUSTIN TALLIS / AFP) (Photo by JUSTIN TALLIS/AFP via Getty Images)
German Fedemoves her face mask as she arrives ahead of a two days European Union (EU) summit at the European Council Building in Brussels(Photo by OLIVIER HOSLET/POOL/AFP via Getty Images)
Lilly Pinchin riding Follow The Swallow (R) clear the last to win The Over 40 Free RacingTV Club Days Handicap Chase at Wincanton Racecourse in Wincanton, England. Owners are allowed to attend if they have a runner at the meeting otherwise racing remains behind closed doors to the public (Photo by Alan Crowhurst/Getty Images)
Greater Manchester mayor Andy Burnham is threatening legal action if Tier 3 restrictions are imposed on the city without agreement, as the number of cases of novel coronavirus COVID-19 rises. – The government on Thursday announced more stringent measures for London and seven other areas to try to cut surging numbers of cases. (Photo by MARTIN RICKETT/POOL/AFP via Getty Images)


cityam--2020-10-15--Italy added to quarantine list as Crete travel ban lifted

Italy has been added to the UK ’ s quarantine list after cases surged to more than three times the set threshold for admission .
From 4am on Sunday morning , people entering the UK from the country will have to self-isolate for 14 days .
Read more : Uh-oh , spaghettio : Could Italy be next in line on UK quarantine list ?
According to the latest figures , Italy is now reporting 64.4 cases per 100,000 over the last seven days , which places it above other countries such as Denmark and Jamaica which have already had restrictions @ @ @ @ @ @ @ said that any country reporting more than 20 cases per 100,000 over a week-long period would be in line to be added to the list .
A Whitehall source told City A.M. : “ Half term is coming up , and infection rates are high .
If we are telling you not to travel to Manchester , it ’ s hardly right that we say get on a packed plane and fly to Milan.
” There are now just four countries – Germany , parts of Greece , Sweden , and Liechtenstein – @ @ @ @ @ @ @ without fear of restrictions .
San Marino and Vatican City , which are both embedded within Italy , were also added .
However , people will now be able to travel to Crete , which has been added back on to the travel corridor list .
Before the Open newsletter : Start your day with the City View podcast and key market data Shapps announced the update by tweet this afternoon .
For many , that Italy had not already been added to the list was something of a surprise , as infection @ @ @ @ @ @ @ s threshold last week .
However , the last few days have seen a significant surge in cases , with 7,332 new infections reported yesterday .
That ’ s the highest daily number in Italy since 21 March and comes amid a second wave of infections across Europe .
Last week no new countries had restrictions reimposed , but five Greek islands were added back onto the travel corridor list .
Read more : Travel industry calls for ‘ decisive ’ action on airport testing It comes after Shapps yesterday revealed that the @ @ @ @ @ @ @ release ” system in a bid to shorten quarantine restrictions .
Under the plan , travellers would take a test – at their own expense – “ about a week ” after arriving .
If negative , they would then be free to end quarantine early .

Italy added to quarantine list as Crete travel ban lifted
Italy is expected to be added to the quarantine list later this afternoon.
Italy has been added to the UK’s quarantine list after cases surged to more than three times the set threshold for admission.
From 4am on Sunday morning, people entering the UK from the country will have to self-isolate for 14 days.
According to the latest figures, Italy is now reporting 64.4 cases per 100,000 over the last seven days, which places it above other countries such as Denmark and Jamaica which have already had restrictions reimposed.
Transport secretary Grant Shapps has said that any country reporting more than 20 cases per 100,000 over a week-long period would be in line to be added to the list.
A Whitehall source told City A.M.: “Half term is coming up, and infection rates are high. If we are telling you not to travel to Manchester, it’s hardly right that we say get on a packed plane and fly to Milan.”
There are now just four countries – Germany, parts of Greece, Sweden, and Liechtenstein – in Europe to which holidaymakers can go without fear of restrictions.
San Marino and Vatican City, which are both embedded within Italy, were also added.
However, people will now be able to travel to Crete, which has been added back on to the travel corridor list.
Before the Open newsletter: Start your day with the City View podcast and key market data
Shapps announced the update by tweet this afternoon.
For many, that Italy had not already been added to the list was something of a surprise, as infection rates were already above the UK’s threshold last week.
However, the last few days have seen a significant surge in cases, with 7,332 new infections reported yesterday.
That’s the highest daily number in Italy since 21 March and comes amid a second wave of infections across Europe.
Last week no new countries had restrictions reimposed, but five Greek islands were added back onto the travel corridor list.
It comes after Shapps yesterday revealed that the government was considering a “test and release” system in a bid to shorten quarantine restrictions.
Under the plan, travellers would take a test – at their own expense – “about a week” after arriving.
If negative, they would then be free to end quarantine early.


cityam--2020-10-15--Railway bailout could cost taxpayer nearly £10bn this year

It could cost the taxpayer almost £10bn to keep the railways running this year , Department for Transport ( DfT ) officials revealed today .
Speaking to the Public Accounts Committee this morning , permanent secretary Bernadette Kelly said that thus far , the government had spent £4.3bn .
Read more : TfL boss that oversaw Crossrail and Garden Bridge fiascos set for an honour For the rest of the financial year , she forecast that an additional £3bn – £5bn would be needed under the new Emergency Recovery Measures Agreements ( Ermas ) .
Back in March , the @ @ @ @ @ @ @ the railways in order to ensure that services continued to run for essential workers .
Plummeting passenger demand exposed the existing cracks in the rail franchise system , which ministers have confirmed will now be replaced with a new ownership model .
Before the Open newsletter : Start your day with the City View podcast and key market data The current arrangements , which came into effect in September , will run for 18 months .
As of Monday this week , rail usage remained at just 33 per cent of pre-pandemic levels @ @ @ @ @ @ @ amid increased restrictions on travel .
Officials also revealed that they could end up in a High Court battle with rail franchises over penalty charges worth up to £500m .
Last week the Telegraph reported that the DfT had angered companies by slapping them with termination payments in order to remain on the tracks .
If they do not pay up , their contracts will revert to pre-Covid models by the middle of the month , leaving the firms on the edge of collapse .
Read more : Railway passenger numbers fall to @ @ @ @ @ @ @ Ruth Hannant said that the termination payment would have to be concluded by 13 December .
“ They could decide that they want to pursue litigation against us at that point , but we would hope that they wouldn ’ t do so .
”

Railway bailout could cost taxpayer nearly £10bn this year
Aslef has called for a strike at the end of June.
It could cost the taxpayer almost £10bn to keep the railways running this year, Department for Transport (DfT) officials revealed today.
Speaking to the Public Accounts Committee this morning, permanent secretary Bernadette Kelly said that thus far, the government had spent £4.3bn.
For the rest of the financial year, she forecast that an additional £3bn – £5bn would be needed under the new Emergency Recovery Measures Agreements (Ermas).
Back in March, the government took the decision to effectively nationalise the railways in order to ensure that services continued to run for essential workers.
Plummeting passenger demand exposed the existing cracks in the rail franchise system, which ministers have confirmed will now be replaced with a new ownership model.
Before the Open newsletter: Start your day with the City View podcast and key market data
The current arrangements, which came into effect in September, will run for 18 months.
As of Monday this week, rail usage remained at just 33 per cent of pre-pandemic levels as people continue to work from home amid increased restrictions on travel.
Officials also revealed that they could end up in a High Court battle with rail franchises over penalty charges worth up to £500m.
Last week the Telegraph reported that the DfT had angered companies by slapping them with termination payments in order to remain on the tracks.
If they do not pay up, their contracts will revert to pre-Covid models by the middle of the month, leaving the firms on the edge of collapse.
Rail director general Ruth Hannant said that the termination payment would have to be concluded by 13 December.
“They could decide that they want to pursue litigation against us at that point, but we would hope that they wouldn’t do so.”


cityam--2020-10-15--FTSE 100 closes deep in the red amid new coronavirus lockdowns

The FTSE 100 closed at a three-week low today after tumbling in response to new coronavirus restrictions , while US stocks slipped amid worries over a lack of stimulus .
London ’ s blue-chip index slumped 1.7 per cent and closed at 5,833 points .
It followed confirmation that London would be placed on “ high alert ” , meaning “ Tier 2 ” restrictions apply from midnight tomorrow .
Read more : London pandemic update : How many Covid-19 infections are there in your local borough ?
Disappointment about possible US stimulus and rising jobless claims saw Wall Street @ @ @ @ @ @ @ Germany ’ s Dax was a particularly big faller , shedding more than two per cent as the continent-wide Stoxx 600 slumped .
Oil prices fell in anticipation of lower demand .
Meanwhile , the US dollar and government bonds rose as investors sought out safe assets .
“ It ’ s a classic risk-off day , ” said Mark McCormick of TD Securities .
He noted “ a sour taste in global equities and a perky bounce in the USD ” .
Energy and leisure stocks were among the biggest fallers on @ @ @ @ @ @ @ impact of tightened restrictions .
Yet it was packaging company Mondi that fell the most , with a 4.6 per cent drop .
Publisher Pearson ’ s 4.4 per cent drop was the second biggest .
Shell ’ s shares closed 3.6 per cent down .
BP was not far behind , and miner Glencore was also in the top 20 fallers .
“ European risk assets have been sold in an unseemly rush , ” said Chris Beauchamp , chief market analyst at trading platform IG .
He noted that the FTSE @ @ @ @ @ @ @ level that marked the low in September .
Read more : London Tory MPs call for extra support for businesses facing Tier 2 restrictions Travel stocks were also in trouble across the UK market .
Susannah Streeter , senior markets analyst at Hargreaves Lansdown , said : “ It ’ s been another turbulent day of trading for airline stocks .
“ IAG , Easyjet and Ryanair [ have all fallen ] as the resurgence of Covid-19 in key markets pushes prospects for recovery further into the future.
” Countries across Europe are @ @ @ @ @ @ @ of the virus amid rising infection rates .
For example France announced a curfew in Paris and other major cities last night .
London has been placed under “ Tier 2 ” restrictions .
That means people from different households are forbidden from mixing indoors .
The prospect of further economic disruption hit Germany ’ s Dax particularly hard .
It was down 2.5 per cent , while France ’ s CAC 40 and the Europe-wide Stoxx fell 2.1 per cent .
David Madden , market analyst at CMC Markets , said : @ @ @ @ @ @ @ they fear that economies will suffer in terms of economic activity .
“ The Eurozone ’ s economic recovery was already cooling before the recent spike in cases.
” US stocks opened in the red as the chances of a stimulus deal before the 3 November presidential election continued to fade .
The tech-heavy Nasdaq was down 1.3 per cent while the S & P 500 was 0.8 per cent lower .
Figures also showed that new jobless claims unexpectedly rose last week .
They were close to 900,000 after falling to 845,000 @ @ @ @ @ @ @ Boris Johnson tries to court Biden as Number 10 falls off Trump train The Brent crude oil price fell 2.2 per cent to $ 42.50 a barrel .
The drop in riskier assets pushed up US Treasury bonds , and the dollar rose 0.5 per cent against a basket of other currencies .
“ Traders are not holding their breath for a virus stimulus bill this side of the election , ” said Edward Moya , senior market analyst at Oanda .
“ So risky assets will have a hard time rallying .
@


cityam--2020-10-15--The Week in Sportbiz: Uncle Sam is coming for cricket, Nigel Wray bets on fitness and sports reveal

Not content with trying to carve up the Premier League , Americans now have another English sacred cow in their sights : cricket .
The game ’ s Stateside governing body today announced ambitious plans to become a major mainstream sport across the Atlantic – and achieve full member status with the International Cricket Council within a decade .
USA Cricket chairman Paraag Marathe conceded that the sport was still at an “ embryonic stage of development ” .
Read more : Sport ’ s governance problem : Scandal beckons without more professionalism and transparency But he added : “ @ @ @ @ @ @ @ progress that we have been able to make across a number of different areas despite the obvious challenges of these times , and we anticipate that our growth will accelerate now that the organisational direction has been very clearly set.
” Full details of USA Cricket ’ s blueprint can be found here .
City grandee Nigel Wray has backed a few winners over the years , so his latest investment may be one to watch .
The Saracens owner is among the investors to have pumped a combined £7.7m of funding into @ @ @ @ @ @ @ has also backed the US-based company , which is developing a digital home fitness platform .
Wray said : “ After investing in the angel round , we were delighted to increase our stake in Jaxjox because we believe they are going to transform the home fitness market.
” The Rugby Football Union and British Cycling both published their policies on trans participation this week – with differing conclusions .
The RFU said it would resist World Rugby ’ s guidance to prohibit trans women from playing in the women ’ s game @ @ @ @ @ @ @ with players was needed .
British Cycling , however , has ruled that any trans or non-binary people wanting to take part in a women ’ s race would need to prove their testosterone levels had remained below a certain threshold for the previous year .
Borussia Dortmund have become one of the first top football clubs to demonstrate the impact of the pandemic on their finances .
The German club this week announced a €60m ( £54m ) annual loss for 2019-20 as revenues for the coronavirus-affected fourth quarter fell 25 per @ @ @ @ @ @ @ year was €370m ( £330m ) , down from €377m in 2018-19 , causing Dortmund to scrap plans for its usual dividend .
British track and trace success at last Domestic efforts to track and trace might leave plenty to be desired , but one British project has at least had some success .
Tech firm Restrata has added the Indian Premier League to its expanding portfolio of clients , having worked on England Test cricket and a pilot event at the Kia Oval earlier this year .

The Week in Sportbiz: Uncle Sam is coming for cricket, Nigel Wray bets on fitness and sports reveal trans policies
USA Cricket hopes to gain full member status with the ICC by 2030
Not content with trying to carve up the Premier League, Americans now have another English sacred cow in their sights: cricket.
The game’s Stateside governing body today announced ambitious plans to become a major mainstream sport across the Atlantic – and achieve full member status with the International Cricket Council within a decade.
USA Cricket chairman Paraag Marathe conceded that the sport was still at an “embryonic stage of development”.
But he added: “We have been encouraged by the great progress that we have been able to make across a number of different areas despite the obvious challenges of these times, and we anticipate that our growth will accelerate now that the organisational direction has been very clearly set.”
Full details of USA Cricket’s blueprint can be found here.
Wray’s home gym punt
City grandee Nigel Wray has backed a few winners over the years, so his latest investment may be one to watch.
The Saracens owner is among the investors to have pumped a combined £7.7m of funding into fitness technology outfit Jaxjox.
Dowgate Capital has also backed the US-based company, which is developing a digital home fitness platform.
Wray said: “After investing in the angel round, we were delighted to increase our stake in Jaxjox because we believe they are going to transform the home fitness market.”
Sports at odds over trans policies
The Rugby Football Union and British Cycling both published their policies on trans participation this week – with differing conclusions.
The RFU said it would resist World Rugby’s guidance to prohibit trans women from playing in the women’s game, saying more scientific evidence and consultation with players was needed.
British Cycling, however, has ruled that any trans or non-binary people wanting to take part in a women’s race would need to prove their testosterone levels had remained below a certain threshold for the previous year.
Dortmund count cost of pandemic
Borussia Dortmund have become one of the first top football clubs to demonstrate the impact of the pandemic on their finances.
Dortmund saw revenue for the coronavirus-hit fourth quarter drop by 25 per cent
The German club this week announced a €60m (£54m) annual loss for 2019-20 as revenues for the coronavirus-affected fourth quarter fell 25 per cent year-on-year.
Income for the whole year was €370m (£330m), down from €377m in 2018-19, causing Dortmund to scrap plans for its usual dividend.
British track and trace success at last
Domestic efforts to track and trace might leave plenty to be desired, but one British project has at least had some success.
Tech firm Restrata has added the Indian Premier League to its expanding portfolio of clients, having worked on England Test cricket and a pilot event at the Kia Oval earlier this year.


cityam--2020-10-15--West End extends festive period in bid to win back shoppers

The West End is set to extend the festive shopping season as ailing retailers look to lure Londoners back into shops .
The Christmas lights switch-on will take place on Oxford Street and Bond Street on Monday 2 November and Thursday 12 November respectively , marking the earliest ever start to the festive season for the district .
Read more : Lockdown entrepreneurs given chance to secure West End retail space The Spirit of Christmas showcase will also return to Regent Street in mid-November .
The move marks efforts by central London businesses to boost consumer confidence ahead of the @ @ @ @ @ @ @ End retailers traditionally record nearly a third of their annual sales .
After an initial bounceback following the easing of coronavirus restrictions in the summer , footfall across the West End has again dropped to just 50 per cent of its usual visitor numbers .
The area is now facing fresh challenges after the government confirmed that London will be placed in Tier 2 of the UK ’ s lockdown plan .
However , the West End today unveiled a range of safety measures in a bid to ease shoppers ’ nerves about @ @ @ @ @ @ @ included 24-hour cleaning and security patrols , social distancing ambassadors and additional cycle parking .
“ We recognise that shoppers are frustrated and fearful , and that their usual shopping plans have been disrupted , ” said Jace Tyrrell , chief executive of the New West End Company , which represents over 600 retail and leisure businesses .
“ We are within easy and safe reach of millions of shoppers , and I can promise that despite the restrictions there will be no place more magical in the world to experience Christmas than @ @ @ @ @ @ @ and restaurants in the West End were today given a boost after council leaders granted permission for venues to continue alfresco dining into the winter .
Westminster Council said it will allow outdoor heaters and umbrellas to be installed at any existing outdoor space for eating or drinking .
A popular West End road closure scheme , which has allowed restaurants and bars in Soho to keep trading throughout the summer , is set to finish at the end of this month .

West End extends festive period in bid to win back shoppers
The West End is set to extend the festive shopping season as ailing retailers look to lure Londoners back into shops.
The Christmas lights switch-on will take place on Oxford Street and Bond Street on Monday 2 November and Thursday 12 November respectively, marking the earliest ever start to the festive season for the district.
The Spirit of Christmas showcase will also return to Regent Street in mid-November.
The move marks efforts by central London businesses to boost consumer confidence ahead of the crucial eight-week festive period, when West End retailers traditionally record nearly a third of their annual sales.
After an initial bounceback following the easing of coronavirus restrictions in the summer, footfall across the West End has again dropped to just 50 per cent of its usual visitor numbers.
The area is now facing fresh challenges after the government confirmed that London will be placed in Tier 2 of the UK’s lockdown plan.
However, the West End today unveiled a range of safety measures in a bid to ease shoppers’ nerves about returning to the high street.
This included 24-hour cleaning and security patrols, social distancing ambassadors and additional cycle parking.
“We recognise that shoppers are frustrated and fearful, and that their usual shopping plans have been disrupted,” said Jace Tyrrell, chief executive of the New West End Company, which represents over 600 retail and leisure businesses.
“We are within easy and safe reach of millions of shoppers, and I can promise that despite the restrictions there will be no place more magical in the world to experience Christmas than the West End this season.”
Bars and restaurants in the West End were today given a boost after council leaders granted permission for venues to continue alfresco dining into the winter.
Westminster Council said it will allow outdoor heaters and umbrellas to be installed at any existing outdoor space for eating or drinking.
A popular West End road closure scheme, which has allowed restaurants and bars in Soho to keep trading throughout the summer, is set to finish at the end of this month.


cityam--2020-10-15--London pandemic update: How many Covid-19 infections are there in your local borough?

The number of confirmed coronavirus cases in London hit 67,346 today , with Barnet and Ealing continuing to be the capital ’ s worst-affected boroughs .
It comes after London was today moved from “ medium ” alert to “ high ” alert , with fresh restrictions set to come into force in the capital from midnight tomorrow .
The new restrictions mean a ban on household mixing indoors with anyone outside your household or support bubble .
Londoners will be told to avoid public transport where possible , with buses and trains expected to run reduced services .
Figures @ @ @ @ @ @ @ Barnet has recorded 3,194 confirmed Covid-19 cases as of today , following a daily increase of 80 cases .
Ealing saw a spike of 95 new cases in the past 24 hours , taking its total number of infections to 3,183 since the start of the pandemic .
Read more : Coronavirus : London escapes new restrictions , but City Hall says it won ’ t last Cases in the capital are up to 67,346 , with more than 97 cases per 100,000 people .
East London continues to have a high rate @ @ @ @ @ @ @ of Redbridge , Barking and Dagenham , Tower Hamlets and Newham reporting spikes in new infections .
Redbridge saw 112 new cases in the past 24 hours , taking the total number of infections in the borough to 2,745 .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Data sourced from Public Health England , effective as of 15 October It comes after MPs were told this morning that London will move into Tier 2 from midnight on Friday .
@ @ @ @ @ @ @ mixing indoors with anyone outside your household or support bubble .
The rule of six will still apply to outdoor social gatherings or meetings in private gardens .
Essex and the borough of Elmbridge in Surrey — which encompasses Cobham , Walton-on-Thames and Esher amongst other stockbroker belt towns — will also enter the Tier 2 restrictions .
Londoners will be told to avoid public transport where possible , with buses and trains expected to run reduced services .
Khan said the new measures were necessary and people in the capital could not @ @ @ @ @ @ @ ” about the need for further restrictions .
“ The virus is spreading rapidly in every corner of our city , ” he said .
“ Nobody wants to see more restrictions , but this has been deemed necessary to protect London by myself , London council leaders and ministers.
” Before the Open newsletter : Start your day with the City View podcast and key market data

How many Covid-19 infections are there in your London borough?
London has seen a sharp drop in the number of recorded coronavirus cases over the past few days, after figures released on Friday showed the capital currently has the lowest R rate in the country.
A further 629 cases were recorded in the past 24 hours, taking the total number of positive tests in London since the start of the pandemic to 697,278.
It marks a significant drop since a record 19,871 daily cases were recorded on 29 December, as lockdown measures continue to drive down infections.
Several areas in the capital have seen case numbers drop threefold over the past fortnight, which in turn has pushed down the spread of infection.
Most boroughs in the capital now have a seven-day rate below 100 new cases per 100,000, but that figure is below 50 in some areas in central London.
Twenty-nine London borough areas, including the whole of east London which was hardest hit by the second wave, have a seven-day case rate below 100 new confirmed cases per 100,000.
Meanwhile, Southwark, Westminster, Camden, Kensington and Chelsea all recorded seven-day rates below 50. Lewisham saw the lowest case rate in the capital in the week to 24 February, with an average of 43 people infected per 100,000 population.
Meanwhile, Ealing currently has the highest case rate, with 123 cases per 100,000, followed by Hounslow at 115 and Hillingdon on 97.
Health chiefs have said all London boroughs need to get below a case rate of 100 before restrictions can begin to be lifted, starting with the reopening of schools on 8 March.
It comes after figures released last Friday showed London’s R rate remains at a best estimate of 0.6 to 0.8 — the lowest in the country, alongside the east of England and the South West.
The figure means infections may be falling anywhere between five and eight per cent each day.
However, separate figures released last week showed the percentage of people testing positive for coronavirus in London remains the highest of any English region.
Data published by the Office for National Statistics (ONS) showed around 1 in 63 Londoners were infected with the virus last week.
That compares to an estimated 1 in 80 people who contracted the virus in England as a whole in the week to 6 February, according to ONS figures.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
London coronavirus cases by borough (in alphabetical order)
Data sourced from Public Health England, accurate as of 4pm on Tuesday 2 March
Boroughs Rate of infection per 100,000 people in last 7 days Total confirmed cases since start of pandemic Barking and Dagenham 86 22,925 Barnet 75 29,569 Bexley 58 21,812 Brent 91 27,577 Bromley 48 23,857 Camden 42 13,683 Croydon 73 30,213 Ealing 123 29,807 Enfield 48 29,217 Greenwich 55 21,769 Hackney and City of London 57 21,234 Hammersmith and Fulham 76 12,564 Haringey 58 20,345 Harrow 95 19,917 Havering 65 26,383 Hillingdon 97 25,287 Hounslow 115 23,817 Islington 43 14,574 Kensington and Chelsea 43 8,643 Kingston upon Thames 47 11,764 Lambeth 49 23,625 Lewisham 39 21,226 Merton 79 15,719 Newham 61 34,574 Redbridge 72 31,965 Richmond upon Thames 55 10,430 Southwark 42 21,947 Sutton 80 15,509 Tower Hamlets 53 28,074 Waltham Forest 52 24,325 Wandsworth 63 21,377 Westminster 41 13,577
Before the Open newsletter: Start your day with the City View podcast and key market data


cityam--2020-10-16--New wealth to be made and lives to be saved by democratising space

Many of us forget that a large portion of our daily lives and activities are based around technology and data that originated from space applications .
These range from influencing how the crops you consume yield to the visualizations your favorite artist uses during their concert .
With the Space market set to reach a trillion dollars in the near future , it is impossible to measure the exact potential of unlocking downstream Space assets or what Copernic Space calls digital Space assets such as satellite data , IP , and software in a democratized way for the wider market @ @ @ @ @ @ @ surely be substantial and disruptive .
The amount of financial support and investment capital that could be poured in by the global population for countless startups and even NASA is hard to accurately gauge .
Both are brimming with a new age of wealth creation and innovation and blockchain technology can be a key to unlocking it .
A group of entrepreneurs and industry veterans from Aerospace , Fortune 500 tech companies and leading blockchain startups have come together to build the marketplace to unlock untold value of digital Space assets for the @ @ @ @ @ @ @ world .
This new marketplace , Copernic Space , is set to launch soon with exclusive early adopter partners and related use cases , but already has a generational story behind it .
The driving force behind Copernic Space are the daughter and grandson of a Polish Military Professor with independent works published by NASA .
Eva and Grant Blaisdell continue his Space legacy through various initiatives including the Lady Rocket Foundation that focuses on providing entrepreneurial and space related experiences for underprivileged children from South Central Los Angeles to Lithuania .
A @ @ @ @ @ @ @ American computer industry and corporate charity into Central Europe after the fall of communism , Eva Blaisdell has been actively involved in various elements of the Space economy for years .
After dealing with many entrepreneurs , space related companies , and NASA during their endeavors , Eva and Grant are realizing the immense opportunity to provide an open marketplace .
It will serve to not only allow these entities to commercialize their work with scale , but also attract attention and financial support from the public and wider business world .
With @ @ @ @ @ @ @ developing ventures around blockchain and regulatory technology such as Coinfirm , the realization came that it was possible to create such a marketplace for this soon to be trillion dollar economy , and to provide a new economic foundation for it going into the future based on this technology .
An NFT and Smart Contract powered platform , Copernic Space enables these “ digital Space assets ” to be commercialized globally with trust and security on the Copernic marketplace .
Asset ownership and payment transfers are tied to smart contracts and executed through @ @ @ @ @ @ @ , allowing for automatization and simultaneous value transfer related to digital Space assets such as satellite data .
Equally important on the Copernic Marketplace is the “ SmartFund ” feature that allows the public to provide funding of various kinds to these private and public space projects on the marketplace .
Imagine if NASA didn ’ t have to rely on the US Congress for each cent but could openly engage the American public to help , or think of the possibilities for these hyper innovative startups with limited access to funding if @ @ @ @ @ @ @ support from the world .
NASA has also been looking to commercialize their IP more effectively , to make it available to startups and the market as a whole .
During a meeting at SpaceX , a question to Elon Musk and NASA chief Jim Bridenstine by Copernic ’ s Co Founder about IP related aspects for the collaboration stirred enough of a response from the two that it made TechCrunch the next day , highlighting the importance of these “ assets ” .
Many reports about the potential of applying blockchain technology @ @ @ @ @ @ @ at Copernic Space providing a core element powering the future of digital Space commerce .
In a PwC France Report it stated that blockchain “ Reduces the barriers to raising funding by democratising access to finance .
Enabling a crypto token-based ownership of space assets including spacecrafts , satellites and potentially , astronomical bodies.
” Simon Drake , co-founder and Managing Director of Space Ventures Investors , and a Copernic Space collaborator added that “ A growing Space Economy requires a different kind of ledger .
Blockchain has the potential for underpinning the @ @ @ @ @ @ @ the various securities required to be issued to undertake the next bold steps to take the Space Economy beyond Earth : A Lunar Resources company , or an Asteroid Mining Syndicate , in order to raise enough capital to undertake expensive operations , will need to use Blockchain to issue a massive volume of securities tied to various activities , e.g .
a smart contract that can trigger dividends for when an operation meets milestones , or the reverse.
” Some of the first industry cases you ’ ll be hearing about publicly @ @ @ @ @ @ @ the broad potential and impact this platform can have .
One working example that will be executed on the platform is providing actionable data through digital satellite imagery and GIS processing to solve challenges in various sectors such as agriculture in Angola and other African nations .
Looking to the future growth of the business as it prepares to take itself to market , Copernic Space has been bringing on new but experienced faces to its already diverse team .
Chris Jones , a veteran of applying new technologies to various industries including @ @ @ @ @ @ @ CTO .
Eldrige De Melo , a Ground Space Senior Specialist in Aerospace companies based out of Toulouse , France , has come on as a Project Manager .
“ I ’ m delighted to be working on the democratisation of Space and Space derived assets as the CTO for Copernic .
Throughout my career I ’ ve been involved with many aspects of technology , from Artificial Intelligence and Knowledge Based Engineering through to Blockchain , cyber security and single photon emitters for Quantum Key Distribution .
My aim is that Copernic @ @ @ @ @ @ @ economy in a way that is disruptive and open .
The industry is ripe for new solutions to existing problems , we are right at the beginning of a new wave of business opportunity where Space is no longer the preserve of Governments and Big Business.
” said Jones .

Partner Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
New wealth to be made and lives to be saved by democratising space
Many of us forget that a large portion of our daily lives and activities are based around technology and data that originated from space applications. These range from influencing how the crops you consume yield to the visualizations your favorite artist uses during their concert.
With the Space market set to reach a trillion dollars in the near future, it is impossible to measure the exact potential of unlocking downstream Space assets or what Copernic Space calls digital Space assets such as satellite data, IP, and software in a democratized way for the wider market and public access, but it will surely be substantial and disruptive. The amount of financial support and investment capital that could be poured in by the global population for countless startups and even NASA is hard to accurately gauge. Both are brimming with a new age of wealth creation and innovation and blockchain technology can be a key to unlocking it.
A group of entrepreneurs and industry veterans from Aerospace, Fortune 500 tech companies and leading blockchain startups have come together to build the marketplace to unlock untold value of digital Space assets for the benefit of their owners and the wider world. This new marketplace, Copernic Space, is set to launch soon with exclusive early adopter partners and related use cases, but already has a generational story behind it.
The driving force behind Copernic Space are the daughter and grandson of a Polish Military Professor with independent works published by NASA. Eva and Grant Blaisdell continue his Space legacy through various initiatives including the Lady Rocket Foundation that focuses on providing entrepreneurial and space related experiences for underprivileged children from South Central Los Angeles to Lithuania. A former Compaq executive responsible for bringing the American computer industry and corporate charity into Central Europe after the fall of communism, Eva Blaisdell has been actively involved in various elements of the Space economy for years.
After dealing with many entrepreneurs, space related companies, and NASA during their endeavors, Eva and Grant are realizing the immense opportunity to provide an open marketplace. It will serve to not only allow these entities to commercialize their work with scale, but also attract attention and financial support from the public and wider business world. With Grant’s experience and success in developing ventures around blockchain and regulatory technology such as Coinfirm, the realization came that it was possible to create such a marketplace for this soon to be trillion dollar economy, and to provide a new economic foundation for it going into the future based on this technology.
An NFT and Smart Contract powered platform, Copernic Space enables these “digital Space assets” to be commercialized globally with trust and security on the Copernic marketplace. Asset ownership and payment transfers are tied to smart contracts and executed through a blockchain based system(SmartOffer), allowing for automatization and simultaneous value transfer related to digital Space assets such as satellite data. Equally important on the Copernic Marketplace is the “SmartFund” feature that allows the public to provide funding of various kinds to these private and public space projects on the marketplace.
Imagine if NASA didn’t have to rely on the US Congress for each cent but could openly engage the American public to help, or think of the possibilities for these hyper innovative startups with limited access to funding if they could open their projects to financial support from the world. NASA has also been looking to commercialize their IP more effectively, to make it available to startups and the market as a whole. During a meeting at SpaceX, a question to Elon Musk and NASA chief Jim Bridenstine by Copernic’s Co Founder about IP related aspects for the collaboration stirred enough of a response from the two that it made TechCrunch the next day, highlighting the importance of these “assets”.
Many reports about the potential of applying blockchain technology and models to the Space industry hint at Copernic Space providing a core element powering the future of digital Space commerce. In a PwC France Report it stated that blockchain “Reduces the barriers to raising funding by democratising access to finance. Enabling a crypto token-based ownership of space assets including spacecrafts, satellites and potentially, astronomical bodies.”
Simon Drake, co-founder and Managing Director of Space Ventures Investors, and a Copernic Space collaborator added that “A growing Space Economy requires a different kind of ledger. Blockchain has the potential for underpinning the trade in digital assets, and also the various securities required to be issued to undertake the next bold steps to take the Space Economy beyond Earth: A Lunar Resources company, or an Asteroid Mining Syndicate, in order to raise enough capital to undertake expensive operations, will need to use Blockchain to issue a massive volume of securities tied to various activities, e.g. a smart contract that can trigger dividends for when an operation meets milestones, or the reverse.”
Some of the first industry cases you’ll be hearing about publicly from Copernic Space will focus on showing the broad potential and impact this platform can have. One working example that will be executed on the platform is providing actionable data through digital satellite imagery and GIS processing to solve challenges in various sectors such as agriculture in Angola and other African nations.
Looking to the future growth of the business as it prepares to take itself to market, Copernic Space has been bringing on new but experienced faces to its already diverse team. Chris Jones, a veteran of applying new technologies to various industries including Aerospace, has been brought on as CTO. Eldrige De Melo, a Ground Space Senior Specialist in Aerospace companies based out of Toulouse, France, has come on as a Project Manager.
“I’m delighted to be working on the democratisation of Space and Space derived assets as the CTO for Copernic. Throughout my career I’ve been involved with many aspects of technology, from Artificial Intelligence and Knowledge Based Engineering through to Blockchain, cyber security and single photon emitters for Quantum Key Distribution. My aim is that Copernic will deliver Blockchain technology into the NewSpace economy in a way that is disruptive and open. The industry is ripe for new solutions to existing problems, we are right at the beginning of a new wave of business opportunity where Space is no longer the preserve of Governments and Big Business.” said Jones.


cityam--2020-10-16--Technically speaking: a data analysis of Uniswap

The biggest crypto craze of the moment is decentralised finance , and the most popular decentralised exchange is Uniswap .
The Novum Insights analyst team has pulled together data on the most active of the 14652 trading pairs on Uniswap and it has been a rollercoaster ride as to where volume is .
The sector has lured in much of the crypto world with prospects of huge returns , driven by individuals providing liquidity to the good , the bad and the ugly of the defi world .
One of the key elements of decentralised finance is that the users @ @ @ @ @ @ @ a market for particular tokens , removing the need for centralised counterparts .
We thought it wise to consider where tokens are being provided ‘ regular ’ sufficient liquidity so that you will have ‘ herd ’ protection .
The first thing to remember is the market is very one-sided – of the thousands of pairs only 500 have liquidity above .
We looked back at the market when it was booming in September , as it drew increasing attention but also began to experience significant turbulence and controversy .
In the month @ @ @ @ @ @ @ daily liquidity of over $ 1BN on Uniswap and as expected , the ‘ Core ’ tokens ( large , well established tokens like USDT , USDC , DAI , WBTC ) make up the bulk of the liquidity .
After the ‘ core ’ tokens where is the rest of the liquidity going ?
Here is the chart with the core tokens removed .
The biggest ‘ splash ’ in the DEFI world was ( so far ) ‘ SUSHISWAP ’ a clone of UNISWAP protocol with added token ( and menu @ @ @ @ @ @ @ ChefNomi ’ This project delivered a super-trendy website and exciting ‘ tasty ’ yields on the provision of liquidity .
So when SUSHI did ‘ pop ’ and the master Chef withdrew $ 14m in one go , the price of the SUSHI token plummeted and everyone rushed for the exit on UNISWAP to stop providing liquidity for $ SUSHI .
However , the frenzy succeeded in creating general interest and ‘ contagion ’ to other projects which saw huge peaks in their liquidity around the SUSHI craze – as per this graph @ @ @ @ @ @ @ ” .
This is an edited version of a post that first appeared on the Novum Insights blog .
Please go there to look at some of the underlying data .
Crypto AM : Technically Speaking in association with Zumo Money

Technically speaking: a data analysis of Uniswap
The biggest crypto craze of the moment is decentralised finance, and the most popular decentralised exchange is Uniswap.
The Novum Insights analyst team has pulled together data on the most active of the 14652 trading pairs on Uniswap and it has been a rollercoaster ride as to where volume is. The sector has lured in much of the crypto world with prospects of huge returns, driven by individuals providing liquidity to the good, the bad and the ugly of the defi world.
One of the key elements of decentralised finance is that the users are able to earn fees for providing a market for particular tokens, removing the need for centralised counterparts.
We thought it wise to consider where tokens are being provided ‘regular’ sufficient liquidity so that you will have ‘herd’ protection. The first thing to remember is the market is very one-sided – of the thousands of pairs only 500 have liquidity above. We looked back at the market when it was booming in September, as it drew increasing attention but also began to experience significant turbulence and controversy.
In the month of September, there were an average daily liquidity of over $1BN on Uniswap and as expected, the ‘Core’ tokens (large, well established tokens like USDT, USDC, DAI, WBTC) make up the bulk of the liquidity.
After the ‘core’ tokens where is the rest of the liquidity going? Here is the chart with the core tokens removed.
The biggest ‘splash’ in the DEFI world was (so far) ‘SUSHISWAP’ a clone of UNISWAP protocol with added token (and menu?) masterminded by the anonymous ‘ChefNomi’ This project delivered a super-trendy website and exciting ‘tasty’ yields on the provision of liquidity.
So when SUSHI did ‘pop’ and the master Chef withdrew $14m in one go, the price of the SUSHI token plummeted and everyone rushed for the exit on UNISWAP to stop providing liquidity for $SUSHI. However, the frenzy succeeded in creating general interest and ‘contagion’ to other projects which saw huge peaks in their liquidity around the SUSHI craze – as per this graph from UNISWAP data – “Peak Sushi”.
This is an edited version of a post that first appeared on the Novum Insights blog. Please go there to look at some of the underlying data.
https://www.novuminsights.com/post/defi-roundup
Crypto AM: Technically Speaking in association with Zumo Money