cityam--2020-10-14--Regulator fines ARCM for breaches of short-selling rules

The City regulator has handed its first fine for breaches of short-selling rules to activist hedge fund Asia Research and Capital Management .
The Financial Conduct Authority ( FCA ) today announced it had fined ACRM £873,118 over failing to publicly disclose its net short position in Premier Oil built between February 2017 and July 2019 .
Short selling regulations set out thresholds for when a firm is required to notify the regulator and disclose the public details of net short positions held .
The watchdog said that ARCM ’ s actions had been particularly serious given its failures to @ @ @ @ @ @ @ over a long period of time ” .
The failure to notify the regulator arose from ARCM ’ s belief that the regulations did not apply to derivatives , according to a source familiar with the firm .
The regulations apply to any transferable security such as shares .
It also states that a short position includes a transaction related to a share , which would include derivatives such as equity swaps and contracts for difference .
In total from February 2017 to July 2019 ARCM failed to make 153 notifications ot the @ @ @ @ @ @ @ position in Premier Oil .
By 5 July 2019 , the firm had built a net short position equivalent to 16.85 per cent of the issued share capital in Premier Oil .
Mark Steward , the FCA ’ s executive director of enforcement and market oversight , said this position was held back for a further 106 trading days before being notified to the FCA and disclosed to the public .
“ Failure to report disclosable short positions undermines the integrity and efficiency of financial markets .
ARCM repeatedly breached reporting rules and @ @ @ @ @ @ @ and to the market .
This fine reflects the seriousness of these breaches ” , Steward added .

Regulator fines ARCM for breaches of short-selling rules
The FCA has tabled a number of reforms to City rules to try and keep the capital competitive
The City regulator has handed its first fine for breaches of short-selling rules to activist hedge fund Asia Research and Capital Management.
The Financial Conduct Authority (FCA) today announced it had fined ACRM £873,118 over failing to publicly disclose its net short position in Premier Oil built between February 2017 and July 2019.
Short selling regulations set out thresholds for when a firm is required to notify the regulator and disclose the public details of net short positions held.
The watchdog said that ARCM’s actions had been particularly serious given its failures to comply “were multiple, and occurred over a long period of time”.
The failure to notify the regulator arose from ARCM’s belief that the regulations did not apply to derivatives, according to a source familiar with the firm.
The regulations apply to any transferable security such as shares. It also states that a short position includes a transaction related to a share, which would include derivatives such as equity swaps and contracts for difference.
In total from February 2017 to July 2019 ARCM failed to make 153 notifications ot the FCA in relation to its net short position in Premier Oil. By 5 July 2019, the firm had built a net short position equivalent to 16.85 per cent of the issued share capital in Premier Oil.
Mark Steward, the FCA’s executive director of enforcement and market oversight, said this position was held back for a further 106 trading days before being notified to the FCA and disclosed to the public.
“Failure to report disclosable short positions undermines the integrity and efficiency of financial markets. ARCM repeatedly breached reporting rules and failed to provide important information to us and to the market. This fine reflects the seriousness of these breaches”, Steward added.
ARCM declined to comment.


cityam--2020-10-15--How to restore trust in a digitalised society

Before the ascent of the internet , trust was earned through local reputation .
A network of family , friends and neighbours determined which organisations could be relied upon by word of mouth .
Someone would confide that a car dealer had let them down and was not to be trusted , shifting business elsewhere .
Every parent was quickly made aware of the perceived quality of local schools , even where there was little choice .
Read more : Tech brands must embrace ethics to build trust with customers All this shared knowledge , communicated in person via briefings @ @ @ @ @ @ @ the bus stop , assigned a community ’ s unofficial rating to a trader or an organisation .
As society has changed , we ’ ve moved from buying direct from people we know about to the more anonymous supermarkets and chains , and now increasingly online — a trend accelerated by Covid-19 .
Interacting completely online means we might know nothing at all about a vendor , including in which country their goods originate or the quality controls exercised upon them .
Having moved from the world of trust earned through a @ @ @ @ @ @ @ know to one of remote relationships , how do we now judge what and who to trust ?
As business and society has become more globally interconnected and interdependent , there are new trust parameters .
We didn ’ t have to worry about how businesses in other countries and continents operated when we didn ’ t interact with them or buy from them .
In our rapidly changing digital and global economy we now want and need to know much more about an organisation before we trust it : how do they @ @ @ @ @ @ @ do they protect the environment , and do they pay their fair share of tax ?
We can ’ t rely on our local community for answers , and social media is awash with conflicting information and opinions from people we ’ ve never met and don ’ t know if we can trust .
At ACCA , our latest report Tenets of Business Law : A Framework for the Future considers how legal frameworks can help us with these dilemmas , as we seek to recover from Covid-19 and build a sustainable @ @ @ @ @ @ @ part of our support for Global Ethics Day on 21 October , addresses the issue of what constitutes and builds organisational reputation in today ’ s world .
At the heart of this question is how our business laws can enable a transparent and accessible assessment of a business ’ s “ character ” , in addition to the reporting of financial information .
Governments , businesses and societies around the world are facing unprecedented challenges .
The impact of the digitalising economy combined with demographic and social shifts , climate change and @ @ @ @ @ @ @ business models that has been gathering pace since the global financial crisis .
Over the past few months , the impact of the pandemic has further intensified the focus on , and importance of , resilient business models and cooperative action .
The need for clear and effective business laws to build a sustainable economy for the future is greater than it has ever been .
Every major economy is experiencing or facing the threat of economic depression , with many seeing existential threats to some of their most important sectors .
The @ @ @ @ @ @ @ alike are almost entirely novel .
And yet the success of responses to them will depend on timeless concepts , one of the most important of which is integrity .
We need common frameworks and standards against which trustworthiness can be assessed .
Professional accountants have , since the formation of the profession in the nineteenth century , acted as one of the gatekeepers of trust .
Preparing , reviewing and providing assurance on the financial measures of others ’ businesses is key in creating the environment of trust that fosters effective trade @ @ @ @ @ @ @ commitment to ethics and professionalism , which ACCA works to develop and uphold .
Professional accountants operate by necessity within a shared framework of understood rules and standards , designed to allow individuals to make judgements and come to decisions about businesses and activities with which they have no direct contact .
Business law acts not simply as a restrictive list of prohibitions but rather as an enabling framework .
If we are to build better economies and societies , it won ’ t be enough to rely on the enforcement of punitive @ @ @ @ @ @ @ right thing .
Believing that the counterparty can be trusted to act in the joint best interest is at the heart of making decisions and investing time , money or effort into relationships and joint ventures of whatever form .
Much of business law is designed to ease and encourage the making of those decisions .
But beyond those basics of enabling trade to take place , business partners , owners and managers , customers and suppliers , taxpayers and governments all need to have faith in each other ’ s commitment to @ @ @ @ @ @ @ to lie at the heart of the contract between an entity and the society it is designed to serve .
Failures of ethical behaviour have consequences far beyond the specific transactions and individuals affected .
At a time when rebuilding both individual businesses and the frameworks and societies they operate in is going to be so vital to economic recovery , the integrity of partners and decision makers will be a key element in driving sustainable economic activity .
Business law structures are designed to enable as much as they are to protect @ @ @ @ @ @ @ elements of those frameworks , but a successful business will go far beyond that bare minimum .
Positive engagement with the transparency and accountability provisions of business regulation demonstrates an openness to collaboration and cooperation .
ACCA believes that lawmakers should formulate a framework in which business success makes a net positive contribution to society ’ s prosperity .
To be a sustainable organisation means being committed to minimising environmental impact whilst putting social justice and social responsibility at the heart of strategy .
But for that to make a difference to how @ @ @ @ @ @ @ must be measured against a reliable and trusted framework , and the results communicated in an accessible and understandable manner .
As we seek to rebuild , every organisation has a rare chance to recommit to a purpose that strengthens society .
If we focus on this , heightened trust and confidence in business , post the pandemic , will be our reward .
Read more : Boohoo is on the wrong side of history when it comes to business ethics and sustainability

How to restore trust in a digitalised society
Having moved from the world of trust earned through a handshake with someone we have got to know to one of remote relationships, how do we now judge what and who to trust?
Before the ascent of the internet, trust was earned through local reputation.
A network of family, friends and neighbours determined which organisations could be relied upon by word of mouth.
Someone would confide that a car dealer had let them down and was not to be trusted, shifting business elsewhere. Every parent was quickly made aware of the perceived quality of local schools, even where there was little choice.
All this shared knowledge, communicated in person via briefings over the garden gate or conversations at the bus stop, assigned a community’s unofficial rating to a trader or an organisation.
As society has changed, we’ve moved from buying direct from people we know about to the more anonymous supermarkets and chains, and now increasingly online — a trend accelerated by Covid-19.
Interacting completely online means we might know nothing at all about a vendor, including in which country their goods originate or the quality controls exercised upon them.
Having moved from the world of trust earned through a handshake with someone we have got to know to one of remote relationships, how do we now judge what and who to trust?
As business and society has become more globally interconnected and interdependent, there are new trust parameters. We didn’t have to worry about how businesses in other countries and continents operated when we didn’t interact with them or buy from them.
In our rapidly changing digital and global economy we now want and need to know much more about an organisation before we trust it: how do they treat workers in their supply chain, do they protect the environment, and do they pay their fair share of tax?
We can’t rely on our local community for answers, and social media is awash with conflicting information and opinions from people we’ve never met and don’t know if we can trust.
At ACCA, our latest report Tenets of Business Law: A Framework for the Future considers how legal frameworks can help us with these dilemmas, as we seek to recover from Covid-19 and build a sustainable economy.
This paper, prepared as part of our support for Global Ethics Day on 21 October, addresses the issue of what constitutes and builds organisational reputation in today’s world.
At the heart of this question is how our business laws can enable a transparent and accessible assessment of a business’s “character”, in addition to the reporting of financial information.
Governments, businesses and societies around the world are facing unprecedented challenges. The impact of the digitalising economy combined with demographic and social shifts, climate change and resource scarcity have driven a reappraisal of business models that has been gathering pace since the global financial crisis.
Over the past few months, the impact of the pandemic has further intensified the focus on, and importance of, resilient business models and cooperative action. The need for clear and effective business laws to build a sustainable economy for the future is greater than it has ever been.
Every major economy is experiencing or facing the threat of economic depression, with many seeing existential threats to some of their most important sectors. The challenges and opportunities facing policymakers and entrepreneurs alike are almost entirely novel. And yet the success of responses to them will depend on timeless concepts, one of the most important of which is integrity.
We need common frameworks and standards against which trustworthiness can be assessed. Professional accountants have, since the formation of the profession in the nineteenth century, acted as one of the gatekeepers of trust. Preparing, reviewing and providing assurance on the financial measures of others’ businesses is key in creating the environment of trust that fosters effective trade — and it relies on an ongoing commitment to ethics and professionalism, which ACCA works to develop and uphold.
Professional accountants operate by necessity within a shared framework of understood rules and standards, designed to allow individuals to make judgements and come to decisions about businesses and activities with which they have no direct contact. Business law acts not simply as a restrictive list of prohibitions but rather as an enabling framework.
If we are to build better economies and societies, it won’t be enough to rely on the enforcement of punitive laws to ensure that people do the right thing. Believing that the counterparty can be trusted to act in the joint best interest is at the heart of making decisions and investing time, money or effort into relationships and joint ventures of whatever form. Much of business law is designed to ease and encourage the making of those decisions.
But beyond those basics of enabling trade to take place, business partners, owners and managers, customers and suppliers, taxpayers and governments all need to have faith in each other’s commitment to the common good. And this needs to lie at the heart of the contract between an entity and the society it is designed to serve.
Failures of ethical behaviour have consequences far beyond the specific transactions and individuals affected. At a time when rebuilding both individual businesses and the frameworks and societies they operate in is going to be so vital to economic recovery, the integrity of partners and decision makers will be a key element in driving sustainable economic activity.
Business law structures are designed to enable as much as they are to protect. Compliance and risk management are essential elements of those frameworks, but a successful business will go far beyond that bare minimum. Positive engagement with the transparency and accountability provisions of business regulation demonstrates an openness to collaboration and cooperation.
ACCA believes that lawmakers should formulate a framework in which business success makes a net positive contribution to society’s prosperity. To be a sustainable organisation means being committed to minimising environmental impact whilst putting social justice and social responsibility at the heart of strategy. But for that to make a difference to how the business is perceived, those commitments must be measured against a reliable and trusted framework, and the results communicated in an accessible and understandable manner.
As we seek to rebuild, every organisation has a rare chance to recommit to a purpose that strengthens society. If we focus on this, heightened trust and confidence in business, post the pandemic, will be our reward.
Main image credit: Getty


cityam--2020-10-14--National Grid launches £700m subsea power link

National Grid will today open its latest energy interconnector , which will provide enough clean power for 1m households .
The 149-mile-long power cable , which runs between Portsmouth and Caen in France , allows the two nations to share excess zero carbon power .
By the end of its first year in operation , IFA2 will have helped avoid 1.2m tonnes of carbon dioxide from entering the atmosphere , equivalent to planting 50m trees .
Interconnectors are a crucial factor in the UK ’ s attempts to decarbonise its power network .
National Grid ’ s three such existing @ @ @ @ @ @ @ 5m homes .
Another similar project , the so-called Viking Link between the Lincolnshire and Denmark , began construction earlier this year .
By 2024 , three more interconnectors are expected to have been completed , with enough combined power for 8m homes .
Before the Open newsletter : Start your day with the City View podcast and key market data And by the end of the decade , 100m tonnes of carbon dioxide will be prevented from entering the atmosphere – the same effect as removing 2m cars from the country ’ @ @ @ @ @ @ @ , a £700m joint venture with French grid RTE , was completed both on time and budget despite the shutdowns caused by the coronavirus pandemic .
In the last decade , Britain ’ s power grid has decarbonised faster than that of any other developed country with a 64 per cent decline in carbon emissions .
Jon Butterworth , the chief exec of National Grid Ventures , said : “ While the world is focused on the pandemic and managing the knock-on effects on our lives , we know that progress towards net @ @ @ @ @ @ @ and Britain needs to keep up the momentum in reducing harmful carbon emissions .
Read more : SSE sells energy from waste plants for £1bn “ The launch of the IFA2 interconnector , linking France and Britain ’ s power grids , is an important step in accelerating our progress to a cleaner , greener future .
”

National Grid launches £700m subsea power link
National Grid
National Grid (NG) will today open its latest energy interconnector, which will provide enough clean power for 1m households.
The 149-mile-long power cable, which runs between Portsmouth and Caen in France, allows the two nations to share excess zero carbon power.
By the end of its first year in operation, IFA2 will have helped avoid 1.2m tonnes of carbon dioxide from entering the atmosphere, equivalent to planting 50m trees.
Interconnectors are a crucial factor in the UK’s attempts to decarbonise its power network. National Grid’s three such existing cables already provide clean energy to roughly 5m homes.
Another similar project, the so-called Viking Link between the Lincolnshire and Denmark, began construction earlier this year.
By 2024, three more interconnectors are expected to have been completed, with enough combined power for 8m homes.
Before the Open newsletter: Start your day with the City View podcast and key market data
And by the end of the decade, 100m tonnes of carbon dioxide will be prevented from entering the atmosphere – the same effect as removing 2m cars from the country’s roads.
The new power link, a £700m joint venture with French grid RTE, was completed both on time and budget despite the shutdowns caused by the coronavirus pandemic.
In the last decade, Britain’s power grid has decarbonised faster than that of any other developed country with a 64 per cent decline in carbon emissions.
Jon Butterworth, the chief exec of National Grid Ventures, said: “While the world is focused on the pandemic and managing the knock-on effects on our lives, we know that progress towards net zero can’t afford to falter and Britain needs to keep up the momentum in reducing harmful carbon emissions.
“The launch of the IFA2 interconnector, linking France and Britain’s power grids, is an important step in accelerating our progress to a cleaner, greener future.”


cityam--2020-10-14--Business groups warn over London lockdown as mayor calls for support

A London lockdown would “ crumble ” businesses and turn the capital into a “ ghost town ” , leading business bodies have told City A.M , as fresh restrictions are likely to be imposed on the city in the next few days .
The Centre for Economics and Business Research ( Cebr ) said a London lockdown or two-week “ circuit breaker ” would hit the economy hard .
Read more : London coronavirus cases : How many infections are in your London borough ?
New restrictions are likely to be put in place in the capital “ in @ @ @ @ @ @ @ someone a City Hall with knowledge of the situation .
Anticipating the change , mayor of London Sadiq Khan wrote to Prime Minister Boris Johnson saying the government must “ put in place a support package for businesses , workers and London ’ s local authorities ” .
The virus is spreading in every part of the city .
London is expected to imminently hit an average of 100 cases per 100,000 people .
A significant number of boroughs are already over that threshold .
Discussions between city leaders and ministers are ongoing @ @ @ @ @ @ @ to the Financial Times , new restrictions could be put in place as soon as Friday .
Economists and business groups said new restrictions would be highly costly .
Cebr chief executive Nina Skero told City A.M : “ The real cost of the circuit breaker would come in terms of crumbling business and consumer confidence , with a corresponding impact on investment and expenditure.
” “ The City still feels like a ghost town compared to its pre-pandemic days and the businesses that rely on the daily influx of workers , [ @ @ @ @ @ @ @ and ] hairdressers , face some difficult months ahead , ” she added .
The latest data from the Cebr found that the pandemic created a £2.3bn spending hole in London between March and July , as shops remained shuttered under lockdown .
City of London Corporation chief executive Catherine McGuinness told City A.M. it was “ absolutely critical that London moves as one in tackling this wretched virus… [ and to ] keep the economy running as much as saving lives ” .
“ In terms of London ’ s long-term competitiveness @ @ @ @ @ @ @ because of the strengths that London has , but we are very worried about the supporting ecosystem , particularly in the City — the cafes [ and ] the bars that need that footfall there ” .
The Prime Minister is facing mounting pressure to introduce a two-week “ circuit-breaker ” lockdown to curb an exponential hike in infections across the country .
Labour leader Keir Starmer yesterday said refusing to impose one would cause the UK to “ sleepwalk into a bleak winter ” .
Read more : More than half of @ @ @ @ @ @ @ for local lockdown A snap Yougov poll released today found that the public “ overwhelmingly ” backs a two-week circuit breaker , with 68 per cent voicing their support for a lockdown during the October half-term .
The capital was placed on the lowest alert level under the Prime Minister ’ s new three-tier system that came into effect today .
However , Khan yesterday said it is “ highly likely ” that Londoners will face further measures in the next few days to stem the spread of the virus ” because cases @ @ @ @ @ @ @ ” .
Khan said today that the government must provide support for businesses and vulnerable people in the capital .
He suggested more generous support than the government ’ s offer to cover 67 per cent of the pay of workers in businesses that are forced to close .
Before the Open : Get the jump on the markets with our early morning newsletter “ At present the scheme does not prevent the incomes of the lowest-paid workers falling below the minimum wage , but many Londoners in this position are blocked from @ @ @ @ @ @ @ , ” he said .
He also said the government should immediately confirm an extension to the business rates holiday for retail , leisure and hospitality businesses ” .
It is due to end in March 2021 .

Business groups warn London lockdown would ‘crumble’ capital as mayor calls for support
The number of confirmed cases of the Indian variant has more than doubled this week.
A London lockdown would “crumble” businesses and turn the capital into a “ghost town”, leading business bodies have told City A.M, as fresh restrictions are likely to be imposed on the city in the next few days.
New restrictions are set to be rolled out across the capital “in very short order,” according to a City Hall source with knowledge of the situation.
The virus is currently spreading in every part of the city, with a significant number of boroughs already hurtling past the infection threshold used to impose restrictions on other parts of the country.
But economists and business groups said have warned that fresh restrictions would be highly costly for the capital.
The Centre for Economics and Business Research (Cebr) said a London lockdown or two-week “circuit breaker” would cripple the economy, which is only just beginning to recover from months of closures.
Read more: London coronavirus cases: How many infections are in your London borough?
Cebr chief executive Nina Skero told City A.M: “The real cost of the circuit breaker would come in terms of crumbling business and consumer confidence, with a corresponding impact on investment and expenditure.”
“The City still feels like a ghost town compared to its pre-pandemic days and the businesses that rely on the daily influx of workers, [including] cafes, dry cleaners [and] hairdressers, face some difficult months ahead,” she added.
The latest data from the Cebr found that the pandemic created a £2.3bn spending hole in London between March and July, as shops remained shuttered under lockdown.
City of London Corporation chief executive Catherine McGuinness told City A.M. it was “absolutely critical that London moves as one in tackling this wretched virus… [and to] keep the economy running as much as saving lives”.
“In terms of London’s long-term competitiveness and position we’re very confident because of the strengths that London has, but we are very worried about the supporting ecosystem, particularly in the City — the cafes [and] the bars that need that footfall there”.
The total number of coronavirus cases in London hiked to 65,503 today
Circuit breaker
The Prime Minister is facing mounting pressure to introduce a two-week “circuit-breaker” lockdown to curb an exponential hike in infections across the country.
Labour leader Keir Starmer yesterday said refusing to impose one would cause the UK to “sleepwalk into a bleak winter”.
Read more: More than half of London businesses ‘are not prepared’ for local lockdown
A snap Yougov poll released today found that the public “overwhelmingly” backs a two-week circuit breaker, with 68 per cent voicing their support for a lockdown during the October half-term.
The capital was placed on the lowest alert level under the Prime Minister’s new three-tier system that came into effect today.
However, Khan yesterday said it is “highly likely” that Londoners will face further measures in the next few days to stem the spread of the virus ”because cases are rising so quickly across the city”.
Khan today urged the government to provide support for businesses and vulnerable people in the capital ahead of any new lockdown measures.
The mayor suggested more generous support than the government’s offer to cover 67 per cent of the pay of workers in businesses that are forced to close.
Before the Open: Get the jump on the markets with our early morning newsletter
“At present the scheme does not prevent the incomes of the lowest-paid workers falling below the minimum wage, but many Londoners in this position are blocked from accessing additional support through the benefit system,” he said.
He also said the government should immediately confirm an extension to the business rates holiday for retail, leisure and hospitality businesses, which is due to end in March 2021.


cityam--2020-10-14--Government paying test and trace consultants equivalent of £1.5m salary

The UK government is paying some management consultants the equivalent of more than a million pounds a year to work on the coronavirus test and trace system that its own scientists have criticised .
Some senior-ranking consultants at Boston Consulting Group ( BCG ) are being paid around £7,000 a day , Sky News reported .
That would amount to around £1.5m a year .
Read more : More than 1,000 Deloitte consultants working on Test and Trace programme The revelations will raise questions about the value for money that the government is getting .
England ’ s test and @ @ @ @ @ @ @ recent weeks as coronavirus cases have surged .
This week , the government ’ s own scientific advisers said the system was having only a “ marginal impact ” on reducing the spread of Covid .
BCG , which has offices around the world , is a prestigious management consultancy .
That is , a business that advises on how to run organisations more effectively .
Private companies are heavily involved in the English test and trace system .
Contracting group Serco runs some test sites , for example , while Amazon is @ @ @ @ @ @ @ Management consultancies have also been brought in to help with challenges over logistics and efficiency .
BCG get £10m for test and trace work Sky , citing leaked documents , reported that the Department of Health and Social Care ( DHSC ) has paid BCG around £10m .
That was for a team of 40 consultants to work for four months on test and trace .
BCG ’ s “ day rates ” for public sector work – which determine the cost of its service – range from £2,400 to £7,360 for its @ @ @ @ @ @ @ BCG is giving the government a 10 to 15 per cent discount .
Although this would still equate to day rates equivalent to around £1.5m a year .
Sky also said that 165 more consultants had been hired to work on test and trace .
They include 84 from Deloitte , 31 from EY and 50 from KPMG .
A DHSC spokesperson said : “ NHS Test and Trace is the biggest testing system per head of population of all the major countries in Europe .
“ It ’ s processing 270,000 tests @ @ @ @ @ @ @ may otherwise have unknowingly at risk of spreading coronavirus have been contacted .
Read more : More than 1,000 Deloitte consultants working on Test and Trace programme “ To build the largest diagnostic network in British history , it requires us to work with both public and private sector partners with the specialist skills and experience we need .
“ Every pound spent is contributing towards our efforts to keep people safe as we ramp up testing capacity to 500,000 tests a day by the end of October .
”

Government paying test and trace consultants equivalent of £1.5m salary
Serco has come under fire for its role in the NHS Test and Trace app but the contract win has helped offset weaknesses in its transport services.
The UK government is paying some management consultants the equivalent of more than a million pounds a year to work on the coronavirus test and trace system that its own scientists have criticised.
Some senior-ranking consultants at Boston Consulting Group (BCG) are being paid around £7,000 a day, Sky News reported. That would amount to around £1.5m a year.
The revelations will raise questions about the value for money that the government is getting.
England’s test and trace system has come under fire in recent weeks as coronavirus cases have surged.
This week, the government’s own scientific advisers said the system was having only a “marginal impact” on reducing the spread of Covid.
BCG, which has offices around the world, is a prestigious management consultancy. That is, a business that advises on how to run organisations more effectively.
Private companies are heavily involved in the English test and trace system. Contracting group Serco runs some test sites, for example, while Amazon is involved in delivering some testing kits.
Management consultancies have also been brought in to help with challenges over logistics and efficiency.
BCG get £10m for test and trace work
Sky, citing leaked documents, reported that the Department of Health and Social Care (DHSC) has paid BCG around £10m. That was for a team of 40 consultants to work for four months on test and trace.
BCG’s “day rates” for public sector work – which determine the cost of its service – range from £2,400 to £7,360 for its most senior employees.
The report said BCG is giving the government a 10 to 15 per cent discount. Although this would still equate to day rates equivalent to around £1.5m a year.
BCG declined to comment.
Sky also said that 165 more consultants had been hired to work on test and trace. They include 84 from Deloitte, 31 from EY and 50 from KPMG.
A DHSC spokesperson said: “NHS Test and Trace is the biggest testing system per head of population of all the major countries in Europe.
“It’s processing 270,000 tests a day and nearly 700,000 people who may otherwise have unknowingly at risk of spreading coronavirus have been contacted.
“To build the largest diagnostic network in British history, it requires us to work with both public and private sector partners with the specialist skills and experience we need.
“Every pound spent is contributing towards our efforts to keep people safe as we ramp up testing capacity to 500,000 tests a day by the end of October.”


cityam--2020-10-14--Mayfair hedge fund takes £140m stake in British Airways owner

One of the UK ’ s largest hedge funds has taken out a large position in embattled British Airways owner IAG amid the worst crisis in aviation history .
£35bn Marshall Wace today disclosed a three per cent stake in the airlines group , making it one of IAG ’ s largest stockholders .
Read more : Alex Cruz : Five days to forget for the outbound British Airways boss The Mayfair-based fund has previously taken out short positions against European flag carriers such as Lufthansa and Air France .
Both of those carriers have already been on the receiving @ @ @ @ @ @ @ from their respective governments .
Although the pandemic has hammered airlines of all stripes , flag carriers such as BA have been particularly badly hit due to the decline in business travel .
Profitable routes such as the transatlantic London-New York remain closed after seven months of restrictions , with little indication that they will open up any time soon .
Before the Open newsletter : Start your day with the City View podcast and key market data Last month the carrier completed a £2.5bn capital raise ahead of the traditionally loss-making winter @ @ @ @ @ @ @ also drew down £300m from the Bank of England ’ s Covid Corporate Financing Facility ( CCFF ) .
Marshall Wace ’ s stake , which was reported by the Telegraph , is worth about £140m .
IAG ’ s largest shareholder is Qatar Airways , which owns a hefty 25 per cent of the group .
Read more : British Airways boss : We are still ‘ battling for survival ’ On Monday , the company surprised investors by axing BA chief exec Alex Cruz in Luis Gallego ’ s first act @ @ @ @ @ @ @ .
It came after a turbulent summer which saw the British airline branded a “ national disgrace ” by lawmakers amid a mass restructuring of its workforce .

Mayfair hedge fund takes £140m stake in British Airways owner
One of the UK’s largest hedge funds has taken out a large position in embattled British Airways owner IAG amid the worst crisis in aviation history.
£35bn Marshall Wace today disclosed a three per cent stake in the airlines group, making it one of IAG’s largest stockholders.
The Mayfair-based fund has previously taken out short positions against European flag carriers such as Lufthansa and Air France.
Both of those carriers have already been on the receiving end of nearly €20bn of state aid from their respective governments.
Although the pandemic has hammered airlines of all stripes, flag carriers such as BA have been particularly badly hit due to the decline in business travel.
Profitable routes such as the transatlantic London-New York remain closed after seven months of restrictions, with little indication that they will open up any time soon.
Before the Open newsletter: Start your day with the City View podcast and key market data
Last month the carrier completed a £2.5bn capital raise ahead of the traditionally loss-making winter months.
Early in the pandemic it also drew down £300m from the Bank of England’s Covid Corporate Financing Facility (CCFF).
Marshall Wace’s stake, which was reported by the Telegraph, is worth about £140m.
IAG’s largest shareholder is Qatar Airways, which owns a hefty 25 per cent of the group.
On Monday, the company surprised investors by axing BA chief exec Alex Cruz in Luis Gallego’s first act of note as IAG’s boss.
It came after a turbulent summer which saw the British airline branded a “national disgrace” by lawmakers amid a mass restructuring of its workforce.


cityam--2020-10-14--The We Company drops name and returns to Wework

Wework parent firm The We Company has dropped its “ We ” moniker and returned to its better-known name , as the company seeks to scale back its business operations in the wake of the pandemic .
Wework , which provides shared office spaces in more than 38 countries around the world , said the move reflected its attempts to “ strengthen its foundation ” , as the company weathers the coronavirus crisis under new leadership .
Read more : Wework sells control of China arm for $ 200m in global pullback The “ We ” brand was rolled out @ @ @ @ @ @ @ Adam Neumann , as the company sought to expand its portfolio from a shared office space business into a lifestyle brand .
Neumann was slammed when it emerged he had trademarked the brand name and received $ 5.9m ( £4.5m ) in royalties from Wework for its use .
He was forced out from the company in September last year after Wework abandoned plans for a public listing that would have valued the firm at $ 47bn .
Neumann said scrutiny of his leadership had “ become a significant distraction , ” and @ @ @ @ @ @ @ of the company for him to step down .
New chief executive Sandeep Mathrani said today ’ s name change signaled a return to the company ’ s roots .
“ We want to be strategic .
We want to be innovative .
We want to be impactful .
We want to be Wework , ” Mathrani wrote in a memo to staff .
“ We are officially restoring our company name from The We Company to Wework , ” he added .
In a statement , the company said the move followed @ @ @ @ @ @ @ its business during the pandemic , including “ divesting non-core ventures , rightsizing its global portfolio , and improving its balance sheet ” .
It comes after Wework in August said it had halved its year-on-year cash burn rate to $ 482m in the second quarter .
The company also said it had obtained a $ 1.1bn commitment in new financing from Softbank .
The cost-cutting measures followed a tough time for the company during the pandemic , with shuttered office spaces and government orders to “ work from home where possible ” @ @ @ @ @ @ @ : The City View : Wework ’ s Mathieu Proust on the future of the office The group recently rolled out a pay-as-you-go pilot for its flexible office space alongside a new subscription model that gives customers access across all its sites .
The company told City A.M : “ These products demonstrate the value proposition at Wework ’ s core , as well as the company ’ s commitment to redefining the future of work .
”

The We Company drops name and returns to Wework
Wework parent firm The We Company has dropped its “We” moniker and returned to its better-known name, as the company seeks to scale back its business operations in the wake of the pandemic.
Wework, which provides shared office spaces in more than 38 countries around the world, said the move reflected its attempts to “strengthen its foundation”, as the company weathers the coronavirus crisis under new leadership.
The “We” brand was rolled out in January last year by Wework co-founder Adam Neumann, as the company sought to expand its portfolio from a shared office space business into a lifestyle brand.
Neumann was slammed when it emerged he had trademarked the brand name and received $5.9m (£4.5m) in royalties from Wework for its use.
He was forced out from the company in September last year after Wework abandoned plans for a public listing that would have valued the firm at $47bn.
Neumann said scrutiny of his leadership had “become a significant distraction,” and that it was in the best interests of the company for him to step down.
New chief executive Sandeep Mathrani said today’s name change signaled a return to the company’s roots.
“We want to be strategic. We want to be innovative. We want to be impactful. We want to be Wework,” Mathrani wrote in a memo to staff.
“We are officially restoring our company name from The We Company to Wework,” he added.
In a statement, the company said the move followed “significant progress” in paring down its business during the pandemic, including “divesting non-core ventures, rightsizing its global portfolio, and improving its balance sheet”.
We work from home
It comes after Wework in August said it had halved its year-on-year cash burn rate to $482m in the second quarter. The company also said it had obtained a $1.1bn commitment in new financing from Softbank.
The cost-cutting measures followed a tough time for the company during the pandemic, with shuttered office spaces and government orders to “work from home where possible” throwing business into uncertainty.
The group recently rolled out a pay-as-you-go pilot for its flexible office space alongside a new subscription model that gives customers access across all its sites.
The company told City A.M: “These products demonstrate the value proposition at Wework’s core, as well as the company’s commitment to redefining the future of work.”


cityam--2020-10-14--Gambling firms unveil new online games rules as reforms loom

British gambling firms today unveiled a new code of conduct for the design of online games as they look to tackle problem gambling in the face of looming industry reforms .
New measures include slowing down spin speeds on slot machines , banning several controversial game features and improving access to safer gambling information .
Read more : 888 shares rocket 25 per cent as gambling firm raises full-year expectations The Betting and Gaming Council ( BGC ) , which published the code of conduct , said the move was designed to ensure safer gambling principles were incorporated into the @ @ @ @ @ @ @ market .
Under the new framework , game cycle speeds will be set at a minimum of 2.5 seconds .
Games will also be banned from using turbo play , which allows players to speed up games , and multi-slot play , where a player can place multiple stakes on different games at the same time .
The BGC said the measures would be in place at the end of the month .
“ The new Game Design Code of Conduct is yet another example of our determination to address concerns head on @ @ @ @ @ @ @ ” said BGC chief executive Michael Dugher .
It comes as the industry braces for an upcoming review of gambling legislation amid concerns about the growing number of problem gamblers in the UK .
The issue has come under even greater scrutiny this year as a result of the coronavirus crisis , with MPs calling for a total ban on gambling advertising and a cut to the maximum stake allowed online .
Read more : Government cracks down on loot boxes in bid to curb child gambling The looming reforms have led top @ @ @ @ @ @ @ to guide them through the review .
Betting giant 888 has appointed former Blair adviser Lord Mendelsohn as its new chairman , while rival Flutter last month tapped former Labour deputy leader and vocal anti-gambling campaigner Tom Watson as an adviser .

Gambling firms unveil new online games rules as reforms loom
British gambling firms today unveiled a new code of conduct for the design of online games as they look to tackle problem gambling in the face of looming industry reforms.
New measures include slowing down spin speeds on slot machines, banning several controversial game features and improving access to safer gambling information.
The Betting and Gaming Council (BGC), which published the code of conduct, said the move was designed to ensure safer gambling principles were incorporated into the design of games before they enter the market.
Under the new framework, game cycle speeds will be set at a minimum of 2.5 seconds.
Games will also be banned from using turbo play, which allows players to speed up games, and multi-slot play, where a player can place multiple stakes on different games at the same time.
The BGC said the measures would be in place at the end of the month.
“The new Game Design Code of Conduct is yet another example of our determination to address concerns head on and meet our safer gambling commitments,” said BGC chief executive Michael Dugher.
It comes as the industry braces for an upcoming review of gambling legislation amid concerns about the growing number of problem gamblers in the UK.
The issue has come under even greater scrutiny this year as a result of the coronavirus crisis, with MPs calling for a total ban on gambling advertising and a cut to the maximum stake allowed online.
The looming reforms have led top gambling companies to hire senior political figures to guide them through the review.
Betting giant 888 has appointed former Blair adviser Lord Mendelsohn as its new chairman, while rival Flutter last month tapped former Labour deputy leader and vocal anti-gambling campaigner Tom Watson as an adviser.


cityam--2020-10-14--London coronavirus cases: How many infections are in your London borough?

The number of confirmed coronavirus cases in London hit 65,503 today , with Barnet and Ealing continuing to be the capital ’ s worst-affected boroughs .
Although Prime Minister Boris Johnson held back from announcing tighter restrictions for the capital on Monday evening , mayor Sadiq Khan said he expects tougher rules for London to be rolled out later this week .
Khan stressed that the virus is spreading “ quickly and widely ” across the city “ with the number of people hospitalised for the disease tripling in the past month ” .
Figures released by Public Health England @ @ @ @ @ @ @ confirmed Covid-19 cases as of today , following a daily increase of 65 cases .
Ealing saw a spike of 100 new cases in the past 24 hours , taking its total number of infections 20 3,088 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 65,503 , with more than 90 cases per 100,000 people .
It comes after the PM on Monday night announced a new three-tier @ @ @ @ @ @ @ regions around the UK .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime Liverpool is currently under the highest alert category , meaning pubs , bars , restaurants and other hospitality venues have been forced to close , while social mixing will be banned both indoors and outdoors .
London is currently in the lowest risk category , though the mayor has warned the capital could escalate up the scale “ by the end of the week ” as cases continue to spike .
@ @ @ @ @ @ @ rate of new cases , with the boroughs of Redbridge , Barking and Dagenham , Tower Hamlets and Newham reporting spikes in newinfections .
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 14 October The mayor yesterday warned that new restrictions in London are now “ inevitable ” , despite the government ’ s decision to place the capital in the lowest risk category .
Khan said that all the @ @ @ @ @ @ @ be put into the tier two category within days , meaning the capital would be deemed as high risk and that new Covid restrictions would be implemented .
“ Hospital admissions , ICU occupancy , the numbers of older people with the cases , the prevalence of the disease – the positives are all going in the wrong direction , ” said the mayor .
“ I ’ m afraid this means it is inevitable over the course of the next few days that London will have passed a trigger point to be @ @ @ @ @ @ @ called high.
” 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--2020-10-14--EU watchdog proposes software capital relief to increase banks’ safety buffers

The European banking watchdog has proposed allowing lenders to include the value of software investments in capital calculations , a move that could increase banks ’ capital buffers by billions of euros .
The European Banking Authority ( EBA ) said lenders will be allowed to “ amortise ” or taper the value of software for capital purposes over three years .
Read more : EU markets watchdog working on ‘ Plan B ’ to move euro clearing from London Under current rules , eurozone banks must deduct the value of software investments such as cybersecurity from its capital buffer @ @ @ @ @ @ @ its core ratio or mandatory measure of stability .
The proposed change marks a victory for banks , which have long argued that current rules put them off updating cybersecurity systems and innovating in digital services for customers .
Brussels had already agreed to soften the rule to help banks keep lending to pandemic-hit businesses , and the European Commission is expected to rubberstamp the EBA ’ s proposals for introduction this year .
Before the Open newsletter : Start your day with the City View podcast and key market data The proposed @ @ @ @ @ @ @ €20.2bn ( £18.2bn ) this year across a sample of 64 banks , and by €20bn in 2021 , the EBA said .
“ The proposed approach is designed to be simple to implement and applicable to all institutions in a standardised manner , as is the case today with the deduction treatment , ” the regulator said .
Read more : Bank of England asks UK banks about readiness for negative rates “ The existing approach also distorts the global playing field , particularly when compared to the US , where banks @ @ @ @ @ @ @ that do not have to be deducted from a bank ’ s capital ratio , ” a spokesperson for the European Banking Federation said .
UK banking regulators have previously cautioned against including the value of software investments in capital ratios , citing numerous high profile systems outages at banks .

EU watchdog proposes software capital relief to increase banks’ safety buffers
Acacia Pharma Group has relocated to Belgium because of Brexit.
The European banking watchdog has proposed allowing lenders to include the value of software investments in capital calculations, a move that could increase banks’ capital buffers by billions of euros.
The European Banking Authority (EBA) said lenders will be allowed to “amortise” or taper the value of software for capital purposes over three years.
Under current rules, eurozone banks must deduct the value of software investments such as cybersecurity from its capital buffer upfront, adding 36 basis points to its core ratio or mandatory measure of stability.
The proposed change marks a victory for banks, which have long argued that current rules put them off updating cybersecurity systems and innovating in digital services for customers.
Brussels had already agreed to soften the rule to help banks keep lending to pandemic-hit businesses, and the European Commission is expected to rubberstamp the EBA’s proposals for introduction this year.
Before the Open newsletter: Start your day with the City View podcast and key market data
The proposed rule change would boost capital by about €20.2bn (£18.2bn) this year across a sample of 64 banks, and by €20bn in 2021, the EBA said.
“The proposed approach is designed to be simple to implement and applicable to all institutions in a standardised manner, as is the case today with the deduction treatment,” the regulator said.
“The existing approach also distorts the global playing field, particularly when compared to the US, where banks can treat software investments as tangible assets that do not have to be deducted from a bank’s capital ratio,” a spokesperson for the European Banking Federation said.
UK banking regulators have previously cautioned against including the value of software investments in capital ratios, citing numerous high profile systems outages at banks.


cityam--2020-10-14--Google Pixel 5 review: Google storms into the 5G race with a low-cost flagship to rival Apple

Seems like Google really took criticism of the Pixel 4 ’ s short battery life to heart .
The new flagship , 5G enabled Pixel 5 is the longest lasting phone I ’ ve used since my old Nokia 3310 .
Like some demented Duracell bunny , it simply refuses to die .
Even during my honeymoon period with the phone , when I ’ m playing around with it more than I usually would , watching YouTube and recording video , I ’ m routinely getting to bedtime with around 65 per cent battery remaining .
It ’ s @ @ @ @ @ @ @ first time in years I can confidently leave home without a charger in my backpack .
How has Google managed it ?
Well , the Pixel 5 has consciously uncoupled from the nuclear arms race that is the ever more incremental improvements to the hardware specifications of top-end flagship phones .
The Pixel 5 actually has , on paper , a slightly less powerful but more modern processor than the Pixel 4 XL , designed to work more efficiently with 5G networks .
The phone comes in just one size , a 6 @ @ @ @ @ @ @ and a holepunch-style selfie camera .
That newly positioned camera means a uniformly thin and very neat looking bezel all around the display .
This also means there ’ s no more notch , and with that no more gesture controls or face unlock , which has necessitated the return of the classic rear-mounted fingerprint scanner to unlock the phone .
The fingerprint scanner is a welcome return to the Pixel range , given that face unlock has been rendered pretty much unusable in public by the prevalence of face masks , and @ @ @ @ @ @ @ were unreliable at best .
And , once the temperature drops to the point that we need to break out the mittens , Google ’ s latest voice-activated Pixel Buds ( £179 , store.google.com ) will come into their own , as they give you full control over your phone , messages , music and the Google Assistant without ever having to unlock your device or take your hands out of your pockets .
If your mobile phone network supports 5G in your area , you ’ ll see the benefits of superfast @ @ @ @ @ @ @ right spot and the Pixel 5 easily beats most home broadband speeds , enabling high-definition video calling and simultaneous screen sharing with Google Duo .
The boosted network speed also allows for streaming games through Google Stadia , Google ’ s cloud-based gaming platform , where all of the processor-intensive graphics rendering is handled remotely to bring PC-quality gaming to a device the size of a chocolate bar .
When it works it feels like magic , though 5G coverage indoors , even in London , is still spotty at best .
Elsewhere @ @ @ @ @ @ @ especially around the phone ’ s class-leading camera , where machine learning has been pushed even further .
The camera array now features an ultra wide-angle lens and cinema-quality video stabilisation .
Portrait Light can illuminate and enhance your subject with a convincing virtual light source , working not just in new photos but in ones you ’ ve previously taken too .
Night Sight , which layers multiple shots together to take pictures in low light conditions , now works with portrait mode , somehow producing beautiful portrait shots using barely any @ @ @ @ @ @ @ , the recorder app has received some notable improvements too .
The dictaphone app automatically transcribes speech to text as before , but now allows you to edit the audio recording just by editing the transcript .
Highlight some words in the transcript and delete them , and the corresponding part of the audio file will also be removed .
Audio clips can be exported as subtitled video files alongside the waveform animation too , ready to share on social media .
The specifications of top-tier flagship phones have been plateauing for a @ @ @ @ @ @ @ Google breaks from its usual strategy of going toe-to-toe with the likes of Samsung .
Instead the focus is on a more power-efficient , longer-lasting , and more affordable 5G phone .
As more and more processing tasks are moved off-device and into the cloud , the latest Pixels prioritise network speeds and multi-day battery life over raw horsepower .
The result is a 5G ready and future-proofed Android champion , at an irresistible price .
Pixel 5 will be on-sale in the UK from October 15 for £599 .
Pixel 4a with @ @ @ @ @ @ @ 19 for £499 .

Google Pixel 5 review: Google storms into the 5G race with a low-cost flagship to rival Apple
Seems like Google really took criticism of the Pixel 4’s short battery life to heart. The new flagship, 5G enabled Pixel 5 is the longest lasting phone I’ve used since my old Nokia 3310.
Like some demented Duracell bunny, it simply refuses to die. Even during my honeymoon period with the phone, when I’m playing around with it more than I usually would, watching YouTube and recording video, I’m routinely getting to bedtime with around 65 per cent battery remaining. It’s a powerhouse, and freeing, the first time in years I can confidently leave home without a charger in my backpack.
How has Google managed it? Well, the Pixel 5 has consciously uncoupled from the nuclear arms race that is the ever more incremental improvements to the hardware specifications of top-end flagship phones.
The Pixel 5 actually has, on paper, a slightly less powerful but more modern processor than the Pixel 4 XL, designed to work more efficiently with 5G networks. The phone comes in just one size, a 6” device with a Full HD display and a holepunch-style selfie camera.
That newly positioned camera means a uniformly thin and very neat looking bezel all around the display. This also means there’s no more notch, and with that no more gesture controls or face unlock, which has necessitated the return of the classic rear-mounted fingerprint scanner to unlock the phone.
The fingerprint scanner is a welcome return to the Pixel range, given that face unlock has been rendered pretty much unusable in public by the prevalence of face masks, and the Pixel 4’s gesture controls were unreliable at best.
And, once the temperature drops to the point that we need to break out the mittens, Google’s latest voice-activated Pixel Buds (£179, store.google.com) will come into their own, as they give you full control over your phone, messages, music and the Google Assistant without ever having to unlock your device or take your hands out of your pockets.
That newly positioned camera means a uniformly thin and very neat looking bezel all around the display.
If your mobile phone network supports 5G in your area, you’ll see the benefits of superfast speeds straight away. Stand in the right spot and the Pixel 5 easily beats most home broadband speeds, enabling high-definition video calling and simultaneous screen sharing with Google Duo.
The boosted network speed also allows for streaming games through Google Stadia, Google’s cloud-based gaming platform, where all of the processor-intensive graphics rendering is handled remotely to bring PC-quality gaming to a device the size of a chocolate bar. When it works it feels like magic, though 5G coverage indoors, even in London, is still spotty at best.
Elsewhere Google has focused on improving software, especially around the phone’s class-leading camera, where machine learning has been pushed even further. The camera array now features an ultra wide-angle lens and cinema-quality video stabilisation.
Portrait Light can illuminate and enhance your subject with a convincing virtual light source, working not just in new photos but in ones you’ve previously taken too. Night Sight, which layers multiple shots together to take pictures in low light conditions, now works with portrait mode, somehow producing beautiful portrait shots using barely any light.
Introduced with the Pixel 4, the recorder app has received some notable improvements too. The dictaphone app automatically transcribes speech to text as before, but now allows you to edit the audio recording just by editing the transcript. Highlight some words in the transcript and delete them, and the corresponding part of the audio file will also be removed. Audio clips can be exported as subtitled video files alongside the waveform animation too, ready to share on social media.
The specifications of top-tier flagship phones have been plateauing for a while. With the Pixel 5, Google breaks from its usual strategy of going toe-to-toe with the likes of Samsung. Instead the focus is on a more power-efficient, longer-lasting, and more affordable 5G phone.
As more and more processing tasks are moved off-device and into the cloud, the latest Pixels prioritise network speeds and multi-day battery life over raw horsepower. The result is a 5G ready and future-proofed Android champion, at an irresistible price.
Pixel 5 will be on-sale in the UK from October 15 for £599. Pixel 4a with 5G will be on sale from November 19 for £499.
Rating: ★★★★★
Web: store.google.com
Price: £599


cityam--2020-10-15--Dunelm to repay furlough cash after sharp rise in sales

Dunelm has announced it will repay furlough money to the government following a sharp rise in sales as consumers have increased spending on homewares during lockdown .
The company said total sales jumped 36.7 per cent to £359.1m in the 13 weeks to 26 September as it continued to gain market share in the “ buoyant ” homewares market , with growth both online and instore .
Read more : Dunelm pulls final dividend as it forecasts a brighter 2021 Consumers have spent more on homeware during the pandemic after spending more time at home during the coronavirus lockdown , @ @ @ @ @ @ @ to be resilient and the firm is outperforming its competitors , it said in a statement this morning .
It said it has not yet experienced any significant disruption from the new regional lockdowns that have been introduced across the country .
However , it did not provide full-year guidance , saying the “ situation remains dynamic with a number of ongoing risks and uncertainties ” .
Chief executive Nick Wilkinson said : “ Recent months have seen homewares become even more relevant , as people spend more time in their homes up @ @ @ @ @ @ @ colleagues and suppliers have worked really hard to ensure our value focused , market leading proposition resonates with customers .
The strength in trading at this early point in the year is testament to their exceptional commitment and adaptability .
“ While we remain cautious about the continued uncertainty in the wider market , the resilience and flexibility of our business model leaves us well positioned as we enter our peak trading period and we remain confident in our ability to grow market share and help even more customers create a home they @ @ @

Dunelm to repay furlough cash after sharp rise in sales
Home delivery and click and collect options helped Dunelm grow sales while stores were closed
Dunelm has announced it will repay furlough money to the government following a sharp rise in sales as consumers have increased spending on homewares during lockdown.
The company said total sales jumped 36.7 per cent to £359.1m in the 13 weeks to 26 September as it continued to gain market share in the “buoyant” homewares market, with growth both online and instore.
Consumers have spent more on homeware during the pandemic after spending more time at home during the coronavirus lockdown, the company said.
The market continues to be resilient and the firm is outperforming its competitors, it said in a statement this morning.
It said it has not yet experienced any significant disruption from the new regional lockdowns that have been introduced across the country.
However, it did not provide full-year guidance, saying the “situation remains dynamic with a number of ongoing risks and uncertainties”.
Chief executive Nick Wilkinson said: “Recent months have seen homewares become even more relevant, as people spend more time in their homes up and down the country.
“Our colleagues and suppliers have worked really hard to ensure our value focused, market leading proposition resonates with customers. The strength in trading at this early point in the year is testament to their exceptional commitment and adaptability.
“While we remain cautious about the continued uncertainty in the wider market, the resilience and flexibility of our business model leaves us well positioned as we enter our peak trading period and we remain confident in our ability to grow market share and help even more customers create a home they love.”


cityam--2020-10-15--London, Essex and parts of Surrey to enter Tier 2 lockdown restrictions

London , Essex and Elmbridge is set to move to Tier 2 from midnight tomorrow , meaning the capital will be shift from “ medium ” to “ high ” alert .
Care minister Helen Whately told London MPs this morning that London will move from Tier 1 to Tier 2 on Friday night into Saturday .
Read more : London ’ s £10m+ home market is booming in these postcodes despite lockdown pause That will mean a ban on household mixing indoors with anyone outside your household or support bubble .
The rule of six will still apply to @ @ @ @ @ @ @ 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 .
Shops , gyms and tourist attractions will remain open .
Hospitality venues will continue as usual , with the 10pm curfew still in place .
Schools , universities and places of worship will also remain open .
The Prime Minister is set @ @ @ @ @ @ @ comes after London has seen a spike in infections in recent weeks , with the total number of infections hitting 65,503 yesterday , pushing the rate of infection up to 78 cases per 100,000 people in the week to 9 October .
Some parts of London have seen infection rates soar over the past week , with Ealing recording 119 new cases yesterday alone .
Barnet is close behind , recording 65 new cases yesterday , bringing the total number of infections to 3,114 since the start of the pandemic .
London MPs @ @ @ @ @ @ @ quickly cases are rising across the capital , particularly in West London .
London mayor Sadiq Khan has led the charge for further restrictions for the capital in the past few days , writing to the Prime Minister yesterday to call for a package of support alongside further restrictions .
“ It is vital London has the resources to engage , explain , encourage and enforce heightened restrictions and support compliance , ” Khan told the PM .
Leading business bodies yesterday told City A.M a London lockdown would “ crumble ” businesses @ @ @ @ @ @ @ ghost town ” .
The Centre for Economics and Business Research ( Cebr ) said a London lockdown or two-week “ circuit breaker ” would hit the economy hard and cause wide-scale job losses .
Cebr chief executive Nina Skero told City A.M : “ The real cost of the circuit breaker would come in terms of crumbling business and consumer confidence , with a corresponding impact on investment and expenditure.
” “ The City still feels like a ghost town compared to its pre-pandemic days and the businesses that rely on the @ @ @ @ @ @ @ ] cafes , dry cleaners [ and ] hairdressers , face some difficult months ahead , ” she added .
Read more : London pandemic update : How many Covid-19 infections are there in your local borough ?
City of London Corporation chief executive Catherine McGuinness told City A.M. it was “ absolutely critical that London moves as one in tackling this wretched virus… [ and to ] keep the economy running as much as saving lives ” .
“ In terms of London ’ s long-term competitiveness and position we ’ re @ @ @ @ @ @ @ London has , but we are very worried about the supporting ecosystem , particularly in the City — the cafes [ and ] the bars that need that footfall there ” .
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London, Essex and parts of Surrey to enter Tier 2 lockdown restrictions
Cenkos Securities secured a profit in 2020.
London, Essex and Elmbridge are set to move to Tier 2 from midnight tomorrow, meaning the capital will be shift from “medium” to “high” alert.
Care minister Helen Whately told London MPs this morning that London will move from Tier 1 to Tier 2 on Friday night into Saturday.
The new restrictions mean a ban on household mixing indoors with anyone outside your household or support bubble. The rule of six will still apply to outdoor meetings and gatherings 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.
Shops, gyms and tourist attractions will remain open. The ban on indoor mixing between households extends to pubs, bars and restaurants meaning indoor pints and meals are off the menu.
The 10pm curfew on hospitality venues will remain in place.
Schools, universities and places of worship will also remain open.
It comes after London has seen a spike in infections in recent weeks, with the total number of case hitting 65,503 yesterday, pushing the rate of infection up to 97 cases per 100,000 people in the week to 9 October.
Some parts of London have seen infection rates soar over the past week, with Ealing recording 119 new cases yesterday alone.
Barnet is close behind, recording 65 new cases yesterday, bringing the total number of infections to 3,114 since the start of the pandemic.
London MPs were this morning shown data demonstrating how quickly cases are rising across the capital, particularly in West London.
MPs were shown data illustrating how the rate of infection in London has spiked in recent weeks Source: Public Health England
London mayor Sadiq Khan has led the charge for further restrictions for the capital in the past few days, writing to the Prime Minister yesterday to call for a package of support alongside further restrictions.
“It is vital London has the resources to engage, explain, encourage and enforce heightened restrictions and support compliance,” Khan told the PM.
Leading business bodies yesterday told City A.M a London lockdown would “crumble” businesses and turn the capital into a “ghost town”.
The Centre for Economics and Business Research (Cebr) said a London lockdown or two-week “circuit breaker” would hit the economy hard and cause wide-scale job losses.
Cebr chief executive Nina Skero told City A.M: “The real cost of the circuit breaker would come in terms of crumbling business and consumer confidence, with a corresponding impact on investment and expenditure.”
“The City still feels like a ghost town compared to its pre-pandemic days and the businesses that rely on the daily influx of workers, [including] cafes, dry cleaners [and] hairdressers, face some difficult months ahead,” she added.
City of London Corporation chief executive Catherine McGuinness told City A.M. it was “absolutely critical that London moves as one in tackling this wretched virus… [and to] keep the economy running as much as saving lives”.
“In terms of London’s long-term competitiveness and position we’re very confident because of the strengths that London has, but we are very worried about the supporting ecosystem, particularly in the City — the cafes [and] the bars that need that footfall there”.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-10-15--There are few ways to skin a crypto podcast

Podcasts are pretty weird , but Steve Jobs was always a big fan as I reported for Forbes more than two years ago .
He insisted that podcasts were the audio of the future and while he could never have predicted ( or could he ? )
how they would prosper during a time of plague , his insistence they be part of the original Apple Store was propitious .
Now everybody ’ s at it , not less yours truly with our video podcast BlockSpeak , and lots of ex-journalists , ex-influencers , those-with-big-egos and even current broadcasters are @ @ @ @ @ @ @ a note here for BBC radio here .
Your radio content is amazing and always will be , but your podcasts are appalling and your normal broadcasts sound like excitable children whenever you put them near a podcast .
Unfortunately , however , investors are not moving into this weird space .
In spite of the ‘ controversial ’ Joe Rogan ’ s $ 100 million exclusive deal with Spotify announced in May , VCs have not bought into it at all .
This $ 100 million deal for Rogan ’ s mouthy @ @ @ @ @ @ @ be all the sugar and cream it purports to be because the money will apparently be based on ‘ the podcast ’ s performance metrics and other factors ’ … and that could mean anything .
Moreover , Grey Munford ( no relation , but I have to meet this guy having an almost better name than me ) , a spokesman for Spotify , refuses to comment on the $ 100 million figure .
So , are podcasts hype and bluster as well as weird ?
I ’ m not sure , @ @ @ @ @ @ @ they are very expensive and time-consuming to produce and growing those performance metrics takes a very long time .
Speaking from experience , it ’ s a tough road .
I set up BlockSpeak with my two co-founders in March .
One was a fantastic salesman , the other a good guy from the dark web who could bring views and then there was me with my conference-interviewing experience with the big guys ( and depressingly few big women ) .
It was the perfect content for lockdown .
No more conferences , @ @ @ @ @ @ @ heads in , so why not have a video podcast when viewers could watch two people talk as if they were in a bar ?
So , that ’ s what we did .
We set up a decent website , we interviewed somebody once a week , we tried to find points in the broadcast that we could cut into bite-sized segments and then we would render each episode before always publishing late on Friday UK morning and then start the social amplification .
We ensured we were available on all the @ @ @ @ @ @ @ Spotify and everywhere else and we did all this without any external investment , just our time , sweat and tears .
We did it for free .
As a venture partner for 7BC in Silicon Valley , I knew already there wasn ’ t much appetite for seed money or any type of Series anything , so we thought we would publish for three months , build an audience and then seek sponsorship or the occasional , but reputable , paid-for guest appearance .
Once that started to happen , we could @ @ @ @ @ @ @ couple of trading bots and be a new kind of startup that did things in a remote , Covidy type of way .
Once the trading profits reached a point , then we would hire the marketing people we needed to further build that audience .
It seemed like a good plan , we were getting fantastic guests… McAfee was on three times and so were a lot of much more sensible people .
My extensive network was all supportive , our reputation seemed to be up-market and we were prospering in a @ @ @ @ @ @ @ started to roll in , we were told by bigwigs that we were doing a service to true and authentic news , my interviewing style seemed to be popular , so what if all the sanctimonious PRs and representatives objected to the ‘ curse word ’ , they could all go elsewhere .
All was well in the weird podcast world .
We did our research , realised that the business model for crypto/blockchain/FinTech podcasts was a paid model and it was OK , not wrong , to charge for paid appearances .
@ @ @ @ @ @ @ PR companies to crypto companies that went from low five figures per month to up to £40,000K per month meant that there was enough for it all to go round .
But then we hit a wall .
Lots of companies and their representatives wanted to be on the show , but they weren ’ t prepared to do so in spite of their huge retainers .
We even launched a Donate page on the website where supporters would share some of their Bitcoin and we would credit them on the site .
@ @ @ @ @ @ @ , we were doing a service to true and authentic news .
We wanted to be independent and we wanted to be kind and all that mindfulness shit that has another word .
So , it ’ s time to maybe go back a little and think again .
We have published 30 video podcasts and five more are in the can and they ’ re all effing good , but we need to move on .
We need marketing people , traditional marketing people , who are not paid for by trading @ @ @ @ @ @ @ and even fiat .
We need more numbers and viewers and that is very hard to do with investment of some kind .
So , we ’ re going to see what interest there is now from smart investors and whether the ongoing and worsening Covid situation has sharpened minds .
We ’ ve put a deck together and we ’ re soon going to find out whether we should keep this going after the winter and the next six months .
We are not up for sale , we are going to @ @ @ @ @ @ @ Spring at the earliest , but it will be interesting to see what happens next .
As I said , podcasts are weird .
People and potential investors might ignore us completely .
Or they might shower golden Bitcoins on us , the price of Bitcoin will ascend to $ 100,000 by the end of 2021 and our podcast will be unstoppable , impregnable and important .
Watch this space… oh , and watch BlockSpeak , it ’ s bloomin awesome .

Crypto AM: Tip toe through the Crypto with Monty Munford

There are few ways to skin a crypto podcast
Getty Images
Podcasts are pretty weird, but Steve Jobs was always a big fan as I reported for Forbes more than two years ago.
He insisted that podcasts were the audio of the future and while he could never have predicted (or could he?) how they would prosper during a time of plague, his insistence they be part of the original Apple Store was propitious.
Now everybody’s at it, not less yours truly with our video podcast BlockSpeak, and lots of ex-journalists, ex-influencers, those-with-big-egos and even current broadcasters are moving into this weird space.
Just a note here for BBC radio here. Your radio content is amazing and always will be, but your podcasts are appalling and your normal broadcasts sound like excitable children whenever you put them near a podcast.
Unfortunately, however, investors are not moving into this weird space. In spite of the ‘controversial’ Joe Rogan’s $100 million exclusive deal with Spotify announced in May, VCs have not bought into it at all.
This $100 million deal for Rogan’s mouthy, but entertaining, show may not be all the sugar and cream it purports to be because the money will apparently be based on ‘the podcast’s performance metrics and other factors’… and that could mean anything.
Moreover, Grey Munford (no relation, but I have to meet this guy having an almost better name than me), a spokesman for Spotify, refuses to comment on the $100 million figure.
So, are podcasts hype and bluster as well as weird? I’m not sure, but what I do know is that they are very expensive and time-consuming to produce and growing those performance metrics takes a very long time.
Speaking from experience, it’s a tough road. I set up BlockSpeak with my two co-founders in March.
One was a fantastic salesman, the other a good guy from the dark web who could bring views and then there was me with my conference-interviewing experience with the big guys (and depressingly few big women).
It was the perfect content for lockdown. No more conferences, Zoom conferences were doing people’s heads in, so why not have a video podcast when viewers could watch two people talk as if they were in a bar?
So, that’s what we did. We set up a decent website, we interviewed somebody once a week, we tried to find points in the broadcast that we could cut into bite-sized segments and then we would render each episode before always publishing late on Friday UK morning and then start the social amplification.
We ensured we were available on all the platforms such as the big Stores, Spotify and everywhere else and we did all this without any external investment, just our time, sweat and tears. We did it for free.
As a venture partner for 7BC in Silicon Valley, I knew already there wasn’t much appetite for seed money or any type of Series anything, so we thought we would publish for three months, build an audience and then seek sponsorship or the occasional, but reputable, paid-for guest appearance.
Once that started to happen, we could use those monies to invest in a couple of trading bots and be a new kind of startup that did things in a remote, Covidy type of way. Once the trading profits reached a point, then we would hire the marketing people we needed to further build that audience.
It seemed like a good plan, we were getting fantastic guests… McAfee was on three times and so were a lot of much more sensible people. My extensive network was all supportive, our reputation seemed to be up-market and we were prospering in a time of plague.
Some sponsorship money started to roll in, we were told by bigwigs that we were doing a service to true and authentic news, my interviewing style seemed to be popular, so what if all the sanctimonious PRs and representatives objected to the ‘curse word’, they could all go elsewhere. All was well in the weird podcast world.
We did our research, realised that the business model for crypto/blockchain/FinTech podcasts was a paid model and it was OK, not wrong, to charge for paid appearances.
Moreover, the ridiculous prices charged by PR companies to crypto companies that went from low five figures per month to up to £40,000K per month meant that there was enough for it all to go round.
But then we hit a wall. Lots of companies and their representatives wanted to be on the show, but they weren’t prepared to do so in spite of their huge retainers. We even launched a Donate page on the website where supporters would share some of their Bitcoin and we would credit them on the site.
After all, as I said previously, we were doing a service to true and authentic news. We wanted to be independent and we wanted to be kind and all that mindfulness shit that has another word.
So, it’s time to maybe go back a little and think again. We have published 30 video podcasts and five more are in the can and they’re all effing good, but we need to move on.
We need marketing people, traditional marketing people, who are not paid for by trading bot profits, but by a wage and even fiat. We need more numbers and viewers and that is very hard to do with investment of some kind.
So, we’re going to see what interest there is now from smart investors and whether the ongoing and worsening Covid situation has sharpened minds.
We’ve put a deck together and we’re soon going to find out whether we should keep this going after the winter and the next six months.
We are not up for sale, we are going to continue on our merry way until the Spring at the earliest, but it will be interesting to see what happens next.
As I said, podcasts are weird. People and potential investors might ignore us completely.
Or they might shower golden Bitcoins on us, the price of Bitcoin will ascend to $100,000 by the end of 2021 and our podcast will be unstoppable, impregnable and important.
Watch this space… oh, and watch BlockSpeak, it’s bloomin awesome.


cityam--2020-10-15--Tier 2: What do the new London lockdown measures mean for you?

Millions of Londoners will face tougher restrictions from Saturday , as the capital is set to shift from Tier 1 to Tier 2 from midnight tomorrow .
Ministers were briefed on the new measures this morning , following a sharp spike in coronavirus cases across the capital .
Here ’ s what the new restrictions will mean for you : Can I still go round to my friend ’ s house ?
No .
Households will be barred from mixing indoors from midnight tomorrow .
That means you can only meet indoors with your bubble ; i.e .
anyone you @ @ @ @ @ @ @ six will still apply to meetings outdoors and in private gardens , meaning Bonfire Night is still on the cards for you and five other friends .
Can I go round to my partner ’ s house ?
The rules are slightly murky on this .
Technically , your support bubble should only include people you already live with , unless you are a single-adult household that has formed a bubble with a separate household that lives locally .
In other words , if either you or your partner live alone and have @ @ @ @ @ @ @ , you ’ re fine .
If you both live in house shares , you are not allowed to see one another under the new rules .
If you are a single parent with a child under the age of 18 you can also form a support bubble with a household other than the child ’ s other parent .
Otherwise , indoor social interactions between households will be banned from tomorrow night as the rules stand .
Can I still go to the pub with my mates ?
Yes and no .
@ @ @ @ @ @ @ extends to pubs , bars and restaurants .
That means you can ’ t go for a pint or meal with your friends if you sit inside .
But since different households are still allowed to meet outdoors providing they abide by the rule of six , you can still eat al fresco with your friends or hit up the beer gardens .
Wrap up warm .
Should I still go into work ?
Government orders are still to work from home where possible “ for at least six months ” .
However @ @ @ @ @ @ @ , the ban on household mixing will not apply while you are in the office .
Under Tier 2 restrictions , people are advised to reduce the number of journeys they make where possible .
That means getting into work may be a little trickier .
If you need to travel , you should walk or cycle where possible , or to plan ahead and avoid busy times and routes on public transport Can I still go to the gym ?
Yes .
Indoor sport and exercise classes can continue to take place @ @ @ @ @ @ @ maintained .
Health centres will also remain open .
Can I still go to shops/museums/cinemas ?
Yes .
All shops will remain open , while museums and galleries advise you to book ahead for a specified time slot .
Cinemas ( if they haven ’ t shut for the foreseeable future ) will stay open .
Since indoor mixing between households is banned under Tier 2 , you can only shop/see the Gaugin/chow down on popcorn with members of your own household or support bubble .
No Hinge dates to see that new @ @ @ @ @ @ @ my parents ?
No .
You can only visit your parents if you already live with them , or if you meet for a cup of tea in the garden .
Care homes will now be closed to external visitors other than in exceptional circumstances .
Otherwise , the same rules apply for meeting in public spaces — no meals/drinks with your parents indoors , but you ’ re fine outside .
Ministers are said to be discussing alleviating the rules for Christmas , with the hope that the new tier system will @ @ @ @ @ @ @ time for your turkey lunch .
What happens if I break the rules ?
Meeting indoors with people from another household ( other than in your support bubble , or with certain exceptions listed below ) will become illegal from midnight tomorrow .
The police will be able to take action against you if you meet in groups of larger than six or with people outside your household .
That includes breaking up illegal gatherings and issuing fines .
You can be fined £200 for the first offence , doubling for further offences @ @ @ @ @ @ @ If you hold , or are involved in holding , an illegal gathering of over 30 people , the police can issue fines of £10,000 .
What are the exceptions ?
Some people are exempt from the ban on indoor gatherings between households , including if you are : • For work , volunteering to provide voluntary or charitable services • For prospective adopting parents to meet a child or children who may be placed with them • For supervised activities provided for children , including wraparound care ( before and after school @ @ @ @ @ @ @ , and children ’ s playgroups • To see someone who is dying • To provide emergency assistance , and to avoid injury or illness , or to escape a risk of harm • To fulfil a legal obligation , such as attending court or jury service • To provide care or assistance to someone vulnerable • For a wedding or equivalent ceremony and wedding receptions where the organiser has carried out a risk assessment and taken all reasonable measures to limit the risk of transmission of the virus – up to a @ @ @ @ @ @ @ take place in private dwellings ) • For funerals — up to a maximum of 30 people .
Wakes and other commemorative events are permitted with up to 15 people present ( not to take place in private dwellings ) • For elite sportspeople and their coaches if necessary for competition and training , as well as parents or guardians if they are a child • For outdoor exercise and dance classes , organised outdoor sport , and licensed outdoor physical activity • Support groups of up to 15 participants — formally organised @ @ @ @ @ @ @ or any other form of support ( not to take place in private dwellings ) • Protests — if organised in compliance with Covid-secure guidance

What the new London lockdown measures mean for YOU
Millions of Londoners will face tougher restrictions from Saturday, as the capital is set to shift from Tier 1 to Tier 2 from midnight tonight.
Ministers were briefed on the new measures this morning, following a sharp spike in coronavirus cases across the capital.
Health secretary Matt Hancock later confirmed that Essex will join London on “high” alert in the small hours of Saturday morning.
Here’s what the new restrictions will mean for you:
Can I still go round to my friend’s house?
No. Households will be barred from mixing indoors from midnight tonight.
That means you can only meet indoors with your bubble; i.e. anyone you already live with.
The rule of six will still apply to meetings outdoors and in private gardens, meaning Bonfire Night is still on the cards for you and five other friends.
Can I go round to my partner’s house?
The rules are slightly murky on this. Technically, your bubble should only include people you already live with, unless you are a single-adult household that has formed a support bubble with a separate household that lives locally.
In other words, if either you or your partner live alone and have formed a support bubble with each other, you’re fine. If you both live in house shares, you are not allowed to see one another under the new rules.
If you are a single parent with a child under the age of 18 you can also form a support bubble with a household other than the child’s other parent.
Otherwise, indoor social interactions between households will be banned from tonight night as the rules stand.
Can I still go to the pub with my mates?
Yes and no.
The ban on indoor mixing between households extends to pubs, bars and restaurants. That means you can’t go for a pint or meal with your friends if you sit inside.
But since different households are still allowed to meet outdoors providing they abide by the rule of six, you can still eat al fresco with your friends or hit up the beer gardens. Wrap up warm.
Should I still go into work?
Government orders are still to work from home where possible “for at least six months”.
However, if you do go into work, the ban on household mixing will not apply while you are in the office.
Under Tier 2 restrictions, people are advised to reduce the number of journeys they make where possible. That means getting into work may be a little trickier.
If you need to travel, you should walk or cycle where possible, or plan ahead and avoid busy times and routes on public transport.
Can I still go to the gym?
Yes. Indoor sport and exercise classes can continue to take place, provided the rule of six is maintained. Health centres will also remain open.
You can still visit galleries, museums and cinemas, providing you do not mix between households
Can I still go to shops/museums/cinemas?
Yes. All shops will remain open, while museums and galleries advise you to book ahead for a specified time slot. Cinemas (if they haven’t shut for the foreseeable future) will stay open.
Since indoor mixing between households is banned under Tier 2, you can only shop/see the Gaugin/chow down on popcorn with members of your own household or support bubble. No Hinge dates to see that new Greta documentary.
Can I still visit my parents?
No. You can only visit your parents if you already live with them, or if you meet for a cup of tea in the garden.
Care homes will now be closed to external visitors other than in exceptional circumstances.
Otherwise, the same rules apply for meeting in public spaces — no meals/drinks with your parents indoors, but you’re fine outside.
Ministers are said to be discussing alleviating the rules for Christmas, with the hope that the new tier system will stem the current rise in infections in time for your turkey lunch.
What happens if I break the rules?
Meeting indoors with people from another household (other than in your support bubble, or with certain exceptions listed below) will become illegal from midnight tonight.
The police will be able to take action against you if you meet in groups of larger than six or with people outside your household.
That includes breaking up illegal gatherings and issuing fines.
You can be fined £200 for the first offence, doubling for further offences up to a maximum of £6,400. If you hold, or are involved in holding, an illegal gathering of over 30 people, the police can issue fines of £10,000.
What are the exceptions?
Some people are exempt from the ban on indoor gatherings between households, including if you are: