cityam--2020-09-15--How DeFi promises to transform financial services

Thus far , 2020 hasn ’ t been the best of years for many .
But for decentralised finance , or DeFi , 2020 has been a period of stratospheric growth , with the total value locked in rising from under $ 1bn , to just under $ 8bn today .
Although still very much in its infancy , the popular ecosystem is rapidly transforming the face of modern finance by taking components of a wide range of functions within traditional finance , and moulding them into trustless and transparent protocols via smart contracts and tokens .
Savings accounts , @ @ @ @ @ @ @ of the many decentralised applications ( dApps ) that offer a glimpse of the opportunities DeFi could unlock : With advantages such as the instant settlement of funds , the ability to use digital assets as collateral and no credit checks , DeFi lending platforms embody a great deal of appeal compared to existing credit systems .
Data from industry site , DeFi Pulse , reports that since March , DeFi lending on platforms including Compound and Aave , has surged more than seven-fold to $ 3.7bn , as investors seek returns at @ @ @ @ @ @ @ historic lows .
However , DeFi lending is not for the faint-hearted .
Borrowers typically tend to be traders who take out loans in say , Ethereum , then trade the coins on various exchanges against other cryptocurrencies .
They then aim to pay back the loan and pocket their profits , comparable to short-sellers in stock markets .
The hype around DeFi appears to have benefited decentralised exchanges , with trading volumes on DEXs setting new all-time highs .
Smart contracts enable direct trades between the participants ’ wallets , meaning users @ @ @ @ @ @ @ exchange to hold their funds .
This alleviates the risk that comes with depositing crypto into exchanges , which can lead to losing funds in the event of a hack .
The dominant platform is Ethereum-based DEX Uniswap , which accounts for 57 % of all DeFi users .
Since the latter half of August , there has been a spike in volume on Uniswap , a figure which recently surged to close to over $ 900 million – surging even way past Coinbase in terms of sheer volume .
In the sphere @ @ @ @ @ @ @ governed by a small group of stakeholders that control pricing , access and the type of data being provided .
In addition to eliminating corruption , DeFi aims to enable the democratisation of data .
One company , a Swiss non-profit association , DIA , is striving on becoming the open-source Bloomberg for both crypto and traditional finance .
Using DeFi , DIA ’ s platform provides financial institutions with an immutable and verified single source of financial market data for any market and asset type .
This will ultimately help diminish the @ @ @ @ @ @ @ providers around the world .
Insurance , in all its forms , is critical to our daily life .
And much like everything else online , DeFi accounts can be vulnerable to hackers .
Take Yam Finance , which quickly amassed $ 750 million in value before crashing spectacularly days just after its launch when a bug in its code made it impossible for the app to function properly .
Fred Ehrsam , the co-founder of Paradigm recently commented that DeFi insurance could become the next billion-dollar market .
Currently , there are @ @ @ @ @ @ @ such as Nexus Mutual and CDx , providing security for everything from transactions on exchanges to lending , and helping to create an ecosystem that is based on transparency and accessibility .
Their ambition is to quash expensive traditional insurance agencies that run as monopolies , and ensure insurance is less costly and flexible to both institutional and individual users .
Though Nexus Mutual and co still have a long way to go before disrupting traditional incumbents , DeFi insurance platforms help reimagine the current design space .
Due to DeFi being a @ @ @ @ @ @ @ to tread with caution and be mindful of which dApps they are making use of .
The entry threshold for developers is still very low and there are certain to be a few rogue dapps floating around .
However , the building blocks for this market are still being built .
At this nascent stage , DeFi is still only scratching the surface in terms of decentralising the key pillars of traditional finance .
As the industry matures and new protocols and platforms continue to emerge , sophistication will too grow as the @ @ @ @ @ @ @ and scale of traditional financial products .
Innovation , however , while welcomed by most , is not without its hazards .
Regulators are faced with the conundrum of governing smart contracts – beholden to no person and domiciled in no country .
Given that the pace of development in this space and DeFi ’ s potential to disrupt many industries at scale is incomparable to anything financial regulators have had to face , there is significant incentive for regulatory bodies to work more closely than ever with industry in ensuring a safe @ @ @ @ @ @ @ by Dmitry Tokarev , Copper offers custody , trading and prime brokerage for over 100 digital assets with security , speed and control for its clients at the core .
It is committed to providing a flexible solution for institutional investors that can adapt to the changing cryptoasset space , and enabling far greater transparency and control for asset managers .
Copper ’ s products are unique in the cryptocurrency space .
While there are other crypto infrastructure providers , often they will charge for withdrawals , lack clarity in trading locations , @ @ @ @ @ @ @ different .
Underpinned by multi-award-winning custody , Copper has built the tools and services required to safely acquire , trade , and store cryptocurrencies .

How DeFi promises to transform financial services
Katrina Daminova, Head of Product, Copper.co
Thus far, 2020 hasn’t been the best of years for many. But for decentralised finance, or DeFi, 2020 has been a period of stratospheric growth, with the total value locked in rising from under $1bn, to just under $8bn today.
Although still very much in its infancy, the popular ecosystem is rapidly transforming the face of modern finance by taking components of a wide range of functions within traditional finance, and moulding them into trustless and transparent protocols via smart contracts and tokens.
Savings accounts, lending platforms and decentralised exchanges are some of the many decentralised applications (dApps) that offer a glimpse of the opportunities DeFi could unlock:
Lending
With advantages such as the instant settlement of funds, the ability to use digital assets as collateral and no credit checks, DeFi lending platforms embody a great deal of appeal compared to existing credit systems.
Data from industry site, DeFi Pulse, reports that since March, DeFi lending on platforms including Compound and Aave, has surged more than seven-fold to $3.7bn, as investors seek returns at a time when interest rates are at historic lows.
However, DeFi lending is not for the faint-hearted. Borrowers typically tend to be traders who take out loans in say, Ethereum, then trade the coins on various exchanges against other cryptocurrencies. They then aim to pay back the loan and pocket their profits, comparable to short-sellers in stock markets.
Decentralised Exchanges
The hype around DeFi appears to have benefited decentralised exchanges, with trading volumes on DEXs setting new all-time highs.
Smart contracts enable direct trades between the participants’ wallets, meaning users can trade digital assets without needing an exchange to hold their funds. This alleviates the risk that comes with depositing crypto into exchanges, which can lead to losing funds in the event of a hack.
The dominant platform is Ethereum-based DEX Uniswap, which accounts for 57% of all DeFi users. Since the latter half of August, there has been a spike in volume on Uniswap, a figure which recently surged to close to over $900 million – surging even way past Coinbase in terms of sheer volume.
Financial Data
In the sphere of traditional financial markets, data is governed by a small group of stakeholders that control pricing, access and the type of data being provided.
In addition to eliminating corruption, DeFi aims to enable the democratisation of data. One company, a Swiss non-profit association, DIA, is striving on becoming the open-source Bloomberg for both crypto and traditional finance.
Using DeFi, DIA’s platform provides financial institutions with an immutable and verified single source of financial market data for any market and asset type. This will ultimately help diminish the problems seen currently with financial markets data providers around the world.
Insurance
Insurance, in all its forms, is critical to our daily life. And much like everything else online, DeFi accounts can be vulnerable to hackers. Take Yam Finance, which quickly amassed $750 million in value before crashing spectacularly days just after its launch when a bug in its code made it impossible for the app to function properly.
Fred Ehrsam, the co-founder of Paradigm recently commented that DeFi insurance could become the next billion-dollar market.
Currently, there are now a handful of DeFi insurance providers such as Nexus Mutual and CDx, providing security for everything from transactions on exchanges to lending, and helping to create an ecosystem that is based on transparency and accessibility.
Their ambition is to quash expensive traditional insurance agencies that run as monopolies, and ensure insurance is less costly and flexible to both institutional and individual users.
Though Nexus Mutual and co still have a long way to go before disrupting traditional incumbents, DeFi insurance platforms help reimagine the current design space.
What’s Next?
Due to DeFi being a frontier area of finance, users need to tread with caution and be mindful of which dApps they are making use of. The entry threshold for developers is still very low and there are certain to be a few rogue dapps floating around.
However, the building blocks for this market are still being built. At this nascent stage, DeFi is still only scratching the surface in terms of decentralising the key pillars of traditional finance. As the industry matures and new protocols and platforms continue to emerge, sophistication will too grow as the market size increases, mirroring the depth and scale of traditional financial products.
Innovation, however, while welcomed by most, is not without its hazards. Regulators are faced with the conundrum of governing smart contracts – beholden to no person and domiciled in no country.
Given that the pace of development in this space and DeFi’s potential to disrupt many industries at scale is incomparable to anything financial regulators have had to face, there is significant incentive for regulatory bodies to work more closely than ever with industry in ensuring a safe path is forged.
About Copper
Founded in 2018 by Dmitry Tokarev, Copper offers custody, trading and prime brokerage for over 100 digital assets with security, speed and control for its clients at the core.
It is committed to providing a flexible solution for institutional investors that can adapt to the changing cryptoasset space, and enabling far greater transparency and control for asset managers.
Copper’s products are unique in the cryptocurrency space. While there are other crypto infrastructure providers, often they will charge for withdrawals, lack clarity in trading locations, or offer poor security. Copper is different. Underpinned by multi-award-winning custody, Copper has built the tools and services required to safely acquire, trade, and store cryptocurrencies.
www.copper.co


cityam--2020-09-18--Quarantine quagmire – when will UK plc be open for business?

If ever the term “ too many cooks ” needed a case study , then you ’ d need look no further than the government ’ s quarantine policy for those arriving in the UK .
There are no fewer than four government departments which have a say in the policy – the Department for Transport , the Foreign Office , the Home Office and the Department of Health .
Not to mention Downing Street too .
It ’ s the ultimate dog ’ s dinner and it is causing enormous pain and harm to the travel sector and to @ @ @ @ @ @ @ makes for unpleasant reading .
The World Travel & Tourism Council ( WTTC ) estimates that the collapse of international visitors to the UK is around £60m per day , or £22bn this year alone , a fact that is blindingly obvious walking around the tourist-free streets of central London .
That is before you add in the economic damage caused by tour operators and travel agents failing and tens of thousands of people losing their jobs due to lack of demand .
Fewer jobs leads to less consumer spending and a rise @ @ @ @ @ @ @ Visitors are not coming because the 14-day quarantine policy has effectively put up the closed sign on UK plc .
Why would any business or leisure traveller choose to visit Britain and Northern Ireland if they have to quarantine for 14 days before even being allowed to walk around the block of their own hotel ?
The policy is even more confusing for UK tourists wishing to seek sunshine beyond our shores .
The quarantine system has become fragmented due to different policies from Westminster and the devolved administrations , especially Scotland which @ @ @ @ @ @ @ its quarantine list , when the country remains well below the 20 per 100,000 cases over seven days threshold .
Quarantine kills travel .
It puts off people from booking and reduces demand .
As a policy it can not continue if we are to revive the travel and hospitality sectors .
The answer lies in testing and more testing , and thankfully innovation abroad may give the government the best answer on how to get out of the quarantine quagmire .
Finland is the latest country to announce a plan which just @ @ @ @ @ @ @ November , it will allow anyone coming from the UK to arrive , show a negative Covid-19 test , and then freely enjoy the country without having to quarantine or take a second test .
This is for anyone staying under 72 hours , or three days , enough for a business trip , great weekend break or ski holiday in the winter season .
This is a system which could surely be applied in the UK for those visiting from low-risk green or amber countries ?
Of course , social distancing measures @ @ @ @ @ @ @ quarantine could be enforced if anyone breaks the rules , but this would be a major step forward in opening up our economy .
The beauty of the system is that it would put the onus on the traveller to organise and pay for a private test in their origin country .
If they want to travel , then they would need to be prepared to pay for their own test .
It would also remove any additional pressure on the NHS as secondary tests would need to be paid for too , @ @ @ @ @ @ @ is the answer as well for those of us leaving the UK and returning .
We would show a negative Covid certificate on arrival , having paid for a test in the origin country , then quarantine for just four days and have a second test , paid for by ourselves , on day five .
This approach would massively reduce the unworkable 14-day quarantine and help get the economy moving again .
The existing policy , of frequently moving countries on and off the quarantine list , can not last .
It @ @ @ @ @ @ @ booked , damages the recovery in the travel sector , and tells the world not to bother visiting the UK .
It will be a cruel winter for the travel sector unless the government changes course .
Paul Charles is CEO of The PC Agency travel consultancy

Quarantine quagmire – when will UK plc be open for business?
Travellers from most countries must currently quarantine on arrival in the UK
If ever the term “too many cooks” needed a case study, then you’d need look no further than the government’s quarantine policy for those arriving in the UK.
There are no fewer than four government departments which have a say in the policy – the Department for Transport, the Foreign Office, the Home Office and the Department of Health. Not to mention Downing Street too.
It’s the ultimate dog’s dinner and it is causing enormous pain and harm to the travel sector and to consumers. Whichever figure you look at makes for unpleasant reading.
The World Travel & Tourism Council (WTTC) estimates that the collapse of international visitors to the UK is around £60m per day, or £22bn this year alone, a fact that is blindingly obvious walking around the tourist-free streets of central London.
That is before you add in the economic damage caused by tour operators and travel agents failing and tens of thousands of people losing their jobs due to lack of demand.
Fewer jobs leads to less consumer spending and a rise in physical and mental health issues.
Visitors are not coming because the 14-day quarantine policy has effectively put up the closed sign on UK plc.
Why would any business or leisure traveller choose to visit Britain and Northern Ireland if they have to quarantine for 14 days before even being allowed to walk around the block of their own hotel?
The policy is even more confusing for UK tourists wishing to seek sunshine beyond our shores.
The quarantine system has become fragmented due to different policies from Westminster and the devolved administrations, especially Scotland which has added the whole of Greece to its quarantine list, when the country remains well below the 20 per 100,000 cases over seven days threshold.
Quarantine kills travel. It puts off people from booking and reduces demand. As a policy it can not continue if we are to revive the travel and hospitality sectors.
The answer lies in testing and more testing, and thankfully innovation abroad may give the government the best answer on how to get out of the quarantine quagmire.
Finland is the latest country to announce a plan which just may get people travelling again. From November, it will allow anyone coming from the UK to arrive, show a negative Covid-19 test, and then freely enjoy the country without having to quarantine or take a second test.
This is for anyone staying under 72 hours, or three days, enough for a business trip, great weekend break or ski holiday in the winter season.
This is a system which could surely be applied in the UK for those visiting from low-risk green or amber countries?
Of course, social distancing measures would have to be adhered to and quarantine could be enforced if anyone breaks the rules, but this would be a major step forward in opening up our economy.
The beauty of the system is that it would put the onus on the traveller to organise and pay for a private test in their origin country. If they want to travel, then they would need to be prepared to pay for their own test. It would also remove any additional pressure on the NHS as secondary tests would need to be paid for too, as offered by private facilities.
Testing is the answer as well for those of us leaving the UK and returning. We would show a negative Covid certificate on arrival, having paid for a test in the origin country, then quarantine for just four days and have a second test, paid for by ourselves, on day five.
This approach would massively reduce the unworkable 14-day quarantine and help get the economy moving again.
The existing policy, of frequently moving countries on and off the quarantine list, can not last. It creates anxiety among consumers who have holidays booked, damages the recovery in the travel sector, and tells the world not to bother visiting the UK.
It will be a cruel winter for the travel sector unless the government changes course.
Paul Charles is CEO of The PC Agency travel consultancy


cityam--2020-09-17--Illegal brothels uncovered in central London neighbourhoods

Dozens of illegal brothels are operating in some of London ’ s most exclusive postcodes , a new investigation by ITV News has uncovered .
From Kensington to Mayfair , a number of Albanian gangs are running a network of brothels across the capital .
During the undercover operation , footage shows reporters being approached in the street and taken to one of the brothels , where they were offered five women to choose from .
According to Cristina Huddleston , director of European Operations for Justice and Care , an anti-slavery and trafficking group , at least some of @ @ @ @ @ @ @ .
She said that there were tell-tale signs the women are there against their will and explains the most likely scenario is they have been forced into this world by being tricked , threatened , coerced or even trafficked by criminal gangs .
“ In this case , there ’ s the one guy , one mobile number , the meet , the discussion of money , the discussion of the services .
Someone who brings them to their location…they can serve…anything up to 30 men a day , seven days a week @ @ @ @ @ @ @ they do , every pound that they earn it is set against the debt .
Debt bondage is any amount of money that ’ s been spent on an individual ’ s clothing , make-up , even the coffee that they drank was put down as a debt .
“ There is no consent .
Every single customer is a rape…there ’ s a threat against them.
” Before the Open newsletter : Start your day with the City View podcast and key market data ITV also spoke anonymously to a man who @ @ @ @ @ @ @ criminal organisations , who described how the gangs operate .
“ We stand outside the busy clubs in Mayfair .
The men that we ’ re looking for have been drinking , these are our prey ” , he said .
“ We offer him a nice party and if he accepts then he follows us to the house .
Sometimes they don ’ t know what they ’ re doing .
We max out their credit cards – that ’ s the whole idea .
Money is always coming in and out @ @ @ @ @ @ @ weekends .
The houses are full.
” According to the man , the women can make as little as £60 of a £300 fee and can see as many as 12 men a night .
Read more : No London coronavirus restrictions planned , says Downing Street According to last year ’ s Home Office report on modern slavery , there are 14,000 such victims in the UK , but some put the figure far higher .
The Centre for Social Justice ( CSJ ) and Justice and Care said that there are @ @ @ @ @ @ @ official figure .
The full report will air on ITV tonight at 10 o ’ clock .

Illegal brothels uncovered in central London neighbourhoods
Dozens of illegal brothels are operating in some of London’s most exclusive postcodes, a new investigation by ITV News has uncovered.
From Kensington to Mayfair, a number of Albanian gangs are running a network of brothels across the capital.
During the undercover operation, footage shows reporters being approached in the street and taken to one of the brothels, where they were offered five women to choose from.
According to Cristina Huddleston, director of European Operations for Justice and Care, an anti-slavery and trafficking group, at least some of the women in the footage are slaves.
She said that there were tell-tale signs the women are there against their will and explains the most likely scenario is they have been forced into this world by being tricked, threatened, coerced or even trafficked by criminal gangs.
“In this case, there’s the one guy, one mobile number, the meet, the discussion of money, the discussion of the services. Someone who brings them to their location…they can serve…anything up to 30 men a day, seven days a week”, she said
“Every customer they do, every pound that they earn it is set against the debt. Debt bondage is any amount of money that’s been spent on an individual’s clothing, make-up, even the coffee that they drank was put down as a debt.
“There is no consent. Every single customer is a rape…there’s a threat against them.”
Before the Open newsletter: Start your day with the City View podcast and key market data
ITV also spoke anonymously to a man who used to work for one of the criminal organisations, who described how the gangs operate.
“We stand outside the busy clubs in Mayfair. The men that we’re looking for have been drinking, these are our prey”, he said.
“We offer him a nice party and if he accepts then he follows us to the house. Sometimes they don’t know what they’re doing. We max out their credit cards – that’s the whole idea. Money is always coming in and out of the place every day, especially weekends. The houses are full.”
According to the man, the women can make as little as £60 of a £300 fee and can see as many as 12 men a night.
According to last year’s Home Office report on modern slavery, there are 14,000 such victims in the UK, but some put the figure far higher.
The Centre for Social Justice (CSJ) and Justice and Care said that there are at least 100,000 victims, dwarfing the official figure.
The full report will air on ITV tonight at 10 o’clock.


cityam--2020-09-17--Demand for UK coronavirus tests up to four-times higher than supply

Demand for coronavirus tests in the UK is up to three or four-times greater than current capacity , according to the NHS Test and Trace boss .
Baroness Dido Harding told parliament ’ s science committee today that the UK ’ s capacity is now 242,817 coronavirus tests a day , however more than a quarter of people getting tested do not have symptoms .
Read more : Boris Johnson plan for millions of coronavirus tests each day ‘ a long way off ’ She said that most of the 27 per cent of people who had not shown symptoms @ @ @ @ @ @ @ had been around people with Covid symptoms .
Under government guidance only people who have a fever , continuous cough or a loss of smell and/or taste should ask for a test .
“ We don ’ t want to push away people who are scared , ” she said .
The shortfall in testing comes after a “ very marked increase in the number of young children ” requesting tests , Harding said .
Boris Johnson has promised that the UK will have a testing capacity of 500,000 a day by next @ @ @ @ @ @ @ programme has come under fire over the past week as many have found it impossible to get a Covid-19 test when they are symptomatic .
In many cases , people have been told by the NHS Test and Trace website that the nearest testing location was hours away by car .
The Evening Standard revealed today that no testing appointments were available in any borough of London yesterday .
Tory MP Jacob-Rees Mogg made headlines today when he said that people should stop “ carping ” about not being able to get tests @ @ @ @ @ @ @ committee that only a third of people who are getting tested at walk-in centres get their results within 24 hours .
Read more : No London coronavirus restrictions planned , says Downing Street Harding “ strongly refutes that the system is failing ” .
“ We made a conscious decision because of the large increase in demand to extend the turnaround time in order to process the number of tests in the last couple of weeks , ” she said .

Demand for UK coronavirus tests up to four-times higher than supply
People attend a drive-in Covid-19 testing centre on September 17, 2020 in Bolton
Demand for coronavirus tests in the UK is up to three or four-times greater than current capacity, according to the NHS Test and Trace boss.
Baroness Dido Harding told parliament’s science committee today that the UK’s capacity is now 242,817 coronavirus tests a day, however more than a quarter of people getting tested do not have symptoms.
She said that most of the 27 per cent of people who had not shown symptoms, but still got tested anyway, had been around people with Covid symptoms.
Under government guidance only people who have a fever, continuous cough or a loss of smell and/or taste should ask for a test.
“We don’t want to push away people who are scared,” she said.
The shortfall in testing comes after a “very marked increase in the number of young children” requesting tests, Harding said.
Boris Johnson has promised that the UK will have a testing capacity of 500,000 a day by next month.
The government’s testing programme has come under fire over the past week as many have found it impossible to get a Covid-19 test when they are symptomatic.
In many cases, people have been told by the NHS Test and Trace website that the nearest testing location was hours away by car.
The Evening Standard revealed today that no testing appointments were available in any borough of London yesterday.
Tory MP Jacob-Rees Mogg made headlines today when he said that people should stop “carping” about not being able to get tests.
Harding told MPs at the science committee that only a third of people who are getting tested at walk-in centres get their results within 24 hours.
Harding “strongly refutes that the system is failing”.
“We made a conscious decision because of the large increase in demand to extend the turnaround time in order to process the number of tests in the last couple of weeks,” she said.


cityam--2020-09-17--Oil prices reverse losses as Opec cracks down on over production

Global oil prices sprung upwards this afternoon after producer group Opec+ said that it would crack down on those countries which did not comply with its record output cuts .
Delegates are also planning an extra meeting in October if global oil markets weaken again , further reassuring traders .
Worldwide benchmark Brent crude reversed its losses and rose over four per cent on the back of the news , standing 2.4 per cent up at $ 43.21 .
US standard West Texas Intermediate also climbed by a similar margin to reach $ 40.92 , up 1.9 per cent on @ @ @ @ @ @ @ such as Saudi Arabia and Russia did not recommend any changes to the group ’ s 7.7m barrel per day cuts , delegates instead put pressure on countries such as Iraq , Nigeria and the UAE for not abiding by the limits earlier in the summer .
A number of sources told Reuters that as a result of the lack of compliance , the countries will be forced to cut more barrels to compensate between now and December .
Rystad Energy ’ s head of oil markets Bjornar Tonhaugen said : “ The @ @ @ @ @ @ @ unfavorable market developments , acknowledging the risk of oil demand being reduced as a result of rising infections .
Before the Open newsletter : Start your day with the City View podcast and key market data “ Although no amendments to the current supply-cut deal have been proposed by Opec+ today , the producers group gave the impression that it does not sweep troubles under the carpet .
“ Saudi Arabia introduced the possibility to hold an extraordinary meeting in October if the market downturn continues , which has reassured traders that -if @ @ @ @ @ @ @ the task to balance the market and save prices .
“ Feeling Opec+ has their back , market participants hiked oil prices , with boosted confidence that if things do not get better , Opec+ might step in to the rescue.
” Cailin Birch , global economist at the Economist Intelligence Unit , said : “ These efforts to control oil supply growth will be essential if Opec+ countries hope to keep oil prices from backsliding in the coming months .
“ Brent crude prices lost 13 per cent of their value in @ @ @ @ @ @ @ the biggest drop since mid-April—near the end of the brief but brutal price war between Saudi and Russia .
“ We maintain our view that Brent crude prices will average just over $ 42 per barrel in 2020 , assuming that OPEC+ partners reconfirm their commitment to output cuts at their September meeting.
” Read more : Global oil demand set to fall as coronavirus recovery stalls The developments from the meeting overshadowed the restart of offshore operations in the Gulf of Mexico , with Hurricane Sally having passed through the region and @ @ @ @ @ @ @ .
As a result , nearly 500,000 barrels per day of output were shut down , boosting prices higher .

Oil prices reverse losses as Opec cracks down on over production
Petrol and diesel gas prices reached an all-time high yesterday.
Global oil prices sprung upwards this afternoon after producer group Opec+ said that it would crack down on those countries which did not comply with its record output cuts.
Delegates are also planning an extra meeting in October if global oil markets weaken again, further reassuring traders.
Worldwide benchmark Brent crude reversed its losses and rose over four per cent on the back of the news, standing 2.4 per cent up at $43.21.
US standard West Texas Intermediate also climbed by a similar margin to reach $40.92, up 1.9 per cent on the day.
Although major producing nations such as Saudi Arabia and Russia did not recommend any changes to the group’s 7.7m barrel per day cuts, delegates instead put pressure on countries such as Iraq, Nigeria and the UAE for not abiding by the limits earlier in the summer.
A number of sources told Reuters that as a result of the lack of compliance, the countries will be forced to cut more barrels to compensate between now and December.
Rystad Energy’s head of oil markets Bjornar Tonhaugen said: “The alliance today showed that it recognizes the unfavorable market developments, acknowledging the risk of oil demand being reduced as a result of rising infections.
Before the Open newsletter: Start your day with the City View podcast and key market data
“Although no amendments to the current supply-cut deal have been proposed by Opec+ today, the producers group gave the impression that it does not sweep troubles under the carpet.
“Saudi Arabia introduced the possibility to hold an extraordinary meeting in October if the market downturn continues, which has reassured traders that -if needed – Opec+ may again jump to the task to balance the market and save prices.
“Feeling Opec+ has their back, market participants hiked oil prices, with boosted confidence that if things do not get better, Opec+ might step in to the rescue.”
Cailin Birch, global economist at the Economist Intelligence Unit, said: “These efforts to control oil supply growth will be essential if Opec+ countries hope to keep oil prices from backsliding in the coming months.
“Brent crude prices lost 13 per cent of their value in the first two weeks of September, the biggest drop since mid-April—near the end of the brief but brutal price war between Saudi and Russia.
“We maintain our view that Brent crude prices will average just over $42 per barrel in 2020, assuming that OPEC+ partners reconfirm their commitment to output cuts at their September meeting.”
The developments from the meeting overshadowed the restart of offshore operations in the Gulf of Mexico, with Hurricane Sally having passed through the region and forced drilling to stop for five days.
As a result, nearly 500,000 barrels per day of output were shut down, boosting prices higher.


cityam--2020-09-17--Singapore added to travel corridors 'green' list

People from England will now be able to travel to Singapore without needing to quarantine on return in a welcome boost to the travel industry .
This afternoon the Department for Transport announced that the city-state would be added to its list of travel corridors , along with Thailand .
However , people returning from Slovenia and Guadeloupe will now have to self-isolate for 14 days , officials added .
The new measures will come into effect in the early hours of Saturday morning .
“ Thailand and Singapore have been added to the Government ’ s Travel Corridor list @ @ @ @ @ @ @ coronavirus ” , the DfT said in a statement .
Transport secretary Grant Shapps said that travellers should check with local guidelines before going to the east Asian countries .
Before the Open newsletter : Start your day with the City View podcast and key market data Clive Wratten , CEO of the Business Travel Association ( BTA ) says : “ We welcome the news that Singapore has now joined the list of quarantine exempt countries for travel into and out of the UK as it is a major business destination .
@ @ @ @ @ @ @ mean business travel remains at a virtual standstill .
We urge the Government to implement testing on departure at airports for business travellers so this vital enabler of the British economy can start to contribute once again.
” On the other hand , there has been a marked increase in cases in the southern European and central American countries .
In Slovenia , the number of confirmed cases per 100,000 people over the last seven days has increased from 14.4 to 29.1 .
Ministers are using 20 cases per 100,000 as one of @ @ @ @ @ @ @ to the quarantine list .
Meanwhile , in Guadeloupe , the number of cases has risen 558 per cent over the last month , the DfT said .

Singapore added to travel corridors ‘green’ list
London should take its lead from Singapore
People from England will now be able to travel to Singapore without needing to quarantine on return in a welcome boost to the travel industry.
This afternoon the Department for Transport announced that the city-state would be added to its list of travel corridors, along with Thailand.
However, people returning from Slovenia and Guadeloupe will now have to self-isolate for 14 days, officials added.
The new measures will come into effect in the early hours of Saturday morning.
“Thailand and Singapore have been added to the Government’s Travel Corridor list following a decrease in confirmed cases of coronavirus”, the DfT said in a statement.
Transport secretary Grant Shapps said that travellers should check with local guidelines before going to the east Asian countries.
Before the Open newsletter: Start your day with the City View podcast and key market data
Clive Wratten, CEO of the Business Travel Association (BTA) says: “We welcome the news that Singapore has now joined the list of quarantine exempt countries for travel into and out of the UK as it is a major business destination.
“However, the fluctuating quarantine rules mean business travel remains at a virtual standstill. We urge the Government to implement testing on departure at airports for business travellers so this vital enabler of the British economy can start to contribute once again.”
On the other hand, there has been a marked increase in cases in the southern European and central American countries.
In Slovenia, the number of confirmed cases per 100,000 people over the last seven days has increased from 14.4 to 29.1.
Ministers are using 20 cases per 100,000 as one of the key benchmarks for adding a country to the quarantine list.
Meanwhile, in Guadeloupe, the number of cases has risen 558 per cent over the last month, the DfT said.


cityam--2020-09-17--Mansion House offers virtual tours for City Giving Day

The Lord Mayor ’ s City Giving Day is one of the highlights of the Square Mile calendar , but continuing Covid-19 restrictions mean it will look very different this year .
However , the fundraising won ’ t stop – and the Lady Mayoress of the City of London will be hosting a ‘ virtual tour ’ of the Mansion House as part of the appeal .
Read more : Fintech tie up helps City Giving Day go digital The Grade I listed building represents the official residence of the Lord Mayor , and Hilary Russell – wife of @ @ @ @ @ @ @ Mayor – and is usually only open for official functions and meetings .
Those wishing to see the tour are asked to donate £20 to The Lord Mayor ’ s Appeal , and will be sent the video to enjoy in their own time .
“ Mansion House is a very special building , not only because The Lord Mayor and I spend lots of time here , but because it is so beautiful .
I ’ m delighted to be showing people around virtually , and raising money for The Lord Mayor @ @ @ @ @ @ @ in the process , ” said Hilary Russell , The Lady Mayoress .
Those interested can sign up via this link .

Mansion House offers virtual tours for City Giving Day
The Lord Mayor’s City Giving Day is one of the highlights of the Square Mile calendar, but continuing Covid-19 restrictions mean it will look very different this year.
However, the fundraising won’t stop – and the Lady Mayoress of the City of London will be hosting a ‘virtual tour’ of the Mansion House as part of the appeal.
Read more: Fintech tie up helps City Giving Day go digital
The Grade I listed building represents the official residence of the Lord Mayor, and Hilary Russell – wife of William, this year’s Lord Mayor – and is usually only open for official functions and meetings.
Those wishing to see the tour are asked to donate £20 to The Lord Mayor’s Appeal, and will be sent the video to enjoy in their own time.
“Mansion House is a very special building, not only because The Lord Mayor and I spend lots of time here, but because it is so beautiful. I’m delighted to be showing people around virtually, and raising money for The Lord Mayor’s Appeal and their partner charities in the process,” said Hilary Russell, The Lady Mayoress.
Those interested can sign up via this link.


cityam--2020-09-17--Why sleep problems boost entrepreneurial intentions

Sleep deprivation is traditionally associated with lower productivity at work , but it can also encourage aspiring entrepreneurs to launch their own business venture , a new study shows .
Researchers found people with sleep problems were more likely to exhibit impulsive and inattentive behaviours commonly associated with attention-deficit hyperactivity disorder ( ADHD ) .
Those suffering lack of sleep and temporary ‘ ADHD-like tendencies ’ were more likely to develop entrepreneurial intentions .
This might be because irregular sleep patterns pushed people towards a more flexible lifestyle , motivated them to work towards rapid pay-offs rather than slowly saving @ @ @ @ @ @ @ them to view their business ideas as more feasible .
The research by Warwick Business School , the University of Central Florida , and Johns Hopkins Carey Business School was published in the paper , The Weary Founder : Sleep Problems , ADHD-Like Tendencies , and Entrepreneurial Intentions , in the journal Entrepreneurship Theory and Practice .
Mona Mensmann , Associate Professor of Entrepreneurship and Innovation at Warwick Business School and co-author of the paper , said : “ Our results suggest that sleep deprivation may nudge people towards acting on their entrepreneurial @ @ @ @ @ @ @ them.
” “ We live in an increasingly sleepy world , so maybe now is the time for a more balanced discussion about the positive and negative impact of sleep deprivation , ” adds Brian Gunia , Professor of Management and Organization at Johns Hopkins Carey Business School and lead author of the paper .
“ While such a view is controversial , it may help to challenge the stigma faced by those who struggle to maintain healthy sleep patterns and promote greater acceptance.
” The researchers conducted four distinct studies that connected @ @ @ @ @ @ @ ADHD-like tendencies , and entrepreneurial intentions .
The first study , a randomised controlled field experiment , asked 350 people to complete surveys about their sleep patterns and ADHD-like behaviours during the previous six months and their entrepreneurial intentions .
They were then randomly split into two groups and asked to complete additional surveys after an uninterrupted or a disrupted night ’ s sleep .
The second and third study asked 300 people to fill out surveys that measured their entrepreneurial intentions , followed by measures of ADHD-like tendencies and sleep problems .
@ @ @ @ @ @ @ of 176 practising entrepreneurs .
The results revealed that temporary sleep problems could prompt ADHD-like tendencies and a desire to launch a new business venture , even among existing entrepreneurs .
Jeff Gish , Assistant Professor of Management at the University of Central Florida , said : “ We are not advocating depriving yourself of sleep to get ahead .
“ We ’ re saying that there appears to be an interesting link between sleep and entrepreneurship .
“ ADHD-like tendencies can be a benefit , rather than a hindrance in spurring ventures @ @ @ @ @ @ @ .
Even though sleep problems might lure an individual to an entrepreneurial career , if the sleep problems persist , they can subsequently leave the individual without the cognitive and emotional competency to be an effective entrepreneur in-practice.
” This article was originally written by Mona Mensmann and published on the Warwick Business School website , whose London location at The Shard offers an ideal base for executive learning including an Executive MBA and Distance Learning MBA option .

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Why sleep problems boost entrepreneurial intentions
Getty images
Sleep deprivation is traditionally associated with lower productivity at work, but it can also encourage aspiring entrepreneurs to launch their own business venture, a new study shows.
Researchers found people with sleep problems were more likely to exhibit impulsive and inattentive behaviours commonly associated with attention-deficit hyperactivity disorder (ADHD).
Those suffering lack of sleep and temporary ‘ADHD-like tendencies’ were more likely to develop entrepreneurial intentions.
This might be because irregular sleep patterns pushed people towards a more flexible lifestyle, motivated them to work towards rapid pay-offs rather than slowly saving from a regular salary, or encouraged them to view their business ideas as more feasible.
The research by Warwick Business School, the University of Central Florida, and Johns Hopkins Carey Business School was published in the paper, The Weary Founder: Sleep Problems, ADHD-Like Tendencies, and Entrepreneurial Intentions, in the journal Entrepreneurship Theory and Practice.
Mona Mensmann, Associate Professor of Entrepreneurship and Innovation at Warwick Business School and co-author of the paper, said: “Our results suggest that sleep deprivation may nudge people towards acting on their entrepreneurial ideas, rather than simply thinking about them.”
“We live in an increasingly sleepy world, so maybe now is the time for a more balanced discussion about the positive and negative impact of sleep deprivation,” adds Brian Gunia, Professor of Management and Organization at Johns Hopkins Carey Business School and lead author of the paper.
“While such a view is controversial, it may help to challenge the stigma faced by those who struggle to maintain healthy sleep patterns and promote greater acceptance.”
The researchers conducted four distinct studies that connected the dots between sleep quality, temporary ADHD-like tendencies, and entrepreneurial intentions.
The first study, a randomised controlled field experiment, asked 350 people to complete surveys about their sleep patterns and ADHD-like behaviours during the previous six months and their entrepreneurial intentions.
They were then randomly split into two groups and asked to complete additional surveys after an uninterrupted or a disrupted night’s sleep.
The second and third study asked 300 people to fill out surveys that measured their entrepreneurial intentions, followed by measures of ADHD-like tendencies and sleep problems.
A fourth study carried out a survey of 176 practising entrepreneurs. The results revealed that temporary sleep problems could prompt ADHD-like tendencies and a desire to launch a new business venture, even among existing entrepreneurs.
Jeff Gish, Assistant Professor of Management at the University of Central Florida, said: “We are not advocating depriving yourself of sleep to get ahead.
“We’re saying that there appears to be an interesting link between sleep and entrepreneurship.
“ADHD-like tendencies can be a benefit, rather than a hindrance in spurring ventures. But there is a potential downside. Even though sleep problems might lure an individual to an entrepreneurial career, if the sleep problems persist, they can subsequently leave the individual without the cognitive and emotional competency to be an effective entrepreneur in-practice.”
This article was originally written by Mona Mensmann and published on the Warwick Business School website, whose London location at The Shard offers an ideal base for executive learning including an Executive MBA and Distance Learning MBA option.


cityam--2020-09-17--Blackrock votes against over 5,000 directors as investors step up demands

Asset manager Blackrock opposed the re-election of more than 5,000 directors this year as it said investors are starting to expect more on corporate governance .
The Blackrock Investment Stewardship report for the 12 months to June 2020 found it had voted against 5,100 directors compared to nearly 4,800 the prior year .
Read more : Scottish Widows becomes first investor in Blackrock climate fund Over 1,700 of these votes were due to a lack of director independence while 1,500 of the directors were voted down due to a lack of diversity .
While there has been some progress on @ @ @ @ @ @ @ more .
Just 55 of the 5,100 votes were for failing to meet expectations on climate risk disclosure or management .
As part of a look into engagement on climate risk , Blackrock “ will hold members of the relevant committee… accountable for inadequate disclosures and the business practices underlying them.
” Blackrock said investor expectations have never been higher , with a 48 per cent increase in engagements to more than 3,000 this year .
Board quality , environmental risks and corporate strategy have been central to much of the discussions , @ @ @ @ @ @ @ profit trumps estimates as Wall Street bounces back from coronavirus It anticipates more voting on material issues brought to the fore by the coronavirus pandemic , following the 420 engagements already undertaken this year .
“ We take a firm line in holding accountable the management and boards of directors of these businesses when we do not see sufficient progress on the issues that matter in creating sustainable , long-term value for our clients , who are the ultimate owners of these companies ” , global head of investment stewardship Sandy Boss said @

Blackrock votes against over 5,000 directors as investors step up demands
Blackrock is one of a number of US firms selling off their stakes in Chinese companies
Asset manager Blackrock opposed the re-election of more than 5,000 directors this year as it said investors are starting to expect more on corporate governance.
The Blackrock Investment Stewardship report for the 12 months to June 2020 found it had voted against 5,100 directors compared to nearly 4,800 the prior year.
Over 1,700 of these votes were due to a lack of director independence while 1,500 of the directors were voted down due to a lack of diversity. While there has been some progress on gender diversity, Blackrock said it expects more.
Just 55 of the 5,100 votes were for failing to meet expectations on climate risk disclosure or management. As part of a look into engagement on climate risk, Blackrock “will hold members of the relevant committee… accountable for inadequate disclosures and the business practices underlying them.”
Blackrock said investor expectations have never been higher, with a 48 per cent increase in engagements to more than 3,000 this year.
Board quality, environmental risks and corporate strategy have been central to much of the discussions, Blackrock said.
It anticipates more voting on material issues brought to the fore by the coronavirus pandemic, following the 420 engagements already undertaken this year.
“We take a firm line in holding accountable the management and boards of directors of these businesses when we do not see sufficient progress on the issues that matter in creating sustainable, long-term value for our clients, who are the ultimate owners of these companies”, global head of investment stewardship Sandy Boss said.


cityam--2020-09-17--Healthtech: are ‘virtual’ doctors here to stay?

Earlier today , the heads of NHSX and NHS Digital , discussed ‘ digital transformation in the National Health Service ’ in front of a parliamentary committee in Westminster .
NHSX is a government unit set up last year to focus on NHS technology , digital and data ( the ‘ X ’ stands for ‘ user experience ’ ) .
NHS Digital provides IT infrastructure and support .
After 35 minutes focused on the emergency response to coronavirus , the session moved on to examine ongoing obstacles and opportunities for technology in healthcare ( ‘ healthtech ’ ) more @ @ @ @ @ @ @ machines are still being used received an unexpected mention , along with issues such as IT bandwidth and ‘ remote ’ patient monitoring .
The select committee ’ s focus very much captured the moment : Covid-19 is clearly the national priority and has placed the NHS under enormous strain .
But , in parallel , the pandemic has created – almost overnight – a surge in GPs ’ use of digital tools , catapulting the challenges and possibilities of ‘ healthtech ’ to greater prominence .
With coronavirus limiting face-to-face contact , @ @ @ @ @ @ @ revolution ’ during the pandemic , the Royal College of General Practitioners ( RCGP ) says .
It has undertaken research of 829 GPs across the UK , which found that between 9 and 22 July , 61 per cent of GP appointments were conducted by phone , with a further 16 per cent spent doing telephone triage .
Eleven per cent were conducted face to face , six per cent by SMS or email , four per cent online via video and three per cent were home- and care-home visits .
While @ @ @ @ @ @ @ reported as being done by video , the survey found that 88 per cent of respondents said their surgery was equipped to deliver video or e-consultations – up from five per cent before the pandemic – and that 74 per cent said they had done at least some consultations in this way .
Graham Kendall , is director of the Digital Healthcare Council , a membership organisation launched two years ago with 15 healthtech companies , including Babylon Health and Swedish firm Livi , as members .
Kendall sees the growth in ‘ @ @ @ @ @ @ @ start ” of digital healthcare ’ s possibilities .
“ Face-to-face consultations remain important and , clearly , there ’ s a limit to how doctors can examine patients , and administer solutions , remotely , ” he says , emphasising that safety is paramount .
In his view , one of the big advantages – to all – of virtual GPs is the actual or potential efficiency gains : enabling doctors and patients to be more quickly matched given their specialty or ailment .
“ A lot of the technology already exists @ @ @ @ @ @ @ into patient journeys through the health system , ” he tells City AM .
When coronavirus hopefully subsides , Kendall would like to see virtual GP services used to help clear the growing backlog of patients with non-urgent illnesses , as well as – in the longer term – helping with the pressures of demographic changes , such as people living longer .
“ These fundamental pressures and an increasing patient appetite for accessible , always-on care , will drive innovation in digital healthcare and encourage widespread adoption over the foreseeable future , @ @ @ @ @ @ @ is here to stay ’ One of the growing number of companies active in digital healthcare is Doctor Care Anywhere ( DCA ) , which was set up 2013 .
Its founder and chief executive is Dr Bayju Thakar , a former NHS doctor who also previously worked in consulting at McKinsey .
He says that DCA has about 200 doctors on the books – some full-time and some who work also in the NHS – as well as employing about 150 non-clinicians in roles such as software development .
He sees numerous @ @ @ @ @ @ @ for ‘ virtual GPs ’ : rising patient expectations , accelerated by coronavirus , that doctors be more available at non-standard hours , including by video-call ; and what he sees as a growing number of doctors who are keen to embrace technology and work flexibly ( for example , working two days per week for the NHS and then evenings or other days working for firms such as DCA ) .
“ Digital healthcare is here to stay .
The pandemic has proved the need for it and popularised it with clinicians @ @ @ @ @ @ @ are just the start , ” Thakar tells City AM .
Businesses such as DCA are , he says “ joining up the dots between primary and secondary care , and beyond , achieving better outcomes for patients , and greater levels of efficiency , transparency and accountability in the delivery of care.
” Dr Isabel McQueen is an NHS GP on Tyneside who is generally positive about the more digital ways of working that she and her colleagues have taken up since March .
“ ’ Video surgeries ’ can be very @ @ @ @ @ @ @ and interact with them , for example with patients with learning-disabilities , children and those in care-homes , ” she tells City AM .
“ Video consultations can also be used for mental health in a more effective way than ‘ e-consultations ’ as you can build a rapport.
” This week McQueen undertook a virtual ‘ ward round ’ in a care-home , interacting with patients .
“ They appeared delighted to see a familiar face , and be able to ask their questions directly , while keeping them safe from unnecessary @ @ @ @ @ @ @ fortnight before the national lockdown , the chief executive of healthtech service Doctorlink , Rupert Spiegelberg , wrote in City AM that ‘ Covid-19 could well go down in history as the moment of profound change ’ in the use of technology and that ‘ even sceptics are being forced to acknowledge the benefits of video conferencing ’ .
Fast-forward to today , and Doctorlink reports 292 % growth in the use of its video consultation tool from March to July ( compared to previous equivalent number of months ) .
“ Beyond @ @ @ @ @ @ @ being a valuable way to complement face-to-face consultations , which will still be needed and important for many patients , ” reflects McQueen .
“ GPs can see more patients ‘ virtually ’ rather than visiting – although this will still be needed where examination is required – and is convenient for patients who can not travel in due to work or transport issues ” .
The RCGP ’ s chair , Prof Martin Marshall , meanwhile says : “ It is in no one ’ s interest for general practice to become @ @ @ @ @ @ @ will run the risk of isolating some patients , for example those with complex needs as well as our less tech-savvy patients and those who don ’ t have access to the appropriate tech – this , in turn , risks exacerbating health inequalities.
” He continues : “ The way in which GPs switched to a largely remote service has been remarkable , and it has played an important part in helping to slow the spread of Covid-19 .
But moving forward , we envisage more of a balance in the way @ @ @ @ @ @ @ 50 per cent face-to-face and 50 per cent remote appointments .
This seems realistic and sensible .
”

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Healthtech: are ‘virtual’ doctors here to stay?
Doctor Care Anywhere
Earlier today, the heads of NHSX and NHS Digital, discussed ‘digital transformation in the National Health Service’ in front of a parliamentary committee in Westminster.
NHSX is a government unit set up last year to focus on NHS technology, digital and data (the ‘X’ stands for ‘user experience’). NHS Digital provides IT infrastructure and support.
After 35 minutes focused on the emergency response to coronavirus, the session moved on to examine ongoing obstacles and opportunities for technology in healthcare (‘healthtech’) more broadly – the extent to which fax machines are still being used received an unexpected mention, along with issues such as IT bandwidth and ‘remote’ patient monitoring.
The select committee’s focus very much captured the moment: Covid-19 is clearly the national priority and has placed the NHS under enormous strain. But, in parallel, the pandemic has created – almost overnight – a surge in GPs’ use of digital tools, catapulting the challenges and possibilities of ‘healthtech’ to greater prominence.
‘Technological revolution’ in general practice
With coronavirus limiting face-to-face contact, general practice has undergone a ‘technological revolution’ during the pandemic, the Royal College of General Practitioners (RCGP) says.
It has undertaken research of 829 GPs across the UK, which found that between 9 and 22 July, 61 per cent of GP appointments were conducted by phone, with a further 16 per cent spent doing telephone triage. Eleven per cent were conducted face to face, six per cent by SMS or email, four per cent online via video and three per cent were home- and care-home visits.
While just four per cent of consultations were reported as being done by video, the survey found that 88 per cent of respondents said their surgery was equipped to deliver video or e-consultations – up from five per cent before the pandemic – and that 74 per cent said they had done at least some consultations in this way.
‘Integration’ among the challenges
Graham Kendall, is director of the Digital Healthcare Council, a membership organisation launched two years ago with 15 healthtech companies, including Babylon Health and Swedish firm Livi, as members.
Kendall sees the growth in ‘virtual’ consultations as “just the start” of digital healthcare’s possibilities.
“Face-to-face consultations remain important and, clearly, there’s a limit to how doctors can examine patients, and administer solutions, remotely,” he says, emphasising that safety is paramount.
In his view, one of the big advantages – to all – of virtual GPs is the actual or potential efficiency gains: enabling doctors and patients to be more quickly matched given their specialty or ailment. “A lot of the technology already exists – the challenge is integrating video consultations into patient journeys through the health system,” he tells City AM.
When coronavirus hopefully subsides, Kendall would like to see virtual GP services used to help clear the growing backlog of patients with non-urgent illnesses, as well as – in the longer term – helping with the pressures of demographic changes, such as people living longer. “These fundamental pressures and an increasing patient appetite for accessible, always-on care, will drive innovation in digital healthcare and encourage widespread adoption over the foreseeable future,” he says.
‘Digital healthcare is here to stay’
One of the growing number of companies active in digital healthcare is Doctor Care Anywhere (DCA), which was set up 2013.
Its founder and chief executive is Dr Bayju Thakar, a former NHS doctor who also previously worked in consulting at McKinsey. He says that DCA has about 200 doctors on the books – some full-time and some who work also in the NHS – as well as employing about 150 non-clinicians in roles such as software development.
He sees numerous trends as driving growth in the market for ‘virtual GPs’: rising patient expectations, accelerated by coronavirus, that doctors be more available at non-standard hours, including by video-call; and what he sees as a growing number of doctors who are keen to embrace technology and work flexibly (for example, working two days per week for the NHS and then evenings or other days working for firms such as DCA).
“Digital healthcare is here to stay. The pandemic has proved the need for it and popularised it with clinicians and patients alike. Remote GP consultations are just the start,” Thakar tells City AM. Businesses such as DCA are, he says “joining up the dots between primary and secondary care, and beyond, achieving better outcomes for patients, and greater levels of efficiency, transparency and accountability in the delivery of care.”
‘You can build a rapport’
Dr Isabel McQueen is an NHS GP on Tyneside who is generally positive about the more digital ways of working that she and her colleagues have taken up since March.
“’Video surgeries’ can be very helpful if we want to see patients and interact with them, for example with patients with learning-disabilities, children and those in care-homes,” she tells City AM. “Video consultations can also be used for mental health in a more effective way than ‘e-consultations’ as you can build a rapport.”
This week McQueen undertook a virtual ‘ward round’ in a care-home, interacting with patients. “They appeared delighted to see a familiar face, and be able to ask their questions directly, while keeping them safe from unnecessary contact,” she says.
50-50 remote/face-to-face split ‘realistic’
A fortnight before the national lockdown, the chief executive of healthtech service Doctorlink, Rupert Spiegelberg, wrote in City AM that ‘Covid-19 could well go down in history as the moment of profound change’ in the use of technology and that ‘even sceptics are being forced to acknowledge the benefits of video conferencing’.
Fast-forward to today, and Doctorlink reports 292% growth in the use of its video consultation tool from March to July (compared to previous equivalent number of months).
“Beyond Covid, I can see video consulting being a valuable way to complement face-to-face consultations, which will still be needed and important for many patients,” reflects McQueen. “GPs can see more patients ‘virtually’ rather than visiting – although this will still be needed where examination is required – and is convenient for patients who cannot travel in due to work or transport issues”. The RCGP’s chair, Prof Martin Marshall, meanwhile says: “It is in no one’s interest for general practice to become a largely remote service, as that will run the risk of isolating some patients, for example those with complex needs as well as our less tech-savvy patients and those who don’t have access to the appropriate tech – this, in turn, risks exacerbating health inequalities.”
He continues: “The way in which GPs switched to a largely remote service has been remarkable, and it has played an important part in helping to slow the spread of Covid-19. But moving forward, we envisage more of a balance in the way people access GP services, perhaps with 50 per cent face-to-face and 50 per cent remote appointments. This seems realistic and sensible.”


cityam--2020-09-17--New Zealand falls into worst recession on record

New Zealand has fallen into the worst economic recession on record in the second quarter , as well as its first recession in more than a decade .
GDP in the country contracted a seasonally adjusted 12.2 per cent between April and June compared to the previous quarter , marking its steepest quarterly contraction since records began .
It fell 12.4 per cent from the same period in 2019 .
The figures were largely in line with forecasts of a 12.8 per cent decline from economists polled by Reuters .
However it was an improvement on earlier forecasts from New @ @ @ @ @ @ @ per cent .
Read more : Bank of England keeps policy on hold and flags solid recovery The fall was caused by the impact of the coronavirus pandemic , as business activity ground to a halt and its borders were shut for two months .
Economists remained optimistic of New Zealand ’ s future , despite the gloomy data .
“ We expect the June quarter ’ s record-breaking GDP decline to be followed by a record-breaking rise in the September quarter , ” said Westpac senior economist Michael Gordon .
The figures @ @ @ @ @ @ @ to the polls next month , with Prime Minister Jacinda Ardern intending to defend her seat .
Ardern ’ s government said the country ’ s success in containing the spread of the virus through strict local lockdown measures bodes well for the economy ’ s recovery .
Read more : FTSE 100 and US stocks slide following central bank announcements New Zealand ’ s current coronavirus death toll compares favourably to other nations , with 25 Covid-19-related deaths out of a population of 5m people since the pandemic began .
“ Success @ @ @ @ @ @ @ lives , supporting and saving people ’ s businesses , coming out the other side faster , quicker and with more activity , ” she said .
New Zealand ’ s central bank is scheduled to hold a meeting on 23 September , at which analysts expect it to hold interest rates at a record low of 0.25 per cent .

New Zealand falls into worst recession on record
New Zealand has fallen into the worst economic recession on record in the second quarter, as well as its first recession in more than a decade.
GDP in the country contracted a seasonally adjusted 12.2 per cent between April and June compared to the previous quarter, marking its steepest quarterly contraction since records began. It fell 12.4 per cent from the same period in 2019.
The figures were largely in line with forecasts of a 12.8 per cent decline from economists polled by Reuters. However it was an improvement on earlier forecasts from New Zealand’s central bank of 14 per cent.
The fall was caused by the impact of the coronavirus pandemic, as business activity ground to a halt and its borders were shut for two months.
Economists remained optimistic of New Zealand’s future, despite the gloomy data.
“We expect the June quarter’s record-breaking GDP decline to be followed by a record-breaking rise in the September quarter,” said Westpac senior economist Michael Gordon.
The figures come as New Zealand prepares to head to the polls next month, with Prime Minister Jacinda Ardern intending to defend her seat.
Ardern’s government said the country’s success in containing the spread of the virus through strict local lockdown measures bodes well for the economy’s recovery.
New Zealand’s current coronavirus death toll compares favourably to other nations, with 25 Covid-19-related deaths out of a population of 5m people since the pandemic began.
“Success for me is saving people’s lives, supporting and saving people’s businesses, coming out the other side faster, quicker and with more activity,” she said.
New Zealand’s central bank is scheduled to hold a meeting on 23 September, at which analysts expect it to hold interest rates at a record low of 0.25 per cent.


cityam--2020-09-18--Restaurant sales buoyed by Eat Out to Help Out legacy

Restaurants continued to enjoy some of the benefits of the Eat Out to Help Out scheme this month as customers felt more comfortable going out for a meal .
Diners spent 14 per cent more in restaurants in the first week of September than they did the same week last year after August ’ s discount scheme gave consumers the confidence to return to restaurants after months in lockdown .
Read more : UK inflation falls to five year low due to Eat Out to Help Out The Eat Out to Help Out scheme allowed customers to receive 50 per @ @ @ @ @ @ @ order up to a value of £10 per person on Mondays to Friday In further good news for the UK high street , the proportion of transactions completed in store rather than online has continued to rise .
At the height of lockdown in April just half of spending was in store , rising to 65 per cent in July and 67 per cent in August .
Brits are also travelling further to spend , in a sign of encouragement for quiet towns and city centres .
In August the median card transaction @ @ @ @ @ @ @ to 2.3km in July and as little as 1.6km in April .
In February , the month before the pandemic it the UK , the median distance was 3.8km .
Lloyds Bank head of current accounts Martin Turner said : “ Our card spending data shows us that the Eat Out to Help Out scheme had the effect it desired , to once again fill restaurants and pubs , and to increase spend at other high-street stores .
“ More and more have started to spend in person , and while the numbers @ @ @ @ @ @ @ popular than it was before the pandemic , the gap is closing .
“ UK consumers are showing their resilience via both online and high street spend .
So while there is cause for optimism , we continue to monitor the recovery closely .
”

Restaurant sales buoyed by Eat Out to Help Out legacy
Restaurants continued to enjoy some of the benefits of the Eat Out to Help Out scheme this month as customers felt more comfortable going out for a meal.
Diners spent 14 per cent more in restaurants in the first week of September than they did the same week last year after August’s discount scheme gave consumers the confidence to return to restaurants after months in lockdown.
The Eat Out to Help Out scheme allowed customers to receive 50 per cent off their food and soft drinks order up to a value of £10 per person on Mondays to Friday
In further good news for the UK high street, the proportion of transactions completed in store rather than online has continued to rise.
At the height of lockdown in April just half of spending was in store, rising to 65 per cent in July and 67 per cent in August.
Brits are also travelling further to spend, in a sign of encouragement for quiet towns and city centres. In August the median card transaction was 3.5km away from home, compared to 2.3km in July and as little as 1.6km in April.
In February, the month before the pandemic it the UK, the median distance was 3.8km.
Lloyds Bank head of current accounts Martin Turner said: “Our card spending data shows us that the Eat Out to Help Out scheme had the effect it desired, to once again fill restaurants and pubs, and to increase spend at other high-street stores.
“More and more have started to spend in person, and while the numbers suggest that online spending is still more popular than it was before the pandemic, the gap is closing.
“UK consumers are showing their resilience via both online and high street spend. So while there is cause for optimism, we continue to monitor the recovery closely.”


cityam--2020-09-18--Around 5m workers were furloughed in July amid uneven recovery

As many as 5.3m people remained on the furlough scheme at the end of the July , although almost a million returned to their jobs on a part-time basis , the latest figures from HMRC showed .
The furlough scheme became flexible in July , meaning businesses could bring employees back part-time .
The government paid 80 per cent of the wages for the time they were not working .
It was one of the steps towards the controversial winding down of the furlough scheme in October .
Businesses have been asked to contribute more in August and September .
@ @ @ @ @ @ @ peaked at 8.9m in early May .
But it said today that had fallen to 4.8m by the end of July .
It added that the figure could be up to 10 per cent higher at the final count , at around 5.3m .
It said about 20 per cent of those furloughed nationally – about 950,000 people – went back to work part-time in July .
The figures are the most up-to-date snapshot of the furlough scheme .
They showed that some sectors were much more reliant on the programme than others @ @ @ @ @ @ @ entertainment and recreation employees were furloughed , and 43 per cent in accommodation and food services .
July ’ s drop in the use of furlough was driven by a sharp reduction in the retail sector .
However , the figures did not distinguish between employees returning to work or losing their jobs .
The Resolution Foundation think tank said that , despite the fall , “ hard-hit sectors like hospitality and leisure are still hugely reliant on the job retention scheme that is due to end in just six weeks ’ time @ @ @ @ @ @ @ at the Foundation , said some sectors “ will need further support after October ” .
Chancellor Rishi Sunak heralded the figures , however .
He said they “ show the success of our furlough scheme – making sure people ’ s jobs are there for them to return to ” .
Read more : Boris Johnson signals that targeted furlough extension is on the cards “ That so many businesses have been able to get back to trading , and bring their staff back to the workplace is a testament to the @ @ @ @ @ @ @ 29 per cent of employees , the accommodation and food services sector made the most use of flexible furlough .
That reflected the gradual reopening of restaurants , pubs and cafes .

Around 5m workers were furloughed in July amid uneven recovery
Pubs and restaurants reopened in July, but the leisure and hospitality sectors were still making heavy use of the furlough scheme
As many as 5.3m people remained on the furlough scheme at the end of the July, although almost a million returned to their jobs on a part-time basis, the latest figures from HMRC showed.
The furlough scheme became flexible in July, meaning businesses could bring employees back part-time. The government paid 80 per cent of the wages for the time they were not working.
It was one of the steps towards the controversial winding down of the furlough scheme in October. Businesses have been asked to contribute more in August and September.
HMRC said the number of furloughed workers peaked at 8.9m in early May. But it said today that had fallen to 4.8m by the end of July. It added that the figure could be up to 10 per cent higher at the final count, at around 5.3m.
It said about 20 per cent of those furloughed nationally – about 950,000 people – went back to work part-time in July.
The figures are the most up-to-date snapshot of the furlough scheme. They showed that some sectors were much more reliant on the programme than others: 45 per cent of arts, entertainment and recreation employees were furloughed, and 43 per cent in accommodation and food services.
July’s drop in the use of furlough was driven by a sharp reduction in the retail sector. However, the figures did not distinguish between employees returning to work or losing their jobs.
The Resolution Foundation think tank said that, despite the fall, “hard-hit sectors like hospitality and leisure are still hugely reliant on the job retention scheme that is due to end in just six weeks’ time”.
Daniel Tomlinson, senior economist at the Foundation, said some sectors “will need further support after October”.
Chancellor Rishi Sunak heralded the figures, however. He said they “show the success of our furlough scheme – making sure people’s jobs are there for them to return to”.
“That so many businesses have been able to get back to trading, and bring their staff back to the workplace is a testament to the impact the scheme has had.”
At 29 per cent of employees, the accommodation and food services sector made the most use of flexible furlough. That reflected the gradual reopening of restaurants, pubs and cafes.


cityam--2020-09-18--Business groups urge chancellor to unveil autumn Budget policies early

Business lobby groups have urged chancellor Rishi Sunak to make early announcements on the upcoming autumn Budget , in a move to quell fears over the current economic uncertainty .
Chancellor Rishi Sunak is expected to deliver the Budget in November , though reports last week suggested the announcement could be pushed back to spring 2021 if the UK is hit with a second wave of coronavirus .
Read more : Rishi Sunak can afford to be bold on pension reform in his autumn statement The last budget was delivered in March , marking Britain ’ s first post-Brexit spending @ @ @ @ @ @ @ published a written statement to the House of Commons , in which he asked the Office for Budget Responsibility ( OBR ) to prepare an economic and fiscal forecast “ to be published in mid to late November ” .
In response , the SNP ’ s Kate Forbes MSP wrote in a tweet : “ Postponing the UK Gov budget would undermine the Scottish budget & create unnecessary uncertainty for Scottish businesses & residents .
“ We need certainty on spending and tax plans .
The delayed UK budget last year made @ @ @ @ @ @ @ would be unthinkably hard.
” But with the possible budget statement at least two months away , prominent voices within the business community have come out against this proposal , highlighting that many businesses are already under extreme financial pressure .
Speed up budget announcements to help businesses Much of the autumn budget will rest upon the possibilities of a second wave of coronavirus , national lockdown and a Brexit trade deal .
Emma Jones , founder of small business support network Enterprise Nation , said : “ Any heads-up on important changes @ @ @ @ @ @ @ pointless if the detail does not exist .
“ With all the uncertainty at the moment due to the pandemic , and the lack of clarity as we approach the Brexit cliff-edge , small firms are well accustomed to adapting quickly – and they undoubtedly will have to again.
“ Meanwhile , chief economist at the Industries of Directors ( IoD ) Tej Parikh said that while the budget in November remains a “ provisional framework ” , businesses are relying on the government ’ s “ forward planning ” .
He said @ @ @ @ @ @ @ the budget in November is going to be the key moment where all of these policies are pushed through and I don ’ t really think there ’ s not much room to delay any more .
“ Having said that I think there is a case actually for the government to make some form of early announcements around what they plan to put in that budget given that we know that the furlough scheme ends in October and we know that all these other kinds of schemes are winding down .
“ @ @ @ @ @ @ @ give some kind of indication about what they plan to do in that November budget I think the better.
” The government faces a catalogue of tasks over the next few months , from negotiations with the EU to securing a trade deal and winding up the Job Retention Scheme .
British Chambers of Commerce co-executive director Claire Walker said : “ Faced with the triple threat of support schemes winding down , the prospect of local restrictions and the end of the Brexit transition period , the chancellor should not wait until @ @ @ @ @ @ @ business communities so desperately need .
“ Reducing the cost of employment by expanding the National Insurance Employment Allowance and raising the threshold for employers ’ National Insurance contributions , as well as extending Business Rates Relief to all sectors hit hardest by coronavirus are just some of the immediate ways that the government can help businesses to successfully rebuild , restart and renew.
” Furlough scheme and Brexit to impact next two quarters Parikh also drew attention to the impact of both the end of the furlough scheme and Brexit on the @ @ @ @ @ @ @ going to be a crucial moment for them to ensure that the economy has enough support at that stage given how we are going to be dealing with whatever happens at the end of 31 December with Brexit and then the challenges of the next quarter , ” he said .
“ First quarter next year when businesses start having to pay back the interest on all these loans they have taken out during the pandemic.
” Jones spoke in detail about creating a Brexit ‘ vouchers system ’ to help small businesses @ @ @ @ @ @ @ .
She said : “ We called for Brexit vouchers back in 2018 to help fund the financial outlay small firms will undoubtedly need to pay for specific advice , time spent budgeting and forecasting for any or all of the scenarios they may face .
An early announcement on vouchers would be welcomed in order to organise deployment.
” Read more : Brexit : A quarter of British businesses ready for end of transition period Jones also praised the work the government has done so far during the pandemic .
“ The @ @ @ @ @ @ @ smaller firms over the pandemic .
Enterprise Nation is running the Recovery Advice for Business initiative on behalf of the Government and we have thousands of willing accredited advisers offering free support .
This could very simply become a platform to deliver Brexit advice via a vouchers system and could be up-and-running very quickly , ” she said .
Rishi Sunak is still expected to announce a multi-year spending review before the end of 2020 .
However , a Treasury source told City A.M. the Budget would be announced “ in the usual @ @ @ @ @ @ @ Sunak plans to raise taxes now and cut them before next election Back in July , the chancellor confirmed he will set three years of day-to-day budgets from 2021-22 to 2023-24 , alongside four years of investment budgets from 2021-22 to 2024-25 .

Business groups urge chancellor to unveil autumn Budget policies early
Business lobby groups have urged chancellor Rishi Sunak to make early announcements on the upcoming autumn Budget, in a move to quell fears over the current economic uncertainty.
Chancellor Rishi Sunak is expected to deliver the Budget in November, though reports last week suggested the announcement could be pushed back to spring 2021 if the UK is hit with a second wave of coronavirus.
The last budget was delivered in March, marking Britain’s first post-Brexit spending statement.
And last week Rishi Sunak published a written statement to the House of Commons, in which he asked the Office for Budget Responsibility (OBR) to prepare an economic and fiscal forecast “to be published in mid to late November”.
In response, the SNP’s Kate Forbes MSP wrote in a tweet: “Postponing the UK Gov budget would undermine the Scottish budget & create unnecessary uncertainty for Scottish businesses & residents.
“We need certainty on spending and tax plans. The delayed UK budget last year made it difficult enough – but this year would be unthinkably hard.”
But with the possible budget statement at least two months away, prominent voices within the business community have come out against this proposal, highlighting that many businesses are already under extreme financial pressure.
Speed up budget announcements to help businesses
Much of the autumn budget will rest upon the possibilities of a second wave of coronavirus, national lockdown and a Brexit trade deal.
Emma Jones, founder of small business support network Enterprise Nation, said: “Any heads-up on important changes is useful, but it’s pointless if the detail does not exist.
“With all the uncertainty at the moment due to the pandemic, and the lack of clarity as we approach the Brexit cliff-edge, small firms are well accustomed to adapting quickly – and they undoubtedly will have to again.“
Meanwhile, chief economist at the Industries of Directors (IoD) Tej Parikh said that while the budget in November remains a “provisional framework”, businesses are relying on the government’s “forward planning”.
He said: “We’re hopeful that the budget in November is going to be the key moment where all of these policies are pushed through and I don’t really think there’s not much room to delay any more.
“Having said that I think there is a case actually for the government to make some form of early announcements around what they plan to put in that budget given that we know that the furlough scheme ends in October and we know that all these other kinds of schemes are winding down.
“So, the earlier the government can give some kind of indication about what they plan to do in that November budget I think the better.”
Sunak faced with ‘triple threat’
The government faces a catalogue of tasks over the next few months, from negotiations with the EU to securing a trade deal and winding up the Job Retention Scheme.
British Chambers of Commerce co-executive director Claire Walker said: “Faced with the triple threat of support schemes winding down, the prospect of local restrictions and the end of the Brexit transition period, the chancellor should not wait until November to deliver the fiscal stimulus our business communities so desperately need.
“Reducing the cost of employment by expanding the National Insurance Employment Allowance and raising the threshold for employers’ National Insurance contributions, as well as extending Business Rates Relief to all sectors hit hardest by coronavirus are just some of the immediate ways that the government can help businesses to successfully rebuild, restart and renew.”
Furlough scheme and Brexit to impact next two quarters
Parikh also drew attention to the impact of both the end of the furlough scheme and Brexit on the upcoming quarters.
“It really is going to be a crucial moment for them to ensure that the economy has enough support at that stage given how we are going to be dealing with whatever happens at the end of 31 December with Brexit and then the challenges of the next quarter,” he said.
“First quarter next year when businesses start having to pay back the interest on all these loans they have taken out during the pandemic.”
Jones spoke in detail about creating a Brexit ‘vouchers system’ to help small businesses navigate their way through whatever may come.
She said: “We called for Brexit vouchers back in 2018 to help fund the financial outlay small firms will undoubtedly need to pay for specific advice, time spent budgeting and forecasting for any or all of the scenarios they may face. An early announcement on vouchers would be welcomed in order to organise deployment.”
Jones also praised the work the government has done so far during the pandemic.
“The Government has already demonstrated its support for smaller firms over the pandemic. Enterprise Nation is running the Recovery Advice for Business initiative on behalf of the Government and we have thousands of willing accredited advisers offering free support. This could very simply become a platform to deliver Brexit advice via a vouchers system and could be up-and-running very quickly,” she said.
Rishi Sunak is still expected to announce a multi-year spending review before the end of 2020. However, a Treasury source told City A.M. the Budget would be announced “in the usual way”.
Back in July, the chancellor confirmed he will set three years of day-to-day budgets from 2021-22 to 2023-24, alongside four years of investment budgets from 2021-22 to 2024-25.


cityam--2020-09-18--Liam Fox through to next round in WTO director general contest

Liam Fox , Britain ’ s pick for the next director general of the World Trade Organization ( WTO ) , has made it through to the second round of the selection process .
The former international trade secretary was nominated by Prime Minister Boris Johnson in July , after current director general Roberto Azevedo stepped down following a seven-year tenure .
Three candidates , Jesus Seade , Tudor Ulianovschi and Hamid Mamdouh , have so far withdrawn from the race .
Read more : UK nominates former minister Liam Fox for top role at WTO “ I want this @ @ @ @ @ @ @ — we need the best qualified candidate for the job with the ability to deliver what the membership is demanding .
I believe I am that candidate , ” said Fox .
Fox is running on a platform of reforming parts of the WTO ’ s rule-making processes , promoting gender equality and safeguarding against protectionism in the wake of the coronavirus pandemic .
He said in a statement today : “ It can not be a ‘ business as usual ’ .
The WTO was facing very significant challenges before Covid-19 .
@ @ @ @ @ @ @ urgent by the pandemic .
“ Declining trade volumes , disagreements about the normative agenda , and most importantly , a breaking down of the multilateral consensus which enabled the WTO to be established are challenges we need to tackle head-on.
” Current international trade secretary Liz Truss said she continued to support Fox ’ s nomination and campaign .
The update follows the revelation over the summer that Fox ’ s email inbox was allegedly hacked ahead of last year ’ s December General Election , as Russian cyber spies sought papers @ @ @ @ @ @ @ papers claimed to be from Fox ’ s email stoked outrage upon publication , after then-Labour leader Jeremy Corbyn used them to back up his claim the NHS would be “ on the table ” in post-Brexit trade talks with the US .

Liam Fox through to next round in WTO director general contest
Liam Fox, Britain’s pick for the next director general of the World Trade Organization (WTO), has made it through to the second round of the selection process.
The former international trade secretary was nominated by Prime Minister Boris Johnson in July, after current director general Roberto Azevedo stepped down following a seven-year tenure.
Three candidates, Jesus Seade, Tudor Ulianovschi and Hamid Mamdouh, have so far withdrawn from the race.
“I want this DG election to be a real choice — we need the best qualified candidate for the job with the ability to deliver what the membership is demanding. I believe I am that candidate,” said Fox.
Fox is running on a platform of reforming parts of the WTO’s rule-making processes, promoting gender equality and safeguarding against protectionism in the wake of the coronavirus pandemic.
He said in a statement today: “It cannot be a ‘business as usual’. The WTO was facing very significant challenges before Covid-19. Those headwinds are made all the more urgent by the pandemic.
“Declining trade volumes, disagreements about the normative agenda, and most importantly, a breaking down of the multilateral consensus which enabled the WTO to be established are challenges we need to tackle head-on.”
Current international trade secretary Liz Truss said she continued to support Fox’s nomination and campaign.
The update follows the revelation over the summer that Fox’s email inbox was allegedly hacked ahead of last year’s December General Election, as Russian cyber spies sought papers on US–UK trade deal negotiations.
The papers claimed to be from Fox’s email stoked outrage upon publication, after then-Labour leader Jeremy Corbyn used them to back up his claim the NHS would be “on the table” in post-Brexit trade talks with the US.


cityam--2020-09-18--London New Year's Eve fireworks display cancelled due to Covid-19

London ’ s annual New Year ’ s Eve firework display has been cancelled , the mayor of London has @ @ @ @ @ morning revealed that the show and countdown , which is held each year by the @ @ @ @ @ go ahead due to safety concerns during the coronavirus pandemic .
Read more : UK @ @ @ @ @ firms adapt to Covid “ There will not be fireworks at New Year ’ s @ @ @ @ @ in previous years , ” Khan told LBC .
He said that officials were working @ @ @ @ @ that Londoners can “ enjoy in the comfort and safety of their living rooms ” @ @ @ @ @ celebrations will be unveiled shortly , he said .
“ We can ’ t afford @ @ @ @ @ New Year ’ s Eve is a really great opportunity for the rest of the @ @ @ @ @ our city is , ” Khan said .
“ Particularly during a recession we need @ @ @ @ @ city and people coming to London .
”

London New Year’s Eve fireworks display cancelled due to Covid-19
London’s annual New Year’s Eve firework display has been cancelled, the mayor of London has confirmed.
Sadiq Khan this morning revealed that the show and countdown, which is held each year by the River Thames, could not go ahead due to safety concerns during the coronavirus pandemic.
“There will not be fireworks at New Year’s Eve this year, like in previous years,” Khan told LBC.
He said that officials were working on plans for an event that Londoners can “enjoy in the comfort and safety of their living rooms”.
Plans for the stay-at-home celebrations will be unveiled shortly, he said.
“We can’t afford to lose that slot because New Year’s Eve is a really great opportunity for the rest of the world to see how wonderful our city is,” Khan said.
“Particularly during a recession we need to continue investment in our city and people coming to London.”
More to follow


cityam--2020-09-18--Almost half of firms plan to cut or stop hiring amid pandemic

Almost half of UK firms expect to reduce recruitment or stop hiring new employees altogether over the coming year as they adjust to life during the coronavirus pandemic , a survey has found .
The latest CBI/Pertemps employment trends survey said a “ two-speed ” job market had emerged .
It found 46 per cent of firms were looking to cut hiring or stop altogether , but 51 per cent of firms were planning to increase hiring .
The survey nonetheless marked a sharp deterioration in the recruitment market , with the overall measure balancing out to a score of @ @ @ @ @ @ @ to a much more positive reading of 56 per cent last year .
A balance of seven per cent of respondents expected their workforce to be larger in 12 months ’ time , compared to a balance of 28 per cent in last year ’ s survey .
It comes a few days after figures showed that 695,000 people in the UK had lost their jobs between March and August .
Economists say that many more job losses are to come as chancellor Rishi Sunak winds down the furlough scheme in October .
@ @ @ @ @ @ @ tanks and MPs have all called for some form of targeted furlough support to be extended .
However , the government and Bank of England have argued that the economy must be allowed to adapt and people must find work in stronger sectors .
Matthew Fell , CBI chief UK policy director , said : “ The UK labour market has been under heavy stress since the outset of the Covid-19 crisis.
” He said that “ although the economy has started to re-open , pressure on firms remains acute ” .
Fell @ @ @ @ @ @ @ , higher costs , lower demand , local lockdowns and fears of a second wave , firms are tempering their recruitment plans.
” The CBI and recruitment group Pertemps surveyed 248 firms between 17 August and 4 September 2020 .
Read more : Bank of England keeps policy on hold and flags solid recovery Nearly half – 48 per cent – of respondents said they were exploring business transformation and restructuring plans as a priority as they aim to cut costs .
A third of respondents plan to implement a pay-freeze across all @ @ @ @ @ @ @ in 2019 .

Almost half of firms plan to cut or stop hiring amid pandemic
The UK’s consumer-focused economy has been hit hard by the coronavirus pandemic
Almost half of UK firms expect to reduce recruitment or stop hiring new employees altogether over the coming year as they adjust to life during the coronavirus pandemic, a survey has found.
The latest CBI/Pertemps employment trends survey said a “two-speed” job market had emerged. It found 46 per cent of firms were looking to cut hiring or stop altogether, but 51 per cent of firms were planning to increase hiring.
The survey nonetheless marked a sharp deterioration in the recruitment market, with the overall measure balancing out to a score of just five per cent. That compared to a much more positive reading of 56 per cent last year.
A balance of seven per cent of respondents expected their workforce to be larger in 12 months’ time, compared to a balance of 28 per cent in last year’s survey.
It comes a few days after figures showed that 695,000 people in the UK had lost their jobs between March and August.
Economists say that many more job losses are to come as chancellor Rishi Sunak winds down the furlough scheme in October. Trade unions, opposition parties, think tanks and MPs have all called for some form of targeted furlough support to be extended.
However, the government and Bank of England have argued that the economy must be allowed to adapt and people must find work in stronger sectors.
Matthew Fell, CBI chief UK policy director, said: “The UK labour market has been under heavy stress since the outset of the Covid-19 crisis.”
He said that “although the economy has started to re-open, pressure on firms remains acute”. Fell added: “With ongoing social distancing, higher costs, lower demand, local lockdowns and fears of a second wave, firms are tempering their recruitment plans.”
The CBI and recruitment group Pertemps surveyed 248 firms between 17 August and 4 September 2020.
Nearly half – 48 per cent – of respondents said they were exploring business transformation and restructuring plans as a priority as they aim to cut costs.
A third of respondents plan to implement a pay-freeze across all roles, up from five per cent in 2019.