cityam--2020-12-03--The Future is Decentralized: 5 Reasons Why DeFi’s Cool-down Will Be Short Lived

DeFi was once the hottest crypto trend of 2020 , but the sector ’ s recent slowdown has some wondering whether the boom times are over .
While Bitcoin ’ s taken the spotlight for now , crypto enthusiasts take heed : it would be unwise to count DeFi out .
The decentralized finance ( DeFi ) sector started out as a relatively niche market before gaining steam in this past summer , propelled by decentralized apps ( DApps ) and tokens that have attracted crypto speculators and traders alike .
After a strong run of record growth , the @ @ @ @ @ @ @ due to a variety of factors , which I ’ ll outline below .
However , despite this cooldown in interest , I believe that all the indicators for DeFi are points towards strong , continued growth over the coming months .
• Bitcoin Has Taken the Spotlight , But Not For Long If DeFi was the story of the summer , then autumn was undoubtedly the season of Bitcoin .
Economic instability brought on by the ensuing waves of coronavirus cases and political turmoil caused traders to hedge against the dollar .
@ @ @ @ @ @ @ back gold , the asset that is traditionally negatively correlated to the US dollar .
Instead , they turned to Bitcoin ( BTC ) .
Some cryptocurrency exchanges , ours included , experienced record transaction volumes as more people looked to buy Bitcoin .
Major traditional financial players also made timely entrances into the crypto space , further contributing to the spike in interest for the world ’ s most popular cryptocurrency .
This snowball effect pushed Bitcoin prices to an all-time high on November 30 .
However , as the economy ( @ @ @ @ @ @ @ months , helped in part by a number of vaccines that are currently in development , traders may rebalance their portfolios , and return their attention to the DeFi sector for higher yields .
• Ethereum 2.0 Will Introduce Scalability , Raising the Ceiling for the DeFi Sector The upcoming Ethereum 2.0 update will arrive in phases , but its eventual launch will increase the size of the DeFi market .
Many of today ’ s DApps and protocols run on the Ethereum network , and during periods of peak congestion , fees @ @ @ @ @ @ @ bottlenecks that negatively impact usability .
With lower fees and faster transaction times , more people will look to participate in the DeFi space , and these network improvements will improve almost every DApp within the existing ecosystem as well .
My prediction is that Ethereum 2.0 will bring another wave of DeFi related innovation , paving the way for more mainstream adoption to take place .
• It ’ s Not About the Destination , It ’ s About the ( User ) Journey The barriers to entry are daunting for first @ @ @ @ @ @ @ In order to use a DApp , users must first create their own digital wallet and buy whichever tokens the DApp requires .
Users typically choose to buy tokens from an external cryptocurrency exchange , which adds an additional layer of friction to the onboarding experience .
Compare this to the last social media account you created .
What was the sign-up process like ?
Mainstream users want a one stop solution where they can buy tokens , create a digital wallet , and participate in their favorite DApps with a single login @ @ @ @ @ @ @ easy hurdle to clear , there will soon be a day where DApps are as user friendly as the centralized applications they ’ ll be replacing .
This is firmly a matter of when , not if .
Today , the DeFi ecosystem is a little bit of a walled garden , which is counterintuitive , seeing as all anyone needs to get started with DeFi is an internet connection and mobile phone or computer .
In the interim , it ’ s up to centralized exchanges like ours to bridge the gap @ @ @ @ @ @ @ provide simple and intuitive products that anyone can use .
• The DeFi Ecosystem Will Diversify Its Offerings Bitcoin was arguably the first DApp .
As an application , it allowed users to lend their computing power to verify transactions and “ mine ” cryptocurrency , which could be stored independently , without passing through a centralized institution .
From there , the DApp ecosystem has expanded rapidly , as developers build more financial products to attract users .
In truth , any one of today ’ s DApps can be the next @ @ @ @ @ @ @ come down to the teams that can best execute on a proven idea that has the runway for growth .
While an outsize share of recent DApps are centered around lending and borrowing applications , this is just the tip of the iceberg : DeFi will continue to challenge the entire traditional financial system , and one can easily trace its pathway from first creating a viable decentralized , digital currency , to stablecoins that mimic aspects of fiat currencies , to the borrowing and lending applications of today .
Each time the @ @ @ @ @ @ @ to existing applications , it enters a new market as a challenger—which brings me to my next point .
At its heart , DeFi isn ’ t powered by sky-high yields or the proliferation of protocol-of-the-week lending and borrowing applications .
It ’ s powered by the promise of decentralization , which returns control to users rather than institutions .
Everyone deserves access to financial services with secure , low cost transactions that are governed by fair operating principles .
DeFi technology adds functionality that can ’ t be found in centralized institutions @ @ @ @ @ @ @ global audiences with no single source of failure .
In addition , non-custodial protocols give users full control over their assets .
In the meantime , existing institutions must be willing to disrupt themselves in order to keep up .
Those who embrace decentralization will be in a better position to maintain their relevance .
That ’ s one of the reasons why we committed $ 100 million to an accelerator fund that encourages developers to launch DeFi projects on our smart contracts enabled blockchain .
The writing is already on the wall @ @ @ @ @ @ @ the DeFi is not just the next big thing in crypto .
In fact , it may be the big thing come 2021 .
Changpeng Zhao , known as CZ , is a serial entrepreneur with an impressive track record of successful startups .
He launched Binance in July 2017 and within 180 days , grew Binance into the largest cryptocurrency exchange in the world .
An expert in blockchain and trading systems , CZ has built Binance into the leading blockchain ecosystem , comprised of Binance Exchange , Labs , Launchpad , @ @ @ @ @ @ @ Wallet and Charity Foundation .

The Future is Decentralized: 5 Reasons Why DeFi’s Cool-down Will Be Short Lived
DeFi was once the hottest crypto trend of 2020, but the sector’s recent slowdown has some wondering whether the boom times are over. While Bitcoin’s taken the spotlight for now, crypto enthusiasts take heed: it would be unwise to count DeFi out.
The decentralized finance (DeFi) sector started out as a relatively niche market before gaining steam in this past summer, propelled by decentralized apps (DApps) and tokens that have attracted crypto speculators and traders alike. After a strong run of record growth, the DeFi sector pulled back in recent months due to a variety of factors, which I’ll outline below. However, despite this cooldown in interest, I believe that all the indicators for DeFi are points towards strong, continued growth over the coming months.
Bitcoin Has Taken the Spotlight, But Not For Long
If DeFi was the story of the summer, then autumn was undoubtedly the season of Bitcoin. Economic instability brought on by the ensuing waves of coronavirus cases and political turmoil caused traders to hedge against the dollar. This time, traders didn’t back gold, the asset that is traditionally negatively correlated to the US dollar. Instead, they turned to Bitcoin (BTC).
Some cryptocurrency exchanges, ours included, experienced record transaction volumes as more people looked to buy Bitcoin. Major traditional financial players also made timely entrances into the crypto space, further contributing to the spike in interest for the world’s most popular cryptocurrency. This snowball effect pushed Bitcoin prices to an all-time high on November 30.
However, as the economy (hopefully) settles over the next few months, helped in part by a number of vaccines that are currently in development, traders may rebalance their portfolios, and return their attention to the DeFi sector for higher yields.
Ethereum 2.0 Will Introduce Scalability, Raising the Ceiling for the DeFi Sector
The upcoming Ethereum 2.0 update will arrive in phases, but its eventual launch will increase the size of the DeFi market. Many of today’s DApps and protocols run on the Ethereum network, and during periods of peak congestion, fees skyrocket and transaction times slow, creating bottlenecks that negatively impact usability. With lower fees and faster transaction times, more people will look to participate in the DeFi space, and these network improvements will improve almost every DApp within the existing ecosystem as well.
My prediction is that Ethereum 2.0 will bring another wave of DeFi related innovation, paving the way for more mainstream adoption to take place.
It’s Not About the Destination, It’s About the (User) Journey
The barriers to entry are daunting for first time users entering the DeFi ecosystem. In order to use a DApp, users must first create their own digital wallet and buy whichever tokens the DApp requires. Users typically choose to buy tokens from an external cryptocurrency exchange, which adds an additional layer of friction to the onboarding experience. Compare this to the last social media account you created. What was the sign-up process like?
Mainstream users want a one stop solution where they can buy tokens, create a digital wallet, and participate in their favorite DApps with a single login. While it’s not an easy hurdle to clear, there will soon be a day where DApps are as user friendly as the centralized applications they’ll be replacing. This is firmly a matter of when, not if.
Today, the DeFi ecosystem is a little bit of a walled garden, which is counterintuitive, seeing as all anyone needs to get started with DeFi is an internet connection and mobile phone or computer.
In the interim, it’s up to centralized exchanges like ours to bridge the gap between centralized and decentralized finance, and provide simple and intuitive products that anyone can use.
The DeFi Ecosystem Will Diversify Its Offerings
Bitcoin was arguably the first DApp. As an application, it allowed users to lend their computing power to verify transactions and “mine” cryptocurrency, which could be stored independently, without passing through a centralized institution. From there, the DApp ecosystem has expanded rapidly, as developers build more financial products to attract users.
In truth, any one of today’s DApps can be the next “killer app”. Success will come down to the teams that can best execute on a proven idea that has the runway for growth. While an outsize share of recent DApps are centered around lending and borrowing applications, this is just the tip of the iceberg: DeFi will continue to challenge the entire traditional financial system, and one can easily trace its pathway from first creating a viable decentralized, digital currency, to stablecoins that mimic aspects of fiat currencies, to the borrowing and lending applications of today.
Each time the DeFi ecosystem creates a viable decentralized alternative to existing applications, it enters a new market as a challenger—which brings me to my next point.
DeFi Is Unstoppable—By Design
At its heart, DeFi isn’t powered by sky-high yields or the proliferation of protocol-of-the-week lending and borrowing applications. It’s powered by the promise of decentralization, which returns control to users rather than institutions. Everyone deserves access to financial services with secure, low cost transactions that are governed by fair operating principles.
DeFi technology adds functionality that can’t be found in centralized institutions: it provides fully permissionless access for global audiences with no single source of failure. In addition, non-custodial protocols give users full control over their assets.
In the meantime, existing institutions must be willing to disrupt themselves in order to keep up. Those who embrace decentralization will be in a better position to maintain their relevance. That’s one of the reasons why we committed $100 million to an accelerator fund that encourages developers to launch DeFi projects on our smart contracts enabled blockchain.
The writing is already on the wall: the future is decentralized, and the DeFi is not just the next big thing in crypto. In fact, it may be the big thing come 2021.
Changpeng Zhao, Founder & CEO, Binance
Changpeng Zhao, known as CZ, is a serial entrepreneur with an impressive track record of successful startups. He launched Binance in July 2017 and within 180 days, grew Binance into the largest cryptocurrency exchange in the world. An expert in blockchain and trading systems, CZ has built Binance into the leading blockchain ecosystem, comprised of Binance Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet and Charity Foundation.


cityam--2020-12-03--Collapsed Debenhams claimed £40.5m of taxpayer cash via furlough scheme

Trouble department store Debenhams cost the taxpayer £40.5m via the coronavirus furlough scheme , according to records .
Debenhams is set to close down after administrators were unable to find a buyer , putting around 12,000 jobs at risk in the latest blow to the struggling UK high street .
Read more : Debenhams website crashes as bargain hunters swoop on collapsed department store According to the administrator ’ s progress report complied by FRP Advisory , Debenhams cost the taxpayer £40.5m after taking advantage of the furlough scheme during the coronavirus pandemic .
The furlough scheme was designed to @ @ @ @ @ @ @ suffered because of coronavirus lockdowns and restrictions .
At the start of November the scheme had cost the government some £41.4bn , and supported more than nine million jobs since its launch .
Administrators FRP Advisory announced on Tuesday that they have commenced a wind-down of Debenhams UK , while continuing to seek offers for all or parts of the business .
Read more : Debenhams closure : What next for struggling retail landlords ?
The news followed JD Sports pulling out of talks to buy the department store chain following the collapse @ @ @ @ @ @ @ street empire Arcadia , which was a major concessions operator in Debenhams .
Debenhams will continue to trade through its 124 UK stores and online to clear its current and contracted stocks .
If no alternative offers are received for the firm , the UK operations will close .
A spokesperson for Debenhams said it had used the furlough policy correctly .
“ Debenhams used the scheme in exactly the way it was intended , which was to preserve jobs while stores were closed in line with government regulations .
”

Collapsed Debenhams claimed £40.5m of taxpayer cash via furlough scheme
The high street retailer was bought by Boohoo for £55m in January after it entered administration last year for the second time in 12 months.
Trouble department store Debenhams cost the taxpayer £40.5m via the coronavirus furlough scheme, according to records.
Debenhams is set to close down after administrators were unable to find a buyer, putting around 12,000 jobs at risk in the latest blow to the struggling UK high street.
According to the administrator’s progress report complied by FRP Advisory, Debenhams cost the taxpayer £40.5m after taking advantage of the furlough scheme during the coronavirus pandemic.
The furlough scheme was designed to prevent mass redundancies, as business income suffered because of coronavirus lockdowns and restrictions.
At the start of November the scheme had cost the government some £41.4bn, and supported more than nine million jobs since its launch.
Administrators FRP Advisory announced on Tuesday that they have commenced a wind-down of Debenhams UK, while continuing to seek offers for all or parts of the business.
The news followed JD Sports pulling out of talks to buy the department store chain following the collapse of Sir Philip Green’s high street empire Arcadia, which was a major concessions operator in Debenhams.
Debenhams will continue to trade through its 124 UK stores and online to clear its current and contracted stocks.
If no alternative offers are received for the firm, the UK operations will close.
A spokesperson for Debenhams said it had used the furlough policy correctly.
“Debenhams used the scheme in exactly the way it was intended, which was to preserve jobs while stores were closed in line with government regulations.”


cityam--2020-12-03--Week in Sportbiz: Yashenkov makes fan pledge ahead of election; global golf tour moves step closer;

It ’ s a big weekend for rugby in Europe , and not just because of the final round of Autumn Nations Cup fixtures .
On Friday , Russian challenger Kirill Yashenkov is hoping to topple incumbent Octavian Morariu and be named president of Rugby Europe .
Yashenkov has vowed to double the organisation ’ s budget and create more opportunities for elite level competition for smaller nations and their clubs .
Read more : NFL poaches World Rugby boss Brett Gosper as it aims to increase its presence in UK and Europe As the first spectators returned to live @ @ @ @ @ @ @ pledged to prioritise getting fans back into rugby across the continent .
“ We must unite together to lobby the European Union and national governments for our sport to be allowed back with spectators at the elite and community level as fast as possible in every country , ” he said .
“ We know that it can be made safe for young people to be playing rugby .
We can create the right structures .
“ So we will work with all stakeholders in Europe to lobby and ensure that rugby is @ @ @ @ @ @ @ the earliest opportunity.
” A single global golf circuit moved a step closer to reality this week when the PGA and European Tours announced a new collaboration agreement .
The move confirmed long-standing rumours of a tie-up that promises to improve commercial and media rights opportunities for both parties .
European Tour deputy chief executive Guy Kinnings told City A.M. last year that it was open to discussing a global tour with its PGA counterparts .
With the PGA Tour taking a minority stake in European Tour Productions and its commissioner Jay Monahan @ @ @ @ @ @ @ , this may be just the beginning .
Online used-car retailed Cazoo has added yet another major sport property to its burgeoning portfolio of sponsorships .
Cazoo has been named principal partner for The Hundred , the great white hope of English franchise cricket , which is due to begin next summer .
The Hundred deal follows the company ’ s shirt sponsorships with Premier League clubs Aston Villa and Everton .
Cazoo is also the main partner for next year ’ s Rugby League World Cup .
Used-car dealers have never had @ @ @ @ @ @ @ In a good week for the finances of nascent Twenty20 cricket competitions , Major League Cricket also received a major boost .
The Knight Riders Group , which counts Bollywood star Shah Rukh Khan as its majority shareholder , has become a stakeholder in the US ’ s imminent competition .
The owners of two-time Indian Premier League winners Kolkata Knight Riders and Caribbean Premier League side Trinbago Knight Riders are not just investing cash .
They will also lend their expertise as Major League Cricket gears up for its planned launch in @ @ @ @ @ @ @ column , the United States has big plans for the sport over the next decade .
Golf is not the only sport embracing a spirit of co-operation this week , as the WTA has shown .
The elite women ’ s tennis circuit is to change its system of categorising tournaments to align with the men ’ s ATP Tour , which denotes events 1000 , 500 , 250 and 125 competitions depending on importance .
The WTA announced the move as part of a wider corporate rebrand that also includes a new @ @ @ @ @ @ @ naming system is 100 per cent about making it easier for WTA fans , corporate partners and the media to engage and follow our sport , ” said WTA president Micky Lawler .

Week in Sportbiz: Yashenkov makes fan pledge ahead of election; global golf tour moves step closer; and Cazoo trumpets Hundred deal
Rugby Europe stages its presidential election on Friday, when Romanian incumbent Octavian Morariu faces competition from Russian Kirill Yashenkov
It’s a big weekend for rugby in Europe, and not just because of the final round of Autumn Nations Cup fixtures.
On Friday, Russian challenger Kirill Yashenkov is hoping to topple incumbent Octavian Morariu and be named president of Rugby Europe.
Yashenkov has vowed to double the organisation’s budget and create more opportunities for elite level competition for smaller nations and their clubs.
As the first spectators returned to live sport in England this week, Yashenkov pledged to prioritise getting fans back into rugby across the continent.
“We must unite together to lobby the European Union and national governments for our sport to be allowed back with spectators at the elite and community level as fast as possible in every country,” he said.
Kirill Yashenkov has promised to prioritise the return of fans if he is elected on Friday
“We know that it can be made safe for young people to be playing rugby. We can create the right structures.
“So we will work with all stakeholders in Europe to lobby and ensure that rugby is returned at community and elite level at the earliest opportunity.”
PGA and European Tours cosy up
A single global golf circuit moved a step closer to reality this week when the PGA and European Tours announced a new collaboration agreement.
The move confirmed long-standing rumours of a tie-up that promises to improve commercial and media rights opportunities for both parties.
European Tour deputy chief executive Guy Kinnings told City A.M. last year that it was open to discussing a global tour with its PGA counterparts.
With the PGA Tour taking a minority stake in European Tour Productions and its commissioner Jay Monahan joining the European Tour’s board, this may be just the beginning.
Cazoo trumpets new Hundred deal
Online used-car retailed Cazoo has added yet another major sport property to its burgeoning portfolio of sponsorships.
Cazoo has been named principal partner for The Hundred, the great white hope of English franchise cricket, which is due to begin next summer.
The Hundred deal follows the company’s shirt sponsorships with Premier League clubs Aston Villa and Everton. Cazoo is also the main partner for next year’s Rugby League World Cup.
Used-car dealers have never had it so good, it seems.
Major League Cricket gets Bollywood treatment
In a good week for the finances of nascent Twenty20 cricket competitions, Major League Cricket also received a major boost.
The Knight Riders Group, which counts Bollywood star Shah Rukh Khan as its majority shareholder, has become a stakeholder in the US’s imminent competition.
The owners of two-time Indian Premier League winners Kolkata Knight Riders and Caribbean Premier League side Trinbago Knight Riders are not just investing cash.
They will also lend their expertise as Major League Cricket gears up for its planned launch in 2022.
As noted previously in this column, the United States has big plans for the sport over the next decade.
WTA adopts ATP tournament system
Golf is not the only sport embracing a spirit of co-operation this week, as the WTA has shown.
The elite women’s tennis circuit is to change its system of categorising tournaments to align with the men’s ATP Tour, which denotes events 1000, 500, 250 and 125 competitions depending on importance.
The WTA announced the move as part of a wider corporate rebrand that also includes a new logo.
“Adopting this streamlined tournament naming system is 100 per cent about making it easier for WTA fans, corporate partners and the media to engage and follow our sport,” said WTA president Micky Lawler.


cityam--2020-12-03--Dr Fauci joins EU leaders in slamming Britain for swift vaccine approval

American chief medical adviser has joined the EU in slamming Britain ’ s swift approval of the Pfizer/Biontech coronavirus vaccine .
“ If you go quickly and you do it superficially , people are not going to want to get vaccinated , ” America ’ s top immunologist Dr. Anthony Fauci told Fox News .
“ We have the gold standard of a regulatory approach with the FDA [ Food and Drug Administration ] .
Read more : One vaccine is on the way , and more could be : all your questions answered “ The UK did not do @ @ @ @ @ @ @ .
“ They got a couple of days ahead .
I don ’ t think that makes much difference.
” It comes after the UK yesterday became the first country in the world to approve a coronavirus vaccine .
British health officials gave the green light for Pfizer and Biontech ’ s Covid vaccine to be rolled out to the public , after receiving a recommendation for use by the Medicines and Healthcare Products Regulatory Agency ( MHRA ) .
Vaccines usually take around a decade from start to finish to hit the @ @ @ @ @ @ @ be rolled out just under 10 months after it was first developed .
The government has ordered 40m doses of the vaccine , with the first 800,000 — enough to vaccinate 400,000 people — set to be distributed to hospital hubs across the UK over the next few days .
Speaking at last night ’ s Downing Street press conference , Prime Minister Boris Johnson hailed the “ biological jiu jitsu ” of the vaccine , telling the public it meant the pandemic would be over by the spring .
But the EU @ @ @ @ @ @ @ , saying its own procedure was more thorough .
In a terse statement yesterday the European Medicines Agency ( EMA ) , which is in charge of approving Covid-19 vaccines for the EU , said its longer approval procedure required more checks than the emergency procedure chosen by Britain .
A spokesman for the European Commission said the EMA ’ s procedure was “ the most effective regulatory mechanism to grant all EU citizens ’ access to a safe and effective vaccine , ” as it was based on more evidence .
Dr @ @ @ @ @ @ @ UK ’ s MHRA , defended the rapid rollout yesterday , saying “ no corners were cut ” in its approval of the Pfizer vaccine .
“ The way in which the MHRA has worked is equivalent to all international standards , ” she added .
It comes after European regulators on Tuesday pushed back formal safety assessments of the Pfizer/Biontech and Moderna vaccines , meaning vaccinations will not take place on the continent until next year .
Read more : Pfizer vaccine to be rolled out across 50 hospital hubs from next @ @ @ @ @ @ @ decide on whether to approve the vaccine being developed by Pfizer and BioNTech by 29 December , meaning distribution will not start until 2021 .
It also said it does not plan on making a ruling on the Moderna vaccine until 12 January .
Meanwhile , America ’ s FDA does not expect to make a decision on vaccine approvals until mid-December .

Dr Fauci joins EU leaders in slamming Britain for swift vaccine approval
American chief medical adviser has joined the EU in slamming Britain’s swift approval of the Pfizer/Biontech coronavirus vaccine.
“If you go quickly and you do it superficially, people are not going to want to get vaccinated,” America’s top immunologist Dr. Anthony Fauci told Fox News. “We have the gold standard of a regulatory approach with the FDA [Food and Drug Administration].
“The UK did not do it as carefully,” he added. “They got a couple of days ahead. I don’t think that makes much difference.”
It comes after the UK yesterday became the first country in the world to approve a coronavirus vaccine.
British health officials gave the green light for Pfizer and Biontech’s Covid vaccine to be rolled out to the public, after receiving a recommendation for use by the Medicines and Healthcare Products Regulatory Agency (MHRA).
Vaccines usually take around a decade from start to finish to hit the shelves, whereas the Pfizer vaccine will be rolled out just under 10 months after it was first developed.
The government has ordered 40m doses of the vaccine, with the first 800,000 — enough to vaccinate 400,000 people — set to be distributed to hospital hubs across the UK over the next few days.
Speaking at last night’s Downing Street press conference, Prime Minister Boris Johnson hailed the “biological jiu jitsu” of the vaccine, telling the public it meant the pandemic would be over by the spring.
But the EU was swift to criticise the move yesterday, saying its own procedure was more thorough.
In a terse statement yesterday the European Medicines Agency (EMA), which is in charge of approving Covid-19 vaccines for the EU, said its longer approval procedure required more checks than the emergency procedure chosen by Britain.
A spokesman for the European Commission said the EMA’s procedure was “the most effective regulatory mechanism to grant all EU citizens’ access to a safe and effective vaccine,” as it was based on more evidence.
Dr June Raine, chief executive of the UK’s MHRA, defended the rapid rollout yesterday, saying “no corners were cut” in its approval of the Pfizer vaccine.
“The way in which the MHRA has worked is equivalent to all international standards,” she added.
It comes after European regulators on Tuesday pushed back formal safety assessments of the Pfizer/Biontech and Moderna vaccines, meaning vaccinations will not take place on the continent until next year.
The EMA said it planned to decide on whether to approve the vaccine being developed by Pfizer and BioNTech by 29 December, meaning distribution will not start until 2021.
It also said it does not plan on making a ruling on the Moderna vaccine until 12 January.
Meanwhile, America’s FDA does not expect to make a decision on vaccine approvals until mid-December.


cityam--2020-12-03--EU wants Brexit trade deal wrapped up with the UK by Friday

Brussels officials are reportedly pushing for a UK-EU trade deal to be completed by tomorrow to avoid significant disruption when the Brexit transition period ends on 31 December .
Talks between UK and EU negotiators are still deadlocked , with Brussels now warning that the European parliament will find it hard to ratify a deal before the end of 2020 if it is not closed in the coming days .
Read more : Tesco CEO : Movement of product is the biggest Brexit issue Irish foreign minister Simon Coveney said today that “ it ’ s a time to hold @ @ @ @ @ @ @ could be closed in the coming days .
Chief EU negotiator Michel Barnier is in London this week for intensive in-person Brexit negotiations with his UK counterpart Lord David Frost .
Barnier met with EU ambassadors virtually yesterday , with France ’ s representative pushing for the negotiator to go for a no-deal if the UK does not make any more concessions .
A source close to Barnier told the Irish Times today that if a deal is to be done it needs to be closed by tomorrow to avoid chaos on 1 @ @ @ @ @ @ @ ’ s customs union and single market .
Before the Open newsletter : Start your day with the City View podcast and key market data The source said : “ The point Barnier was making to Frost was if we don ’ t have a deal or at least something over the next day or so , we can ’ t guarantee there will be a deal by 1 January .
“ Even if we get a deal in 10 days time , if we run down the clock too much , there @ @ @ @ @ @ @ deal can ’ t be ratified in time .
We need to put an end to this somehow.
” Coveney told Irish media this morning : “ It ’ s a time to hold our nerve , to trust Michel Barnier .
“ “ If we do that there ’ s a good chance we can get a deal in the next few days.
” Coveney is travelling to Paris today to warn the French that time was running out and that a deal needed to be struck .
French demands over fisheries @ @ @ @ @ @ @ as the largest barrier to a post-Brexit trade deal .
Read more : France pushes EU to go for no-deal Brexit if UK does not make late concessions Barnier is asking for EU countries to maintain access to 80 per cent of the value of fish in British waters that they had pre-Brexit .
The Times reports that the UK ’ s latest offer to Brussels is for them keep 40 per cent – a figure turned down by Barnier .

EU wants Brexit trade deal wrapped up with the UK by Friday
EU chief negotiator Michel Barnier in London for Brexit talks
Brussels officials are reportedly pushing for a UK-EU trade deal to be completed by tomorrow to avoid significant disruption when the Brexit transition period ends on 31 December.
Talks between UK and EU negotiators are still deadlocked, with Brussels now warning that the European parliament will find it hard to ratify a deal before the end of 2020 if it is not closed in the coming days.
Irish foreign minister Simon Coveney said today that “it’s a time to hold our nerve” and that a deal could be closed in the coming days.
Chief EU negotiator Michel Barnier is in London this week for intensive in-person Brexit negotiations with his UK counterpart Lord David Frost.
Barnier met with EU ambassadors virtually yesterday, with France’s representative pushing for the negotiator to go for a no-deal if the UK does not make any more concessions.
A source close to Barnier told the Irish Times today that if a deal is to be done it needs to be closed by tomorrow to avoid chaos on 1 January when the UK leaves the EU’s customs union and single market.
Before the Open newsletter: Start your day with the City View podcast and key market data
The source said: “The point Barnier was making to Frost was if we don’t have a deal or at least something over the next day or so, we can’t guarantee there will be a deal by 1 January.
“Even if we get a deal in 10 days time, if we run down the clock too much, there is a very real risk that the deal can’t be ratified in time. We need to put an end to this somehow.”
Coveney told Irish media this morning: “It’s a time to hold our nerve, to trust Michel Barnier.
““If we do that there’s a good chance we can get a deal in the next few days.”
Coveney is travelling to Paris today to warn the French that time was running out and that a deal needed to be struck.
French demands over fisheries access to UK waters is now seen as the largest barrier to a post-Brexit trade deal.
Barnier is asking for EU countries to maintain access to 80 per cent of the value of fish in British waters that they had pre-Brexit.
The Times reports that the UK’s latest offer to Brussels is for them keep 40 per cent – a figure turned down by Barnier.


cityam--2020-12-03--Salaries to increase next year as companies move to lift pay freezes

UK private sector workers are set to receive average pay rises of 2.4 per cent in 2021 , according to data released by Willis Towers Watson this morning .
The number of UK companies expecting to freeze pay is expected to fall sharply next year , in a further sign of cautious optimism for 2021 .
The more upbeat findings come as this year saw a third of private sector companies freeze pay increases as they were curtailing costs .
Next year , this is expected to fall to just over 3 per cent .
Read more : UK salaries @ @ @ @ @ @ @ inflation “ After a difficult year for employers and employees , battling lockdowns , employee safety issues , working from home and declining revenues , many employers are finding ways to manage their employees with a more focused work and reward strategy , ” said Keith Coull , a senior director in Willis Towers Watson ’ s Global data services business .
As the Covid-19 pandemic swept through the country in March , companies were forced to revise down their pay rise plans , leading to average increases of 2.2 per cent this @ @ @ @ @ @ @ companies are looking ahead to 2021 with cautious optimism , which is reflected in slightly higher pay rise budgets than we saw this year , ” Coull noted .
Different industries have experienced differing fortunes during the pandemic , and that is reflected in anticipated pay rises for 2021 , with some expecting to take longer to recover that others .
The most pessimistic industries in the UK are leisure and hospitality , offering just 1.4 per cent average wage increases in 2021 , followed by construction , property and engineering ( 1.8 @ @ @ @ @ @ @ per cent ) .
This contrasts with the industries that are most optimist about next year ’ s prospects including insurance ( 2.9 per cent ) , fintech ( 2.8 per cent ) and business and technical Consulting ( 2.8 per cent ) .
Coull called it “ perhaps surprisingly ” that retail is among the industries expecting the highest pay rises in 2021 , at 2.9 per cent , which may be a reflection on buoyant sales for some online retailers , and a reaction to the high number of pay freezes @ @ @ @ @ @ @ this year at others , he said .
“ Not all industries have been impacted in the same way .
While many technology and banking firms have been successful due to their ability to aid digital acceleration and financial liquidity , companies in the hospitality , leisure and airline industries have suffered , ” Coull said .
“ The differences in how companies were impacted by the pandemic are likely to be heavily reflected in pay rise levels too , ” he added .
Read more : Labour rules out Universal Basic Income @ @ @ @ @ @ @ is emerging across Western Europe , with most organisations in the major economies anticipating higher pay rises in 2021 than this year .
The largest increases are expected in The Netherlands , 2.5 per cent , and Germany , 2.4 per cent , followed by Italy ( 2.1 per cent ) , France and Spain ( 2 % ) .
“ We are also expecting many companies to be differentiating their allocation of pay rises , so that they can provide meaningful salary increases to their best and most valuable talent and prioritise @ @ @ @ @ @ @ contribute the most to success or survival next year , Coull concluded .

Salaries to increase next year as companies move to lift pay freezes
UK private sector workers are set to receive average pay rises of 2.4 per cent in 2021, according to data released by Willis Towers Watson this morning.
The number of UK companies expecting to freeze pay is expected to fall sharply next year, in a further sign of cautious optimism for 2021.
The more upbeat findings come as this year saw a third of private sector companies freeze pay increases as they were curtailing costs. Next year, this is expected to fall to just over 3 per cent.
“After a difficult year for employers and employees, battling lockdowns, employee safety issues, working from home and declining revenues, many employers are finding ways to manage their employees with a more focused work and reward strategy,” said Keith Coull, a senior director in Willis Towers Watson’s Global data services business.
As the Covid-19 pandemic swept through the country in March, companies were forced to revise down their pay rise plans, leading to average increases of 2.2 per cent this year, he added.
“Many companies are looking ahead to 2021 with cautious optimism, which is reflected in slightly higher pay rise budgets than we saw this year,” Coull noted.
Leisure and hospitality
Different industries have experienced differing fortunes during the pandemic, and that is reflected in anticipated pay rises for 2021, with some expecting to take longer to recover that others.
The most pessimistic industries in the UK are leisure and hospitality, offering just 1.4 per cent average wage increases in 2021, followed by construction, property and engineering (1.8 per cent) and Aatomotive (1.9 per cent).
Insurance and fintech
This contrasts with the industries that are most optimist about next year’s prospects including insurance (2.9 per cent), fintech (2.8 per cent) and business and technical Consulting (2.8 per cent).
Coull called it “perhaps surprisingly” that retail is among the industries expecting the highest pay rises in 2021, at 2.9 per cent, which may be a reflection on buoyant sales for some online retailers, and a reaction to the high number of pay freezes (48 per cent) taking place this year at others, he said.
“Not all industries have been impacted in the same way. While many technology and banking firms have been successful due to their ability to aid digital acceleration and financial liquidity, companies in the hospitality, leisure and airline industries have suffered,” Coull said.
“The differences in how companies were impacted by the pandemic are likely to be heavily reflected in pay rise levels too,” he added.
Across Europe
A similar picture is emerging across Western Europe, with most organisations in the major economies anticipating higher pay rises in 2021 than this year.
The largest increases are expected in The Netherlands, 2.5 per cent, and Germany, 2.4 per cent, followed by Italy (2.1 per cent), France and Spain (2%).
“We are also expecting many companies to be differentiating their allocation of pay rises, so that they can provide meaningful salary increases to their best and most valuable talent and prioritise spending on jobs that are likely to contribute the most to success or survival next year, Coull concluded.
Salary trends in Europe Country 2020 (awarded, in per cent) 2021 (budgets, in per cent) UK 2.2 2.4 Germany 2.1 2.4 France 1.8 2.0 Italy 1.8 2.1 Spain 2.0 2.0 Netherlands 2.1 2.5


cityam--2020-12-03--Flybe gearing up for take off as collapsed carrier applies for new licence

The resurrection of collapsed regional airline Flybe has moved a step nearer after it was revealed that the carrier ’ s new owner had applied for a UK operating licence .
Read more : Flybe to fly again next year after administrators agree sale to Cyrus Capital The Telegraph reported that Thyme Opco , a holding company said up by hedge fund Cyrus Capital in October , had applied to the Civil Aviation Authority for the licence on Flybe ’ s behalf .
A spokesperson for Cyrus Capital confirmed to City A.M. that Thyme Opco had done so .
Prior @ @ @ @ @ @ @ March , US-based Cyrus was the carrier ’ s biggest shareholder .
However , when the pandemic struck , it was unable to broker a deal with the government to provide the Exeter-based carrier with an £100m bailout .
Before the Open newsletter : Start your day with the City View podcast and key market data Flybe remains one of the only European airlines to have ceased trading due to the pandemic , thanks to record levels of support for the sector on the continent .
Given the state of the aviation market @ @ @ @ @ @ @ to the skies , less than 12 months after it collapsed , came as a surprise to many .
A spokesman for the company said : “ The airline is not only a well-known UK brand , it was also the largest regional air carrier in the EU , so while we plan to start off smaller than before , we expect to create valuable airline industry jobs , restore essential regional connectivity in the UK , and contribute to the recovery of a vital part of the country ’ s economy.
” @ @ @ @ @ @ @ been Europe ’ s largest regional airline with around nine million passengers a year .
The airline served over 80 airports across the UK and Europe , accounting for more than 40 per cent of domestic flights in the UK .

Flybe gearing up for take off as collapsed carrier applies for new licence
Flybe is going on sale next week, almost two years after its collapse.
The resurrection of collapsed regional airline Flybe has moved a step nearer after it was revealed that the carrier’s new owner had applied for a UK operating licence.
The Telegraph reported that Thyme Opco, a holding company said up by hedge fund Cyrus Capital in October, had applied to the Civil Aviation Authority for the licence on Flybe’s behalf.
A spokesperson for Cyrus Capital confirmed to City A.M. that Thyme Opco had done so.
Prior to the airline’s collapse in March, US-based Cyrus was the carrier’s biggest shareholder.
However, when the pandemic struck, it was unable to broker a deal with the government to provide the Exeter-based carrier with an £100m bailout.
Before the Open newsletter: Start your day with the City View podcast and key market data
Flybe remains one of the only European airlines to have ceased trading due to the pandemic, thanks to record levels of support for the sector on the continent.
Given the state of the aviation market, the carrier’s potential return to the skies, less than 12 months after it collapsed, came as a surprise to many.
A spokesman for the company said: “The airline is not only a well-known UK brand, it was also the largest regional air carrier in the EU, so while we plan to start off smaller than before, we expect to create valuable airline industry jobs, restore essential regional connectivity in the UK, and contribute to the recovery of a vital part of the country’s economy.”
Prior to its collapse, Flybe had been Europe’s largest regional airline with around nine million passengers a year.
The airline served over 80 airports across the UK and Europe, accounting for more than 40 per cent of domestic flights in the UK.


cityam--2020-12-03--Climate change: UK sets new 2030 carbon emissions target

Boris Johnson has set a drastic new climate change target in a bid to reach its target of net zero carbon emissions by 2050 .
The government ’ s new target will see the UK try to cut CO2 emissions by 68 per cent by 2030 , compared to 1990 .
Read more : Boris Johnson to pump billions into climate change plan and confirms diesel vehicle ban from 2030 The UK ’ s previous 2030 climate change target was to have reduced 1990 ’ s level of emissions by 53 per cent .
The announcement comes after Johnson laid @ @ @ @ @ @ @ for the UK to reach its 2050 climate change target .
It includes banning the sale of new diesel and petrol cars by 2030 , providing £582m in grants to aid buyers of low or zero emission vehicles and spending £500m on developing hydrogen technologies to heat homes .
Johnson also announced a £160m plan in October to make the UK the largest producer of offshore wind power .
Before the Open newsletter : Start your day with the City View podcast and key market data In a statement released tonight , Johnson @ @ @ @ @ @ @ taking the lead with an ambitious new target to reduce our emissions by 2030 , faster than any major economy , with our Ten Point Plan helping us on our path to reach it .
“ But this is a global effort , which is why the UK is urging world leaders as part of next week ’ s Climate Ambition Summit to bring forward their own ambitious plans to cut emissions and set net zero targets.
” Read more : US economy rebounds with record growth , but now faces new headwinds @ @ @ @ @ @ @ energy company , said the new target was “ among the most ambitious in the world ” .
“ This kind of bold and decisive policy-making will help unlock the investment needed to deliver on our net zero ambitions , tackle climate change and help spur a green recovery from the coronavirus crisis , ” he said .
Responding to the announcement , shadow business secretary Ed Miliband said : “ Our goal should be to go further and faster , cutting the significant majority of emissions in this decisive decade , which @ @ @ @ @ @ @ creating the climate jobs of the future and keeping global warming below 1.5 degrees .
”

Climate change: UK sets new 2030 carbon emissions target
The UK today discussed the transition to net zero with G7 counterparts.
Boris Johnson has set a drastic new climate change target in a bid to reach its target of net zero carbon emissions by 2050.
The government’s new target will see the UK try to cut CO2 emissions by 68 per cent by 2030, compared to 1990.
The UK’s previous 2030 climate change target was to have reduced 1990’s level of emissions by 53 per cent.
The announcement comes after Johnson laid out a ten point plan last month for the UK to reach its 2050 climate change target.
It includes banning the sale of new diesel and petrol cars by 2030, providing £582m in grants to aid buyers of low or zero emission vehicles and spending £500m on developing hydrogen technologies to heat homes.
Johnson also announced a £160m plan in October to make the UK the largest producer of offshore wind power.
Before the Open newsletter: Start your day with the City View podcast and key market data
In a statement released tonight, Johnson said: “Today, we are taking the lead with an ambitious new target to reduce our emissions by 2030, faster than any major economy, with our Ten Point Plan helping us on our path to reach it.
“But this is a global effort, which is why the UK is urging world leaders as part of next week’s Climate Ambition Summit to bring forward their own ambitious plans to cut emissions and set net zero targets.”
Alistair Phillips-Davies, chief executive of SSE energy company, said the new target was “among the most ambitious in the world”.
“This kind of bold and decisive policy-making will help unlock the investment needed to deliver on our net zero ambitions, tackle climate change and help spur a green recovery from the coronavirus crisis,” he said.
Responding to the announcement, shadow business secretary Ed Miliband said: “Our goal should be to go further and faster, cutting the significant majority of emissions in this decisive decade, which is the right way to lead in creating the climate jobs of the future and keeping global warming below 1.5 degrees.”


cityam--2020-12-03--Biden names top economic advisers as Arizona, Wisconsin certify vote results

WILMINGTON , Del .
( Reuters ) -U.S. President-elect Joe Biden named several women to his top economic policy team on Monday , including former Federal Reserve Chair Janet Yellen as Treasury secretary nominee , setting the stage for diversity and a focus on recovery from the pandemic .
The advisers , several of whom would need to be approved by the U.S. Senate , come from liberal research organizations and worked in previous Democratic administrations .
Their aim will be to set policies that can help people and businesses recover from the coronavirus pandemic , which has killed nearly @ @ @ @ @ @ @ cost millions of jobs .
“ This team looks like America and brings seriousness of purpose , the highest degree of competency , and unwavering belief in the promise of America , ” Biden said in a statement .
“ They will be ready on day one to get to work for all Americans.
” Biden is expected to formally introduce the new economic team members on Tuesday , the transition team said .
Arizona and Wisconsin on Monday certified Biden as the winner in each state , further undermining President Donald Trump @ @ @ @ @ @ @ to Biden in the Nov. 3 election by making unsubstantiated claims of fraud .
The confirmation of vote counts is usually a mere formality but has taken on added significance this year in the face of Trump ’ s baseless allegations that the election was “ rigged ” in Biden ’ s favor .
Most of the battleground states that Biden won , including Pennsylvania and Georgia , previously certified their results .
Together with the results from states where the outcome is not in dispute , Biden has secured enough votes in @ @ @ @ @ @ @ presidency .
The Trump campaign is pursuing long-shot legal cases that seek to overturn Biden ’ s victories in Georgia , Michigan and Nevada , while others have been dismissed or withdrawn in Pennsylvania , Michigan , Wisconsin and Arizona .
None has scored significant gains for Trump .
Yellen , 74 , was head of the U.S. central bank from 2014 to 2018 and served as the chair of President Bill Clinton ’ s Council of Economic Advisers .
On Twitter , she underscored the challenges facing the United States : “ @ @ @ @ @ @ @ American dream — a society where each person can rise to their potential and dream even bigger for their children .
As Treasury Secretary , I will work every day towards rebuilding that dream for all.
” Ron Wyden , the top Democrat on the Senate Finance Committee , said Yellen ’ s confirmation hearing should occur before Biden ’ s Jan. 20 inauguration , as it did for Steven Mnuchin , the current Treasury secretary .
“ When millions of workers are unemployed through no fault of their own and sectors of @ @ @ @ @ @ @ is no excuse for delay , ” Wyden said in a statement .
Senate Majority Leader Mitch McConnell , who like many top Republicans in that chamber has not yet acknowledged Biden as president-elect , did not respond to questions about pre-inauguration hearings .
His colleagues have signaled that Biden ’ s appointees may face a rough road to confirmation .
Control of the Senate – and the power to confirm or block Biden ’ s Cabinet appointees – will be determined by a pair of runoff elections in Georgia on Jan. 5 @ @ @ @ @ @ @ 14 .
Biden has 306 electors , far more than the required 270 , to Trump ’ s 232 .
Biden said he would nominate Wally Adeyemo as Yellen ’ s deputy at Treasury .
Adeyemo was a deputy national security adviser under President Barack Obama , and was later president of the Obama Foundation , which is overseeing planning for the Democratic former president ’ s library .
Neera Tanden , chief executive of the Center for American Progress think tank , would head the Office of Management and Budget .
Tanden @ @ @ @ @ @ @ Care Act , the healthcare overhaul popularly known as Obamacare , which Republicans have tried to dismantle .
Republican senators voiced few concerns about Yellen , with Senator John Cornyn telling reporters he did not “ have any problem with her.
” He was more concerned about Tanden , calling her the “ worst nominee so far.
” Cornyn ’ s communications director cited her “ endless stream of disparaging comments about the Republican senators whose votes she ’ ll need.
” The Biden transition team had no immediate comment on the criticism @ @ @ @ @ @ @ experienced , and qualified for the position of OMB Director .
The American people decisively voted for change – Mitch McConnell shouldn ’ t block us from having a functioning government that gets to work for the people we serve , ” tweeted Democratic Senator Sherrod Brown , a close Biden ally .
Tanden would be the first woman of color to lead the OMB if she is confirmed .
Biden selected Cecilia Rouse , an economist who is dean of the Princeton School of Public and International Affairs , to chair the @ @ @ @ @ @ @ a member of the council under Obama from 2009 to 2011 .
Heather Boushey , an economist who is co-founder of the Washington Center for Equitable Growth and is focused on economic inequality , will serve on the council .

Biden names top economic advisers as Arizona, Wisconsin certify vote results
By Jarrett Renshaw
WILMINGTON, Del. (Reuters) -U.S. President-elect Joe Biden named several women to his top economic policy team on Monday, including former Federal Reserve Chair Janet Yellen as Treasury secretary nominee, setting the stage for diversity and a focus on recovery from the pandemic.
The advisers, several of whom would need to be approved by the U.S. Senate, come from liberal research organizations and worked in previous Democratic administrations. Their aim will be to set policies that can help people and businesses recover from the coronavirus pandemic, which has killed nearly 267,000 people in the United States and cost millions of jobs.
“This team looks like America and brings seriousness of purpose, the highest degree of competency, and unwavering belief in the promise of America,” Biden said in a statement. “They will be ready on day one to get to work for all Americans.”
Biden is expected to formally introduce the new economic team members on Tuesday, the transition team said.
Arizona and Wisconsin on Monday certified Biden as the winner in each state, further undermining President Donald Trump’s attempts to dispute his loss to Biden in the Nov. 3 election by making unsubstantiated claims of fraud.
The confirmation of vote counts is usually a mere formality but has taken on added significance this year in the face of Trump’s baseless allegations that the election was “rigged” in Biden’s favor.
Most of the battleground states that Biden won, including Pennsylvania and Georgia, previously certified their results. Together with the results from states where the outcome is not in dispute, Biden has secured enough votes in the state-by-state Electoral College to win the presidency.
The Trump campaign is pursuing long-shot legal cases that seek to overturn Biden’s victories in Georgia, Michigan and Nevada, while others have been dismissed or withdrawn in Pennsylvania, Michigan, Wisconsin and Arizona. None has scored significant gains for Trump.
PUSH FOR EARLY YELLEN HEARING
Yellen, 74, was head of the U.S. central bank from 2014 to 2018 and served as the chair of President Bill Clinton’s Council of Economic Advisers.
On Twitter, she underscored the challenges facing the United States: “To recover, we must restore the American dream — a society where each person can rise to their potential and dream even bigger for their children. As Treasury Secretary, I will work every day towards rebuilding that dream for all.”
Ron Wyden, the top Democrat on the Senate Finance Committee, said Yellen’s confirmation hearing should occur before Biden’s Jan. 20 inauguration, as it did for Steven Mnuchin, the current Treasury secretary.
“When millions of workers are unemployed through no fault of their own and sectors of the economy are struggling mightily, there is no excuse for delay,” Wyden said in a statement.
Senate Majority Leader Mitch McConnell, who like many top Republicans in that chamber has not yet acknowledged Biden as president-elect, did not respond to questions about pre-inauguration hearings. His colleagues have signaled that Biden’s appointees may face a rough road to confirmation.
Control of the Senate – and the power to confirm or block Biden’s Cabinet appointees – will be determined by a pair of runoff elections in Georgia on Jan. 5.
The Electoral College meets on Dec. 14. Biden has 306 electors, far more than the required 270, to Trump’s 232.
ECONOMY PICKS
Biden said he would nominate Wally Adeyemo as Yellen’s deputy at Treasury. Adeyemo was a deputy national security adviser under President Barack Obama, and was later president of the Obama Foundation, which is overseeing planning for the Democratic former president’s library.
Neera Tanden, chief executive of the Center for American Progress think tank, would head the Office of Management and Budget. Tanden helped the Obama administration create the Affordable Care Act, the healthcare overhaul popularly known as Obamacare, which Republicans have tried to dismantle.
Republican senators voiced few concerns about Yellen, with Senator John Cornyn telling reporters he did not “have any problem with her.”
He was more concerned about Tanden, calling her the “worst nominee so far.” Cornyn’s communications director cited her “endless stream of disparaging comments about the Republican senators whose votes she’ll need.” The Biden transition team had no immediate comment on the criticism.
“Neera Tanden is smart, experienced, and qualified for the position of OMB Director. The American people decisively voted for change – Mitch McConnell shouldn’t block us from having a functioning government that gets to work for the people we serve,” tweeted Democratic Senator Sherrod Brown, a close Biden ally.
Tanden would be the first woman of color to lead the OMB if she is confirmed.
Biden selected Cecilia Rouse, an economist who is dean of the Princeton School of Public and International Affairs, to chair the Council of Economic Advisers. She was a member of the council under Obama from 2009 to 2011.
Heather Boushey, an economist who is co-founder of the Washington Center for Equitable Growth and is focused on economic inequality, will serve on the council.
(Reporting by Jarrett Renshaw in Wilmington, Delaware; Additional reporting by Brad Heath, Trevor Hunnicutt, Simon Lewis, Patricia Zengerle, Doina Chiacu and Andrea Shalal; Writing by Grant McCool and Joseph Ax; Editing by Scott Malone, Rosalba O’Brien and Peter Cooney)


cityam--2020-12-03--Breaking: Pfizer vaccine 'arrives in UK' for distribution

The Pfizer/Biontech coronavirus vaccine has arrived in the UK ready for distribution to the public , according to reports .
Freight deliveries from Belgium have hit UK shores and will now transport the vaccine at -70C across the devolved nations , Sky News reported .
The UK yesterday became the first country in the world to give the green light for the Pfizer vaccine , and has ordered 40m doses — enough to vaccinate 20m people .
An initial shipment of 800,000 doses has passed UK “ batch testing ” , and will be send out to vaccinate the most @ @ @ @ @ @ @ week .
Prime Minister Boris Johnson said the NHS is preparing for rollout of the vaccine across 50 hospital hubs from next week .
However , he urged cautious optimism over the timeline of the vaccine rollout , warning that it would come with “ immense logistical challenges ” .
Sir Simon Stevens , chief executive of NHS England , told a Downing Street press briefing yesterday that the temperature requirements of the jab would present significant transit limitations .
The Medicines and Healthcare products Regulatory Agency ( MHRA ) has so far @ @ @ @ @ @ @ containers , each holding 975 doses , to be split up .

Pfizer vaccine ‘arrives in UK’ for distribution
The Pfizer/Biontech coronavirus vaccine has arrived in the UK ready for distribution to the public, marking a major step in the global fight against the pandemic.
Freight deliveries from Belgium have hit UK shores and will now transport the vaccine at -70C across the devolved nations.
The UK on Wednesday became the first country in the world to give the green light for the Pfizer vaccine, and has ordered 40m doses — enough to vaccinate 20m people.
An initial shipment of 800,000 doses has passed UK “batch testing”, and will be send out to vaccinate the most vulnerable members of the population from next week.
Prime Minister Boris Johnson said the NHS is preparing for rollout of the vaccine across 50 hospital hubs from next week.
However, he urged cautious optimism over the timeline of the vaccine rollout, warning that it would come with “immense logistical challenges”.
Sir Simon Stevens, chief executive of NHS England, told a Downing Street press briefing yesterday that the temperature requirements of the jab would present significant transit limitations.
The Medicines and Healthcare products Regulatory Agency (MHRA) has so far refused to grant approval for the vaccine containers, each holding 975 doses, to be split up.


cityam--2020-12-03--High-flying business figures exempted from travel quarantine rules

“ High value ” business travellers who arrive back into England will no longer have to self-isolate if they return from a country not on the government ’ s travel corridor list , the transport secretary has announced .
Grant Shapps said the move will allow “ more travel to support the economy and jobs ” ahead of the vaccine rollout .
Read more : DEBATE : Should we accept that this is the end for business travel ?
The new rules will apply to top bosses of foreign multinational firms visiting English branches and bosses at firms planning to @ @ @ @ @ @ @ business trips must result in a deal which creates or preserves 50 jobs or leads to a £100,000 investment or order , according to the Department for Transport .
Travellers will have to demonstrate in an exemption letter which will be checked by Border Force that they are delivering the business benefits to the UK .
The quarantine-free exemption will also apply to certain performing arts professionals , journalists and recently-signed elite sportspersons .
No new countries were added to or removed from the travel corridor list this week .
In October , @ @ @ @ @ @ @ was “ sympathetic ” to an exemption for top City figures who regularly fly in and out of the UK , as the government seeks to “ promote global Britain ” ahead of the Brexit transition period deadline on 31 December .
While business travellers may still face hurdles entering their destination , the exemption from quarantine on return opens up the possibility of increased flights between London and business hubs such as New York , Zurich , Frankfurt , Paris and beyond .
Shapps last week slashed the 14-day quarantine for travellers @ @ @ @ @ @ @ if they acquire a negative coronavirus test .
Recent boosts to the UK ’ s testing programs have ignited rumours that a travel corridor between London and New York may be on the horizon .
Today ’ s business exemption was recommended by the government ’ s global travel taskforce , which has warned that business travel will be slow to recover after the nation ’ s lockdown .
Business travel accounted for 22 per cent of all the UK ’ s 38m inbound visits last year , contributed £4.5bn to the economy @ @ @ @ @ @ @ London City Airport : “ The government ’ s decision to provide a limited number of quarantine exemptions for business travellers is welcome , and this will help open up business travel and provide a much needed shot in the arm for UK Plc .
“ Read more : London festive travel guide : How to get around safely this Christmas However , Sinclair added that “ more needs to be done to unlock all forms of travel again ” .
“ We believe the way to do this is to adopt a @ @ @ @ @ @ @ the need for quarantine altogether , ” he said .

High-flying business figures exempted from travel quarantine rules
London City Airport h
“High value” business travellers who arrive back into England will no longer have to self-isolate if they return from a country not on the government’s travel corridor list, the transport secretary has announced.
Grant Shapps said the move will allow “more travel to support the economy and jobs” ahead of the vaccine rollout.
New Business Traveller exemption: From 4am on Sat 5th Dec high-value business travellers💼will no longer need to self-isolate when returning to ENGLAND from a country NOT in a travel corridor, allowing more travel to support the economy and jobs. Conditions apply. — Rt Hon Grant Shapps MP (@grantshapps) December 3, 2020
The new rules will apply to top bosses of foreign multinational firms visiting English branches and bosses at firms planning to invest.
In each case, the business trips must result in a deal which creates or preserves 50 jobs or leads to a £100m investment or order, according to the Department for Transport.
Travellers will have to demonstrate in an exemption letter which will be checked by Border Force that they are delivering the business benefits to the UK.
The quarantine-free exemption will also apply to certain performing arts professionals, journalists and recently-signed elite sportspersons.
No new countries were added to or removed from the travel corridor list this week.
In October, business secretary Alok Sharma yesterday said he was “sympathetic” to an exemption for top City figures who regularly fly in and out of the UK, as the government seeks to “promote global Britain” ahead of the Brexit transition period deadline on 31 December.
While business travellers may still face hurdles entering their destination, the exemption from quarantine on return opens up the possibility of increased flights between London and business hubs such as New York, Zurich, Frankfurt, Paris and beyond.
Shapps last week slashed the 14-day quarantine for travellers returning from high-risk countries to five days if they acquire a negative coronavirus test.
Recent boosts to the UK’s testing programs have ignited rumours that a travel corridor between London and New York may be on the horizon.
Today’s business exemption was recommended by the government’s global travel taskforce, which has warned that business travel will be slow to recover after the nation’s lockdown.
Business travel accounted for 22 per cent of all the UK’s 38m inbound visits last year, contributed £4.5bn to the economy.
Robert Sinclair, chief executive of London City Airport: “The government’s decision to provide a limited number of quarantine exemptions for business travellers is welcome, and this will help open up business travel and provide a much needed shot in the arm for UK Plc. “
However, Sinclair added that “more needs to be done to unlock all forms of travel again”.
“We believe the way to do this is to adopt a globally harmonised pre-departure testing regime which eliminates the need for quarantine altogether,” he said.


cityam--2020-12-03--Sterling hits highest level in a year as dollar selloff continues

Sterling climbed to a one-year high this afternoon , nearing $ 1.35 , as the dollar selloff continued and Brexit talks dragged .
The pound advanced beyond $ 1.3490 , its best in a year after the “ Boris bounce ” which saw Conservatives won an 80-seat majority .
Sterling rose 0.4 per cent against the euro to 90.22 pence .
Read more : FTSE 100 falls back as Brexit negotiations drag on “ The moves are probably two-fold – one is clearly about dollar weakness with majors posting solid gains vs the buck , ” said Neil Wilson , @ @ @ @ @ @ @ euro has risen to its strongest in over two and a half years against the dollar , rising above 1.2170 , and there is “ not a huge amount of resistance blocking a return to 1.25 ” , says Wilson .
The other driver is progress in the Brexit talks , although EU officials have said they are “ within millimeters ” of the limits of their negotiating mandate meaning the ball is now in London ’ s court .
“ We know what overplaying Brexit headlines has been like but it feels @ @ @ @ @ @ @ we are running out of road , ” said Wilson .
Read more : EU wants Brexit trade deal wrapped up with the UK by Friday The surge against the dollar came after Irish foreign minister Simon Coveney claimed that “ there ’ s a good chance we can get a deal across the line in the next few days ” .
“ With the deadline looming , sterling will take what it can get , ” said Connor Campbell , financial analyst at Spreadex .
Despite the pound ’ s gains the @ @ @ @ @ @ @ and closed 0.38 per cent higher .

Sterling hits highest level in a year as dollar selloff continues
Sterling climbed to a one-year high this afternoon, nearing $1.35, as the dollar selloff continued and Brexit talks dragged.
The pound advanced beyond $1.3490, its best in a year after the “Boris bounce” which saw Conservatives won an 80-seat majority. Sterling rose 0.4 per cent against the euro to 90.22 pence.
“The moves are probably two-fold – one is clearly about dollar weakness with majors posting solid gains vs the buck,” said Neil Wilson, chief markets analyst at Markets.com.
The euro has risen to its strongest in over two and a half years against the dollar, rising above 1.2170, and there is “not a huge amount of resistance blocking a return to 1.25”, says Wilson.
The other driver is progress in the Brexit talks, although EU officials have said they are “within millimeters” of the limits of their negotiating mandate meaning the ball is now in London’s court.
“We know what overplaying Brexit headlines has been like but it feels like this time is different simply because we are running out of road,” said Wilson.
The surge against the dollar came after Irish foreign minister Simon Coveney claimed that “there’s a good chance we can get a deal across the line in the next few days”.
“With the deadline looming, sterling will take what it can get,” said Connor Campbell, financial analyst at Spreadex.
Despite the pound’s gains the FTSE did not dip into the red and closed 0.38 per cent higher.


cityam--2020-12-03--Exclusive: Government offshoring customs jobs to prep UK firms for Brexit

A government grant programme is paying for overseas workers to help British logistics firms prepare for Brexit .
A loophole in the HM Revenue and Customs ’ ( HMRC ) £50m grant programme means taxpayer funds can be given to train overseas workers as long as their company has a UK base .
Read more : Gove ‘ doesn ’ t know ’ how many customs agents UK has ready for Brexit , says lorry group The Customs Grants Scheme , which is being administered by accounting firm PwC , sees the government pay companies to hire and train customs @ @ @ @ @ @ @ post-Brexit .
Customs agents and customs brokerage firms are hired to help logistics companies organise border crossings .
The government estimates that the UK needs at least 50,000 of them to prepare UK companies for post-Brexit border changes , which marks a significant increase from the amount operating pre-Brexit .
Before the Open newsletter : Start your day with the City View podcast and key market data HMRC confirmed to City A.M. today that overseas customs agents from any country in the world can be given government money as a part of its @ @ @ @ @ @ @ has also been “ established ” in the UK for 12 months .
The funding can be used for recruitment , training and wages for new employees , but the agent has to only work with UK clients .
This means that multinational firms offering customs brokerage services can take the government cash and use it on cheap labour overseas .
London Chamber of Commerce and Industry chief executive Richard Burge said it was “ a disgrace ” .
“ It very much appears to go against one of the principles of Brexit @ @ @ @ @ @ @ : Exclusive : Capital gains tax on French properties to soar for UK residents post-Brexit “ It leaves me wondering why would a multinational company choose to employ a UK apprentice to deliver UK customs work , when the government will help fund the creation of a role overseas to do it in a country where a day costs what an hour would here ?
” The government estimates that British companies will have to fill out an extra 215m customs declarations forms a year at a cost of £7bn after the UK @ @ @ @ @ @ @ single market and customs union next year .
There is also still uncertainty about what will be required for UK businesses operating in Europe as a UK-EU trade deal has still not been closed .
Tesco chief executive Ken Murphy told Sky News today that the retail giants ’ largest challenge right now is the movement of its goods next year .
“ That is the one area where we really would urge the government to give us some clarity and to allow us to prepare even better for the end of December @ @ @ @ @ @ @ Office document released earlier this year warned 7,000-long lorry queues could form at Dover if businesses are unprepared for next year ’ s changes .
Read more : Tesco CEO : Movement of product is the biggest Brexit issue Road Haulage Association boss Richard Burnett told City A.M. this week that there would be chaos at the border deal or no deal .
He also said Cabinet Office minister Michael Gove , who is responsible for Brexit preparations , does not know how many customs agents have been recruited out of the 50,00 @ @ @ @ @ @ @ needs to be carried out between now and the end of the year is blowing businesses minds , ” he said .
“ This is going to be a mess unless you can negotiate a transition period…if not this is going to be an incredibly bumpy ride and it ’ s going to have a major impact on trade , ” he said .
Read more : EU wants Brexit trade deal wrapped up with the UK by Friday When asked about the HMRC grants scheme loophole , a government spokesperson said : @ @ @ @ @ @ @ the customs intermediaries market that can help to deliver the additional capacity that we need to help support traders when the transition period ends .
“ Applicants must meet a range of eligibility criteria , including being established in the UK , at both the time of application and payment of the grant .
”

Exclusive: Government offshoring customs jobs to prep UK firms for Brexit
The government estimates that British companies will have to fill out an extra 215m customs declarations forms a year at a cost of £7bn after the UK leave’s the EU’s single market and customs union next year.
A government grant programme is paying for overseas workers to help British logistics firms prepare for Brexit.
A loophole in the HM Revenue and Customs’ (HMRC) £50m grant programme means taxpayer funds can be given to train overseas workers as long as their company has a UK base.
The Customs Grants Scheme, which is being administered by accounting firm PwC, sees the government pay companies to hire and train customs agents in order to help British firms post-Brexit.
Customs agents and customs brokerage firms are hired to help logistics companies organise border crossings.
The government estimates that the UK needs at least 50,000 of them to prepare UK companies for post-Brexit border changes, which marks a significant increase from the amount operating pre-Brexit.
Before the Open newsletter: Start your day with the City View podcast and key market data
HMRC confirmed to City A.M. today that overseas customs agents from any country in the world can be given government money as a part of its grant scheme as long as their company has also been “established” in the UK for 12 months.
The funding can be used for recruitment, training and wages for new employees, but the agent has to only work with UK clients.
This means that multinational firms offering customs brokerage services can take the government cash and use it on cheap labour overseas.
London Chamber of Commerce and Industry chief executive Richard Burge said it was “a disgrace”.
“It very much appears to go against one of the principles of Brexit,” he said.
“It leaves me wondering why would a multinational company choose to employ a UK apprentice to deliver UK customs work, when the government will help fund the creation of a role overseas to do it in a country where a day costs what an hour would here?”
The government estimates that British companies will have to fill out an extra 215m customs declarations forms a year at a cost of £7bn after the UK leave’s the EU’s single market and customs union next year.
There is also still uncertainty about what will be required for UK businesses operating in Europe as a UK-EU trade deal has still not been closed.
Tesco chief executive Ken Murphy told Sky News today that the retail giants’ largest challenge right now is the movement of its goods next year.
“That is the one area where we really would urge the government to give us some clarity and to allow us to prepare even better for the end of December,” he said.
A Cabinet Office document released earlier this year warned 7,000-long lorry queues could form at Dover if businesses are unprepared for next year’s changes.
Road Haulage Association boss Richard Burnett told City A.M. this week that there would be chaos at the border deal or no deal.
He also said Cabinet Office minister Michael Gove, who is responsible for Brexit preparations, does not know how many customs agents have been recruited out of the 50,00 needed.
“The complexity of what needs to be carried out between now and the end of the year is blowing businesses minds,” he said.
“This is going to be a mess unless you can negotiate a transition period…if not this is going to be an incredibly bumpy ride and it’s going to have a major impact on trade,” he said.
When asked about the HMRC grants scheme loophole, a government spokesperson said: “We welcome any new entrant into the customs intermediaries market that can help to deliver the additional capacity that we need to help support traders when the transition period ends.
“Applicants must meet a range of eligibility criteria, including being established in the UK, at both the time of application and payment of the grant.”


cityam--2020-12-03--Supermarket heavyweights the Co-op and Waitrose face mounting pressure to return business rates reli

High street titans the Co-op Group and Waitrose are facing mounting pressure to follow their peers and hand back millions of pounds of business rates relief dished out to keep the companies afloat during the pandemic .
The Co-op is facing growing disquiet from members after refusing to emulate rivals Tesco , Morrisons , Asda , Sainsbury ’ s and Aldi , who have all pledged to return cash waivers given to them in the midst of the coronavirus crisis .
Read more : Business rates aren ’ t fit for purpose but Rishi Sunak ’ s digital tax is @ @ @ @ @ @ @ Various individuals on Co-op ’ s National Members Council are pressing for the group ’ s board to make an immediate pledge to waive the £70m government windfall , Sky News reported .
Sources said a £150m lump sum generated from the Co-op ’ s insurance arm , as well as the group ’ s decision to plug cash into a new entertainment arena in Manchester , mean the group now faces “ a battle for its reputation within the group ” .
But the Co-op has argued that costs incurred by the @ @ @ @ @ @ @ the pandemic , and its commitment to pay the National Living Wage from next year , have hammered the group ’ s finances .
A Co-op spokesperson said : “ The Co-op response to helping to feed and care for the nation during COVID has been outstanding , and we are immensely proud of what our colleagues have achieved .
Meanwhile , Waitrose owner John Lewis today said it will not repay business rates relief , adding that government support remains “ crucial ” as it navigates the crisis .
The employee-owned group @ @ @ @ @ @ @ ” .
“ We are incredibly grateful for this vital support because we have lost significant sales while our John Lewis shops have been closed , and have invested heavily to keep our partners and customers safe , ” the partnership said .
“ We ’ re a business owned by our employees – our partners , not external shareholders – and we don ’ t intend to pay a bonus this year .
Whenever we make any money , it is invested in our partners , our business and charitable giving.
” @ @ @ @ @ @ @ holiday in March amid concerns the pandemic would strain retailers ’ finances and threaten their ability to feed the country .
But news that the UK will start the rollout of Pfier ’ s vaccine from next week has buoyed hopes of a return to normality in the near-future .
Between them , Tesco , Sainsbury ’ s , Morrisons , Asda and Aldi will hand back around £1.7bn in taxpayer-backed funding .
Read more : Councils pile pressure on firms over unpaid business rates during pandemic Asda president and chief executive Roger @ @ @ @ @ @ @ we have always sought to do the right thing – fulfilling our role in feeding the nation , protecting our colleagues and supporting our communities .
“ But , as the hope of a vaccine and a more ‘ normal ’ life returning in 2021 grows , we have confidence that we are in a strong position to again do the right thing for the communities we serve .

Supermarket heavyweights the Co-op and Waitrose face mounting pressure to return business rates relief
High street titans the Co-op Group and Waitrose are facing mounting pressure to follow their peers and hand back millions of pounds of business rates relief dished out to keep the companies afloat during the pandemic.
The Co-op is facing growing disquiet from members after refusing to emulate rivals Tesco, Morrisons, Asda, Sainsbury’s and Aldi, who have all pledged to return cash waivers given to them in the midst of the coronavirus crisis.
Various individuals on Co-op’s National Members Council are pressing for the group’s board to make an immediate pledge to waive the £70m government windfall, Sky News reported.
Sources said a £150m lump sum generated from the Co-op’s insurance arm, as well as the group’s decision to plug cash into a new entertainment arena in Manchester, mean the group now faces “a battle for its reputation within the group”.
But the Co-op has argued that costs incurred by the company’s funeral care operations during the pandemic, and its commitment to pay the National Living Wage from next year, have hammered the group’s finances.
A Co-op spokesperson said: “The Co-op response to helping to feed and care for the nation during COVID has been outstanding, and we are immensely proud of what our colleagues have achieved.
Waitrose and John Lews
Meanwhile, Waitrose owner John Lewis today said it will not repay business rates relief, adding that government support remains “crucial” as it navigates the crisis.
The employee-owned group said the outlook remained “incredibly uncertain”.
“We are incredibly grateful for this vital support because we have lost significant sales while our John Lewis shops have been closed, and have invested heavily to keep our partners and customers safe,” the partnership said.
“We’re a business owned by our employees – our partners, not external shareholders – and we don’t intend to pay a bonus this year. Whenever we make any money, it is invested in our partners, our business and charitable giving.”
The government introduced the 12-month business rates holiday in March amid concerns the pandemic would strain retailers’ finances and threaten their ability to feed the country.
But news that the UK will start the rollout of Pfier’s vaccine from next week has buoyed hopes of a return to normality in the near-future.
Between them, Tesco, Sainsbury’s, Morrisons, Asda and Aldi will hand back around £1.7bn in taxpayer-backed funding.
Asda president and chief executive Roger Burnley said: “Throughout the pandemic we have always sought to do the right thing – fulfilling our role in feeding the nation, protecting our colleagues and supporting our communities.
“But, as the hope of a vaccine and a more ‘normal’ life returning in 2021 grows, we have confidence that we are in a strong position to again do the right thing for the communities we serve.


cityam--2020-12-03--London pandemic update: How many Covid-19 infections are there in your local borough?

London recorded 2,081 new coronavirus cases in the past 24 hours , taking the total number of infections since the pandemic began to 168,285 .
The R rate , which measures the rate of spread of infection , has now dropped to between 0.95 , according to new government estimates .
New figures from the Office for National Statistics ( ONS ) showed cases in London , as well as the west Midlands , east of England , and the south are now decreasing .
Figures released by Public Health England show that Ealing remains the worst-affected borough , after @ @ @ @ @ @ @ past 24 hours .
It has now recorded 8,110 confirmed Covid-19 cases since the start of the pandemic .
Read more : Coronavirus cases ‘ levelling off ’ across England ahead of three-tier system Redbridge has now become the second borough to report more than 7,000 cases in total .
In the last 24 hours it reported 99 new cases in the last 24 hours to climb to 7,887 in total .
Newham trails close behind with 7,567 confirmed cases , after recording a mammoth 127 new cases in the past 24 hours @ @ @ @ @ @ @ to have a high rate of new cases , with Barking and Dagenham and Tower Hamlets also reporting spikes in infections .
However , the latest ONS figures showed that fewer than one per cent of London ’ s population tested positive for coronavirus in the week to 21 November .
ONS data also found that coronavirus cases are currently falling in 30 out of 32 of London boroughs .
Read more : Two-thirds of London boroughs launch their own local contact tracing systems It comes as the UK today recorded a further @ @ @ @ @ @ @ number of people who have tested positive since the start of the pandemic to more than 1.6m .
The official UK death toll officially passed the 60,000 mark today , with a further 414 fatalities recorded in the past 24 hours .
England yesterday left its month-long lockdown in favour of a “ tougher ” tier system .
London joined Liverpool and Suffolk under Tier 2 , while Manchester , Birmingham and large swathes of the North entered Tier 3 — the toughest level of restrictions .
Just three regions — the Isle @ @ @ @ @ @ @ of Scilly — entered Tier 1 .
That means almost 99 per cent of the English population are currently living under the highest levels of restrictions , which include a man on mixing between households .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Data sourced from Public Health England , accurate as of 4pm on Thursday 3 December Before the Open newsletter : Start your day with the City View podcast and key market data

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