cityam--2020-06-17--Health minister admits NHS coronavirus app might not be ready before winter

A government minister has admitted that the NHS ’ contact-tracing coronavirus app might not be ready before the winter .
Speaking to the parliamentary science and technology committee this afternoon , department of health minister Lord Bethell said the app was “ no longer a priority ” .
Read more : Government ‘ confident ’ of NHS contact-tracing app launch despite delays In answer to questions about the app , Bethell said : “ We are seeking to get something going for the winter , but it isn ’ t the priority for us at the moment .
He added @ @ @ @ @ @ @ intention to launch the app at some point , but admitted that he could not give a date .
The app , which was trialled on the Isle of Wight , had initially been scheduled for a nationwide launch at the end of May .
When asked about the roll out of the app , the government had said that it was expected to launch in a few weeks .
Before the Open newsletter : Start your day with the City View podcast and key market data Bethell , the minister responsible for @ @ @ @ @ @ @ that the trial had shown that people preferred to be contacted by other humans with health news , rather than by email or text .
He said : “ There is a danger of it being too technological and relying too much on text and emails , and alienating or freaking out people – because you ’ re peddling quite alarming news through quite casual communication ” .
He also pointed to difficulties that other countries around the world , including France , Norway and Singapore , had had with developing similar apps @ @ @ @ @ @ @ and trace programme could help ease UK ’ s 14-day quarantine He said it was important for the government to make sure that they got the app right before rolling it out .
“ If we didn ’ t quite get it right the first time round , we might poison the pool and close down a really important option for the future ” , he added .

Health minister admits NHS coronavirus app might not be ready before winter
A government minister has admitted that the NHS’ contact-tracing coronavirus app might not be ready before the winter.
Speaking to the parliamentary science and technology committee this afternoon, department of health minister Lord Bethell said the app was “no longer a priority”.
In answer to questions about the app, Bethell said: “We are seeking to get something going for the winter, but it isn’t the priority for us at the moment.
He added that it was the government’s intention to launch the app at some point, but admitted that he could not give a date.
The app, which was trialled on the Isle of Wight, had initially been scheduled for a nationwide launch at the end of May.
When asked about the roll out of the app, the government had said that it was expected to launch in a few weeks.
Before the Open newsletter: Start your day with the City View podcast and key market data
Bethell, the minister responsible for the app’s development, said that the trial had shown that people preferred to be contacted by other humans with health news, rather than by email or text.
He said: “There is a danger of it being too technological and relying too much on text and emails, and alienating or freaking out people – because you’re peddling quite alarming news through quite casual communication”.
He also pointed to difficulties that other countries around the world, including France, Norway and Singapore, had had with developing similar apps.
He said it was important for the government to make sure that they got the app right before rolling it out.
“If we didn’t quite get it right the first time round, we might poison the pool and close down a really important option for the future”, he added.


cityam--2020-06-17--Half of businesses set to lay off staff once furlough ends

More than half of all UK businesses will be forced to lay off staff within three months once the government ’ s furlough scheme ends , a new poll has revealed .
According to YouGov data , 31 per cent of business leaders said a fifth or more of their staff could go , while 21 per cent said almost a third or more .
Read more : Workers on furlough pass 9m as cost of job support measures nears £30bn The Treasury ’ s latest figures show that over 9m British workers have been put on the scheme , @ @ @ @ @ @ @ total of 1.1m businesses have applied for financial aid under the scheme .
The job retention scheme is due to come to an end in its original form at the end of July , with an adapted scheme continuing until October .
Businesses have praised the furlough scheme , which has enabled many to avoid making mass lay-offs .
Nearly half – 48 per cent – of respondents said the government ’ s response to the crisis had been good for business , against 37 per cent who said it had been bad @ @ @ @ @ @ @ 612,000 workers lose jobs as vacancies crash to record low in lockdown Data yesterday from the Office of National Statistics showed that the UK ’ s unemployment rate had stayed the same for the three months to April , although workers on company payrolls fell 612,000 between March and May .
However , the results of YouGov ’ s survey of 503 business leaders showed that despite the short-term respite , the long-term risk to the UK job market from the coronavirus crisis remains formidable .
Only a third – 34 per cent @ @ @ @ @ @ @ were sure they would not have to make redundancies in the initial time frame .
Before the Open : Get the jump on the markets with our early morning newsletter Institute of Directors ’ chief economist Tej Parikj said that it was essential for the government to find new ways to support employment once the scheme ends , such as lowering National Insurance payments .
“ Directors understand that the furlough scheme wasn ’ t intended to be indefinite , but as it winds down , the government must support employment in other @ @ @ @ @ @ @ Reducing the cost of hiring is crucial , the Treasury shouldn ’ t wait till later in the year to lower the burden on National Insurance costs ” .
CBI deputy director general Josh Hardie agreed that the government could not simply turn a blind eye to business once the furlough scheme ends .
Read more : Boris Johnson : Too early to ease two-metre social distancing rule He said : “ The government must continue to keep a watchful eye on industries and employees , ensuring as many good businesses as possible @ @ @ @ @ @ @ unevenly across society and leaves long-lasting , generational scars .
We must look to addressing this by creating inclusive jobs which support long-term sustainable growth ” .
The survey also found that one in 10 businesses would not be able to continue operating if staff had to remain two metres apart or keep working from home .
Boris Johnson has come under increasing pressure from many different sides to relax the measures , with the Federation of Small Businesses last week saying that the hospitality industry would struggle unless the measures were relaxed @ @ @ @ @ @ @ Johnson yesterday said that it was too early to relax the rules , but told companies to “ watch this space ” .
A Treasury spokesperson said : “ The job retention scheme will continue to support businesses until the end of October – with millions of employees benefitting from our help .
Read more : Government faces fresh calls to relax two-metre rule to save hospitality industry “ It ’ s part of our comprehensive package of support that includes tax deferrals , a £6.5bn injection into the welfare safety net and @ @ @ @ @ @ @ .
“ This survey is based on only 503 businesses , when this week figures show that 1.1m employers are using the scheme .
”

Half of businesses set to lay off staff once furlough ends
More than half of all UK businesses will be forced to lay off staff within three months once the government’s furlough scheme ends, a new poll has revealed.
According to YouGov data, 31 per cent of business leaders said a fifth or more of their staff could go, while 21 per cent said almost a third or more.
The Treasury’s latest figures show that over 9m British workers have been put on the scheme, at a cost of £20.8bn.
A total of 1.1m businesses have applied for financial aid under the scheme.
The job retention scheme is due to come to an end in its original form at the end of July, with an adapted scheme continuing until October.
Businesses have praised the furlough scheme, which has enabled many to avoid making mass lay-offs.
Nearly half – 48 per cent – of respondents said the government’s response to the crisis had been good for business, against 37 per cent who said it had been bad.
Data yesterday from the Office of National Statistics showed that the UK’s unemployment rate had stayed the same for the three months to April, although workers on company payrolls fell 612,000 between March and May.
However, the results of YouGov’s survey of 503 business leaders showed that despite the short-term respite, the long-term risk to the UK job market from the coronavirus crisis remains formidable.
Only a third – 34 per cent – of those surveyed said that they were sure they would not have to make redundancies in the initial time frame.
Before the Open: Get the jump on the markets with our early morning newsletter
Institute of Directors’ chief economist Tej Parikj said that it was essential for the government to find new ways to support employment once the scheme ends, such as lowering National Insurance payments.
“Directors understand that the furlough scheme wasn’t intended to be indefinite, but as it winds down, the government must support employment in other ways”, he said.
“Reducing the cost of hiring is crucial, the Treasury shouldn’t wait till later in the year to lower the burden on National Insurance costs”.
CBI deputy director general Josh Hardie agreed that the government could not simply turn a blind eye to business once the furlough scheme ends.
He said: “The government must continue to keep a watchful eye on industries and employees, ensuring as many good businesses as possible are saved.
“Unemployment typically falls unevenly across society and leaves long-lasting, generational scars. We must look to addressing this by creating inclusive jobs which support long-term sustainable growth”.
The survey also found that one in 10 businesses would not be able to continue operating if staff had to remain two metres apart or keep working from home.
Boris Johnson has come under increasing pressure from many different sides to relax the measures, with the Federation of Small Businesses last week saying that the hospitality industry would struggle unless the measures were relaxed.
Despite the pleas, however, Johnson yesterday said that it was too early to relax the rules, but told companies to “watch this space”.
A Treasury spokesperson said: “The job retention scheme will continue to support businesses until the end of October – with millions of employees benefitting from our help.
“It’s part of our comprehensive package of support that includes tax deferrals, a £6.5bn injection into the welfare safety net and billions of pounds in loans and grants.
“This survey is based on only 503 businesses, when this week figures show that 1.1m employers are using the scheme.”


cityam--2020-06-17--US dashes hopes of global deal on digital tax

US officials have reportedly suspended talks with European countries over plans for a global digital tax framework , and continue to threaten to impose sanctions should they go ahead with individual proposals .
US treasury secretary Steven Mnuchin last week told four European finance ministers that discussions had reached an “ impasse ” , in a letter seen by the Financial Times .
He added that Washington would be unable to agree even on a temporary basis to current proposals for a universal digital services tax by the OECD .
Retaliatory measures from the US against European countries for going @ @ @ @ @ @ @ technology companies will stir up tensions on either side of the Atlantic , as governments seek fresh funding to cope with the impact of coronavirus .
The UK and France have led the way with independent digital services tax proposals , and plan to implement them unless a global solution is found .
The letter was reportedly sent to chancellor Rishi Sunak and French finance minister Bruno Le Maire , alongside the finance ministers of Spain and Italy .
The United States remains opposed to digital services taxes and similar unilateral measures , @ @ @ @ @ @ @ .
“ As we have repeatedly said , if countries choose to collect or adopt such taxes , the United States will respond with appropriate commensurate measures.
” Read more : US to slap France with tariffs over ‘ burdensome ’ digital tax Washington has argued that the current proposal for a global tax structure aimed at technology companies unfairly targets those based on its own soil , such as Apple , Google and Facebook .
A plan by the OECD which would see a global minimum corporation tax implemented has become a @ @ @ @ @ @ @ as it would prevent companies from moving their headquarters to low tax regions to avoid paying higher rates elsewhere .
US trade representative Robert Lighthizer announced an inquiry last month into whether digital services tax proposals in the UK , France and elsewhere amount to an unfair trade practice .
It has so far held off from imposing any levies on other countries , despite multiple threats to do so .
The US Treasury did not immediately respond to a request for comment .

US dashes hopes of global deal on digital tax
US officials have reportedly suspended talks with European countries over plans for a global digital tax framework, and continue to threaten to impose sanctions should they go ahead with individual proposals.
US treasury secretary Steven Mnuchin last week told four European finance ministers that discussions had reached an “impasse”, in a letter seen by the Financial Times.
He added that Washington would be unable to agree even on a temporary basis to current proposals for a universal digital services tax by the OECD.
Retaliatory measures from the US against European countries for going ahead with their own taxes on leading technology companies will stir up tensions on either side of the Atlantic, as governments seek fresh funding to cope with the impact of coronavirus.
The UK and France have led the way with independent digital services tax proposals, and plan to implement them unless a global solution is found.
The letter was reportedly sent to chancellor Rishi Sunak and French finance minister Bruno Le Maire, alongside the finance ministers of Spain and Italy.
The United States remains opposed to digital services taxes and similar unilateral measures,” Mnuchin is said to have written.
“As we have repeatedly said, if countries choose to collect or adopt such taxes, the United States will respond with appropriate commensurate measures.”
Washington has argued that the current proposal for a global tax structure aimed at technology companies unfairly targets those based on its own soil, such as Apple, Google and Facebook.
A plan by the OECD which would see a global minimum corporation tax implemented has become a bone of contention in the discussions, as it would prevent companies from moving their headquarters to low tax regions to avoid paying higher rates elsewhere.
US trade representative Robert Lighthizer announced an inquiry last month into whether digital services tax proposals in the UK, France and elsewhere amount to an unfair trade practice.
It has so far held off from imposing any levies on other countries, despite multiple threats to do so.
The US Treasury did not immediately respond to a request for comment.


cityam--2020-06-17--Eurostar to roll out facial recognition technology from next year

Eurostar is set to roll out facial recognition technology on services from London , meaning that passengers will be able to skip borders and ticket checks .
The new technology , from biometric authentication firm Iproov , will allow passengers to make entirely contactless journeys through the deployment of a facial biometric corridor at St Pancras station .
Read more : Microsoft trumps Amazon in refusal to sell facial recognition software to police The UK-based firm has won a “ first of a kind ” competition run by the Department for Transport to supply the technology , which will be @ @ @ @ @ @ @ Those passengers who opt in to using the technology will be offered an accelerated pre-boarding option prior to travelling .
Having first scanned their travel documents using the Eurostar app , they would then use Iproov ’ s software on themselves to authenticate their identity against the documents .
The passenger would then receive a message confirming that their identity document had been secured and a ticket or passport would not need to be shown again until they reached their destination .
Before the Open newsletter : Start your day with the City @ @ @ @ @ @ @ arrival at St Pancras International , the passenger would enter the contactless travel corridor and proceed in distanced fashion before boarding the train .
Gareth Williams , Eurostar ’ s strategy director , said that the technology would “ enhance our passenger experience and offer a live illustration of how innovation can benefit the high speed rail and international transport industries.
” Iproov chief executive Andrew Bud said the technology was further proof of how “ opt-in facial verification is making life easier and safer for people around the world ” .
“ @ @ @ @ @ @ @ reduce travel congestion and keep passengers moving is now going to help keep people safe in a pandemic world through social distancing and contactless interaction ” , he added .
Iproov already works with banks around the world , as well the US department of homeland security .

Eurostar to roll out facial verification technology from next year
Eurostar is set to roll out facial verification technology on services from London, meaning that passengers will be able to skip borders and ticket checks.
The new technology, from biometric authentication firm iProov, will allow passengers to make entirely contactless journeys through the deployment of a facial biometric corridor at St Pancras station.
The UK-based firm has won a “first of a kind” competition run by the Department for Transport to supply the technology, which will be in operation by March next year.
Those passengers who opt in to using the technology will be offered an accelerated pre-boarding option prior to travelling.
Having first scanned their travel documents using the Eurostar app, they would then use iProov’s software on themselves to authenticate their identity against the documents.
The passenger would then receive a message confirming that their identity document had been secured and a ticket or passport would not need to be shown again until they reached their destination.
Before the Open newsletter: Start your day with the City View podcast and key market data
On arrival at St Pancras International, the passenger would enter the contactless travel corridor and proceed in distanced fashion before boarding the train.
Gareth Williams, Eurostar’s strategy director, said that the technology would “enhance our passenger experience and offer a live illustration of how innovation can benefit the high speed rail and international transport industries.”
iProov chief executive Andrew Bud said the technology was further proof of how “opt-in facial verification is making life easier and safer for people around the world”.
“What started off as a project to reduce travel congestion and keep passengers moving is now going to help keep people safe in a pandemic world through social distancing and contactless interaction”, he added.
iProov already works with banks around the world, as well the US department of homeland security.


cityam--2020-06-18--City reacts to Bank of England's £100bn stimulus

The Bank of England ( BoE ) this morning held interest rates at a record low and said it will expand its bond-buying programme by £100bn to help to steer the British economy through the coronavirus crisis .
Economists had almost unanimously predicted that the Bank would keep the main interest rate steady and focus on expanding quantitative easing ( QE ) to shore up the British economy and stabilise financial markets .
Read more : Bank of England holds rates , boosts stimulus by £100bn Most businesses were expecting the meeting to pan out as it did , but @ @ @ @ @ @ @ rates into the negative .
The BoE has said that it “ stands ready ” to do more to prop up the economy if necessary , which many said they thought was likely given the depth of the crisis .
Most said that they expected to see an extension of the QE regime above £745bn at some point later in the year .
Read more : FTSE 100 inches higher in anticipation of additional BoE stimulus Suren Thiru , head of economics of the British Chambers of Commerce : “ With economic conditions @ @ @ @ @ @ @ term , further easing remains likely .
“ However , with interest rates already at an historical low , extra loosening of monetary policy is unlikely to provide a significant boost to the economy .
“ The central bank has rightly decided against moving interest rates into the negative , which risks doing more harm than good .
“ The focus instead should be on delivering a fiscal environment that limits economic scarring and helps kickstart a recovery .
“ This should include taking steps to close the remaining gaps in government support @ @ @ @ @ @ @ to invest and hire , and stimulating consumer demand through a temporary , but significant cut in VAT.
” “ We doubt that this is the last QE extension .
Unemployment looks set to rise sharply in the second half of this year and to fall back slowly thereafter .
“ The resulting prolonged weakness in domestically-generated inflation likely will necessitate the MPC doing more to stimulate the economy in the winter .
“ We look for a further QE extension of £50bn in November , but for the Committee to hold back @ @ @ @ @ @ @ due to the questionable benefits of such a step .
Before the Open newsletter : Start your day with the City View podcast and key market data “ As expected , the Bank has kept interest rates unchanged at today ’ s meeting .
However , speculation of changes to the base rate , with the potential of negative rates , refuses to go away – this genie is going to be very hard to get back into the bottle now that it has been released .
“ At this stage , we @ @ @ @ @ @ @ take rates lower this summer , let alone into negative territory .
“ We may , however , see some evolution in the funding schemes for banks , to support lending to the economy .
This could raise a few eyebrows , but has the potential to be more successful in increasing the flow of credit than cutting base rates alone .
“ The BoE , as widely expected , increased the size of its quantitative easing program by £100bn to £745bn and a further top up is quite likely later in the @ @ @ @ @ @ @ purchasing almost all the gilts issued in recent months to finance the covid-related support measures and would otherwise have reached its limit in July .
“ The Bank rate , by contrast , was left unchanged at 0.1 per cent .
While the Bank has been looking into the possibility of pushing rates into negative territory , this would be a move of last resort and only be implemented if the economic recovery now starting to get underway runs into problems later in the year .
” “ We are on monetary policy @ @ @ @ @ @ @ The BoE injects more QE with little evidence to support the view this is what the economy needs .
“ Monetary growth is already surging and the main constraint on the economy is the lockdown , not monetary policy ” .
“ As interest rates remain at historic lows , the reality is that we may see them stay at this level , or even drop to negative as early as next year .
Read more : We must be ready for further stimulus , says Bank of England ’ s Andrew Bailey @ @ @ @ @ @ @ only recently been floated by the central bank due to the UK-wide lockdown having had a far greater hit on the economy than predicted , with a 20.4 per cent contraction in April – another record .
“ For now , the fresh round of QE will provide another cash injection ; perhaps biding time until we can start to see the effect of lockdown restrictions easing .

City reacts to Bank of England’s £100bn stimulus
The Bank of England (BoE) this morning held interest rates at a record low and said it will expand its bond-buying programme by £100bn to help to steer the British economy through the coronavirus crisis.
Economists had almost unanimously predicted that the Bank would keep the main interest rate steady and focus on expanding quantitative easing (QE) to shore up the British economy and stabilise financial markets.
Most businesses were expecting the meeting to pan out as it did, but hailed the decision not to take interest rates into the negative.
The BoE has said that it “stands ready” to do more to prop up the economy if necessary, which many said they thought was likely given the depth of the crisis.
Most said that they expected to see an extension of the QE regime above £745bn at some point later in the year.
Suren Thiru, head of economics of the British Chambers of Commerce:
“With economic conditions likely to remain challenging in the near term, further easing remains likely.
“However, with interest rates already at an historical low, extra loosening of monetary policy is unlikely to provide a significant boost to the economy.
“The central bank has rightly decided against moving interest rates into the negative, which risks doing more harm than good.
“The focus instead should be on delivering a fiscal environment that limits economic scarring and helps kickstart a recovery.
“This should include taking steps to close the remaining gaps in government support, including giving businesses with direct incentives to invest and hire, and stimulating consumer demand through a temporary, but significant cut in VAT.”
Samuel Tombs, chief UK economist, Pantheon Macroeconomics:
“We doubt that this is the last QE extension. Unemployment looks set to rise sharply in the second half of this year and to fall back slowly thereafter.
“The resulting prolonged weakness in domestically-generated inflation likely will necessitate the MPC doing more to stimulate the economy in the winter.
“We look for a further QE extension of £50bn in November, but for the Committee to hold back from cutting Bank Rate below zero, due to the questionable benefits of such a step.
Dean Turner, economist at UBS Global Wealth Management:
Before the Open newsletter: Start your day with the City View podcast and key market data
“As expected, the Bank has kept interest rates unchanged at today’s meeting. However, speculation of changes to the base rate, with the potential of negative rates, refuses to go away – this genie is going to be very hard to get back into the bottle now that it has been released.
“At this stage, we don’t believe the Bank will take rates lower this summer, let alone into negative territory.
“We may, however, see some evolution in the funding schemes for banks, to support lending to the economy. This could raise a few eyebrows, but has the potential to be more successful in increasing the flow of credit than cutting base rates alone.
Rupert Thompson, Chief Investment Officer at Kingswood:
“The BoE, as widely expected, increased the size of its quantitative easing program by £100bn to £745bn and a further top up is quite likely later in the summer.
“The Bank has been purchasing almost all the gilts issued in recent months to finance the covid-related support measures and would otherwise have reached its limit in July.
“The Bank rate, by contrast, was left unchanged at 0.1 per cent. While the Bank has been looking into the possibility of pushing rates into negative territory, this would be a move of last resort and only be implemented if the economic recovery now starting to get underway runs into problems later in the year. ”
Andrew Sentance, former MPC member:
“We are on monetary policy by autopilot here in the UK. The BoE injects more QE with little evidence to support the view this is what the economy needs.
“Monetary growth is already surging and the main constraint on the economy is the lockdown, not monetary policy”.
Rachel Winter, Associate Investment Director at Killik & Co:
“As interest rates remain at historic lows, the reality is that we may see them stay at this level, or even drop to negative as early as next year.
“The prospect of negative rates has only recently been floated by the central bank due to the UK-wide lockdown having had a far greater hit on the economy than predicted, with a 20.4 per cent contraction in April – another record.
“For now, the fresh round of QE will provide another cash injection; perhaps biding time until we can start to see the effect of lockdown restrictions easing.


cityam--2020-06-18--Now hiring: DPD bets big on online delivery market with 6,000 new workers and £200m spending spree

Delivery giant DPD is hiring 6,000 new workers in order to keep up with demand from “ the biggest boom in online retailing in the UK ’ s history ” as a result of the coronavirus lockdown .
The firm said it would also put £200m extra cash into its network , as part of an “ unprecedented investment in our infrastructure and people ” .
Read more : UK retail sales suffer record decline as online surge fails to offset impact of closed shops DPD believes that the current spike in demand for online deliveries is here to stay @ @ @ @ @ @ @ for full-time depot , hub , and management jobs .
On top of this , it hopes to enlist 3,500 delivery drivers , and spend £100m of its £200m investment on new vehicles .
DPD will also build 15 new regional distribution depots this year , 10 more than it had planned before the pandemic hit .
This will come in at a cost of about £60m .
It comes as a rare piece of good news for the UK jobs market , which has been beset by redundancies in recent months , @ @ @ @ @ @ @ at home ” order from the government left many companies unable to pay their staff .
The delivery company is betting that despite the reopening of physical retailers at the beginning of this week , the massive growth in online deliveries brought about by the pandemic is “ the new normal ” .
“ DPD has been one of the fastest growing major companies in the UK in the last 10 years , due to the growth in e-commerce , ” chief executive Dwain McDonald said .
“ But what we have seen @ @ @ @ @ @ @ more significant shift in behaviour , and we believe elements of it will be permanent .
“ As a company , we ’ ve been dealing with rapid growth and ongoing investment cycles for a long time , but this is a very significant moment .
Read more : Ocado shares slide on plans to raise £1bn amid coronavirus online boom “ I do think the high street will bounce back from where things are now , but we have to base our modelling on our conversations with retailers and their projections .
@ @ @ @ @ @ @ a much greater reliance on e-commerce in the future – that ’ s going to be our ‘ new normal ’ .
”

Now hiring: DPD bets big on online delivery market with 6,000 new workers and £200m spending spree
DPD has finalised the acquisition of same-day delivery company CitySprint.(image credit: DPD)
Delivery giant DPD is hiring 6,000 new workers in order to keep up with demand from “the biggest boom in online retailing in the UK’s history” as a result of the coronavirus lockdown.
The firm said it would also put £200m extra cash into its network, as part of an “unprecedented investment in our infrastructure and people”.
DPD believes that the current spike in demand for online deliveries is here to stay, and is subsequently hiring 2,500 people for full-time depot, hub, and management jobs.
On top of this, it hopes to enlist 3,500 delivery drivers, and spend £100m of its £200m investment on new vehicles.
DPD will also build 15 new regional distribution depots this year, 10 more than it had planned before the pandemic hit.
This will come in at a cost of about £60m.
It comes as a rare piece of good news for the UK jobs market, which has been beset by redundancies in recent months, after the pandemic and subsequent “stay at home” order from the government left many companies unable to pay their staff.
The delivery company is betting that despite the reopening of physical retailers at the beginning of this week, the massive growth in online deliveries brought about by the pandemic is “the new normal”.
“DPD has been one of the fastest growing major companies in the UK in the last 10 years, due to the growth in e-commerce,” chief executive Dwain McDonald said.
“But what we have seen in recent months is potentially a much more significant shift in behaviour, and we believe elements of it will be permanent.
“As a company, we’ve been dealing with rapid growth and ongoing investment cycles for a long time, but this is a very significant moment.
“I do think the high street will bounce back from where things are now, but we have to base our modelling on our conversations with retailers and their projections.
“It looks like there will remain a much greater reliance on e-commerce in the future – that’s going to be our ‘new normal’.”


cityam--2020-06-18--Bank of England holds rates, boosts stimulus by £100bn

The Bank of England has held interest rates at a record low and will expand its bond-buying programme by £100bn to help to steer the British economy through the “ unprecedented ” crisis caused by coronavirus .
At its June meeting , the BoE ’ s Monetary Policy Committee ( MPC ) voted unanimously to keep the main interest rate at a record low of 0.1 per cent , and voted 8-1 to increase its stimulus package .
Read more : FTSE 100 inches higher in anticipation of additional BoE stimulus BoE chief economist Andy Haldane was the only member @ @ @ @ @ @ @ the stimulus measures .
The £100bn boost will take the Bank ’ s total stock of asset purchases to £745bn .
The central bank said it would spend all the extra £100bn on government bonds but would slow the pace of its purchases , saying it expected to complete the programme by the end of the year .
Announcing the measures , the MPC said that recent data suggests that the fall in global and UK GDP in the second quarter “ will be less severe ” than predicted at its May meeting @ @ @ @ @ @ @ it is difficult to make a clear inference from that about the recovery thereafter .
There is a risk of higher and more persistent unemployment in the United Kingdom , ” the committee said in its report .
“ Even with the relaxation of some Covid-related restrictions on economic activity , a degree of precautionary behaviour by households and businesses is likely to persist .
The economy , and especially the labour market , will therefore take some time to recover towards its previous path , ” the MPC added .
Minutes from @ @ @ @ @ @ @ the global outlook remain , including “ from the spread of Covid-19 within emerging market economies and from a return to a higher rate of infection in advanced economies ” .
There was no mention of negative rates in the minutes from the June MPC meeting — a policy option governor Andrew Bailey recently said the Bank was considering for the first time .
Vicky Pryce , chief economic adviser at CEBR , said that the BoE resorting to negative rates “ would probably have made very little difference and although possibly justified @ @ @ @ @ @ @ have unduly unsettled the markets and also sterling ” .
“ The question will be what more may be needed later in the year or even next year if finances continue to be strained if the economy remains below par and tax and other revenues do not recover as fast as hoped , ” she added .
Economists had almost unanimously predicted that the Bank would keep the main interest rate steady and focus on expanding quantitative easing ( QE ) to shore up the British economy and stabilise financial markets .
The @ @ @ @ @ @ @ per cent and launched a £200bn asset purchase programme in March and as the coronavirus pandemic ravaged the British economy .
But the central bank has already spent much of this additional firepower as it soaks up much of the government ’ s Covid-19 borrowing .
Governor Andrew Bailey recently said that the Bank is considering cutting interest rates below zero for the first time in the BoE ’ s 325-year history , but said a review of the policy would take time .
Before the Open newsletter : Start your day with @ @ @ @ @ @ @ data This leaves bond buying as the Bank of England ’ s most powerful option to help steer the British economy through the coronavirus crisis , which saw the economy contract a record 25 per cent in March and April .
By buying up so much debt — almost all of it issued by the government — the BoE is keeping a lid on borrowing costs paid by businesses and consumers , as well as the public sector .
The central bank is also battling to steer inflation back to its two per @ @ @ @ @ @ @ four-year low of 0.5 per cent in May .
Read more : Bank of England lookahead : Bailey set to ramp up QE but avoid negative rates Naeem Aslam , chief market analyst at Avatrade , said all eyes would be on Bailey ’ s statements at the press conference later as investors “ try to make their opinion on what the Bank ’ s assessment is about the economy ” “ Given the fact that the Bank has only increased the asset purchase program in line with the market , perhaps , @ @ @ @ @ @ @ that dovish , ” he said .

Bank of England holds rates, boosts stimulus by £100bn
Andrew Bailey hiked interest rates again last week
The Bank of England has held interest rates at a record low and will expand its bond-buying programme by £100bn to help to steer the British economy through the “unprecedented” crisis caused by coronavirus.
At its June meeting, the BoE’s Monetary Policy Committee (MPC) voted unanimously to keep the main interest rate at a record low of 0.1 per cent, and voted 8-1 to increase its stimulus package.
Read more: FTSE 100 inches higher in anticipation of additional BoE stimulus
BoE chief economist Andy Haldane was the only member of the MPC to vote against increasing the stimulus measures.
The £100bn boost will take the Bank’s total stock of asset purchases to £745bn. The central bank said it would spend all the extra £100bn on government bonds but would slow the pace of its purchases, saying it expected to complete the programme by the end of the year.
Announcing the measures, the MPC said that recent data suggests that the fall in global and UK GDP in the second quarter “will be less severe” than predicted at its May meeting.
“Although stronger than expected, it is difficult to make a clear inference from that about the recovery thereafter. There is a risk of higher and more persistent unemployment in the United Kingdom,” the committee said in its report.
“Even with the relaxation of some Covid-related restrictions on economic activity, a degree of precautionary behaviour by households and businesses is likely to persist. The economy, and especially the labour market, will therefore take some time to recover towards its previous path,” the MPC added.
Minutes from the meeting said that downside risks to the global outlook remain, including “from the spread of Covid-19 within emerging market economies and from a return to a higher rate of infection in advanced economies”.
There was no mention of negative rates in the minutes from the June MPC meeting — a policy option governor Andrew Bailey recently said the Bank was considering for the first time.
Vicky Pryce, chief economic adviser at CEBR, said that the BoE resorting to negative rates “would probably have made very little difference and although possibly justified by falling inflation way below target would have unduly unsettled the markets and also sterling”.
“The question will be what more may be needed later in the year or even next year if finances continue to be strained if the economy remains below par and tax and other revenues do not recover as fast as hoped,” she added.
Economists had almost unanimously predicted that the Bank would keep the main interest rate steady and focus on expanding quantitative easing (QE) to shore up the British economy and stabilise financial markets.
The BoE slashed its base rate to 0.1 per cent and launched a £200bn asset purchase programme in March and as the coronavirus pandemic ravaged the British economy. But the central bank has already spent much of this additional firepower as it soaks up much of the government’s Covid-19 borrowing.
Bond-buying still BoE’s most powerful tool
Governor Andrew Bailey recently said that the Bank is considering cutting interest rates below zero for the first time in the BoE’s 325-year history, but said a review of the policy would take time.
Before the Open newsletter: Start your day with the City View podcast and key market data
This leaves bond buying as the Bank of England’s most powerful option to help steer the British economy through the coronavirus crisis, which saw the economy contract a record 25 per cent in March and April.
By buying up so much debt — almost all of it issued by the government — the BoE is keeping a lid on borrowing costs paid by businesses and consumers, as well as the public sector.
The central bank is also battling to steer inflation back to its two per cent target after it sank to a four-year low of 0.5 per cent in May.
Read more: Bank of England lookahead: Bailey set to ramp up QE but avoid negative rates
Naeem Aslam, chief market analyst at Avatrade, said all eyes would be on Bailey’s statements at the press conference later as investors “try to make their opinion on what the Bank’s assessment is about the economy”
“Given the fact that the Bank has only increased the asset purchase program in line with the market, perhaps, the Bank’s view is not that dovish,” he said.


cityam--2020-06-18--Straight up with a smile: How the Connaught made the martini a star

It ’ s one of the best bars not just in London but the world – and the iconic Connaught Bar in Mayfair is known the world over for its martini .
City A.M. caught up with Ago Perrone , Director of Mixology at The Connaught Hotel , and Giorgio Bargiani , Head Mixologist at the Connaught Bar , to talk cocktails , creativity and the capital ahead of National Martini Day on Friday 19th June .
They also share their top tips for the perfect drink , and a couple of recipes to experiment with .
The martini is @ @ @ @ @ @ @ to Sinatra to Churchill – “ The only way to make a martini is with ice-cold gin , and a bow in the direction of France ” – it ’ s a gloriously decadent part of life .
Luckily , London is not shy of places that have made the martini their own .
The vermouth-covered carpet at Dukes and the luxuriant surrounds of the American Bar at the Savoy are certainly worth your time .
But in Mayfair , the Connaught has gone above and beyond .
“ The martini represents the @ @ @ @ @ @ @ elegant and classic spirits , gin and vermouth , yet it has found its way into people ’ s heart and palates since it lends itself to so many variations and occasions , ” say the duo behind the magic – Italians Ago Perrone and Giorgio Bargiani .
“ It is also thanks to its classicism and its intriguing history – linked to literature and cinema – that the Martini is so iconic , not only as a drink but as a moment , ” they say .
Read more : London ’ @ @ @ @ @ @ @ It ’ s certainly a ‘ moment ’ at the Connaught .
Rather than behind a bar , the cocktail is made on a trolley wheeled directly to the table .
Bartenders explain the signature vermouth blend , the choice of five aromatic bitters and the base spirit , the Connaught Bar Gin , and then set to work .
“ The experience culminates in the final pour which on top of aerating the drink adds theatre and excitement , ” they say .
Anybody who has seen the near metre-long waterfall of @ @ @ @ @ @ @ doesn ’ t stop talking about it for a week .
“ We serve our martini always with our motto ‘ straight up with style and don ’ t forget the smile.
” Perrone started bartending at home near Lake Como to fund a photography course , but soon found himself taken in by the chance to get creative behind the bar .
After attending a bartending school he moved to London and by 2008 was given the keys to the soon-to-be-revamped Connaught Bar .
Since then it ’ s regularly atop lists @ @ @ @ @ @ @ and the world .
Bargiani comes from a family of restaurateurs in Pisa and after working in luxury bars both in Italy and the UK started at the Connaught in 2014 .
He ’ s now Head Mixologist alongside what he calls “ one of the strongest bar teams I have ever seen.
” In short : they know their stuff .
“ Everything we do might seem pretty easy and natural once we deliver it , but the truth is that creating a blend that is flavoursome and balanced at the same @ @ @ @ @ @ @ knowledge , ” they say .
“ For the aromatic bitters , we wanted a collection of aromas that could give our Martini a unique element without moving away from the elegant classic.
” Sourcing and engineering the five bitters used at the Connaught – lavender , tonka , ginseng & bergamot , cardamom , coriander seeds – was a “ labour of love ” they tell us , and they ’ re just as serious about their choice of gin .
“ There is so much variety in that category that we @ @ @ @ @ @ @ Bar Gin for a mix of botanicals that would both embody our character and enhance our Martini cocktail .
Bombay Sapphire is also a great base for any martini , it is a canvas for creativity and really lends itself to so many combinations.
” Unsurprisingly the pandemic has given both of these creative geniuses the chance to experiment at home .
“ We seized this period as an opportunity to experiment with flavours at home but , above all , to come up with new ways of connecting people and supporting each @ @ @ @ @ @ @ delivering great experiences is what we love the most , but in absence of this element , we have worked a lot to create bespoke home-made recipes that we could share with both consumers and bartenders and continued to be in touch through masterclasses , webinar but also charitable activities to ensure we could still be present and support our community – be this our network of colleagues , our guests or our local neighbourhood and frontline workers.
” One can not ignore , of course , the damage that the Covid-19 crisis @ @ @ @ @ @ @ hospitality trade .
It ’ s not difficult to find people pessimistic about the future of many establishments , but Ago and Giorgio are different – confident the capital will bounce back quickly .
“ London is hospitality .
This is the city where everyone working in the sector aspires to head to , ” they say .
“ The challenge has been unprecedented and like anywhere else in the world we will feel the impact for a while , but as a community we will find new creative ways to thrive again @ @ @ @ @ @ @ The capital certainly needs their enthusiasm right now .
“ With determination and talent , ” they argue , “ you can mould your own path here and set new standards of creativity and excellence like nowhere else in Europe or the world .
There is so much cultural variety that it is impossible not to be inspired and do something great in London.
” We ’ ll toast that – with a martini , please , gents .
The secret for a perfect Martini lies in its simplicity , therefore in its @ @ @ @ @ @ @ a great texture .
Use crystal clear ice that you can easily make at home by pouring water into an icebox with open top .
Freeze this for 36 hours .
At this point , you will have a cloudy part and a clear part of the block that you need to split in order to use the crystal clear ice .
Store your vermouth in the fridge ( like you would do with white wine ) for an optimal temperature and if you want to go the extra mile , blend different @ @ @ @ @ @ @ aromas ( e.g .
Martini Extra Dry and Noilly Prat Dry ) .
The garnish might seem just a small detail , but its quality impacts the overall taste of the cocktail too .
We use unwaxed organic lemon , twist and squeeze the zest while pouring the cocktail and around the glass rim for the aroma to hit the smell first .
If you prefer olives over lemon , use unseated green olive in brine without olive oil .
Stir your Martini instead of shaking it .
It ’ s a gentler @ @ @ @ @ @ @ and lighter texture to the drink thanks to a greater aeration .
Stir gin / vodka and vermouth over ice .
Strain into a frozen martini glass where you have previously added 3 drops of orange bitter .
Garnish with lemon zest 50 ml Star of Bombay Gin 30 ml Martini Extra Dry vermouth infused with Apricot Kernel and Apricot pulp 15 ml Oxidised St-Germain Elderflower liqueur Almond Oil Drops + One fresh cherry + Mandarin twist Cut 4 medium size apricots and keep the kernels .
Put in a jar together with @ @ @ @ @ @ @ 1 entire bottle , or alternatively 1 apricot per 200ml ) .
Let it rest for 12 hours , fine strain and store in the fridge .
Leave the St-Germain Elderflower liqueur rest open for a month to allow the oxidisation .
The oxygen will work on the liquid over time and darken it .
Stir gin , vermouth and elderflower liqueur over crystal clear ice and strain into a frozen martini glass .
Garnish with 3 drops of almond oil , one fresh cherry and a mandarin twist .

Straight up with a smile: How the Connaught made the martini a star
It’s one of the best bars not just in London but the world – and the iconic Connaught Bar in Mayfair is known the world over for its martini. City A.M. caught up with Ago Perrone, Director of Mixology at The Connaught Hotel, and Giorgio Bargiani, Head Mixologist at the Connaught Bar, to talk cocktails, creativity and the capital ahead of National Martini Day on Friday 19th June. They also share their top tips for the perfect drink, and a couple of recipes to experiment with.
The martini is more than a cocktail. From Bond to Sinatra to Churchill – “The only way to make a martini is with ice-cold gin, and a bow in the direction of France” – it’s a gloriously decadent part of life.
Luckily, London is not shy of places that have made the martini their own. The vermouth-covered carpet at Dukes and the luxuriant surrounds of the American Bar at the Savoy are certainly worth your time. But in Mayfair, the Connaught has gone above and beyond.
“The martini represents the perfect marriage between two of the most elegant and classic spirits, gin and vermouth, yet it has found its way into people’s heart and palates since it lends itself to so many variations and occasions,” say the duo behind the magic – Italians Ago Perrone and Giorgio Bargiani.
“It is also thanks to its classicism and its intriguing history – linked to literature and cinema – that the Martini is so iconic, not only as a drink but as a moment,” they say.
Read more: London’s hospitality industry keeps the capital going
It’s certainly a ‘moment’ at the Connaught. Rather than behind a bar, the cocktail is made on a trolley wheeled directly to the table. Bartenders explain the signature vermouth blend, the choice of five aromatic bitters and the base spirit, the Connaught Bar Gin, and then set to work.
“The experience culminates in the final pour which on top of aerating the drink adds theatre and excitement,” they say. Anybody who has seen the near metre-long waterfall of an ice-cold martini from across the bar doesn’t stop talking about it for a week.
“We serve our martini always with our motto ‘straight up with style and don’t forget the smile.”
Perrone started bartending at home near Lake Como to fund a photography course, but soon found himself taken in by the chance to get creative behind the bar. After attending a bartending school he moved to London and by 2008 was given the keys to the soon-to-be-revamped Connaught Bar. Since then it’s regularly atop lists of the best cocktail bars in Europe and the world.
Bargiani comes from a family of restaurateurs in Pisa and after working in luxury bars both in Italy and the UK started at the Connaught in 2014. He’s now Head Mixologist alongside what he calls “one of the strongest bar teams I have ever seen.”
In short: they know their stuff. “Everything we do might seem pretty easy and natural once we deliver it, but the truth is that creating a blend that is flavoursome and balanced at the same time requires all of our dedication and knowledge,” they say.
“For the aromatic bitters, we wanted a collection of aromas that could give our Martini a unique element without moving away from the elegant classic.”
Sourcing and engineering the five bitters used at the Connaught – lavender, tonka, ginseng & bergamot, cardamom, coriander seeds – was a “labour of love” they tell us, and they’re just as serious about their choice of gin.
“There is so much variety in that category that we eventually decided to create our own Connaught Bar Gin for a mix of botanicals that would both embody our character and enhance our Martini cocktail. Star of Bombay is also a great base for any martini, it is a canvas for creativity and really lends itself to so many combinations.”
Unsurprisingly the pandemic has given both of these creative geniuses the chance to experiment at home.
“We seized this period as an opportunity to experiment with flavours at home but, above all, to come up with new ways of connecting people and supporting each other.
“Serving our guests and delivering great experiences is what we love the most, but in absence of this element, we have worked a lot to create bespoke home-made recipes that we could share with both consumers and bartenders and continued to be in touch through masterclasses, webinar but also charitable activities to ensure we could still be present and support our community – be this our network of colleagues, our guests or our local neighbourhood and frontline workers.”
One cannot ignore, of course, the damage that the Covid-19 crisis has already inflicted on London’s hospitality trade. It’s not difficult to find people pessimistic about the future of many establishments, but Ago and Giorgio are different – confident the capital will bounce back quickly.
“London is hospitality. This is the city where everyone working in the sector aspires to head to,” they say.
“The challenge has been unprecedented and like anywhere else in the world we will feel the impact for a while, but as a community we will find new creative ways to thrive again and perhaps more than ever before.”
The capital certainly needs their enthusiasm right now.
“With determination and talent,” they argue, “you can mould your own path here and set new standards of creativity and excellence like nowhere else in Europe or the world. There is so much cultural variety that it is impossible not to be inspired and do something great in London.”
We’ll toast that – with a martini, please, gents.
Ago & Giorgio’s tips for the perfect martini
The secret for a perfect Martini lies in its simplicity, therefore in its details. Ice is paramount to achieve a great texture. Use crystal clear ice that you can easily make at home by pouring water into an icebox with open top. Freeze this for 36 hours. At this point, you will have a cloudy part and a clear part of the block that you need to split in order to use the crystal clear ice.
Store your vermouth in the fridge (like you would do with white wine) for an optimal temperature and if you want to go the extra mile, blend different vermouths to have a richer mix of aromas (e.g. Martini Extra Dry and Noilly Prat Dry).
The garnish might seem just a small detail, but its quality impacts the overall taste of the cocktail too. We use unwaxed organic lemon, twist and squeeze the zest while pouring the cocktail and around the glass rim for the aroma to hit the smell first. If you prefer olives over lemon, use unseated green olive in brine without olive oil.
Stir your Martini instead of shaking it. It’s a gentler and easier technique conveying a fresher taste and lighter texture to the drink thanks to a greater aeration.
The Connaught’s Simple Martini
Ingredients:
75 ml Star of Bombay Gin
15 ml Martini Extra Dry vermouth
3 drops orange bitter
+ Lemon zest
Stir gin / vodka and vermouth over ice. Strain into a frozen martini glass where you have previously added 3 drops of orange bitter. Garnish with lemon zest
The Apricot & Blue
Ingredients:
50 ml Star of Bombay Gin
30 ml Martini Extra Dry vermouth infused with Apricot Kernel and Apricot pulp
15 ml Oxidised St-Germain Elderflower liqueur
Almond Oil Drops
+ One fresh cherry
+ Mandarin twist
Cut 4 medium size apricots and keep the kernels. Put in a jar together with Martini Extra Dry (4 apricots per 1 entire bottle, or alternatively 1 apricot per 200ml). Let it rest for 12 hours, fine strain and store in the fridge.
Leave the St-Germain Elderflower liqueur rest open for a month to allow the oxidisation. The oxygen will work on the liquid over time and darken it.
Stir gin, vermouth and elderflower liqueur over crystal clear ice and strain into a frozen martini glass. Garnish with 3 drops of almond oil, one fresh cherry and a mandarin twist.


cityam--2020-06-18--Brexit: UK 'won't hang around' for a trade deal

Foreign secretary Dominic Raab has warned the EU that the UK will not wait around for a post-Brexit trade deal and that negotiators are prepared to walk away from talks .
Raab told LBC that the UK does not “ want to hang around ” and will not “ wait for this to be dragged out into the autumn and the winter ” .
Read more : Brexit : Germany says UK-EU trade talks will enter ‘ hot phase ’ in September Prime Minister Boris Johnson and EU chiefs met on Monday to discuss the state of negotiations , with @ @ @ @ @ @ @ was needed ” .
Particularly contentious areas have been EU access to UK fishing waters , business competition regulations and the European Court of Justice ’ s role in governing a deal .
UK and EU negotiators will meet for a series of five consecutive week-long negotiating rounds beginning next month .
The UK has said it needs to know before the end of summer if a deal is possible , and will walk away in August and prepare for no-deal if need be .
Before the Open newsletter : Start your day @ @ @ @ @ @ @ market data Raab reiterated this position this morning , urging the EU to inject more urgency into talks .
“ We ’ ve agreed on both sides to energise and intensify the talks , we don ’ t want to hang around , we ’ re not going to wait for this to be dragged out into the autumn and the winter , ” he said .
However , a leaked document from the German government , and seen by Reuters , reveals that Berlin expects negotiations to drag on longer .
“ @ @ @ @ @ @ @ , wants to settle as much as possible in the shortest possible time and hopes to achieve last-minute success in the negotiations.
” It comes as EU chief negotiator Michel Barnier slammed the UK for trying to reopen talks on regional food specification laws .
Read more : Brexit : UK ‘ ready to be flexible ’ to strike a trade deal in July The UK agreed in last year ’ s Brexit withdrawal agreement to protect thousands of registered European food names – such as feta and champagne – from local imitations @ @ @ @ @ @ @ that the UK “ has even wanted to reopen the whole question ” of food specification laws and that this was “ not compatible ” with a stable future relationship .

Brexit: UK ‘won’t hang around’ for a trade deal
Britain’s Foreign Secretary Dominic Raab arrives in Downing street in central London on May 28, 2020.
Foreign secretary Dominic Raab has warned the EU that the UK will not wait around for a post-Brexit trade deal and that negotiators are prepared to walk away from talks.
Raab told LBC that the UK does not “want to hang around” and will not “wait for this to be dragged out into the autumn and the winter”.
Prime Minister Boris Johnson and EU chiefs met on Monday to discuss the state of negotiations, with both sides agreeing that “more momentum was needed”.
Particularly contentious areas have been EU access to UK fishing waters, business competition regulations and the European Court of Justice’s role in governing a deal.
UK and EU negotiators will meet for a series of five consecutive week-long negotiating rounds beginning next month.
The UK has said it needs to know before the end of summer if a deal is possible, and will walk away in August and prepare for no-deal if need be.
Before the Open newsletter: Start your day with the City View podcast and key market data
Raab reiterated this position this morning, urging the EU to inject more urgency into talks.
“We’ve agreed on both sides to energise and intensify the talks, we don’t want to hang around, we’re not going to wait for this to be dragged out into the autumn and the winter,” he said.
However, a leaked document from the German government, and seen by Reuters, reveals that Berlin expects negotiations to drag on longer.
The leaked document read: “From September, the negotiations enter a hot phase.
“Britain is already escalating threats in Brussels, wants to settle as much as possible in the shortest possible time and hopes to achieve last-minute success in the negotiations.”
It comes as EU chief negotiator Michel Barnier slammed the UK for trying to reopen talks on regional food specification laws.
The UK agreed in last year’s Brexit withdrawal agreement to protect thousands of registered European food names – such as feta and champagne – from local imitations.
Barnier told the European Parliament yesterday that the UK “has even wanted to reopen the whole question” of food specification laws and that this was “not compatible” with a stable future relationship.


cityam--2020-06-18--Coronavirus safety measures risk 'immeasurable damage' to economy, says travel boss

The economy faces “ immeasurable ” damage if the government veers too far towards medical safety measures to to protect agains the coronavirus pandemic , according to the boss of travel industry association ABTA .
Speaking on City A.M ’ s The City View podcast this morning , Mark Tanzer gave a grim assessment of the problems facing Britain ’ s travel industry .
He said that measures such as a blanket quarantine for anybody entering the UK was “ ill-conceived , ” and showed that the balance between medical safety and getting the economy going again “ isn ’ @ @ @ @ @ @ @ “ Blanket restrictions that don ’ t take account of any differences between countries is an admission that we haven ’ t got the risk assessment or testing techniques in place to be able to come up with the right balance between medical safety and keeping the economy going , ” he said .
“ The damage to the economy if [ the government ] pursue that line for any time will be immeasurable.
” “ If we don ’ t get the balance right… we will have a lot of companies going @ @ @ @ @ @ @ ” It comes as the industry faces the biggest crisis in its history , with global travel largely curtailed by the coronavirus outbreak .
Just last week , British Airways said it would make 12,000 staff redundant , prompting MPs to brand it a “ national disgrace ” .
The UK currently has a 14-day quarantine in place for anybody entering the country , but the measure has faced widespread criticism for doing more harm than good .
“ Quarantine needs to be replaced by something that is more risk based and allows @ @ @ @ @ @ @ start to breath again , ” Tanzer continued .
“ People don ’ t travel the day after they lift quarantine .
They may start booking summer travel the day after it is lifted – but if you ’ re not careful and they leave it too long then we will lose the whole of the summer season .

Coronavirus safety measures risk ‘immeasurable damage’ to economy, says travel boss
The economy faces “immeasurable” damage if the government veers too far towards medical safety measures to to protect agains the coronavirus pandemic, according to the boss of travel industry association ABTA.
Speaking on City A.M’s The City View podcast this morning, Mark Tanzer gave a grim assessment of the problems facing Britain’s travel industry.
He said that measures such as a blanket quarantine for anybody entering the UK was “ill-conceived,” and showed that the balance between medical safety and getting the economy going again “isn’t right at the moment”.
“Blanket restrictions that don’t take account of any differences between countries is an admission that we haven’t got the risk assessment or testing techniques in place to be able to come up with the right balance between medical safety and keeping the economy going,” he said.
“The damage to the economy if [the government] pursue that line for any time will be immeasurable.”
“If we don’t get the balance right… we will have a lot of companies going to the wall over the coming months.”
It comes as the industry faces the biggest crisis in its history, with global travel largely curtailed by the coronavirus outbreak.
Just last week, British Airways said it would make 12,000 staff redundant, prompting MPs to brand it a “national disgrace”.
The UK currently has a 14-day quarantine in place for anybody entering the country, but the measure has faced widespread criticism for doing more harm than good.
“Quarantine needs to be replaced by something that is more risk based and allows the airline industry and travel industry to start to breath again,” Tanzer continued.
“People don’t travel the day after they lift quarantine.
They may start booking summer travel the day after it is lifted – but if you’re not careful and they leave it too long then we will lose the whole of the summer season.
“Every day counts in this.”


cityam--2020-06-18--Zoom to roll out end-to-end encryption after privacy concerns

Video conferencing platform Zoom has announced it will roll out end-to-end encryption to all customers , following mounting criticism from civil rights groups over security concerns .
The announcement marks a sharp U-turn for the networking app , which last week said it would start providing end-to-end encryption services for paying customers only .
Read more : Tiktok launches €13m educational platform as company increases presence in Europe Eric Yuan , chief executive of Zoom , last week said he planned to exclude free calls from end-to-end encryption so the app would “ work together with the FBI [ and @ @ @ @ @ @ @ people use Zoom for a bad purpose ” .
However , Yuan last night backtracked on his claims after sparking outrage among privacy activists and civil rights groups , including digital rights group Fight for the Future , who said that “ basic security shouldn ’ t be a premium feature that ’ s only available to wealthy individuals and big corporations ” .
Yuan said conservations with child safety organisations and security advocacy groups had swayed his decision .
“ We have identified a path forward that balances the legitimate right of @ @ @ @ @ @ @ of users on our platform , ” he added .
The feature , which is set to be rolled out next month , will not be on by default , but instead will ask users if they want to turn on the higher-grade encryption for additional information .
Read more : Zoom to allow Beijing to censor individuals It comes as Zoom has seen a surge in popularity during the coronavirus pandemic , as lockdowns across the world have forced people , businesses and even G20 summits to migrate online .
The video @ @ @ @ @ @ @ daily users , up from just 10m in December .
Revenue at the California-based firm ballooned 169 per cent to $ 328.2m ( £260.8m ) in the most recent quarter , and the company ’ s valuation has increased around 250 per cent so far this year .
Before the Open : Get the jump on the markets with our early morning newsletter

Zoom to roll out end-to-end encryption after privacy concerns
Video conferencing platform Zoom has announced it will roll out end-to-end encryption to all customers, following mounting criticism from civil rights groups over security concerns.
The announcement marks a sharp U-turn for the networking app, which last week said it would start providing end-to-end encryption services for paying customers only.
Eric Yuan, chief executive of Zoom, last week said he planned to exclude free calls from end-to-end encryption so the app would “work together with the FBI [and] local enforcement, in case some people use Zoom for a bad purpose”.
However, Yuan last night backtracked on his claims after sparking outrage among privacy activists and civil rights groups, including digital rights group Fight for the Future, who said that “basic security shouldn’t be a premium feature that’s only available to wealthy individuals and big corporations”.
Yuan said conservations with child safety organisations and security advocacy groups had swayed his decision. “We have identified a path forward that balances the legitimate right of all users to privacy and the safety of users on our platform,” he added.
The feature, which is set to be rolled out next month, will not be on by default, but instead will ask users if they want to turn on the higher-grade encryption for additional information.
It comes as Zoom has seen a surge in popularity during the coronavirus pandemic, as lockdowns across the world have forced people, businesses and even G20 summits to migrate online. The video conferencing platform now has more than 300m daily users, up from just 10m in December.
Revenue at the California-based firm ballooned 169 per cent to $328.2m (£260.8m) in the most recent quarter, and the company’s valuation has increased around 250 per cent so far this year.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-06-18--Advisers join forces in bid to oust Tesla chairwoman

Proxy adviser Glass Lewis has joined ISS in recommending that investors vote against the re-election of Robyn Denholm as chairwoman of Tesla ’ s board .
Glass Lewis said it was concern was related to corporate governance , due to an insurance arrangement with chief executive Elon Musk after Tesla ’ s decision to not renew its directors and officers ’ liability policy .
Musk had agreed to personally provide coverage to such a policy for a year , arguing those provided by other insurers charged high premiums , Tesla disclosed in a regulatory filing in April .
Read more @ @ @ @ @ @ @ car registrations boom “ We are concerned that this D & O arrangement gives the company ’ s independent directors a direct , personal financial dependency upon the CEO they are tasked with overseeing , ” Glass Lewis said .
It recommended voting against Denholm as she heads the audit committee which voted to approve the policy .
Earlier this week fellow proxy adviser Institutional Shareholder Services ( ISS ) said it opposed Denholm ’ s re-election based on concerns regarding her leadership of the firm .
Among its reasons were high compensation @ @ @ @ @ @ @ rise in share pledging by certain Tesla directors and executives under her tenure .
Read more : Elon Musk reopens Tesla factory in defiance of lockdown rules A director at Tesla for six years , Denholm was made chairwoman in 2018 after Musk was forced out of the position as part of a deal agreed with US regulators .
He remains under strict governance by Tesla ’ s board .
Before taking the role , she headed up Australian telecoms giant Telstra as its chief operating officer .
Denholm had recently been made @ @ @ @ @ @ @ five weeks into the job to move to Tesla .
Tesla ’ s annual general meeting is scheduled for 7 July .
A spokesperson for Tesla did not immediately respond to a request for comment .

Advisers join forces in bid to oust Tesla chairwoman
Proxy adviser Glass Lewis has joined ISS in recommending that investors vote against the re-election of Robyn Denholm as chairwoman of Tesla’s board.
Glass Lewis said it was concern was related to corporate governance, due to an insurance arrangement with chief executive Elon Musk after Tesla’s decision to not renew its directors and officers’ liability policy.
Musk had agreed to personally provide coverage to such a policy for a year, arguing those provided by other insurers charged high premiums, Tesla disclosed in a regulatory filing in April.
“We are concerned that this D&O arrangement gives the company’s independent directors a direct, personal financial dependency upon the CEO they are tasked with overseeing,” Glass Lewis said.
It recommended voting against Denholm as she heads the audit committee which voted to approve the policy.
Earlier this week fellow proxy adviser Institutional Shareholder Services (ISS) said it opposed Denholm’s re-election based on concerns regarding her leadership of the firm. Among its reasons were high compensation awarded to directors, and a steep rise in share pledging by certain Tesla directors and executives under her tenure.
A director at Tesla for six years, Denholm was made chairwoman in 2018 after Musk was forced out of the position as part of a deal agreed with US regulators. He remains under strict governance by Tesla’s board.
Before taking the role, she headed up Australian telecoms giant Telstra as its chief operating officer. Denholm had recently been made its chief financial officer, but quit five weeks into the job to move to Tesla.
Tesla’s annual general meeting is scheduled for 7 July. A spokesperson for Tesla did not immediately respond to a request for comment.


cityam--2020-06-18--Don't panic: The last minute Father's Day Guide

If lockdown has left you losing all concept of time and space , it ’ s our duty to remind you that Sunday – yes , this Sunday – is Father ’ s Day .
Earlier this week we featured a host of goodies for one ’ s old man , but no doubt some are still looking for that perfect gift / have completely forgotten .
So here ’ s your get out of jail free , last-minute guide to gifts – all likely to reach the doorstep in time for Sunday .
Phew .
Being cooped up isn @ @ @ @ @ @ @ too much fun but believe it or not , someday soon we ’ ll be allowed out to do fun things again .
Perfect for the petrolhead papa , Virgin Experiences are currently offering a driving day behind the wheel of a Lamborghini Huracan Super Trofeo supercar .
After a few sighting laps , you ’ ll have ten racetrack laps behind a car that is just a tad faster than the Honda Civic in the Garage .
Right now it ’ s also discounted to £89 , with eligibility lasting well into @ @ @ @ @ @ @ evoucher so you can pop it in a card as soon as today .
Start your engines .
Let ’ s be honest : we ’ ve all convinced ourselves we ’ re gourmet chefs during lockdown .
Give Dad the gear he needs via Notonthehighstreet.com , whose small retailers are going above and beyond this Father ’ s Day .
If he ’ s more of a breakfast man , try the home-curing kit that makes the perfect bacon sandwich from Ross & Ross Gifts , or for those who ’ ve @ @ @ @ @ @ @ them a personalised smoking box to take their meat-making to a whole new level ?
No , really – food-in-a-box outfit Mindful Chef have teamed up with everybody ’ s favourite high street chicken shop to offer you the chance to enjoy Nando ’ s at home .
Delivered with pre-portioned ingredients and the all-important sauce , Dad will have the chance to whip up two favourites – butterfly chicken and the quarter chicken – along with a host of sides .
You never know , you could even do your own at @ @ @ @ @ @ @ s day lunch .
If dad ’ s more veggie-inclinded , Mindful Chef have a host of other options – and as a B Corp with a charity arm , too , you know you ’ re shopping with the goodies .
Mindful Chef x Nandos : Limited Edition until June 27th from £6 per person Well , we ’ ve got to get through lockdown somehow… A single malt that ’ s got enough complexity for aficionados and yet approachable enough for relative whisky novices , the Balvenie DoubleWood 12 year old @ @ @ @ @ @ @ Matured in two different woods ( get it ? )
, this expression is finished in oloroso sherry casks , giving a real fullness of flavour .
Even better , it ’ s available on Amazon Prime , so there ’ s no drama in ensuring it arrives in time for a dram on Sunday .
We all know the delights of Jack Daniel ’ s , but the distillery ’ s Gentleman Jack is well worth a look for the most important gent in your life .
Mellowed through JD ’ s @ @ @ @ @ @ @ , this expression is remarkably easy to drink with balanced flavours of oak , vanilla and caramel .
Knocked together into a whisky sour , you can send Dad on a deep South road trip from his front room .
Even better , as if by some sort of mistake , it ’ s currently available for just £20 on Prime as well as in most supermarkets .
Bargain .
Across the border in Kentucky sits Buffalo Trace distillery , who have concocted quite the Father ’ s Day competition – with the @ @ @ @ @ @ @ bar in your Dad ’ s garden , filled with expressions from across the range .
Just tell the team why your dad deserves a special treat this weekend , and they ’ ll pick five winners .
If you fancy treating dad yourself , though , the distillery ’ s Sazerac Rye makes a unique addition to anybody ’ s liquor shelf .
Hampers are all the rage at the minute , so how ’ s not one but two stuffed full of brandy ?
Remy Martin have teamed up with Deli @ @ @ @ @ @ @ of curated hampers which pair cognacs from the iconic brand with special food pairings designed to complement the flavour of each expression .
Every dad deserves a real treat from time to time , and the newest addition to Glenfiddich ’ s range certainly qualifies as exactly that .
The Glenfiddich Grand Cru takes the best of Scotland and throws it into a big French pot : an exclusive expression of single malt whisky , aged for 23 years , finished in the finest cuvee wine casks from across La Manche .
Remarkably @ @ @ @ @ @ @ a special whisky for a special occasion .
From £220 at The Whisky Shop and Master of Malt

Don’t panic: The last minute Father’s Day Guide
If lockdown has left you losing all concept of time and space, it’s our duty to remind you that Sunday – yes, this Sunday – is Father’s Day.
Earlier this week we featured a host of goodies for one’s old man, but no doubt some are still looking for that perfect gift / have completely forgotten. So here’s your get out of jail free, last-minute guide to gifts – all likely to reach the doorstep in time for Sunday. Phew.
A spin in a Lamborghini
Being cooped up isn’t anybody’s idea of too much fun but believe it or not, someday soon we’ll be allowed out to do fun things again. Perfect for the petrolhead papa, Virgin Experiences are currently offering a driving day behind the wheel of a Lamborghini Huracan Super Trofeo supercar. After a few sighting laps, you’ll have ten racetrack laps behind a car that is just a tad faster than the Honda Civic in the Garage. Right now it’s also discounted to £89, with eligibility lasting well into next year, and sent as an evoucher so you can pop it in a card as soon as today. Start your engines.
Virgin Experiences from £89
Indulge carnivorous tendencies
Let’s be honest: we’ve all convinced ourselves we’re gourmet chefs during lockdown. Give Dad the gear he needs via Notonthehighstreet.com, whose small retailers are going above and beyond this Father’s Day. If he’s more of a breakfast man, try the home-curing kit that makes the perfect bacon sandwich from Ross & Ross Gifts, or for those who’ve suddenly become barbecue Bordains why not give them a personalised smoking box to take their meat-making to a whole new level?
Personalised smoking kit from £32 via notonthehighstreet.com
Cheeky Nando’s?
No, really – food-in-a-box outfit Mindful Chef have teamed up with everybody’s favourite high street chicken shop to offer you the chance to enjoy Nando’s at home. Delivered with pre-portioned ingredients and the all-important sauce, Dad will have the chance to whip up two favourites – butterfly chicken and the quarter chicken – along with a host of sides. You never know, you could even do your own at home and have a zoom-based father’s day lunch. If dad’s more veggie-inclinded, Mindful Chef have a host of other options – and as a B Corp with a charity arm, too, you know you’re shopping with the goodies.
Mindful Chef x Nandos: Limited Edition until June 27th from £6 per person
The Booze Section
Well, we’ve got to get through lockdown somehow…
A special Speyside sip
A single malt that’s got enough complexity for aficionados and yet approachable enough for relative whisky novices, the Balvenie DoubleWood 12 year old is nothing to be sniffed at. Matured in two different woods (get it?), this expression is finished in oloroso sherry casks, giving a real fullness of flavour. Even better, it’s available on Amazon Prime, so there’s no drama in ensuring it arrives in time for a dram on Sunday.
From £37 on Amazon
A Tennessee tipple
We all know the delights of Jack Daniel’s, but the distillery’s Gentleman Jack is well worth a look for the most important gent in your life. Mellowed through JD’s sugar maple charcoal not once but twice, this expression is remarkably easy to drink with balanced flavours of oak, vanilla and caramel. Knocked together into a whisky sour, you can send Dad on a deep South road trip from his front room. Even better, as if by some sort of mistake, it’s currently available for just £20 on Prime as well as in most supermarkets. Bargain.
From £20 on Amazon
Kentucky in the garden
Across the border in Kentucky sits Buffalo Trace distillery, who have concocted quite the Father’s Day competition – with the chance to win a fully stocked bourbon bar in your Dad’s garden, filled with expressions from across the range. Just tell the team why your dad deserves a special treat this weekend, and they’ll pick five winners. If you fancy treating dad yourself, though, the distillery’s Sazerac Rye makes a unique addition to anybody’s liquor shelf.
Sazerac Rye from £37 on Amazon
A cognac man?
Hampers are all the rage at the minute, so how’s not one but two stuffed full of brandy? Remy Martin have teamed up with Deli Cat & Sons to offer a pair of curated hampers which pair cognacs from the iconic brand with special food pairings designed to complement the flavour of each expression.
Hampers from £27 at Deli Cat & Sons
A touch of luxury
Every dad deserves a real treat from time to time, and the newest addition to Glenfiddich’s range certainly qualifies as exactly that. The Glenfiddich Grand Cru takes the best of Scotland and mixes it with the luxurious touch of the French. It is an exclusive expression of single malt whisky, aged for 23 years, finished in the finest cuvée wine casks. Remarkably golden and opulent, this is a special whisky for a special occasion. Bonus: it’s on next day delivery so there’s plenty of time to order ahead of the big day.
From £220 at The Whisky Shop and Master of Malt


cityam--2020-06-18--Acacia Research offloads bargain Woodford stocks

The US buyer that snapped up cut-price assets from Woodford ’ s failed Equity Income fund has offloaded the stocks just days after the deal .
Acacia Research has started to sell some of the assets it agreed to buy earlier this month .
In one instance , the US firm generated a profit of £750,000 from a sale of one asset , according to regulatory filings first reported by Citywire .
Read more : Acacia snaps up Woodford biotech stakes in £224m deal A fortnight ago , it was revealed that Acacia Research would buy up to 19 of @ @ @ @ @ @ @ stocks in a £224m deal .
The California-based firm , which specialises in intellectual property and patent licensing , agreed the deal with administrator Link Fund Solutions .
The deal comes a year after Woodford suspended the Equity Income fund following a surge in redemptions , sparking the industry ’ s biggest crisis in years .
Link removed the star stockpicker as manager last October .
Before the Open : Get the jump on the markets with our early morning newsletter Filings show eight stocks from the former Woodford fund have been transferred @ @ @ @ @ @ @ stocks are worth up to £150m , and Acacia has subsequently raised approximately £128m .
One filing discloses that the Californian company bought a 9.9 per cent stake in Midatech Pharma for around £65,000 , less than 1.7p a share from the fund .
It was then sold on five days later at 21p a share in a deal worth £817,000 .
SEC filings also indicate Acacia sold an 11.7 per cent stake in Evofem for $ 29.3m a few days after buying the stocks .
Read more : Neil Woodford one year @ @ @ @ @ @ @ fell from grace The documents seen by Citywire show investors in the Woodford fund face further delays in receiving money .
Both buyer and seller are reportedly working towards a deadline of 30 November but they can agree to a one-month extension .
It means investors frozen in the fund could be waiting until Christmas before receiving the proceeds .
Before the Open newsletter : Start your day with the City View podcast and key market data

Acacia Research offloads bargain Woodford stocks
The US buyer that snapped up cut-price assets from Woodford’s failed Equity Income fund has offloaded the stocks just days after the deal.
Acacia Research has started to sell some of the assets it agreed to buy earlier this month. In one instance, the US firm generated a profit of £750,000 from a sale of one asset, according to regulatory filings first reported by Citywire.
A fortnight ago, it was revealed that Acacia Research would buy up to 19 of the former Woodford fund’s biotech stocks in a £224m deal. The California-based firm, which specialises in intellectual property and patent licensing, agreed the deal with administrator Link Fund Solutions.
The deal comes a year after Woodford suspended the Equity Income fund following a surge in redemptions, sparking the industry’s biggest crisis in years. Link removed the star stockpicker as manager last October.
Before the Open: Get the jump on the markets with our early morning newsletter
Filings show eight stocks from the former Woodford fund have been transferred to Acacia. Citywire has estimated the stocks are worth up to £150m, and Acacia has subsequently raised approximately £128m.
One filing discloses that the Californian company bought a 9.9 per cent stake in Midatech Pharma for around £65,000, less than 1.7p a share from the fund. It was then sold on five days later at 21p a share in a deal worth £817,000.
SEC filings also indicate Acacia sold an 11.7 per cent stake in Evofem for $29.3m a few days after buying the stocks.
The documents seen by Citywire show investors in the Woodford fund face further delays in receiving money. Both buyer and seller are reportedly working towards a deadline of 30 November but they can agree to a one-month extension. It means investors frozen in the fund could be waiting until Christmas before receiving the proceeds.
Link Fund Solutions declined to comment.
Before the Open newsletter: Start your day with the City View podcast and key market data


cityam--2020-06-18--Facebook announces $200m for businesses owned by black people

Facebook today announced that it will commit $ 200m towards businesses owned by black people , the latest in a string of tech giants to announce such initiatives .
In a post , chief operating officer Sheryl Sandberg revealed the plan , saying that the firm needed to take action .
Read more : Facebook to allow users to turn off political adverts She wrote ; “ The past few weeks have compelled us to confront the reality of violence and injustice which members of the Black community face on a daily basis .
“ We have shared words of @ @ @ @ @ @ @ communities .
We need to take action as well.
” In recent days , Youtube , Google and Apple have all committed to similar initiatives , promising equity support worth $ 100m , $ 175m and $ 100m respectively .
Facebook will give $ 100m annually to suppliers such as marketing and construction firms owned by black people , as well $ 75m in grants for businesses which serve the black community .
Before the Open newsletter : Start your day with the City View podcast and key market data The final $ @ @ @ @ @ @ @ creators , Sandberg said .
She also said that the firm would commit to increasing representation of people from BAME backgrounds in its leadership positions by 30 per cent over the next five years .
According to the firm ’ s 2019 diversity report , only 3.8 per cent of Facebook ’ s employees are black , a figure that falls to 3.1 per cent for leadership positions .
Facebook ’ s contribution comes after the firm came under fire from its own employees for not taking down a post from US president @ @ @ @ @ @ @ , which read if “ When the looting starts , the shooting starts ” .
Trump ’ s post , which referred to protests against the killing of George Floyd in police custody last month , was flagged by Twitter for “ glorifying violence ” .
Read more : Biden calls on Facebook to rethink fact-checking policy before US election Facebook has come under heavy criticism for the decision to leave the post up .
Boss Mark Zuckerberg argued : “ We should enable as much expression as possible unless it will cause @ @ @ @ @ @ @ spelled out in clear policies .
”

Facebook announces $200m for businesses owned by black people
Facebook today announced that it will commit $200m towards businesses owned by black people, the latest in a string of tech giants to announce such initiatives.
In a post, chief operating officer Sheryl Sandberg revealed the plan, saying that the firm needed to take action.
She wrote; “The past few weeks have compelled us to confront the reality of violence and injustice which members of the Black community face on a daily basis.
“We have shared words of support for our friends, colleagues and communities. We need to take action as well.”
In recent days, Youtube, Google and Apple have all committed to similar initiatives, promising equity support worth $100m, $175m and $100m respectively.
Facebook will give $100m annually to suppliers such as marketing and construction firms owned by black people, as well $75m in grants for businesses which serve the black community.
Before the Open newsletter: Start your day with the City View podcast and key market data
The final $25m will be given to black content creators, Sandberg said.
She also said that the firm would commit to increasing representation of people from BAME backgrounds in its leadership positions by 30 per cent over the next five years.
According to the firm’s 2019 diversity report, only 3.8 per cent of Facebook’s employees are black, a figure that falls to 3.1 per cent for leadership positions.
Facebook’s contribution comes after the firm came under fire from its own employees for not taking down a post from US president Donald Trump concerning Black Lives Matters protestors, which read if “When the looting starts, the shooting starts”.
Trump’s post, which referred to protests against the killing of George Floyd in police custody last month, was flagged by Twitter for “glorifying violence”.
Facebook has come under heavy criticism for the decision to leave the post up. Boss Mark Zuckerberg argued:
“We should enable as much expression as possible unless it will cause imminent risk of specific harms or dangers spelled out in clear policies.”


cityam--2020-06-18--Softbank Vision Fund expands minority founder programme to Europe

Softbank ’ s Vision Fund has today said it will be expanding its programme to uplift minority founders to Europe , after completing its first cohort in the US .
Launched in partnership with Wework Labs , the Emerge programme is an eight-week intensive startup accelerator designed to help early-stage founders from underrepresented backgrounds .
Each participating startup must have at least one founder that is female or non-binary , a veteran , a refugee , LGBTQ or a person of colour .
Though Softbank initially said it would not invest capital in any of the startups in the first @ @ @ @ @ @ @ today said it would be taking stakes in all 14 of the companies .
The Emerge programme will also be scaled up to manage two cohorts per year .
It is intended to act alongside Softbank ’ s $ 100m Opportunity Fund , launched earlier this month , which is targeted solely at “ founders and entrepreneurs of colour ” .
The expansion means that UK startups will now be eligible to apply for the Emerge programme ’ s second cohort , scheduled to begin in the second half of 2020 .
“ @ @ @ @ @ @ @ the talent and vision of the Emerge founders , ” said Misra in a statement .
“ By significantly expanding the reach of our accelerator , we ’ ll be able to partner more closely with even more exceptional founders and help them scale their startups.
” Read more : Softbank triples spending on share buybacks in June to £1.4bn The news comes at a difficult time for Softbank , as it recovers from swinging to a record annual loss earlier this year following a number of soured bets on tech firms such @ @ @ @ @ @ @ this month that it intends to lay off up to 15 per cent of staff at its London-headquartered Vision Fund , despite doubling Misra ’ s annual salary to more than $ 15m .
Softbank ’ s bet on Wework was particularly problematic for the Vision Fund , with the group ’ s chief executive Masayoshi Son calling the move “ foolish ” last month .
The firm is reported to have invested around $ 19bn in Wework , with the latter ’ s valuation dropping from $ 47bn ahead of its botched @ @ @ @ @ @ @ in March .

Softbank Vision Fund expands minority founder programme to Europe
Softbank’s Vision Fund has today said it will be expanding its programme to uplift minority founders to Europe, after completing its first cohort in the US.
Launched in partnership with Wework Labs, the Emerge programme is an eight-week intensive startup accelerator designed to help early-stage founders from underrepresented backgrounds.
Each participating startup must have at least one founder that is female or non-binary, a veteran, a refugee, LGBTQ or a person of colour.
Though Softbank initially said it would not invest capital in any of the startups in the first cohort, Vision Fund head Rajeev Misra today said it would be taking stakes in all 14 of the companies.
The Emerge programme will also be scaled up to manage two cohorts per year. It is intended to act alongside Softbank’s $100m Opportunity Fund, launched earlier this month, which is targeted solely at “founders and entrepreneurs of colour”.
The expansion means that UK startups will now be eligible to apply for the Emerge programme’s second cohort, scheduled to begin in the second half of 2020.
“We’ve been hugely impressed by the talent and vision of the Emerge founders,” said Misra in a statement.
“By significantly expanding the reach of our accelerator, we’ll be able to partner more closely with even more exceptional founders and help them scale their startups.”
The news comes at a difficult time for Softbank, as it recovers from swinging to a record annual loss earlier this year following a number of soured bets on tech firms such as Wework.
It was reported earlier this month that it intends to lay off up to 15 per cent of staff at its London-headquartered Vision Fund, despite doubling Misra’s annual salary to more than $15m.
Softbank’s bet on Wework was particularly problematic for the Vision Fund, with the group’s chief executive Masayoshi Son calling the move “foolish” last month. The firm is reported to have invested around $19bn in Wework, with the latter’s valuation dropping from $47bn ahead of its botched market debut last year to $2.9bn in March.