cityam--2020-10-22--Hotel giant Accor sees revenue plunge two-thirds as recovery stalls

Hotel giant Accor , which owns the Mercure , Ibis and Novotel chains , said its revenue slumped nearly two-thirds in the third quarter compared to last year .
Europe ’ s biggest hotel group posted revenue €329m ( £297m ) , down 63.7 per cent on the same period last year .
Accor said that it had seen recovery across all of its businesses in the three month period after a challenging second quarter , when revenue fell 88 per cent due to the coronavirus pandemic .
However , the company said that the introduction of fresh travel restrictions @ @ @ @ @ @ @ had stalled at the end of the quarter .
Travel and hospitality firms have been among the worst hit by the pandemic , which has caused tourism to collapse around the world .
The combination of health concerns and restrictions on free travel have suppressed the numbers of people taking holidays around the world .
Before the Open newsletter : Start your day with the City View podcast and key market data In addition , business travel has all but dried up as governments around the world put in place quarantine measures for @ @ @ @ @ @ @ than 5,000 hotels in 111 countries , said 90 per cent of its hotels were now open , compared with 81 per cent in August .
Chair and chief executive Sébastien Bazin said : “ Our performances during the third quarter point to a marked recovery of business during the summer season .
“ The worst of the crisis is now behind us , but our main markets are still substantially affected by the measures rolled out to combat the health crisis .
Read more : Holiday firm Tui falls to €1.1bn loss @ @ @ @ @ @ @ reports solid performances and should swiftly recover its activity level pre-crisis .
The hotel group said that it had liquidity of €4bn at the end of September , and was burning through cash at a rate of €80m a month .

Hotel giant Accor sees revenue plunge two-thirds as recovery stalls
The firm said the disposals were part of a wider change in strategy to focus on office and retail
Hotel giant Accor, which owns the Mercure, Ibis and Novotel chains, said its revenue slumped nearly two-thirds in the third quarter compared to last year.
Europe’s biggest hotel group posted revenue €329m (£297m), down 63.7 per cent on the same period last year.
Accor said that it had seen recovery across all of its businesses in the three month period after a challenging second quarter, when revenue fell 88 per cent due to the coronavirus pandemic.
However, the company said that the introduction of fresh travel restrictions in August had meant that the recovery had stalled at the end of the quarter.
Travel and hospitality firms have been among the worst hit by the pandemic, which has caused tourism to collapse around the world.
The combination of health concerns and restrictions on free travel have suppressed the numbers of people taking holidays around the world.
Before the Open newsletter: Start your day with the City View podcast and key market data
In addition, business travel has all but dried up as governments around the world put in place quarantine measures for travellers.
Accor, which operates more than 5,000 hotels in 111 countries, said 90 per cent of its hotels were now open, compared with 81 per cent in August.
Chair and chief executive Sébastien Bazin said: “Our performances during the third quarter point to a marked recovery of business during the summer season.
“The worst of the crisis is now behind us, but our main markets are still substantially affected by the measures rolled out to combat the health crisis.
“Only China reports solid performances and should swiftly recover its activity level pre-crisis.
The hotel group said that it had liquidity of €4bn at the end of September, and was burning through cash at a rate of €80m a month.


cityam--2020-10-22--US Senate committee votes to subpoena Twitter and Facebook bosses

Top US lawmakers today voted to subpoena the chief executives of Twitter and Facebook after both platforms blocked controversial tabloid stories about Joe Biden ’ s son .
Republicans on the US Senate judiciary committee approved the motion to haul in Jack Dorsey and Mark Zuckerberg unopposed today .
Read more : Facebook issues temporary ban on political ads after US election Democrats on the committee had boycotted the meeting over the Supreme Court nomination of Judge Amy Coney Barrett .
Committee chairman Lindsey Graham said he hoped the subpoenas would give the panel some “ leverage to secure [ @ @ @ @ @ @ @ if they did not come and testify voluntarily .
The two social media bosses will be called in to testify on allegations of anti-conservative bias .
It comes after both companies flagged two stories published by the New York Post that alleged Hunter Biden , son of the Democratic presidential candidate , had introduced his father to a Ukranian businessman .
The origins of the report are unconfirmed , and Facebook and Twitter flagged the stories as disinformation .
Twitter initially did not explain its decision , but later said it had blocked @ @ @ @ @ @ @ on hacked materials , while images in the article contained personal and private information .
US President Donald Trump and Republicans have lashed out at social media firms over their alleged stifling of conservative voices .
Read more : Twitter bans Donald Trump ’ s presidential campaign over coronavirus fake news Both sites have flagged or removed recent posts by Trump that contained misinformation about Covid-19 and postal voting .
Separately , the bosses of Facebook and Twitter are due to testify alongside the chief executive of Google ’ s parent company Alphabet @ @ @ @ @ @ @ week during a hearing about a key law protecting internet companies .

US Senate committee votes to subpoena Twitter and Facebook bosses
Twitter boss Jack Dorsey will be called to testify in front of the Senate committee
Top US lawmakers today voted to subpoena the chief executives of Twitter and Facebook after both platforms blocked controversial tabloid stories about Joe Biden’s son.
Republicans on the US Senate judiciary committee approved the motion to haul in Jack Dorsey and Mark Zuckerberg unopposed today.
Democrats on the committee had boycotted the meeting over the Supreme Court nomination of Judge Amy Coney Barrett.
Committee chairman Lindsey Graham said he hoped the subpoenas would give the panel some “leverage to secure [the chief executives’] testimony” if they did not come and testify voluntarily.
The two social media bosses will be called in to testify on allegations of anti-conservative bias.
It comes after both companies flagged two stories published by the New York Post that alleged Hunter Biden, son of the Democratic presidential candidate, had introduced his father to a Ukranian businessman.
The origins of the report are unconfirmed, and Facebook and Twitter flagged the stories as disinformation.
Our communication around our actions on the @nypost article was not great. And blocking URL sharing via tweet or DM with zero context as to why we’re blocking: unacceptable. https://t.co/v55vDVVlgt — jack⚡ (@jack) October 14, 2020
Twitter initially did not explain its decision, but later said it had blocked the stories as they breached its policy on hacked materials, while images in the article contained personal and private information.
US President Donald Trump and Republicans have lashed out at social media firms over their alleged stifling of conservative voices.
Both sites have flagged or removed recent posts by Trump that contained misinformation about Covid-19 and postal voting.
Separately, the bosses of Facebook and Twitter are due to testify alongside the chief executive of Google’s parent company Alphabet in front of a Senate committee next week during a hearing about a key law protecting internet companies.


cityam--2020-10-22--Mark's Bar reopens in the basement of 1 Lombard Street

Mark Hix made a surprise return to London this summer , joining Soren Jessen at 1 Lombard Street as the City institution ’ s new Director of Food and Drink .
But that isn ’ t the only surprise Hix had up his sleeve .
This month another of his ventures has reappeared : the speak-easy-style Mark ’ s Bar , which was once a staple at the now-defunct Hix Soho .
“ It ’ s sure to piss off my former Soho landlord , who decided to double my rent to £500,000 a year , ” Hix wrote in @ @ @ @ @ @ @ nasty piece of business has bitten him on the arse as the old site is now sitting empty.
” Read more : Square Mile to relax al fresco dining rules in bid to save bars and restaurants Hix left London to return to Lyme Regis after his restaurant business fell into administration earlier this year .
He was able to buy back the site of his Oyster and Fish House and launched a fresh-fish van before announcing his return to the capital .
Mark ’ s Bar now resides in the basement below @ @ @ @ @ @ @ showcase classic cocktails from Hix Soho alongside some new additions .
Unlike last time , Mark ’ s Bar is now a members ’ club , making it an even more exclusive haunt for those of us who remain in the City during these testing times .
Read more : Ready to order ?
Business lunches may be exempt from new Tier 2 restrictions To celebrate the opening , Hix shared with us the recipe for one of his signature cocktails , The Temperley sour , which he says was “ inspired by @ @ @ @ @ @ @ my favourite Somerset drinks producer Julian Temperley , who has been making delicious and unique cider brandy for 25 years.
” Here ’ s how to throw it together , although we recommend you swing by 1 Lombard Street to try one made by the professionals .
Pour all of the ingredients into a shaker , shake without ice briefly to combine all ingredients , then fill the shaker with cubed ice and shake for roughly ten seconds to ensure sufficient chilling and dilution .
Strain into a Champagne coupe and garnish with @ @ @ @ @ @ @ the fruit should leave a mark on the surface of the foam .

Mark’s Bar reopens in the basement of 1 Lombard Street
The spectacular 1 Lombard Street, now home to Mark’s Bar
Mark Hix made a surprise return to London this summer, joining Soren Jessen at 1 Lombard Street as the City institution’s new Director of Food and Drink. But that isn’t the only surprise Hix had up his sleeve. This month another of his ventures has reappeared: the speak-easy-style Mark’s Bar, which was once a staple at the now-defunct Hix Soho.
“It’s sure to piss off my former Soho landlord, who decided to double my rent to £500,000 a year,” Hix wrote in his City A.M. column. “That nasty piece of business has bitten him on the arse as the old site is now sitting empty.”
Hix left London to return to Lyme Regis after his restaurant business fell into administration earlier this year. He was able to buy back the site of his Oyster and Fish House and launched a fresh-fish van before announcing his return to the capital.
The new Mark’s Bar in 1 Lombard Street
Mark’s Bar now resides in the basement below the 1 Lombard Street brasserie and will showcase classic cocktails from Hix Soho alongside some new additions. Unlike last time, Mark’s Bar is now a members’ club, making it an even more exclusive haunt for those of us who remain in the City during these testing times.
To celebrate the opening, Hix shared with us the recipe for one of his signature cocktails, The Temperley sour, which he says was “inspired by the classic whisky sour but made using my favourite Somerset drinks producer Julian Temperley, who has been making delicious and unique cider brandy for 25 years.”
Here’s how to throw it together, although we recommend you swing by 1 Lombard Street to try one made by the professionals.
Temperley sour
• 45ml Somerset 3yr cider brandy
• 20ml Burrow Hill apple juice
• 15ml Somerset Pomona
• 10ml white sugar syrup
• 35ml lemon juice
• 25ml egg white
• 1 Morello cherry for garnish
Pour all of the ingredients into a shaker, shake without ice briefly to combine all ingredients, then fill the shaker with cubed ice and shake for roughly ten seconds to ensure sufficient chilling and dilution. Strain into a Champagne coupe and garnish with a cherry. The liqueur the coats the fruit should leave a mark on the surface of the foam.


cityam--2020-10-22--Boris Johnson on the backfoot on local government rows, funding delays

Boris Johnson has been forced to defend the government ’ s efforts in providing support for businesses under new Covid restrictions and its dealings with regional governments .
Rishi Sunak was forced today to extend its support for businesses under Tier 2 restrictions , with more than £10bn spent to support the private sector .
Read more : Rishi Sunak ’ s new business support : What does it mean for you ?
Businesses will only need to pay five per cent of workers ’ unworked hours under the new part-time Jobs Support Scheme instead of 33 per cent as @ @ @ @ @ @ @ to work 20 per cent of their normal hours to be eligible for the scheme and not 33 per cent as before .
Businesses in the hospitality , accommodation and leisure sector will also get £2,100 for each month they are under Tier 2 or Tier 3 Covid restrictions , even if they are not closed , and they will be retrospective back to August .
Johnson faced a barrage of questions this afternoon about why it took the government so long to extend the support considering that Northern areas had faced extra @ @ @ @ @ @ @ speculated that the new support only came now , because London was put into Tier 2 one week ago .
“ What we ’ re trying to do now is address a national issue , because since the virus has started to come again there has been much more concern , particularly amongst the business community , particularly around protecting jobs and livelihoods because of the effects of the virus , ” Johnson said .
The Prime Minister was also pushed on why he would not give Greater Manchester mayor Andy Bunrham the @ @ @ @ @ @ @ negotiations about going into Tier 3 this week when Sunak was preparing to spend an extra £10bn today .
Read more : Think tank : London may need £440m a month if put into Tier 3 restrictions “ The negotiations between regional leaders and metro mayors is all about fairness , that ’ s what that discussion was about – it was about the same package , ” Johnson said .
“ We ’ ve had great conversations with local leaders , mayors and others in Liverpool , in Lancashire , in Yorkshire @ @ @ @ @ @ @ and everybody has come to the table , shown leadership stepped up to the plate and agreed to help bring the R down .
”

Boris Johnson on the backfoot on local government rows, funding delays
Boris Johnson has been forced to defend the government’s efforts in providing support for businesses under new Covid restrictions and its dealings with regional governments.
Rishi Sunak was forced today to extend its support for businesses under Tier 2 restrictions, with more than £10bn spent to support the private sector.
Businesses will only need to pay five per cent of workers’ unworked hours under the new part-time Jobs Support Scheme instead of 33 per cent as before.
Workers will also only have to work 20 per cent of their normal hours to be eligible for the scheme and not 33 per cent as before.
Businesses in the hospitality, accommodation and leisure sector will also get £2,100 for each month they are under Tier 2 or Tier 3 Covid restrictions, even if they are not closed, and they will be retrospective back to August.
Johnson faced a barrage of questions this afternoon about why it took the government so long to extend the support considering that Northern areas had faced extra restrictions for so long.
Some people speculated that the new support only came now, because London was put into Tier 2 one week ago.
“What we’re trying to do now is address a national issue, because since the virus has started to come again there has been much more concern, particularly amongst the business community, particularly around protecting jobs and livelihoods because of the effects of the virus,” Johnson said.
The Prime Minister was also pushed on why he would not give Greater Manchester mayor Andy Bunrham the extra £5m he was requesting in his negotiations about going into Tier 3 this week when Sunak was preparing to spend an extra £10bn today.
“The negotiations between regional leaders and metro mayors is all about fairness, that’s what that discussion was about – it was about the same package,” Johnson said.
“We’ve had great conversations with local leaders, mayors and others in Liverpool, in Lancashire, in Yorkshire, in the West Midlands, London and everybody has come to the table, shown leadership stepped up to the plate and agreed to help bring the R down.”


cityam--2020-10-22--Goldman Sachs to pay $3bn to settle charges over role in 1MDB scandal

Goldman Sachs has agreed to pay nearly $ 3bn ( £2.3bn ) to settle a probe into its role in Malaysia ’ s 1MDB corruption scandal , drawing a line under a saga that has dogged the bank for years .
The settlement resolves a probe led by US authorities into the bank ’ s role in underwriting three bond offerings in 2012 and 2013 that raised $ 6.5bn for Malaysia ’ s government .
Read more : Goldman Sachs ‘ to pay $ 2bn fine ’ in US Justice Department 1MDB probe Under the terms of the agreement , @ @ @ @ @ @ @ $ 2.3bn penalty and about $ 600m of disgorgement .
The case involved civil and criminal authorities in the US , UK , Singapore , and other jurisdictions .
In a court hearing earlier today , Goldman Sachs Malaysia said it would plead guilty to violating the Foreign Corrupt Practices Act in relation to the scandal .
“ Goldman Sachs today accepted responsibility for its role in a conspiracy to bribe high-ranking foreign officials to obtain lucrative underwriting and other business relating to 1MDB , ” said Brian Rabbitt of the US Department @ @ @ @ @ @ @ a memo to all employees , chief executive David Solomon said : “ we have to acknowledge where our firm fell short ” .
“ There are consequences for not getting it right and this settlement is an important acceptance of this fact , ” he said .
Following the DOJ settlement , he bank ’ s board announced plans to claw back around $ 174m from former Goldman employees implicated in the scheme , as well as from current and former senior executives “ in acknowledgement of the firm ’ s institutional @ @ @ @ @ @ @ , alongside chief executive officer John Waldron , chief financial officer Stephen Scherr , and Goldman Sachs International chief executive Richard Gnodde will have their overall compensation reduced by $ 31 million in 2020 , the board said .
Malaysian and US authorities estimate $ 4.5bn was siphoned off from 1MDB in an elaborate scheme that spanned the globe and implicated high-level officials in the fund , former Malaysian Prime Minister Najib Razak , Goldman staff and others .
The offerings were arranged and underwritten by UK-based Goldman Sachs International , with work @ @ @ @ @ @ @ team members in multiple jurisdictions .
Goldman Sachs had generated about $ 600m in fees for its work for 1MDB , according to the DOJ .
The bank has been investigated by regulators in at least 14 countries over its work for 1MDB .
The settlement reached today includes a £96.6m fine for Goldman Sachs International ( GSI ) from the UK ’ s Financial Conduct Authority ( FCA ) and Bank of England ’ s Prudential Regulation Authority over risk management breaches .
Before the Open newsletter : Start your day with @ @ @ @ @ @ @ data “ There is no amnesty for firms that tackle financial crime poorly , and the size of GSI ’ s fine reflects that , ” said FCA enforcement director Mark Steward .
“ Firms have a crucial role to play in tackling financial crime , and in helping to maintain the integrity of the financial system .
GSI ’ s failure to take appropriate action in this case shows that it did not take this responsibility seriously , ” Steward said .
The DOJ filed criminal charges against two former Goldman Sachs @ @ @ @ @ @ @ Leissner and Roger Ng , in November 2018 .
News of the US settlement comes after Hong Kong ’ s markets watchdog fined Goldman Sachs ’ s Asian division $ 350m ( £267m ) for its role in the 1MDB scandal , the largest penalty ever issued by the regulator .
The financial hub ’ s Securities and Futures Commission ( SFC ) said “ serious lapses and deficiencies ” in management controls at Goldman Sachs Asia had contributed to the misappropriation of $ 2.6bn raised by the Malaysian sovereign wealth fund .
@ @ @ @ @ @ @ the bank ’ s Hong Kong-based regional compliance and control hub had significant involvement in the origination , approval , execution and sales process of the three bond offerings .
The bank ’ s Asia hub had earned $ 210m from the offerings , the largest share among the various Goldman entities .
Read more : Malaysia drops charges against Goldman Sachs over 1MDB scandal Last month Malaysia dropped criminal charges against three Goldman Sachs units after the bank agreed to pay $ 3.9bn to settle the probe .
The units – based @ @ @ @ @ @ @ – had pleaded not guilty in February and the bank has consistently denied wrongdoing .

Goldman Sachs to pay $3bn to settle charges over role in 1MDB scandal
Goldman Sachs has ordered its US employees to report their vaccination status, ahead of a planned return to the office.
Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) to settle a probe into its role in Malaysia’s 1MDB corruption scandal, drawing a line under a saga that has dogged the bank for years.
The settlement resolves a probe led by US authorities into the bank’s role in underwriting three bond offerings in 2012 and 2013 that raised $6.5bn for Malaysia’s government.
Read more: Goldman Sachs ‘to pay $2bn fine’ in US Justice Department 1MDB probe
Under the terms of the agreement, Goldman Sachs has been slapped with a $2.3bn penalty and about $600m of disgorgement. The case involved civil and criminal authorities in the US, UK, Singapore, and other jurisdictions.
In a court hearing earlier today, Goldman Sachs Malaysia said it would plead guilty to violating the Foreign Corrupt Practices Act in relation to the scandal.
‘Conspiracy to bribe foreign officials’
“Goldman Sachs today accepted responsibility for its role in a conspiracy to bribe high-ranking foreign officials to obtain lucrative underwriting and other business relating to 1MDB,” said Brian Rabbitt of the US Department of Justice (DOJ).
In a memo to all employees, chief executive David Solomon said: “we have to acknowledge where our firm fell short”.
“There are consequences for not getting it right and this settlement is an important acceptance of this fact,” he said.
Following the DOJ settlement, he bank’s board announced plans to claw back around $174m from former Goldman employees implicated in the scheme, as well as from current and former senior executives “in acknowledgement of the firm’s institutional failures” related to 1MDB.
Solomon, alongside chief executive officer John Waldron, chief financial officer Stephen Scherr, and Goldman Sachs International chief executive Richard Gnodde will have their overall compensation reduced by $31 million in 2020, the board said.
Malaysian and US authorities estimate $4.5bn was siphoned off from 1MDB in an elaborate scheme that spanned the globe and implicated high-level officials in the fund, former Malaysian Prime Minister Najib Razak, Goldman staff and others.
The offerings were arranged and underwritten by UK-based Goldman Sachs International, with work conducted by and revenue shared between deal team members in multiple jurisdictions.
Goldman Sachs had generated about $600m in fees for its work for 1MDB, according to the DOJ.
The bank has been investigated by regulators in at least 14 countries over its work for 1MDB.
UK regulators fine Goldman £97m over 1MDB
The settlement reached today includes a £96.6m fine for Goldman Sachs International (GSI) from the UK’s Financial Conduct Authority (FCA) and Bank of England’s Prudential Regulation Authority over risk management breaches.
Before the Open newsletter: Start your day with the City View podcast and key market data
“There is no amnesty for firms that tackle financial crime poorly, and the size of GSI’s fine reflects that,” said FCA enforcement director Mark Steward.
“Firms have a crucial role to play in tackling financial crime, and in helping to maintain the integrity of the financial system. GSI’s failure to take appropriate action in this case shows that it did not take this responsibility seriously,” Steward said.
The DOJ filed criminal charges against two former Goldman Sachs bankers tied to the scandal, Tim Leissner and Roger Ng, in November 2018.
Record fine by Hong Kong regulator
News of the US settlement comes after Hong Kong’s markets watchdog fined Goldman Sachs’s Asian division $350m (£267m) for its role in the 1MDB scandal, the largest penalty ever issued by the regulator.
The financial hub’s Securities and Futures Commission (SFC) said “serious lapses and deficiencies” in management controls at Goldman Sachs Asia had contributed to the misappropriation of $2.6bn raised by the Malaysian sovereign wealth fund.
The SFC said Goldman Sachs Asia, the bank’s Hong Kong-based regional compliance and control hub had significant involvement in the origination, approval, execution and sales process of the three bond offerings.
The bank’s Asia hub had earned $210m from the offerings, the largest share among the various Goldman entities.
Read more: Malaysia drops charges against Goldman Sachs over 1MDB scandal
Last month Malaysia dropped criminal charges against three Goldman Sachs units after the bank agreed to pay $3.9bn to settle the probe.
The units – based in London, Hong Kong and Singapore – had pleaded not guilty in February and the bank has consistently denied wrongdoing.


US elections...bitcoin

Opinions are mixed over how the US elections and other significant developments will affect Bitcoin , but one thing is for certain – we ’ re in for a bumpy ride over the next couple weeks .
Back in 2016 , the vast majority of political commentators and news outlets predicted a high probability of a Clinton victory .
However , as pointed out by analysts at JPMorgan , part of the dissonance likely is not caused by the inaccuracy of polls , but rather the disconnect between the popular vote margin and the winner-take-all Electoral College , which delivered @ @ @ @ @ @ @ victory despite him losing the popular vote .
This ‘ silent majority , ’ the group of people many refer to as those supporting Trump behind the scenes , is what causes the unpredictable outcome of this year ’ s elections , and traditional financial markets do not like uncertainty .
Bitcoin , however , does not seem to mind it as much .
As it stands , a Biden victory is seen as representing a return to a more predictable approach to international policy , specifically when it comes to trade agreements @ @ @ @ @ @ @ China .
This view was clearly illustrated when Chinese markets re-opened after a week-long holiday , with Chinese Yuan posting its biggest daily jump vs the USD in almost 15 years .
It is not just the aforementioned trade negotiations that are on the agenda but also Covid-19 relief stimulus package .
According to a recent WSJ report , Trump administration officials including Treasury Secretary Steve Mnuchin , and House Speaker Nancy Pelosi , broached the possibility of passing a second pandemic relief package after the Nov. 3 election , indicating that a @ @ @ @ @ @ @ reached before then .
More to that point , White House economic adviser Larry Kudlow said on CNBC that negotiators were running out of time to get a deal passed before the election , as talks went on past a Tuesday evening deadline set by Pelosi .
These factors aside , it is also worth highlighting recent comments by Federal Reserve ( Fed ) Chairman Jerome Powell on the topic of Central Bank Digital Currencies ( CBDCs ) .
Powell explained that the Fed is open to collaborating with the private sector on @ @ @ @ @ @ @ reiterated that the central bank has not yet committed to actually launching one .
Powell further emphasized that any possible digital dollar would serve as a “ complement ” to physical cash — not a replacement .
This stance is similar to that of other central bankers around the world .
Furthermore , on the subject of CBDCs , in a recent report titled “ Payments and the Pandemic “ , which was produced by Cleveland Fed President Loretta J. Mester , it is noted that “ the experience with pandemic emergency payments @ @ @ @ @ @ @ already gaining increased attention at central banks around the world.
” Mester went further , adding “ legislation has proposed that each American have an account at the Fed in which digital dollars could be deposited , as liabilities of the Federal Reserve Banks , which could be used for emergency payments.
” Other proposals would create a new payments instrument , digital cash , which would be just like the physical currency issued by central banks today , but in a digital form and , potentially , without the anonymity of physical @ @ @ @ @ @ @ are designed , central banks could support them without the need for commercial bank involvement via direct issuance into the end-user ’ s digital wallets combined with central-bank-facilitated transfer and redemption services .
Does any of this matter for Bitcoin ?
Like it or not , macro narratives matter , although the visibility on the extent and longevity of correlation is less clear .
Something that has transpired for Bitcoin this year is its reaction to events that have a significant impact on the price action in the S & P 500 .
@ @ @ @ @ @ @ P 500 posts significant losses in a very short period of time , sometimes referred to as ‘ flash crashes.
’ Bitcoin and other assets often sell off in tandem with traditional assets because traders liquidate almost everything as they go risk-off to cash until the dust settles .
That said , ardent proponents of Bitcoin ’ s non-correlated status will argue that such bursts of correlation tend to be short-lived .
This may be true when looking at very short-term timeframes , but not all market participants focus solely on basis trading @ @ @ @ @ @ @ longer-term outlooks will look at different time frames – such as one year .
This is where it gets a little bit more complicated because Bitcoin vs S & P 500 realised correlation ( 1-year ) has risen by almost 50 percent this year , whilst relative to gold , the correlation metric has crept into the mid 10 percent .
It remains to be seen whether this trend is sustainable but , in the short-term , the data implies that if the S & P 500 suffers a correction in the wake @ @ @ @ @ @ @ to follow suit .
However , the news that PayPal is to finally open up its network to cryptocurrencies , has led many to speculate that Bitcoin could finally decouple from the aforementioned risk trade .
As per the press release , the service will enable its customers to buy , hold , and sell Bitcoin , Ether , Bitcoin Cash and Litecoin , all directly within the PayPal digital wallet .
Digging deeper into the announcement , it is worth noting that PayPal ’ s service does not allow Bitcoin or other @ @ @ @ @ @ @ Once users buy the coins , they stay in your account until they are sold .
It is , without a doubt , an incredibly strong vote of confidence in the growing cryptocurrency market .
Such a move would not have been made lightly unless the longevity of assets were strongly scrutinised .
Not to diminish the significance of this development for broader adoption , there is one key caveat – merchants will not receive payments in virtual coins .
In terms of what this means for the market , Bitcoin and other @ @ @ @ @ @ @ , but the real winners will be the proponents of tokenized assets , including the fast-growing market for NFTs which are expected to undergo an exponential growth phase as platforms seek to extract capital value using Decentralised Finance ( DeFi ) platforms .
Its relevance to the current correlation to S & P 500 is such that if network effects rise from activity related to various payment gateways , then , by default , the price action and , subsequently , valuation of the said assets , will be less impacted by swings @ @ @ @ @ @ @ Thereby Bitcoin and the rest of the digital assets may actually regain some of the non-correlation appeal that Bitcoin was once known for .
Back to the elections one last time .
It ’ s worth reiterating that no matter who wins , there will be some level of calamity .
A Trump win continues the pattern of unpredictability at home and abroad , leaving markets jittery and uncertain .
A Biden win would result in long-term calm but it is highly unlikely Trump will go quietly and chaos will reign into the @ @ @ @ @ @ @ markets and opportunity in digital assets .

Bitcoin stands to benefit from US elections
Opinions are mixed over how the US elections and other significant developments will affect Bitcoin, but one thing is for certain – we’re in for a bumpy ride over the next couple weeks.
Back in 2016, the vast majority of political commentators and news outlets predicted a high probability of a Clinton victory. However, as pointed out by analysts at JPMorgan, part of the dissonance likely is not caused by the inaccuracy of polls, but rather the disconnect between the popular vote margin and the winner-take-all Electoral College, which delivered President Trump a solid 77-vote margin of victory despite him losing the popular vote. This ‘silent majority,’ the group of people many refer to as those supporting Trump behind the scenes, is what causes the unpredictable outcome of this year’s elections, and traditional financial markets do not like uncertainty. Bitcoin, however, does not seem to mind it as much.
As it stands, a Biden victory is seen as representing a return to a more predictable approach to international policy, specifically when it comes to trade agreements and the country’s relationship with China. This view was clearly illustrated when Chinese markets re-opened after a week-long holiday, with Chinese Yuan posting its biggest daily jump vs the USD in almost 15 years. It is not just the aforementioned trade negotiations that are on the agenda but also Covid-19 relief stimulus package.
According to a recent WSJ report, Trump administration officials including Treasury Secretary Steve Mnuchin, and House Speaker Nancy Pelosi, broached the possibility of passing a second pandemic relief package after the Nov. 3 election, indicating that a deal might not be able to be reached before then. More to that point, White House economic adviser Larry Kudlow said on CNBC that negotiators were running out of time to get a deal passed before the election, as talks went on past a Tuesday evening deadline set by Pelosi.
These factors aside, it is also worth highlighting recent comments by Federal Reserve (Fed) Chairman Jerome Powell on the topic of Central Bank Digital Currencies (CBDCs). Powell explained that the Fed is open to collaborating with the private sector on a possible digital U.S. Dollar, but reiterated that the central bank has not yet committed to actually launching one. Powell further emphasized that any possible digital dollar would serve as a “complement” to physical cash — not a replacement. This stance is similar to that of other central bankers around the world.
Furthermore, on the subject of CBDCs, in a recent report titled “Payments and the Pandemic“, which was produced by Cleveland Fed President Loretta J. Mester, it is noted that “the experience with pandemic emergency payments has brought forward an idea that was already gaining increased attention at central banks around the world.”
Mester went further, adding “legislation has proposed that each American have an account at the Fed in which digital dollars could be deposited, as liabilities of the Federal Reserve Banks, which could be used for emergency payments.”
Other proposals would create a new payments instrument, digital cash, which would be just like the physical currency issued by central banks today, but in a digital form and, potentially, without the anonymity of physical currency. Depending on how these currencies are designed, central banks could support them without the need for commercial bank involvement via direct issuance into the end-user’s digital wallets combined with central-bank-facilitated transfer and redemption services.
Does any of this matter for Bitcoin?
Like it or not, macro narratives matter, although the visibility on the extent and longevity of correlation is less clear. Something that has transpired for Bitcoin this year is its reaction to events that have a significant impact on the price action in the S&P 500. This is especially evident when S&P 500 posts significant losses in a very short period of time, sometimes referred to as ‘flash crashes.’ Bitcoin and other assets often sell off in tandem with traditional assets because traders liquidate almost everything as they go risk-off to cash until the dust settles.
That said, ardent proponents of Bitcoin’s non-correlated status will argue that such bursts of correlation tend to be short-lived. This may be true when looking at very short-term timeframes, but not all market participants focus solely on basis trading or arbitrage opportunities, and those with longer-term outlooks will look at different time frames – such as one year. This is where it gets a little bit more complicated because Bitcoin vs S&P 500 realised correlation (1-year) has risen by almost 50 percent this year, whilst relative to gold, the correlation metric has crept into the mid 10 percent. It remains to be seen whether this trend is sustainable but, in the short-term, the data implies that if the S&P 500 suffers a correction in the wake of election results, Bitcoin is likely to follow suit.
However, the news that PayPal is to finally open up its network to cryptocurrencies, has led many to speculate that Bitcoin could finally decouple from the aforementioned risk trade. As per the press release, the service will enable its customers to buy, hold, and sell Bitcoin, Ether, Bitcoin Cash and Litecoin, all directly within the PayPal digital wallet. Digging deeper into the announcement, it is worth noting that PayPal’s service does not allow Bitcoin or other cryptocurrencies to be withdrawn or deposited. Once users buy the coins, they stay in your account until they are sold. It is, without a doubt, an incredibly strong vote of confidence in the growing cryptocurrency market. Such a move would not have been made lightly unless the longevity of assets were strongly scrutinised.
Not to diminish the significance of this development for broader adoption, there is one key caveat – merchants will not receive payments in virtual coins. In terms of what this means for the market, Bitcoin and other assets may gain on growing positive sentiment, but the real winners will be the proponents of tokenized assets, including the fast-growing market for NFTs which are expected to undergo an exponential growth phase as platforms seek to extract capital value using Decentralised Finance (DeFi) platforms.
Its relevance to the current correlation to S&P 500 is such that if network effects rise from activity related to various payment gateways, then, by default, the price action and, subsequently, valuation of the said assets, will be less impacted by swings in the S&P 500. Thereby Bitcoin and the rest of the digital assets may actually regain some of the non-correlation appeal that Bitcoin was once known for.
Back to the elections one last time. It’s worth reiterating that no matter who wins, there will be some level of calamity. A Trump win continues the pattern of unpredictability at home and abroad, leaving markets jittery and uncertain. A Biden win would result in long-term calm but it is highly unlikely Trump will go quietly and chaos will reign into the new year. Expect volatility in traditional markets and opportunity in digital assets.
Denis Vinokourov, Head of Research, BEQUANT
Crypto AM: Technically Speaking in association with Zumo


cityam--2020-10-23--Fidelity acquires LGIM's personal investing business

Fidelity has acquired Legal and General Investment Management ’ s personal investing business for an undisclosed sum .
The business will now form part of Fidelity ’ s own personal investing platform and will more than double its current 280,000 customers on the platform , which has £20.3bn in assets under management .
Read more : LGIM set to reopen property fund in October LGIM ’ s UK personal investing business has £5.8bn in assets across 300,000 customers .
The investment firm said the transaction is expected to complete within the next 12 months .
Fidelity said its customers will @ @ @ @ @ @ @ they do today and as part of Fidelity personal investing , they will benefit from having access to the full capability of its investment and pension platform.
” Earlier this month Fidelity bought broker Cavendish Online , which boasts £900m in assets under management .
Stuart Welch , global head of personal investing and advisory of Fidelity said : “ This is an exciting acquisition for us .
It follows our recent purchase of Cavendish Online Investments Limited and reflects our ambition and commitment to the UK direct investor market.
” “ Our @ @ @ @ @ @ @ their long-term financial goals and we provide guidance and support at every life stage… We look forward to welcoming LGIM ’ s customers and helping them meet their financial goals.
” Michelle Scrimgeour , chief executive of LGIM said : “ [ This acquisition ] supports customers , who now gain Fidelity International ’ s scale and operational capacity in these specific products while continuing to benefit from the LGIM investment expertise which underpinned their original product purchase .
”

Fidelity acquires LGIM’s personal investing business
The Business Banking Resolution Service hasn’t paid a penny in compensation.
Fidelity has acquired Legal and General Investment Management’s personal investing business for an undisclosed sum.
The business will now form part of Fidelity’s own personal investing platform and will more than double its current 280,000 customers on the platform, which has £20.3bn in assets under management.
LGIM’s UK personal investing business has £5.8bn in assets across 300,000 customers. The investment firm said the transaction is expected to complete within the next 12 months.
Fidelity said its customers will “pay the same or less than they do today and as part of Fidelity personal investing, they will benefit from having access to the full capability of its investment and pension platform.”
Earlier this month Fidelity bought broker Cavendish Online, which boasts £900m in assets under management.
Stuart Welch, global head of personal investing and advisory of Fidelity said: “This is an exciting acquisition for us. It follows our recent purchase of Cavendish Online Investments Limited and reflects our ambition and commitment to the UK direct investor market.”
“Our platform is designed to help investors achieve their long-term financial goals and we provide guidance and support at every life stage… We look forward to welcoming LGIM’s customers and helping them meet their financial goals.”
Michelle Scrimgeour, chief executive of LGIM said: “[This acquisition] supports customers, who now gain Fidelity International’s scale and operational capacity in these specific products while continuing to benefit from the LGIM investment expertise which underpinned their original product purchase.”


cityam--2020-10-23--Rondo: Holborn's newest dining room has the chance to be great

Hotel restaurants are tough to get right .
The space at the Hoxton in the Holborn is a perfect example of why – trying to create a cosy atmosphere whilst a constant stream of wheely suitcases make a racket just twenty metres away isn ’ t easy .
But Rondo , occupying that same space , has just about managed it .
That ’ s in large part thanks to its most eye-catching feature – a wall-length wine rack , laden with organic and biodynamic wines from the restaurant ’ s extensive bottle collection .
An open kitchen helps , @ @ @ @ @ @ @ new openings in the capital It ’ s the brainchild of Will Lander and Chris Gillard – the former the brains behind Quality Chop House , Clipstone and Portland , and the latter the former Head Chef of Clerkenwell institution St. John .
The focus is on seasonal British cooking , matched by an innovative ( and largely on display ) wine list .
It shows on the menu – as autumn turns all the more frustratingly into winter , it ’ s very much country-pub-done-well , with braised swaledale lamb , baked @ @ @ @ @ @ @ featuring .
I start with snack-sized gruyere cheese straws , an upmarket version of the coffee-table classic , best enjoyed with a glass of Devaux champagne .
Starters have a touch of the St John : I opt for crispy pig ’ s cheek with watercress and sweet roasted shallots .
The crumbled cheek is a delight – salty , biscuity bites , well matched with the shallots , and stonking value for £8 .
My companion tucks into cornish crab with cucumber and sauer-fennel , which isn ’ t quite in the @ @ @ @ @ @ @ ratio tipping slightly too far towards the latter .
But it ’ s still a decent enough dish for £10 .
Read more : The best of London Cocktail Month – running across the whole of October Mains are in the same vein – chicken from Sutton Hoo , wild sea bass from British waters .
The venison haunch sitting on a beautifully plated dish in front of me is perfectly pink , accompanied by sweet and sour red cabbage and swede .
It wasn ’ t the finest slab of meat in @ @ @ @ @ @ @ chewy side , although the sourcing , as you ’ d expect from a Clipstone / St John tie up , is impeccable .
My companion ’ s sea bass is falling off the spine , wonderfully seared and neatly pair with a spicy mash-up of tomato and fennel .
All of this is accompanied by a 2016 Barbera from Piedmont , which offers the sort of bang for the buck you ’ d expect of high quality Italian wine .
The wine list is accessible and fun , with just the right @ @ @ @ @ @ @ just those who want something to wash the beef down .
While some of Rondo ’ s dishes need a little fine tuning , and the space could do with being a tad more closed-in , it remains a fine choice for a winter dinner , with the potential to become a real must-visit .

Rondo: Holborn’s newest dining room has the chance to be great
Credit: Steven Joyce
Hotel restaurants are tough to get right.
The space at the Hoxton in the Holborn is a perfect example of why – trying to create a cosy atmosphere whilst a constant stream of wheely suitcases make a racket just twenty metres away isn’t easy.
But Rondo, occupying that same space, has just about managed it. That’s in large part thanks to its most eye-catching feature – a wall-length wine rack, laden with organic and biodynamic wines from the restaurant’s extensive bottle collection. An open kitchen helps, too.
Read more: The best new openings in the capital
It’s the brainchild of Will Lander and Chris Gillard – the former the brains behind Quality Chop House, Clipstone and Portland, and the latter the former Head Chef of Clerkenwell institution St. John. The focus is on seasonal British cooking, matched by an innovative (and largely on display) wine list.
It shows on the menu – as autumn turns all the more frustratingly into winter, it’s very much country-pub-done-well, with braised swaledale lamb, baked aubergine and a warming lovage soup all featuring.
I start with snack-sized gruyere cheese straws, an upmarket version of the coffee-table classic, best enjoyed with a glass of Devaux champagne.
Credit: Steven Joyce
Starters have a touch of the St John: I opt for crispy pig’s cheek with watercress and sweet roasted shallots. The crumbled cheek is a delight – salty, biscuity bites, well matched with the shallots, and stonking value for £8.
My companion tucks into cornish crab with cucumber and sauer-fennel, which isn’t quite in the same class, the crab to things-that-are-not-crab ratio tipping slightly too far towards the latter. But it’s still a decent enough dish for £10.
Read more: The best of London Cocktail Month – running across the whole of October
Mains are in the same vein – chicken from Sutton Hoo, wild sea bass from British waters. The venison haunch sitting on a beautifully plated dish in front of me is perfectly pink, accompanied by sweet and sour red cabbage and swede. It wasn’t the finest slab of meat in the world, a tad on the chewy side, although the sourcing, as you’d expect from a Clipstone / St John tie up, is impeccable.
My companion’s sea bass is falling off the spine, wonderfully seared and neatly pair with a spicy mash-up of tomato and fennel.
All of this is accompanied by a 2016 Barbera from Piedmont, which offers the sort of bang for the buck you’d expect of high quality Italian wine. The wine list is accessible and fun, with just the right amount of info for either vinophiles or just those who want something to wash the beef down.
While some of Rondo’s dishes need a little fine tuning, and the space could do with being a tad more closed-in, it remains a fine choice for a winter dinner, with the potential to become a real must-visit.
Rondo, The Hoxton in Holborn. Reservations recommended.


cityam--2020-10-23--FTSE 100 jumps amid strong earnings after tough week

The FTSE 100 jumped on the final day of a tough week for markets , as investors found some optimism in company earnings despite the gloom of more coronavirus restrictions .
The UK ’ s main stock index was boosted by upbeat results from lender Barclays ( BARC ) .
New stimulus measures from chancellor Rishi Sunak yesterday also helped stocks .
US authorities ’ approval of Gilead ’ s drug Remdesivir for coronavirus treatment also boosted sentiment .
The FTSE jumped 1.5 per cent to stand at 5,870 points just after midday .
It eked out a small gain @ @ @ @ @ @ @ week lower .
Rising coronavirus cases across Europe have weighed on markets in recent weeks .
Governments have put in place new restrictions , raising fears that the fragile economic recovery will stall .
Nonetheless , Germany ’ s Dax index rose 1.1 per cent after a difficult few days .
France ’ s CAC 40 was up 1.4 per cent and the Europe-wide Stoxx 600 was 0.9 per cent higher .
Carmakers rose after German firm Daimler increased its profit forecast and Renault also beat revenue estimates .
Survey data showed the @ @ @ @ @ @ @ much better than services .
Barclays this morning beat expectations for its third-quarter profit .
Its shares jumped eight per cent , pushing up the FTSE 100 and other banks .
The lender posted pre-tax profit of £1.1bn , double the £507m analysts had been expecting .
Much lower provisions for bad debts helped its results .
Barclays set aside £608m in the third quarter , far less than the £3.7bn to cover bad loans in the first half .
On the economics front , a jump in UK retail sales – they @ @ @ @ @ @ @ was swiftly counted by a downbeat survey for October .
It showed that growth is slowing as new restrictions are put in place .
Nonetheless , the FTSE looked past the gloom to rise solidly .
David Madden , market analyst at CMC Markets , said a key part of the optimism was the approval of Remdesivir .
“ Stocks in Europe have been drifting lower lately , and the Remdesivir news acted as a green light to the bulls , ” he said .
Fiona Cincotta , market analyst at City Index @ @ @ @ @ @ @ than forecast results from Barclays , which bode well for the sector as a whole ” .
Markets will be digesting last night ’ s US presidential election debate , which was a more tame affair than the first outing .
The long running saga over the next round of fiscal stimulus continues .
Noises from the Democrats have been much more upbeat than those from Republicans .
US stocks were set to open slightly higher , according to futures prices .
Read more : Boris Johnson tries to court Biden as Number @ @ @ @ @ @ @ , senior market analyst at Oanda , said the US Senate remains “ a massive hurdle blocking a stimulus package before election day ” .
“ [ President ] Trump was once again optimistic that he could push any agreement through the Senate , a view not shared by majority leader , Mitch McConnell .
”

FTSE 100 jumps amid strong earnings but US stocks mixed
Business in the City of London – the home of the London Stock Exchange and FTSE 100 – are bracing themselves for a tough winter
The FTSE 100 jumped on the final day of a tough week for markets, as investors found some optimism in company earnings, but US stocks were more mixed.
The UK’s main stock index was boosted by upbeat results from lender Barclays (BARC). New stimulus measures from chancellor Rishi Sunak yesterday also helped stocks.
Read more: Rishi Sunak extends support to businesses facing Tier 2 restrictions
US authorities’ approval of Gilead’s drug Remdesivir for coronavirus treatment also boosted sentiment, analysts said.
The FTSE rose 1.4 per cent to stand at 5,870 points by mid-afternoon. It eked out a small gain yesterday but is set to finish the week lower.
Rising coronavirus cases across Europe have weighed on markets in recent weeks. Governments have put in place new restrictions, raising fears that the fragile economic recovery will stall.
Nonetheless, Germany’s Dax index rose 1.1 per cent after a difficult few days. France’s CAC 40 was up 1.5 per cent and the Europe-wide Stoxx 600 was 0.9 per cent higher.
Carmakers rose after German firm Daimler increased its profit forecast and Renault also beat revenue estimates. Survey data showed the Eurozone’s manufacturing sector was faring much better than services.
In the US, the tech-heavy Nasdaq slipped in early trading. But the S&P 500 and Dow Jones both rose.
Barclays and retail sales help FTSE 100
Barclays this morning beat expectations for third-quarter profit. Its shares jumped 7.1 per cent, pushing up the FTSE 100 and other banks.
The lender posted pre-tax profit of £1.1bn, double the £507m analysts had been expecting.
Much lower provisions for bad debts helped its results. Barclays set aside £608m in the third quarter, far less than the £3.7bn to cover bad loans in the first half.
On the economics front, a jump in UK retail sales – they grew 1.5 per cent in September – was swiftly counted by a downbeat survey for October. It showed that growth is slowing as new restrictions are put in place.
Nonetheless, the FTSE looked past the gloom to rise solidly.
Read more: UK retail sales smash expectations but analysts flag trouble ahead
Fiona Cincotta, market analyst at City Index, said markets liked the “stronger than forecast results from Barclays, which bode well for the sector as a whole”.
Fawad Razaqzada, market analyst at Thinkmarkets, said: “Banks have been a bright spot this earnings season despite the recent central bank interest rate cuts.”
US stocks hang on stimulus talks
The S&P 500 was up 0.2 per cent and the Dow Jones climbed 0.1 per cent in early trading. The Nasdaq slipped 0.1 per cent, however.
US investors were digesting last night’s US presidential election debate, which was a more tame affair than the first outing.
The long running saga over the next round of fiscal stimulus continues. Noises from the Democrats have been much more upbeat than those from Republicans.
Read more:Boris Johnson tries to court Biden as Number 10 falls off Trump train
Razaqzada said: “It is getting quite boring now, but unfortunately speculation over US fiscal stimulus continues to dominate investor sentiment even as virus cases continue to spiral out of control.
“In recent days, optimism has risen that a deal might be on the cards after all.”


cityam--2020-10-23--Canary Islands and Maldives added to quarantine free travel list

The Canary Islands , the Maldives , Denmark and Mykonos have all been added back on to the UK ’ s travel corridors list , transport secretary Grant Shapps has confirmed .
Travellers returning from those destinations will no longer have to quarantine for 14 days on return .
Read more : Italy added to quarantine list as Crete travel ban lifted The changes to the travel corridors system will come into effect from 4am on Sunday morning .
The announcement is a welcome boost for holidaymakers seeking winter sun as the autumn draws in .
Newly relaunched travel agency @ @ @ @ @ @ @ in the Spanish-governed islands rose to 20 times last week ’ s level after the announcement .
A spokesperson for the firm said : “ It looks like Brits are clamouring to flock south for the winter and demand for holidays in the sun-soaked Canaries has come at just the right time for people looking for a break .
Passengers will now be able to travel to the whole of Greece , in another break for the embattled tourism industry .
A spokesperson for travel association ABTA said : “ After a terrible @ @ @ @ @ @ @ need to quarantine when returning to the UK from the Canary Islands , the Maldives , Denmark and Mykonos is a bit of light at the end of a very dark tunnel for the travel industry .
“ We have been highlighting the need to move to a regional approach to quarantine , citing the Canary Islands as a specific example , so it is good to see the Government take action on this today.
” However , they again called for more sector-specific support for embattled travel firms .
Before the Open @ @ @ @ @ @ @ City View podcast and key market data There had been fears that Germany , Sweden and Cyprus would be added to the quarantine list , but only Liechtenstein was added in the end .
Data from Liechtenstein shows that the weekly incidence ( cases ) per 100,000 has increased from 65.1 on 14 October to 244.9 on 21 October .
This equates to a 276 per cent increase .
However , German authorities confirmed today that all travellers from the UK would have to quarantine on arrival for 14 days , unless they @ @ @ @ @ @ @ The travel corridors announcement comes after earlier this week the first pre-departure coronavirus testing facility in the UK was unveiled at Heathrow Airport .
Set up by Swissport and Collinson , the site will first offer tests to those travelling to Italy and Hong Kong for £80 .
Results will be provided in one hour , the companies said .
The firms have also set up a testing centre for arrivals at the same airport , but the government has not yet approved the facility .
Ministers have argued that airport testing on @ @ @ @ @ @ @ infections , and thus have been loathed to put in place a full-scale airport testing system like Germany or Italy .
Instead , they are working on a model which will cut the time people have to quarantine for in half .
Shapps said this week that there are plans to roll out the system by 1 December .
Read more : Coronavirus : Greek islands added to England ’ s travel corridor and no countries relegated to quarantine list However , a new study emerged overnight calling the seven per cent question @ @ @ @ @ @ @ Edge Health said that Public Health England ’ s methodology for coming up with the figure was flawed .
A testing system on arrival would identify 63 per cent of infections , they argue .
Aviation bodies like IATA called on the government to look into the study .

Canary Islands and Maldives added to quarantine free travel list
The Maldives and its North Male’ Atoll will be easier for UK travellers to relax on, as the country, along with the Canary Island, Mykonos and Denmark were added to the UK’s quarantine-free list (IBRAHIM FAID/AFP via Getty Images)
The Canary Islands, the Maldives, Denmark and Mykonos have all been added back on to the UK’s travel corridors list, transport secretary Grant Shapps has confirmed.
Travellers returning from those destinations will no longer have to quarantine for 14 days on return.
The changes to the travel corridors system will come into effect from 4am on Sunday morning.
The announcement is a welcome boost for holidaymakers seeking winter sun as the autumn draws in.
Newly relaunched travel agency Thomas Cook said that searches for holidays in the Spanish-governed islands rose to 20 times last week’s level after the announcement.
A spokesperson for the firm said: “It looks like Brits are clamouring to flock south for the winter and demand for holidays in the sun-soaked Canaries has come at just the right time for people looking for a break.
UPDATE: Following an assessment of the latest data, the Canaries, the Maldives, Denmark and Mykonos have been ADDED to the #TravelCorridors list. From 4am on Sunday 25th Oct, you will no longer need to self-isolate if you arrive from those destinations. pic.twitter.com/vVF40XKS2t — Rt Hon Grant Shapps MP (@grantshapps) October 22, 2020
Easyjet responded to the update by adding over 180,000 extra seats to the Canaries up to the end of March 2021, with fares from just £22.99, while Ryanair put seats on sale for £29.99.
Passengers will now be able to travel to the whole of Greece, in another break for the embattled tourism industry.
A spokesperson for travel association ABTA said: “After a terrible summer season, the removal of the need to quarantine when returning to the UK from the Canary Islands, the Maldives, Denmark and Mykonos is a bit of light at the end of a very dark tunnel for the travel industry.
“We have been highlighting the need to move to a regional approach to quarantine, citing the Canary Islands as a specific example, so it is good to see the Government take action on this today.”
However, they again called for more sector-specific support for embattled travel firms.
Before the Open newsletter: Start your day with the City View podcast and key market data
There had been fears that Germany, Sweden and Cyprus would be added to the quarantine list, but only Liechtenstein was added in the end.
Liechtenstein out
Data from Liechtenstein shows that the weekly incidence (cases) per 100,000 has increased from 65.1 on 14 October to 244.9 on 21 October. This equates to a 276 per cent increase.
However, German authorities confirmed today that all travellers from the UK would have to quarantine on arrival for 14 days, unless they could produce a negative coronavirus test.
The travel corridors announcement comes after earlier this week the first pre-departure coronavirus testing facility in the UK was unveiled at Heathrow Airport.
Set up by Swissport and Collinson, the site will first offer tests to those travelling to Italy and Hong Kong for £80. Results will be provided in one hour, the companies said.
The firms have also set up a testing centre for arrivals at the same airport, but the government has not yet approved the facility.
Ministers have argued that airport testing on arrival only identifies seven per cent of infections, and thus have been loathed to put in place a full-scale airport testing system like Germany or Italy.
Instead, they are working on a model which will cut the time people have to quarantine for in half. Shapps said this week that there are plans to roll out the system by 1 December.
Read more: Coronavirus: Greek islands added to England’s travel corridor and no countries relegated to quarantine list
However, a new study emerged overnight calling the seven per cent question into figure. Research from Oxera and Edge Health said that Public Health England’s methodology for coming up with the figure was flawed.
A testing system on arrival would identify 63 per cent of infections, they argue.
Aviation bodies like IATA called on the government to look into the study.


cityam--2020-10-23--Credit Suisse to connect clients with early-stage investment opportunities

Credit Suisse , Linklaters , Deloitte and The Conduit Connect have launched a new venture to partner early-stage companies with potential investors .
The partnership will connect members of London-based social change initiative The Conduit with Credit Suisse clients to access impact investment opportunities .
Read more : Credit Suisse to launch Revolut and N26 digital banking rival The Conduit Connect currently matches early-stage investment opportunities , such as The Library of Things , Cogo and Cervest , with potential investors , board members and mentors .
Credit Suisse clients will be brought in to collaborate and invest with start-up @ @ @ @ @ @ @ environmental initiatives .
Law firm Linklaters advised on an enhanced signing up process for companies , entrepreneurs and investors , and provided legal advice to the partnership .
Meanwhile , Deloitte collaborated with the network to build an impact framework , and will continue to advise on accounting and professional services .
Credit Suisse chief sustainability officer Marisa Drew said : “ We are delighted to be supporting such a ‘ mission-aligned ’ partner as the Conduit Connect which is seeking to drive deep impact while generating attractive returns for investors .
Read @ @ @ @ @ @ @ Credit Suisse over spying claims “ We are seeing ever increasing appetite from our private banking clients for exposure to opportunities in the direct impact investing space .
“ Our ambition is to be able to support our clients by making a connection to the Conduit ’ s platform , enabling them to access these early-stage impactful companies or to showcase their own companies and projects that may be seeking funding , thereby helping to bridge critical impact funding gaps that exist in the market today .
”

Credit Suisse to connect clients with early-stage investment opportunities
Bank stocks around Europe also fell as investors took a dim view of the Swiss banking merger.
Credit Suisse, Linklaters, Deloitte and The Conduit Connect have launched a new venture to partner early-stage companies with potential investors.
The partnership will connect members of London-based social change initiative The Conduit with Credit Suisse clients to access impact investment opportunities.
The Conduit Connect currently matches early-stage investment opportunities, such as The Library of Things, Cogo and Cervest, with potential investors, board members and mentors.
Credit Suisse clients will be brought in to collaborate and invest with start-up ventures that are working on social and environmental initiatives.
Law firm Linklaters advised on an enhanced signing up process for companies, entrepreneurs and investors, and provided legal advice to the partnership.
Meanwhile, Deloitte collaborated with the network to build an impact framework, and will continue to advise on accounting and professional services.
Credit Suisse chief sustainability officer Marisa Drew said: “We are delighted to be supporting such a ‘mission-aligned’ partner as the Conduit Connect which is seeking to drive deep impact while generating attractive returns for investors.
“We are seeing ever increasing appetite from our private banking clients for exposure to opportunities in the direct impact investing space.
“Our ambition is to be able to support our clients by making a connection to the Conduit’s platform, enabling them to access these early-stage impactful companies or to showcase their own companies and projects that may be seeking funding, thereby helping to bridge critical impact funding gaps that exist in the market today.”


cityam--2020-10-23--Top lawyer at City firm attacks £100,000 starting salaries

The senior partner of a top law firm has criticised starting salaries soaring to six figures for some newly qualified solicitors saying they are “ unsustainable ” .
“ The levels of pay in major private practice law firms are completely unsustainable ” , Richard Foley , senior partner at Pinsent Masons told the Innovative Lawyers Summit on Thursday .
“ You see stuff in the press about £125,000 as a starting salary for an NQ [ newly qualified solicitor ] … If I was on the other side of the table , I would be thinking how much more @ @ @ @ @ @ @ that person ?
” he added .
Junior salaries in US firms overshadow their UK-headquartered rivals , with some big firms offering newly qualified solicitors up to £140,000 .
The growing presence of US firms in the City has subsequently sparked a bidding war for the top talent and pushed salaries comfortably into six figures .
Some US firms in London don ’ t have training contract programmes , or have a small intake , so they have pursued an aggressive lateral hire strategy .
US firms are considerably more financially secure , @ @ @ @ @ @ @ pandemic which saw some UK firms pause pay packages and furlough staff .
Between March and October this year 1,514 deals were announced in the UK valued at $ 148bn , compared to 6,877 deals in the US worth a staggering $ 788bn US firm White & Case this month announced pay for newly qualified lawyers would increase by £25,000 to £130,000 from January and those with two-years experience will receive a £30,000 rise .
Read more : Women make up over half of new partners at UK law firms for first time @ @ @ @ @ @ @ earn up to £150,000 according to The Lawyer ’ s research , while Latham & Watkins lawyers can enjoy a £130,000 salary .
Salaries among the Magic Circle – the UK ’ s elite corporate firms – are considerably lower than its US lawyers.A & O and Freshfields offer newly qualified lawyers salaries of £93,000 and £100,000 respectively , while Slaughter and May offers £83,000 .

Top lawyer at City firm attacks £100,000 starting salaries
The senior partner of a top law firm has criticised starting salaries soaring to six figures for some newly qualified solicitors saying they are “unsustainable”.
“The levels of pay in major private practice law firms are completely unsustainable”, Richard Foley, senior partner at Pinsent Masons told the Innovative Lawyers Summit on Thursday.
“You see stuff in the press about £125,000 as a starting salary for an NQ [newly qualified solicitor]… If I was on the other side of the table, I would be thinking how much more value am I going to get from that person?” he added.
Junior salaries in US firms overshadow their UK-headquartered rivals, with some big firms offering newly qualified solicitors up to £140,000.
Pinsent Masons currently pays its London-based newly qualified solicitors £72,500.
The growing presence of US firms in the City has subsequently sparked a bidding war for the top talent and pushed salaries comfortably into six figures.
Some US firms in London don’t have training contract programmes, or have a small intake, so they have pursued an aggressive lateral hire strategy.
US firms are considerably more financially secure, particularly in the wake of the coronavirus pandemic which saw some UK firms pause pay packages and furlough staff.
Between March and October this year 1,514 deals were announced in the UK valued at $148bn, compared to 6,877 deals in the US worth a staggering $788bn
US firm White & Case this month announced pay for newly qualified lawyers would increase by £25,000 to £130,000 from January and those with two-years experience will receive a £30,000 rise.
And Kirkland & Ellis NQ lawyers can earn up to £150,000 according to The Lawyer’s research, while Latham & Watkins lawyers can enjoy a £130,000 salary.
Salaries among the Magic Circle – the UK’s elite corporate firms – are considerably lower than its US lawyers.A&O and Freshfields offer newly qualified lawyers salaries of £93,000 and £100,000 respectively, while Slaughter and May offers £83,000.


cityam--2020-10-23--New covid rules mean 'don't bother opening' says Mark Hix

I ’ m presently sitting in my fish truck in Lyme Regis , where I ’ ve been since the crack of dawn so I can get the best produce straight from the local fishermen .
It ’ s a far cry from the life I had this time last year , when I might have been preparing the staff at Hix Soho for service , but I think just about everybody is sick of hearing about the goings on in my old business .
Those London restaurants have sadly gone the way of so many restaurants up and down @ @ @ @ @ @ @ , and it ’ s time to start looking at the horizon instead of down the dark well of the past .
Read more : Reviving the golden era of car journalism in a new Rolls-Royce Ghost I ’ m actually glad to be out of London for the time being – it ’ s too sad to see the city ( and especially the City ) in such a mess .
Even my weekly jaunt down to the smoke has been devoid of any social activities , with my favourite watering hole @ @ @ @ @ @ @ that doesn ’ t have my name on it ) the Groucho Club basically out because of all this silly , counter-productive legislation .
The latest wave of government restrictions basically translates as “ don ’ t bother opening ” for the hospitality industry .
There ’ s no way most restaurants can carry on like this , even with today ’ s slightly improved government scheme ( which requires employers to pay staff to work 20 per cent of their normal hours , down from 33 per cent , and pay five @ @ @ @ @ @ @ I can ’ t see how , over the coming months , we don ’ t see hundreds of thousands of jobs being lost , so out of control has the situation become .
The 10pm curfew is especially egregious .
What we need is separate rules for restaurants and hotels , because spending an extra half hour enjoying your dessert isn ’ t going to contribute to the spread of the disease , but necking ten pints in crowded chain pubs then hitting the streets en masse at 10pm sharp certainly will @ @ @ @ @ @ @ ’ ve been ensconced in the relative constancy of Lyme Regis .
Like many others I ’ ve reinvented myself on a smaller scale , going back to my roots in Dorset and becoming a fishmonger in my new truck , and buying back Hix Oyster and Fish House from the administrators .
Read more : Robert Zemeckis The Witches is a dark Dahl triumph Colleagues including Robin Hutson at the Pig are also enjoying the benefits of everyone fleeing London , with sales actually up on last year .
But we ’ @ @ @ @ @ @ @ restrictions coming down the road or that could all collapse overnight .
If you ’ re reading this from the City , you should head down to 1 Lombard Street , where I ’ m now in charge of the food and drink offering , and show some support for us there if you haven ’ t already – I think you ’ ll be pleased with what we ’ ve done with this amazing restaurant .
I have more exciting news to share but you ’ ll have to wait until next @ @ @ @ @ @ @ !

New covid rules mean ‘don’t bother opening’ says Mark Hix
Mark Hix in 1 Lombard Street
I’m presently sitting in my fish truck in Lyme Regis, where I’ve been since the crack of dawn so I can get the best produce straight from the local fishermen. It’s a far cry from the life I had this time last year, when I might have been preparing the staff at Hix Soho for service, but I think just about everybody is sick of hearing about the goings on in my old business.
Those London restaurants have sadly gone the way of so many restaurants up and down the country since the onset of Covid, and it’s time to start looking at the horizon instead of down the dark well of the past.
I’m actually glad to be out of London for the time being – it’s too sad to see the city (and especially the City) in such a mess. Even my weekly jaunt down to the smoke has been devoid of any social activities, with my favourite watering hole (well, my favourite watering hole that doesn’t have my name on it) the Groucho Club basically out because of all this silly, counter-productive legislation.
The latest wave of government restrictions basically translates as “don’t bother opening” for the hospitality industry. There’s no way most restaurants can carry on like this, even with today’s slightly improved government scheme (which requires employers to pay staff to work 20 per cent of their normal hours, down from 33 per cent, and pay five per cent of the remainder).
I can’t see how, over the coming months, we don’t see hundreds of thousands of jobs being lost, so out of control has the situation become. The 10pm curfew is especially egregious. What we need is separate rules for restaurants and hotels, because spending an extra half hour enjoying your dessert isn’t going to contribute to the spread of the disease, but necking ten pints in crowded chain pubs then hitting the streets en masse at 10pm sharp certainly will.
So I’m glad I’ve been ensconced in the relative constancy of Lyme Regis. Like many others I’ve reinvented myself on a smaller scale, going back to my roots in Dorset and becoming a fishmonger in my new truck, and buying back Hix Oyster and Fish House from the administrators.
Colleagues including Robin Hutson at the Pig are also enjoying the benefits of everyone fleeing London, with sales actually up on last year. But we’re all praying there aren’t restrictions coming down the road or that could all collapse overnight.
If you’re reading this from the City, you should head down to 1 Lombard Street, where I’m now in charge of the food and drink offering, and show some support for us there if you haven’t already – I think you’ll be pleased with what we’ve done with this amazing restaurant.
I have more exciting news to share but you’ll have to wait until next week for that, so stay tuned!


cityam--2020-10-23--Criminal gangs steal £2bn through furlough fraud

Criminal gangs have scooped up almost £2bn of government cash intended for furloughed workers , according to official tax estimates .
HM Revenue & Customs ( HMRC ) said that between 5 and 10 per cent of the £39bn sum handed out by chancellor Rishi Sunak to support workers during the pandemic had been claimed fraudulently .
Read more : FCA amps up crackdown on coronavirus-related fraud A report published today by the National Audit Office ( NAO ) said there was evidence of “ significant levels of furlough fraud ” from both organised gangs “ hijacking ” claims and @ @ @ @ @ @ @ staff .
Tax officials told the NAO they were “ almost certain ” more than half of fraudulent claims had been pocketed by organised criminals posing as legitimate businesses .
The NAO said details of agents who worked on behalf of employees were likely stolen , meaning fraudsters may have been able to make claims for large numbers .
Furlough agents accounted for around half of claims under the jobs retention scheme .
HMRC said it only started alerting businesses that claims had been made in their name in August .
“ This @ @ @ @ @ @ @ that their details had been hijacked and used to make a claim during the first months of the scheme , ” the NAO said .
HMRC has so far made three arrests on suspicion of furlough fraud , while it expects to follow up on more than 27,000 “ high-risk ” claims .
“ HMRC has paid out billions of pounds to fraudsters .
Most of this is likely to be gone for good , ” said Meg Hillier , chair of the public accounts committee .
“ HMRC managed to stop tens @ @ @ @ @ @ @ self-employment scheme .
But… [ it ] missed chances to find out which companies were pocketing cash meant for their staff or forcing them to work while furloughed.
” It comes after Sunak yesterday announced a basket of further financial support measures for staff and businesses unable to operate during local lockdowns around the country .
The fresh bailout is estimated to be in the region of £11bn , taking the total furlough figure to more than £50bn .
Read more : Impersonation frauds soar 85 per cent during pandemic as scammers exploit @ @ @ @ @ @ @ job support schemes have been largely successful in protecting jobs up to October , when the furlough scheme is due to wind down , the NAO found .
However , as many as 2.9m people were told they were not eligible for the scheme due to a combination of policy decision and tax restraints .

Criminal gangs steal £2bn through furlough fraud
Criminal gangs have scooped up almost £2bn of government cash intended for furloughed workers, according to official tax estimates.
HM Revenue & Customs (HMRC) said that between 5 and 10 per cent of the £39bn sum handed out by chancellor Rishi Sunak to support workers during the pandemic had been claimed fraudulently.
A report published today by the National Audit Office (NAO) said there was evidence of “significant levels of furlough fraud” from both organised gangs “hijacking” claims and employers taking money collected on behalf of staff.
Tax officials told the NAO they were “almost certain” more than half of fraudulent claims had been pocketed by organised criminals posing as legitimate businesses.
The NAO said details of agents who worked on behalf of employees were likely stolen, meaning fraudsters may have been able to make claims for large numbers. Furlough agents accounted for around half of claims under the jobs retention scheme.
HMRC said it only started alerting businesses that claims had been made in their name in August.
“This meant businesses may not have been aware that their details had been hijacked and used to make a claim during the first months of the scheme,” the NAO said.
HMRC has so far made three arrests on suspicion of furlough fraud, while it expects to follow up on more than 27,000 “high-risk” claims.
“HMRC has paid out billions of pounds to fraudsters. Most of this is likely to be gone for good,” said Meg Hillier, chair of the public accounts committee.
“HMRC managed to stop tens of thousands of fraudulent claims against the self-employment scheme. But… [it] missed chances to find out which companies were pocketing cash meant for their staff or forcing them to work while furloughed.”
Nicola Finnerty, criminal litigation partner at Kingsley Napley law firm, told City A.M: “The most immediate concern is likely to be with the taxman and the reputational damage that may follow. However, the knottiest problem may well be how to manage potentially criminal funds which have entered, and possibly exited, a company’s accounts amounting to a criminal offence.
“The coronavirus crisis continues to put a significant strain on public resources and there is likely to be little, and reducing, sympathy for companies that have incorrectly claimed funds and have not put in place steps to undo that error.”
It comes after Sunak yesterday announced a basket of further financial support measures for staff and businesses unable to operate during local lockdowns around the country.
The fresh bailout is estimated to be in the region of £11bn, taking the total furlough figure to more than £50bn.
The chancellor’s job support schemes have been largely successful in protecting jobs up to October, when the furlough scheme is due to wind down, the NAO found.
However, as many as 2.9m people were told they were not eligible for the scheme due to a combination of policy decision and tax restraints.


cityam--2020-10-23--Coronavirus: UK economic recovery stumbles as business growth slips

The UK economy ’ s recovery stumbled in October , according to a new survey , with services sector growth slowing considerably amid rising coronavirus cases and new government measures .
The IHS Markit/Cips preliminary purchasing managers ’ index ( PMI ) , a gauge of the private sector ’ s health , fell sharply to 52.9 in October from September ’ s reading of 56.5 .
A score above 50 indicates expansion .
But the sharp slowdown in growth will worry policymakers given that more restrictions have been put in place since the survey of companies ’ purchasing managers @ @ @ @ @ @ @ a steep rise in coronavirus cases .
There were 21,242 new cases of coronavirus yesterday , up 2,262 from the previous week .
Deaths rose to 189 , up 51 from a week earlier .
In response to the surge , the government has put parts of the country under strict “ Tier 3 ” restrictions which limit mixing and force some hospitality businesses to shut .
In October , manufacturing production grew strongly .
Survey respondents pointed to pent up demand , a frothy housing market and the restart of delayed work @ @ @ @ @ @ @ sector was held back by renewed Covid restrictions , IHS Markit said .
It also said the hospitality and tourism sector remained weak .
The survey indicated a “ steep fall ” in employment .
There were deep job cuts in both manufacturing and services , as firms cut costs to adapt to the new climate .
“ Not surprisingly the weakening is most pronounced in the hospitality and transport sectors , as firms reported falling demand due to renewed lockdown measures , ” said Chris Williamson , chief business economist at IHS @ @ @ @ @ @ @ have been “ even more pronounced ” if companies had not benefited from higher exports .
Read more : Coronavirus recovery stalls as UK economy grows just 2.1 per cent in August “ It ’ s not looking good , ” said Paul Dales , chief UK economist at Capital Economics .
He cautioned against “ reading too much into ” the solid rise in September retail figures published today .
“ The renewed downward trend in the PMIs provides a better sense of what ’ s happening to the overall economy .
@

Coronavirus: UK economic recovery stumbles as business growth slips
The UK economy’s recovery stumbled in October, according to a new survey, with services sector growth slowing considerably amid rising coronavirus cases and new government measures.
The IHS Markit/Cips preliminary purchasing managers’ index (PMI), a gauge of the private sector’s health, fell sharply to 52.9 in October from September’s reading of 56.5.
A score above 50 indicates expansion. But the sharp slowdown in growth will worry policymakers given that more restrictions have been put in place since the survey of companies’ purchasing managers was taken.
The UK is battling a steep rise in coronavirus cases. There were 21,242 new cases of coronavirus yesterday, up 2,262 from the previous week. Deaths rose to 189, up 51 from a week earlier.
In response to the surge, the government has put parts of the country under strict “Tier 3” restrictions which limit mixing and force some hospitality businesses to shut.
In October, manufacturing production grew strongly. Survey respondents pointed to pent up demand, a frothy housing market and the restart of delayed work projects.
‘Not looking good’ for UK economy
But growth in the services sector was held back by renewed Covid restrictions, IHS Markit said. It also said the hospitality and tourism sector remained weak.
The survey indicated a “steep fall” in employment. There were deep job cuts in both manufacturing and services, as firms cut costs to adapt to the new climate.
“Not surprisingly the weakening is most pronounced in the hospitality and transport sectors, as firms reported falling demand due to renewed lockdown measures,” said Chris Williamson, chief business economist at IHS Markit.
Williamson said the slowdown would have been “even more pronounced” if companies had not benefited from higher exports.
“It’s not looking good,” said Paul Dales, chief UK economist at Capital Economics. He cautioned against “reading too much into” the solid rise in September retail figures published today.
“The renewed downward trend in the PMIs provides a better sense of what’s happening to the overall economy.”


cityam--2020-10-23--Energy boss turns boat entrepreneur in luxury launch

We may be staring into the face of a recession but that hasn ’ t stopped one entrepreneur from making a splash this winter , bringing a range of luxury speedboats to the UK .
Dr Karen Dickens has launched Comitti Boats UK & Caribbean , bringing these high-end Italian motor boats to a British audience for the first time .
“ We are in a period of uncertainty with Brexit and coronavirus , but beautiful boats and beautiful items will always sell , ” she told City A.M .
The target market for the boats , reckons Dickens , @ @ @ @ @ @ @ high-quality ” kit for the weekend .
Read more : Westminster Council set to batter businesses with outdoor seating fees The boats are made on the banks of Lake Como , with a market price starting in the low £400,000s .
Dickens has personal experience of the Comitti boats , buying two after a long career in the oil industry which finished with a stint as CEO of MRH , a distributor of commercial fuel and heating oil , which was sold to Esso in 2018 .
“ I was first introduced to @ @ @ @ @ @ @ .
After being shown a photograph , I flew to Italy the next week and bought and created my semi-bespoke design of a Venezia 34 .
I ’ ve named her “ Octopussy ” .
“ Once you ’ ve feasted your eyes on one , it ’ s hard to imagine ever wanting anything else , ” she continues .
Comitti will also launch a charter service in the new year , allowing occasional sailors the chance to try their hand at the tiller .

Energy boss turns boat entrepreneur in luxury launch
We may be staring into the face of a recession but that hasn’t stopped one entrepreneur from making a splash this winter, bringing a range of luxury speedboats to the UK.
Dr Karen Dickens has launched Comitti Boats UK & Caribbean, bringing these high-end Italian motor boats to a British audience for the first time.
“We are in a period of uncertainty with Brexit and coronavirus, but beautiful boats and beautiful items will always sell,” she told City A.M.
The target market for the boats, reckons Dickens, is people looking for “bespoke, high-quality” kit for the weekend.
Read more: Westminster Council set to batter businesses with outdoor seating fees
The boats are made on the banks of Lake Como, with a market price starting in the low £100,000s.
Dickens has personal experience of the Comitti boats, buying two after a long career in the oil industry which finished with a stint as CEO of MRH, a chain of retail service stations, which was sold to MSG in 2018.
“I was first introduced to the brand via a friend in 2018. After being shown a photograph, I flew to Italy the next week and bought and created my semi-bespoke design of a Venezia 34 . I’ve named her “Octopussy”.
“Once you’ve feasted your eyes on one, it’s hard to imagine ever wanting anything else, ” she continues.
Comitti will also launch a charter service in the new year, allowing occasional sailors the chance to try their hand at the tiller.


cityam--2020-10-23--Westminster City Council scraps plans to charge for pavement space

Westminster City Council has scrapped plans to charge hospitality firms thousands of pounds to keep trading outside through the coming months .
Earlier today City A.M. revealed that the Council was set to charge businesses £7 per square metre of outside space , per day , once the existing ‘ al fresco ’ scheme comes to an end on October 31 .
Read more : New : Mayor calls on Westminster to reconsider pavement charging plan The plans were met with uproar from restaurants and bars , which have already been hammered by the enhanced coronavirus restrictions forced on the @ @ @ @ @ @ @ the plans , telling City A.M. that the “ excessive charges ” were “ short-sighted and counter-productive ” .
He urged the council to axe the scheme in order to “ keep the centre of London vibrant and open throughout this challenging time.
” The Council u-turned on the decision this evening .
Council leader , Rachael Robathan said : “ We recognise that restaurants are facing desperate times – that ’ s why we introduced the summer al fresco dining scheme and have extended it to the winter .
“ In view @ @ @ @ @ @ @ on Thursday , we are able to cover costs of the winter scheme so that restaurants and bars can serve customers without any extra cost being charged by the council.
” Some businesses said that they could face a bill of between £50- to £100,000 a year under the plans .
Anxious owners labelled the scheme a “ kick in the guts ” .
Before the Open newsletter : Start your day with the City View podcast and key market data The fees were revealed in a document called “ Supporting Westminster ’ @ @ @ @ @ @ @ , a copy of which City A.M. has seen .
Westminster Council , which covers Soho and much of the surrounding area , allowed ‘ al fresco ’ seating over the summer , with some streets closed to allow small restaurants to flow out into the streets .
Bars and restaurants in the pedestrianised areas were asked to contribute to security costs , which come to an end on 31 October .
Read more : Square Mile to relax al fresco dining rules in bid to save bars and restaurants The Council – @ @ @ @ @ @ @ 20 – acknowledge in the document that “ there may be… a period of time between the ending of the temporary al fresco summer dining schemes at the end of October and installation of new ‘ winter appropriate ’ ones , ” leaving businesses in limbo .

Westminster City Council scraps plans to charge for pavement space
Westminster City Council has scrapped plans to charge hospitality firms thousands of pounds to keep trading outside through the coming months.
Earlier today City A.M. revealed that the Council was set to charge businesses £7 per square metre of outside space, per day, once the existing ‘al fresco’ scheme comes to an end on October 31.
The plans were met with uproar from restaurants and bars, which have already been hammered by the enhanced coronavirus restrictions forced on the capital.
London Mayor Sadiq Khan condemned the plans, telling City A.M. that the “excessive charges” were “short-sighted and counter-productive”.
He urged the council to axe the scheme in order to “keep the centre of London vibrant and open throughout this challenging time.”
The Council u-turned on the decision this evening. Council leader, Rachael Robathan said:
“We recognise that restaurants are facing desperate times – that’s why we introduced the summer al fresco dining scheme and have extended it to the winter.
“In view of additional central government funding, announced on Thursday, we are able to cover costs of the winter scheme so that restaurants and bars can serve customers without any extra cost being charged by the council.”
Some businesses said that they could face a bill of between £50- to £100,000 a year under the plans. Anxious owners labelled the scheme a “kick in the guts”.
Before the Open newsletter: Start your day with the City View podcast and key market data
The fees were revealed in a document called “Supporting Westminster’s hospitality sector during the winter”, a copy of which City A.M. has seen.
Westminster Council, which covers Soho and much of the surrounding area, allowed ‘al fresco’ seating over the summer, with some streets closed to allow small restaurants to flow out into the streets.
Bars and restaurants in the pedestrianised areas were asked to contribute to security costs, which come to an end on 31 October.
The Council – who issued the new guidance on October 20 – acknowledge in the document that “there may be… a period of time between the ending of the temporary al fresco summer dining schemes at the end of October and installation of new ‘winter appropriate’ ones,” leaving businesses in limbo.


cityam--2020-10-23--Google has until 19 December to respond to antitrust lawsuit

Google has until 19 December to respond to a major antitrust lawsuit filed by the US Department of Justice earlier this week .
A court filing today revealed the date by which the tech giant would have to answer the case that officials have brought .
Read more : Screenshot : Will the UK ’ s live music industry ever recover ?
The lawsuit accuses the $ 1 trillion company of breaking the law by using its huge size to fend off smaller rivals .
In response , Google branded the accusations as “ deeply flawed ” and warned that @ @ @ @ @ @ @ the case .
The allegations say that the company unlawfully shuts out rivals in its search and advertising businesses , using money generated from ads to pay mobile companies and browsers to keep Google as their default search engine .
These moves mean Google holds a dominant position on devices in the US , granting rivals little opportunity to compete , the lawsuit claims .
Before the Open newsletter : Start your day with the City View podcast and key market data The legal battle comes more than a year after the Justice @ @ @ @ @ @ @ investigations into Google , Facebook , Apple and Amazon .
It follows a damning report from the US House antitrust committee , published last week , which accused Google and its fellow tech giants of abusing their market power and called for a potential break-up .
The lawsuit is the most aggressive challenge to a Silicon Valley tech giant in more than two decades .
In response , Google senior vice president of global affairs Kent Walker blasted the “ dubious antitrust arguments ” .
“ People use Google because they choose to @ @ @ @ @ @ @ to , or because they can ’ t find alternatives ” .

Google has until 19 December to respond to antitrust lawsuit
Google has until 19 December to respond to a major antitrust lawsuit filed by the US Department of Justice earlier this week.
A court filing today revealed the date by which the tech giant would have to answer the case that officials have brought.
The lawsuit accuses the $1 trillion company of breaking the law by using its huge size to fend off smaller rivals.
In response, Google branded the accusations as “deeply flawed” and warned that consumers would suffer if the government won the case.
The allegations say that the company unlawfully shuts out rivals in its search and advertising businesses, using money generated from ads to pay mobile companies and browsers to keep Google as their default search engine.
These moves mean Google holds a dominant position on devices in the US, granting rivals little opportunity to compete, the lawsuit claims.
Before the Open newsletter: Start your day with the City View podcast and key market data
The legal battle comes more than a year after the Justice Department and Federal Trade Commission opened antitrust investigations into Google, Facebook, Apple and Amazon.
It follows a damning report from the US House antitrust committee, published last week, which accused Google and its fellow tech giants of abusing their market power and called for a potential break-up.
The lawsuit is the most aggressive challenge to a Silicon Valley tech giant in more than two decades.
In response, Google senior vice president of global affairs Kent Walker blasted the “dubious antitrust arguments”.
“People use Google because they choose to, not because they’re forced to, or because they can’t find alternatives”.