cityam--2020-08-10--TSB to phase out branch cashier roles in job cuts

TSB has told cashiers that their jobs will be phased out at the start of 2021 , following a steep decline in customers banking in its branches due to the pandemic .
Those affected by the cuts will have to retrain , change roles or take voluntary redundancy , according to a staff memo seen by Reuters .
A total of 929 staff will be involved in the restructuring , a TSB spokesman said .
Read more : TSB swings to a loss due to rise in impairment charges Banks across the industry are looking to cut costs in the @ @ @ @ @ @ @ from bad debts resulting from the pandemic .
TSB ’ s Spanish parent Sabadell said in July that it was looking at accelerating cost-cutting at the bank , after TSB posted a €64m loss for the first half of the year .
The bank said credit impairment charges increased by £87.5m , which it blamed on a “ significant weakening in the economic outlook , including higher forecast unemployment and house price declines ” .
Staff union TBU ’ s general secretary Mark Brown said : “ TSB was already facing major cost @ @ @ @ @ @ @ on the bandwagon , using the pandemic as an excuse to get rid of these roles .
“ They don ’ t know whether people will return to branches once this pandemic is over.
” Read more : Natwest set to scrap top bankers in management cull In the staff memo , TSB encouraged employees to retrain for more complex roles which would involve helping customers to open accounts or to use digital services .
“ The way customers use their banks is changing and Covid-19 has significantly accelerated the use of digital @ @ @ @ @ @ @ statement .
“ When customers visit our branches , their needs tend to be more complex and we need a fully multi-skilled and flexible workforce to meet them .
This is why we are offering some branch colleagues the opportunity to upskill to take on broader customer service roles or take voluntary redundancy .
”

TSB to phase out branch cashier roles in job cuts
The entirety of TSB’s network across the country was hit by the issues throughout 2018, with some 5.2m customers shut out from banking services following the botched migration.
TSB has told cashiers that their jobs will be phased out at the start of 2021, following a steep decline in customers banking in its branches due to the pandemic.
Those affected by the cuts will have to retrain, change roles or take voluntary redundancy, according to a staff memo seen by Reuters.
A total of 929 staff will be involved in the restructuring, a TSB spokesman said.
Banks across the industry are looking to cut costs in the face of an expected spike in impairments from bad debts resulting from the pandemic.
TSB’s Spanish parent Sabadell said in July that it was looking at accelerating cost-cutting at the bank, after TSB posted a €64m loss for the first half of the year.
The bank said credit impairment charges increased by £87.5m, which it blamed on a “significant weakening in the economic outlook, including higher forecast unemployment and house price declines”.
Staff union TBU’s general secretary Mark Brown said: “TSB was already facing major cost problems and this looks like them jumping on the bandwagon, using the pandemic as an excuse to get rid of these roles.
“They don’t know whether people will return to branches once this pandemic is over.”
In the staff memo, TSB encouraged employees to retrain for more complex roles which would involve helping customers to open accounts or to use digital services.
“The way customers use their banks is changing and Covid-19 has significantly accelerated the use of digital services,” TSB said in a statement.
“When customers visit our branches, their needs tend to be more complex and we need a fully multi-skilled and flexible workforce to meet them. This is why we are offering some branch colleagues the opportunity to upskill to take on broader customer service roles or take voluntary redundancy.”


cityam--2020-08-10--NHS Test and Trace to cut 6,000 staff

NHS Test and Trace to cut 6,000 staff

The government plans to cut 6,000 staff from the NHS Test and Trace scheme by the end of August , it said today .
Those who are left — approximately 12,000 employees — will work alongside local public health teams to reach more people who could be infected and increase their contacts in communities .
The tactic is already being used in hotspots such as Blackburn on Darwen and Leicester .
It will be rolled out to any area where councils are responsible for local public health .
Launched in May by the NHS and private contractors Serco and Sitel @ @ @ @ @ @ @ from scrapping a promised mobile app to reports of tracers having nothing to do .
Staff on the scheme are either NHS clinicians or people who were trained to become contact tracers .
Those who are already NHS staff will not be laid off .
The remaining non-NHS call handlers will be redeployed as part of dedicated local test and trace teams , separate from the national Test and Trace scheme .
So far staff in local public health teams have had more success in reaching those with potential infections , with those @ @ @ @ @ @ @ reaching more than 90 per cent of the people on their list .
However the national NHS Test and Trace call centres have been much less successful , with contact rates falling since it reached its highest point of 70 per cent in July .
Read more : Test and trace scheme misses 20 per cent of coronavirus patients It comes as the UK reported more than 1,000 new coronavirus cases yesterday , the first time it passed the thousand-mark since late June .
The daily case numbers also remained high today , @ @ @ @ @ @ @ A total of 311,641 people have now tested positive for coronavirus .
More than 46,000 people have died from Covid-19 in the UK , the highest death toll in Europe .

NHS Test and Trace to cut 6,000 staff
The government plans to cut 6,000 staff from the NHS Test and Trace scheme by the end of August, it said today.
Those who are left — approximately 12,000 employees — will work alongside local public health teams to reach more people who could be infected and increase their contacts in communities.
The tactic is already being used in hotspots such as Blackburn on Darwen and Leicester. It will be rolled out to any area where councils are responsible for local public health.
Launched in May by the NHS and private contractors Serco and Sitel, the scheme has had setbacks ranging from scrapping a promised mobile app to reports of tracers having nothing to do.
Staff on the scheme are either NHS clinicians or people who were trained to become contact tracers. Those who are already NHS staff will not be laid off.
The remaining non-NHS call handlers will be redeployed as part of dedicated local test and trace teams, separate from the national Test and Trace scheme.
So far staff in local public health teams have had more success in reaching those with potential infections, with those dealing with factory or care home outbreaks reaching more than 90 per cent of the people on their list.
However the national NHS Test and Trace call centres have been much less successful, with contact rates falling since it reached its highest point of 70 per cent in July.
It comes as the UK reported more than 1,000 new coronavirus cases yesterday, the first time it passed the thousand-mark since late June.
The daily case numbers also remained high today, recording 816 new positive coronavirus tests.
A total of 311,641 people have now tested positive for coronavirus. More than 46,000 people have died from Covid-19 in the UK, the highest death toll in Europe.


cityam--2020-08-10--Lebanon PM Hassan Diab and his government resign after Beirut explosion

Lebanon ’ s Prime Minister Hassan Diab and his entire government have resigned , after a massive explosion in Beirut last week destroyed much of the city , killing more than 200 people and wounding 7,000 .
The Prime Minister addressed the nation at 6.30pm local time , telling the nation that endemic corruption caused the blast , which left 300,000 people homeless .
Read more : Lebanon ’ s government expected to step down after Beirut explosion Diab said that not only was “ corruption rooted in every part of the state ” , but it was also “ @ @ @ @ @ @ @ government ’ s resignation will be effective from tonight , with elections expected to follow in the coming months .
“ We need to open the door to national salvation , ” Diab said .
Before the Open newsletter : Start your day with the City View podcast and key market data “ We need to be part of the people .
That ’ s why today I declare the resignation of this government .
God Bless Lebanon.
” The explosion , caused after an accidental fire lit 2,750 tonnes of ammonium nitrate @ @ @ @ @ @ @ has caused days of violent protests and civil unrest .
The stock of ammonium nitrate had been stored at the port for more than six years , with many Lebanese people blaming government corruption for storing the explosive material at the port .
The country was already suffering from a protracted financial crisis and soaring poverty , before last week ’ s explosion .
The country ’ s currency , the Lebanese pound , has crashed by 70 per cent since last October and the country is facing a liquidity crisis , which @ @ @ @ @ @ @ for locals .
Read more : Lebanon ’ s greatest tragedy is its political class Diab came into power just eight months ago , after civil unrest brought down the previous administration .
He was backed by a wide range of parties and groups , including Hezbollah – a terrorist-designated organisation in the UK and the US .

Lebanon PM Hassan Diab and his government resign after Beirut explosion
An image grab from footage obtained from Lebanese public television network Tele Liban on August 4, 2020 shows Prime Minister Hassan Diab speaking in the capital Beirut following two massive blasts that rocked the port of Beirut. – Lebanon’s prime minister vowed that whoever was responsible for two massive blasts in Beirut’s port that killed at least 27 and injured thousands will be held to account. “Those responsible for this catastrophe will pay the price,” Hassan Diab said in a televised address. (Photo by – / Télé Liban / AFP) / RESTRICTED TO EDITORIAL USE – MANDATORY CREDIT “AFP PHOTO / HO / TELE-LIBAN” – NO MARKETING NO ADVERTISING CAMPAIGNS – DISTRIBUTED AS A SERVICE TO CLIENTS – NO RESALE (Photo by -/Télé Liban/AFP via Getty Images)
Lebanon’s Prime Minister Hassan Diab and his entire government have resigned, after a massive explosion in Beirut last week destroyed much of the city, killing more than 200 people and wounding 7,000.
The Prime Minister addressed the nation at 6.30pm local time, telling the nation that endemic corruption caused the blast, which left 300,000 people homeless.
Diab said that not only was “corruption rooted in every part of the state”, but it was also “greater than the state”.
The government’s resignation will be effective from tonight, with elections expected to follow in the coming months.
“We need to open the door to national salvation,” Diab said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“We need to be part of the people. That’s why today I declare the resignation of this government. God Bless Lebanon.”
The explosion, caused after an accidental fire lit 2,750 tonnes of ammonium nitrate stored at Beirut’s port, has caused days of violent protests and civil unrest.
The stock of ammonium nitrate had been stored at the port for more than six years, with many Lebanese people blaming government corruption for storing the explosive material at the port.
The country was already suffering from a protracted financial crisis and soaring poverty, before last week’s explosion.
The country’s currency, the Lebanese pound, has crashed by 70 per cent since last October and the country is facing a liquidity crisis, which has led to limits on bank withdrawals for locals.
Diab came into power just eight months ago, after civil unrest brought down the previous administration.
He was backed by a wide range of parties and groups, including Hezbollah – a terrorist-designated organisation in the UK and the US.


cityam--2020-08-10--Investors expect even higher returns from the stock market in years ahead – despite coronavirus shoc

Savers predict annual returns of 10.9 % from their stock market investments , even as Covid-19 halted the longest economic expansion on record and plunged the world into deep recession .
Investors continue to hope for double-digit yearly total returns from their portfolios , despite the huge blow inflicted on the global economy by the Covid-19 pandemic , according to the latest issue of Schroders ’ landmark Global Investor Study .
Strong stock market performance in recent years appears to be behind investors ’ continued optimism .
On average , expectations for future returns are slightly higher in 2020 than @ @ @ @ @ @ @ year in which investors ’ forecasts of future stock market returns have increased .
But it was also an extraordinary year , as investors were making their predictions in a period of extreme uncertainty .
Covid-19 brought an end to the longest period of global economic expansion in history , and ushered in its place the sharpest downturn since the depression of the 1930s .
Interestingly , the market turbulence in early 2020 – as the scale of the pandemic became clear and as most of the world ’ s economies entered lockdown @ @ @ @ @ @ @ ’ optimism .
Schroders ’ independent online survey of more than 23,000 investors across 32 worldwide locations was conducted between 30 April and 15 June 2020 .
To put that in context , between mid-February and mid-March , world stock markets fell by over 30 % * .
During those weeks Germany , France , the UK and the majority of US states shut down to limit the coronavirus ’ s spread .
Although a recovery rally in world stock markets had begun by April – by which time some countries were re-opening @ @ @ @ @ @ @ remained considerably lower than at the start of the year .
Discover more : – Learn : Results of Schroders Global Investor Study 2020 – Read : How did investors react to the impact of Covid-19 ?
– Watch : Are small and mid-cap companies weathering the US economic storm ?
The desired investment returns where you live Schroders ’ research suggests that investors ’ outlook for future returns is strongly guided by where they live .
-In the US , where stocks have enjoyed some of the strongest gains in recent years @ @ @ @ @ @ @ over 15 % .
This is the highest rate of predicted future returns across all 32 countries covered in Schroders ’ survey .
By contrast , in markets where historic returns have been weaker , such as Japan , expectations are more moderate – at under 6 % .
US expecting more than previous years… The US is one example where investors appear to have become much more bullish over the past year .
When surveyed in May 2019 , US savers hoped for future annual returns of 10.3 % – putting them @ @ @ @ @ @ @ .
In the intervening period , however , they appear to have become far more upbeat .
Could this be to do with the fact that US shares had a striking run in 2019 , with the S & P500 gaining by approximately 25 % ?
** Other geographic disparities have remained broadly consistent between 2019 and 2020 .
Investors in a number of emerging markets including Indonesia , Argentina , Brazil , India and Chile remain among those with the highest hopes for what their portfolios will deliver in future years – @ @ @ @ @ @ @ % .
European investors are far more moderate in their expectations , with investors in Germany , France , Italy and Switzerland anticipating the lowest future returns in 2020 .
This is roughly in line with their 2019 predictions .
In the UK , investors ’ hopes remain middle-of-the road .
Their prediction for future annual returns rose from 9.3 % in 2019 to 11.1 % this year .
Is there a link between investors ’ predictions and past financial returns ?
The year 2019 was good for world stock markets in general @ @ @ @ @ @ @ investors ’ overall increase in optimism in this year ’ s survey .
However , previous research based on Schroders ’ Global Investor Study findings has unearthed no clear link between past market performance and hoped-for future returns .
The year 2018 , for example , was broadly disappointing in world markets .
But when polled in May 2019 , savers ’ predictions ranged between 15.8 % at the top ( Argentina ) and 6.5 % at the bottom ( Belgium ) .
In fact in 2019 there were only three countries , @ @ @ @ @ @ @ hoped-for future returns had been exceeded by the actual returns generated in the previous 12 months .
The conclusion was that investors ’ hopes were unrealistic and potentially misplaced , and that “ overall return expectations for the next five years exceed stock market returns achieved in nearly all countries over the past five years.
” Although historic stock market returns may be one factor influencing investors ’ forecasts , interest rates and inflation in regional economies are also likely to play a part .
In both the 2019 and 2020 surveys , @ @ @ @ @ @ @ live in economies experiencing higher inflation and interest rates .
These factors generally lead to higher nominal returns on cash and other savings .
In Europe and Japan , by contrast , far lower interest rates appear to have dampened savers ’ expectations over the longer-term .
The latest survey puts investors in Switzerland and Japan at the bottom of the forecast rankings .
Interestingly both of these countries are experiencing some of the lowest interest rates in the world , with their respective central banks having cut rates below zero more than @ @ @ @ @ @ @ Schroders ’ Head of Income , said : “ The power of this unique research is that with every successive year ’ s findings we get a clearer picture of what investors are hoping for , and further insights into what is driving their expectations .
“ It ’ s extremely interesting that despite the impact of Covid-19 – and all of its dramatic effects on our lives and work – investors still have confidence in generating returns from their savings .
You might say that some of these expectations are unrealistic .
@ @ @ @ @ @ @ investors are realising that stock market returns are not the same as economic growth .
“ We strongly believe that one of the prevailing future trends will be lower long-term interest rates , and this was our view well before the pandemic .
Longer-term we think there will be more disruptive forces at play in markets and that it will become harder overall to find returns .
But we have seen again and again in the years since the financial crisis that certain investments can deliver returns even in challenging environments.
” *MSCI @ @ @ @ @ @ @ and 23 March .
**S & P500 rose 29.7 % in 2019 .
Source : Refinitiv • You can discover more at Schroders insights and follow Schroders on twitter .
Important Information : This communication is marketing material .
The views and opinions contained herein are those of the author ( s ) on this page , and may not necessarily represent views expressed or reflected in other Schroders communications , strategies or funds .
This material is intended to be for information purposes only and is not intended as promotional material in @ @ @ @ @ @ @ intended as an offer or solicitation for the purchase or sale of any financial instrument .
It is not intended to provide and should not be relied on for accounting , legal or tax advice , or investment recommendations .
Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions .
Past performance is not a reliable indicator of future results .
The value of an investment can go down as well as up and is not guaranteed .
All investments involve risks @ @ @ @ @ @ @ principal .
Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy .
Some information quoted was obtained from external sources we consider to be reliable .
No responsibility can be accepted for errors of fact obtained from third parties , and this data may change with market conditions .
This does not exclude any duty or liability that Schroders has to its customers under any regulatory system .
Regions/ sectors shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell .
@ @ @ @ @ @ @ forecasted views .
We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know .
However , there is no guarantee than any forecasts or opinions will be realised .
These views and opinions may change .
To the extent that you are in North America , this content is issued by Schroder Investment Management North America Inc. , an indirect wholly owned subsidiary of Schroders plc and SEC registered adviser providing asset management products and services to clients in the US and Canada @ @ @ @ @ @ @ content is issued by Schroder Investment Management Limited , 1 London Wall Place , London EC2Y 5AU .
Registered No .
1893220 England .
Authorised and regulated by the Financial Conduct Authority .

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Investors expect even higher returns from the stock market in years ahead – despite coronavirus shock
Getty Images
Savers predict annual returns of 10.9% from their stock market investments, even as Covid-19 halted the longest economic expansion on record and plunged the world into deep recession.
Investors continue to hope for double-digit yearly total returns from their portfolios, despite the huge blow inflicted on the global economy by the Covid-19 pandemic, according to the latest issue of Schroders’ landmark Global Investor Study.
Strong stock market performance in recent years appears to be behind investors’ continued optimism. On average, expectations for future returns are slightly higher in 2020 than in 2019. This was the third year in which investors’ forecasts of future stock market returns have increased. But it was also an extraordinary year, as investors were making their predictions in a period of extreme uncertainty. Covid-19 brought an end to the longest period of global economic expansion in history, and ushered in its place the sharpest downturn since the depression of the 1930s.
Interestingly, the market turbulence in early 2020 – as the scale of the pandemic became clear and as most of the world’s economies entered lockdown – appears not to have dented savers’ optimism.
Schroders’ independent online survey of more than 23,000 investors across 32 worldwide locations was conducted between 30 April and 15 June 2020. To put that in context, between mid-February and mid-March, world stock markets fell by over 30%*. During those weeks Germany, France, the UK and the majority of US states shut down to limit the coronavirus’s spread.
Although a recovery rally in world stock markets had begun by April – by which time some countries were re-opening aspects of business and society – markets remained considerably lower than at the start of the year.
Discover more:
– Learn: Results of Schroders Global Investor Study 2020
– Read: How did investors react to the impact of Covid-19?
– Watch: Are small and mid-cap companies weathering the US economic storm?
The desired investment returns where you live
Schroders’ research suggests that investors’ outlook for future returns is strongly guided by where they live.
-In the US, where stocks have enjoyed some of the strongest gains in recent years, investors now anticipate annual returns of over 15%. This is the highest rate of predicted future returns across all 32 countries covered in Schroders’ survey. By contrast, in markets where historic returns have been weaker, such as Japan, expectations are more moderate – at under 6%.
US expecting more than previous years…
The US is one example where investors appear to have become much more bullish over the past year. When surveyed in May 2019, US savers hoped for future annual returns of 10.3% – putting them broadly in the middle of the spectrum. In the intervening period, however, they appear to have become far more upbeat. Could this be to do with the fact that US shares had a striking run in 2019, with the S&P500 gaining by approximately 25%?**
Other geographic disparities have remained broadly consistent between 2019 and 2020. Investors in a number of emerging markets including Indonesia, Argentina, Brazil, India and Chile remain among those with the highest hopes for what their portfolios will deliver in future years – all anticipating annual returns of over 12%.
…Europe remains modest
European investors are far more moderate in their expectations, with investors in Germany, France, Italy and Switzerland anticipating the lowest future returns in 2020. This is roughly in line with their 2019 predictions.
In the UK, investors’ hopes remain middle-of-the road. Their prediction for future annual returns rose from 9.3% in 2019 to 11.1% this year.
Is there a link between investors’ predictions and past financial returns?
The year 2019 was good for world stock markets in general, and that could in part explain investors’ overall increase in optimism in this year’s survey.
However, previous research based on Schroders’ Global Investor Study findings has unearthed no clear link between past market performance and hoped-for future returns.
The year 2018, for example, was broadly disappointing in world markets. But when polled in May 2019, savers’ predictions ranged between 15.8% at the top (Argentina) and 6.5% at the bottom (Belgium). In fact in 2019 there were only three countries, out of 32, where respondents’ hoped-for future returns had been exceeded by the actual returns generated in the previous 12 months. The conclusion was that investors’ hopes were unrealistic and potentially misplaced, and that “overall return expectations for the next five years exceed stock market returns achieved in nearly all countries over the past five years.”
Although historic stock market returns may be one factor influencing investors’ forecasts, interest rates and inflation in regional economies are also likely to play a part.
In both the 2019 and 2020 surveys, investors anticipating the highest returns tended to live in economies experiencing higher inflation and interest rates. These factors generally lead to higher nominal returns on cash and other savings.
In Europe and Japan, by contrast, far lower interest rates appear to have dampened savers’ expectations over the longer-term. The latest survey puts investors in Switzerland and Japan at the bottom of the forecast rankings. Interestingly both of these countries are experiencing some of the lowest interest rates in the world, with their respective central banks having cut rates below zero more than four years ago.
Rupert Rucker, Schroders’ Head of Income, said: “The power of this unique research is that with every successive year’s findings we get a clearer picture of what investors are hoping for, and further insights into what is driving their expectations.
“It’s extremely interesting that despite the impact of Covid-19 – and all of its dramatic effects on our lives and work – investors still have confidence in generating returns from their savings. You might say that some of these expectations are unrealistic. But you could also say that perhaps investors are realising that stock market returns are not the same as economic growth.
“We strongly believe that one of the prevailing future trends will be lower long-term interest rates, and this was our view well before the pandemic. Longer-term we think there will be more disruptive forces at play in markets and that it will become harder overall to find returns. But we have seen again and again in the years since the financial crisis that certain investments can deliver returns even in challenging environments.”
*MSCI WORLD fell 34% between 12 February and 23 March. **S&P500 rose 29.7% in 2019. Source: Refinitiv
You can discover more at Schroders insights and follow Schroders on twitter.
Important Information: This communication is marketing material. The views and opinions contained herein are those of the author(s) on this page, and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds. This material is intended to be for information purposes only and is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. It is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions. Past performance is not a reliable indicator of future results. The value of an investment can go down as well as up and is not guaranteed. All investments involve risks including the risk of possible loss of principal. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. Some information quoted was obtained from external sources we consider to be reliable. No responsibility can be accepted for errors of fact obtained from third parties, and this data may change with market conditions. This does not exclude any duty or liability that Schroders has to its customers under any regulatory system. Regions/ sectors shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell. The opinions in this material include some forecasted views. We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know. However, there is no guarantee than any forecasts or opinions will be realised. These views and opinions may change. To the extent that you are in North America, this content is issued by Schroder Investment Management North America Inc., an indirect wholly owned subsidiary of Schroders plc and SEC registered adviser providing asset management products and services to clients in the US and Canada. For all other users, this content is issued by Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU. Registered No. 1893220 England. Authorised and regulated by the Financial Conduct Authority.


cityam--2020-08-10--Tech giants join legal challenge against Trump worker visa ban

A number of tech giants have pledged their support to a legal challenge against a ban on foreign worker visas by US President Donald Trump , aimed at preserving jobs for Americans during the pandemic .
Apple , Microsoft , Amazon , Facebook , Netflix and Twitter were among 52 companies that signed the legal brief , which was filed in a lawsuit brought by the National Association of Manufacturers in California .
In the brief , the companies argued that the visa restrictions will hurt American jobs , instead lead businesses to hire more workers at bases outside the @ @ @ @ @ @ @ s tech scene ready to welcome foreign talent after Trump ’ s visa ban Trump issued an order in June that temporarily halted the entry of several types of foreign workers until the end of the year .
This included skilled foreign workers prized by tech firms , such as those on H-1B visas and those transferred between company offices on L visas .
It also applied to seasonal workers entering on H-2B visas , with an exception for workers in food supply chain jobs .
In the brief filed today , the @ @ @ @ @ @ @ do irreparable damage to US businesses , workers and the economy .
Read more : US suspends work visas and green cards until end of 2020 “ Global competitors in Canada , China , and India , among others , are pouncing at the opportunity to attract well-trained , innovative individuals , ” the brief said .
“ And American businesses are scrambling to adjust , hiring needed talent to work in locations outside our nation ’ s borders .
”

Tech giants join legal challenge against Trump worker visa ban
A number of tech giants have pledged their support to a legal challenge against a ban on foreign worker visas by US President Donald Trump, aimed at preserving jobs for Americans during the pandemic.
Apple, Microsoft, Amazon, Facebook, Netflix and Twitter were among 52 companies that signed the legal brief, which was filed in a lawsuit brought by the National Association of Manufacturers in California.
In the brief, the companies argued that the visa restrictions will hurt American jobs, instead lead businesses to hire more workers at bases outside the US.
Trump issued an order in June that temporarily halted the entry of several types of foreign workers until the end of the year.
This included skilled foreign workers prized by tech firms, such as those on H-1B visas and those transferred between company offices on L visas.
It also applied to seasonal workers entering on H-2B visas, with an exception for workers in food supply chain jobs.
In the brief filed today, the companies said Trump’s proclamation could do irreparable damage to US businesses, workers and the economy.
“Global competitors in Canada, China, and India, among others, are pouncing at the opportunity to attract well-trained, innovative individuals,” the brief said.
“And American businesses are scrambling to adjust, hiring needed talent to work in locations outside our nation’s borders.”


cityam--2020-08-10--UK economy: Britain braced for GDP and jobs hit

The full extent of the Covid-19 crisis on the UK economy is set to be laid bare this week with the release of two key reports .
While economists have been at odds over the speed of the country ’ s recovery from the pandemic , this week ’ s figures from the Office for National Statistics ( ONS ) are likely to make for grim reading .
Read more : Rishi Sunak : ‘ Hardship lies ahead ’ for the UK economy It may have been in little doubt , but Britain ’ s economy will be officially declared @ @ @ @ @ @ @ of second-quarter gross domestic product ( GDP ) figures .
The data is expected to show that GDP plunged 21 per cent in the three months to the end of June , marking the second consecutive quarter of GDP decline and confirming a recession .
It is the first time the UK economy has been in recession since the financial crisis in 2008 .
The figures will also show that Britain has suffered a larger economic hit from the pandemic than all other G7 countries .
Sanjay Raja , an analyst at Deutsche @ @ @ @ @ @ @ an “ historic collapse ” .
He warned that there was a raft of further threats to the UK ’ s economic recovery , including local lockdowns and ongoing uncertainty surrounding Brexit talks .
However , it ’ s not all doom and gloom , as Bank of England governor Andrew Bailey last week said the economic impact of the pandemic may not be as severe as initially feared .
“ A ‘ V-shaped ’ recovery of the UK economy seems unlikely , though governor Bailey was not as downbeat as many feared @ @ @ @ @ @ @ David Buik .
Craig Erlam , senior market analyst at OANA Europe , added : “ I don ’ t think there ’ ll be much dwelling on the data , especially with the Bank of England having significantly improved their growth forecast for this year on Thursday , albeit with a sharp annual contraction on the cards.
” Nevertheless , the figures will offer little comfort for small business owners across the country who are still struggling with the impact of the virus .
Angela Hall , owner of Peterborough-based online babygrow @ @ @ @ @ @ @ worst is still to come .
Many businesses need passing trade and for customers to be out and about shopping , but people have changed their habits to avoid busy places .
“ The government has definitely helped support a lot of businesses during lockdown , but now many companies will have to reassess their situation and staff numbers in order to ride out the storm.
” Analysts will now be keeping an eye on whether further intervention is needed to help support the economy .
The Bank of England last week opted @ @ @ @ @ @ @ their record low level of 0.1 per cent .
Bailey said negative interest rates had been added to the “ toolbox ” of possible measures , but there were no plans to use them yet .
Further downbeat predictions are expected tomorrow when the ONS releases its first report into the UK ’ s unemployment rate .
Buik warned the figures were likely to make “ unappetising reading ” , with unemployment potentially reaching 3m with up to 60,000 more people claiming unemployment benefits .
Thousands of Brits have already lost their jobs @ @ @ @ @ @ @ with airlines and the hospitality sector among the worst affected .
A survey released today by the Chartered Institute of Personnel Development ( CIPD ) and staffing firm Adecco Group revealed that as many as one in three UK firms plan to cut jobs by October .
But the impact of Covid-19 on unemployment levels will not be fully felt until the government ’ s job retention scheme is wound up at the end of October .
Jim Wood-Smith , chief investment officer at Hawksmoor Investment Management , said that while unemployment has @ @ @ @ @ @ @ know the full extent of the jobless rate until the furlough scheme is over .
A total of 9.6m people have used the scheme as of 2 August , though it is unclear how many are currently on furlough .
“ What this means is that neither we , nor anyone else , has any idea how many are currently on furlough , nor what the true unemployment picture is in the UK , ” Wood-Smith said .
“ Until the furlough scheme ends , we are fumbling in the fog.
” Last @ @ @ @ @ @ @ expected unemployment to hit 7.5 per cent this year — an improvement on its previous forecasts .
However , the Bank warned that unemployment would stay higher for longer as much of the economy continued to struggle with the economic fallout .

UK economy: Britain braced for GDP and jobs hit
The full extent of the Covid-19 crisis on the UK economy is set to be laid bare this week with the release of two key reports.
While economists have been at odds over the speed of the country’s recovery from the pandemic, this week’s figures from the Office for National Statistics (ONS) are likely to make for grim reading.
UK recession confirmed
It may have been in little doubt, but Britain’s economy will be officially declared in recession on Wednesday with the release of second-quarter gross domestic product (GDP) figures.
The data is expected to show that GDP plunged 21 per cent in the three months to the end of June, marking the second consecutive quarter of GDP decline and confirming a recession.
It is the first time the UK economy has been in recession since the financial crisis in 2008.
The figures will also show that Britain has suffered a larger economic hit from the pandemic than all other G7 countries.
Sanjay Raja, an analyst at Deutsche Bank, described the expected figures as an “historic collapse”.
He warned that there was a raft of further threats to the UK’s economic recovery, including local lockdowns and ongoing uncertainty surrounding Brexit talks.
However, it’s not all doom and gloom, as Bank of England governor Andrew Bailey last week said the economic impact of the pandemic may not be as severe as initially feared.
“A ‘V-shaped’ recovery of the UK economy seems unlikely, though governor Bailey was not as downbeat as many feared he might be,” said analyst David Buik.
Craig Erlam, senior market analyst at OANA Europe, added: “I don’t think there’ll be much dwelling on the data, especially with the Bank of England having significantly improved their growth forecast for this year on Thursday, albeit with a sharp annual contraction on the cards.”
Nevertheless, the figures will offer little comfort for small business owners across the country who are still struggling with the impact of the virus.
Angela Hall, owner of Peterborough-based online babygrow retailer Zippyup, said: “The worst is still to come. Many businesses need passing trade and for customers to be out and about shopping, but people have changed their habits to avoid busy places.
“The government has definitely helped support a lot of businesses during lockdown, but now many companies will have to reassess their situation and staff numbers in order to ride out the storm.”
Analysts will now be keeping an eye on whether further intervention is needed to help support the economy.
The Bank of England last week opted to keep interest rates on hold at their record low level of 0.1 per cent. Bailey said negative interest rates had been added to the “toolbox” of possible measures, but there were no plans to use them yet.
Unemployment: Fumbling in the fog
Further downbeat predictions are expected tomorrow when the ONS releases its first report into the UK’s unemployment rate.
Buik warned the figures were likely to make “unappetising reading”, with unemployment potentially reaching 3m with up to 60,000 more people claiming unemployment benefits.
Thousands of Brits have already lost their jobs as a result of the pandemic, with airlines and the hospitality sector among the worst affected.
A survey released today by the Chartered Institute of Personnel Development (CIPD) and staffing firm Adecco Group revealed that as many as one in three UK firms plan to cut jobs by October.
But the impact of Covid-19 on unemployment levels will not be fully felt until the government’s job retention scheme is wound up at the end of October.
Jim Wood-Smith, chief investment officer at Hawksmoor Investment Management, said that while unemployment has undoubtedly risen, it was impossible to know the full extent of the jobless rate until the furlough scheme is over.
A total of 9.6m people have used the scheme as of 2 August, though it is unclear how many are currently on furlough.
“What this means is that neither we, nor anyone else, has any idea how many are currently on furlough, nor what the true unemployment picture is in the UK,” Wood-Smith said. “Until the furlough scheme ends, we are fumbling in the fog.”
Last week the Bank of England said it expected unemployment to hit 7.5 per cent this year — an improvement on its previous forecasts.
However, the Bank warned that unemployment would stay higher for longer as much of the economy continued to struggle with the economic fallout.


cityam--2020-08-10--Top City restaurateur explores outdoor seating in post-lockdown Square Mile

A top London restaurateur is preparing to launch an outdoor seating area at his venue Bank in a bid to encourage consumers to visit the Square Mile restaurant following the UK ’ s coronavirus lockdown .
The outdoor seating plans at 1 Lombard Street , which restaurant boss Soren Jessen is preparing to submit to the City of London Corporation , could use the space created by a sharp drop in commuter and tourist numbers , he said .
City of London hospitality businesses have been struggling as Londoners and domestic tourists have remained reluctant to visit the city centre @ @ @ @ @ @ @ 1 Lombard Street is currently trading at 10 per cent of normal August levels .
“ We are really depending on a little bit of outdoor space , ” Jessen told City A.M .
The outdoor seating would have a “ massive ” benefit for the business , he said .
“ Just one table would give us an immense boost.
” Streets have been pedestrianised in the city ’ s West End , with outdoor seating taking over road space in key Soho streets including Greek Street , Old Compton Street and @ @ @ @ @ @ @ a similar situation can be negotiated in the Square Mile .
However the City of London Corporation has said it will prioritise transport needs over hospitality .
But it has said it would explore reallocating some street space to al fresco dining on a case-by-case basis .
Read more : Reopened restaurants in London : The latest news about your favourite places to eat Meanwhile , mayor of London Sadiq Khan has faced increasing pressure to lift the congestion charge and encourage public transport use to get visitors back to the capital .
@ @ @ @ @ @ @ and restaurateurs , including St John ’ s co-founder Trevor Gulliver , Angela Hartnett and D & D London ’ s David Loewi , the industry has urged Khan to “ rise to the challenge ” to welcome visitors back to the capital .

Top City restaurateur explores outdoor seating in post-lockdown Square Mile
A top London restaurateur is preparing to launch an outdoor seating area at his venue Bank in a bid to encourage consumers to visit the Square Mile restaurant following the UK’s coronavirus lockdown.
The outdoor seating plans at 1 Lombard Street, which restaurant boss Soren Jessen is preparing to submit to the City of London Corporation, could use the space created by a sharp drop in commuter and tourist numbers, he said.
City of London hospitality businesses have been struggling as Londoners and domestic tourists have remained reluctant to visit the city centre despite the lifting of lockdown restrictions.
1 Lombard Street is currently trading at 10 per cent of normal August levels.
“We are really depending on a little bit of outdoor space,” Jessen told City A.M.
The outdoor seating would have a “massive” benefit for the business, he said.
“Just one table would give us an immense boost.”
Streets have been pedestrianised in the city’s West End, with outdoor seating taking over road space in key Soho streets including Greek Street, Old Compton Street and Dean Street.
Jessen said he hopes a similar situation can be negotiated in the Square Mile.
The City of London Corporation has said it will explore reallocating some street space to al fresco dining on a case-by-case basis.
Meanwhile, mayor of London Sadiq Khan has faced increasing pressure to lift the congestion charge and encourage public transport use to get visitors back to the capital.
In a letter signed by top chefs and restaurateurs, including St John’s co-founder Trevor Gulliver, Angela Hartnett and D&D London’s David Loewi, the industry has urged Khan to “rise to the challenge” to welcome visitors back to the capital.


cityam--2020-08-11--Debenhams axes 2,500 jobs in bid to cut costs after coronavirus lockdown

Debenhams has axed 2,500 jobs as it seeks to reduce costs following the coronavirus lockdown , in the latest blow for the struggling UK high street .
The department store chain , which permanently closed 20 stores during lockdown , said the trading environment is “ clearly a long way from returning to normal ” after lockdown restrictions were lifted .
Read more : Three more Debenhams stores to stay closed when lockdown eases next week , bringing total to 20 The employees affected by today ’ s redundancy announcements , who work in stores and the retailer ’ s @ @ @ @ @ @ @ Debenhams said .
Thousands of high street jobs have been lost since the coronavirus pandemic hit the UK in March .
John Lewis , Boots , Oasis and Warehouse are among the retailers to cut staff numbers during the Covid-19 crisis .
Debenhams today that it has reopened 124 stores since non-essential stores were given the go-ahead to reopen .
The stores were trading “ ahead of management expectations ” it said .
“ We have successfully reopened 124 stores , post-lockdown , and these are currently trading ahead of management expectations , @ @ @ @ @ @ @ .
“ At the same time , the trading environment is clearly a long way from returning to normal and we have to ensure our store costs are aligned with realistic expectations .
“ Those colleagues affected by redundancy have been informed and we are very grateful to them for their service and commitment to Debenhams .
“ Such difficult decisions are being taken by many retailers right now , and we will continue to take all necessary steps to give Debenhams every chance of a viable future .
”

Debenhams axes 2,500 jobs in bid to cut costs after coronavirus lockdown
Debenhams has axed 2,500 jobs as it seeks to reduce costs following the coronavirus lockdown, in the latest blow for the struggling UK high street.
The department store chain, which permanently closed 20 stores during lockdown, said the trading environment is “clearly a long way from returning to normal” after lockdown restrictions were lifted.
The latest round of cuts are on top of the 4,000 redundancies announced since May, the BBC reported, meaning the high street brand has now cut a third of its workforce.
The retailer entered administration in April for the second time in a year as it sought to protect itself from legal action by creditors during the coronavirus crisis.
The employees affected by today’s redundancy announcements, who work in stores and the retailer’s distribution centre, have been informed, Debenhams said.
Nigel Frith, analyst at Asktraders.com, said: “What we are seeing here is simple – if the firm was in a weak position going into the coronavirus lockdown, there is a good chance that it will not be coming out better the other side – and it’s looking like it won’t be.
“In recent years fast fashion and online businesses have thrived, whilst our more traditional brands have struggled to transform and adapt to the current economic climate.”
Thousands of high street jobs have been lost since the coronavirus pandemic hit the UK in March.
John Lewis, Boots, Oasis and Warehouse are among the retailers to cut staff numbers during the Covid-19 crisis.
Debenhams today that it has reopened 124 stores since non-essential stores were given the go-ahead to reopen.
The stores were trading “ahead of management expectations” it said.
“We have successfully reopened 124 stores, post-lockdown, and these are currently trading ahead of management expectations,” the company said in a statement.
“At the same time, the trading environment is clearly a long way from returning to normal and we have to ensure our store costs are aligned with realistic expectations.
“Those colleagues affected by redundancy have been informed and we are very grateful to them for their service and commitment to Debenhams.
“Such difficult decisions are being taken by many retailers right now, and we will continue to take all necessary steps to give Debenhams every chance of a viable future.”


cityam--2020-08-11--ITV investigated by watchdog over viewer competitions

ITV is facing a probe by the media watchdog over its viewer competitions after the broadcaster admitted that some postal entries were never counted in its prize draws .
ITV referred itself to Ofcom after discovering that some postal entries were not entered into the winner selection process for six competitions between 2014 and 2019 .
Read more : ITV profit halves during pandemic amid ‘ most challenging period in history ’ The public service broadcaster operates competitions on shows including This Morning and The X Factor , charging viewers £2 to enter by phone , SMS or online .
@ @ @ @ @ @ @ of charge via a postal vote .
ITV did not say which competitions had been affected and blamed the blunder on “ unintentional administrative errors ” .
“ The integrity of all viewer competitions run by ITV is an absolute priority for us , therefore any related error is taken very seriously , ” the broadcaster said in a statement .
“ However , it is important to note the scale and nature of this particular issue , which affected only a very small number of our viewer competitions over a number of @ @ @ @ @ @ @ roughly one third of one percent of our competitions since 2014 , and a tiny fraction of total entries.
” ITV said no entrants had been prevented from winning a prize as a result of the error , nor had the editorial content of any programmes been affected .
An Ofcom spokesperson said : “ We are investigating whether ITV breached our rules and licence requirements on viewer competitions.
” The controversy , first reported by The Times , comes more than a decade after the broadcaster was embroiled in a scandal over @ @ @ @ @ @ @ to apologise and booked £18m in costs after it emerged that competitions on shows such as Ant and Dec ’ s Saturday Night Takeaway were rigged by producers .
TV competitions are a significant source of revenue for the public service broadcaster , with direct to consumer revenue , including competitions , hitting £84m last year .
Read more : ITV to show repeats over summer as coronavirus rips up filming schedule It comes at a torrid time for the company , which saw its first-half profit all but wiped out due to @ @ @ @ @ @ @ crisis .
Chief executive Dame Carolyn McCall last week said the broadcaster had suffered “ one of the most challenging times ” in its history , but remained optimistic about a recovery in both advertising and production as lockdown eases .

ITV investigated by watchdog over viewer competitions
ITV is facing a probe by the media watchdog over its viewer competitions after the broadcaster admitted that some postal entries were never counted in its prize draws.
ITV referred itself to Ofcom after discovering that some postal entries were not entered into the winner selection process for six competitions between 2014 and 2019.
The public service broadcaster operates competitions on shows including This Morning and The X Factor, charging viewers £2 to enter by phone, SMS or online. However, applications can be made free of charge via a postal vote.
ITV did not say which competitions had been affected and blamed the blunder on “unintentional administrative errors”.
“The integrity of all viewer competitions run by ITV is an absolute priority for us, therefore any related error is taken very seriously,” the broadcaster said in a statement.
“However, it is important to note the scale and nature of this particular issue, which affected only a very small number of our viewer competitions over a number of years. The six competitions amount to roughly one third of one percent of our competitions since 2014, and a tiny fraction of total entries.”
ITV said no entrants had been prevented from winning a prize as a result of the error, nor had the editorial content of any programmes been affected.
An Ofcom spokesperson said: “We are investigating whether ITV breached our rules and licence requirements on viewer competitions.”
The controversy, first reported by The Times, comes more than a decade after the broadcaster was embroiled in a scandal over fake phone-ins.
The channel was forced to apologise and booked £18m in costs after it emerged that competitions on shows such as Ant and Dec’s Saturday Night Takeaway were rigged by producers.
TV competitions are a significant source of revenue for the public service broadcaster, with direct to consumer revenue, including competitions, hitting £84m last year.
It comes at a torrid time for the company, which saw its first-half profit all but wiped out due to a collapse in advertising during the coronavirus crisis.
Chief executive Dame Carolyn McCall last week said the broadcaster had suffered “one of the most challenging times” in its history, but remained optimistic about a recovery in both advertising and production as lockdown eases.


cityam--2020-08-11--Markets live: FTSE 100 and European stocks surge on US stimulus hopes

The FTSE 100 jumped this morning as US stimulus hopes offset bleak new data that showed a surge in job losses during the coronavirus crisis .
The blue-chip index was up 2.42 per cent at 6,197 points at midday .
Read more : UK unemployment : 730,000 Brits have lost their jobs in lockdown since March The gains come after the FTSE closed up 0.31 per cent on Monday as traders pinned their hopes on positive signs of economic recovery .
This optimism prevailed despite new figures that showed 730,000 Brits have lost their jobs since March , marking the @ @ @ @ @ @ @ .
Since June , a further 114,000 people have become unemployed , the Office for National Statistics added .
The unemployment figures come ahead of the latest economic growth data due tomorrow , which is expected to show that UK GDP crashed 21 per cent in the second quarter .
Instead traders appear to be taking their cue from more upbeat signs of economic recovery .
Last week Bank of England governor Andrew Bailey said the economic fallout from the Covid-19 crisis may not be as bad as previously feared .
Meanwhile markets @ @ @ @ @ @ @ both the US and China last week .
But the rally has largely been driven by rising hopes that US lawmakers can agree terms on a Covid-19 aid plan .
“ It might be that US political leaders are finally managing to make progress towards an actual deal , after President Trump ’ s move to steal the limelight with an executive order over the weekend , ” said Chris Beauchamp , chief market analyst at IG .
“ The possibility of more tax cuts has also lifted sentiment , resulting in substantial @ @ @ @ @ @ @ for US futures .
With earnings season now mostly done and dusted the focus shifts back to the prospect of more US stimulus and the geopolitical picture , which sees the US and China at loggerheads once more.
” Russ Mould , investment director at AJ Bell , agreed that “ hopes of bi-partisan agreement on a US fiscal stimulus package helped stoke the fires of a market rally ” .
“ The index took its cue from this news and strong trading in the US overnight rather than backward-looking UK jobs data @ @ @ @ @ @ @ no-one revealed a pretty bad picture through lockdown.
” But he added : “ The markets may well be keeping its powder dry ahead of the end of the furlough scheme in October , when the full scale of the unemployment crisis may be more apparent.
” Positive sentiment was rife across Europe this morning , with Germany ’ s Dax up 2.52 per cent at 13,007 and the French Cac 40 trading 2.62 per cent higher at 5,037 .
Read more : UK economy : Britain braced for GDP and jobs hit @ @ @ @ @ @ @ FTSE 100 risers this morning as shares gained 6.6 per cent .
The Buckinghamshire-based hotels giant reported a hefty hit to its performance in the first half as lockdown measures decimated bookings .
Revenue dropped 51 per cent to $ 488m ( £373m ) , while underlying operating profit slumped 83 per cent to $ 70m .
Despite this , investors showed hopes of a recovery for the hotel company as travel begins to pick up after the lockdown .
“ Lockdowns have hit hoteliers hard , but as IHG only owns 26 @ @ @ @ @ @ @ , it ’ s fared better many , ” said Emilie Stevens , equity analyst at Hargreaves Lansdown .
“ Despite the group ’ s global occupancy dropping to 25 per cent in the second quarter and revenue per room falling by half in the first half , the group remained profitable .
While it ’ s offered support to franchisees over the crisis , not being on the hook for hotel running costs has gone a long way.
” This positive start to trading this morning also follows on from gains on @ @ @ @ @ @ @ Jones rose 1.3 per cent to record its seventh consecutive session of gains , while the S & P 500 and Nasdaq also closed higher .
The positive session showed traders have shrugged off concerns about rising tensions between the US and China in recent weeks .
China last night imposed sanctions on several senior Republican senators in retaliation against US sanctions on 11 China and Hong Kong officials , including Carrie Lam .
However , this had little impact on markets , with Asia Pacific also recording gains this morning .

Markets live: US stocks near record high on stimulus hopes as FTSE 100 soars
US stocks on Wall Street are closing in on record highs amid hopes of more US stimulus, which also buoyed the FTSE 100 and European stocks today
The FTSE 100 jumped today as US stimulus hopes offset bleak new data that showed a surge in UK job losses during the coronavirus crisis.
The blue-chip index was up 2.42 per cent at 6,197 points at midday, before closing up 1.71 per cent at 6,154 in a bullish day for western markets.
The gains come after the FTSE closed up 0.31 per cent on Monday as traders pinned their hopes on positive signs of economic recovery.
Employment woes
This optimism prevailed despite new figures that showed 730,000 Brits have lost their jobs since March, marking the largest quarterly decrease in employment since 2009.
Since June, a further 114,000 people have become unemployed, the Office for National Statistics added.
The unemployment figures come ahead of the latest economic growth data due tomorrow, which is expected to show that UK GDP crashed 21 per cent in the second quarter.
Stimulus hopes
Instead traders appear to be taking their cue from more upbeat signs of economic recovery.
Last week Bank of England governor Andrew Bailey said the economic fallout from the Covid-19 crisis may not be as bad as previously feared.
Meanwhile markets were buoyed by improved economic data from both the US and China last week.
But the rally has largely been driven by rising hopes that US lawmakers can agree terms on a Covid-19 aid plan.
“It might be that US political leaders are finally managing to make progress towards an actual deal, after President Trump’s move to steal the limelight with an executive order over the weekend,” said Chris Beauchamp, chief market analyst at IG.
“The possibility of more tax cuts has also lifted sentiment, resulting in substantial gains for European markets and a rise for US futures. With earnings season now mostly done and dusted the focus shifts back to the prospect of more US stimulus and the geopolitical picture, which sees the US and China at loggerheads once more.”
Russ Mould, investment director at AJ Bell, agreed that “hopes of bi-partisan agreement on a US fiscal stimulus package helped stoke the fires of a market rally”.
“The index took its cue from this news and strong trading in the US overnight rather than backward-looking UK jobs data which, to the surprise of precisely no-one revealed a pretty bad picture through lockdown.”
But he added: “The markets may well be keeping its powder dry ahead of the end of the furlough scheme in October, when the full scale of the unemployment crisis may be more apparent.”
Positive sentiment was rife across Europe this morning, with Germany’s Dax up 2.05 per cent at 12,948 and the French Cac 40 closing 2.41 per cent higher at 5,027.
US stocks push higher
US stocks built on last night’s gains as markets opened in New York this afternoon.
The S&P 500 and Dow Jones rose 0.35 per cent and 1.20 per cent respectively. However, the Nasdaq slipped 0.45 per cent.
The optimism builds on a bullish week of trading as Wall Street, with the S&P 500 on track to reach record highs.
Traders have been spurred on both by talks over a US stimulus package and a potential capital gains tax.
Confidence has also increased as the result of a better-than-expected earnings season, which increased hopes of recovery from the coronavirus crisis.
Connor Campbell, financial analyst at Spreadex, said US President Donald Trump had “gone into white knight mode” by pointing to a Covid-19 relief fund and capital gains tax.
“Add onto that the ongoing negotiations regarding a second stimulus package from Congress, and investors were able to look beyond the US-China tensions that had caused a fair few jitters in the past week or so.”
Wall Street also received a boost following reports that Russia has approved the world’s first Covid-19 vaccine.
However, concerns have been raised about whether the vaccine — dubbed Sputnik-V — has undergone sufficient testing.
“While it is easy to get carried away with the prospect of a vaccine, the speed at which it has been completed is a little concerning, given that there is little data on any possible long term side effects,” said Michael Hewson at CMC Markets.
US-China tensions
Campbell added that the day’s trading was “one of those sessions that seems to fly in the face of the most recent string of headlines”.
Tensions have been mounting between the US and China in recent weeks after Trump issued bans on Chinese-owned tech firms Tiktok and Wechat.
China last night imposed sanctions on several senior Republican senators in retaliation against US sanctions on 11 China and Hong Kong officials, including Carrie Lam.
However, traders appeared unperturbed, while Asia Pacific stocks also ticked up in this morning’s session.
FTSE 100 risers
British Airways owner IAG was flying high in today’s session, with shares up 6.74 per cent.
It came after Russia announced it had approved the world’s first coronavirus vaccine for use.
The vaccine spurred on hopes that an effective vaccine can be found to bring the coronavirus crisis to an end.
Travel firms were most buoyed by the reports, with Norwegian Air and Carnival both pushing higher.
Intercontinental Hotels Group was also among the top FTSE 100 risers this morning as shares gained 6.6 per cent.
The Buckinghamshire-based hotels giant reported a hefty hit to its performance in the first half as lockdown measures decimated bookings.
Revenue dropped 51 per cent to $488m (£373m), while underlying operating profit slumped 83 per cent to $70m.
Despite this, investors showed hopes of a recovery for the hotel company as travel begins to pick up after the lockdown.
“Lockdowns have hit hoteliers hard, but as IHG only owns 26 of its portfolio of nearly 6,000 hotels, it’s fared better many,” said Emilie Stevens, equity analyst at Hargreaves Lansdown.
“Despite the group’s global occupancy dropping to 25 per cent in the second quarter and revenue per room falling by half in the first half, the group remained profitable. While it’s offered support to franchisees over the crisis, not being on the hook for hotel running costs has gone a long way.”


cityam--2020-08-11--Four charts that show how badly the pandemic has hit UK jobs

The largest number of people lost jobs in the UK in one quarter since the height of the financial crisis , official statistics showed today .
According to data from the ONS , 32.9m people aged 16 years and over are currently in employment , 220,000 fewer than the previous quarter .
Read more : UK unemployment : 730,000 Brits lose their jobs in lockdown That ’ s the single largest decrease since May to July 2009 , during the previous financial crisis .
And experts say that the figures could yet get considerably worse as the government begins to @ @ @ @ @ @ @ Currently , the government ’ s job retention “ furlough ” scheme is covering 80 per cent of the wages of 9m workers , but this is due to end in October , which economists have warned could prompt a spike in the number of people out of a job .
Read more : A third of UK firms plan job cuts by October as furlough scheme ends Here are four other key takeaways from the data .
Between January to March 2020 and April to June 2020 , total actual weekly hours @ @ @ @ @ @ @ record 191.3 million , or 18.4 per cent , to 849.3 million hours .
This was the largest quarterly decrease since estimates began in 1971 , with total hours dropping to its lowest level since September to November 1994 .
According to Jeremy Thomson-Cook , chief economist at Equals Money , the number of hours worked is the “ best metric ” for how the pandemic has actually affected the labour market .
He warned that the end of the furlough scheme would present a “ cliff edge ” for the market , @ @ @ @ @ @ @ use stimulus to begin creating jobs .
Between June and July , the claimant count – the number of people signed up for benefits – increased by 94,400 ( 3.6 per cent ) to 2.7m .
Since lockdown began in March , the figure has increased by 116.8 per cent , or 1.4m in total .
Fiona Cincotta of City Index said that last month ’ s increase was way ahead of estimates of a rise of 10,000 .
There had previously been a drop of 68,500 in June ( to 2.6308 million @ @ @ @ @ @ @ April , when a combined 1.4m people signed up for benefits .
Cincotta said that the increases were because some of those who had been in the “ no-man ’ s land of furlough ” were beginning to appear in the statistics , a trend she said would continue over the coming months .
Before the Open newsletter : Start your day with the City View podcast and key market data In one positive the number of vacancies did increase 10 per cent from the record lows of the April-June period , with @ @ @ @ @ @ @ site Indeed ’ s global economist Jack Kennedy said that was 56 per cent lower than last year .
“ Not only are there far fewer jobs today than there were last year or even in early 2020 , the mix of available roles has shifted too , which means some of the jobs people search for simply are no longer there ” , he said .
The ONS said that the increase was driven by small businesses ( less than 50 employees ) , some of which reported taking on staff to @ @ @ @ @ @ @ sign of trouble ahead , total pay dropped by 1.2 per cent in the three months to June , which translates as a two per cent fall in real terms .
The government ’ s furlough scheme dented the average earnings for UK jobs left as many as 9m workers being paid just 80 per cent of their salaries .
But economists warned today that wages are unlikely to grow once the pandemic passes .
“ Annual earnings saw a further marked weakening in June and they look set to remain under pressure @ @ @ @ @ @ @ Archer , chief economic adviser to the EY Item Club , said .
Read more : London calling : Why it ’ s time to bring life back to our city ’ s streets “ Looking ahead , many companies are looking to freeze or cut pay , and to reduce bonuses .
”

Four charts that show how badly the pandemic has hit UK jobs
The largest number of people lost jobs in the UK in one quarter since the height of the financial crisis, official statistics showed today.
According to data from the ONS, 32.9m people aged 16 years and over are currently in employment, 220,000 fewer than the previous quarter.
That’s the single largest decrease since May to July 2009, during the previous financial crisis.
And experts say that the figures could yet get considerably worse as the government begins to wrap up its business support schemes.
Currently, the government’s job retention “furlough” scheme is covering 80 per cent of the wages of 9m workers, but this is due to end in October, which economists have warned could prompt a spike in the number of people out of a job.
Here are four other key takeaways from the data.
1. Number of hours worked crashes at record pace
Between January to March 2020 and April to June 2020, total actual weekly hours worked in the UK decreased by a record 191.3 million, or 18.4 per cent, to 849.3 million hours.
This was the largest quarterly decrease since estimates began in 1971, with total hours dropping to its lowest level since September to November 1994.
According to Jeremy Thomson-Cook, chief economist at Equals Money, the number of hours worked is the “best metric” for how the pandemic has actually affected the labour market.
He warned that the end of the furlough scheme would present a “cliff edge” for the market, and said the government would need to use stimulus to begin creating jobs.
2. Benefit claimants count surges
Between June and July, the claimant count – the number of people signed up for benefits – increased by 94,400 (3.6 per cent) to 2.7m.
Since lockdown began in March, the figure has increased by 116.8 per cent, or 1.4m in total.
Fiona Cincotta of City Index said that last month’s increase was way ahead of estimates of a rise of 10,000.
There had previously been a drop of 68,500 in June (to 2.6308 million) following large increases in May and April, when a combined 1.4m people signed up for benefits.
Cincotta said that the increases were because some of those who had been in the “no-man’s land of furlough” were beginning to appear in the statistics, a trend she said would continue over the coming months.
Before the Open newsletter: Start your day with the City View podcast and key market data
3. UK jobs vacancies rise from record low
In one positive the number of vacancies did increase 10 per cent from the record lows of the April-June period, with 370,000 UK jobs available.
But jobs site Indeed’s global economist Jack Kennedy said that was 56 per cent lower than last year.
“Not only are there far fewer jobs today than there were last year or even in early 2020, the mix of available roles has shifted too, which means some of the jobs people search for simply are no longer there”, he said.
The ONS said that the increase was driven by small businesses (less than 50 employees), some of which reported taking on staff to meet coronavirus guidelines.
4. Coronavirus causes wages to shrink
In a further sign of trouble ahead, total pay dropped by 1.2 per cent in the three months to June, which translates as a two per cent fall in real terms.
The government’s furlough scheme dented the average earnings for UK jobs left as many as 9m workers being paid just 80 per cent of their salaries.
But economists warned today that wages are unlikely to grow once the pandemic passes.
“Annual earnings saw a further marked weakening in June and they look set to remain under pressure over the coming months,” Howard Archer, chief economic adviser to the EY Item Club, said.
“Looking ahead, many companies are looking to freeze or cut pay, and to reduce bonuses.”


cityam--2020-08-11--Prudential to spin off US unit to focus on Asia and Africa

Insurer Prudential said today it planned to spin off its US business Jackson to focus on Asia and Africa , as its adjusted operating profit fell three per cent in the first half .
A minority initial public offering ( IPO ) of Jackson is planned for the first half of 2021 , with “ full divestment over time ” , Prudential said in a statement .
Read more : Insurance giant Prudential to float stake in US business Prudential ’ s shares jumped 2.5 per cent to 1,262p as investors cheered news of the exit plan , after many @ @ @ @ @ @ @ the footsteps of fellow insurers Standard Life and Old Mutual , which have both split up their operations in recent years .
Prudential spun off its European funds unit M & G last year .
Reuters reported earlier this year that Prudential was considering a divestment of Jackson .
Pressure had built on the insurer after US hedge fund Third Point took a more than $ 2bn ( £1.5bn ) stake earlier this year and called on management to split the company in two .
The insurer sold a minority equity stake in @ @ @ @ @ @ @ $ 500m in June , in the first phase of its plan to create an independent US business .
Read more : Prudential plans sale of stake in US arm “ The separation and divestment of Jackson would transform Prudential into a group purely targeting the structural opportunities of Asia and Africa , ” Prudential chief executive Mike Wells , a former boss of Jackson , said .
Analysts at Jefferies said a disposal of Jackson would reduce the risk premium currently applied to Prudential , reiterating their hold rating .
Operating profit @ @ @ @ @ @ @ a forecast of $ 2.4bn , according to a company-compiled consensus forecast .
Asia ’ s operating profit was up 14 per cent , but Jackson ’ s profit fell 19 per cent .
Prudential said it was introducing a new dividend policy , aligned to growth in the Asia and Africa businesses .
It said it would pay an interim dividend of 5.37 cents per share , one-third of its expected full-year 2020 dividend .

Prudential to spin off US unit to focus on Asia and Africa
s previously announced in May 2022, Anil Wadhwani will join Prudential as chief executive
Insurer Prudential said today it planned to spin off its US business Jackson to focus on Asia and Africa, as its adjusted operating profit fell three per cent in the first half.
A minority initial public offering (IPO) of Jackson is planned for the first half of 2021, with “full divestment over time”, Prudential said in a statement.
Prudential’s shares jumped 2.5 per cent to 1,262p as investors cheered news of the exit plan, after many had urged the company to follow in the footsteps of fellow insurers Standard Life and Old Mutual, which have both split up their operations in recent years.
Prudential spun off its European funds unit M&G last year.
Reuters reported earlier this year that Prudential was considering a divestment of Jackson.
Pressure had built on the insurer after US hedge fund Third Point took a more than $2bn (£1.5bn) stake earlier this year and called on management to split the company in two.
The insurer sold a minority equity stake in Jackson to Apollo Global-backed Athene Holding for $500m in June, in the first phase of its plan to create an independent US business.
“The separation and divestment of Jackson would transform Prudential into a group purely targeting the structural opportunities of Asia and Africa,” Prudential chief executive Mike Wells, a former boss of Jackson, said.
Analysts at Jefferies said a disposal of Jackson would reduce the risk premium currently applied to Prudential, reiterating their hold rating.
Operating profit came in at $2.5bn, above a forecast of $2.4bn, according to a company-compiled consensus forecast.
Asia’s operating profit was up 14 per cent, but Jackson’s profit fell 19 per cent.
Prudential said it was introducing a new dividend policy, aligned to growth in the Asia and Africa businesses.
It said it would pay an interim dividend of 5.37 cents per share, one-third of its expected full-year 2020 dividend.


cityam--2020-08-11--New Zealand records first coronavirus outbreak in 102 days

New Zealand has recorded its first locally transmitted coronavirus cases in 102 days .
Four positive coronavirus tests have been reported in one family from an unknown source .
Read more : New Zealand reports two new coronavirus cases who flew in from London The only positive cases New Zealand had recorded in the past 102 days had been in quarantine facilities from people coming into the country from overseas .
Prime Minister Jacinda Ardern said a temporary lockdown would be implemented in Auckland , which has a 1.6m population , to allow health officials to “ assess the situation @ @ @ @ @ @ @ allowed to leave their homes for the time being .
“ We are asking people in Auckland to stay home to stop the spread , ” she said .
“ Act as if you have Covid , and as if the people around you have Covid.
” Before the Open newsletter : Start your day with the City View podcast and key market data The first person to test positive was a 50-year-old Auckland man , who returned two positive swabs .
It was then discovered that his wife and two children had @ @ @ @ @ @ @ displayed Covid-like symptoms for five days prior to the test , sparking fears he may have spread the virus even further .
“ We have not yet been able to determine the source of these cases , there is no known link to hotel quarantine , ” Ardern said .
“ One of the most important lessons we have learned from overseas is to go hard at this…in line with our precautionary approach , we will be asking Aucklanders to take swift lockdown.
” Read more : Russia becomes first country to approve @ @ @ @ @ @ @ lauded for its coronavirus response , after it recorded just 22 deaths from the disease .
Ireland , which has a similar population to New Zealand , in comparison had more than 1,200 deaths .

New Zealand records first coronavirus outbreak in 102 days
New Zealand’s Prime Minister Jacinda Ardern attends the launch of the Labour Party’s election campaign in Auckland on August 8, 2020, ahead of the country’s general elections scheduled for September 19. (Photo by MICHAEL BRADLEY / AFP) (Photo by MICHAEL BRADLEY/AFP via Getty Images)
New Zealand has recorded its first locally transmitted coronavirus cases in 102 days.
Four positive coronavirus tests have been reported in one family from an unknown source.
The only positive cases New Zealand had recorded in the past 102 days had been in quarantine facilities from people coming into the country from overseas.
Prime Minister Jacinda Ardern said a temporary lockdown would be implemented in Auckland, which has a 1.6m population, to allow health officials to “assess the situation”.
Only essential workers will be allowed to leave their homes for the time being.
“We are asking people in Auckland to stay home to stop the spread,” she said.
“Act as if you have Covid, and as if the people around you have Covid.”
Before the Open newsletter: Start your day with the City View podcast and key market data
The first person to test positive was a 50-year-old Auckland man, who returned two positive swabs.
It was then discovered that his wife and two children had also contracted the virus.
The man displayed Covid-like symptoms for five days prior to the test, sparking fears he may have spread the virus even further.
“We have not yet been able to determine the source of these cases, there is no known link to hotel quarantine,” Ardern said.
“One of the most important lessons we have learned from overseas is to go hard at this…in line with our precautionary approach, we will be asking Aucklanders to take swift lockdown.”
New Zealand had been lauded for its coronavirus response, after it recorded just 22 deaths from the disease.
Ireland, which has a similar population to New Zealand, in comparison had more than 1,200 deaths.


cityam--2020-08-11--Revolut trebles loss as digital bank continues to expand customer base

Digital banking firm Revolut trebled its loss last year as the fintech firm took on three times as many staff to handle its continued expansion .
The UK ’ s most valuable fintech said it booked a £104.7m loss in the 12 months ended 31 December , up from £34.1m the previous year .
Read more : Monzo flags ‘ significant doubt ’ over ability to continue as losses double At the end of December , revenue stood at £162.7m , up from £58.2m the year before .
As a result of nearly tripling its customer base from 3.5m in @ @ @ @ @ @ @ , the firm also had to take on almost three times as many staff .
Revolut ’ s global headcount now stands at 2,261 , up from 633 the year before .
It also added nearly 220,000 business accounts , a 260 per cent increase year on year .
Despite the coronavirus downturn , Revolut has continued to grow its customer base , albeit at a slower rate .
In an accompanying announcement to today ’ s results , it said that its customer base had now risen to 13m during the coronavirus @ @ @ @ @ @ @ Start your day with the City View podcast and key market data However , the company said that it had seen a decline in interchange revenue due to customers making fewer transactions during the downturn .
Revolut reassured investors that despite the slowed growth , the firm had “ a comfortable level of headroom above its regulatory capital and liquidity requirements ” .
The performance sets it apart from fellow challenger bank Monzo , which last month said that there was “ significant doubt ” over its ability to continue trading after doubling @ @ @ @ @ @ @ , Starling Bank said it expects to break even by the end of this year and be profitable in 2021 , despite more than doubling its losses in 2019 .
In June , Revolut also completed a new funding round , raising $ 580m , which it said it would use to accelerate its banking operations rollout across Europe , expanding to full bank accounts and lending services .
Founder and chief executive Nic Storonsky said : “ Since the beginning of the year , we have focused on further developing innovative products @ @ @ @ @ @ @ Revolut to new markets , and increasing our revenue streams across the business , while reducing our operational costs .
“ Despite the current economic challenges , we remain focused on our goal of moving towards profitability .
”

Revolut trebles loss as digital bank continues to expand customer base
Digital banking firm Revolut trebled its loss last year as the fintech firm took on three times as many staff to handle its continued expansion.
The UK’s most valuable fintech said it booked a £104.7m loss in the 12 months ended 31 December, up from £34.1m the previous year.
At the end of December, revenue stood at £162.7m, up from £58.2m the year before.
As a result of nearly tripling its customer base from 3.5m in 2018 to 10m at the year end, the firm also had to take on almost three times as many staff.
Revolut’s global headcount now stands at 2,261, up from 633 the year before.
It also added nearly 220,000 business accounts, a 260 per cent increase year on year.
Despite the coronavirus downturn, Revolut has continued to grow its customer base, albeit at a slower rate.
In an accompanying announcement to today’s results, it said that its customer base had now risen to 13m during the coronavirus lockdown.
Before the Open newsletter: Start your day with the City View podcast and key market data
However, the company said that it had seen a decline in interchange revenue due to customers making fewer transactions during the downturn.
Revolut reassured investors that despite the slowed growth, the firm had “a comfortable level of headroom above its regulatory capital and liquidity requirements”.
The performance sets it apart from fellow challenger bank Monzo, which last month said that there was “significant doubt” over its ability to continue trading after doubling its losses during the pandemic.
Meanwhile, Starling Bank said it expects to break even by the end of this year and be profitable in 2021, despite more than doubling its losses in 2019.
In June, Revolut also completed a new funding round, raising $580m, which it said it would use to accelerate its banking operations rollout across Europe, expanding to full bank accounts and lending services.
Founder and chief executive Nic Storonsky said: “Since the beginning of the year, we have focused on further developing innovative products for our customers, continuing to introduce Revolut to new markets, and increasing our revenue streams across the business, while reducing our operational costs.
“Despite the current economic challenges, we remain focused on our goal of moving towards profitability.”


cityam--2020-08-11--Softbank bounces back with $12bn profit thanks to tech boom

Softbank has bounced back from a record loss earlier in the year after strong performances by its tech investments fuelled a $ 12bn ( £9.2bn ) quarterly profit .
The Japanese conglomerate plunged to its worst ever annual performance in March after recording a huge $ 18bn loss for its flagship $ 100bn Vision Fund .
Softbank set out plans for a $ 41bn asset sale in the wake of the results , while it is reportedly set to cut 15 per cent of jobs at the investment arm that controls the Vision Fund .
But Softbank rebounded in the @ @ @ @ @ @ @ with a net profit of 1.3 trillion yen ( $ 11.8bn ) .
The group ’ s embattled Vision Fund recorded a $ 2.8bn profit over the quarter as a rally in global tech stocks boosted its investments in firms such as Uber and Slack .
The fund also benefited from strong public listings , including the successful New York float of US insurance startup Lemonade last month .
Softbank said it has raised 4.3 trillion yen from selling down stakes in Chinese ecommerce giant Alibaba , its Japanese telecoms unit and T-Mobile @ @ @ @ @ @ @ The Japanese giant is also in talks with US chip giant Nvidia over a sale of Cambridge-based chip designer Arm in a deal worth a reported $ 32bn .
The turnaround will be a boon to founder and chairman Masayoshi Son after a turbulent period for the investment stalwart .
Read more : Twitter wades into bidding war for Tiktok ’ s US operations However , Softbank could be facing fresh trouble over its stake in the Chinese owner of Tiktok .
Microsoft and Twitter are reportedly in discussions with Bytedance over a @ @ @ @ @ @ @ following a ban announced by US President Donald Trump .

Softbank bounces back with $12bn profit thanks to tech boom
Softbank has bounced back from a record loss earlier in the year after strong performances by its tech investments fuelled a $12bn (£9.2bn) quarterly profit.
The Japanese conglomerate plunged to its worst ever annual performance in March after recording a huge $18bn loss for its flagship $100bn Vision Fund.
Softbank set out plans for a $41bn asset sale in the wake of the results, while it is reportedly set to cut 15 per cent of jobs at the investment arm that controls the Vision Fund.
But Softbank rebounded in the three months to the end of June with a net profit of 1.3 trillion yen ($11.8bn).
The group’s embattled Vision Fund recorded a $2.8bn profit over the quarter as a rally in global tech stocks boosted its investments in firms such as Uber and Slack.
The fund also benefited from strong public listings, including the successful New York float of US insurance startup Lemonade last month.
Softbank said it has raised 4.3 trillion yen from selling down stakes in Chinese ecommerce giant Alibaba, its Japanese telecoms unit and T-Mobile following its merger with rival Sprint.
The Japanese giant is also in talks with US chip giant Nvidia over a sale of Cambridge-based chip designer Arm in a deal worth a reported $32bn.
The turnaround will be a boon to founder and chairman Masayoshi Son after a turbulent period for the investment stalwart.
However, Softbank could be facing fresh trouble over its stake in the Chinese owner of Tiktok.
Microsoft and Twitter are reportedly in discussions with Bytedance over a sale of the hit social media app following a ban announced by US President Donald Trump.


cityam--2020-08-11--Russia becomes first country to approve a coronavirus vaccine

Russia has become the first country to deem a coronavirus vaccine as safe for widespread use after less than two months of human testing , according to President Vladimir Putin .
Putin said the vaccine has “ passed all the needed checks ” and that he had even given the vaccine to one of his daughters .
Read more : UK and Valneva agree to set up coronavirus vaccine facility in Scotland The vaccine was developed at the Gamaleya Institute in Moscow and has been granted regulatory approval by Russia ’ s health ministry .
Putin said that Russia would @ @ @ @ @ @ @ of the vaccine .
The news is sure to prompt skepticism that a country has been able to approve a safe vaccine in such a short time , despite Putin ’ s assurances to the contrary .
Before the Open newsletter : Start your day with the City View podcast and key market data The Gamaleya Institute vaccine has been deemed safe for roll out even before it has completed Phase III trials , which involve thousands of participants .
Usually vaccines are not deemed safe before this phase of testing happens .
@ @ @ @ @ @ @ is in fact evidence of its scientific prowess and not unsafe practices .
Putin ’ s announcement comes after the UK , US and Canada claimed last month that Kremlin-backed cyber criminals had hacked into organisations and laboratories working on Covid-19 vaccines .
Read more : WHO head warns that there may never be ‘ silver bullet ’ coronavirus vaccine The hacking group known as APT29 – also known as Cozy Bear and The Dukes – allegedly tried to steal information across the globe from vaccine trials .
It is believed that the @ @ @ @ @ @ @ at Oxford University and Imperial College were targets of the group .

Russia becomes first country to approve a coronavirus vaccine
Russian President Vladimir Putin chairs a meeting with members of the government via a teleconference call at the Novo-Ogaryovo state residence outside Moscow on August 11, 2020
Russia has become the first country to deem a coronavirus vaccine as safe for widespread use after less than two months of human testing , according to President Vladimir Putin.
Putin said the vaccine has “passed all the needed checks” and that he had even given the vaccine to one of his daughters.
The vaccine was developed at the Gamaleya Institute in Moscow and has been granted regulatory approval by Russia’s health ministry.
Putin said that Russia would now begin a wide national roll out of the vaccine.
The news is sure to prompt skepticism that a country has been able to approve a safe vaccine in such a short time, despite Putin’s assurances to the contrary.
Before the Open newsletter: Start your day with the City View podcast and key market data
The Gamaleya Institute vaccine has been deemed safe for roll out even before it has completed Phase III trials, which involve thousands of participants.
Usually vaccines are not deemed safe before this phase of testing happens.
Russia has said that the quick turnaround is in fact evidence of its scientific prowess and not unsafe practices.
Putin’s announcement comes after the UK, US and Canada claimed last month that Kremlin-backed cyber criminals had hacked into organisations and laboratories working on Covid-19 vaccines.
The hacking group known as APT29 – also known as Cozy Bear and The Dukes – allegedly tried to steal information across the globe from vaccine trials.
It is believed that the UK’s two coronavirus vaccine projects at Oxford University and Imperial College were targets of the group.


cityam--2020-08-11--Derwent London hikes dividend as landlord expects resilient office demand

Property firm Derwent London this morning said it expects demand for office space to be resilient despite the coronavirus pandemic , saying there is “ no substitute ” for face-to-face collaboration .
The landlord hiked its dividend for the first half of the year as it said it is confident about the future of the role of the office , despite the home-working boom sparked by the Covid-19 crisis .
Gross rental income reached £97.8m in the first six months of 2020 , up five per cent from £93.1m in the first half of last year .
However the impact @ @ @ @ @ @ @ rental income fall to £84.4m .
Read more : Derwent London to sell two Soho properties to Travelex founder The company swung to a loss of £13.2m , down from profit of £129.6m last year .
EPRA earnings were £54.7m or 48.9p per share compared to 51.3p last year .
The company suffered an underlying valuation decline of 0.9 per cent , compared to a 1.9 per cent uplift over the second half of 2019 .
Derwent increased its dividend by 4.8 per cent to 22p per share .
The company has received @ @ @ @ @ @ @ for the March quarter plus 11 per cent due under agreed payment plans .
For the June quarter , 78 per cent of rents have been received , with another six per cent due later in the quarter and nine per cent under agreed deferrals .
The commercial property landlord said this morning that workers are gradually returning to their London offices .
However it said changing work patterns , such as working remotely , that were happening before the pandemic have now been accelerated .
Derwent will focus on flexible office spaces @ @ @ @ @ @ @ ceilings and better air-quality and ventilation .
“ Companies still need to bring their staff together , for the collaboration that social interaction brings , to build culture , to attract and retain talent and to have a physical embodiment of their brand , ” Derwent said .
“ There is no substitute for building relationships with colleagues and clients in person .
That is fundamental to the recovery of the economy and to our wellbeing.
” Chief executive Paul Williams said : “ Recent events have highlighted the importance of offices for @ @ @ @ @ @ @ to build business culture and attract and develop talent .
“ Derwent London ’ s design-led and adaptable space will support our occupiers returning to their offices , an essential part of getting London back to full strength .
“ Derwent London has a strong financial base with built-in growth from its developments and we have increased the interim dividend 4.8 per cent to 22p per share .
”

Derwent London hikes dividend as landlord expects resilient office demand
Property firm Derwent London this morning said it expects demand for office space to be resilient despite the coronavirus pandemic, saying there is “no substitute” for face-to-face collaboration.
The landlord hiked its dividend for the first half of the year as it said it is confident about the future of the role of the office, despite the home-working boom sparked by the Covid-19 crisis.
The figures
Gross rental income reached £97.8m in the first six months of 2020, up five per cent from £93.1m in the first half of last year.
However the impact of Covid-related costs and impairments saw net rental income fall to £84.4m.
The company swung to a loss of £13.2m, down from profit of £129.6m last year.
EPRA earnings were £54.7m or 48.9p per share compared to 51.3p last year.
The company suffered an underlying valuation decline of 0.9 per cent, compared to a 1.9 per cent uplift over the second half of 2019.
Derwent increased its dividend by 4.8 per cent to 22p per share.
The company has received 81 per cent of the rents due for the March quarter plus 11 per cent due under agreed payment plans.
For the June quarter, 78 per cent of rents have been received, with another six per cent due later in the quarter and nine per cent under agreed deferrals.
Why it’s interesting
The commercial property landlord said this morning that workers are gradually returning to their London offices.
However it said changing work patterns, such as working remotely, that were happening before the pandemic have now been accelerated.
Derwent will focus on flexible office spaces, with larger common areas, higher ceilings and better air-quality and ventilation.
“Companies still need to bring their staff together, for the collaboration that social interaction brings, to build culture, to attract and retain talent and to have a physical embodiment of their brand,” Derwent said.
“There is no substitute for building relationships with colleagues and clients in person. That is fundamental to the recovery of the economy and to our wellbeing.”
What Derwent said