cityam--2020-11-17--Buying the hype – Are baskets a solution to bubbles?

The events and turbulence of this year need no explanation .
The global pandemic , US election and everything in between have sent dramatic waves across the markets .
With so much volatility and uncertainty rocking the markets , stocks have continued to break records and climb to new highs and equal lows throughout the year .
In response , increasing numbers of traders have been entering the stock market at scale , seeking to hedge their bets as lockdowns were imposed across the world .
Technology , pharmaceuticals , Environmental Social and Governance ( ESG ) have all recently @ @ @ @ @ @ @ exceptionally lucrative stock choices this year .
As trading is more accessible and simpler than ever before , the hype and fear of missing out is hard to ignore .
The dot com bubble – the memories no investor wants to relive But with high-climbing numbers , you do not have to look too far to see bankers as well as analysts drawing comparisons between today ’ s markets and the dot com bubble , pronouncing warnings for new and experienced traders alike to beware .
Such references are sure to be ominous @ @ @ @ @ @ @ dot.com bubble – but perhaps less so to the sizeable number of millennial investors in the markets today – where the NASDAQ fell nearly 78 % between March 2000 and October 2002 and did not recover until 2015 , and where many internet and tech companies went bust nearly overnight .
Investors across the board saw huge losses .
It is no surprise that these sorts of allusions get investors nervous when tech stocks today are among the most sought-after and popular investments , accounting for 40 % of companies listed on the @ @ @ @ @ @ @ as the continuing concerns with tech stocks , we have also seen some other notable cases of stock bubbles developing this year , such as Korean biotech , and more recently , ESG investing .
Whether these are bubbles ready to burst or false alarms is yet to be seen – but perhaps we should not leap to brand every trend a bubble .
Thankfully , troves of investing opportunities remain to be seized .
For new traders beginning to navigate the opportunities in such a unique and overwhelming market environment , and @ @ @ @ @ @ @ portfolios , a range of tools are available .
For many , Stock Baskets could provide a compelling yet simple solution .
Stock Baskets are a carefully selected range of CFD shares across a particular sector combined into a single tradable instrument .
As such , they make for an affordable and simple , way to bet on the performance of industries as a whole while simultaneously mitigating the risk of over-exposure to a single company .
With a few baskets in tow , the exposure can be spread even wider across several @ @ @ @ @ @ @ overwhelming tasks of researching entire industries , separating hype from performance and picking a single company are eliminated .
With just a few taps , a trader can open a position on the best performing industries , on the most well-known names in equities , quickly and easily .
The right broker , in turn , will provide traders with a meaningful range of choices in trading across industries .
Sure , tech is hot right now , but so is E-Sports , pharmaceuticals , finance , and e-commerce .
For those worried @ @ @ @ @ @ @ profit from the volatility , these could be way forward .
There are plenty of winning bets to be made and profitable positions to be opened , as much as with tech stocks as with other industries .
Third Party Links : Links to third-party sites are provided for your convenience and for informational purposes only .
FXCM bears no liability for the accuracy , content , or any other matter related to the external site or for that of subsequent links , and accepts no liability whatsoever for any loss or damage @ @ @ @ @ @ @ any other content .
Such sites are not within our control and may not follow the same privacy , security , or accessibility standards as ours .
Please read the linked websites ’ terms and conditions .
Market Opinions : Any opinions , news , research , analyses , prices , other information , or links to third-party sites contained on this website are provided as general market commentary and do not constitute investment advice .
The market commentary has not been prepared in accordance with legal requirements designed to promote the independence @ @ @ @ @ @ @ therefore not subject to any prohibition on dealing ahead of dissemination .
FXCM will not accept liability for any loss or damage including , without limitation , to any loss of profit which may arise directly or indirectly from use of or reliance on such information .
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
74.74 per cent of retail investor accounts lose money when trading CFDs with this provider .
You should consider whether you understand how CFDs work and whether you @ @ @ @ @ @ @ of losing your money .
FXCM is a leading provider of online foreign exchange ( FX ) trading , CFD trading , and related services .
Founded in 1999 , the company ’ s mission is to provide global traders with access to the world ’ s largest and most liquid market by offering innovative trading tools , hiring excellent trading educators , meeting strict financial standards and striving for the best online trading experience in the market .
Clients have the advantage of mobile trading , one-click order execution and trading from @ @ @ @ @ @ @ offers educational courses on FX trading and provides trading tools , proprietary data and premium resources .
FXCM Pro provides retail brokers , small hedge funds and emerging market banks access to wholesale execution and liquidity , while providing high and medium frequency funds access to prime brokerage services via FXCM Prime .
FXCM is a Leucadia Company .
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors .
Leverage can work against you .
The products are intended for retail , professional and @ @ @ @ @ @ @ maintain account ( s ) with Forex Capital Markets Limited ( “ FXCM LTD ” ) could sustain a total loss of deposited funds but are not subject to subsequent payment obligations beyond the deposited funds but professional clients and eligible counterparty clients could sustain losses in excess of deposits .
Clients who maintain account ( s ) with FXCM Australia Pty .
Limited ( “ FXCM AU ” ) , FXCM South Africa ( PTY ) Ltd ( “ FXCM ZA ” ) or FXCM Markets Limited ( “ FXCM Markets ” @ @ @ @ @ @ @ deposits .
Prior to trading any products offered by FXCM LTD , inclusive of all EU branches , FXCM AU , FXCM ZA , any affiliates of aforementioned firms , or other firms within the FXCM group of companies [ collectively the “ FXCM Group ” ] , carefully consider your financial situation and experience level .
If you decide to trade products offered by FXCM AU ( AFSL 309763 ) , you must read and understand the Financial Services Guide , Product Disclosure Statement , and Terms of Business .
Our FX @ @ @ @ @ @ @ , are not made on an Exchange and are not governed under the Financial Advisory and Intermediary Services Act .
The FXCM Group may provide general commentary , which is not intended as investment advice and must not be construed as such .
Seek advice from a separate financial advisor .
The FXCM Group assumes no liability for errors , inaccuracies or omissions ; does not warrant the accuracy , completeness of information , text , graphics , links or other items contained within these materials .
Read and understand the Terms and @ @ @ @ @ @ @ websites prior to taking further action .

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Buying the hype – Are baskets a solution to bubbles?
Getty images
The events and turbulence of this year need no explanation. The global pandemic, US election and everything in between have sent dramatic waves across the markets.
With so much volatility and uncertainty rocking the markets, stocks have continued to break records and climb to new highs and equal lows throughout the year. In response, increasing numbers of traders have been entering the stock market at scale, seeking to hedge their bets as lockdowns were imposed across the world.
Technology, pharmaceuticals, Environmental Social and Governance (ESG) have all recently dominated market news in their appeal as exceptionally lucrative stock choices this year. As trading is more accessible and simpler than ever before, the hype and fear of missing out is hard to ignore.
The dot com bubble – the memories no investor wants to relive
But with high-climbing numbers, you do not have to look too far to see bankers as well as analysts drawing comparisons between today’s markets and the dot com bubble, pronouncing warnings for new and experienced traders alike to beware.
Such references are sure to be ominous for traders old enough to remember the dot.com bubble – but perhaps less so to the sizeable number of millennial investors in the markets today – where the NASDAQ fell nearly 78% between March 2000 and October 2002 and did not recover until 2015, and where many internet and tech companies went bust nearly overnight. Investors across the board saw huge losses.
It is no surprise that these sorts of allusions get investors nervous when tech stocks today are among the most sought-after and popular investments, accounting for 40% of companies listed on the S&P 500. As well as the continuing concerns with tech stocks, we have also seen some other notable cases of stock bubbles developing this year, such as Korean biotech, and more recently, ESG investing. Whether these are bubbles ready to burst or false alarms is yet to be seen – but perhaps we should not leap to brand every trend a bubble.
Swapping bubbles for baskets
Thankfully, troves of investing opportunities remain to be seized. For new traders beginning to navigate the opportunities in such a unique and overwhelming market environment, and for experienced traders looking to diversify their portfolios, a range of tools are available.
For many, Stock Baskets could provide a compelling yet simple solution. Stock Baskets are a carefully selected range of CFD shares across a particular sector combined into a single tradable instrument. As such, they make for an affordable and simple, way to bet on the performance of industries as a whole while simultaneously mitigating the risk of over-exposure to a single company. With a few baskets in tow, the exposure can be spread even wider across several industries.
Thanks to these, the overwhelming tasks of researching entire industries, separating hype from performance and picking a single company are eliminated. With just a few taps, a trader can open a position on the best performing industries, on the most well-known names in equities, quickly and easily.
The right broker, in turn, will provide traders with a meaningful range of choices in trading across industries. Sure, tech is hot right now, but so is E-Sports, pharmaceuticals, finance, and e-commerce. For those worried about tech stocks but still wanting to profit from the volatility, these could be way forward. There are plenty of winning bets to be made and profitable positions to be opened, as much as with tech stocks as with other industries.
Third Party Links: Links to third-party sites are provided for your convenience and for informational purposes only. FXCM bears no liability for the accuracy, content, or any other matter related to the external site or for that of subsequent links, and accepts no liability whatsoever for any loss or damage arising from the use of this or any other content. Such sites are not within our control and may not follow the same privacy, security, or accessibility standards as ours. Please read the linked websites’ terms and conditions.
Market Opinions: Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. FXCM will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
74.74 per cent of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading, and related services. Founded in 1999, the company’s mission is to provide global traders with access to the world’s largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides trading tools, proprietary data and premium resources. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime. FXCM is a Leucadia Company.
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. The products are intended for retail, professional and eligible counterparty clients. Retail clients who maintain account(s) with Forex Capital Markets Limited (“FXCM LTD”) could sustain a total loss of deposited funds but are not subject to subsequent payment obligations beyond the deposited funds but professional clients and eligible counterparty clients could sustain losses in excess of deposits. Clients who maintain account(s) with FXCM Australia Pty. Limited (“FXCM AU”), FXCM South Africa (PTY) Ltd (“FXCM ZA”) or FXCM Markets Limited (“FXCM Markets”) could sustain losses in excess of deposits. Prior to trading any products offered by FXCM LTD, inclusive of all EU branches, FXCM AU, FXCM ZA, any affiliates of aforementioned firms, or other firms within the FXCM group of companies [collectively the “FXCM Group”], carefully consider your financial situation and experience level. If you decide to trade products offered by FXCM AU (AFSL 309763), you must read and understand the Financial Services Guide, Product Disclosure Statement, and Terms of Business. Our FX and CFD prices are set by us, are not made on an Exchange and are not governed under the Financial Advisory and Intermediary Services Act. The FXCM Group may provide general commentary, which is not intended as investment advice and must not be construed as such. Seek advice from a separate financial advisor. The FXCM Group assumes no liability for errors, inaccuracies or omissions; does not warrant the accuracy, completeness of information, text, graphics, links or other items contained within these materials. Read and understand the Terms and Conditions on the FXCM Group’s websites prior to taking further action.


cityam--2020-11-17--Rishi Sunak 'pushing' for cut in UK's aid budget in spending review

The Treasury is reportedly pushing Number 10 to slash the UK ’ s annual foreign aid budget of 0.7 per cent of gross national income .
Rishi Sunak is pushing for the annual aid budget to be cut to 0.5 per cent of national income in next week ’ s spending review as the government looks for ways to pay off the more than £200bn spent during the Covid crisis .
Read more : Rishi Sunak considers new UK road pricing scheme to plug £40bn black hole The Times reports that Sunak thinks it necessary for the UK to cut @ @ @ @ @ @ @ is in a deep recession domestically .
Boris Johnson is said to want any cut to only be temporary , while foreign secretary Dominic Raab is against any alteration to the UK ’ s aid regime altogether .
In September , the foreign secretary said he was committed to maintaining the aid target .
Before the Open newsletter : Start your day with the City View podcast and key market data His department became responsible for the government ’ s aid programme earlier this year , after the Department for International Development was @ @ @ @ @ @ @ .
There is room for the government to cut its aid target in the International Development Act Britain , which says there are three circumstances where it is deemed reasonable to make changes .
If there is a “ substantial change ” in gross national income , if the aid would affect borrowing and because of “ circumstances outside the UK ” .
Read more : Boris Johnson in hot water after calling Scottish devolution a ‘ disaster ’ Speaking to LBC , housing secretary Robert Jenrick strongly hinted that aid cuts could @ @ @ @ @ @ @ think it is a legitimate question for us to ask at this moment in time whether or not it would be wise to spend somewhat less in light of the fact public finances are in a really challenging situation , ” he said .

Rishi Sunak ‘pushing’ for cut in UK’s aid budget in spending review
The Treasury is reportedly pushing Number 10 to slash the UK’s annual foreign aid budget of 0.7 per cent of gross national income.
Rishi Sunak is pushing for the annual aid budget to be cut to 0.5 per cent of national income in next week’s spending review as the government looks for ways to pay off the more than £200bn spent during the Covid crisis.
The Times reports that Sunak thinks it necessary for the UK to cut its foreign aid budget since the country is in a deep recession domestically.
Boris Johnson is said to want any cut to only be temporary, while foreign secretary Dominic Raab is against any alteration to the UK’s aid regime altogether.
In September, the foreign secretary said he was committed to maintaining the aid target.
Before the Open newsletter: Start your day with the City View podcast and key market data
His department became responsible for the government’s aid programme earlier this year, after the Department for International Development was folded into the Foreign and Commonwealth Office.
‘Legitimate question’
There is room for the government to cut its aid target in the International Development Act Britain, which says there are three circumstances where it is deemed reasonable to make changes.
If there is a “substantial change” in gross national income, if the aid would affect borrowing and because of “circumstances outside the UK”.
Speaking to LBC, housing secretary Robert Jenrick strongly hinted that aid cuts could be on the way.
“I think it is a legitimate question for us to ask at this moment in time whether or not it would be wise to spend somewhat less in light of the fact public finances are in a really challenging situation,” he said.


cityam--2020-11-17--Swissport axes 3,000 jobs after ‘refusing’ to access furlough scheme

Baggage handler Swissport is making 3,000 employees redundant after refusing to put them on furlough , according to a leading union .
There was a wave of redundancies ahead of the 31 December deadline for the furlough scheme , which sees the government pay 80 per cent of employees ’ wages .
The Chancellor Rishi Sunak belatedly extended the scheme until March following the announcement of a second lockdown in England .
The GMB Union claims the Swissport redundancies were announced before the extension and “ were based on flight scheduling predictions before hopes of a successful vaccine were announced @ @ @ @ @ @ @ buoyed by news of two effective vaccines in the past week with hope that international travel could return by the spring .
GMB said it had written to Swissport to request that employees earmarked for redundancy be put on furlough instead .
“ The company refused , citing delays to the furlough announcement and lack of clarity over the application of the scheme as reasons for not accessing it , ” GMB said .
“ This is a devastating blow for thousands of our members… Thousands are now facing the prospect of a @ @ @ @ @ @ @ Swissport ’ s intractable attitude , ” said Nadine Houghton , GMB National Officer .
It comes after the baggage handler announced 4,175 job cuts over the summer , which GMB and Unite described as “ devastating news ” .
Today Swissport said it had reduced the figure to 2,020 compulsory redundancies and 1,181 voluntary redundancies .
Swissport today said it would be using th efurlough scheme for colleagues due to return to work this month , but can not make use of it for the compulsory redundancies .
“ Sadly we know @ @ @ @ @ @ @ make these jobs viable doesn ’ t exist right now .
We are facing several years of difficult recovery and we must focus on the jobs we have managed to mitigate in order to remain a stable and reliable partner , ” a spokesperson said .
Read more : Budget carrier Easyjet posts first ever full year loss Unite national officer Oliver Richardson said the decision was a “ hammer blow ” and the decision not to use the job retention scheme was “ simply wrong ” .
“ While Unite and its @ @ @ @ @ @ @ s action , much of the blame must go to the government which announced the extension of the furlough scheme at the last possible minute , when employers had already begun the redundancy process and the lack of an aviation-specific support package which it first promised in March , ” he added .

Swissport axes 3,000 jobs after ‘refusing’ to access furlough scheme
Baggage handler Swissport will make 3,000 employees redundant.
Baggage handler Swissport is making 3,000 employees redundant after refusing to put them on furlough, according to a leading union.
There was a wave of redundancies ahead of the 31 December deadline for the furlough scheme, which sees the government pay 80 per cent of employees’ wages.
The Chancellor Rishi Sunak belatedly extended the scheme until March following the announcement of a second lockdown in England.
The GMB Union claims the Swissport redundancies were announced before the extension and “were based on flight scheduling predictions before hopes of a successful vaccine were announced”.
The aviation industry has been buoyed by news of two effective vaccines in the past week with hope that international travel could return by the spring.
GMB said it had written to Swissport to request that employees earmarked for redundancy be put on furlough instead. “The company refused, citing delays to the furlough announcement and lack of clarity over the application of the scheme as reasons for not accessing it,” GMB said.
“This is a devastating blow for thousands of our members… Thousands are now facing the prospect of a joyless Christmas with no job thanks to Swissport’s intractable attitude,” said Nadine Houghton, GMB National Officer.
It comes after the baggage handler announced 4,175 job cuts over the summer, which GMB and Unite described as “devastating news”. Today Swissport said it had reduced the figure to 2,020 compulsory redundancies and 1,181 voluntary redundancies.
Swissport today said it would be using th efurlough scheme for colleagues due to return to work this month, but cannot make use of it for the compulsory redundancies.
“Sadly we know the level of flight volumes necessary to make these jobs viable doesn’t exist right now. We are facing several years of difficult recovery and we must focus on the jobs we have managed to mitigate in order to remain a stable and reliable partner,” a spokesperson said.
Unite national officer Oliver Richardson said the decision was a “hammer blow” and the decision not to use the job retention scheme was “simply wrong”.
“While Unite and its members are bitterly disappointed with Swissport’s action, much of the blame must go to the government which announced the extension of the furlough scheme at the last possible minute, when employers had already begun the redundancy process and the lack of an aviation-specific support package which it first promised in March,” he added.


cityam--2020-11-18--European tech industry calls for delay to new regulation

A group representing Europe ’ s thriving tech industry has called for a moratorium on looming new regulation until a review has been carried out into the impact of the changes .
The EU will next month table new laws designed to prevent tech companies from unfairly promoting their own products and services and holding firms more accountable for policing content on their platform .
Read more : EU to ban tech firms from promoting their own services in new crackdown But the Digital Future for Europe coalition , which represents more than 100 think tanks , startups and small @ @ @ @ @ @ @ plans to be put on hold .
It urged the European Commission to halt the process until a body such as the European Innovation Council ( EIC ) had completed a review of policy and made recommendations on how to stimulate innovation and improve regulation .
“ Europe ’ s tech sector is dependent on a culture of innovation and the future regulatory environment needs to support this vision , ” it said .
“ With potentially heavy-handed regulations being considered for AI and other areas , it is appropriate for the Commission @ @ @ @ @ @ @ on the new regulations and focus on empowering start-ups to lead the post-Covid-19 recovery.
” Digital Future for Europe outlined a series of recommendations that it said would allow the tech sector to flourish post-Covid , including calls for an expanded fund to support projects working on pandemic resilience .
The campaign group said the tech sector had played a key role during the pandemic , both through scientific progress and economic solutions to lockdown measures .
It called for the EIC ’ s fund size to be expanded beyond its current level @ @ @ @ @ @ @ sector coming out of this crisis is tech , but the crucial thing is how tech has enabled so many other sectors to become more resilient , ” said Joel Gladwin , head of policy at The Coalition for a Digital Economy .
Read more : EU accuses Amazon of ‘ distorting ’ competition in ecommerce market “ It ’ s obvious that the more a government does to protect start-ups and scaleups , the more they will enable a tech-powered recovery for the entire economy.
” Other recommendations in the report included @ @ @ @ @ @ @ funds , collaboration on digital IDs and mutual recognition of startup visas .

European tech industry calls for delay to new regulation
A group representing Europe’s thriving tech industry has called for a moratorium on looming new regulation until a review has been carried out into the impact of the changes.
The EU will next month table new laws designed to prevent tech companies from unfairly promoting their own products and services and holding firms more accountable for policing content on their platform.
But the Digital Future for Europe coalition, which represents more than 100 think tanks, startups and small tech firms, today called for the plans to be put on hold.
It urged the European Commission to halt the process until a body such as the European Innovation Council (EIC) had completed a review of policy and made recommendations on how to stimulate innovation and improve regulation.
“Europe’s tech sector is dependent on a culture of innovation and the future regulatory environment needs to support this vision,” it said.
“With potentially heavy-handed regulations being considered for AI and other areas, it is appropriate for the Commission and national governments to place a pause on the new regulations and focus on empowering start-ups to lead the post-Covid-19 recovery.”
Digital Future for Europe outlined a series of recommendations that it said would allow the tech sector to flourish post-Covid, including calls for an expanded fund to support projects working on pandemic resilience.
The campaign group said the tech sector had played a key role during the pandemic, both through scientific progress and economic solutions to lockdown measures. It called for the EIC’s fund size to be expanded beyond its current level of €314m.
“The most resilient sector coming out of this crisis is tech, but the crucial thing is how tech has enabled so many other sectors to become more resilient,” said Joel Gladwin, head of policy at The Coalition for a Digital Economy.
“It’s obvious that the more a government does to protect start-ups and scaleups, the more they will enable a tech-powered recovery for the entire economy.”
Other recommendations in the report included calls for governments to explore digital adoption funds, collaboration on digital IDs and mutual recognition of startup visas.


cityam--2020-11-17--Sorrell lends support to new employability campaign

Sir Martin Sorrell has backed an employability scheme intended to boost job prospects for Brits as the country emerges from 2020 ’ s raft of redundancies .
The # LegUp campaign , the brainchild of employability expert Ronel Lehmann and campaigning MP Rob Halfon , encourages business leaders to engineer just one extra job in the economy – either at their own firms , or by brokering introductions with others .
Lehmann and Halfon are looking for volunteer mentors to offer support , advice and guidance to those currently out of the workforce .
Read more : Tories need to @ @ @ @ @ @ @ of business ” tag , says Sorrell Welcoming the campaign , advertising supremo Sir Martin said : “ My advice to young people is to be persistent and energetic and go where the growth is.
” Lehmann told City A.M. : “ It doesn ’ t matter whether you ’ re a CEO or someone lower down in your organisation , there ’ s always a way to do your bit .
“ It could be an introduction , a Zoom , or a just a supportive conversation – it all makes a @ @ @ @ @ @ @ a job and wondering how you ’ ll ever find your way back to the dignity of a salary , and the greater sense of purpose that comes with work.
” Redundancies have reached a record quarterly high , according to recent Office of National Statistics figures , with the Covid-19 pandemic ravaging industries across the country .
The campaign hopes to build a network of support from CEOs and other senior business figures that will allow some of those who have lost work this year to find their way back into the @ @ @ @ @ @ @ who chairs the Commons ’ Education Select Committee and is the Tory MP for Harlow , said : “ We ’ re not saying people need to give up an enormous amount of time , not a year , maybe just a week .
It ’ s clear that have a mentor makes an enormous difference .
”

Sorrell lends support to new employability campaign
Sir Martin Sorrell has backed an employability scheme intended to boost job prospects for Brits as the country emerges from 2020’s raft of redundancies.
The #LegUp campaign, the brainchild of employability expert Ronel Lehmann and campaigning MP Rob Halfon, encourages business leaders to engineer just one extra job in the economy – either at their own firms, or by brokering introductions with others.
Lehmann and Halfon are looking for volunteer mentors to offer support, advice and guidance to those currently out of the workforce.
Read more: Tories need to do more to claim the “party of business” tag, says Sorrell
Welcoming the campaign, advertising supremo Sir Martin said: “My advice to young people is to be persistent and energetic and go where the growth is.”
Lehmann told City A.M.: “It doesn’t matter whether you’re a CEO or someone lower down in your organisation, there’s always a way to do your bit.
“It could be an introduction, a Zoom, or a just a supportive conversation – it all makes a difference when you’re out of a job and wondering how you’ll ever find your way back to the dignity of a salary, and the greater sense of purpose that comes with work.”
Redundancies have reached a record quarterly high, according to recent Office of National Statistics figures, with the Covid-19 pandemic ravaging industries across the country.
The campaign hopes to build a network of support from CEOs and other senior business figures that will allow some of those who have lost work this year to find their way back into the security of long-standing employment.
Halfon, who chairs the Commons’ Education Select Committee and is the Tory MP for Harlow, said: “We’re not saying people need to give up an enormous amount of time, not a year, maybe just a week. It’s clear that have a mentor makes an enormous difference.”


cityam--2020-11-17--Boris Johnson to pump billions into climate change plan and confirms diesel vehicle ban from 2030

Boris Johnson has tonight unveiled his 10 point plan for the UK ’ s “ green industrial revolution ” , which he said would create 250,000 new jobs .
The much-anticipated climate change plan involves new commitments in rolling out electric vehicles , nuclear energy , and hydrogen power .
Read more : Boris Johnson to unveil £160m for offshore wind power As previously reported , the ban on the sale of new petrol and diesel vehicles will be brought forward to 2030 from 2035 .
It comes with just a year to go until the UK hosts the United @ @ @ @ @ @ @ .
The UK has some of the most ambitious climate targets in the world , and is aiming to be carbon neutral by 2050 .
The plan also ties in with the Conservative party ’ s much-publicised “ levelling up ” agenda , a bid to bring economic growth to less prosperous parts of the country .
As part of the plan , the Prime Minister also announced billions of pounds of new investment across a range of technologies .
In order to encourage the take up of electric cars , the government @ @ @ @ @ @ @ new charging points on streets and motorways across the country .
It will also provide £582m in grants to aid buyers of low or zero emission vehicles , as well as £500m on developing electric vehicles .
In the nuclear industry , Johnson said the government would put £525m to develop large and small scale nuclear plants .
It will also spend £500m developing hydrogen technologies to heat homes , with plans to develop a “ Hydrogen Town ” with tens of thousands of houses by the end of the decade .
Before @ @ @ @ @ @ @ with the City View podcast and key market data The new investments all come in addition to the commitment to develop 40 gigawatts of wind power by the end of the decade , with the hope of supporting 60,000 jobs .
There will also be additional public spending into carbon capture and storage , greener maritime and aviation solutions , and heat .
Johnson said : “ Although this year has taken a very different path to the one we expected , I haven ’ t lost sight of our ambitious plans to @ @ @ @ @ @ @ My Ten Point Plan will create , support and protect hundreds of thousands of green jobs , whilst making strides towards net zero by 2050 .
“ Our green industrial revolution will be powered by the wind turbines of Scotland and the North East , propelled by the electric vehicles made in the Midlands and advanced by the latest technologies developed in Wales , so we can look ahead to a more prosperous , greener future.
” Dr Jonathan Marshall , head of analysis at the Energy and Climate Intelligence Unit , said @ @ @ @ @ @ @ “ make ripples ” overseas .
Read more : Rolls-Royce : Mini nuclear reactors to power 6,000 new jobs by 2025 He especially praised the “ bold action ” on electric transport , but warned that gaps still remained .
“ Onshore wind and solar energy remain unsupported , long shots such as modular nuclear power and direct air capture may not pay off , and natural solutions to climate change – planting trees and restoring peat bogs – remain largely overlooked and ignored .
”

Boris Johnson to pump billions into climate change plan and confirms diesel vehicle ban from 2030
Johnson’s 10 point plan is part of government attempts to “build back better” after the coronavirus pandemic.
Boris Johnson has tonight unveiled his 10 point plan for the UK’s “green industrial revolution”, which he said would create 250,000 new jobs.
The much-anticipated climate change plan involves new commitments in rolling out electric vehicles, nuclear energy, and hydrogen power.
As previously reported, the ban on the sale of new petrol and diesel vehicles will be brought forward to 2030 from 2035.
It comes with just a year to go until the UK hosts the United Nations’ COP26 climate summit in Glasgow.
The UK has some of the most ambitious climate targets in the world, and is aiming to be carbon neutral by 2050.
The plan also ties in with the Conservative party’s much-publicised “levelling up” agenda, a bid to bring economic growth to less prosperous parts of the country.
As part of the plan, the Prime Minister also announced billions of pounds of new investment across a range of technologies.
However, today former Labour Party leader Ed Miliband pointed out that a minority of the funding is new.
Government finally admits only £3bn of money for green recovery is new. Classic Johnson – big on bluster, short on substance. This isn't a Green Industrial Revolution, it's a pale imitation. — Ed Miliband (@Ed_Miliband) November 18, 2020
In order to encourage the take up of electric cars, the government will invest £1.3bn in the rollout of new charging points on streets and motorways across the country.
It will also provide £582m in grants to aid buyers of low or zero emission vehicles, as well as £500m on developing electric vehicles.
In the nuclear industry, Johnson said the government would put £525m to develop large and small scale nuclear plants.
It will also spend £500m developing hydrogen technologies to heat homes, with plans to develop a “Hydrogen Town” with tens of thousands of houses by the end of the decade.
Before the Open newsletter: Start your day with the City View podcast and key market data
The new investments all come in addition to the commitment to develop 40 gigawatts of wind power by the end of the decade, with the hope of supporting 60,000 jobs.
There will also be additional public spending into carbon capture and storage, greener maritime and aviation solutions, and heat.
Johnson said: “Although this year has taken a very different path to the one we expected, I haven’t lost sight of our ambitious plans to level up across the country.
“My Ten Point Plan will create, support and protect hundreds of thousands of green jobs, whilst making strides towards net zero by 2050.
“Our green industrial revolution will be powered by the wind turbines of Scotland and the North East, propelled by the electric vehicles made in the Midlands and advanced by the latest technologies developed in Wales, so we can look ahead to a more prosperous, greener future.”
Dr Jonathan Marshall, head of analysis at the Energy and Climate Intelligence Unit, said that some elements of the plan would “make ripples” overseas.
He especially praised the “bold action” on electric transport, but warned that gaps still remained.
“Onshore wind and solar energy remain unsupported, long shots such as modular nuclear power and direct air capture may not pay off, and natural solutions to climate change – planting trees and restoring peat bogs – remain largely overlooked and ignored.”


cityam--2020-11-17--Deutsche Boerse buys Institutional Shareholder Services in $1.8bn deal

Frankfurt stock exchange operator Deutsche Boerse has announced it will buy a majority stake in Institutional Shareholder Services ( ISS ) in a deal that values the proxy adviser at $ 2.3 billion .
London Stock Exchange rival Deutsche Boerse said it will take an 80 per cent stake in ISS for $ 1.8bn , with the remaining 20 per cent retained by current management and Genstar capital .
Read more : Deutsche Boerse looks at revising Dax membership rules after Wirecard scandal The deal , which is expected to be completed in the first half of next year , @ @ @ @ @ @ @ s strategy to capitalise on the growing importance of environmental , social and corporate governance ( ESG ) to investors .
In a statement tonight it said : “ With this transaction , Deutsche Boerse strongly commits to one of the key megatrends in the industry that will fundamentally change the investment space over the coming years .
“ ISS ’ unique ESG and data expertise will allow Deutsche Börse to emerge as a leading global ESG data player.
” The current executive leadership of ISS , which provides ESG research to around @ @ @ @ @ @ @ invest in the transaction and will continue to lead the business after the transaction .
Deutsche Boerse chief executive Theodor Weimer said : “ ISS is a very successful company with a high reputation worldwide as a global market leader in providing data , analytics and insights to investors and companies as well as governance services .
“ It is one of the leading ESG providers .
Its ESG expertise and data capabilities perfectly link to Deutsche Börse ’ s business model along our entire value chain .
“ Together , ISS and @ @ @ @ @ @ @ one of the globally leading ESG players of the future .
”

Deutsche Boerse buys Institutional Shareholder Services in $1.8bn deal
The Frankfurt Stock Exchange of the Deutsche Boerse AG (Photo by Thomas Lohnes/Getty Images)
Frankfurt stock exchange operator Deutsche Boerse has announced it will buy a majority stake in Institutional Shareholder Services (ISS) in a deal that values the proxy adviser at $2.3 billion.
London Stock Exchange rival Deutsche Boerse said it will take an 80 per cent stake in ISS for $1.8bn, with the remaining 20 per cent retained by current management and Genstar capital.
The deal, which is expected to be completed in the first half of next year, is part of the stock exchange’s strategy to capitalise on the growing importance of environmental, social and corporate governance (ESG) to investors.
In a statement tonight it said: “With this transaction, Deutsche Boerse strongly commits to one of the key megatrends in the industry that will fundamentally change the investment space over the coming years.
“ISS’ unique ESG and data expertise will allow Deutsche Börse to emerge as a leading global ESG data player.”
The current executive leadership of ISS, which provides ESG research to around 4,000 clients around the world, will invest in the transaction and will continue to lead the business after the transaction.
Deutsche Boerse chief executive Theodor Weimer said: “ISS is a very successful company with a high reputation worldwide as a global market leader in providing data, analytics and insights to investors and companies as well as governance services.
“It is one of the leading ESG providers. Its ESG expertise and data capabilities perfectly link to Deutsche Börse’s business model along our entire value chain.
“Together, ISS and Deutsche Boerse have complementary ingredients to become one of the globally leading ESG players of the future.”


cityam--2020-11-17--London pandemic update: How many Covid-19 infections are there in your local borough?

London recorded 2,102 new coronavirus cases in the past 24 hours , taking the total number of infections since the pandemic began to 133,789 .
The R rate , which measures the rate of spread of infection , is now between 1.1 and 1.3 according to government estimates .
Read more : London lockdown : What the Government ’ s new rules mean for you Figures released by Public Health England show that Ealing remains the worst-affected borough , after recording a further 139 cases in the past 24 hours .
It has now recorded 6,691 confirmed Covid-19 cases since @ @ @ @ @ @ @ more : London coronavirus cases falling in more than half of boroughs Barnet trails close behind with 5,845 confirmed cases , though it has reported fewer infections over the past few days .
East London continues to have a high rate of new cases , with the boroughs of Redbridge , Barking and Dagenham , Tower Hamlets and Newham reporting spikes in new infections .
Figures compiled by the PA news agency showed that 21 London boroughs have broken the key level of more than 100 cases per 100,000 people .
But the @ @ @ @ @ @ @ , with new daily cases in the capital dropping around 20 per cent since last week .
Read more : Rapid Covid tests to be rolled out across majority of London boroughs However , the number of coronavirus-related fatalities in London rose slightly last week to 76 , up from 47 the previous week .
The figure still represents roughly a third of the 232 deaths recorded in the week before the first lockdown in March .
London recorded a further 8 Covid-related fatalities in the past week , taking the capital ’ @ @ @ @ @ @ @ 6,701 .
But hopes for a return to normality by next year received a second boost today after US drugs firm Moderna yesterday announced its coronavirus vaccine proved 95 per cent effective in late-stage clinical trials Health secretary Matt Hancock last night said he had subsequently secure 5m doses of the vaccine for rollout across the UK ’ s most vulnerable next spring if proven safe .
Hancock last week announced the government will roll out rapid Covid tests across 25 of London ’ s 32 boroughs , which have a turnaround time @ @ @ @ @ @ @ are part of government plans to increase asymptomatic testing among vulnerable populations , in a bid to create a clearer picture of the level of infection across different communities .
It comes as the UK today recorded a further 20,051 coronavirus cases , taking the total number of people who have tested positive since the start of the pandemic to more than 1.4m .
The official UK death toll has now exceeded 52,000 with a further 598 fatalities recorded in the past 24 hours .
Listen to our daily City View podcast as @ @ @ @ @ @ @ impact of the coronavirus pandemic .
Data sourced from Public Health England , accurate as of 6pm on Monday 16 November Before the Open newsletter : Start your day with the City View podcast and key market data

How many Covid-19 infections are there in your London borough?
London has seen a sharp drop in the number of recorded coronavirus cases over the past few days, after figures released on Friday showed the capital currently has the lowest R rate in the country.
A further 629 cases were recorded in the past 24 hours, taking the total number of positive tests in London since the start of the pandemic to 697,278.
It marks a significant drop since a record 19,871 daily cases were recorded on 29 December, as lockdown measures continue to drive down infections.
Several areas in the capital have seen case numbers drop threefold over the past fortnight, which in turn has pushed down the spread of infection.
Most boroughs in the capital now have a seven-day rate below 100 new cases per 100,000, but that figure is below 50 in some areas in central London.
Twenty-nine London borough areas, including the whole of east London which was hardest hit by the second wave, have a seven-day case rate below 100 new confirmed cases per 100,000.
Meanwhile, Southwark, Westminster, Camden, Kensington and Chelsea all recorded seven-day rates below 50. Lewisham saw the lowest case rate in the capital in the week to 24 February, with an average of 43 people infected per 100,000 population.
Meanwhile, Ealing currently has the highest case rate, with 123 cases per 100,000, followed by Hounslow at 115 and Hillingdon on 97.
Health chiefs have said all London boroughs need to get below a case rate of 100 before restrictions can begin to be lifted, starting with the reopening of schools on 8 March.
It comes after figures released last Friday showed London’s R rate remains at a best estimate of 0.6 to 0.8 — the lowest in the country, alongside the east of England and the South West.
The figure means infections may be falling anywhere between five and eight per cent each day.
However, separate figures released last week showed the percentage of people testing positive for coronavirus in London remains the highest of any English region.
Data published by the Office for National Statistics (ONS) showed around 1 in 63 Londoners were infected with the virus last week.
That compares to an estimated 1 in 80 people who contracted the virus in England as a whole in the week to 6 February, according to ONS figures.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
London coronavirus cases by borough (in alphabetical order)
Data sourced from Public Health England, accurate as of 4pm on Tuesday 2 March
Boroughs Rate of infection per 100,000 people in last 7 days Total confirmed cases since start of pandemic Barking and Dagenham 86 22,925 Barnet 75 29,569 Bexley 58 21,812 Brent 91 27,577 Bromley 48 23,857 Camden 42 13,683 Croydon 73 30,213 Ealing 123 29,807 Enfield 48 29,217 Greenwich 55 21,769 Hackney and City of London 57 21,234 Hammersmith and Fulham 76 12,564 Haringey 58 20,345 Harrow 95 19,917 Havering 65 26,383 Hillingdon 97 25,287 Hounslow 115 23,817 Islington 43 14,574 Kensington and Chelsea 43 8,643 Kingston upon Thames 47 11,764 Lambeth 49 23,625 Lewisham 39 21,226 Merton 79 15,719 Newham 61 34,574 Redbridge 72 31,965 Richmond upon Thames 55 10,430 Southwark 42 21,947 Sutton 80 15,509 Tower Hamlets 53 28,074 Waltham Forest 52 24,325 Wandsworth 63 21,377 Westminster 41 13,577
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cityam--2020-11-17--Pfizer chief insists company did not delay vaccine results until after US election

Pfizer ’ s chief executive has insisted the biotech company “ didn ’ t conspire with anyone ” to delay releasing its phase three trial results until after the US presidential election .
Speaking at a New York Times conference today , Albert Bourla also said the company has already hit the required safety milestone for phase three trials of the vaccine and is preparing data for submission .
Read more : Government hits back at claims the UK is ‘ back of the queue ’ for Covid vaccines Bourla ’ s comments come after Pfizer last week announced its @ @ @ @ @ @ @ effective in late-stage trials .
The announcement sent shockwaves across global markets on hopes that the results signalled a potential return to normality on the horizon .
But it also sparked whispers , not least from President Donald Trump , that the trial results had been delayed until the week after US presidential election on 3 November .
Despite initially cheering the news last Monday , Trump posted a series of tweets later attacking the timing of the announcement .
“ As I have long said , Pfizer and the others would only @ @ @ @ @ @ @ because they didn ’ t have the courage to do it before , ” the Repulican said on Twitter .
“ Likewise , the [ Food and Drug Administration ] should have announced it earlier , not for political purposes , but for saving lives !
” , he added .
But Bourla maintained the US election was an “ artificial deadline ” and that the data was going to be ready when it was ready .
It later emerged that Bourla sold more than 130,000 Pfizer shares worth upwards of $ 5.6m @ @ @ @ @ @ @ that Pfizer made its breakthrough announcement .
Sally Susman , Pfizer ’ s executive vice-president and chief corporate affairs officer , also sold shares worth about $ 1.8m .
Read more : Rishi Sunak refuses to disclose whether he will profit from Moderna vaccine Bourla authorised his sale for a set price in August , while Susman arranged hers in November 2019 , according to Bloomberg .
In a statement , a Pfizer spokesperson said : “ The sale of these shares is part of Dr Bourla ’ s personal financial planning and @ @ @ @ @ @ @ which allows , under SEC rules , major shareholders and insiders of exchange-listed corporations to trade a predetermined number of shares at a predetermined time .
”

Pfizer chief insists company did not delay vaccine results until after US election
Pfizer’s chief executive has insisted the biotech company “didn’t conspire with anyone” to delay releasing its phase three trial results until after the US presidential election.
Speaking at a New York Times conference today, Albert Bourla also said the company has already hit the required safety milestone for phase three trials of the vaccine and is preparing data for submission.
Bourla’s comments come after Pfizer last week announced its experimental Covid vaccine proved 90 per cent effective in late-stage trials.
The announcement sent shockwaves across global markets on hopes that the results signalled a potential return to normality on the horizon.
But it also sparked whispers, not least from President Donald Trump, that the trial results had been delayed until the week after US presidential election on 3 November.
Despite initially cheering the news last Monday, Trump posted a series of tweets later attacking the timing of the announcement.
“As I have long said, Pfizer and the others would only announce a vaccine after the election, because they didn’t have the courage to do it before,” the Repulican said on Twitter.
“Likewise, the [Food and Drug Administration] should have announced it earlier, not for political purposes, but for saving lives!”, he added.
But Bourla maintained the US election was an “artificial deadline” and that the data was going to be ready when it was ready.
It later emerged that Bourla sold more than 130,000 Pfizer shares worth upwards of $5.6m (£4.2m) on the same day that Pfizer made its breakthrough announcement.
Sally Susman, Pfizer’s executive vice-president and chief corporate affairs officer, also sold shares worth about $1.8m.
Bourla authorised his sale for a set price in August, while Susman arranged hers in November 2019, according to Bloomberg.
In a statement, a Pfizer spokesperson said: “The sale of these shares is part of Dr Bourla’s personal financial planning and a pre-established (10b5-1) plan, which allows, under SEC rules, major shareholders and insiders of exchange-listed corporations to trade a predetermined number of shares at a predetermined time.”


cityam--2020-11-17--Liz Truss: Joe Biden and Democrats are committed to UK-US trade deal

President-elect Joe Biden and the Democrats are committed to negotiating a UK-US trade deal , according to international trade secretary Liz Truss .
Truss said today that talks would continue with the incoming administration , despite widespread speculation that a cross-Atlantic deal may be scrapped by Biden .
A source from the former Vice President ’ s transition team told The Telegraph last week that a UK trade deal was “ not a priority ” for the first 100 days of Biden ’ s term .
This is significant as the UK has said a deal needs to be done @ @ @ @ @ @ @ Authority , which prevents Senators from amending agreed trade deals , runs out mid-2021 .
However , Truss told a virtual conference hosted by advocacy body The CityUK that Washington Democrats were committed to trade negotiations .
“ We are working with both parties in the US and there is a consensus that a trade deal with the UK is a good thing and we ’ re determined to make further progress , ” she said .
Before the Open newsletter : Start your day with the City View podcast and key market @ @ @ @ @ @ @ an ambitious financial services chapter , with high regulatory standards and the agreement to facilitate cross-border flows.
” There have now been five rounds of formal talks between UK and US negotiators so far .
Some of the key issues are US agricultural exports , digital and financial services and visa access for businesspeople travelling in either direction .
There has been much speculation about whether a Biden White House would be more challenging for the UK ’ s post-Brexit trade agenda than it has been under Donald Trump .
Biden is known @ @ @ @ @ @ @ his economic plan is largely based around a “ Made in America ” push .
However , Westwood Capital investment banker and economics pundit Dan Alpert told City A.M. this month that the Democrats may be more amenable than Trump on some trade issues .
Read more : Brexit : UK not expecting trade deal to be closed this week He speculated that Biden may be more willing to alter rules around food standards , which would make a deal with the UK easier .
“ I ’ m not saying we ’ @ @ @ @ @ @ @ chicken overnight , but the idea of perhaps addressing the issue in a more constructive way…is I think far more likely under a Democratic administration than it is under the Republicans , ” he said .

Liz Truss: Joe Biden and Democrats are committed to UK-US trade deal
International Trade Secretary Liz Truss told a virtual conference hosted by advocacy body The CityUK that Washington Democrats were committed to trade negotiations.
President-elect Joe Biden and the Democrats are committed to negotiating a UK-US trade deal, according to international trade secretary Liz Truss.
Truss said today that talks would continue with the incoming administration, despite widespread speculation that a cross-Atlantic deal may be scrapped by Biden.
A source from the former Vice President’s transition team told The Telegraph last week that a UK trade deal was “not a priority” for the first 100 days of Biden’s term.
This is significant as the UK has said a deal needs to be done before Congress’ Fast Track Trade Promotion Authority, which prevents Senators from amending agreed trade deals, runs out mid-2021.
However, Truss told a virtual conference hosted by advocacy body The CityUK that Washington Democrats were committed to trade negotiations.
“We are working with both parties in the US and there is a consensus that a trade deal with the UK is a good thing and we’re determined to make further progress,” she said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“We’re looking for an ambitious financial services chapter, with high regulatory standards and the agreement to facilitate cross-border flows.”
There have now been five rounds of formal talks between UK and US negotiators so far.
Some of the key issues are US agricultural exports, digital and financial services and visa access for businesspeople travelling in either direction.
There has been much speculation about whether a Biden White House would be more challenging for the UK’s post-Brexit trade agenda than it has been under Donald Trump.
Biden is known to be a critic of Brexit and his economic plan is largely based around a “Made in America” push.
However, Westwood Capital investment banker and economics pundit Dan Alpert told City A.M. this month that the Democrats may be more amenable than Trump on some trade issues.
He speculated that Biden may be more willing to alter rules around food standards, which would make a deal with the UK easier.
“I’m not saying we’re going to do away with chlorinated chicken overnight, but the idea of perhaps addressing the issue in a more constructive way…is I think far more likely under a Democratic administration than it is under the Republicans,” he said.


cityam--2020-11-17--Jeremy Corbyn set to be readmitted to Labour by ruling body

Jeremy Corbyn is reportedly set to be readmitted to the Labour party after being suspended for his comments on antisemitism .
The Guardian is reporting that the former Labour leader will be readmitted , after a committee of the party ’ s ruling NEC voted in favour of bringing him back .
Read more : Jeremy Corbyn suspended from Labour party after anti-Semitism report The former Labour leader was suspended weeks ago for saying the party ’ s antisemitism problem had been exaggerated for political gain in response to a report by the Equality and Human Rights Commission ( EHRC @ @ @ @ @ @ @ “ reminder of values ” by the NEC today for his comments , which is the lowest level of sanction he could have received .
The Islington North MP released a statement this morning to say “ concerns about antisemitism are neither ‘ exaggerated ’ nor ‘ overstated ' ” , however he did not apologise for previous comments he had made .
“ The point I wished to make was that the vast majority of Labour Party members were and remain committed anti-racists deeply opposed to antisemitism , ” he said .
@ @ @ @ @ @ @ s decision to accept all the EHRC recommendations in full and , in accordance with my own lifelong convictions , will do what I can to help the Party move on , united against antisemitism which has been responsible for so many of history ’ s greatest crimes against humanity.
” Before the Open newsletter : Start your day with the City View podcast and key market data The decision will likely reignite a flaring of factional tensions within the party , with the Jewish Labour Movement already deriding the decision .
One @ @ @ @ @ @ @ that it will now be up to Corbyn to show a change in behaviour in the coming months .
“ He has a history of these kind of statements and this isn ’ t just a one-off , ” they said .
“ Saying sorry really isn ’ t enough and he needs to show with his actions he understands.
” Members of the left faction of the party had organised a series of events to call for Corbyn ’ s reinstatement , with figures such as Richard Burgon and Diane Abbott leading @ @ @ @ @ @ @ with us .
We must stand with him , ” Abbott said .
Read more : Keir Starmer lashes out at Jeremy Corbyn and invokes Labour PMs in conference speech In reaction to the imminent reinstatement Amanda Milling MP , co-chairman of the Conservative Party , said : “ Keir Starmer is failing to stand up for British Jews .
“ By allowing Jeremy Corbyn back into the Labour Party he is sending a message that the shameful antisemitism of recent years should be allowed to continue .

Jeremy Corbyn set to be readmitted to Labour by ruling body
Jeremy Corbyn was suspended by the party weeks ago for saying the party’s antisemitism problem had been exaggerated for political gain in response to a report by the Equality and Human Rights Commission (EHRC).
Jeremy Corbyn is reportedly set to be readmitted to the Labour party after being suspended for his comments on antisemitism.
The Guardian is reporting that the former Labour leader will be readmitted, after a committee of the party’s ruling NEC voted in favour of bringing him back.
The former Labour leader was suspended weeks ago for saying the party’s antisemitism problem had been exaggerated for political gain in response to a report by the Equality and Human Rights Commission (EHRC).
Corbyn was issued with a “reminder of values” by the NEC today for his comments, which is the lowest level of sanction he could have received.
The Islington North MP released a statement this morning to say “concerns about antisemitism are neither ‘exaggerated’ nor ‘overstated'”, however he did not apologise for previous comments he had made.
“The point I wished to make was that the vast majority of Labour Party members were and remain committed anti-racists deeply opposed to antisemitism,” he said.
“I fully support Keir Starmer’s decision to accept all the EHRC recommendations in full and, in accordance with my own lifelong convictions, will do what I can to help the Party move on, united against antisemitism which has been responsible for so many of history’s greatest crimes against humanity.”
Before the Open newsletter: Start your day with the City View podcast and key market data
The decision will likely reignite a flaring of factional tensions within the party, with the Jewish Labour Movement already deriding the decision.
One Labour shadow cabinet member told City A.M. that it will now be up to Corbyn to show a change in behaviour in the coming months.
“He has a history of these kind of statements and this isn’t just a one-off,” they said.
“Saying sorry really isn’t enough and he needs to show with his actions he understands.”
Members of the left faction of the party had organised a series of events to call for Corbyn’s reinstatement, with figures such as Richard Burgon and Diane Abbott leading the charge.
“He always stood with us. We must stand with him,” Abbott said.
In reaction to the imminent reinstatement Amanda Milling MP, co-chairman of the Conservative Party, said: “Keir Starmer is failing to stand up for British Jews.
“By allowing Jeremy Corbyn back into the Labour Party he is sending a message that the shameful antisemitism of recent years should be allowed to continue.


cityam--2020-11-17--Hong Kong Racing Tips: Might just be a walk in the Park

AFTER riding a total of 20 winners in Hong Kong , Jerry Chau has had his valuable 10-pound claiming allowance cut to seven , but that doesn ’ t change the fact the 20-year-old is still the go-to apprentice in the territory .
He is booked to ride in seven of the nine races on Wednesday , with his standout ride being the last-start winner STANLEY PARK , in the Fu Cheong Handicap ( 2.50pm ) .
The combination was backed off the boards into favouritism , and never gave their supporters a moment ’ s worry , when romping @ @ @ @ @ @ @ Valley last month .
A seven-pound penalty will make life tougher , but the six-year-old is looking bigger and stronger this season , and will take some catching .
The obvious danger on form is the John Size-trained Scores Of Fun , who makes his first visit to the Valley after disappointing when a short-priced favourite at Sha Tin last time .
There seemed no excuse for the former Australian galloper however , having had an easy lead after coming from a wide draw .
It could pay to forgive him that poor @ @ @ @ @ @ @ test at the tricky Valley circuit and a more attractive alternative is XPONENTIAL who hasn ’ t been able to show his true form from outside draws this season .
This is a horse with loads of ability , as shown when he won over track and trip in July , and he ’ s capable of proving he is much better than his current handicap mark .

Hong Kong Racing Tips: Might just be a walk in the Park
Jerry Chau has some great rides on Wednesday at Happy Valley.
AFTER riding a total of 20 winners in Hong Kong, Jerry Chau has had his valuable 10-pound claiming allowance cut to seven, but that doesn’t change the fact the 20-year-old is still the go-to apprentice in the territory.
He is booked to ride in seven of the nine races on Wednesday, with his standout ride being the last-start winner STANLEY PARK, in the Fu Cheong Handicap (2.50pm).
The combination was backed off the boards into favouritism, and never gave their supporters a moment’s worry, when romping home in a good time at the Valley last month.
A seven-pound penalty will make life tougher, but the six-year-old is looking bigger and stronger this season, and will take some catching.
The obvious danger on form is the John Size-trained Scores Of Fun, who makes his first visit to the Valley after disappointing when a short-priced favourite at Sha Tin last time.
There seemed no excuse for the former Australian galloper however, having had an easy lead after coming from a wide draw.
It could pay to forgive him that poor performance, but this is his first test at the tricky Valley circuit and a more attractive alternative is XPONENTIAL who hasn’t been able to show his true form from outside draws this season.
This is a horse with loads of ability, as shown when he won over track and trip in July, and he’s capable of proving he is much better than his current handicap mark.
POINTERS
Stanley Park 2.50pm Happy Valley
Xponential (e/w) 2.50pm Happy Valley


cityam--2020-11-17--City of London businesses have received average of £8 each from new Covid grants

Businesses in the City of London have received an average of just £8.09 from the government ’ s latest £1.3bn Covid grant programme .
Figures released by the Department for Business , Energy and Industrial Strategy ( Beis ) showed that businesses in the local authority received the smallest proportion of the grant money released in November , with its 24,020 businesses getting a total of £194,420 .
Read more : Government hits back at claims the UK is ‘ back of the queue ’ for Covid vaccines In comparison , each business in the boroughs of Lewisham and Barking @ @ @ @ @ @ @ and £589.36 respectively .
The funding is a part of the The Additional Restrictions Grant that was released for the latest Covid lockdown .
Beis said the massive disparity was because the funding allocation was based on population for each borough .
While the City of London has more businesses than all but a handful of other local authorities , its population is just 9,721 .
The City of Westminster also suffered heavily from the calculation , with its 51,795 businesses receiving £100.90 each – the second smallest amount .
Before the Open @ @ @ @ @ @ @ City View podcast and key market data Conservative Cities of London and Westminster MP Nickie Aiken said the allocation of funds put businesses in her constituency “ at a severe disadvantage ” during the current Covid lockdown .
“ I am again calling on ministers at Beis to review the allocation algorithm so that SMEs in my constituency can get the support they need , ” she said .
Businesses who do not have to close due to the latest coronavirus restrictions but are still not able to operate at full capacity are @ @ @ @ @ @ @ has been given to individual local authorities for them to distribute to businesses .
Richard Burge , chief executive of the London Chamber of Commerce and Industry , said the allocation mechanism must be “ revisited urgently ” .
“ Figures recently released by the mayor of London show that the loss of tourism revenue to central London is over five times greater than the already significant loss of commuter revenue , ” he said .
“ Small businesses in the City of London especially , but also other central London boroughs , @ @ @ @ @ @ @ visitor and commuter footfall and are now seemingly being punished again via the government ’ s grant mechanism.
” Read more : Brexit : UK not expecting trade deal to be closed this week Business minister Nadhim Zahawi said the calculation used to distribute the funds ensured “ a fairly equal distribution ” and that “ there is a strong positive correlation between business count and population ” .
This is not the case for the City of London and City of Westminster .

City of London businesses have received average of £8 each from new Covid grants
The City of London’s 24,020 businesses received a total of £194,420 from the grant programme – just £8 each.
Businesses in the City of London have received an average of just £8.09 from the government’s latest £1.3bn Covid grant programme.
Figures released by the Department for Business, Energy and Industrial Strategy (Beis) showed that businesses in the local authority received the smallest proportion of the grant money released in November, with its 24,020 businesses getting a total of £194,420.
In comparison, each business in the boroughs of Lewisham and Barking and Dagenham received an average of £594.45 and £589.36 respectively.
The funding is a part of the The Additional Restrictions Grant that was released for the latest Covid lockdown.
Beis said the massive disparity was because the funding allocation was based on population for each borough.
While the City of London has more businesses than all but a handful of other local authorities, its population is just 9,721.
The City of Westminster also suffered heavily from the calculation, with its 51,795 businesses receiving £100.90 each – the second smallest amount.
Before the Open newsletter: Start your day with the City View podcast and key market data
Conservative Cities of London and Westminster MP Nickie Aiken said the allocation of funds put businesses in her constituency “at a severe disadvantage” during the current Covid lockdown.
“I am again calling on ministers at Beis to review the allocation algorithm so that SMEs in my constituency can get the support they need,” she said.
Businesses who do not have to close due to the latest coronavirus restrictions but are still not able to operate at full capacity are eligible for the grants.
The funding has been given to individual local authorities for them to distribute to businesses.
Richard Burge, chief executive of the London Chamber of Commerce and Industry, said the allocation mechanism must be “revisited urgently”.
“Figures recently released by the mayor of London show that the loss of tourism revenue to central London is over five times greater than the already significant loss of commuter revenue,” he said.
“Small businesses in the City of London especially, but also other central London boroughs, have been hit by this loss of visitor and commuter footfall and are now seemingly being punished again via the government’s grant mechanism.”
Business minister Nadhim Zahawi said the calculation used to distribute the funds ensured “a fairly equal distribution” and that “there is a strong positive correlation between business count and population”.
This is not the case for the City of London and City of Westminster.


cityam--2020-11-18--Ericsson boss backs rival Huawei after Swedish 5G ban

The chief executive of Ericsson has come out in support of arch-rival Huawei after Sweden blocked the Chinese firm from building its 5G networks .
Earlier this month Swedish regulators blocked 5G spectrum auctions after a court suspended part of its decision to ban Huawei over national security fears .
Read more : Huawei sells Honor smartphone brand as US sanctions bite But in a surprise move , Ericsson boss Borje Ekholm today hit out at the ban , saying it would harm free competition and trade .
“ I belong in that category that believes competition makes us longer @ @ @ @ @ @ @ be painful shorter term but longer term it drives us to be more innovative and make better products for our customers , ” he told the Financial Times .
Ekholm said blocking Huawei was a “ risk for the economy ” and would lead to Europe falling behind the US and China in the rollout of 5G .
“ Think about 4G — the debate in Europe was : what is the killer app ?
The Americans and Chinese rolled out 4G fastest and the app economy for consumers is now dominated by @ @ @ @ @ @ @ said .
The Ericsson chief said that while his company competed directly with Huawei , the two companies also worked together on industry standards .
His statements could also reflect the Swedish company ’ s desire to avoid retaliatory sanctions in China .
Ericsson has won contracts from all three major operators in China to supply radio equipment for 5G networks , while its Finnish rival Nokia is yet to secure any .
China ’ s foreign ministry has urged Sweden to reconsider its ban , warning it could impose similar restrictions on @ @ @ @ @ @ @ has denied its products are a risk to national security and has appealed the Swedish ban .
Read more : Huawei : ‘ Clear evidence ’ of collusion with Beijing , MPs warn It comes after the controversial Chinese tech giant renewed calls for the UK to reconsider its 5G ban .
Huawei vice president Victor Zhang told the Guardian that Britain should revisit its decision as Donald Trump ’ s administration comes to an end .
In July the government reversed its initial decision to grant Huawei access to telecoms infrastructure following @ @ @ @ @ @ @ for a global crackdown on the company .

Ericsson boss backs rival Huawei after Swedish 5G ban
Ericsson boss Borje Ekholm said Sweden’s ban on Huawei would harm competition and trade
The chief executive of Ericsson has come out in support of arch-rival Huawei after Sweden blocked the Chinese firm from building its 5G networks.
Earlier this month Swedish regulators blocked 5G spectrum auctions after a court suspended part of its decision to ban Huawei over national security fears.
But in a surprise move, Ericsson boss Borje Ekholm today hit out at the ban, saying it would harm free competition and trade.
“I belong in that category that believes competition makes us longer term a better company. It may be painful shorter term but longer term it drives us to be more innovative and make better products for our customers,” he told the Financial Times.
Ekholm said blocking Huawei was a “risk for the economy” and would lead to Europe falling behind the US and China in the rollout of 5G.
“Think about 4G — the debate in Europe was: what is the killer app? The Americans and Chinese rolled out 4G fastest and the app economy for consumers is now dominated by American and Chinese firms,” he said.
The Ericsson chief said that while his company competed directly with Huawei, the two companies also worked together on industry standards.
His statements could also reflect the Swedish company’s desire to avoid retaliatory sanctions in China.
Ericsson has won contracts from all three major operators in China to supply radio equipment for 5G networks, while its Finnish rival Nokia is yet to secure any.
China’s foreign ministry has urged Sweden to reconsider its ban, warning it could impose similar restrictions on Swedish companies operating in China.
Huawei has denied its products are a risk to national security and has appealed the Swedish ban.
It comes after the controversial Chinese tech giant renewed calls for the UK to reconsider its 5G ban.
Huawei vice president Victor Zhang told the Guardian that Britain should revisit its decision as Donald Trump’s administration comes to an end.
In July the government reversed its initial decision to grant Huawei access to telecoms infrastructure following pressure from Trump, who led calls for a global crackdown on the company.


cityam--2020-11-18--Pfizer-Biontech coronavirus vaccine now 95 per cent effective

Pfizer and Biontech ’ s coronavirus vaccine has now proved 95 per cent effective and has met the safety criteria needed for emergency authorisation , the companies said today .
The two firms last week published preliminary data showing the vaccine offered 90 per cent protection against Covid-19 .
But the jab has now met the same efficacy rate as Moderna ’ s vaccine , and both are expected to be approved before the end of the year .
Read more : Pfizer chief insists company did not delay vaccine results until after US election “ The study results mark @ @ @ @ @ @ @ journey to bring forward a vaccine capable of helping to end this devastating pandemic , ” said Pfizer chief executive Albert Bourla .
He added that the company has hit the required safety milestone for the vaccine and is now preparing data for submission .
The findings are based on two doses given to more than 41,000 people in trials across the globe .
The drug was found to prevent 94 per cent of over-65s contracting coronavirus with “ no serious safety concerns ” .
Only two per cent of participants reported a @ @ @ @ @ @ @ reported fatigue , the companies said .
Read more : Rishi Sunak refuses to disclose whether he will profit from Moderna vaccine The UK regulator , the Medicines and Healthcare products Regulatory Agency ( MHRA ) , is poised to fast-track authorisation of the vaccine after the government ordered enough to vaccinate 20m people .
Health secretary Matt Hancock has said that the NHS will be ready to roll the vaccine out to the most vulnerable from 1 December if proven safe .
The government has spread its bets by ordering 355m doses @ @ @ @ @ @ @ the hopes of returning the country to normality next year .
Kate Bingham , chair of the government ’ s Vaccine Taskforce , said the group was “ pursuing a portfolio approach to obtaining vaccines for the UK across different vaccine formats , to maximise the chances of finding safe and effective vaccines.
” The UK ’ s top health officials last week set out the priority list for vaccination against coronavirus .
Professor Wei Shen Lim , chair of the committee , said the first phase of vaccine rollout would “ prioritise @ @ @ @ @ @ @ specifically people who are most likely to die from severe Covid-19 infection ” .
Interim current recommendations place care home residents and care home workers at the top of the priority list , followed by older age groups from 80-plus-year-olds , going down to 60-plus-year-olds , Professor Lim said .
“ Then adults with underlying health conditions , then 50-plus-year-olds , going down the age bands.
” Read more : Anti-vaxxers may lose travel insurance over Covid vaccine refusal Professor Lim added : “ If phase one is completed then we will have @ @ @ @ @ @ @ those individuals who are at risk of dying from Covid-19 .
“ We have not decided yet on who else should be vaccinated beyond phase one .
That ’ s not to say that they shouldn ’ t be vaccinated , but simply that we haven ’ t decided yet on prioritisation ” .

Pfizer-Biontech coronavirus vaccine now 95 per cent effective
Pfizer and Biontech’s coronavirus vaccine has now proved 95 per cent effective and has met the safety criteria needed for emergency authorisation, the companies said today.
The two firms last week published preliminary data showing the vaccine offered 90 per cent protection against Covid-19.
But the jab has now met the same efficacy rate as Moderna’s vaccine, and both are expected to be approved before the end of the year.
“The study results mark an important step in this historic eight-month journey to bring forward a vaccine capable of helping to end this devastating pandemic,” said Pfizer chief executive Albert Bourla.
He added that the company has hit the required safety milestone for the vaccine and is now preparing data for submission.
The findings are based on two doses given to more than 41,000 people in trials across the globe. The drug was found to prevent 94 per cent of over-65s contracting coronavirus with “no serious safety concerns”.
Only two per cent of participants reported a headache, while and 3.7 per cent reported fatigue, the companies said.
The UK regulator, the Medicines and Healthcare products Regulatory Agency (MHRA), is poised to fast-track authorisation of the vaccine after the government ordered enough to vaccinate 20m people.
Health secretary Matt Hancock has said that the NHS will be ready to roll the vaccine out to the most vulnerable from 1 December if proven safe.
The government has spread its bets by ordering 355m doses of seven different coronavirus vaccines, with the hopes of returning the country to normality next year.
Kate Bingham, chair of the government’s Vaccine Taskforce, said the group was “pursuing a portfolio approach to obtaining vaccines for the UK across different vaccine formats, to maximise the chances of finding safe and effective vaccines.”
The UK’s top health officials last week set out the priority list for vaccination against coronavirus.
Professor Wei Shen Lim, chair of the committee, said the first phase of vaccine rollout would “prioritise the most vulnerable individuals in society, specifically people who are most likely to die from severe Covid-19 infection”.
Interim current recommendations place care home residents and care home workers at the top of the priority list, followed by older age groups from 80-plus-year-olds, going down to 60-plus-year-olds, Professor Lim said.
“Then adults with underlying health conditions, then 50-plus-year-olds, going down the age bands.”
Professor Lim added: “If phase one is completed then we will have protected hopefully over 99 per cent of those individuals who are at risk of dying from Covid-19.
“We have not decided yet on who else should be vaccinated beyond phase one. That’s not to say that they shouldn’t be vaccinated, but simply that we haven’t decided yet on prioritisation”.


cityam--2020-11-18--Wrong masks, retrospective due diligence and absent records: Litany of govt PPE failure laid bare

A report by the National Audit Office ( NAO ) has offered examples of some of the failures made by the Cabinet Office when it came to procuring personal protective equipment ( PPE ) in the early days of the Covid-19 pandemic .
The investigative report , which was published by the NAO today , has outlined examples of the government handing multi-million pound contracts to small businesses , as well as making orders for the wrong sort of PPE .
Read more : Deloitte handed PPE contract 4 months after it started work The report investigated the government ’ @ @ @ @ @ @ @ pandemic up until 31 July 2020 following concerns raised about transparency when awarding lucrative government contracts .
By 31 July 2020 over 8,600 contracts related to government ’ s response to the pandemic had been awarded , with a value of £18bn .
Contracts ranged in value from less than £100 to £410 million .
The Department for Health and Social Care awarded Pestfix , a Littlehampton-based retailer of pest control products including PPE , a £350m contract .
The contract led the government to order hundreds of thousands of the wrong type @ @ @ @ @ @ @ family business , was processed through the government ’ s high priority lane , which meant the cross-government PPE team considered that leads from these sources were more credible or needed to be treated with more urgency .
However , according to the NAO , it was a mistake from within the cross-government PPE team to place Pestfix in the high priority lane .
The government contracted with PestFix to purchase 25 million FFP2 masks for £59m , however the masks were not in line with the government ’ s published PPE specifications @ @ @ @ @ @ @ The government realised its mistake after 600,000 of the FFP2 masks had been delivered , and communicated the error with Pestfix .
The masks will not be used and instead might be resold or used elsewhere .
In place of the remainder of the order , the government requested that PestFix instead supply Type IIR masks – a mask that fitted with the government ’ s PPE specifications – and varied the contract accordingly .
PestFix has delivered 69 % of this order to date and is continuing to work with the department @ @ @ @ @ @ @ website said : “ We welcome the findings of the National Audit Office that any fast-tracking of PestFix was not the result of any false information provided by PestFix .
We were awarded contracts solely based on our ability to move quickly and change continually , and by being first to table genuine and competitive commercial offers for medical PPE while supply was rapidly diminishing but the country most needed it.
” The Department of Health & Social Care also pushed Ayanda Capital ’ s £253m contract through the government ’ s PPE @ @ @ @ @ @ @ an NHS official .
The government again ordered the wrong masks from Ayanda Capital , and did not carry out due diligence checks until after it had signed a contract with the firm .
Read more : Government faces lawsuit over £250m PPE contract with US jewellery firm The government ordered £155m worth of FFP2 masks , which again were not in line with the government ’ s published PPC specifications .
The masks were received and may be either repurposed or resold , a process Ayanda is assisting with .
Ayanda has @ @ @ @ @ @ @ meet the required technical standards .
CEO Tim Horlick this week wrote a letter to the government that said : “ Suggestions that the masks are not fit for purpose or are somehow unsafe to use by frontline NHS workers are simply untrue and we are advised defamatory.
” Ayanda ’ s website makes no mention of an ability to procure PPE .
The business describes itself as : “ a London-based family office focused on a broad investment strategy .
We specialise in currency trading , offshore property , private equity and @ @ @ @ @ @ @ was an adviser to the Board of Trade at the time the contract was established , was a senior adviser at Ayanda Capital .
Mills acted as Ayanda ’ s representative and signed the contract with the Department of Health and Social Care on Ayanda ’ s behalf on 29 April 2020 .
The only documented consideration of the potential Mills conflict of interest by the Department of Health & Social Care was a standard new supplier form that declared no conflicts of interest , and due diligence checking for political connections for @ @ @ @ @ @ @ diligence checks , carried out on 2 May 2020 and after the contract had been signed , did not include Ayanda ’ s senior adviser and did not identify any conflicts of interest .
City A.M. could not reach Ayanda Capital for comment .
In March 2020 the Cabinet Office procured focus group and communication services firm Public First to provide focus group research on an informal basis , agreeing to pay Public First for each set of groups without a formal contract .
The focus groups were usually booked a week or @ @ @ @ @ @ @ the consultancy firm have previously worked with Michael Gove – the minister for the Cabinet Office .
While the NAO found no evidence Gove had been involved in either the award or management of this contract , the spending watchdog also found no documentation on the consideration of conflicts of interest , no recorded process for choosing the supplier , and no specific justification for using emergency procurement .
Read more : FTSE 100 dips as coronavirus infections come back into focus On 5 June 2020 , the Cabinet Office awarded a retrospective @ @ @ @ @ @ @ from 3 March 2020 onwards and expected of future work .
The Cabinet Office paid £550,000 to Public First in total for the work covered by this contract .
Public First has been contacted for comment .
Cabinet Office minister Julia Lopez said : “ We have been dealing with an unprecedented global pandemic that has posed the biggest challenge to the UK in a generation .
“ As this report rightly recognises , we needed to procure contracts with extreme urgency to secure the vital supplies required to protect frontline NHS workers @ @ @ @ @ @ @ apology for that .
“ We have robust processes in place for spending public money to ensure we get critical equipment to where it needs to go as quickly as possible , whilst also ensuring value for money for the taxpayer .
“ It is important to maintain the public ’ s confidence in how we manage their money , and we welcome the NAO ’ s scrutiny of our processes and recommendations on how they can be improved .
”

Wrong masks, retrospective due diligence and absent records: Litany of govt PPE failure laid bare
The government handed multi-million pound contracts to small businesses and made orders for the wrong sort of PPE.
A report by the National Audit Office (NAO) has offered examples of some of the failures made by the Cabinet Office when it came to procuring personal protective equipment (PPE) in the early days of the Covid-19 pandemic.
The investigative report, which was published by the NAO today, has outlined examples of the government handing multi-million pound contracts to small businesses, as well as making orders for the wrong sort of PPE.
The report investigated the government’s emergency coronavirus procurement during the Covid-19 pandemic up until 31 July 2020 following concerns raised about transparency when awarding lucrative government contracts.
By 31 July 2020 over 8,600 contracts related to government’s response to the pandemic had been awarded, with a value of £18bn. Contracts ranged in value from less than £100 to £410 million.
Pestfix
The Department for Health and Social Care awarded Pestfix, a Littlehampton-based retailer of pest control products including PPE, a £350m contract. The contract led the government to order hundreds of thousands of the wrong type of face mask.
Pestfix, a family business, was processed through the government’s high priority lane, which meant the cross-government PPE team considered that leads from these sources were more credible or needed to be treated with more urgency. However, according to the NAO, it was a mistake from within the cross-government PPE team to place Pestfix in the high priority lane.
The government contracted with PestFix to purchase 25 million FFP2 masks for £59m, however the masks were not in line with the government’s published PPE specifications at the time of the order. The government realised its mistake after 600,000 of the FFP2 masks had been delivered, and communicated the error with Pestfix. The masks will not be used and instead might be resold or used elsewhere.
In place of the remainder of the order, the government requested that PestFix instead supply Type IIR masks – a mask that fitted with the government’s PPE specifications – and varied the contract accordingly. PestFix has delivered 69% of this order to date and is continuing to work with the department.
A statement on Pestfix’s website said: “We welcome the findings of the National Audit Office that any fast-tracking of PestFix was not the result of any false information provided by PestFix. We were awarded contracts solely based on our ability to move quickly and change continually, and by being first to table genuine and competitive commercial offers for medical PPE while supply was rapidly diminishing but the country most needed it.”
Ayanda Capital
The Department of Health & Social Care also pushed Ayanda Capital’s £253m contract through the government’s PPE high-priority lane, following a referral by an NHS official.
The government again ordered the wrong masks from Ayanda Capital, and did not carry out due diligence checks until after it had signed a contract with the firm.
The government ordered £155m worth of FFP2 masks, which again were not in line with the government’s published PPC specifications. The masks were received and may be either repurposed or resold, a process Ayanda is assisting with.
Ayanda has disputed that the FFP2 masks did not meet the required technical standards. CEO Tim Horlick this week wrote a letter to the government that said: “Suggestions that the masks are not fit for purpose or are somehow unsafe to use by frontline NHS workers are simply untrue and we are advised defamatory.”
Ayanda’s website makes no mention of an ability to procure PPE. The business describes itself as: “a London-based family office focused on a broad investment strategy. We specialise in currency trading, offshore property, private equity and trade financing.”
Andrew Mills, who was an adviser to the Board of Trade at the time the contract was established, was a senior adviser at Ayanda Capital. Mills acted as Ayanda’s representative and signed the contract with the Department of Health and Social Care on Ayanda’s behalf on 29 April 2020.
The only documented consideration of the potential Mills conflict of interest by the Department of Health & Social Care was a standard new supplier form that declared no conflicts of interest, and due diligence checking for political connections for Ayanda directors. However, the due diligence checks, carried out on 2 May 2020 and after the contract had been signed, did not include Ayanda’s senior adviser and did not identify any conflicts of interest.
City A.M. could not reach Ayanda Capital for comment.
Public First
In March 2020 the Cabinet Office procured focus group and communication services firm Public First to provide focus group research on an informal basis, agreeing to pay Public First for each set of groups without a formal contract. The focus groups were usually booked a week or two in advance.
The owners of the consultancy firm have previously worked with Michael Gove – the minister for the Cabinet Office. While the NAO found no evidence Gove had been involved in either the award or management of this contract, the spending watchdog also found no documentation on the consideration of conflicts of interest, no recorded process for choosing the supplier, and no specific justification for using emergency procurement.
On 5 June 2020, the Cabinet Office awarded a retrospective contract to cover work already carried out from 3 March 2020 onwards and expected of future work. The Cabinet Office paid £550,000 to Public First in total for the work covered by this contract.
Public First has been contacted for comment.
Cabinet Office minister Julia Lopez said: “We have been dealing with an unprecedented global pandemic that has posed the biggest challenge to the UK in a generation.
“As this report rightly recognises, we needed to procure contracts with extreme urgency to secure the vital supplies required to protect frontline NHS workers and the public and we make no apology for that.
“We have robust processes in place for spending public money to ensure we get critical equipment to where it needs to go as quickly as possible, whilst also ensuring value for money for the taxpayer.
“It is important to maintain the public’s confidence in how we manage their money, and we welcome the NAO’s scrutiny of our processes and recommendations on how they can be improved.”