cityam--2020-10-08--BoE gives banks all-clear but warns them to keep up support

The Bank of England has warned lenders that reducing their support to businesses and households “ would be costly ” for the economy and for the banks themselves .
It came as the Bank ’ s Financial Policy Committee ( FPC ) said the UK ’ s lenders were strong enough to weather the rest of the coronavirus storm – even if unemployment soared to 15 per cent .
Read more : UK and EU should reach trade deal , says BoE governor Andrew Bailey However , the FPC said that “ a range of near-term risks ” remain .
@ @ @ @ @ @ @ cases and restrictions ; the transition to life outside the EU ; and geopolitical risks .
Coronavirus cases have risen sharply in the UK in recent weeks , causing the government to introduce new restrictions and put a large number of local lockdowns in place .
Chancellor Rishi Sunak has extended support for the economy but reduced its generosity .
His measures , announced last month , included extending the coronavirus business loans programmes .
Banks have ‘ capacity ’ to keep lending The Bank of England said today that UK firms have @ @ @ @ @ @ @ banks and markets during Covid .
It said this was “ in large part through government-backed loan schemes ” .
BoE figures show that borrowing in the summer was much lower than in the spring , although it ticked up in August .
Some companies have reported that banks are making it more difficult to borrow through coronavirus loan schemes .
MPs have said banks need to support struggling firms .
The FPC ’ s financial stability report said banks were strong enough to keep up Covid lending .
Read more : Evidence @ @ @ @ @ @ @ says Bank of England policymaker “ The UK banking system remains resilient to a very wide range of possible economic outcomes , ” it said .
“ It has the capacity to continue to support households and businesses.
” The FPC warned that “ cutting support to the economy to avoid the use of capital buffers would be costly for the wider economy and consequently for the banks themselves ” .
It said banks ’ capital buffers “ exist to be drawn down in stress ” .

BoE gives banks all-clear but warns them to keep up support
The Bank of England has warned lenders that reducing their support to households and businesses “would be costly” for the economy and for banks themselves.
It came as the Bank’s Financial Policy Committee (FPC) said the UK’s lenders were strong enough to weather the rest of the coronavirus storm – even if unemployment soared to 15 per cent.
However, the FPC said that “a range of near-term risks” remain. They include market volatility resulting from Covid cases and restrictions; the transition to life outside the EU; and geopolitical risks.
New government restrictions in response to rising coronavirus cases prompted chancellor Rishi Sunak to announce more support for the economy last month. He extended the application deadline for government-backed loan schemes, among other measures.
However, some companies have reported difficulties in getting loans and claimed that banks are reducing access.
The Bank of England said today that UK firms have raised over £75bn in additional financing from banks and markets during Covid. It said this was “in large part” through coronavirus loan schemes.
Bank: Capital buffers there to be used
The FPC’s financial stability report said banks were strong enough to keep up Covid lending.
“The UK banking system remains resilient to a very wide range of possible economic outcomes,” it said. “It has the capacity to continue to support households and businesses.”
In March, the Bank reduced the “capital buffers” banks have to hold to ensure they can withstand shocks. The BoE today reminded lenders that capital buffers “exist to be drawn down in stress”.
The FPC warned that “cutting support to the economy to avoid the use of capital buffers would be costly for the wider economy and consequently for the banks themselves”.
Speaking at an online event earlier in the day, BoE governor Andrew Bailey said capital buffers were in place to be used during a crisis like coronavirus.
Potential for disruption from Brexit
The FPC’s report said most risks to the financial sector arising from Britain leaving the EU “have been mitigated”.
Yet it said financial services firms and investors could face disruption, in particular from EU rules. To try to avoid this, many firms that use London as a gateway to EU markets have set up or expanded in the bloc.
However, the FPC said: “The number of clients actively trading in the new entities is materially lower. Some operational risks therefore remain, including if many clients seek to migrate to the EU entities in a short period of time. These could amplify market volatility.”
Bailey earlier urged both sides to reach an agreement. “I’m surprised that the EU wants to restrict where their citizens can do business. We will certainly keep our markets open to the world,” Bailey said in an interview with the Yorkshire Post.
The FPC also said there was a need to examine the “dash for cash” that shook markets in March. The Bank had to provide heavy support to markets as investors sold stocks, bonds, and other assets in favour of holding cash.
It said the mismatch between the liquidity of assets held in open-ended funds was one area of concern. Another was demands of non-bank financial intermediaries for liquidity in stress.


cityam--2020-10-08--Get e-scooter trials rolling in London, ministers urged

A group of e-scooter firms have joined forces to call for the government to roll out a capital-wide trial of the new transport option .
In an open letter to ministers co-ordinated by think tank the Centre for London , firms such as Lime , Spin , and Voi said e-e scooters could “ help create a low carbon , inclusive , healthy , safe and prosperous London ” .
The London Micromobility Alliance , as the group is known , said that the government should also “ state its long term intention to legalise the widespread use of e-scooters @ @ @ @ @ @ @ inform regulation ” .
“ There needs to be a new normal for travel in London : extra capacity and lower carbon ways of getting around .
“ The danger is this comes from private cars .
Transport for London estimates that without intervention vehicle numbers could double .
That could mean double the congestion , air pollution , emissions and road danger .
We can not let that happen ” , the letter said .
Last week a report from the Transport Select Committee urged lawmakers to give the mobility solution the @ @ @ @ @ @ @ : Start your day with the City View podcast and key market data However , the report said that robust enforcement measures should be put in place to eliminate pavement use of e-scooters , which is “ dangerous and anti-social ” .
The Department for Transport ( DfT ) is currently running a number of e-scooter trials across the country .
Transport for London ( TfL ) is reportedly set to announce a London trial to start in the spring in the coming weeks .
Tier , one of the companies vying to @ @ @ @ @ @ @ said that it could provide London ’ s struggling retailers with a £7m boost if it is selected .
It plans to install 400 charging pods in shops and cafes across the capital , to which riders can go to swap and recharge their batteries .
In Finland , where the initiative was trialled , riders who used the charging stations to swap batteries – which gives them a free ride – spent on average £2.85 at the location , which could add up to as much as £16,650 per business over a @ @ @ @ @ @ @ roll out first UK e-scooter trial in Cambridge Fred Jones , Tier ’ s UK general manager , said : “ Our e-scooters are already having a hugely positive impact on cities in reducing congestion and pollution , and now thanks to this new model , we can also help local businesses to reap the rewards of e-scooter trials .
“ We ’ ve seen the tangible benefits that our charging network can offer retail stores and restaurants and we would love to be able to replicate this in London , especially given @ @ @ @ @ @ @ when it comes to footfall .

Get e-scooter trials rolling in London, ministers urged
A group of e-scooter firms have joined forces to call for the government to roll out a capital-wide trial of the new transport option.
In an open letter to ministers co-ordinated by think tank the Centre for London, firms such as Lime, Spin, and Voi said e-e scooters could “help create a low carbon, inclusive, healthy, safe and prosperous London”.
The London Micromobility Alliance, as the group is known, said that the government should also “state its long term intention to legalise the widespread use of e-scooters, using evidence from the trials to inform regulation”.
“There needs to be a new normal for travel in London: extra capacity and lower carbon ways of getting around.
“The danger is this comes from private cars. Transport for London estimates that without intervention vehicle numbers could double. That could mean double the congestion, air pollution, emissions and road danger. We cannot let that happen”, the letter said.
Last week a report from the Transport Select Committee urged lawmakers to give the mobility solution the green light.
Before the Open newsletter: Start your day with the City View podcast and key market data
However, the report said that robust enforcement measures should be put in place to eliminate pavement use of e-scooters, which is “dangerous and anti-social”.
The Department for Transport (DfT) is currently running a number of e-scooter trials across the country. Transport for London (TfL) is reportedly set to announce a London trial to start in the spring in the coming weeks.
Tier, one of the companies vying to be selected for the trial, has said that it could provide London’s struggling retailers with a £7m boost if it is selected.
It plans to install 400 charging pods in shops and cafes across the capital, to which riders can go to swap and recharge their batteries.
In Finland, where the initiative was trialled, riders who used the charging stations to swap batteries – which gives them a free ride – spent on average £2.85 at the location, which could add up to as much as £16,650 per business over a year.
Fred Jones, Tier’s UK general manager, said: “Our e-scooters are already having a hugely positive impact on cities in reducing congestion and pollution, and now thanks to this new model, we can also help local businesses to reap the rewards of e-scooter trials.
“We’ve seen the tangible benefits that our charging network can offer retail stores and restaurants and we would love to be able to replicate this in London, especially given the difficulties our high street is facing when it comes to footfall.
TfL said it was currently in discussions with councils and boroughs across the capital over the trial.


cityam--2020-10-08--Huawei: ‘Clear evidence’ of collusion with Beijing, MPs warn

There is “ clear evidence of collusion ” between Chinese tech giant Huawei and authorities in Beijing , top MPs have warned .
In a report published today parliament ’ s defence committee claimed Huawei was “ closely linked ” to the Chinese state and the Communist Party .
It also cited concerns about Huawei ’ s receipt of state subsidies and Chinese intelligence laws that force private companies to hand over information to authorities .
Read more : 5G rollout across Britain set to create 5,000 jobs The committee ’ s findings were based on testimony from academics and @ @ @ @ @ @ @ any new evidence .
A Huawei spokesperson said : “ This report lacks credibility , as it is built on opinion rather than fact .
“ We ’ re sure people will see through these accusations of collusion and remember instead what Huawei has delivered for Britain over the past 20 years.
” But the conclusions will mark a further blow to Huawei , which has been banned from building the UK ’ s 5G networks amid concerns about its links to Beijing .
The MPs welcomed the decision to exclude the Chinese @ @ @ @ @ @ @ should consider moving its deadline for the removal of Huawei equipment forward from 2027 to 2025 .
“ The west must urgently unite to advance a counterweight to China ’ s tech dominance , ” said committee chair Tobias Ellwood .
“ As every aspect of our lives becomes increasingly reliant on access to data movement we must develop a feasible , practical and cost-effective alternative to the cheap , high-tech solutions which can be preyed upon and which come stooped with conditions which ensnare a state into long-term allegiance to China.
” @ @ @ @ @ @ @ surrender our national security for the sake of short-term technological development .
This is a false and wholly unnecessary trade off.
” In its report the defence committee said it was “ unacceptable ” that commercial concerns had been put ahead of national security considerations and urged the government to tighten its policies on cybersecurity .
It backed the creation of the Telecoms Security Bill , which would allow the government to force operators to take action in the interests of national security , and said it should be introduced before the end @ @ @ @ @ @ @ supported proposals for a new alliance of the world ’ s 10 largest democracies — dubbed D10 — to find alternatives to Chinese technology .
Ellwood said the alliance would provide a “ viable alternative foundation to the technological might of authoritarian states , whose true motives are , at times , murky ” .
“ Democracies the world over are waking up to the dangers of new technology from overseas that could inadvertently provide hostile states access to sensitive information through the backdoor , ” he added .
Read more : BT @ @ @ @ @ @ @ networks The debate over Huawei , which has lasted several years , has sparked a major row between the government and the telecoms industry .
The UK ’ s major network operators have warned that ripping out Huawei equipment will cost huge sums of money and slow down the country ’ s rollout of 5G .
A report published last month by the Centre for Policy Studies found delays to the rollout of 5G could cost the UK tens of billions of pounds in lost output .
The defence committee acknowledged that removing @ @ @ @ @ @ @ in signal blackouts , delay the rollout and create huge costs to both operators and the economy .
But it suggested the government could compensate operators if the 2027 deadline had to be moved forward .
In addition , the report warned that the UK vendor market for 5G kit was not diverse enough .
It encourage the government to work with network operators to bring in new companies such as Samsung or NEC .

Huawei: ‘Clear evidence’ of collusion with Beijing, MPs warn
There is “clear evidence of collusion” between Chinese tech giant Huawei and authorities in Beijing, top MPs have warned.
In a report published today parliament’s defence committee claimed Huawei was “closely linked” to the Chinese state and the Communist Party.
It also cited concerns about Huawei’s receipt of state subsidies and Chinese intelligence laws that force private companies to hand over information to authorities.
The committee’s findings were based on testimony from academics and cybersecurity experts, but did not include any new evidence.
A Huawei spokesperson said: “This report lacks credibility, as it is built on opinion rather than fact.
“We’re sure people will see through these accusations of collusion and remember instead what Huawei has delivered for Britain over the past 20 years.”
But the conclusions will mark a further blow to Huawei, which has been banned from building the UK’s 5G networks amid concerns about its links to Beijing.
The MPs welcomed the decision to exclude the Chinese telecoms group, but said the government should consider moving its deadline for the removal of Huawei equipment forward from 2027 to 2025.
“The west must urgently unite to advance a counterweight to China’s tech dominance,” said committee chair Tobias Ellwood.
“As every aspect of our lives becomes increasingly reliant on access to data movement we must develop a feasible, practical and cost-effective alternative to the cheap, high-tech solutions which can be preyed upon and which come stooped with conditions which ensnare a state into long-term allegiance to China.”
He added: “We must not surrender our national security for the sake of short-term technological development. This is a false and wholly unnecessary trade off.”
Murky motives
In its report the defence committee said it was “unacceptable” that commercial concerns had been put ahead of national security considerations and urged the government to tighten its policies on cybersecurity.
It backed the creation of the Telecoms Security Bill, which would allow the government to force operators to take action in the interests of national security, and said it should be introduced before the end of the year.
The MPs also supported proposals for a new alliance of the world’s 10 largest democracies — dubbed D10 — to find alternatives to Chinese technology.
Ellwood said the alliance would provide a “viable alternative foundation to the technological might of authoritarian states, whose true motives are, at times, murky”.
“Democracies the world over are waking up to the dangers of new technology from overseas that could inadvertently provide hostile states access to sensitive information through the backdoor,” he added.
Telecoms tensions
The debate over Huawei, which has lasted several years, has sparked a major row between the government and the telecoms industry.
The UK’s major network operators have warned that ripping out Huawei equipment will cost huge sums of money and slow down the country’s rollout of 5G.
A report published last month by the Centre for Policy Studies found delays to the rollout of 5G could cost the UK tens of billions of pounds in lost output.
The defence committee acknowledged that removing Huawei equipment sooner than 2027 could result in signal blackouts, delay the rollout and create huge costs to both operators and the economy.
But it suggested the government could compensate operators if the 2027 deadline had to be moved forward.
In addition, the report warned that the UK vendor market for 5G kit was not diverse enough.
It encourage the government to work with network operators to bring in new companies such as Samsung or NEC.


cityam--2020-10-08--Government hands London's heritage organisations a £103m lifeline

More than 100 heritage sites across the capital are set to receive a lifesaving financial boost from the government ’ s Culture Recovery Fund .
The Old Royal Naval College in Greenwich is among 129 recipients across London to receive a share of the £103m Culture Recovery Fund for heritage , to help them through the pandemic .
Read more : National Trust to axe 1,300 staff amid plans to save £100m The funds will be used to help restart vital repair and maintenance work as well as keeping venues open to save jobs .
The Old Royal Naval College @ @ @ @ @ @ @ has been awarded £1m to help continue its operation during the pandemic .
Sandycombe Lodge , the only surviving building designed by Turner , is set to receive £58,000 .
The £103m pot is being allocated by Historic England and the National Lottery Heritage Fund on behalf of the government .
Duncan Wilson , Historic England ’ s chief executive said : “ The funding is an essential lifeline for our heritage and the people who work tirelessly to conserve it for us all , so that we can hand it on to @ @ @ @ @ @ @ investment comes just after the National Trust announced plans to axe almost 1,300 jobs as it grapples with a huge loss of income .
The coronavirus outbreak has had an impact on almost every revenue stream for the charity , resulting in the closure of all of its sites and cancelling its events .
Ros Kerslake , chief executive of the National Lottery Heritage Fund said : “ Our heritage is still facing a perilous future – we are not out of the woods yet.
” “ But this hugely welcome funding from @ @ @ @ @ @ @ to invest from the National Lottery , has undoubtedly stopped heritage and the organisations that care for it being permanently lost .
”

Government hands London’s heritage organisations a £103m lifeline
A gallery assistant poses in The Painted Hall, which has been restored as part of a conservation project, at the Old Royal Naval College in Greenwich in London (Photo by Niklas HALLE’N / AFP)
More than 100 heritage sites across the capital are set to receive a lifesaving financial boost from the government’s Culture Recovery Fund.
The Old Royal Naval College in Greenwich is among 129 recipients across London to receive a share of the £103m Culture Recovery Fund for heritage, to help them through the pandemic.
The funds will be used to help restart vital repair and maintenance work as well as keeping venues open to save jobs.
The Old Royal Naval College in the Maritime Greenwich World Heritage Site has been awarded £1m to help continue its operation during the pandemic. Sandycombe Lodge, the only surviving building designed by Turner, is set to receive £58,000.
The £103m pot is being allocated by Historic England and the National Lottery Heritage Fund on behalf of the government.
Duncan Wilson, Historic England’s chief executive said: “The funding is an essential lifeline for our heritage and the people who work tirelessly to conserve it for us all, so that we can hand it on to future generations.”
The announcement of the investment comes just after the National Trust announced plans to axe almost 1,300 jobs as it grapples with a huge loss of income.
The coronavirus outbreak has had an impact on almost every revenue stream for the charity, resulting in the closure of all of its sites and cancelling its events.
Ros Kerslake, chief executive of the National Lottery Heritage Fund said: “Our heritage is still facing a perilous future – we are not out of the woods yet.”
“But this hugely welcome funding from Government, and the money we continue to invest from the National Lottery, has undoubtedly stopped heritage and the organisations that care for it being permanently lost.”


cityam--2020-10-08--Investors demand greater transparency on ethnic diversity on boards

Investment managers are calling on some of the UK ’ s biggest firms to be more transparent about the ethnic diversity of their boards .
Almost three-quarters of FTSE 100 firms failed to report the ethnic make-up of their boards in this year ’ s AGM season , according to data from the Investment Association ( IA ) .
Read more : Legal & General to vote against all-white FTSE 100 boards Some 37 FTSE 100 companies had no Black , Asian or minority ethnic ( BAME ) directors in February according to the Parker Review – a government-sponsored body @ @ @ @ @ @ @ of UK boardrooms .
The IA has said that the lack of transparency is preventing investors from holding companies to account on their progress .
“ The Parker Review from earlier this year showed there is still significant progress to be made on improving the ethnic diversity of UK PLC boards and investors need more information to assess a company ’ s journey to meeting the Parker Review target ” , said IA chief Chris Cummings .
“ Transparency is key.
” It comes after institutional investor Legal & General this week issued @ @ @ @ @ @ @ their lack of diversity .
L & G told FTSE 100 firms with all-white boards that it will vote against them if they do not hire a BAME director by 2022 .
L & G , which manages over £1.2 trillion of assets , is thought to be the first big UK investor to threaten to vote against companies that fail to take action on director diversity .
It echoed a call from the Confederation of British Industry ( CBI ) last week that the biggest British companies should have at least one @ @ @ @ @ @ @ .
The industry group said research from Mckinsey showed that more diverse companies were likely to be more profitable than their peers .
Read more : Domino ’ s Pizza scolded by the IA over lack of gender diversity There has been some progress on gender diversity , with the FTSE 350 now meeting the 33 per cent gender diversity target set by the Hampton-Alexander Review .
The number of “ one and done ” boards , those with just one female director , in the FTSE 350 has dropped from 74 at @ @ @ @ @ @ @ year .

Investors demand greater transparency on ethnic diversity on boards
Investment managers are calling on some of the UK’s biggest firms to be more transparent about the ethnic diversity of their boards.
Almost three-quarters of FTSE 100 firms failed to report the ethnic make-up of their boards in this year’s AGM season, according to data from the Investment Association (IA).
Some 37 FTSE 100 companies had no Black, Asian or minority ethnic (BAME) directors in February according to the Parker Review – a government-sponsored body set up to monitor the ethnic diversity of UK boardrooms.
The IA has said that the lack of transparency is preventing investors from holding companies to account on their progress.
“The Parker Review from earlier this year showed there is still significant progress to be made on improving the ethnic diversity of UK PLC boards and investors need more information to assess a company’s journey to meeting the Parker Review target”, said IA chief Chris Cummings. “Transparency is key.”
It comes after institutional investor Legal & General this week issued an ultimatum to firms this week over their lack of diversity.
L&G told FTSE 100 firms with all-white boards that it will vote against them if they do not hire a BAME director by 2022.
L&G, which manages over £1.2 trillion of assets, is thought to be the first big UK investor to threaten to vote against companies that fail to take action on director diversity.
It echoed a call from the Confederation of British Industry (CBI) last week that the biggest British companies should have at least one BAME member on their boards by 2021.
The industry group said research from Mckinsey showed that more diverse companies were likely to be more profitable than their peers.
There has been some progress on gender diversity, with the FTSE 350 now meeting the 33 per cent gender diversity target set by the Hampton-Alexander Review.
The number of “one and done” boards, those with just one female director, in the FTSE 350 has dropped from 74 at the end of 2018 to 16 this year.


cityam--2020-10-08--UK investment firm Centricus makes surprise entry into Tiktok takeover race

A little-known British investment firm has reportedly emerged as a shock bidder for Tiktok as it looks to derail Oracle ’ s tie-up with the Chinese viral video app .
London-based Centricus Asset Management has been in negotiations with the chief executive of Tiktok ’ s parent company Bytedance for weeks , the Wall Street Journal reported .
The firm is said to be positioning itself as a back-up bid if Tiktok ’ s complex proposal to partner with Oracle for its US operations falls through .
The tie-up would see Oracle take over management of Tiktok ’ s US @ @ @ @ @ @ @ also said to be negotiating the sale of a stake in Tiktok ’ s US division .
Both companies have confirmed the planned partnership , but it is still subject to approval by both US and Chinese authorities .
Centricus was previously linked to the Tiktok takeover discussions in August , but was thought to have exited the race after the Oracle partnership was agreed .
The Mayfair-headquartered investment firm was founded just four years ago and played a key role in setting up Softbank ’ s $ 100bn Vision Fund .
It @ @ @ @ @ @ @ on sectors including technology , financial services , and infrastructure .
According to the report , Centricus has partnered with Triller – a US video-sharing rival to Tiktok – for its bid .
The fund is said to have negotiated directly with Zhang Yiming , chief executive of Bytedance .
The Chinese tech group has been pushed into selling off Tiktok ’ s US operations after President Donald Trump threatened to ban the video-sharing app amid concerns over national security .
Read more : The clock is ticking for Oracle to make sense @ @ @ @ @ @ @ that Oracle would be a “ great company ” to take over Tiktok .
However , the deal may still face a number of regulatory hurdles , while discussions are ongoing about exactly which parts of the business will be sold .

London investment firm Centricus makes surprise entry into Tiktok takeover race
A little-known British investment firm has reportedly emerged as a shock bidder for Tiktok as it looks to derail Oracle’s tie-up with the Chinese viral video app.
London-based Centricus Asset Management has been in negotiations with the chief executive of Tiktok’s parent company Bytedance for weeks, the Wall Street Journal reported.
The firm is said to be positioning itself as a back-up bid if Tiktok’s complex proposal to partner with Oracle for its US operations falls through.
The tie-up would see Oracle take over management of Tiktok’s US user data. The two sides are also said to be negotiating the sale of a stake in Tiktok’s US division.
Both companies have confirmed the planned partnership, but it is still subject to approval by both US and Chinese authorities.
Centricus was previously linked to the Tiktok takeover discussions in August, but was thought to have exited the race after the Oracle partnership was agreed.
The Mayfair-headquartered investment firm was founded just four years ago and played a key role in setting up Softbank’s $100bn Vision Fund.
It manages $27bn of assets and focuses on sectors including technology, financial services, and infrastructure.
According to the report, Centricus has partnered with Triller – a US video-sharing rival to Tiktok – for its bid.
The fund is said to have negotiated directly with Zhang Yiming, chief executive of Bytedance.
The Chinese tech group has been pushed into selling off Tiktok’s US operations after President Donald Trump threatened to ban the video-sharing app amid concerns over national security.
Trump has stated that Oracle would be a “great company” to take over Tiktok.
However, the deal may still face a number of regulatory hurdles, while discussions are ongoing about exactly which parts of the business will be sold.


cityam--2020-10-08--Time running out for TfL to secure emergency government funding

Time is running out for Transport for London ( TfL ) to secure emergency central government funding , with cash from its last bailout set to dry up in nine days .
TfL is in negotiations with the Department for Transport over the funding settlement , with mayor of London Sadiq Khan asking for £5.65bn over the next 18 months as City Hall expects Tube numbers to be far below pre-Covid levels for the foreseeable future .
Read more : Sadiq Khan warns of return to ‘ bad old days ’ without new TfL bailout London ’ s transport body @ @ @ @ @ @ @ government in May , after revenues plummeted by more than 90 per cent during the Covid lockdown .
The bailout came with several tough conditions – such as adding government representatives to TfL ’ s board , suspending free travel for under-18s , reinstating the congestion charge and increasing Tube fares next year – which some have speculated were an attempt to siphon power away from City Hall .
Before the Open newsletter : Start your day with the City View podcast and key market data The London mayor told City A.M. last @ @ @ @ @ @ @ out on 17 October , a week from Saturday , and that any extra conditions to the new funding would “ put conditions on our ability to run our city and that inhibits our ability to contribute to the wealth and prosperity of our country ” .
However , it is believed that the two sides still have quite a bridge to gap on a potential new funding settlement .
One source inside the mayor ’ s office said around City Hall there was a “ vague sense that [ negotiations ] are @ @ @ @ @ @ @ told a London Assembly committee meeting today that “ we ’ re expecting there will be some conditions ” on the new bailout .
“ But let ’ s keep faith in London ’ s transport system so it can help fuel the recovery of London , which thereby fuels the recovery of the UK , ” he said .
Read more : Minister flags potential extension of England curfew to 11pm Tube numbers are still more than 60 per cent below pre-Covid levels , with bus journeys at about half of pre-Covid @ @ @ @ @ @ @ and September , however new government guidance telling people to work from home where possible scuppered any hope of returning to something like normality .
Byford said TfL needs “ to move away from such a dangerously high dependence on revenue through the fare box ” .
John Dickie , director of strategy and policy at lobby group London First , said today that more devolution to City Hall would be the best way of creating a new funding model for TfL .
He said : “ We ’ d like to see @ @ @ @ @ @ @ ’ d like to see more powers and resources to take decisions locally , but one of the uncomfortable decisions that ’ s going to have to be taken over the next 18 months – if central government will give London government that power – is where we ’ re going to find the cash to fund TfL ’ s finances from .
Read more : City workers committed to the commute despite PM ’ s working from home u-turn , TfL data shows “ That could be a mixture of council tax @ @ @ @ @ @ @ it could be devolved funding streams the mayor takes over and so on.
” When asked about TfL ’ s bailout negotiations , a Department for Transport spokesperson said : “ The government is engaging with Transport for London and the mayor on the impacts of Covid-19 on TfL ’ s finances .
These discussions are ongoing and will ensure London has a safe , reliable network while delivering a fair deal to taxpayers.
” A City Hall spokesperson said : “ Negotiations are ongoing with the Department for Transport .
”

Time running out for TfL to secure emergency government funding
Tube numbers are still more than 60 per cent below pre-Covid levels, with bus journeys at about half of pre-Covid levels.
Time is running out for Transport for London (TfL) to secure emergency central government funding, with cash from its last bailout set to dry up in nine days.
TfL is in negotiations with the Department for Transport over the funding settlement, with mayor of London Sadiq Khan asking for £5.65bn over the next 18 months as City Hall expects Tube numbers to be far below pre-Covid levels for the foreseeable future.
London’s transport body was given a £1.6bn bailout from the government in May, after revenues plummeted by more than 90 per cent during the Covid lockdown.
The bailout came with several tough conditions – such as adding government representatives to TfL’s board, suspending free travel for under-18s, reinstating the congestion charge and increasing Tube fares next year – which some have speculated were an attempt to siphon power away from City Hall.
Before the Open newsletter: Start your day with the City View podcast and key market data
The London mayor told City A.M. last month that the first bailout will run out on 17 October, a week from Saturday, and that any extra conditions to the new funding would “put conditions on our ability to run our city and that inhibits our ability to contribute to the wealth and prosperity of our country”.
However, it is believed that the two sides still have quite a bridge to gap on a potential new funding settlement.
One source inside the mayor’s office said around City Hall there was a “vague sense that [negotiations] are f****d”.
TfL commissioner Andy Byford told a London Assembly committee meeting today that “we’re expecting there will be some conditions” on the new bailout.
“But let’s keep faith in London’s transport system so it can help fuel the recovery of London, which thereby fuels the recovery of the UK,” he said.
Tube numbers are still more than 60 per cent below pre-Covid levels, with bus journeys at about half of pre-Covid levels.
Figures were rising in August and September, however new government guidance telling people to work from home where possible scuppered any hope of returning to something like normality.
Byford said TfL needs “to move away from such a dangerously high dependence on revenue through the fare box”.
John Dickie, director of strategy and policy at lobby group London First, said today that more devolution to City Hall would be the best way of creating a new funding model for TfL.
He said: “We’d like to see more devolution to London government, we’d like to see more powers and resources to take decisions locally, but one of the uncomfortable decisions that’s going to have to be taken over the next 18 months – if central government will give London government that power – is where we’re going to find the cash to fund TfL’s finances from.
“That could be a mixture of council tax, it could be different levies, it could be devolved funding streams the mayor takes over and so on.”
When asked about TfL’s bailout negotiations, a Department for Transport spokesperson said: “The government is engaging with Transport for London and the mayor on the impacts of Covid-19 on TfL’s finances. These discussions are ongoing and will ensure London has a safe, reliable network while delivering a fair deal to taxpayers.”
A City Hall spokesperson said: “Negotiations are ongoing with the Department for Transport.”


cityam--2020-10-08--FTSE 100 closes higher and US stocks rise on fresh stimulus hopes

The FTSE 100 closed higher and Wall Street rose as renewed hopes of a US fiscal stimulus package lifted sentiment despite jobless claims remaining stubbornly high .
Two days after calling off negotiations on a comprehensive fiscal aid bill , US President Donald Trump today said that talks with Congress have restarted .
Read more : New US jobless claims flatline as recovery slows Trump has indicated that discussions are focusing on support for the US airline industry and stimulus cheques for Americans .
In London , the FTSE 100 got off to a lacklustre start before rising steadily .
@ @ @ @ @ @ @ higher at 5,978 points .
Renewed hopes that a partial stimulus deal could be reached powered US equities higher for the second day .
The benchmark S & P 500 was up 0.6 per cent by 6pm UK time .
The Dow Jones climbed 0.3 per cent , while the Nasdaq advanced 0.5 per cent .
US equities rose despite new Department of Labor data showing that some 840,000 Americans filed new jobless claims in the week ending 3 October – a drop of just 9,000 from the previous week .
British mid-caps @ @ @ @ @ @ @ months .
The FTSE 250 finished 0.8 per cent higher .
FTSE 100 and 250 shares were boosted by a positive global mood amid renewed stimulus hopes .
But concerns over more coronavirus restrictions in the UK kept a lid on gains .
Talk Talk led the midcap risers .
Its shares surged 17.1 per cent after the telecoms firm disclosed it had received a buyout offer from asset manager Toscafund .
“ Having been building in stake in Talk Talk in recent years Toscafund may have not unreasonably decided it could do @ @ @ @ @ @ @ itself out of the glare of public markets , ” said AJ Bell investment director Russ Mould .
Read more : UK and EU should reach trade deal , says BoE governor Andrew Bailey The domestically-focused index was also boosted by Bank of England governor Andrew Bailey saying he believed that the UK and European Union should reach a trade deal .
European equities also gained along with the FTSE 100 on hopes of forthcoming US stimulus measures increased risk appetite .
In Germany , the Dax rose 0.9 per cent , while @ @ @ @ @ @ @ per cent .
Ben Laidler of Tower Hudson Research said markets were reacting in part to the prospect of a Joe Biden victory in the 3 November US presidential election .
Various polls have shown him around 10 points ahead of Trump .
Read more : Almost a fifth of ALL US dollars were created this year “ Markets rallied as investors getting increasingly comfortable with a Democrat election victory , ” he said .
Laidler said markets thought there was a high chance of “ significant post-election fiscal stimulus ” .

FTSE 100 closes higher and US stocks rise on fresh stimulus hopes
US President Donald Trump and house speaker Nancy Pelosi have both signalled their willingness to work towards a stimulus deal
The FTSE 100 closed higher and Wall Street rose as renewed hopes of a US fiscal stimulus package lifted sentiment despite jobless claims remaining stubbornly high.
Two days after calling off negotiations on a comprehensive fiscal aid bill, US President Donald Trump today said that talks with Congress have restarted.
Read more: New US jobless claims flatline as recovery slows
Trump has indicated that discussions are focusing on support for the US airline industry and stimulus cheques for Americans.
In London, the FTSE 100 got off to a lacklustre start before rising steadily. The blue-chip index closed 0.5 per cent higher at 5,978 points.
Renewed hopes that a partial stimulus deal could be reached powered US equities higher for the second day.
The benchmark S&P 500 was up 0.6 per cent by 6pm UK time. The Dow Jones climbed 0.3 per cent, while the Nasdaq advanced 0.5 per cent.
US equities rose despite new Department of Labor data showing that some 840,000 Americans filed new jobless claims in the week ending 3 October – a drop of just 9,000 from the previous week.
Fears over fresh restrictions cap FTSE 100 gains
British mid-caps rose to their highest levels in two months. The FTSE 250 finished 0.8 per cent higher.
FTSE 100 and 250 shares were boosted by a positive global mood amid renewed stimulus hopes. But concerns over more coronavirus restrictions in the UK kept a lid on gains.
Read more: Talk Talk shares leap as Toscafund makes buyout offer
Talk Talk led the midcap risers. Its shares surged 17.1 per cent after the telecoms firm disclosed it had received a buyout offer from asset manager Toscafund.
“Having been building in stake in Talk Talk in recent years Toscafund may have not unreasonably decided it could do a better job of managing the assets itself out of the glare of public markets,” said AJ Bell investment director Russ Mould.
Read more: UK and EU should reach trade deal, says BoE governor Andrew Bailey
The domestically-focused index was also boosted by Bank of England governor Andrew Bailey saying he believed that the UK and European Union should reach a trade deal.
Global markets lifted by stimulus bets
European equities also gained along with the FTSE 100 on hopes of forthcoming US stimulus measures increased risk appetite.
In Germany, the Dax rose 0.9 per cent, while France’s CAC 40 added 0.6 per cent.
Ben Laidler of Tower Hudson Research said markets were reacting in part to the prospect of a Joe Biden victory in the 3 November US presidential election. Various polls have shown him around 10 points ahead of Trump.
“Markets rallied as investors getting increasingly comfortable with a Democrat election victory,” he said.
Laidler said markets thought there was a high chance of “significant post-election fiscal stimulus”.


cityam--2020-10-08--London coronavirus cases: How many infections are in your London borough?

The number of confirmed coronavirus cases in London hit 58,271 today , with Brent and Barnet continuing to be the worst affected boroughs .
Speculation continues to grow that the capital will be hit by further measures in a bid to curb the spread of infection .
The mayor of London today stressed that the virus is spreading “ quickly and widely ” across the city “ with the number of people hospitalised for the disease tripling in the past month ” .
Figures released by Public Health England today showed that Brent has recorded 2,649 confirmed Covid-19 cases as @ @ @ @ @ @ @ 2,753 .
Read more : UK lockdown : Zoos and drive-in cinemas could reopen from 15 June Croydon and Ealing have recorded 2,632 and 2,681 positive tests respectively .
Cases in the UK jumped by more than 17,000 today as the total number of people testing positive reached 561,815 .
Cases in the capital are up to 58,271 , with 650.2 cases per 100,000 people .
More restrictions are being announced in different regions on a near-daily basis as the UK is hit by a second coronavirus wave .
Last week health secretary @ @ @ @ @ @ @ , Warrington , Hartlepool and Middlesborough .
He said people could no longer mix with other households , including in pubs and restaurants , as cases rise at a worrying rate .
And there has been speculation that London may be put into an effective two-week lockdown to stem the rising tide of cases .
East London has the highest rates of new cases , with the boroughs of Redbrige , Barking and Dagenham , Tower Hamlets and Newham reporting high levels of infections .
Listen to our daily City View podcast as @ @ @ @ @ @ @ impact of the coronavirus pandemic .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime Data sourced from Public Health England , effective as of 6 October The UK is poised for another set of tough new resrictions including the possible closure of pubs and restaurants across the north where cases are surging .
Boris Johnson could announce the measures as early as Monday and could be imposed in Manchester , Liverpool and Newcastle .
Fears are growing that similar restrictions may be implemented in @ @ @ @ @ @ @ Khan saying London is at “ breaking point ” .
Khan added that London has seen a “ sharp rise ” in 111 calls , hospital admissions and patients in intensive care units .
The fresh rules on social interaction are expected to be rolled out if current measures including the “ rule of six ” and a 10pm curfew on hospitality venues fail to quash the upward curve in infections .
Pubs , restaurants and bars may be forced to shutter for two weeks in both , marking a return to so-called @ @ @ @ @ @ @ week .
Sadiq Khan : No ‘ accurate picture ’ of Covid-19 resurgence in London The mayor of London has said coronavirus is spreading “ widely and quickly across London again ” but warns that there is no totally “ accurate picture ” due to government failings .
Writing exclusively for City A.M. , Sadiq said this is “ the most precarious period for business we have ever faced ” but rejects what he calls the “ false dichotomy ” of saving lives or saving the economy .
The Mayor says there is @ @ @ @ @ @ @ of the virus in different parts of our city ” but that indicators such as 111 calls , GP visits , hospital admissions and intensive care numbers are “ accelerating in the wrong direction .
”

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--2020-10-08--Coronavirus: Greek islands added to England's travel corridor and no countries relegated to quaranti

Coronavirus: Greek islands added to England's travel corridor and no countries relegated to quarantine list

The Greek islands of Lesvos , Tinos , Serifos , Santorini and Zakynthos have been added to England ’ s travel corridor list , transport secretary Grant Shapps has confirmed .
From 4am on Saturday , travellers from the Greek islands will no longer have to self-isolate for 14 days .
Read more : Coronavirus : The seven quarantine free countries you can still visit , after Turkey travel ban Mykonos and Crete remain on the quarantine list .
No new countries were added to England ’ s “ red-list ” this week after Turkey and Poland joined last week @ @ @ @ @ @ @ infection across the Greek islands was assessed by the Joint Biosecurity Centre as posing a lower risk .
The government ’ s current threshold for introducing quarantine measures on other countries is 20 cases per 100,000 people .
Sweden and Estonia were both expected to be added to England ’ s quarantine list , following a sharp spike in cases .
Sweden ’ s accumulative rate of infection over the past 14 days has hovered at the 65.8 mark , while Estonia ’ s is currently 51.5 , according to the European Centre @ @ @ @ @ @ @ ’ s caseload also shot up in the last week , tipping beyond the government ’ s safety threshold to stand at 52 per 100,000 .
However , from today all Britons visiting Italy must present evidence of a negative Covid test taken no more than 72 hours previously — or take a free test on arrival .
The maximum fine for repeat offenders who fail to self-isolate now stands at £10,000 .
It comes as the government faces increasing pressure to roll out wide-scale testing at airports in a bid to curb @ @ @ @ @ @ @ Coronavirus : Is the UK set to shake-up quarantine-free travel rules and finally begin airport testing for arrivals ?
Boris Johnson yesterday told the chief executive of Heathrow Airport that Britain will begin airport testing in two weeks time .
London Southend boss Glyn Jones urged the PM to speed up the process , telling City A.M. that UK airlines will only begin to recover when an airport testing regime restores passenger confidence .
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Coronavirus: Greek islands added to England’s travel corridor and no countries relegated to quarantine list
Sunset in Santorini, Greece
The Greek islands of Lesvos, Tinos, Serifos, Santorini and Zakynthos have been added to England’s travel corridor list, transport secretary Grant Shapps has confirmed.
From 4am on Saturday, travellers from the Greek islands will no longer have to self-isolate for 14 days.
Mykonos and Crete remain on the quarantine list.
No new countries were added to England’s “red-list” this week after Turkey and Poland joined last week.
It comes as the rate of infection across the Greek islands was assessed by the Joint Biosecurity Centre as posing a lower risk.
The government’s current threshold for introducing quarantine measures on other countries is 20 cases per 100,000 people.
Zante holidays are back on the list for English tourists
Sweden and Estonia were both expected to be added to England’s quarantine list, following a sharp spike in cases.
Sweden’s accumulative rate of infection over the past 14 days has hovered at the 65.8 mark, while Estonia’s is currently 51.5, according to the European Centre for Disease Prevention and Control.
Italy’s caseload also shot up in the last week, tipping beyond the government’s safety threshold to stand at 52 per 100,000.
Testing times
However, from today all Britons visiting Italy must present evidence of a negative Covid test taken no more than 72 hours previously — or take a free test on arrival.
The maximum fine for repeat offenders who fail to self-isolate now stands at £10,000.
It comes as the government faces increasing pressure to roll out wide-scale testing at airports in a bid to curb infections from abroad.
Boris Johnson yesterday told the chief executive of Heathrow Airport that Britain will begin airport testing in two weeks time.
London Southend boss Glyn Jones urged the PM to speed up the process, telling City A.M. that UK airlines will only begin to recover when an airport testing regime restores passenger confidence.
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Main image credit: Getty


cityam--2020-10-08--National Trust to axe 1,300 staff amid plans to save £100m

The National Trust has announced plans to axe 1,300 jobs , as the charity seeks to shore up £100m in annual costs through spending cuts as a result of the pandemic .
The company said it will make 514 compulsory redundancies following consultation , with a further 782 employees set to take voluntary redundancy .
The job losses represent around 14 per cent of the Trust ’ s 9,500-strong salaried workforce .
The company said “ some roles at higher levels ” will be affected , while “ some vacancies will be removed to reduce the number of senior management @ @ @ @ @ @ @ Stevens told City A.M the announcement was “ devastating news for staff at the National Trust who do such important work connecting us with our heritage ” .
“ Labour warned the government that its Winter Economy Plan would do nothing for sectors that can not fully reopen or have lower visitor numbers at the moment but the chancellor did not listen , ” she said .
“ This is sadly the consequence .
We will continue to see job losses unless the government act .
These jobs were ‘ viable ” and @ @ @ @ @ @ @ : UK businesses plan to cut jobs and investment , survey shows The figure marks a significant decrease on the 1,200 jobs earmarked for compulsory redundancy by the conservation body in July , as wide-scale site closures ate into finances .
The National Trust said it reviewed more than 14,500 pieces of feedback from staff and volunteers as part of “ the biggest redundancy consultation in its 125-year history as a result of the coronavirus crisis ” .
The Trust is set to save around £41m in annual costs by reducing travel and @ @ @ @ @ @ @ print spend in favour of digital communication .
It said it has already saved millions of pounds through freezing recruitment , drawing on reserves and stopping or deferring projects .
Director general Hilary McGrady , who took a 20 per cent pay cut at the start of the pandemic , said : “ This is a very painful time for so many organisations , businesses and communities .
“ No leader wants to be forced into announcing any redundancies , but coronavirus means we simply have no other choice if we want to @ @ @ @ @ @ @ McGrady said the Trust had “ exhausted every other avenue to find savings ” , adding : “ But sadly we now have to come to terms with the fact that we will lose some colleagues ” .
“ We will do all we can to support those who are leaving , and others affected by these significant changes ” , she said .
The charity , which as more than 5.6m members across the country , will retain roles focused on education and curation across its 500 sites in England , Wales @ @ @ @ @ @ @ increase building maintenance roles and introduce new specialist jobs focused on sustainability and carbon reduction , the group announced today .
It comes after the charity was forced to shutter all of its houses , gardens , car parks , shops and cafes during the pandemic .
McGrady today said the National Trust would continue to open as many of its sites as possible while government restrictions remain in place .
Read more : Amazon ’ s UK boss Doug Gurr appointed a trustee at the National Gallery Mike Clancy , general secretary @ @ @ @ @ @ @ more than 150,000 British workers — said the 1,300 figure was a huge number of job losses , but lower than it might have been .
Clancy said : “ The current plan , while devastating for those who are losing jobs they love , is a reasonable way to move forward , minimising job losses while hopefully safeguarding the National Trust ’ s future.
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National Trust to axe 1,300 staff amid plans to save £100m
The National Trust has announced plans to axe 1,300 jobs, as the charity seeks to shore up £100m in annual costs through spending cuts as a result of the pandemic.
The company said it will make 514 compulsory redundancies following consultation, with a further 782 employees set to take voluntary redundancy.
The job losses represent around 14 per cent of the Trust’s 9,500-strong salaried workforce.
The company said “some roles at higher levels” will be affected, while “some vacancies will be removed to reduce the number of senior management roles”.
Shadow culture secretary Jo Stevens told City A.M the announcement was “devastating news for staff at the National Trust who do such important work connecting us with our heritage”.
“Labour warned the government that its Winter Economy Plan would do nothing for sectors that cannot fully reopen or have lower visitor numbers at the moment but the chancellor did not listen,” she said.
“This is sadly the consequence. We will continue to see job losses unless the government act. These jobs were ‘viable” and will be so again.”
The figure marks a significant decrease on the 1,200 jobs earmarked for compulsory redundancy by the conservation body in July, as wide-scale site closures ate into finances.
The National Trust said it reviewed more than 14,500 pieces of feedback from staff and volunteers as part of “the biggest redundancy consultation in its 125-year history as a result of the coronavirus crisis”.
The Trust is set to save around £41m in annual costs by reducing travel and office expenditure, and cutting marketing and print spend in favour of digital communication.
It said it has already saved millions of pounds through freezing recruitment, drawing on reserves and stopping or deferring projects.
Director general Hilary McGrady, who took a 20 per cent pay cut at the start of the pandemic, said: “This is a very painful time for so many organisations, businesses and communities.
“No leader wants to be forced into announcing any redundancies, but coronavirus means we simply have no other choice if we want to give the charity a sustainable future.”
McGrady said the Trust had “exhausted every other avenue to find savings”, adding: “But sadly we now have to come to terms with the fact that we will lose some colleagues”.
“We will do all we can to support those who are leaving, and others affected by these significant changes”, she said.
The charity, which as more than 5.6m members across the country, will retain roles focused on education and curation across its 500 sites in England, Wales and Northern Ireland.
It will also increase building maintenance roles and introduce new specialist jobs focused on sustainability and carbon reduction, the group announced today.
It comes after the charity was forced to shutter all of its houses, gardens, car parks, shops and cafes during the pandemic.
McGrady today said the National Trust would continue to open as many of its sites as possible while government restrictions remain in place.
Mike Clancy, general secretary of trade union Prospect — which represents more than 150,000 British workers — said the 1,300 figure was a huge number of job losses, but lower than it might have been.
Clancy said: “The current plan, while devastating for those who are losing jobs they love, is a reasonable way to move forward, minimising job losses while hopefully safeguarding the National Trust’s future.”
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cityam--2020-10-08--Reviews website Trustpilot mulls £800m London float

Business review platform Trustpilot is muling plans involving a London flotation that could take place as early as next year .
The Copenhagen-based firm is understood this week to have held talks with a number of investment banks about plans for a debut on the London Stock Exchange , Sky News first reported .
A spokesperson for Trustpilot told City A.M : “ We maintain regular contact with various potential investors and advisors , ” adding that the company has “ consistently said an [ initial public offering ] is one of various potential options down the line ” .
@ @ @ @ @ @ @ by Danish entrepreneur Peter Muhlmann , allows users to post reviews of their experiences across a range of services , from utility providers to retail sites .
It has focused expansion on further afield in recent years , and now has offices in eight cities around the world including London .
Earlier this year the company announced it will open a research and development site in Edinburgh , backed by a £1.8m grant from Scottish Enterprise to crack down on fake and paid-for reviews across the internet .
Muhlmann suggested the new site @ @ @ @ @ @ @ ’ s credibility , saying : “ There has never been a greater need for trust online and in the world which is why we keep pushing the boundaries of what ’ s possible in the review space.
” The Edinburgh office will be led by former Skyscanner executive Carolyn Jameson , who joined Trustpilot as chief legal and policy officer in August last year .
The review company boasts more than 94m reviews of over 400,000 domains on its site , helping it bag 4bn website views each month .
Trustpilot recorded @ @ @ @ @ @ @ in annual sales last year , meaning the company would hit an IPO valuation of around £800m .
The bulk of its revenue is generated from companies that subscribe to its online services .
The review platform last year raised $ 55m from investors in a Series E funding round , and is now on track to achieving a $ 1bn unicorn status .
Trustpilot did not respond to requests for comment .
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Reviews website Trustpilot mulls £800m London float
Business review platform Trustpilot is muling plans involving a London flotation that could take place as early as next year.
The Copenhagen-based firm is understood this week to have held talks with a number of investment banks about plans for a debut on the London Stock Exchange, Sky News first reported.
A spokesperson for Trustpilot told City A.M: “We maintain regular contact with various potential investors and advisors,” adding that the company has “consistently said an [initial public offering] is one of various potential options down the line”.
Trustpilot, which was founded in 2007 by Danish entrepreneur Peter Muhlmann, allows users to post reviews of their experiences across a range of services, from utility providers to retail sites.
It has focused expansion on further afield in recent years, and now has offices in eight cities around the world including London.
Earlier this year the company announced it will open a research and development site in Edinburgh, backed by a £1.8m grant from Scottish Enterprise to crack down on fake and paid-for reviews across the internet.
Muhlmann suggested the new site was crucial in shoring up the company’s credibility, saying: “There has never been a greater need for trust online and in the world which is why we keep pushing the boundaries of what’s possible in the review space.”
The Edinburgh office will be led by former Skyscanner executive Carolyn Jameson, who joined Trustpilot as chief legal and policy officer in August last year.
The review company boasts more than 94m reviews of over 400,000 domains on its site, helping it bag 4bn website views each month.
Trustpilot recorded more than $100m (£76m) in annual sales last year, meaning the company would hit an IPO valuation of around £800m.
The bulk of its revenue is generated from companies that subscribe to its online services.
The review platform last year raised $55m from investors in a Series E funding round, and is now on track to achieving a $1bn unicorn status.
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cityam--2020-10-08--London-based digital lender for the wealthy gets UK banking licence

Monument , which is targeting professionals , entrepreneurs and investors with a net worth of £250,000 to £5m , received an “ authorisation with restriction ” licence this week .
Read more : BoE gives banks all-clear but warns them to keep up support The fintech , which is planning to launch in 2021 , said it will offer savings accounts and loans of up to £2m for buy-to-let and property investments in an entirely digital offering .
Monument estimates that there are 3.5m people in the UK within the so-called mass affluent bracket it is targeting , with at @ @ @ @ @ @ @ fintech is aiming to serve a more affluent customer base than challenger banks such as Monzo , Starling and N26 .
It is chaired by former Co-operative Bank boss Niall Booker , and has board members and executives who previously held roles at Barclays , HSBC and UBS .
Demand for digital banking services has surged since coronavirus lockdown measures were imposed earlier this year , prompting a wave of banking licence applications from challengers looking to disrupt the market .
Mintoo Bhandari , Monument chief executive and one of its founders , @ @ @ @ @ @ @ the exceptional levels of client service that the mass affluent deserve and which has been lacking from existing premier and private banks ” .
Monument also announced the completion of a Series A funding round backed by existing and new investors .
The fintech has raised £20m in funding since its inception .
Sky News reported that the lender was set to raise more than the £10m it had targeted in its Series A round , with a number of blue-chip investors backing the startup .
“ Our mission continues to be to @ @ @ @ @ @ @ that modern technology offers with traditional values of trust , security and strength , and to deliver unrivalled service that our valued clients will demand , ” said Bhandari .

London-based digital lender for the wealthy gets UK banking licence
The digital bank is planning to launch next year
A London-based digital lender targeting Britain’s affluent savings market, has received a restricted banking licence from UK regulators.
Monument, which is targeting professionals, entrepreneurs and investors with a net worth of £250,000 to £5m, received an “authorisation with restriction” licence this week.
The fintech, which is planning to launch in 2021, said it will offer savings accounts and loans of up to £2m for buy-to-let and property investments in an entirely digital offering.
Monument estimates that there are 3.5m people in the UK within the so-called mass affluent bracket it is targeting, with at least £200bn in liquid savings.
The fintech is aiming to serve a more affluent customer base than challenger banks such as Monzo, Starling and N26. It is chaired by former Co-operative Bank boss Niall Booker, and has board members and executives who previously held roles at Barclays, HSBC and UBS.
Demand for digital banking services has surged since coronavirus lockdown measures were imposed earlier this year, prompting a wave of banking licence applications from challengers looking to disrupt the market.
Mintoo Bhandari, Monument chief executive and one of its founders, said the bank wanted to deliver “the exceptional levels of client service that the mass affluent deserve and which has been lacking from existing premier and private banks”.
Monument also announced the completion of a Series A funding round backed by existing and new investors.
The fintech has raised £20m in funding since its inception. Sky News reported that the lender was set to raise more than the £10m it had targeted in its Series A round, with a number of blue-chip investors backing the startup.
“Our mission continues to be to combine the capabilities, convenience and efficiencies that modern technology offers with traditional values of trust, security and strength, and to deliver unrivalled service that our valued clients will demand,” said Bhandari.


cityam--2020-10-09--Agriculture bill returns to Commons for crunch food standards vote

The controversial agriculture bill returns to the House of Commons on Monday for a key vote on the future of the UK ’ s food standards .
It goes back to the lower chamber after being amended in the House of Lords to include the requirement that any food products imported under future trade deals meet UK standards .
Read more : UK food exports fall but China brings home the bacon However , the Times reported that the PM ’ s adviser Dominic Cummings has told MPs to vote down the amendments .
If they do so , it @ @ @ @ @ @ @ secretary Liz Truss , who is seeking to strike a series of rapid trade deals with countries like the US and Australia .
Clause 49 , or the Lord Curry amendment , seeks to strengthen the newly launched Trade and Agriculture Commission , which was launched in July .
Before the Open newsletter : Start your day with the City View podcast and key market data The independent body was set up to provide advice to the government to ensure new UK trade policy upholds high standards .
Under the amendment , the @ @ @ @ @ @ @ all future trade deals .
Farming unions have come out in full force behind the amendments , as has celebrity chef Jamie Oliver .
Read more : UK-US trade deal will not lead to surge in junk food ads , says Liz Truss Conservative MP Simon Hoare tweeted that he would be backing the amendments in Monday ’ s vote .
“ As someone who stood , proudly , on a manifesto to uphold food , environmental and animal welfare standards and having tabled Agriculture Bill amendments to do just that at Committee @ @ @ @ @ @ @ FOR the Lords Amendments on Monday ” , he wrote .

Agriculture bill returns to Commons for crunch food standards vote
The controversial agriculture bill returns to the House of Commons on Monday for a key vote on the future of the UK’s food standards.
It goes back to the lower chamber after being amended in the House of Lords to include the requirement that any food products imported under future trade deals meet UK standards.
However, the Times reported that the PM’s adviser Dominic Cummings has told MPs to vote down the amendments.
If they do so, it will be a victory for international trade secretary Liz Truss, who is seeking to strike a series of rapid trade deals with countries like the US and Australia.
Clause 49, or the Lord Curry amendment, seeks to strengthen the newly launched Trade and Agriculture Commission, which was launched in July.
Before the Open newsletter: Start your day with the City View podcast and key market data
The independent body was set up to provide advice to the government to ensure new UK trade policy upholds high standards.
Under the amendment, the commission would have the ability to scrutinise all future trade deals.
Farming unions have come out in full force behind the amendments, as has celebrity chef Jamie Oliver.
Conservative MP Simon Hoare tweeted that he would be backing the amendments in Monday’s vote.
“As someone who stood, proudly, on a manifesto to uphold food, environmental and animal welfare standards and having tabled Agriculture Bill amendments to do just that at Committee & Report stages I will be voting FOR the Lords Amendments on Monday”, he wrote.


cityam--2020-10-09--City of London Corporation vows to achieve net zero emissions by 2040

The City of London Corporation has vowed to achieve net zero carbon emissions by 2040 as a part of a new climate action plan .
The powerful local authority passed the draft proposal yesterday , which will see the Corporation spend £68m on “ fighting climate change ” over the next six years .
Read more : ‘ Sclerotic ’ City of London Corporation needs reform , says new report The plan will include changing planning regulations to ensure future developments include carbon reduction plans , while more street space will be dedicated to walking and cycling in the Square @ @ @ @ @ @ @ will create 800 new jobs , while also putting Guildhall 10 years ahead of central government ’ s net zero target .
The Corporation also yesterday voted down a motion to declare a “ climate emergency ” , a term associated with protest group Extinction Rebellion , with one councillor calling the suggestion an example of “ greenwashing ” .
Before the Open newsletter : Start your day with the City View podcast and key market data Former Lord Mayor and current alderman Sir Roger Gifford said declaring a “ climate emergency ” @ @ @ @ @ @ @ to outside observers who must wonder what we ’ ve been up to ” .
Councillor William Pimlott defended the motion by saying it would have been good for the City of London ’ s profile .
“ Let ’ s not miss the opportunity to get some good press when , as everyone says , we ’ re facing difficult things ahead , ” he said .
Read more : City of London Corporation urges firms to return to the office Speaking about the new net zero target , the Corporation ’ @ @ @ @ @ @ @ said : “ We do not need to compromise the economy to fix the environment – our climate action plans will drive both growth and jobs .
“ Working in partnership with City firms we will strengthen our position and become a world leader in the climate change fight .
”

City of London Corporation vows to achieve net zero emissions by 2040
The City of London Corporation has vowed to achieve net zero carbon emissions by 2040 as a part of a new climate action plan.
The powerful local authority passed the draft proposal yesterday, which will see the Corporation spend £68m on “fighting climate change” over the next six years.
The plan will include changing planning regulations to ensure future developments include carbon reduction plans, while more street space will be dedicated to walking and cycling in the Square Mile.
The Corporation believes the plan will create 800 new jobs, while also putting Guildhall 10 years ahead of central government’s net zero target.
The Corporation also yesterday voted down a motion to declare a “climate emergency”, a term associated with protest group Extinction Rebellion, with one councillor calling the suggestion an example of “greenwashing”.
Before the Open newsletter: Start your day with the City View podcast and key market data
Former Lord Mayor and current alderman Sir Roger Gifford said declaring a “climate emergency” would have “the potential to trivialise to outside observers who must wonder what we’ve been up to”.
Councillor William Pimlott defended the motion by saying it would have been good for the City of London’s profile.
“Let’s not miss the opportunity to get some good press when, as everyone says, we’re facing difficult things ahead,” he said.
Speaking about the new net zero target, the Corporation’s policy and resources chair Catherine McGuinness said: “We do not need to compromise the economy to fix the environment – our climate action plans will drive both growth and jobs.
“Working in partnership with City firms we will strengthen our position and become a world leader in the climate change fight.”


cityam--2020-10-09--Peacocks and Jaeger owner files for administration, putting 24,000 jobs at risk

Around 24,000 jobs are on the line as Edinburgh Woollen Mill ( EMW ) group , the owner of retailers Peacocks and Jaeger , has filed a notice to appoint administrators .
Bosses wrote to employees this morning warning them that lockdowns across the country had battered sales , forcing the company to review the future of its business .
Read more : Rishi Sunak set to announce furlough extension in local lockdown areas Steve Simpson , chief executive of EWM said the past seven months have been “ extremely difficult ” as he warned normal trading will be “ @ @ @ @ @ @ @ second coronavirus outbreak .
The announcement comes after EWM this week faced accusations of owing Bangladeshi manufacturers £27m in unpaid bills .
The Bangladesh Garment Manufacturers and Exporters Association ( BGMEA ) , a trade organisation which represents some of EMW ’ s Bangladesh-based suppliers , claimed the firm owed unpaid debts to businesses which are members of the organisation , Retail Gazette reported .
EWM chair John Herring is understood to have said in a letter that advanced negotiations with a prominent US investor overtaking a stake in Peacocks had been threatened @ @ @ @ @ @ @ chair Rubana Huq the claims were “ categorically false ” , adding that the “ old figures are completely baseless and without any merit ” .
Commenting on the allegations today , Simpson said : “ This situation has grown worse in recent weeks as we have had to deal with a series of false rumours about our payments and trading which have impacted our credit insurance.
” He added : “ Traditionally , the group has always traded with strong cash reserves and a conservative balance sheet but these stories , the @ @ @ @ @ @ @ backdrop of the lockdown – and now this second wave of Covid-19 and all the local lockdowns , have made normal trading impossible.
” The Peacocks boss said the company had today applied to court “ for a short breathing space to assess our options before moving to appoint administrators.
” Simpson added : “ I would like to thank all our staff for their amazing efforts during this time and also our customers who have remained so loyal and committed to our brands.
” “ Through this process I hope and believe @ @ @ @ @ @ @ best future for our businesses , but there will inevitably be significant cuts and closures as we work our way through this.
” The move by EWM to file a notice for administration today will see insolvency specialists at FRP spend 10 days carrying out an urgent review ahead of further action .
Read more : Pandemic pushes retail job losses to 125,500 this year All stores will continue trading and further details will be announced in due course , the company said .
An FRP spokesman said : “ Our team is @ @ @ @ @ @ @ of the Edinburgh Woollen Mill Group subsidiaries to explore all options for the future of its retail brands Edinburgh Woollen Mill , Jaeger , Ponden Home , and Peacocks.
” Before the Open : Get the jump on the markets with our early morning newsletter

Peacocks and Jaeger owner files for administration, putting 24,000 jobs at risk
Around 24,000 jobs are on the line as Edinburgh Woollen Mill (EMW) group, the owner of retailers Peacocks and Jaeger, has filed a notice to appoint administrators.
Bosses wrote to employees this morning warning them that lockdowns across the country had battered sales, forcing the company to review the future of its business.
Steve Simpson, chief executive of EWM said the past seven months have been “extremely difficult” as he warned normal trading will be “impossible” in the wake of a second coronavirus outbreak.
The announcement comes after EWM this week faced accusations of owing Bangladeshi manufacturers £27m in unpaid bills.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA), a trade organisation which represents some of EMW’s Bangladesh-based suppliers, claimed the firm owed unpaid debts to businesses which are members of the organisation, Retail Gazette reported.
EWM chair John Herring is understood to have said in a letter that advanced negotiations with a prominent US investor overtaking a stake in Peacocks had been threatened by the allegations.
Herring told BGMEA chair Rubana Huq the claims were “categorically false”, adding that the “old figures are completely baseless and without any merit”.
Commenting on the allegations today, Simpson said: “This situation has grown worse in recent weeks as we have had to deal with a series of false rumours about our payments and trading which have impacted our credit insurance.”
He added: “Traditionally, the group has always traded with strong cash reserves and a conservative balance sheet but these stories, the reduction in credit insurance – against the backdrop of the lockdown – and now this second wave of Covid-19 and all the local lockdowns, have made normal trading impossible.”
The Peacocks boss said the company had today applied to court “for a short breathing space to assess our options before moving to appoint administrators.”
Simpson added: “I would like to thank all our staff for their amazing efforts during this time and also our customers who have remained so loyal and committed to our brands.”
“Through this process I hope and believe we will be able to secure the best future for our businesses, but there will inevitably be significant cuts and closures as we work our way through this.”
The move by EWM to file a notice for administration today will see insolvency specialists at FRP spend 10 days carrying out an urgent review ahead of further action.
All stores will continue trading and further details will be announced in due course, the company said.
An FRP spokesman said: “Our team is working with the directors of a number of the Edinburgh Woollen Mill Group subsidiaries to explore all options for the future of its retail brands Edinburgh Woollen Mill, Jaeger, Ponden Home, and Peacocks.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-10-09--Gold miner Petropavlovsk slashes production forecasts

Petropavlovsk drastically slashed its production forecasts this morning in its first market update since the summer ’ s bloody boardroom struggle .
In a trading update , the Russia-focused gold miner said that production volumes would now come in between 560,000 to 600,000 ounces , down from previous estimates of up to 720,000 ounces .
Read more : PwC resigns as auditor of gold miner Petropavlovsk on governance concerns The FTSE 250 firm said the fall was due to lower than expected grades at its partners ’ mines , as well as logistical issues related to coronavirus .
Shares in @ @ @ @ @ @ @ .
The firm also said that it would delay the commissioning of a key new production asset until the next financial year , in a further blow to the miner .
In August , activist investors foiled an attempt by co-founder and former chief exec Pavel Mavlovskiy to return to the firm after a prolonged dispute .
Before the Open newsletter : Start your day with the City View podcast and key market data Peter Hambro , scion of the London banking dynasty , and temporary CEO Alya Samokhvalova were also ousted from @ @ @ @ @ @ @ to her role as deputy chief exec .
Instead , Maksim Meshcheriakov was appointed interim chief while the firm looks for a permanent successor .
However , loyalty to his predecessors remains strong .
An extraordinary video emerged on Russian social media last week showing Meshcheriakov forcing his way into Petropavlovsk ’ s Moscow office after a stand-off with staff .
The firm said that it would publish its accounts for the period ended 30 June in the second half of October , having appointed a new auditor .
MHA Macintyre Hudson will @ @ @ @ @ @ @ resigned citing concerns over the firm ’ s governance .

Gold miner Petropavlovsk slashes production forecasts
Petropavlovsk drastically slashed its production forecasts this morning in its first market update since the summer’s bloody boardroom struggle.
In a trading update, the Russia-focused gold miner said that production volumes would now come in between 560,000 to 600,000 ounces, down from previous estimates of up to 720,000 ounces.
The FTSE 250 firm said the fall was due to lower than expected grades at its partners’ mines, as well as logistical issues related to coronavirus.
Shares in Petropavlovsk fell 2.3 per cent this morning.
The firm also said that it would delay the commissioning of a key new production asset until the next financial year, in a further blow to the miner.
In August, activist investors foiled an attempt by co-founder and former chief exec Pavel Mavlovskiy to return to the firm after a prolonged dispute.
Before the Open newsletter: Start your day with the City View podcast and key market data
Peter Hambro, scion of the London banking dynasty, and temporary CEO Alya Samokhvalova were also ousted from their roles, though Samokhvalova has returned to her role as deputy chief exec.
Instead, Maksim Meshcheriakov was appointed interim chief while the firm looks for a permanent successor.
However, loyalty to his predecessors remains strong. An extraordinary video emerged on Russian social media last week showing Meshcheriakov forcing his way into Petropavlovsk’s Moscow office after a stand-off with staff.
The firm said that it would publish its accounts for the period ended 30 June in the second half of October, having appointed a new auditor.
MHA Macintyre Hudson will take over the audit, after PwC resigned citing concerns over the firm’s governance.


cityam--2020-10-09--ETFs Are Out of Focus for Most Traders

ETFs Are Out of Focus for Most Traders

Investors , avert your eyes .
This is for the traders amongst us .
For years , if you wanted to trade an opinion on a particular industry , sector , or geography , your vehicle of choice was exchange-traded funds , or ETFs .
They are transparent , relatively cheap , and allow high-level opinions to be traded in a single product .
But , they ’ re not for trading .
Let me explain .
ETFs are funds , which generally means there are large numbers of instruments within the instrument .
Funds seek diversification , which smooths @ @ @ @ @ @ @ are you looking for smoothed out returns or short-term jolts in the market ?
If you are a trader , you want focus – not smoothed out returns due to diversification .
Let ’ s go through an example .
Say you want to try to profit from a rising ecommerce sector in China .
You begin your search with China-focused ETFs .
You peruse ETF websites , sift through “ screeners ” , read up on proprietary ETF rating systems to settle on a handful of options .
Then you have to @ @ @ @ @ @ @ actually move in correlation to my opinion ?
You found your ETF : the Global X MSCI China Consumer Discretionary ETF , or ticker CHIQ .
It ’ s one of the world ’ s largest China-focused consumer discretionary ETFs .
It has 60+ components .
Since you are a trader – you want volatility .
Does it move ?
Let ’ s take a look at the March to August 2020 volatility-related figures of CHIQ .
Now , as a smart shopper , you consider alternatives .
Enter : FXCM ’ s @ @ @ @ @ @ @ stock baskets focused on China Ecommerce , China Tech , Esports and Gaming , US Big Tech Firms ( “ FAANG ” ) , Biotech , and Cannabis .
Since you are interested in Chinese Ecommerce , we focus on that stock basket .
The basket has a straight-forward equally-weighted structure of only 5 components .
Compare these volatility figures to the first table .
So , as a trader , there are some obvious conclusions about volatility .
The FXCM stock basket , CHN.ECOMM , was 84 % more volatile on average @ @ @ @ @ @ @ CHIQ .
Why ?
The stock basket counts on 5 of the largest stocks instead of 60+ .
The greater the stocks in the product , the less volatility generally .
Then you ask about costs .
Surely stock baskets are more expense given the economies of scale and size of the ETF market ?
Let ’ s take the obvious cost of paying the spread – the difference in the bid/ask price when opening a trade .
Here is a comparison of their spreads .
In our view , trading stock baskets @ @ @ @ @ @ @ significant advantages .
Not only do they provide a straightforward concept to begin trading , but the right product with the right weighting can potentially result in better trading opportunities than comparable ETFs .
Data was calculated using the March 1st to August 31st daily OHLC rates from NYSE Arca and the FXCM Trading Station CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
75.38 % of retail investor accounts lose money when trading CFDs with this provider .
You should consider whether you @ @ @ @ @ @ @ can afford to take the high risk of losing your money .
To learn more about FXCM , visit www.fxcm.com/uk 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 @ @ @ @ @ @ @ 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 .
@ @ @ @ @ @ @ 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 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 @ @ @ @ @ @ @ , 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 , @ @ @ @ @ @ @ materials .
Read and understand the Terms and Conditions on the FXCM Group ’ s websites prior to taking further action .

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ETFs are out of focus for most traders
A monitor at a traders desk shows the dip in the value of the pound yesterday as the result was given of the vote on British Prime Minister Theresa May’s Brexit plan at the offices of IG markets in the City of London on January 16, 2019. – The pound held its ground today and London’s FTSE opened higher after the record defeat of British Prime Minister Theresa May’s Brexit plan, as investors consider the next developments in the long-running saga. (Photo by Paul ELLIS / AFP) (Photo by PAUL ELLIS/AFP via Getty Images)
Investors, avert your eyes. This is for the traders amongst us.
For years, if you wanted to trade an opinion on a particular industry, sector, or geography, your vehicle of choice was exchange-traded funds, or ETFs. They are transparent, relatively cheap, and allow high-level opinions to be traded in a single product.
But, they’re not for trading. Let me explain.
ETFs are funds, which generally means there are large numbers of instruments within the instrument. Funds seek diversification, which smooths out returns. As a trader, are you looking for smoothed out returns or short-term jolts in the market?
If you are a trader, you want focus – not smoothed out returns due to diversification.
Let’s go through an example.
Say you want to try to profit from a rising ecommerce sector in China.
You begin your search with China-focused ETFs. You peruse ETF websites, sift through “screeners”, read up on proprietary ETF rating systems to settle on a handful of options. Then you have to learn about weightings. Will this product actually move in correlation to my opinion?
You found your ETF: the Global X MSCI China Consumer Discretionary ETF, or ticker CHIQ. It’s one of the world’s largest China-focused consumer discretionary ETFs. It has 60+ components. Since you are a trader – you want volatility. Does it move?
Let’s take a look at the March to August 2020 volatility-related figures of CHIQ.
Average (Mean) Daily Range 2.02% Median Daily Range 1.79% Minimum Daily Range 0.60%
Now, as a smart shopper, you consider alternatives. Enter: FXCM’s Stock Baskets.
FXCM has 6 proprietary stock baskets focused on China Ecommerce, China Tech, Esports and Gaming, US Big Tech Firms (“FAANG”), Biotech, and Cannabis.
Since you are interested in Chinese Ecommerce, we focus on that stock basket. The basket has a straight-forward equally-weighted structure of only 5 components.
March to August 2020 volatility-related figures of FXCM’s China Ecommerce Stock Basket (CHN.ECOMM)
Average (Mean) Daily Range 3.72% Median Daily Range 3.59% Minimum Daily Range 1.05% Past performance is not an indicator of future results.
Compare these volatility figures to the first table.
So, as a trader, there are some obvious conclusions about volatility. The FXCM stock basket, CHN.ECOMM, was 84 per cent more volatile on average in 2020 than its ETF counterpart, CHIQ. Why? The stock basket counts on 5 of the largest stocks instead of 60+. The greater the stocks in the product, the less volatility generally.
FXCM’s CHN.ECOMM Stock Basket on TradingView.com
Then you ask about costs.
Surely stock baskets are more expense given the economies of scale and size of the ETF market?
Wrong.
Let’s take the obvious cost of paying the spread – the difference in the bid/ask price when opening a trade. Here is a comparison of their spreads.
Spread (in %) Cost (per £5000 traded) CHIQ ETF 0.44% £22.19 CHN.ECOMM Stock Basket 0.11% £5.48 Past performance is not an indicator of future results.
In our view, trading stock baskets through a global broker like FXCM offers significant advantages. Not only do they provide a straightforward concept to begin trading, but the right product with the right weighting can potentially result in better trading opportunities than comparable ETFs.
Disclaimer
Data was calculated using the March 1st to August 31st daily OHLC rates from NYSE Arca and the FXCM Trading Station
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
75.38 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.
To learn more about FXCM, visit www.fxcm.com/uk
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.