cityam--2020-08-18--UK job vacancies rise 50 per cent in July but sectors still suffering

The number of job vacancies in the UK rose markedly in July and August , suggesting some areas and sectors have seen an economic rebound , although the number of openings is still far below its pre-crisis levels , new analysis has shown .
New vacancies rose more than 50 per cent in July , according to the think tank the Institute for Employment Studies ( IES ) the Joseph Rowntree Foundation ( JRF ) charity .
More than 169,000 vacancies were placed in the first week of August .
Read more : UK unemployment : 730,000 Brits lose their @ @ @ @ @ @ @ nearly half a million fewer vacancies than at the start of the coronavirus crisis .
And openings are running at just one third of the level that they were at this time last year , according to the two organisations ’ analysis of postings on job website Adzuna .
“ There are definite signs that parts of the job market have weathered the storm and are now showing signs of recovery , ” said Dave Innes , head of economics at the JRF .
“ But as before , that recovery is uneven @ @ @ @ @ @ @ areas where there are many people out of work for every vacancy , the government ’ s ‘ plan for jobs ’ will have to create new opportunities for people to feel the benefits of recovery.
” The analysis comes as policymakers and the public fret over unemployment .
Economists say there is likely to be a wave of joblessness as the government ’ s support schemes are wound down .
Data last week showed that the number of people in work in the UK fell at the fastest rate since 2009 in @ @ @ @ @ @ @ Rishi Sunak intends to wind down the job retention scheme , which has supported more than 9m jobs , in October .
However , various groups are warning that this will lead to an unnecessary surge in unemployment .
Many are calling for more targeted schemes that will help the hardest hit industries like hospitality and tourism .
The IES/JRF report said vacancies were highest in heathcare and nursing , IT and teaching .
But it said the lowest were to be found in charity work , energy and travel .
The JRF @ @ @ @ @ @ @ targeted support for areas whose vacancies rates are recovering more slowly ” .
Read more : UK falls into worst recession after record 20.4 per cent GDP plunge “ This support should particularly focus on adults over 25 with fewer formal qualifications , women and black , asian and minority ethnic communities whose work has borne the brunt of the effects of lockdown .
“ The UK government must also go further on its job creation programmes so that they better reflect the scale of risk facing many groups of workers .
”

UK job vacancies rise 50 per cent in July but sectors still suffering
The number of job vacancies in the UK rose markedly in July and August, suggesting some areas and sectors have seen an economic rebound, although the number of openings is still far below its pre-crisis levels, new analysis has shown.
New vacancies rose more than 50 per cent in July, according to the think tank the Institute for Employment Studies (IES) the Joseph Rowntree Foundation (JRF) charity. More than 169,000 vacancies were placed in the first week of August.
But there are still nearly half a million fewer vacancies than at the start of the coronavirus crisis. And openings are running at just one third of the level that they were at this time last year, according to the two organisations’ analysis of postings on job website Adzuna.
“There are definite signs that parts of the job market have weathered the storm and are now showing signs of recovery,” said Dave Innes, head of economics at the JRF.
“But as before, that recovery is uneven,” he added. “In areas where there are many people out of work for every vacancy, the government’s ‘plan for jobs’ will have to create new opportunities for people to feel the benefits of recovery.”
JRF calls for targeted employment support
The analysis comes as policymakers and the public fret over unemployment. Economists say there is likely to be a wave of joblessness as the government’s support schemes are wound down.
Data last week showed that the number of people in work in the UK fell at the fastest rate since 2009 in the three months through June.
Chancellor Rishi Sunak intends to wind down the job retention scheme, which has supported more than 9m jobs, in October.
However, various groups are warning that this will lead to an unnecessary surge in unemployment. Many are calling for more targeted schemes that will help the hardest hit industries like hospitality and tourism.
The IES/JRF report said vacancies were highest in heathcare and nursing, IT and teaching. But it said the lowest were to be found in charity work, energy and travel.
The JRF called on the government to provide “targeted support for areas whose vacancies rates are recovering more slowly”.
“This support should particularly focus on adults over 25 with fewer formal qualifications, women and black, asian and minority ethnic communities whose work has borne the brunt of the effects of lockdown.
“The UK government must also go further on its job creation programmes so that they better reflect the scale of risk facing many groups of workers.”


cityam--2020-08-18--The City View: Adam Marshall of the British Chambers of Commerce on how to support an economic recov

In this episode Christian talks to Adam Marshall , director general of the British Chambers of Commerce , about the state of the economy and the prospects for a recovery .
Adam believes that when government support schemes are withdrawn they must be replaced by more targeted schemes and that businesses must be supported by tax reform and incentives to hire .
With the latest survey from the business group pointing to deep-rooted nervousness among firms , Adam says there is a real risk that simply switching off support , such as the job retention scheme , could lead to @ @ @ @ @ @ @ Also in this episode , Christian looks at the latest bank lending figures ; the success of the chancellor ’ s Eat Out to Help Out scheme ; and Amazon ’ s plans to hire thousands of people – and take on more office space .
Read more : The City View : Beyoncé ’ s former manager on why classic hits are a hot asset class ETX Capital is one of the UK ’ s leading spread betting and CFD trading providers , offering services to retail , institutional , professional and @ @ @ @ @ @ @ trading platform .
With over 50 years of experience in the financial markets , customers and service are always put first at ETX , and the company prides itself in offering a tailor-made trading experience to every customer .
The multi-device TraderPro platform delivers a fully customisable , award-winning trading technology with customisable charts , instant execution and over 5,000 markets to trade .
Disclaimer : Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
76 % of retail investor accounts @ @ @ @ @ @ @ CFDs with ETX .
You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money .
Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721 .
ETX Capital provides an execution-only service and therefore any market analysis , opinion , commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice .
ETX Capital and the presenter are @ @ @ @ @ @ @ not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View: Adam Marshall of the British Chambers of Commerce on how to support an economic recovery
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
In this episode Christian talks to Adam Marshall, director general of the British Chambers of Commerce, about the state of the economy and the prospects for a recovery. Adam believes that when government support schemes are withdrawn they must be replaced by more targeted schemes and that businesses must be supported by tax reform and incentives to hire. With the latest survey from the business group pointing to deep-rooted nervousness among firms, Adam says there is a real risk that simply switching off support, such as the job retention scheme, could lead to widespread hardship in the business community.
Also in this episode, Christian looks at the latest bank lending figures; the success of the chancellor’s Eat Out to Help Out scheme; and Amazon’s plans to hire thousands of people – and take on more office space.
In association with ETX Capital
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Disclaimer: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money. Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721. ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.


cityam--2020-08-18--Brute farce: Under Armour scolded by watchdog over shirt strength claim

Under Armour has been given a ticking off by the advertising watchdog over claims one of its shirts made people stronger .
In a promotion for the long-sleeved baselayer shirt , which retails at £55 , the sportswear brand said its product had been “ tested and proven to improve strength and endurance ” .
“ The way it works is that the mineral-infused fabric absorbs the energy your body emits and reflects it back into your tissues and muscles , ” the advert on the Under Armour website read .
“ That means your muscles can work harder .
@ @ @ @ @ @ @ threw its weight behind the claim , stating the shirt contained a product called Celliant , which is designed to enhance performance by recycling an athlete ’ s own energy .
The Baltimore-based fitness heavyweight also provided three studies to support its claim .
But the flex failed to pass muster with the Advertising Standards Authority ( ASA ) after one customer questioned whether the claim was misleading and could be substantiated .
In a detailed analysis of Under Armour ’ s evidence , the watchdog said the scientific studies did not refer @ @ @ @ @ @ @ advert and featured small study sizes .
The ASA also cited concerns that none of the scientists behind one of the studies was independent of the company .
Read more : Clear Channel to track mobile data for advertising billboards “ Because we considered the evidence was not adequate to substantiate the claim… we concluded that the ad was misleading , ” the watchdog said .
The ASA ruled that the ad must not appear again in its current form and told Under Armour not to claim or imply its products could improve @ @ @ @ @ @ @ .

Brute farce: Under Armour scolded by watchdog over shirt strength claim
Under Armour has been given a ticking off by the advertising watchdog over claims one of its shirts made people stronger.
In a promotion for the long-sleeved baselayer shirt, which retails at £55, the sportswear brand said its product had been “tested and proven to improve strength and endurance”.
“The way it works is that the mineral-infused fabric absorbs the energy your body emits and reflects it back into your tissues and muscles,” the advert on the Under Armour website read.
“That means your muscles can work harder. And you get better.”
Under Armour threw its weight behind the claim, stating the shirt contained a product called Celliant, which is designed to enhance performance by recycling an athlete’s own energy.
The Baltimore-based fitness heavyweight also provided three studies to support its claim.
But the flex failed to pass muster with the Advertising Standards Authority (ASA) after one customer questioned whether the claim was misleading and could be substantiated.
In a detailed analysis of Under Armour’s evidence, the watchdog said the scientific studies did not refer to the same Celliant shirt in the advert and featured small study sizes.
The ASA also cited concerns that none of the scientists behind one of the studies was independent of the company.
“Because we considered the evidence was not adequate to substantiate the claim… we concluded that the ad was misleading,” the watchdog said.
The ASA ruled that the ad must not appear again in its current form and told Under Armour not to claim or imply its products could improve strength unless it had adequate new evidence.


cityam--2020-08-18--Pizza Express to cut up to 1,100 jobs after enforced store closures

Pizza Express has unveiled plans to close 73 of its restaurants in a move that places 1,100 jobs at risk .
The dining chain confirmed on Tuesday that it had finalised a proposal to reduce its restaurant and rental costs via a company voluntary arrangement ( CVA ) .
The company , which has around 470 sites throughout the UK , said it hoped to redeploy some of its staff at other locations , but as many as 1,100 could be cut .
Read more : Marks & Spencer to axe 7,000 jobs within three months amid pandemic A number @ @ @ @ @ @ @ be closed are near to at least one other store .
UK & Ireland managing director Zoe Bowley said “ incredibly tough decisions to safeguard Pizza Express for the long term ” had to be taken .
“ Today we have confirmed that 73 of our pizzerias are proposed to close permanently.
” She added : “ Our focus is on our people whose jobs are impacted and we will be doing everything we can either to redeploy them or to support them in finding roles elsewhere .
“ Hard as this process @ @ @ @ @ @ @ of over 9,000 of our colleagues and provide a strong footing for Pizza Express to meet future challenges and opportunities.
” It is the latest blow to the High Street , with retail and hospitality among the sectors hardest hit by the coronavirus lockdown .
Read more : Amazon to create 3,500 new jobs as it plots return to office Pizza Express had been profitable at the majority of its stores before lockdown , it said , but enforced closures , the cost of reopening and the UK ’ s uncertain economic future @ @ @ @ @ @ @ costs unsustainable .
Melanie Leech , chief executive of the British Property Federation , said : “ These situations are never easy , particularly now for the retail , hospitality and leisure businesses on our high streets at the sharp end of the Covid-19 pandemic .
“ Property owners , however , need to take into consideration the impact on their investors , including the millions of people whose savings and pensions are invested in commercial property , as they vote on any CVA proposal .
”

Pizza Express to cut up to 1,100 jobs after enforced store closures
Pizza Express to cut as many as 1,100 jobs
Pizza Express has unveiled plans to close 73 of its restaurants in a move that places 1,100 jobs at risk.
The dining chain confirmed on Tuesday that it had finalised a proposal to reduce its restaurant and rental costs via a company voluntary arrangement (CVA).
The company, which has around 470 sites throughout the UK, said it hoped to redeploy some of its staff at other locations, but as many as 1,100 could be cut.
A number of the Pizza Express stores set to be closed are near to at least one other store.
UK & Ireland managing director Zoe Bowley said “incredibly tough decisions to safeguard Pizza Express for the long term” had to be taken.
“Today we have confirmed that 73 of our pizzerias are proposed to close permanently.”
She added: “Our focus is on our people whose jobs are impacted and we will be doing everything we can either to redeploy them or to support them in finding roles elsewhere.
“Hard as this process is, it will protect the jobs of over 9,000 of our colleagues and provide a strong footing for Pizza Express to meet future challenges and opportunities.”
It is the latest blow to the High Street, with retail and hospitality among the sectors hardest hit by the coronavirus lockdown.
Pizza Express had been profitable at the majority of its stores before lockdown, it said, but enforced closures, the cost of reopening and the UK’s uncertain economic future had rendered the company’s rental costs unsustainable.
Melanie Leech, chief executive of the British Property Federation, said: “These situations are never easy, particularly now for the retail, hospitality and leisure businesses on our high streets at the sharp end of the Covid-19 pandemic.
“Property owners, however, need to take into consideration the impact on their investors, including the millions of people whose savings and pensions are invested in commercial property, as they vote on any CVA proposal.”


cityam--2020-08-18--Ireland to tighten coronavirus rules after spike in cases

Ireland will “ significantly ” tighten Covid-19 rules following a spike in confirmed coronavirus cases over the past two weeks .
It comes after the country ’ s health minister Stephen Donnelly confirmed there had been 190 new cases today .
Ireland previously held one of the lowest infection rates in Europe , but its 14-day rolling average has risen from four cases per 100,000 to 26 .
As a result , Prime Minister Micheal Martin has this evening announced measures to tighten restrictions for the next four weeks .
Employers have been told to let employees work from home @ @ @ @ @ @ @ been restricted to a maximum of 15 people .
The public has also been told to avoid public transport and wear a mask if sharing private transport with members of another household .
Other measures will see restaurants forced to close by 11:30pm , all sport to be played behind closed doors and over-70s asked to limit contact with others once again .
Martin said the latest restrictions would be reassessed on 13 September .
At a press conference he said all state bodies responsible for monitoring Covid-19 cases must step up their @ @ @ @ @ @ @ not at a stage where we can return to normality .
We are at another critical moment , ” he told press .
However , schools we reopen for the first time since March .
Read more : London coronavirus cases : How many infections are in your London borough ?
“ Schools are so important to children in general , to society , to the economy as well , that we want our schools to reopen , and our schools will reopen , ” Martin said .
Ireland is also considering pushing @ @ @ @ @ @ @ powers to enforce the existing rules .

Ireland to tighten coronavirus rules after spike in cases
Over 2,000 pubs have been too small to adhere to the restrictions of six per table and no bar service and have stayed shut since 17 May.
Ireland will “significantly” tighten Covid-19 rules following a spike in confirmed coronavirus cases over the past two weeks.
It comes after the country’s health minister Stephen Donnelly confirmed there had been 190 new cases today.
Ireland previously held one of the lowest infection rates in Europe, but its 14-day rolling average has risen from four cases per 100,000 to 26.
As a result, Prime Minister Micheal Martin has this evening announced measures to tighten restrictions for the next four weeks.
Employers have been told to let employees work from home, while limits on outdoor gatherings have been restricted to a maximum of 15 people.
The public has also been told to avoid public transport and wear a mask if sharing private transport with members of another household.
Other measures will see restaurants forced to close by 11:30pm, all sport to be played behind closed doors and over-70s asked to limit contact with others once again.
Martin said the latest restrictions would be reassessed on 13 September.
At a press conference he said all state bodies responsible for monitoring Covid-19 cases must step up their efforts.
“We’re absolutely not at a stage where we can return to normality. We are at another critical moment,” he told press.
However, schools we reopen for the first time since March.
“Schools are so important to children in general, to society, to the economy as well, that we want our schools to reopen, and our schools will reopen,” Martin said.
Ireland is also considering pushing through legislation that would give police additional powers to enforce the existing rules.


Technically Speaking

August 1st 2012 , as the trading day begins on the New York Stock Exchange , Knight Capital , the largest trader in US equities at the time , goes on a buying spree : within 45 minutes the firm buys 150 different stocks for 7 billion US dollars .
There were no special circumstances to suggest such optimism – besides , the company did not have the cash to settle those trades .
The culprit was a computer glitch that resulted in a series of unwanted orders placed in the market .
The Security Exchange Commission did not allow @ @ @ @ @ @ @ Knight had to liquidate the position the same day , racking up a loss of 440 million dollars .
The loss ultimately ended the company .
You may be forgiven for not remembering Knight ; the events unfolded a long time ago , 5 years prior to the US moving from a three days settlement cycle to two days ( the US adopted t+2 in 2017 ) .
The SEC must have thought that three days to raise the settlement funds was unacceptably risky .
Perhaps , 14 days ( the convention in @ @ @ @ @ @ @ ) or a fixed liquidation date on the seventh business day preceding the end of the calendar month ( the rules introduced by Napoleon ) could have helped Knight .
Strictly speaking , Knight had three days to come up with the settlement cash , a route that a manager of a limited liability company may have pondered .
Fast forward 8 years , Yam , a firm promoting an algorithmic stable coin , loses three quarters of a million dollars worth of client funds and erases the 57 million dollars of market @ @ @ @ @ @ @ a few days after launch .
A different story : the treasury tokens lost were not really “ client ” funds , as in the decentralised finance world investors deal directly with an algorithm , and not with the company that launched it .
But the underlying cause is the same : a software bug , a divisor omitted in a formula .
Same issue but this one mundane , when compared with the bug that affected the complex systems deployed by Knight Capital and the chain of events that unfolded during the @ @ @ @ @ @ @ of , its debacle .
Indeed the SEC branded Knight ’ s lack of comprehensive testing , of adequate risk management measures and of issue escalation procedures , unacceptable .
What would have they said about Yam , who did not submit its code to the most basic quality assurance control , a code audit – a common , inexpensive and mostly automated service for smart contracts ?
The SEC went on to remind markets that the circuit breakers implemented by stock exchanges following the Flash Crash of 2010 , halted trading on @ @ @ @ @ @ @ .
Knight ’ s losses could have been far bigger and the impact on markets , greater .
Blockchain does not have circuit breakers , indeed it does not have a central regulatory body and – what is more important – it does not require intermediaries that can act as de facto buffers in the transfer of value .
Furthermore , settlement on blockchain is immediate and irrefutable , removing the moral hazard that lagged settlement may introduce .
The Yam case should also refresh the memory of the DAO , a decentralised @ @ @ @ @ @ @ out 34 million dollars of market value of its token and nearly killed Ethereum , having left Ethers worth over 50 million dollars in the hands of the anonymous attacker who exploited a software bug in the code .
The attacker settled a perfectly legitimate transaction – legitimate from her point of view – not in the eyes of the DAO investors .
The escape route taken by the Ethereum community was controversial at best : the “ DAO ” transaction was erased from the blockchain with a hard fork .
Should blockchain @ @ @ @ @ @ @ giving birth – or rather maintaining on life support – the original Ethereum blockchain , re-branded as “ Classic ” .
It was a one-off event that contributed to fuel an interesting debate on decentralisation ; the issue is well laid out by the work of Enrico Rossi and Carsten Sørensen of the LSE , “ Towards a Theory of Digital Network De/centralization : Platform-Infrastructure Lessons Drawn from Blockchain ” .
Grayscale Investments , one of the largest world bitcoin funds , reminded us of the sanctity of settlement finality – at least @ @ @ @ @ @ @ of the DAO impasse as the “ Death of Principles ” .
The principles referred to include this one : once a transaction on blockchain is executed , the new owner is immediately in control of the acquired asset .
The other important principle of blockchain is purely peer-to-peer settlement , where no trusted third parties – typically banks – are required to process payments .
A recent interpretive letter published by the Office of the Comptroller of the Currency ( “ OCC ” ) , gave US banks the ability to provide @ @ @ @ @ @ @ the crypto community have welcomed the news , I see a risk of compromising clarity in the ownership of assets .
The regulator has to remind banks that assets held in a custodial capacity do not become assets or liabilities of the bank , unlike deposits that from a client perspective are IOUs .
The reminder is there to enforce a principle that blockchain naturally ensures , even with articulate financial constructs , by not burying ownership of assets in complex contracts or within an entity balance sheet .
The OCC clarification serves @ @ @ @ @ @ @ amalgamating them with the business of traditional banks .
Regulators should continue in their path to bring regulations to a new breed of digital economy intermediaries .
The benefits of adapting regulations to the nature of digital assets , rather than bending their principles are far greater as efficient handling of property rights reduces transaction costs and improves market efficiency .

Technically Speaking
Getty Images
August 1st 2012, as the trading day begins on the New York Stock Exchange, Knight Capital, the largest trader in US equities at the time, goes on a buying spree: within 45 minutes the firm buys 150 different stocks for 7 billion US dollars. There were no special circumstances to suggest such optimism – besides, the company did not have the cash to settle those trades.
The culprit was a computer glitch that resulted in a series of unwanted orders placed in the market.
The Security Exchange Commission did not allow for the orders to be cancelled: Knight had to liquidate the position the same day, racking up a loss of 440 million dollars. The loss ultimately ended the company.
You may be forgiven for not remembering Knight; the events unfolded a long time ago, 5 years prior to the US moving from a three days settlement cycle to two days (the US adopted t+2 in 2017). The SEC must have thought that three days to raise the settlement funds was unacceptably risky. Perhaps, 14 days (the convention in force in Europe in the 18th century) or a fixed liquidation date on the seventh business day preceding the end of the calendar month (the rules introduced by Napoleon) could have helped Knight.
Strictly speaking, Knight had three days to come up with the settlement cash, a route that a manager of a limited liability company may have pondered.
Fast forward 8 years, Yam, a firm promoting an algorithmic stable coin, loses three quarters of a million dollars worth of client funds and erases the 57 million dollars of market value of the governance tokens issued, a few days after launch. A different story: the treasury tokens lost were not really “client” funds, as in the decentralised finance world investors deal directly with an algorithm, and not with the company that launched it. But the underlying cause is the same: a software bug, a divisor omitted in a formula. Same issue but this one mundane, when compared with the bug that affected the complex systems deployed by Knight Capital and the chain of events that unfolded during the days preceding, and on the day of, its debacle.
Indeed the SEC branded Knight’s lack of comprehensive testing, of adequate risk management measures and of issue escalation procedures, unacceptable. What would have they said about Yam, who did not submit its code to the most basic quality assurance control, a code audit – a common, inexpensive and mostly automated service for smart contracts?
The SEC went on to remind markets that the circuit breakers implemented by stock exchanges following the Flash Crash of 2010, halted trading on individual stocks that experienced significant price fluctuations. Knight’s losses could have been far bigger and the impact on markets, greater.
Blockchain does not have circuit breakers, indeed it does not have a central regulatory body and – what is more important – it does not require intermediaries that can act as de facto buffers in the transfer of value. Furthermore, settlement on blockchain is immediate and irrefutable, removing the moral hazard that lagged settlement may introduce.
The Yam case should also refresh the memory of the DAO, a decentralised finance experiment which in April 2016 wiped out 34 million dollars of market value of its token and nearly killed Ethereum, having left Ethers worth over 50 million dollars in the hands of the anonymous attacker who exploited a software bug in the code. The attacker settled a perfectly legitimate transaction – legitimate from her point of view – not in the eyes of the DAO investors.
The escape route taken by the Ethereum community was controversial at best: the “DAO” transaction was erased from the blockchain with a hard fork. Should blockchain be immutable, the purists asked, giving birth – or rather maintaining on life support – the original Ethereum blockchain, re-branded as “Classic”. It was a one-off event that contributed to fuel an interesting debate on decentralisation; the issue is well laid out by the work of Enrico Rossi and Carsten Sørensen of the LSE, “Towards a Theory of Digital Network De/centralization: Platform-Infrastructure Lessons Drawn from Blockchain”.
Grayscale Investments, one of the largest world bitcoin funds, reminded us of the sanctity of settlement finality – at least on blockchain – referring to the resolution of the DAO impasse as the “Death of Principles”.
The principles referred to include this one: once a transaction on blockchain is executed, the new owner is immediately in control of the acquired asset. The other important principle of blockchain is purely peer-to-peer settlement, where no trusted third parties – typically banks – are required to process payments. A recent interpretive letter published by the Office of the Comptroller of the Currency (“OCC”), gave US banks the ability to provide custody services for cryptocurrencies.
Some in the crypto community have welcomed the news, I see a risk of compromising clarity in the ownership of assets. The regulator has to remind banks that assets held in a custodial capacity do not become assets or liabilities of the bank, unlike deposits that from a client perspective are IOUs. The reminder is there to enforce a principle that blockchain naturally ensures, even with articulate financial constructs, by not burying ownership of assets in complex contracts or within an entity balance sheet. The OCC clarification serves to bring cryptocurrencies under existing regulations by amalgamating them with the business of traditional banks. Regulators should continue in their path to bring regulations to a new breed of digital economy intermediaries. The benefits of adapting regulations to the nature of digital assets, rather than bending their principles are far greater as efficient handling of property rights reduces transaction costs and improves market efficiency.
Francesco Roda, CRO of Koine, a digital assets custodian and settlement agent.
For further information visit https://www.koine.com


cityam--2020-08-18--SpaceX receives $2bn boost in latest funding round

Elon Musk ’ s SpaceX has raised a further $ 1.9bn ( £1.4bn ) in funding , a regulatory filing on Tuesday revealed .
It raises the equity value of the billionaire ’ s private rocket company to $ 46bn , Bloomberg reported ahead of the funding round last week .
It is the largest single fundraising round conducted by SpaceX yet , according to PitchBook data .
It comes after SpaceX successfully launched its Falcon 9 first stage booster for a sixth time earlier today .
The reusable rocket brings the company a step closer to making space more @ @ @ @ @ @ @ .
NASA currently spends around $ 150m per launch , with estimates for missions to the moon set to cost more than $ 2bn .
The SpaceX Falcon rocket currently costs an average of $ 57m per launch .
Musk has said future missions may one day cost as little as $ 2m each .
Today ’ s launch saw SpaceX send its 11th batch of Starlink satellites into orbit from Florida .
The aim is to build a constellation of satellites that allow every corner of the planet to access internet .
@ @ @ @ @ @ @ satellites orbiting Earth .
Musk has previously said there would be around 12,000 by the project ’ s completion .
The news comes a day after Tesla ’ s share price rocketed 11 per cent on Monday and raised the billionaire ’ s net worth by $ 7.8bn , making him the fourth-richest person in the world .

SpaceX receives $2bn boost in latest funding round
SpaceX receives $2bn in new funding
Elon Musk’s SpaceX has raised a further $1.9bn (£1.4bn) in funding, a regulatory filing on Tuesday revealed.
It raises the equity value of the billionaire’s private rocket company to $46bn, Bloomberg reported ahead of the funding round last week.
It is the largest single fundraising round conducted by SpaceX yet, according to PitchBook data.
It comes after SpaceX successfully launched its Falcon 9 first stage booster for a sixth time earlier today.
The reusable rocket brings the company a step closer to making space more accessible by reducing the cost of spaceflight.
NASA currently spends around $150m per launch, with estimates for missions to the moon set to cost more than $2bn.
The SpaceX Falcon rocket currently costs an average of $57m per launch. Musk has said future missions may one day cost as little as $2m each.
Today’s launch saw SpaceX send its 11th batch of Starlink satellites into orbit from Florida.
The aim is to build a constellation of satellites that allow every corner of the planet to access internet.
There are now more than 500 Starlink satellites orbiting Earth. Musk has previously said there would be around 12,000 by the project’s completion.
The news comes a day after Tesla’s share price rocketed 11 per cent on Monday and raised the billionaire’s net worth by $7.8bn, making him the fourth-richest person in the world.


cityam--2020-08-18--UK records 1,089 new positive coronavirus cases

The UK recorded 1,089 new positive cases of coronavirus today , up from 713 yesterday , government figures showed .
A further 12 people died after testing positive for covid-19 within 28 days .
Read more : London coronavirus cases : How many infections are in your London borough ?
The UK has recorded more than 1,000 daily cases on eight out of the last 10 days .
Earlier health minister Matt Hancock welcomed figures from the Office for National Statistics ( ONS ) which showed 152 death certificates mentioned covid-19 in the week to 7 August – the lowest @ @ @ @ @ @ @ week ending 20 March ( 103 deaths ) .
Overall deaths were below the five-year average for the eighth week in a row .
Hancock tweeted : “ Whilst every death is a tragedy , this data is very promising .
“ The number of coronavirus deaths ( week ending August 7th ) was the lowest since March & for the 8th consecutive week , total deaths were lower than the average for this time of year.
” Today , the government said it was axing Public Health England ( PHE ) which @ @ @ @ @ @ @ UK ’ s response to the coronavirus pandemic .
Its pandemic-fighting role will be assumed by the National Institute for Health Protection which will be formed through the merger of NHS Test and Trace , the Joint Biosecurity Centre and parts of PHE , and will have a mission of “ protecting people from external threats to this country ’ s health , ” Hancock said .
The new institute – which will be led by NHS Test and Trace chief Baroness Dido Harding – will report directly to the Department of Health @ @ @ @ @ @ @ .
It is understood that the new institute will be set up immediately , potentially as early as next month .

UK records 1,089 new positive coronavirus cases
(Photo by Christopher Furlong/Getty Images)
The UK recorded 1,089 new positive cases of coronavirus today, up from 713 yesterday, government figures showed.
A further 12 people died after testing positive for covid-19 within 28 days.
The UK has recorded more than 1,000 daily cases on eight out of the last 10 days.
Earlier health minister Matt Hancock welcomed figures from the Office for National Statistics (ONS) which showed 152 death certificates mentioned covid-19 in the week to 7 August – the lowest number of deaths citing Covid-19 since the week ending 20 March (103 deaths).
Overall deaths were below the five-year average for the eighth week in a row.
Hancock tweeted: “Whilst every death is a tragedy, this data is very promising.
“The number of coronavirus deaths (week ending August 7th) was the lowest since March & for the 8th consecutive week, total deaths were lower than the average for this time of year.”
Today, the government said it was axing Public Health England (PHE) which has played a critical role in the UK’s response to the coronavirus pandemic.
Its pandemic-fighting role will be assumed by the National Institute for Health Protection which will be formed through the merger of NHS Test and Trace, the Joint Biosecurity Centre and parts of PHE, and will have a mission of “protecting people from external threats to this country’s health,” Hancock said.
The new institute – which will be led by NHS Test and Trace chief Baroness Dido Harding – will report directly to the Department of Health and chief medical officer professor Chris Whitty.
It is understood that the new institute will be set up immediately, potentially as early as next month.


cityam--2020-08-18--FTSE 100 gives up gains despite S&P 500 hitting all-time high

The US ’ s S & P 500 stock index hit an all-time high before slipping back along with the FTSE 100 and other global markets amid rising US-China tensions .
The S & P 500 rose to 3,395 points , topping a high it hit in February , having been boosted by record levels of stimulus .
But the index reversed course and slipped 0.1 per cent in early trading .
The FTSE 100 returned to the red amid worries about coronavirus cases around the world and US-China tensions .
London ’ s blue-chip index was down 0.8 per @ @ @ @ @ @ @ .
The FTSE 250 index of smaller , more UK-focused firms also fell 0.7 per cent .
In Europe , Germany ’ s Dax slipped 0.4 per cent and the continent-wide Stoxx 600 fell 0.6 per cent .
The FTSE 100 index reversed course in afternoon trading as US-China tensions took the shine off the rally .
Investors ’ nerves got the better of them after the Commerce Department yesterday announced more restrictions on Chinese tech giant Huawei .
“ Just when you thought things were cooling off between the US and China @ @ @ @ @ @ @ , ” said Connor Campbell , financial analyst at Spreadex .
Globally exposed stocks dropped .
Asia-focused bank Standard Chartered fell three per cent , while Intercontinental Hotels fell 3.1 per cent .
Persimmon was the biggest riser after it said it had seen a roughly 50 per cent increase in average weekly private sales rates per site .
Its shares rose 6.6 per cent .
In the US , the tech-heavy Nasdaq index hit a new record high in June as technology firms such as Apple , Amazon , Google and Netflix @ @ @ @ @ @ @ 500 took longer , but broke into record territory once again today before slipping back .
Its meteoric rise in recent months has been boosted by record amounts of stimulus being pumped into the economy by the government and the Fed .
It is now up around 55 per cent from March ’ s lows .
The S & P 500 ’ s technology index has climbed around 25 per cent this year .
Yet the atmosphere on US markets quickly soured along with that in markets like the FTSE 100 .
The @ @ @ @ @ @ @ US fiscal stimulus , which have been a central focus of investors , continued .
Senate Republicans now plan to introduce a scaled-back bill , according to Bloomberg .
But David Madden , market analyst at CMC Markets , said : “ Traders are not holding their breath that anything will be approved soon.
” Market sentiment was also tempered by rising coronavirus cases around the world .
They have worried investors as they could potentially derail an economic rebound .
Read more : Grant Shapps : ‘ No choice ’ but to @ @ @ @ @ @ @ the European Centre for Disease Prevention and Control yesterday showed that Luxembourg and Spain have reported more than 100 new cases per 100,000 people over the past two weeks .
Cases are also high in Malta , Belgium , France and the Netherlands .
It has already hit European tourism , with the UK taking various countries off its “ travel corridor ” list .

FTSE 100 gives up gains despite S&P 500 hitting all-time high
The US’s S&P 500 stock index hit an all-time high before slipping back along with the FTSE 100 and other global markets amid rising US-China tensions.
The S&P 500 rose to 3,395 points, topping a high it hit in February, having been boosted by record levels of stimulus. But the index reversed course and slipped 0.1 per cent in early trading.
The FTSE 100 returned to the red amid worries about coronavirus cases around the world and US-China tensions.
London’s blue-chip index was down 0.8 per cent in afternoon trading at 6,077 points. The FTSE 250 index of smaller, more UK-focused firms also fell 0.7 per cent.
Read more: UK savings rates halve since coronavirus lockdown
In Europe, Germany’s Dax slipped 0.4 per cent and the continent-wide Stoxx 600 fell 0.6 per cent.
FTSE 100 reverses course
The FTSE 100 index reversed course in afternoon trading as US-China tensions took the shine off the rally.
Investors’ nerves got the better of them after the Commerce Department yesterday announced more restrictions on Chinese tech giant Huawei.
“Just when you thought things were cooling off between the US and China, Washington goes and pokes the dragon,” said Connor Campbell, financial analyst at Spreadex.
Globally exposed stocks dropped. Asia-focused bank Standard Chartered fell three per cent, while Intercontinental Hotels fell 3.1 per cent.
Persimmon was the biggest riser after it said it had seen a roughly 50 per cent increase in average weekly private sales rates per site. Its shares rose 6.6 per cent.
US stocks in astonishing surge
In the US, the tech-heavy Nasdaq index hit a new record high in June as technology firms such as Apple, Amazon, Google and Netflix surged.
The benchmark S&P 500 took longer, but broke into record territory once again today before slipping back. Its meteoric rise in recent months has been boosted by record amounts of stimulus being pumped into the economy by the government and the Fed.
It is now up around 55 per cent from March’s lows. The S&P 500’s technology index has climbed around 25 per cent this year.
Yet the atmosphere on US markets quickly soured along with that in markets like the FTSE 100.
The long-running talks over the next round of US fiscal stimulus, which have been a central focus of investors, continued. Senate Republicans now plan to introduce a scaled-back bill, according to Bloomberg.
But David Madden, market analyst at CMC Markets, said: “Traders are not holding their breath that anything will be approved soon.”
Market sentiment was also tempered by rising coronavirus cases around the world. They have worried investors as they could potentially derail an economic rebound.
Figures from the European Centre for Disease Prevention and Control yesterday showed that Luxembourg and Spain have reported more than 100 new cases per 100,000 people over the past two weeks.
Cases are also high in Malta, Belgium, France and the Netherlands. It has already hit European tourism, with the UK taking various countries off its “travel corridor” list.


cityam--2020-08-19--English councils face £2bn black hole from coroanvrius

English councils are facing a £2bn black hole over the coming months if the government does not provide emergency funding , according to a leading think tank .
The Institute for Fiscal Studies ’ ( IFS ) new report said Covid-19 has depleted local government revenues and many “ face a difficult choice between depleting their reserves to low and potentially risky levels or cutting spending on important local services ” .
Read more : UK firms cut more than 100,000 jobs amid coronavirus pandemic Central government has already provided £5.2bn for English councils to cope during the coronavirus crisis @ @ @ @ @ @ @ authorities expect to spend £4.4bn more than expected on the pandemic and will make £2.2bn more of losses than expected .
This leaves councils with a £2bn shortfall in funding , meaning budget cuts could be on the way .
IFS associate director David Phillips said a further injection of cash only this year to local authorities would not be enough to stave off financial troubles in subsequent years .
Before the Open newsletter : Start your day with the City View podcast and key market data “ Even if more funding or @ @ @ @ @ @ @ will still not be out of the Covid-19 woods , ” he said .
“ Financial pressures will continue into next year and beyond , not least because shortfalls in council tax and business rates collections will have to be reflected in councils ’ main accounts .
“ In the upcoming Spending Review , the government will therefore need to assess these pressures.
” Councils still have £3.3bn in reserves to fall back on , however the amount each authority holds varies greatly .
The IFS estimates that 40 per cent of councils @ @ @ @ @ @ @ budget after using all their reserves .
Local Government Association chair James Jamieson called for central government to cover all costs pressures for the country ’ s local authorities .
Read more : Government working with Heathrow on coronavirus testing “ Councils need to be able to lead their communities out of this crisis and support recovery , but they can not do this successfully and also address pressures in social care if they are having to focus on addressing budget cuts , ” he said .
“ The LGA wants to continue @ @ @ @ @ @ @ and funding needed to protect local council services .
”

English councils face £2bn black hole from coroanvrius
English councils are facing a £2bn black hole over the coming months if the government does not provide emergency funding, according to a leading think tank.
The Institute for Fiscal Studies’ (IFS) new report said Covid-19 has depleted local government revenues and many “face a difficult choice between depleting their reserves to low and potentially risky levels or cutting spending on important local services”.
Central government has already provided £5.2bn for English councils to cope during the coronavirus crisis.
However, the IFS found local authorities expect to spend £4.4bn more than expected on the pandemic and will make £2.2bn more of losses than expected.
This leaves councils with a £2bn shortfall in funding, meaning budget cuts could be on the way.
Under UK law, councils must run balanced budgets.
IFS associate director David Phillips said a further injection of cash only this year to local authorities would not be enough to stave off financial troubles in subsequent years.
Before the Open newsletter: Start your day with the City View podcast and key market data
“Even if more funding or flexibilities are forthcoming this year, councils will still not be out of the Covid-19 woods,” he said.
“Financial pressures will continue into next year and beyond, not least because shortfalls in council tax and business rates collections will have to be reflected in councils’ main accounts.
“In the upcoming Spending Review, the government will therefore need to assess these pressures.”
Councils still have £3.3bn in reserves to fall back on, however the amount each authority holds varies greatly.
The IFS estimates that 40 per cent of councils would not be able to balance their budget after using all their reserves.
Local Government Association chair James Jamieson called for central government to cover all costs pressures for the country’s local authorities.
“Councils need to be able to lead their communities out of this crisis and support recovery, but they cannot do this successfully and also address pressures in social care if they are having to focus on addressing budget cuts,” he said.
“The LGA wants to continue working with government on the further measures and funding needed to protect local council services.”


cityam--2020-08-19--Pound slips after touching highest level since start of year

The pound slipped back after touching its highest level against the dollar since the start of January , as traders weighed up Brexit negotiations and rising inflation .
Sterling hit $ 1.327 today , erasing its losses for 2020 as it reached its highest level since 1 January .
It was helped by the continuing slide in the dollar , which has been hit by economic and coronavirus worries .
Read more : UK inflation unexpectedly rises on oil prices and clothes shopping But the pound slipped back in the late morning as investors weighed up inflation data and new @ @ @ @ @ @ @ 0.2 per cent at $ 1.322 .
The fall in the dollar , which is trading at new two-year lows , has helped rival currencies around the world surge .
“ A large part of the rise [ in the pound ] can be attributed to the dollar ’ s recent collapse , ” said Connor Campbell , market analyst at trading platform Spreadex .
He said the dollar has been “ hit by fears over the state of the US economy , the related Covid-19 mishandling , the impending November election and @ @ @ @ @ @ @ ” .
UK inflation data out today gave traders something to think about this morning during thin August trading .
The headline consumer price index inflation rate grew by one per cent in July , from 0.6 per cent in June .
That was above economists ’ expectations of it remaining at 0.6 per cent .
Read more : Brexit free trade talks stalled over UK truckers ’ access to EU Some analysts said investors took the better-than-expected reading to mean the Bank of England would hold off on boosting stimulus .
This @ @ @ @ @ @ @ are traditionally bad for the currency .
Yet Brexit worries are still hanging over the pound .
Talks resumed yesterday but the two sides still seem far from a deal , meaning the UK could end the transition period without a new trading arrangement in place at the end of this year .

Pound slips after touching highest level since start of year
The pound slipped back after touching its highest level against the dollar since the start of January, as traders weighed up Brexit negotiations and rising inflation.
Sterling hit $1.327 today, erasing its losses for 2020 as it reached its highest level since 1 January. It was helped by the continuing slide in the dollar, which has been hit by economic and coronavirus worries.
But the pound slipped back in the late morning as investors weighed up inflation data and new Brexit talks. It was last down 0.2 per cent at $1.322.
The fall in the dollar, which is trading at new two-year lows, has helped rival currencies around the world surge.
“A large part of the rise [in the pound] can be attributed to the dollar’s recent collapse,” said Connor Campbell, market analyst at trading platform Spreadex.
He said the dollar has been “hit by fears over the state of the US economy, the related Covid-19 mishandling, the impending November election and the ongoing tensions between Beijing and Washington”.
Pound traders weigh up Brexit and inflation
UK inflation data out today gave traders something to think about this morning during thin August trading.
The headline consumer price index inflation rate grew by one per cent in July, from 0.6 per cent in June. That was above economists’ expectations of it remaining at 0.6 per cent.
Some analysts said investors took the better-than-expected reading to mean the Bank of England would hold off on boosting stimulus. This boosted the pound as lower interest rates are traditionally bad for the currency.
Yet Brexit worries are still hanging over the pound. Talks resumed yesterday but the two sides still seem far from a deal, meaning the UK could end the transition period without a new trading arrangement in place at the end of this year.


cityam--2020-08-19--Monzo marketing chief steps down amid doubts over bank’s future

Monzo ’ s long-standing head of marketing is stepping down as the challenger bank faces doubts over its future due to the coronavirus crisis .
Tristan Thomas , who joined Monzo in its infancy in 2015 , told staff he will leave the company at the end of the year .
Read more : Monzo flags ‘ significant doubt ’ over ability to continue as losses double The move comes as the digital bank faces a fight for survival after its losses more than doubled to £113.8m last year .
Monzo more than tripled its revenue over the period , @ @ @ @ @ @ @ marketing and US expansion took its toll on the bottom line .
In addition , Monzo said it expected credit losses to surge in the wake of the pandemic and warned there was “ significant doubt ” about its ability to continue at a going concern .
The firm has announced cost-cutting measures since the outbreak of coronavirus , including the closure of one US office and announcing more than 100 UK redundancies .
Chief executive TS Anil said the bank had “ further measures ” available to cut costs but did not @ @ @ @ @ @ @ the challenger bank in September 2015 as its first community manager , before climbing up the ranks to become vice president of marketing .
“ Tristan has played a huge role in making Monzo what it is today , ” a Monzo spokesperson said .
“ He ’ s helped us build Monzo into a bank that listens to our community , earning customers ’ trust through transparency , and he ’ s built a world-class marketing team that ’ s helped us welcome over 4m customers to Monzo .
We can ’ @ @ @ @ @ @ @ ” Monzo said Thomas will remain in his role for the next few months and lead the hiring process for his successor .
Read more : Monzo co-founder Tom Blomfield steps down as chief executive His departure , first reported by Tech Crunch , comes four months after Monzo co-founder Tom Blomfield stepped down as chief executive .
Blomfield has taken up the newly-created role of president and stepped back from the day-to-day running of the business .

Monzo marketing chief steps down amid doubts over bank’s future
Digital challenger
Monzo’s long-standing head of marketing is stepping down as the challenger bank faces doubts over its future due to the coronavirus crisis.
Tristan Thomas, who joined Monzo in its infancy in 2015, told staff he will leave the company at the end of the year.
The move comes as the digital bank faces a fight for survival after its losses more than doubled to £113.8m last year.
Monzo more than tripled its revenue over the period, but a spending spree on hiring, marketing and US expansion took its toll on the bottom line.
In addition, Monzo said it expected credit losses to surge in the wake of the pandemic and warned there was “significant doubt” about its ability to continue at a going concern.
The firm has announced cost-cutting measures since the outbreak of coronavirus, including the closure of one US office and announcing more than 100 UK redundancies.
Chief executive TS Anil said the bank had “further measures” available to cut costs but did not anticipate further job cuts.
Thomas joined the challenger bank in September 2015 as its first community manager, before climbing up the ranks to become vice president of marketing.
“Tristan has played a huge role in making Monzo what it is today,” a Monzo spokesperson said.
“He’s helped us build Monzo into a bank that listens to our community, earning customers’ trust through transparency, and he’s built a world-class marketing team that’s helped us welcome over 4m customers to Monzo. We can’t overstate the impact of his work.”
Monzo said Thomas will remain in his role for the next few months and lead the hiring process for his successor.
His departure, first reported by Tech Crunch, comes four months after Monzo co-founder Tom Blomfield stepped down as chief executive.
Blomfield has taken up the newly-created role of president and stepped back from the day-to-day running of the business.
Main image credit: Monzo


cityam--2020-08-19--Brexit free trade talks stalled over UK truckers' access to EU

The EU has reportedly denied the UK ’ s request for British truckers to maintain full access to mainland Europe as post-Brexit trade talks resume today .
The UK wants its truckers to be able to make pick ups and drop offs inside and between EU member states after the Brexit transition period ends on 31 December , according to the Financial Times .
Read more : Brexit : City faces wait beyond 2020 for EU financial market access British haulage groups have emphasised the need to have a deal in place with the EU before next year to avoid @ @ @ @ @ @ @ chains .
However , the EU has reportedly told its member states that the UK ’ s demands were “ fundamentally unbalanced ” .
Member states were also told that the level of access requested by the UK is too similar to pre-Brexit arrangements .
Before the Open newsletter : Start your day with the City View podcast and key market data One person briefed on the talks told the FT : “ The commission view is that the UK request is fundamentally unbalanced and would give rights to UK hauliers that are @ @ @ @ @ @ @ Another said : “ We can not allow the UK to maintain pretty much the same access as it has today.
” Formal trade talks between the UK and EU begin again today , with both sides still deadlocked on several areas .
Alongside the truckers ’ demands , the two sides are far apart on EU access to UK fishing waters and business competition regulations known as the level playing field .
Downing Street said on Monday that it still hoped to have a deal agreed in principle by this month , @ @ @ @ @ @ @ is its deadline for an agreement .

Brexit free trade talks stalled over UK truckers’ access to EU
The EU has reportedly denied the UK’s request for British truckers to maintain full access to mainland Europe as post-Brexit trade talks resume today.
The UK wants its truckers to be able to make pick ups and drop offs inside and between EU member states after the Brexit transition period ends on 31 December, according to the Financial Times.
British haulage groups have emphasised the need to have a deal in place with the EU before next year to avoid spiraling costs and the dismantling of supply chains.
However, the EU has reportedly told its member states that the UK’s demands were “fundamentally unbalanced”.
Member states were also told that the level of access requested by the UK is too similar to pre-Brexit arrangements.
Before the Open newsletter: Start your day with the City View podcast and key market data
One person briefed on the talks told the FT: “The commission view is that the UK request is fundamentally unbalanced and would give rights to UK hauliers that are extremely close to single market membership.”
Another said: “We cannot allow the UK to maintain pretty much the same access as it has today.”
Formal trade talks between the UK and EU begin again today, with both sides still deadlocked on several areas.
Alongside the truckers’ demands, the two sides are far apart on EU access to UK fishing waters and business competition regulations known as the level playing field.
Downing Street said on Monday that it still hoped to have a deal agreed in principle by this month, while the EU has said next month is its deadline for an agreement.


cityam--2020-08-19--Pizza Express closures: A list of all 73 affected restaurants

Pizza Express is closing 73 restaurants with 1,100 jobs at risk after its business was hit by the coronavirus lockdown @ @ @ @ @ , which struggled with a debt pile of over £1bn thanks to a series of @ @ @ @ @ the cuts as part of a company voluntary arrangement ( CVA ) with creditors .
@ @ @ @ @ reducing rental costs following the coronavirus lockdown .
Read more : Pizza Express to cut @ @ @ @ @ enforced store closures Pizza Express had been profitable at the majority of its stores before @ @ @ @ @ but enforced closures , the cost of reopening and the UK ’ s uncertain economic @ @ @ @ @ ’ s rental costs unsustainable .
Read more : UK firms cut more than 100,000 @ @ @ @ @ more : Reopened restaurants in London : The latest news about your favourite places to @

Pizza Express closures: A list of all 73 affected restaurants
Pizza Express to cut as many as 1,100 jobs
Pizza Express is closing 73 restaurants with 1,100 jobs at risk after its business was hit by the coronavirus lockdown.
The casual dining chain, which struggled with a debt pile of over £1bn thanks to a series of private equity buyouts, made the cuts as part of a company voluntary arrangement (CVA) with creditors.
The deal is aimed at reducing rental costs following the coronavirus lockdown.
Pizza Express had been profitable at the majority of its stores before lockdown, it said, but enforced closures, the cost of reopening and the UK’s uncertain economic future had rendered the company’s rental costs unsustainable.
Full list of Pizza Express restaurants closing
Aberdeen – Belmont Street
Aylesbury
Barnstaple – Three Tuns
Biggleswade
Billericay
Birmingham – Corporation Street
Birmingham – Mailbox
Bournemouth – Post Office Road
Bramhall
Bristol – Berkeley Square
Bristol – Regent Street
Bromsgrove
Bruton Place
Chippenham
Charlotte Street
Dalton Park
Darlington
Dudley – Merry Hill
Earls Court – Earls Court Road
Edinburgh – Holyrood
Formby
Fulham Palace Road
Glasgow – Princes Square
Glossop
Gosforth
Grantham
Halifax
Hampstead
Hatch End
Hereford
Heswall
Ipswich – Lloyds Avenue
Leeds – Crown Street
Leeds – Horsforth
Ludlow
Lymington
Melton Mowbray
Midhurst
Milton Keynes
Moseley
New Brighton
Newcastle
Newport – Isle of Wight
Newport – South Wales
Northallerton
Nottingham – Goosegate
02 Finchley
Orpington
Oxford – Oxford Castle
Poole
Port Solent
Reading – St Mary’s Butts
Scarborough
Sheffield – Devonshire Street
Sheffield The Moor
Shirley
Southport – Old Bank
Stafford
Staines
Stoke
Stourbridge
Sudbury
Torquay
Uxbridge
Wakefield
Walsall
Wapping
Wardour Street
Weston-super-Mare
Whiteley Village
Whitstable
Wrexham


cityam--2020-08-19--YouGov: Halfords healthy after lockdown shift to two wheels

The coronavirus lockdown closed down public transport for all but essential journeys from mid-March , leading thousands of Brits to buy a new bike , according to the UK ’ s Bicycle Association .
Bike sales increased by 63 % year-on-year between April and June 2020 .
Similarly , the DfT found cycling levels increased by 300 % during lockdown .
Halfords has been among those leading the push with a greatly improved brand health throughout the duration of the pandemic , according to new YouGov BrandIndex data .
At the start of lockdown Halfords ’ Consideration scores rose from @ @ @ @ @ @ @ April 1st , an increase of 8.4 points ( whether someone would consider purchasing from the brand in future ) .
Consideration for the brand peaked a further four times throughout the pandemic as change to the Government ’ s handling of coronavirus were announced .
In the lead-up to the Easter break Consideration scores increased 8.7 points .
It rose a further 8.3 points in the lead-up to the early May bank holiday , another 8.1 points after the Spring bank holiday , and 9.2 points more after the hospitality sector was @ @ @ @ @ @ @ Generally good weather throughout the majority of the past four months no doubt also encouraged more to consider cycling , and it ’ s worth noting that Halfords not only stocks bikes but also car parts .
However , it ’ s clear to see that generally Halfords has enjoyed the benefits of so many people searching for alternative ways to get around .
Since lockdown began to ease in July , and Britons were no longer encouraged to avoid public transport , Consideration scores started to decline for Halfords .
However , @ @ @ @ @ @ @ launched the long-awaited bike repair scheme offering £50 vouchers to cyclists in an effort to relieve pressure of public transport and reduce air pollution .
Since then , Halfords has been publicising the scheme and their ability to cope with any influx of cyclists , something that smaller shops may struggle with , leading to Consideration scores starting to uptick again .
As lockdown eases further though only time will tell if Britain ’ s sudden cycling interest was just a by-product of the lockdown .

YouGov: Halfords healthy after lockdown shift to two wheels
The coronavirus lockdown closed down public transport for all but essential journeys from mid-March, leading thousands of Brits to buy a new bike, according to the UK’s Bicycle Association. Bike sales increased by 63% year-on-year between April and June 2020. Similarly, the DfT found cycling levels increased by 300% during lockdown.
Halfords has been among those leading the push with a greatly improved brand health throughout the duration of the pandemic, according to new YouGov BrandIndex data.
At the start of lockdown Halfords’ Consideration scores rose from 26.4 on March 23rd to 34.7 on April 1st, an increase of 8.4 points (whether someone would consider purchasing from the brand in future). Consideration for the brand peaked a further four times throughout the pandemic as change to the Government’s handling of coronavirus were announced.
In the lead-up to the Easter break Consideration scores increased 8.7 points. It rose a further 8.3 points in the lead-up to the early May bank holiday, another 8.1 points after the Spring bank holiday, and 9.2 points more after the hospitality sector was allowed to open on July 4th.
Generally good weather throughout the majority of the past four months no doubt also encouraged more to consider cycling, and it’s worth noting that Halfords not only stocks bikes but also car parts. However, it’s clear to see that generally Halfords has enjoyed the benefits of so many people searching for alternative ways to get around.
Since lockdown began to ease in July, and Britons were no longer encouraged to avoid public transport, Consideration scores started to decline for Halfords. However, at the end of July the Government launched the long-awaited bike repair scheme offering £50 vouchers to cyclists in an effort to relieve pressure of public transport and reduce air pollution.
Since then, Halfords has been publicising the scheme and their ability to cope with any influx of cyclists, something that smaller shops may struggle with, leading to Consideration scores starting to uptick again. As lockdown eases further though only time will tell if Britain’s sudden cycling interest was just a by-product of the lockdown.


cityam--2020-08-19--HSBC warns UK economy to shrink 10.3 per cent in 2020

The UK ’ s biggest bank HSBC has sharply downgraded its forecast for the UK economy , predicting it to shrink by 10.3 per cent this year and only grow six per cent in 2021 .
The latest figures are markedly more pessimistic than its previous prediction of a 7.8 per cent contraction in 2020 followed by growth of 6.2 per cent next year .
Read more : UK inflation unexpectedly rises on oil prices and clothes shopping It is also much more gloomy than the Bank of England , which said the UK economy would return to its pre-coronavirus @ @ @ @ @ @ @ The BoE said the economy would shrink 9.5 per cent this year and grow nine per cent in 2021 .
By contrast , HSBC today said in a report that the UK economy would likely be 4.5 per cent smaller by the end of 2021 than it was at the end of 2019 .
The giant UK lender contrasted its new forecasts with some relatively rosy commentary that has recently come from the Bank of England .
The BoE ’ s chief economist Andy Haldane has been particularly bullish .
He wrote in @ @ @ @ @ @ @ Now is the time to see the economic glass as half-full not half-empty.
” He has previously pointed to payments data that showed a relatively rapid rebound in spending as the coronavirus lockdown was eased .
But HSBC senior economist Elizabeth Martins said recent economic data was underwhelming .
The UK economy crashed by an historic 20.4 per cent in the second quarter , which “ was worse than we had expected , ” Martins said .
She said that unlike Haldane , “ recent data outturns have made us more pessimistic about @ @ @ @ @ @ @ added : “ The UK is far from back to normal.
” Official figures from the end of July showed only 5.5 per cent of those who had been furloughed had returned to work , she said .
And “ a significant number of businesses have simply not reopened ” .
However , Martins said there had “ clearly been green shoots ” since April .
The easing of lockdown has increased activity and fiscal incentives like the “ eat out to help out ” scheme have boosted the economy .
Read more @ @ @ @ @ @ @ record 20.4 per cent GDP plunge HSBC maintained its previous prediction that unemployment would hit 7.2 per cent by the end of the year , which would likely see around 3m out of work .
It was better than the BoE ’ s 7.5 per cent prediction , however .
HSBC said this reflected a better-than-expected second quarter for employment .

HSBC warns UK economy to shrink 10.3 per cent in 2020
The UK’s biggest bank HSBC has sharply downgraded its forecast for the UK economy, predicting it to shrink by 10.3 per cent this year before rebounding by just six per cent in 2021.
The UK’s biggest bank HSBC has sharply downgraded its forecast for the UK economy, predicting it to shrink by 10.3 per cent this year and only grow six per cent in 2021.
The latest figures are markedly more pessimistic than its previous prediction of a 7.8 per cent contraction in 2020 followed by growth of 6.2 per cent next year.
It is also much more gloomy than the Bank of England, which said the UK economy would return to its pre-coronavirus size by the end of 2021. The BoE said the economy would shrink 9.5 per cent this year and grow nine per cent in 2021.
By contrast, HSBC today said in a report that the UK economy would likely be 4.5 per cent smaller by the end of 2021 than it was at the end of 2019.
The giant UK lender contrasted its new forecasts with some relatively rosy commentary that has recently come from the Bank of England.
The BoE’s chief economist Andy Haldane has been particularly bullish. He wrote in the Daily Mail last week: “Now is the time to see the economic glass as half-full not half-empty.”
He has previously pointed to payments data that showed a relatively rapid rebound in spending as the coronavirus lockdown was eased.
Recent UK economy data ‘worse than expected’
But HSBC senior economist Elizabeth Martins said recent economic data was underwhelming. The UK economy crashed by an historic 20.4 per cent in the second quarter, which “was worse than we had expected,” Martins said.
She said that unlike Haldane, “recent data outturns have made us more pessimistic about the lasting economic impact”.
Martins added: “The UK is far from back to normal.” Official figures from the end of July showed only 5.5 per cent of those who had been furloughed had returned to work, she said. And “a significant number of businesses have simply not reopened”.
However, Martins said there had “clearly been green shoots” since April. The easing of lockdown has increased activity and fiscal incentives like the “eat out to help out” scheme have boosted the economy.
HSBC maintained its previous prediction that unemployment would hit 7.2 per cent by the end of the year, which would likely see around 3m out of work.
It was better than the BoE’s 7.5 per cent prediction, however. HSBC said this reflected a better-than-expected second quarter for employment.


cityam--2020-08-19--Cut National Insurance tax after furlough scheme ends, says BCC boss

The government should cut National Insurance tax once the furlough scheme unwinds in the autumn , a top industry figure has said .
Speaking on City A.M. ’ s The City View podcast , Adam Marshall , director-general of the British Chambers of Commerce , said the Treasury should consider a form of ongoing support for UK firms .
Read more : The City View : Adam Marshall of the British Chambers of Commerce on how to support an economic recovery “ We understand the Treasury ’ s concern about the cost [ of the furlough scheme ] and many @ @ @ @ @ @ @ point we ’ ll have to pay some of it back .
But what we now need to do is shift fromthe emergency measures to some other form of support for businesses , ” Marshall said .
“ If we ’ re moving on from the furlough scheme now is the chance for the Chancellor to scrap the jobs tax – employers ’ national insurance contributions – which are a big burden on businesses when they ’ re taking salary costs back on board.
” The job retention scheme , which was introduced @ @ @ @ @ @ @ 80 per cent of wages for employees who were placedon furlough to prevent swathes of job losses .
However from this month employers have been forced to contribute to the scheme and will have to pay national insurance contributions on the wages of furloughed staff .
“ I ’ d much rather see businesses paying their people rather than the revenue once the furlough scheme comes to an end , and a cut to the jobs tax would be a good place to start , ” Marshall said .
As the scheme starts @ @ @ @ @ @ @ called on the government to introduce furlough for hard-hit sectors .
However Marshall disagrees with this proposition : “ There are lots of examples about how very sector specific support for employment could create some real cliff edges and difficulties in supply chains and in some of our business communities.
” “ That is not to say there isn ’ t a case for some specific support for the hardest hit sectors , ” he said .
Marshall added that firms are still saying that government support is helping prop up cash flow @ @ @ @ @ @ @ 34 per cent of firms cited the job retention scheme as helping with cash reserves .

Cut National Insurance tax after furlough scheme ends, says BCC boss
(Photo by TOLGA AKMEN/AFP via Getty Images)
The government should cut National Insurance tax once the furlough scheme unwinds in the autumn, a top industry figure has said.
Speaking on City A.M.’s The City View podcast, Adam Marshall, director-general of the British Chambers of Commerce, said the Treasury should consider a form of ongoing support for UK firms.
“We understand the Treasury’s concern about the cost [of the furlough scheme] and many of the other interventions because at some point we’ll have to pay some of it back. But what we now need to do is shift fromthe emergency measures to some other form of support for businesses,” Marshall said.
“If we’re moving on from the furlough scheme now is the chance for the Chancellor to scrap the jobs tax – employers’ national insurance contributions – which are a big burden on businesses when they’re taking salary costs back on board.”
The job retention scheme, which was introduced in April, sees the government pay 80 per cent of wages for employees who were placedon furlough to prevent swathes of job losses.
However from this month employers have been forced to contribute to the scheme and will have to pay national insurance contributions on the wages of furloughed staff.
“I’d much rather see businesses paying their people rather than the revenue once the furlough scheme comes to an end, and a cut to the jobs tax would be a good place to start,” Marshall said.
As the scheme starts to unwind, the Labour Party have called on the government to introduce furlough for hard-hit sectors. However Marshall disagrees with this proposition: “There are lots of examples about how very sector specific support for employment could create some real cliff edges and difficulties in supply chains and in some of our business communities.”
“That is not to say there isn’t a case for some specific support for the hardest hit sectors,” he said. Marshall added that firms are still saying that government support is helping prop up cash flow.
A BCC survey published today shows 34 per cent of firms cited the job retention scheme as helping with cash reserves.


cityam--2020-08-19--Trump backs Oracle bid for Tiktok’s US business

US President Trump has thrown his weight behind Oracle ’ s mooted bid for Tiktok , saying the software giant would be a “ great company ” to take over the hit video app .
It follows reports that Oracle has held discussions with Chinese parent company Bytedance over an offer for Tiktok ’ s operations in the US , Canada , Australia and New Zealand .
Read more : Oracle ‘ in talks ’ over Tiktok takeover as US ban looms Speaking at an event in Yuma , Arizona , Trump said he believed Oracle “ would be certainly @ @ @ @ @ @ @ Oracle ’ s founder — billionaire Larry Ellison — is one of the world ’ s richest people and a vocal supporter of Trump .
Earlier this year Ellison hosted a fundraiser for the president at his private estate in California .
The race to snap up parts of Tiktok ’ s global operation comes after Trump threatened to ban the app unless it is taken over by an American company by mid-November .
The president stated there was “ credible evidence ” the app was being used to breach US security — @ @ @ @ @ @ @ : Bytedance weighs selling stake in Tiktok ’ s Indian arm to Reliance to ease app ban Microsoft had emerged as the frontrunner for the deal after it publicly confirmed takeover discussions with Bytedance earlier this month .
But Oracle has now approached existing Bytedance investors including Sequoia Capital and General Atlantic as it prepares a rival bid , the Financial Times reported .

Trump backs Oracle bid for Tiktok’s US business
US President Trump has thrown his weight behind Oracle’s mooted bid for Tiktok, saying the software giant would be a “great company” to take over the hit video app.
It follows reports that Oracle has held discussions with Chinese parent company Bytedance over an offer for Tiktok’s operations in the US, Canada, Australia and New Zealand.
Speaking at an event in Yuma, Arizona, Trump said he believed Oracle “would be certainly somebody that could handle it”.
Oracle’s founder — billionaire Larry Ellison — is one of the world’s richest people and a vocal supporter of Trump.
Earlier this year Ellison hosted a fundraiser for the president at his private estate in California.
The race to snap up parts of Tiktok’s global operation comes after Trump threatened to ban the app unless it is taken over by an American company by mid-November.
The president stated there was “credible evidence” the app was being used to breach US security — something Bytedance has denied.
Microsoft had emerged as the frontrunner for the deal after it publicly confirmed takeover discussions with Bytedance earlier this month.
But Oracle has now approached existing Bytedance investors including Sequoia Capital and General Atlantic as it prepares a rival bid, the Financial Times reported.