cityam--2020-12-03--Rising private equity star on making it in the City as a woman in 2020

Diversity and equality are increasingly on the radar of City firms .
Serious priorities or mere marketing spiel ?
City A.M. ‘ s Michiel Willems sat down with Sunaina Sinha Haldea , founder and CEO of Cebile Capital , a London-based placement agent and secondaries advisor in private equity and infrastructure .
The Harvard graduate is also an angel investor and serves as chair of the board of Barrecore , one of Europe ’ s largest luxury fitness boutiques , while she is a former chair of meal delivery giant Mindful Chef .
You are the founder of a minority @ @ @ @ @ @ @ the vast majority of employees being women .
How challenging is it for women to make it in the City in 2020 ?
The City continues to evolve for female employees .
There have been considerable strides made to bring women into the industry at entry-levels , as an analyst or at associate level .
However , much more needs to be done to retain , support and promote women to senior levels of financial services organizations , especially into the C-suite .
Women need role models of how a path can be @ @ @ @ @ @ @ are still paltry and no amount of lip service can substitute for female leadership in the industry .
Read more : City of London to spearhead taskforce to tackle lack of class diversity in finance Diversity and equality are increasingly a priority for City firms .
Do you feel most firms have a serious strategy in place or is it merely hollow talk ?
For example , look at differences in pay .
While most firms are very good at acquiring diverse talents at the junior levels , we find very few examples @ @ @ @ @ @ @ the industry .
Today ’ s leadership has to explicitly identify junior and mid-level talent that is diverse and mentor , support and promote them over the years and bring them up through the leadership ranks .
The rest is all lip service .
Read more : City sponsors initiative for more diversity in asset management You are also an investor in high-growth companies in the UK , which firms really stood out for you this year ?
And which industries ?
2020 has been all about technology , food and sustainability , @ @ @ @ @ @ @ s been a revolutionary year for technology adoption across the UK and not just from a consumer behaviours perspective .
Companies and the fintech infrastructure behind businesses have evolved at an unprecedented pace this year .
Food and sustainability also remain a key theme for the world as climate change , farm-to-fork eating and mindfulness around waste become foremost in the consumer ’ s mind .
Market conditions for new companies , however , are super challenging at the moment .
A recession and Brexit just weeks away , how has this impacted @ @ @ @ @ @ @ activity ?
Although we are already in a double dip recession , the public and private equity markets show no signs of a slowdown .
Technology and healthcare have driven public comparables to record highs and the private market valuations have also followed suit .
Looking ahead at 2021 , what are your predictions for next year ?
The economy will have some normalization from the second quarter onwards .
We will see a V shaped recovery .
While the world gets vaccinated , we expect most of 2021 to still be a @ @ @ @ @ @ @ .
Conferences and face-to-face roadshows are expected to make a comeback in the third or fourth quarter .
How will that continue to impact private equity ?
The remote model of the private equity capital markets means that emerging managers and new managers raising first time funds will find it very difficult to get their fundraises completed .
Private equity funds will have more ways to exit a company than ever before , from direct listings , for venture-backed companies , to SPACs to single asset GP-led transactions .
The menu of options @ @ @ @ @ @ @ traditional IPO or sponsor and trade sale .

Rising private equity star on making it in the City as a woman in 2020
Sunaina Sinha Haldea, CEO of City-based Cebile Capital, angel investor, chair of Barrecore and a former chairwoman of Mindful Chef
Diversity and equality are increasingly on the radar of City firms. Serious priorities or mere marketing spiel? City A.M.‘s Michiel Willems sat down with Sunaina Sinha Haldea, founder and CEO of Cebile Capital, a London-based placement agent and secondaries advisor in private equity and infrastructure.
The Harvard graduate is also an angel investor and serves as chair of the board of Barrecore, one of Europe’s largest luxury fitness boutiques, while she is a former chair of meal delivery giant Mindful Chef.
You are the founder of a minority and female-owned private equity advisory firm with the vast majority of employees being women. How challenging is it for women to make it in the City in 2020?
The City continues to evolve for female employees. There have been considerable strides made to bring women into the industry at entry-levels, as an analyst or at associate level.
However, much more needs to be done to retain, support and promote women to senior levels of financial services organizations, especially into the C-suite. Women need role models of how a path can be followed to the top. These numbers are still paltry and no amount of lip service can substitute for female leadership in the industry.
Diversity and equality are increasingly a priority for City firms. Do you feel most firms have a serious strategy in place or is it merely hollow talk? For example, look at differences in pay.
While most firms are very good at acquiring diverse talents at the junior levels, we find very few examples of diversity at the higher levels of the industry. Today’s leadership has to explicitly identify junior and mid-level talent that is diverse and mentor, support and promote them over the years and bring them up through the leadership ranks. The rest is all lip service.
Unless you are willing to make a strong commitment to ensuring that diverse employees will make up at least half of your identified ‘star talent’, you are never going to get to an endpoint of a team or About Us page that reflects the society in which we live today. Sunaina Sinha Haldea
You are also an investor in high-growth companies in the UK, which firms really stood out for you this year? And which industries?
2020 has been all about technology, food and sustainability, healthcare and wellness businesses. It’s been a revolutionary year for technology adoption across the UK and not just from a consumer behaviours perspective. Companies and the fintech infrastructure behind businesses have evolved at an unprecedented pace this year. Food and sustainability also remain a key theme for the world as climate change, farm-to-fork eating and mindfulness around waste become foremost in the consumer’s mind.
Market conditions for new companies, however, are super challenging at the moment. A recession and Brexit just weeks away, how has this impacted the private equity space and deal making activity?
Although we are already in a double dip recession, the public and private equity markets show no signs of a slowdown. Technology and healthcare have driven public comparables to record highs and the private market valuations have also followed suit.
M&A activity is back with a vengeance due to record amounts of dry powder sitting with financial sponsors that has a time-gated investment period and, therefore, must be put to work. Sunaina Sinha Haldea
Looking ahead at 2021, what are your predictions for next year?
The economy will have some normalization from the second quarter onwards. We will see a V shaped recovery. While the world gets vaccinated, we expect most of 2021 to still be a remote fundraising environment for private equity houses. Conferences and face-to-face roadshows are expected to make a comeback in the third or fourth quarter.
How will that continue to impact private equity?
The remote model of the private equity capital markets means that emerging managers and new managers raising first time funds will find it very difficult to get their fundraises completed. Private equity funds will have more ways to exit a company than ever before, from direct listings, for venture-backed companies, to SPACs to single asset GP-led transactions. The menu of options in 2021 is more than just the traditional IPO or sponsor and trade sale.


cityam--2020-12-03--‘Zoom anxiety’ infects the nation during the pandemic

Most of the population has experienced ‘ Zoom anxiety ’ since March , when working moved online and Zoom became a widely used tool to connect colleagues and friends .
Home workers worried about everything from their looks and their Zoom background to having a technical problem and being unable to fix them .
Following an 80 % increase Google searches for ‘ Zoom anxiety ’ since March , nearly three-quarters ( 73 % ) of home workers have experienced feeling nervous and worried when put onto a video call in the last year .
For more than eight in @ @ @ @ @ @ @ biggest trigger of Zoom anxiety was having tech problems on a video call and not knowing how to fix them .
More than two-thirds ( 67 % ) of home workers worried about being unable to read a caller ’ s body language , and just over half ( 56 % ) were anxious about feeling unheard .
Around a third ( 34 % ) feared having an unprofessional background .
Read more : Zoom and Instagram brand values jump as tech firms get Covid-19 boost Comparatively just less than one in 10 @ @ @ @ @ @ @ to do with their hands , and 18 per cent fretted over how they looked on camera .
Most people ( 76 % ) found Zoom calls more daunting than telephone calls , and around half ( 48 % ) found them worse than face to face meetings .
James Robinson , marketing manager at Buffalo 7 , which carried out the research , said : “ Of course , 2020 hasn ’ t been short on anxiety , and we ’ ve all had a lot to deal with .
However , @ @ @ @ @ @ @ saying they ’ ve struggled with Zoom anxiety at some point this year , it ’ s clear that for many video calls bring with them their own set of challenges .
”

‘Zoom anxiety’ infects the nation during the pandemic
‘Zoom anxiety’ has swept the nation.
Most of the population has experienced ‘Zoom anxiety’ since March, when working moved online and Zoom became a widely used tool to connect colleagues and friends.
Home workers worried about everything from their looks and their Zoom background to having a technical problem and being unable to fix them.
Following an 80% increase Google searches for ‘Zoom anxiety’ since March, nearly three-quarters (73%) of home workers have experienced feeling nervous and worried when put onto a video call in the last year.
For more than eight in 10 people (83%) the biggest trigger of Zoom anxiety was having tech problems on a video call and not knowing how to fix them.
More than two-thirds (67%) of home workers worried about being unable to read a caller’s body language, and just over half (56%) were anxious about feeling unheard. Around a third (34%) feared having an unprofessional background.
Comparatively just less than one in 10 (9%) worried about what to do with their hands, and 18 per cent fretted over how they looked on camera.
Most people (76%) found Zoom calls more daunting than telephone calls, and around half (48%) found them worse than face to face meetings.
James Robinson, marketing manager at Buffalo 7, which carried out the research, said: “Of course, 2020 hasn’t been short on anxiety, and we’ve all had a lot to deal with. However, with a huge 73% of respondents saying they’ve struggled with Zoom anxiety at some point this year, it’s clear that for many video calls bring with them their own set of challenges.”


cityam--2020-12-04--Ann Summers launches CVA following rent dispute during pandemic

Ann Summers has launched a Company Voluntary Arrangement ( CVA ) following a dispute over the lingerie brand ’ s rents during the pandemic .
The CVA follows extensive discussions with the company ’ s landlords over plans to switch to turnover-based rents due to changing consumer behaviour during the coronavirus crisis .
Ann Summers said it wants to ensure “ the company ’ s property costs reflect today ’ s much-changed market conditions ” and enables “ the risks of the current trading environment to be more equitably shared between the business and its landlords ” .
The CVA @ @ @ @ @ @ @ ’ s 91 high street stores , with revised terms already agreed on for the remaining two-thirds .
The firm benefitted from a surge in demand during the coronavirus lockdown , meaning the company expects to improve upon the £16m loss it recorded last year .
However the acceleration of the shift to online shopping during the coronavirus pandemic has forced bricks-and-mortar retailers to adapt .
Ann Summers chief executive Jacqueline Gold said the firm “ has a bright future ” but warned : “ We need to align our property costs so @ @ @ @ @ @ @ s high street… if the business is to fulfil its potential and prosper in the post-Covid trading environment.
” “ I ’ m grateful to the majority of our landlords who have worked constructively with us to agree sensible terms on the vast majority of our stores , and these landlords will not be affected by the CVA , ” she added .
“ We continue to invest in our marketing , our product and our brand , and are seeking to protect as many stores and jobs as we can through this @ @ @ @ @ @ @ lifeline with management buy-out proposal that could save 5,000 jobs FRP Advisory have been appointed to oversee the CVA , which will be subject to a creditors ’ vote on 23 December , needing more than 75 per cent support to proceed .
Ann Summers joined a group of retailers to write to the Treasury in February this year , calling for it to take action on business rates , which they said had “ come unsustainable for many retailers ” .

Tit for tat: Ann Summers launches CVA following rent dispute during pandemic
Ann Summers has launched a Company Voluntary Arrangement (CVA) following a dispute over the lingerie brand’s rents during the pandemic.
The CVA follows extensive discussions with the company’s landlords over plans to switch to turnover-based rents due to changing consumer behaviour during the coronavirus crisis.
Ann Summers said it wants to ensure “the company’s property costs reflect today’s much-changed market conditions” and enables “the risks of the current trading environment to be more equitably shared between the business and its landlords”.
The CVA will only affect 25 of the retailer’s 91 high street stores, with revised terms already agreed on for the remaining two-thirds.
The firm benefitted from a surge in demand during the coronavirus lockdown, meaning the company expects to improve upon the £16m loss it recorded last year.
However the acceleration of the shift to online shopping during the coronavirus pandemic has forced bricks-and-mortar retailers to adapt.
Additional funding of up to £10m will be handed to Ann Summers if the CVA is approved, as part of plans to boost the board’s growth plans.
Ann Summers chief executive Jacqueline Gold said the firm “has a bright future” but warned: “We need to align our property costs so they reflect the challenges facing today’s high street… if the business is to fulfil its potential and prosper in the post-Covid trading environment.”
“I’m grateful to the majority of our landlords who have worked constructively with us to agree sensible terms on the vast majority of our stores, and these landlords will not be affected by the CVA,” she added.
“We continue to invest in our marketing, our product and our brand, and are seeking
to protect as many stores and jobs as we can through this process.”
FRP Advisory have been appointed to oversee the CVA, which will be subject to a creditors’ vote on 23 December, needing more than 75 per cent support to proceed.
Ann Summers joined a group of retailers to write to the Treasury in February this year, calling for it to take action on business rates, which they said had “come unsustainable for many retailers”.


cityam--2020-12-04--New car sales sunk in November, but more UK drivers buying electric and hybrid vehicles

New car sales rolling off UK forecourts declined in November , wiping off £1.3bn in potential revenue .
Around 42,800 new cars were sold last month , down 27 per cent year-on-year .
Read more : Bentley has hired cargo jets to fly car parts to UK to avoid Brexit border logjams November ’ s nationwide lockdown forced showrooms and forecourts to close , leading the industry to record 113,781 new vehicle registrations , a decline to levels not seen since the 2008 recession .
There was a silver lining though , with e-vehicles and hybrid vehicle sales growing market @ @ @ @ @ @ @ of new sales grew to 9.1 per cent .
Read more : Let hydrogen fuel our vehicles to a greener future Plug-in hybrid vehicle market share of new sales increased to 6.8 per cent .
“ With £1.3bn worth of new car revenue lost in November alone , the importance of showroom trading to the UK economy is evident and we must ensure they remain open in any future Covid restrictions .
Alex Buttle , director of used car marketplace motorway.co.uk said the rise in non-combustion vehicles was promising , but sales of @ @ @ @ @ @ @ .
“ Electric and hybrid car sales once again stand out amongst the gloom , with battery electric car registrations in particular continuing to climb upwards at a healthy rate .
“ However , EV numbers are still some way off filling the void left by falling petrol and diesel sales , which were impacted by the Government announcing it was moving the ban on new electric and diesel cars forward to 2030″ .

New car sales sunk in November, but more UK drivers buying electric and hybrid vehicles
Calculations by the Confederation of British Industry (CBI), who until recently was embroiled in a fight for its survival amid a string of sexual misconduct claims, found the UK is primed to benefit from the global race to Net Zero
New car sales rolling off UK forecourts declined in November, wiping off £1.3bn in potential revenue.
Around 42,800 new cars were sold last month, down 27 per cent year-on-year.
November’s nationwide lockdown forced showrooms and forecourts to close, leading the industry to record 113,781 new vehicle registrations, a decline to levels not seen since the 2008 recession.
There was a silver lining though, with e-vehicles and hybrid vehicle sales growing market share.
Battery electric vehicle market share of new sales grew to 9.1 per cent.
Plug-in hybrid vehicle market share of new sales increased to 6.8 per cent.
English lockdown stalls November new car market as registrations decline -27.4%
Here are the top ten models in November and 2020: https://t.co/kr3dpLm7hR pic.twitter.com/IP35IJpMcV — SMMT (@SMMT) December 4, 2020 The Ford Fiesta looks on-track to be the most popular new purchase model for 2020
Mike Hawes, SMMT chief executive, said:
“With £1.3bn worth of new car revenue lost in November alone, the importance of showroom trading to the UK economy is evident and we must ensure they remain open in any future Covid restrictions.
Alex Buttle, director of used car marketplace motorway.co.uk said the rise in non-combustion vehicles was promising, but sales of e-cars had a long way to go.
“Electric and hybrid car sales once again stand out amongst the gloom, with battery electric car registrations in particular continuing to climb upwards at a healthy rate.
“However, EV numbers are still some way off filling the void left by falling petrol and diesel sales, which were impacted by the Government announcing it was moving the ban on new electric and diesel cars forward to 2030″.


cityam--2020-12-04--Trevor Steven: Born again Tottenham are genuine Premier League title contenders

As Tottenham prepare to host Arsenal this weekend , the north London rivals could hardly be in more contrasting form .
Spurs sit top of the Premier League after 10 games , 13 places above their neigbhbours , so the momentum is firmly with them .
And I put that down to three main factors : Harry Kane , Gareth Bale and Jose Mourinho .
Read more : Trevor Steven : I feel lucky to have shared a pitch with the greatest footballer of all , Diego Maradona Even by his standards , Kane has been exceptional so far this @ @ @ @ @ @ @ scoring goals and assisting others , but he is also defending and even clearing off the line .
Tottenham ’ s captain has been like Superman and I think that has inspired his team-mates .
The fact that Bale has returned and is getting fitter again is also important .
His arrival itself is a lift for the club as a whole .
But the fact that Bale can step into three different positions means you have three players busting a gut simply to stay in the team .
Mourinho , meanwhile , @ @ @ @ @ @ @ .
This job represented potentially a last bite of the cherry at this level , having seen his spells at Chelsea and Manchester United end badly .
But fair play to Mourinho .
He has surprised a few people and reminded a few more of his qualities .
Yes , Tottenham have a really good squad .
But he has got everyone playing to their capabilities , and that ’ s not always easy .
I ’ ve been impressed by the midfield balance between Pierre-Emile Hojbjerg and Tanguy Ndombele .
Hojbjerg has @ @ @ @ @ @ @ challenge of playing in a better team since his summer move from Southampton .
Physically imposing and no-nonsense , he does the simple things well — the N ’ Golo Kante role .
But Ndombele has been the really fascinating one to watch this term .
In his first campaign he looked finished , a write-off .
But now he is assured , wants the ball and with that low centre of gravity can do things other midfielders can ’ t .
Ndombele personifies a Tottenham team who look born again this season @ @ @ @ @ @ @ when he said Spurs could challenge for the title this year but he was right .
They have a world leading training facility and stadium , and a manager and players who have won the Champions League .
The only thing they may lack is belief , but they have every reason to start believing .
Is Arteta too wedded to one style ?
Down the Seven Sisters Road at Arsenal , it has been a very different story .
Since winning the FA Cup and then the Community Shield , they look @ @ @ @ @ @ @ .
It just hurt Mikel Arteta that his predecessor Unai Emery had a better record at this stage of the last campaign .
But Arteta is now facing a number of questions .
Can he put the team back together ?
Has he got the players ?
It ’ s fine having a preferred style of play , like his mentor Pep Guardiola .
But Pep has generally had the right personnel to implement it .
If you don ’ t have the players for a given system then you have a problem @ @ @ @ @ @ @ be Arteta ’ s .
Arsenal could see the north London derby as the perfect chance to reset their season .
If they upset the odds it will only underline what a crazy league this can be .
But if it goes with form then Arteta will find the questions only get louder .

Trevor Steven: Born again Tottenham are genuine Premier League title contenders
Jose Mourinho has cut a happier figure as Tottenham’s fortunes have improved this season
As Tottenham prepare to host Arsenal this weekend, the north London rivals could hardly be in more contrasting form.
Spurs sit top of the Premier League after 10 games, 13 places above their neigbhbours, so the momentum is firmly with them.
And I put that down to three main factors: Harry Kane, Gareth Bale and Jose Mourinho.
Even by his standards, Kane has been exceptional so far this season.
As usual, he is scoring goals and assisting others, but he is also defending and even clearing off the line.
Tottenham’s captain has been like Superman and I think that has inspired his team-mates.
The fact that Bale has returned and is getting fitter again is also important.
His arrival itself is a lift for the club as a whole.
But the fact that Bale can step into three different positions means you have three players busting a gut simply to stay in the team.
Mourinho, meanwhile, has not looked this content for years.
This job represented potentially a last bite of the cherry at this level, having seen his spells at Chelsea and Manchester United end badly.
But fair play to Mourinho. He has surprised a few people and reminded a few more of his qualities.
Yes, Tottenham have a really good squad. But he has got everyone playing to their capabilities, and that’s not always easy.
Spurs find right midfield balance
I’ve been impressed by the midfield balance between Pierre-Emile Hojbjerg and Tanguy Ndombele.
Hojbjerg has adapted really quickly and risen to the challenge of playing in a better team since his summer move from Southampton.
Physically imposing and no-nonsense, he does the simple things well — the N’Golo Kante role.
But Ndombele has been the really fascinating one to watch this term.
In his first campaign he looked finished, a write-off.
But now he is assured, wants the ball and with that low centre of gravity can do things other midfielders can’t.
Ndombele personifies a Tottenham team who look born again this season.
Harry Redknapp raised a few eyebrows when he said Spurs could challenge for the title this year but he was right.
They have a world leading training facility and stadium, and a manager and players who have won the Champions League.
The only thing they may lack is belief, but they have every reason to start believing.
Is Arteta too wedded to one style?
Down the Seven Sisters Road at Arsenal, it has been a very different story.
Since winning the FA Cup and then the Community Shield, they look to have forgotten how to win matches.
It just hurt Mikel Arteta that his predecessor Unai Emery had a better record at this stage of the last campaign.
But Arteta is now facing a number of questions. Can he put the team back together? Has he got the players?
It’s fine having a preferred style of play, like his mentor Pep Guardiola. But Pep has generally had the right personnel to implement it.
If you don’t have the players for a given system then you have a problem, and it looks like that might be Arteta’s.
Arsenal could see the north London derby as the perfect chance to reset their season.
If they upset the odds it will only underline what a crazy league this can be.
But if it goes with form then Arteta will find the questions only get louder.


cityam--2020-12-04--The bitcoin & crypto bull run is just getting started!

Bitcoin has undoubtedly had an amazing week having made new all time highs on the largest bitcoin exchange by way of volume CME Group .
The fact Bitcoin did not make a new all time high on retail exchanges and only on institutional trading platforms like CME points to who is really driving this bull run and why the Bitcoin bull run in my opinion is just getting going .
This week we have had record institutional volume coming from institutions as CME surpassed OKEX as the largest crypto derivatives platform .
This recent surge in volume has been caused @ @ @ @ @ @ @ last week causing a slow end to the week followed by major news events such as the Guggenheim Partners $ 295 billion investment fund making a $ 500m investment into Grayscales GBTC , and of course the recent launch of Ethereum 2.0 bringing new eyes onto the crypto market as people really begin to understand that crypto is not fairy dust but in fact it is real , with real world value .
So all of this begs the question , what comes next ?
Well as a Cryptocurrency Trader and market analyst @ @ @ @ @ @ @ from done with its almighty rise yet .
In fact I believe that we are just at the start of this bull run .
This week Bitcoin made the significant move of breaking the high set last week and thus continuing the bullish trend .
Since making its new high at 11am on December 1st , the price of bitcoin has been consolidating between the $ 18,500- $ 19,500 level as we experienced large amounts of volatility that made for a great start to the week ’ s trading .
Since this point @ @ @ @ @ @ @ price has consolidated to the upside .
Going forward into the weekend Bitcoin will more than likely continue this consolidation period causing attentions to fade on bitcoin as institutions take the weekend off .
Much of the attention will more than likely divert back to the Altcoin space that has consistently every weekend recently experienced huge price increases on most altcoins .
I trade Altcoins just as frequently as I trade Bitcoin because due to the increased volatility they experience I find just holding Altcoins in a bull market to be preferable to @ @ @ @ @ @ @ launch of Ethereum 2.0 this week there has been a lot more eyes on the Altcoin space and more will follow , Ethereum 2.0 will not cause the prices of everything to go to the moon overnight .
The updated protocol will have a delayed price effect as applications like coinbase safely install the staking functionality within their app .
This will allow holders of 32 Ethereum or more to stake in a coinbase wallet and earn passive income on their holdings .
You can stake without going via a centralised exchange like @ @ @ @ @ @ @ avoid anything complex such as depositing into the Ethereum deposit contract for fear of losing funds .
There are currently 1,003,906 Ethereum in the Ethereum deposit contract proving that people are adopting ETH 2.0 but not on a mass scale with that being approximately 1/113 of the total supply of ethereum .
When staking ethereum becomes more accessible to the every day cryptocurrency holder , this is when I expect the price of ethereum to go crazy , much like the price of bitcoin started to go crazy when institutional demand began to @ @ @ @ @ @ @ We are simply waiting for the balance to tip and the new tokenomics model to kick in , when the number of staked ethereum rises , the volatility on the markets will increase due to a reduced amount of liquidity making small buy orders more powerful and thus the balance will tip in favour of demand outpacing supply due to the passive income that can be earned from staking .
So going forward into the next week , what do I expect to happen ?
After Bitcoin completes its daily close today I @ @ @ @ @ @ @ a bullish breakout next week by all cryptocurrencies .
Buying power is far larger than selling pressure at the moment , Grayscale added over 7,000 Bitcoin to their trust just this week .
I believe if Bitcoin drops below $ 18,200 then we will close the CME gap that formed at $ 16,925 but any kind of dip would be short lived as institutions just can not get enough bitcoin at the moment !
If Bitcoin breaks above $ 19,625 then we will more than likely head in for a retest of the @ @ @ @ @ @ @ lucky we should break through !
TMG ‘ That Martini Guy ’ is a British Cryptocurrency Trader & YouTuber that publishes daily Bitcoin & Crypto videos on youtube .
In the Crypto Space since 2013 he has vast experience in both Cryptocurrency bull and bear markets having experienced nearly every single one in the history of Bitcoin !

The bitcoin & crypto bull run is just getting started!
Bitcoin has undoubtedly had an amazing week having made new all time highs on the largest bitcoin exchange by way of volume CME Group. The fact Bitcoin did not make a new all time high on retail exchanges and only on institutional trading platforms like CME points to who is really driving this bull run and why the Bitcoin bull run in my opinion is just getting going.
This week we have had record institutional volume coming from institutions as CME surpassed OKEX as the largest crypto derivatives platform. This recent surge in volume has been caused by a lack of trading on Thanksgiving last week causing a slow end to the week followed by major news events such as the Guggenheim Partners $295 billion investment fund making a $500m investment into Grayscales GBTC, and of course the recent launch of Ethereum 2.0 bringing new eyes onto the crypto market as people really begin to understand that crypto is not fairy dust but in fact it is real, with real world value.
So all of this begs the question, what comes next? Well as a Cryptocurrency Trader and market analyst, from my perspective Bitcoin is far from done with its almighty rise yet. In fact I believe that we are just at the start of this bull run. This week Bitcoin made the significant move of breaking the high set last week and thus continuing the bullish trend.
Since making its new high at 11am on December 1st, the price of bitcoin has been consolidating between the $18,500-$19,500 level as we experienced large amounts of volatility that made for a great start to the week’s trading. Since this point as the volatility has reduced and the price has consolidated to the upside.
Going forward into the weekend Bitcoin will more than likely continue this consolidation period causing attentions to fade on bitcoin as institutions take the weekend off. Much of the attention will more than likely divert back to the Altcoin space that has consistently every weekend recently experienced huge price increases on most altcoins.
I trade Altcoins just as frequently as I trade Bitcoin because due to the increased volatility they experience I find just holding Altcoins in a bull market to be preferable to holding any stablecoin alternative. With the launch of Ethereum 2.0 this week there has been a lot more eyes on the Altcoin space and more will follow, Ethereum 2.0 will not cause the prices of everything to go to the moon overnight.
The updated protocol will have a delayed price effect as applications like coinbase safely install the staking functionality within their app. This will allow holders of 32 Ethereum or more to stake in a coinbase wallet and earn passive income on their holdings. You can stake without going via a centralised exchange like coinbase but most users of cryptocurrency generally avoid anything complex such as depositing into the Ethereum deposit contract for fear of losing funds. There are currently 1,003,906 Ethereum in the Ethereum deposit contract proving that people are adopting ETH 2.0 but not on a mass scale with that being approximately 1/113 of the total supply of ethereum.
When staking ethereum becomes more accessible to the every day cryptocurrency holder, this is when I expect the price of ethereum to go crazy, much like the price of bitcoin started to go crazy when institutional demand began to outpace supply on a grand scale. We are simply waiting for the balance to tip and the new tokenomics model to kick in, when the number of staked ethereum rises, the volatility on the markets will increase due to a reduced amount of liquidity making small buy orders more powerful and thus the balance will tip in favour of demand outpacing supply due to the passive income that can be earned from staking.
So going forward into the next week, what do I expect to happen? After Bitcoin completes its daily close today I expect a fairly slow weekend followed by a bullish breakout next week by all cryptocurrencies. Buying power is far larger than selling pressure at the moment, Grayscale added over 7,000 Bitcoin to their trust just this week. I believe if Bitcoin drops below $18,200 then we will close the CME gap that formed at $16,925 but any kind of dip would be short lived as institutions just cannot get enough bitcoin at the moment! If Bitcoin breaks above $19,625 then we will more than likely head in for a retest of the all time high, and third time lucky we should break through!
TMG ‘That Martini Guy’ is a British Cryptocurrency Trader & YouTuber that publishes daily Bitcoin & Crypto videos on youtube. In the Crypto Space since 2013 he has vast experience in both Cryptocurrency bull and bear markets having experienced nearly every single one in the history of Bitcoin!
Twitter: https://twitter.com/MartiniGuyYT
YouTube: https://www.youtube.com/c/ThatMartiniGuy?sub_confirmation=1


cityam--2020-12-04--Italy's Eni joins North Sea wind power grab with Dogger deal

OSLO/MILAN ( Reuters ) – Italy ’ s Eni is buying a 20 % stake in the Dogger Bank Wind Farm project from Norway ’ s Equinor and Britain ’ s SSE as it seeks to gain expertise in the sector and cut its greenhouse gas emissions 80 % by 2050 .
The project off the northeast coast of England is expected to become the world ’ s largest offshore wind farm , helping the companies achieve their climate targets .
Eni ’ s investment in the development was for a combined 405 million pounds , the companies said on @ @ @ @ @ @ @ market in Northern Europe is a great opportunity to gain further skills in the sector thanks to the collaboration with two of the industry ’ s leading companies , ” Eni chief executive Claudio Descalzi said .
Along with many other oil majors Eni plans to massively increase its renewable power generation to reduce its reliance on fossil fuels and meet internal climate targets .
It plans to have more than 55 gigawatts of renewable capacity by 2050 , up from less than 1 GW in 2019 .
Eni has already formed a @ @ @ @ @ @ @ to take part in an offshore wind power tender in Norway next year .
SSE and Equinor said they would each realise 200 million pounds from the Dogger Bank sale , which is expected to be completed in early 2021 subject to regulatory and lender approvals , while still holding a combined 80 % stake .
“ Once again , we have demonstrated Equinor ’ s ability to create value from renewables projects , ” Paal Eitrheim , the company ’ s head of New Energy Solutions , said .
Equinor also sold @ @ @ @ @ @ @ wind farms to BP in September , booking a $ 1 billion profit .
The deal with Eni covers the first two parts of the Dogger Bank development , which were given the go-ahead last week and will add a combined 2.4 gigawatt of capacity , with completion scheduled in 2023 and 2024 respectively .
Equinor and SSE retain 50 % stakes in phase C , which is still in the planning stages and could add a further 1.2 gigawatt in 2026 , at which time Dogger Bank would produce enough electricity to @ @ @ @ @ @ @ equivalent to six million homes .
Britain is already the world ’ s largest offshore wind market and is aiming for 40 GW of capacity by 2030 , up from 10 GW now .

Italy’s Eni joins North Sea wind power grab with Dogger deal
By Nerijus Adomaitis and Stephen Jewkes
OSLO/MILAN (Reuters) – Italy’s Eni is buying a 20% stake in the Dogger Bank Wind Farm project from Norway’s Equinor and Britain’s SSE as it seeks to gain expertise in the sector and cut its greenhouse gas emissions 80% by 2050.
The project off the northeast coast of England is expected to become the world’s largest offshore wind farm, helping the companies achieve their climate targets.
Eni’s investment in the development was for a combined 405 million pounds, the companies said on Friday.
“Entering the offshore wind market in Northern Europe is a great opportunity to gain further skills in the sector thanks to the collaboration with two of the industry’s leading companies,” Eni chief executive Claudio Descalzi said.
Along with many other oil majors Eni plans to massively increase its renewable power generation to reduce its reliance on fossil fuels and meet internal climate targets. It plans to have more than 55 gigawatts of renewable capacity by 2050, up from less than 1 GW in 2019.
Eni has already formed a joint venture with Norway’s HitecVision to take part in an offshore wind power tender in Norway next year.
SSE and Equinor said they would each realise 200 million pounds from the Dogger Bank sale, which is expected to be completed in early 2021 subject to regulatory and lender approvals, while still holding a combined 80% stake.
“Once again, we have demonstrated Equinor’s ability to create value from renewables projects,” Paal Eitrheim, the company’s head of New Energy Solutions, said.
Equinor also sold a 50% stake in two U.S. wind farms to BP in September, booking a $1 billion profit.
The deal with Eni covers the first two parts of the Dogger Bank development, which were given the go-ahead last week and will add a combined 2.4 gigawatt of capacity, with completion scheduled in 2023 and 2024 respectively.
Equinor and SSE retain 50% stakes in phase C, which is still in the planning stages and could add a further 1.2 gigawatt in 2026, at which time Dogger Bank would produce enough electricity to supply 5% of British demand, equivalent to six million homes.
Britain is already the world’s largest offshore wind market and is aiming for 40 GW of capacity by 2030, up from 10 GW now.
(Reporting by Nerijus Adomaitis in Oslo, Susanna Twidale in London and Stephen Jewkes in Milan; Writing by Terje Solsvik; Editing by Susan Fenton, Elaine Hardcastle and Alexander Smith)


cityam--2020-12-04--The City A.M. Punter Podcast Sandown, Aintree & Hong Kong

It ’ s Tingle Creek Day at Sandown on Saturday and the Becher Chase at Aintree , both classy looking races this weekend .
Trainer David Pipe knows what it takes to win the Becher Chase , having been successful in 2016 with Vieux Lion Rouge , who is back again for this year ’ s renewal , alongside stable companion Ramses De Teillee .
Racing editor Bill Esdaile looks at the best of the jumps action at Sandown & Aintree and Wally Pyrah talks us through Sunday ’ s Hong Kong race meeting at Sha Tin .
Hosted by @ @ @ @ @ @ @ has been City AM ’ s dedicated sports betting section for over a decade with a primary focus on horseracing .
Throughout the season ‘ The Punter ’ will preview the weekend ’ s action every Friday along with in-depth coverage of all the major racing festivals .
In a partnership with the Hong Kong Jockey Club , ‘ The Punter ’ also previews every midweek Wednesday Hong Kong meeting as well as all the major meetings .
Every Friday , and for all major racing Festivals , the City AM racing podcast @ @ @ @ @ @ @ action .
Featuring interviews with leading trainers , jockeys and owners , the podcast is hosted by well-known racing broadcaster Chris Barnett who is joined by Bill Esdaile and Hong Kong racing expert Wally Pyrah City AM ’ s racing editor Bill Esdaile has written for the paper since 2008 .
He had previously written for publications including the Sporting Life , Racing Post and The Sportsman .
Each week he picks out his best bets for the weekend ’ s big racing action .
Chris Barnett has been a broadcasting specialist for @ @ @ @ @ @ @ , video and podcast presentation and production .
Since working at SIS , Betfair Radio , Timeform Radio , Royal Ascot , Glorious Goodwood , Cheltenham Festival Radio and more recently , Arena Racing , Chris has always been at the forefront of the top sporting events , grabbing interviews with those that matter.ADVERTISING Having spent most of the last decade out in Hong Kong working as a racing expert for the Hong Kong Jockey Club , Wally has teamed up with City AM to share his expert opinions on the weekly racing @ @ @ @ @ @ @ bets for the weekend ’ s Hong Kong racing action .

The City A.M. Punter Podcast Sandown, Aintree & Hong Kong
It’s Tingle Creek Day at Sandown on Saturday and the Becher Chase at Aintree, both classy looking races this weekend.
Trainer David Pipe knows what it takes to win the Becher Chase, having been successful in 2016 with Vieux Lion Rouge, who is back again for this year’s renewal, alongside stable companion Ramses De Teillee.
Racing editor Bill Esdaile looks at the best of the jumps action at Sandown & Aintree and Wally Pyrah talks us through Sunday’s Hong Kong race meeting at Sha Tin. Hosted by Chris Barnett.
The City A.M. Punter Podcast
‘The Punter’ has been City AM’s dedicated sports betting section for over a decade with a primary focus on horseracing. Throughout the season ‘The Punter’ will preview the weekend’s action every Friday along with in-depth coverage of all the major racing festivals. In a partnership with the Hong Kong Jockey Club, ‘The Punter’ also previews every midweek Wednesday Hong Kong meeting as well as all the major meetings.
Every Friday, and for all major racing Festivals, the City AM racing podcast will give you in-depth analysis of the action. Featuring interviews with leading trainers, jockeys and owners, the podcast is hosted by well-known racing broadcaster Chris Barnett who is joined by Bill Esdaile and Hong Kong racing expert Wally Pyrah
Bill Esdaile
City AM’s racing editor Bill Esdaile has written for the paper since 2008. He had previously written for publications including the Sporting Life, Racing Post and The Sportsman. Each week he picks out his best bets for the weekend’s big racing action.
Chris Barnett
Chris Barnett has been a broadcasting specialist for over two decades, specialising in radio, video and podcast presentation and production. Since working at SIS, Betfair Radio, Timeform Radio, Royal Ascot, Glorious Goodwood, Cheltenham Festival Radio and more recently, Arena Racing, Chris has always been at the forefront of the top sporting events, grabbing interviews with those that matter.ADVERTISING
Wally Pyrah
Having spent most of the last decade out in Hong Kong working as a racing expert for the Hong Kong Jockey Club, Wally has teamed up with City AM to share his expert opinions on the weekly racing action. He picks out his best bets for the weekend’s Hong Kong racing action.


cityam--2020-12-04--Hush money: Bank of England pressured to find ‘missing’ £50bn in cash

The Bank of England must launch an investigation to find £50bn of “ missing ” banknotes that have been “ stashed ” around the country , the government ’ s spending committee has warned .
In a rare exchange with Threadneedle Street , the Public Accounts Committee ( PAC ) today called on the Bank to “ get a better handle on the national currency it controls ” .
Read more : Bank of England ’ s Saunders says floor for rates might be just below zero It speculated that the £50bn sum may be stashed away under mattresses as @ @ @ @ @ @ @ or used in the shadow economy .
PAC chair Meg Hillier said : “ £50bn of sterling notes — or about three-quarters of this precious and dwindling supply — is stashed somewhere but the Bank of England doesn ’ t know where , who by or what for — and doesn ’ t seem very curious.
” “ Depending where it is and what it ’ s being used for , that amount of money could have material implications for public policy and the public purse , ” she added .
Sarah John @ @ @ @ @ @ @ , told MPs in October that around a tenth of Britons are currently hoarding more cash at home because of the pandemic , despite a sharp slump in ATM withdrawals .
“ When lockdown originally came in we saw people stockpiling cash , literally relying on cash as a contingency , ” John said .
“ That is something we often see in periods of uncertainty in the economy.
” The rise of digital currencies has also seen coin use decline over recent years , with the production of new cash by the @ @ @ @ @ @ @ cent in the last decade .
However , the Bank refuted MPs ’ claims that the money was “ missing ” , pointing out that banknotes by their very design are not traceable .
A spokesman for the Bank said : “ It is the responsibility of the Bank of England to meet public demand for banknotes .
The Bank has always met that demand and will continue to do so .
Members of the public do not have to explain to the Bank why they wish to hold banknotes .
This means @ @ @ @ @ @ @ for cash has risen in other major economies , despite use steadily declining .
Read more : Bank of England investigating leak of QE extension decision Both the dollar and the euro are equally untraceable , with only around 15 per cent of the current US currency supply accounted for — a significantly lower proportion than that of the UK .
Meanwhile , the European Central Bank in 2016 decided to cease production of the €500 note , over concerns that it helped facilitate criminal activity .

Hush money: Bank of England pressured to find ‘missing’ £50bn in cash
Brits are suspected of hoarded money during the pandemic
The Bank of England must launch an investigation to find £50bn of “missing” banknotes that have been “stashed” around the country, the government’s spending committee has warned.
In a rare exchange with Threadneedle Street, the Public Accounts Committee (PAC) today called on the Bank to “get a better handle on the national currency it controls”.
It speculated that the £50bn sum may be stashed away under mattresses as unreported household savings, taken abroad, or used in the shadow economy.
PAC chair Meg Hillier said: “£50bn of sterling notes — or about three-quarters of this precious and dwindling supply — is stashed somewhere but the Bank of England doesn’t know where, who by or what for — and doesn’t seem very curious.”
“Depending where it is and what it’s being used for, that amount of money could have material implications for public policy and the public purse,” she added.
Sarah John, the Bank’s chief cashier, told MPs in October that around a tenth of Britons are currently hoarding more cash at home because of the pandemic, despite a sharp slump in ATM withdrawals.
“When lockdown originally came in we saw people stockpiling cash, literally relying on cash as a contingency,” John said. “That is something we often see in periods of uncertainty in the economy.”
The rise of digital currencies has also seen coin use decline over recent years, with the production of new cash by the Royal Mint falling by around 65 per cent in the last decade.
However, the Bank refuted MPs’ claims that the money was “missing”, pointing out that banknotes by their very design are not traceable.
A spokesman for the Bank said: “It is the responsibility of the Bank of England to meet public demand for banknotes. The Bank has always met that demand and will continue to do so. Members of the public do not have to explain to the Bank why they wish to hold banknotes. This means that banknotes are not missing.”
Demand for cash has risen in other major economies, despite use steadily declining.
Both the dollar and the euro are equally untraceable, with only around 15 per cent of the current US currency supply accounted for — a significantly lower proportion than that of the UK.
Meanwhile, the European Central Bank in 2016 decided to cease production of the €500 note, over concerns that it helped facilitate criminal activity.


cityam--2020-12-04--Lidl pays back £100m in business rates relief

Budget supermarket Lidl has joined the Covid repayment train in announcing it will pay back millions in business rates relief it received at the start of the pandemic .
In March , the supermarket sector along with other retail , hospitality and leisure businesses in England , was granted a business rates holiday for 12 months .
Read more : Aldi becomes fourth supermarket to return business rate relief Lidl today said it was “ incredibly grateful ” for the government ’ s support but would now pay back over £100m of relief .
Lidl today said that the tax @ @ @ @ @ @ @ the discounter to make significant quick unplanned investments ” at the start of the pandemic .
But it is now “ well placed ” to manage further plans and has brought forward plans to return the relief .
It comes after Tesco announced earlier this week it would pay back £585m , which triggered other supermarkets to follow suit .
Sainsbury ’ s has since pledged to return £440m , Morrisons £274m , Asda £340m and Aldi £100m .
Budget retailer B & M has committed to forgoing £80m , while Pets at @ @ @ @ @ @ @ £28.9m .
Read more : Pets at Home becomes latest retailer to return business rates relief Waitrose has reportedly refused to join its rivals , blaming struggles at sister company John Lewis .
“ We ’ ve been considering this for some time , and we are now in a position to confirm that we will be refunding this money as we believe it is the right thing to do , ” Lidl GB boss Christian Hartnagel said .
“ We feel confident that the business is well positioned to navigate and adapt @ @ @ @ @ @ @ .
”

Lidl pays back £100m in business rates relief
Budget supermarket Lidl has joined the Covid repayment train in announcing it will pay back millions in business rates relief it received at the start of the pandemic.
In March, the supermarket sector along with other retail, hospitality and leisure businesses in England, was granted a business rates holiday for 12 months.
Lidl today said it was “incredibly grateful” for the government’s support but would now pay back over £100m of relief.
Lidl today said that the tax relief had been “vital in allowing the discounter to make significant quick unplanned investments” at the start of the pandemic. But it is now “well placed” to manage further plans and has brought forward plans to return the relief.
It comes after Tesco announced earlier this week it would pay back £585m, which triggered other supermarkets to follow suit.
Sainsbury’s has since pledged to return £440m, Morrisons £274m, Asda £340m and Aldi £100m. Budget retailer B&M has committed to forgoing £80m, while Pets at Home this morning announced it would return £28.9m.
Waitrose has reportedly refused to join its rivals, blaming struggles at sister company John Lewis.
“We’ve been considering this for some time, and we are now in a position to confirm that we will be refunding this money as we believe it is the right thing to do,” Lidl GB boss Christian Hartnagel said. “We feel confident that the business is well positioned to navigate and adapt to any further challenges brought by Covid-19.”


cityam--2020-12-04--Airbnb looks set to take flight in $35bn float next week

It ’ s been a long time coming but after months of speculation Airbnb looks set to pull the trigger on an IPO on 9 December , to start trading a day later , with a valuation expected to be in the region of $ 35bn , pricing the shares between $ 44 and $ 50 a share , as it looks to raise as much as $ 2.6bn .
The timing appears curious given the huge hit to the travel sector as a result of the Covid-19 pandemic , and the fact that Airbnb has seen its revenues fall @ @ @ @ @ @ @ 2018 and 2019 , with the likely prospect that they could take some time to bounce back , even with all of the recent optimism over a Covid-19 vaccine .
In 2019 Airbnb saw revenues of $ 4.8bn , while this year the company is unlikely to make anywhere near close to that .
“ Even before the pandemic struck the company was running at a loss , ” Michael Hewson , chief market analyst at CMC Markets UK , tells City A.M. “ The net loss for the year was $ 674m @ @ @ @ @ @ @ down to big spending in sales and marketing , as well as product development.
” “ As a result of the pandemic the sales and marketing budget has been cut back quite aggressively , which also goes some way to explaining why Airbnb was able to post a quarterly profit in its latest third quarter numbers , ” Hewson added .
Last year the company spent $ 1.6bn in sales and marketing , whereas this has been cut back to $ 545m so far this year , with one quarter to go .
@ @ @ @ @ @ @ nursing losses of $ 697m on revenues of $ 2.52bn , however in its most recent quarter the company has managed to turn a profit of $ 219m , on revenues of $ 1.34bn .
“ This was a significant increase in revenues from the $ 334m in the second quarter , and was only slightly smaller than the same quarter a year ago when the company turned over $ 1.64bn , ” Hewson pointed out .
Loss in the first half of this year were still high , coming in at $ @ @ @ @ @ @ @ Q3 , does suggest that the potential for a return to some form of normality , though judging by previous year ’ s performance , Q3 does tend to be the quarter where the company tends to perform better .
In 2018 and 2019 Airbnb saw revenues for Q3 that were comfortably ahead of the other quarters , by a significant amount .
“ As things stand the company is unlikely to turn a profit this year , and while it has plenty of cash to play with having raised $ 2bn this @ @ @ @ @ @ @ value of the business at around $ 17bn , the terms of the loan weren ’ t exactly cheap , set over 5 years with an interest rate of around 10 % , ” Hewson noted .
Read more : City watchdog probes Airbnb ahead of New York float The company also has a multiple classifications of its stock , with Class B shares holding 20 votes per share , compared to one vote for every Class A share .
“ These sorts of multiple classifications tend to concentrate the voting power in @ @ @ @ @ @ @ founders , and in this case in the hands of just three people , including CEO Brian Chesky , ” Hewson said .
This means ordinary shareholders will have little influence in any decisions company management may look to make over future direction , he explained .
“ It remains to be seen whether a $ 35bn valuation is realistic in these uncertain times , however given previous IPOs , it ’ s quite likely that the company will find enough investors to be able to build into a successful IPO launch , @ @ @ @ @ @ @ is certain in today ’ s climate , profitability is unlikely to be top of the list when it comes to investors looking to buy in.
” Tthe business model is likely to face a number of challenges in the years ahead , even without the pandemic .
“ Looking ahead post pandemic , cleaning and maintenance costs are likely to be higher , while local authorities and governments may look at making tax changes that include short term rentals , which currently may not incur the same tax treatment as the likes @ @ @ @ @ @ @ do have to pay extra costs , ” Hewson concluded .
Read more : Door Dash eyes $ 27bn valuation as it rides tech IPO wave

Airbnb looks set to take flight in $35bn float next week
It’s been a long time coming but after months of speculation Airbnb looks set to pull the trigger on an IPO on 9 December, to start trading a day later, with a valuation expected to be in the region of $35bn, pricing the shares between $44 and $50 a share, as it looks to raise as much as $2.6bn.
The timing appears curious given the huge hit to the travel sector as a result of the Covid-19 pandemic, and the fact that Airbnb has seen its revenues fall sharply, from the levels seen in 2018 and 2019, with the likely prospect that they could take some time to bounce back, even with all of the recent optimism over a Covid-19 vaccine.
In 2019 Airbnb saw revenues of $4.8bn, while this year the company is unlikely to make anywhere near close to that.
“Even before the pandemic struck the company was running at a loss,” Michael Hewson, chief market analyst at CMC Markets UK, tells City A.M. “The net loss for the year was $674m, with a large part of that down to big spending in sales and marketing, as well as product development.”
“As a result of the pandemic the sales and marketing budget has been cut back quite aggressively, which also goes some way to explaining why Airbnb was able to post a quarterly profit in its latest third quarter numbers,” Hewson added.
Sales and marketing budget
Last year the company spent $1.6bn in sales and marketing, whereas this has been cut back to $545m so far this year, with one quarter to go. Year to date the company is already nursing losses of $697m on revenues of $2.52bn, however in its most recent quarter the company has managed to turn a profit of $219m, on revenues of $1.34bn.
“This was a significant increase in revenues from the $334m in the second quarter, and was only slightly smaller than the same quarter a year ago when the company turned over $1.64bn,” Hewson pointed out.
Loss in the first half of this year were still high, coming in at $916m but the return to profit in Q3, does suggest that the potential for a return to some form of normality, though judging by previous year’s performance, Q3 does tend to be the quarter where the company tends to perform better.
In 2018 and 2019 Airbnb saw revenues for Q3 that were comfortably ahead of the other quarters, by a significant amount.
“As things stand the company is unlikely to turn a profit this year, and while it has plenty of cash to play with having raised $2bn this year from institutional investors, putting the value of the business at around $17bn, the terms of the loan weren’t exactly cheap, set over 5 years with an interest rate of around 10%,” Hewson noted.
The company also has a multiple classifications of its stock, with Class B shares holding 20 votes per share, compared to one vote for every Class A share.
“These sorts of multiple classifications tend to concentrate the voting power in the hands of the company’s founders, and in this case in the hands of just three people, including CEO Brian Chesky,” Hewson said.
This means ordinary shareholders will have little influence in any decisions company management may look to make over future direction, he explained.
“It remains to be seen whether a $35bn valuation is realistic in these uncertain times, however given previous IPOs, it’s quite likely that the company will find enough investors to be able to build into a successful IPO launch,” Hewson said. “One thing is certain in today’s climate, profitability is unlikely to be top of the list when it comes to investors looking to buy in.”
Tthe business model is likely to face a number of challenges in the years ahead, even without the pandemic.
“Looking ahead post pandemic, cleaning and maintenance costs are likely to be higher, while local authorities and governments may look at making tax changes that include short term rentals, which currently may not incur the same tax treatment as the likes of hotels and other listed accommodation which do have to pay extra costs,” Hewson concluded.


cityam--2020-12-04--Sadiq Khan launches £1m Resilience Fund for London’s post-pandemic recovery

The Mayor of London announced the launch of a £1m Resilience Fund , partnering community groups and innovation experts to tackle London ’ s most pressing challenges .
The Resilience Fund will be delivered in partnership with Nesta Challenges , an innovation foundation .
Local authorities , public agencies , social enterprise will be asked to identify specific challenges they need solved .
Sadiq Khan said : “ Our Resilience Fund will play an important role in helping the city recover from the pandemic .
“ Great ideas , developed from the grassroots up , will be vital to helping @ @ @ @ @ @ @ ’ m urging individuals and groups from all communities to come forward with their solutions to London ’ s challenges.
” The challenges the capital is facing are divided into the following areas : lack of social cohesion , poor air quality , food insecurity , poor housing affordability and quality , ageing infrastructure , poor health and wellbeing .
Ten key issues put forward by individual groups will be selected , and the UK ’ s best innovators will be invited to present how they plan to address these through new technology @ @ @ @ @ @ @ to be given support of up to £40,000 and tailored mentoring .
The deadline for submissions is December 14 .
Selections will be carried out throughout the beginning of next year , with the winners announced in June 2021 .
Tris Dyson , Managing Director of Nesta Challenges said : “ The Fund demonstrates how some of the capital ’ s most important groups can work together to help businesses and communities bounce back from Covid-19 in a rapid time frame .
”

Sadiq Khan launches £1m Resilience Fund for London’s post-pandemic recovery
The Mayor of London announced the launch of a £1m Resilience Fund, partnering community groups and innovation experts to tackle London’s most pressing challenges.
The Resilience Fund will be delivered in partnership with Nesta Challenges, an innovation foundation.
Local authorities, public agencies, social enterprise will be asked to identify specific challenges they need solved.
Sadiq Khan said: “Our Resilience Fund will play an important role in helping the city recover from the pandemic.
“Great ideas, developed from the grassroots up, will be vital to helping the capital move forward, so I’m urging individuals and groups from all communities to come forward with their solutions to London’s challenges.”
The challenges the capital is facing are divided into the following areas: lack of social cohesion, poor air quality, food insecurity, poor housing affordability and quality, ageing infrastructure, poor health and wellbeing.
Ten key issues put forward by individual groups will be selected, and the UK’s best innovators will be invited to present how they plan to address these through new technology or innovative solutions.
Each challenge is to be given support of up to £40,000 and tailored mentoring.
The deadline for submissions is December 14. Selections will be carried out throughout the beginning of next year, with the winners announced in June 2021.
Tris Dyson, Managing Director of Nesta Challenges said: “The Fund demonstrates how some of the capital’s most important groups can work together to help businesses and communities bounce back from Covid-19 in a rapid time frame.”


cityam--2020-12-04--Boris Johnson and Ursula von der Leyen to meet as last-ditch Brexit talks paused

Brexit talks between the UK and EU have been paused , with both sides citing “ significant divergences ” on the roadblocks standing in the way of a trade deal .
Prime Minister Boris Johnson and European Commission President Ursula von der Leyen will speak on Saturday to try to break the impasse .
Chief negotiators from both sides , David Frost and the EU ’ s Michel Barnier said they would brief leaders to seek new impetus for the talks .
Read more : O Come , Emmanuel : Hopes of Brexit trade deal run thin as Macron toughens @ @ @ @ @ @ @ exit the Withdrawal Agreement on 1 January , which had offered businesses continuity of rules .
If no new deal is agreed trade will default to World Trade Organization terms – significantly more expensive for businesses and consumers than the current Single Market .
Read more : Exclusive : Government offshoring customs jobs to prep UK firms for Brexit Months of negotiations have revealed the three thorniest issues – fisheries , ensuring fair competition guarantees and ways to solve future disputes .
But so far neither side has walked away from the talks @ @ @ @ @ @ @ some hope of securing a deal .
A deal would govern almost $ 1 trillion of annual trade to avoid a disorderly Brexit .
“ After one week of intense negotiations in London , the two chief negotiators agreed today that the conditions for an agreement are not met , due to significant divergences on level playing field , governance and fisheries , ” they said in a statement .
Read more : Don ’ t bid farewell to all the Brexit fish just yet “ They agreed to pause in order to @ @ @ @ @ @ @ play of the negotiations .
( European Commission ) President ( Ursula ) von der Leyen and Prime Minister ( Boris ) Johnson will discuss the state of play tomorrow afternoon.
” Sterling sank by as much as half a cent against the U.S. dollar , weakening to $ 1.342 from $ 1.347 .
The pound was also lower against the euro .

Brexit talks back on: Boris Johnson and Ursula von der Leyen agree to resume trade deal negotiations
EU Commission President Ursula von der Leyen and Prime Minister Boris Johnson earlier this year
Brexit talks between the UK and EU will restart, after Prime Minister Boris Johnson and European Commission President Ursula von der Leyen spoke over the phone today.
Post-Brexit trade negotiations will move from London to Brussels tomorrow.
Johnson and Von der Leyen will assess progress on Monday night.
I had a phone call with @BorisJohnson on the EU-UK negotiations.
Differences remain. No agreement feasible if these are not resolved. Chief negotiators will reconvene tomorrow. We will speak again on Monday. https://t.co/fsVtfW0HHh — Ursula von der Leyen (@vonderleyen) December 5, 2020
On Friday both UK and EU citied “significant divergences” on the roadblocks stood in the way of a trade deal and said negotiations would pause.
Chief negotiators from both sides, David Frost and the EU’s Michel Barnier said late on Friday they would brief leaders to seek new impetus for the talks.
Here is a statement from myself and @MichelBarnier about the state of play in our negotiations. pic.twitter.com/P5Uhg7RQUz — David Frost (@DavidGHFrost) December 4, 2020
After one week of intense negotiations in London, together with @DavidGHFrost, we agreed today that the conditions for an agreement are not met, due to significant divergences on level playing field, governance and fisheries. — Michel Barnier (@MichelBarnier) December 4, 2020
The UK and the EU will exit the Withdrawal Agreement on 1 January, which had offered businesses continuity of rules.
If no new deal is agreed trade will default to World Trade Organization terms – significantly more expensive for businesses and consumers than the current Single Market.
Thorny issues remain
Months of negotiations have revealed the three thorniest issues – fisheries, ensuring fair competition guarantees and ways to solve future disputes.
But so far neither side has walked away from the talks, suggesting that both still hold out some hope of securing a deal.
A deal would govern almost $1 trillion of annual trade to avoid a disorderly Brexit.
“After one week of intense negotiations in London, the two chief negotiators agreed today that the conditions for an agreement are not met, due to significant divergences on level playing field, governance and fisheries,” they said in a statement.
“They agreed to pause in order to brief their principals on the state of play of the negotiations. (European Commission) President (Ursula) von der Leyen and Prime Minister (Boris) Johnson will discuss the state of play tomorrow afternoon.”
Sterling sank by as much as half a cent against the U.S. dollar, weakening to $1.342 from $1.347 on Friday.
The pound was also lower against the euro.


cityam--2020-12-04--Crock Of Gold – A Few Rounds with Shane MacGowan: A tribute to a life lived hard

When we first see the star of Crock Of Gold – A Few Rounds with Shane MacGowan , the instinct is to feel sad .
He looks ravaged by the excesses of his 62 years , wheelchair bound and pale .
However , one of the first preconceptions this documentary smashes is the idea that the singer/songwriter is a tragic figure .
“ I think it was because I was born on Christmas Day that I ’ ve been so lucky ” he says early on .
“ I thank Christ for that ” .
Directed by Julien Temple , @ @ @ @ @ @ @ 2000 ’ s The Filth and The Fury , takes a similarly irreverent look at the man at the front of Irish folk band The Pogues .
MacGowan mostly narrates his life ( with subtitles ) , talking about growing up in Tipperary in Ireland before reluctantly moving to England aged six .
The spark that created his career was his intense national pride , being an Irishman growing up in England during the height of The Troubles .
It ’ s a dynamic that one of his contemporaries gave birth to his @ @ @ @ @ @ @ could only have come from the diaspora .
As an interview subject , MacGowan is fascinating .
Offering a hand-written apology to anybody whom he has offended in the credits , he ’ s a man of strong views but striking sensitivity .
He talks eloquently about mental breakdowns , politics , and his need to enjoy life to its fullest .
Friend Johnny Depp ( who is credited as “ presenting ” this film ) notes how make the mistake of assuming years of drinking have eroded his memory .
Whereas mainstream @ @ @ @ @ @ @ drunk figure of fun to be occasionally trotted out on talk shows , Temple shows him to be a thinker with passionate takes on everything from W.B .
Yeats to the national football team .
He talks about his drinking matter-of-factly , aware of the toll it is taking and accepting it as a part of living the life he chooses .
In that sense , his wife Victoria Mary Clarke argues that his reputation for having a death wish is unearned .
He loves life , perhaps a little bit too much @ @ @ @ @ @ @ there are some interesting figures who come for a chat or a drink through new and old interview segments .
His sister , singer and journalist Siobhan McGowan , offers a front row perspective of the excesses of his teens , particularly an animated retelling of a bad acid trip .
It ’ s a mixture of concern and pride , acknowledging that his self-destructive elements and musical genius are part of the same package .
Elsewhere he has a prickly conversation with Primal Scream ’ s Bobby Gillespie , and a more @ @ @ @ @ @ @ about being unable to stay awake through The Pirates of The Caribbean movies .
What ’ s most fascinating to watch are the segments with MacGowan and Sinn Féin leader Gerry Adams .
The two are like father and son , with Adams reminiscing about sending messages to Tony Blair before sternly telling MacGowan “ you ’ ve got to write more songs , there ’ s no excuse ” .
With Christmas around the corner , it ’ s also an apt time to look into the life of the author of @ @ @ @ @ @ @ The Pogues ’ duet with Kirsty MacColl , Fairytale of New York .
The film only briefly looks at the song ’ s success and the pressures that followed , with the singer becoming disillusioned with the commercial direction the band was taking until his firing from The Pogues in the early 90s .
The rest of the time , it ’ s referred to ominously as “ Fairytale ” by family and friends , as they talk about how hitting the big time affected his behaviour .
Like everything in the film @ @ @ @ @ @ @ views on the song .
He insists he hates it , but emotionally recalls how he believed it was the late MacColl who made the song what it was , and how he couldn ’ t listen to it for a time after her death in 2000 .
Far from a lament to a troubled talent , Crock of Gold is a celebration of a unique human who is truly beloved by millions .
Temple may centre on MacGowan ’ s charisma , but makes sure you see the faces of the crowds @ @ @ @ @ @ @ passion of a national anthem as they clutch banners and flags with tears in their eyes .
Regardless of what his path may have done to him , it ’ s hard not to admire that legacy .
Crock of Gold : A Few rounds with Shane MacGowan – In cinemas on Dec 4th / Available on DVD & Digital from Dec 7th

Crock Of Gold – A Few Rounds with Shane MacGowan: A tribute to a life lived hard
When we first see the star of Crock Of Gold – A Few Rounds with Shane MacGowan, the instinct is to feel sad. He looks ravaged by the excesses of his 62 years, wheelchair bound and pale.
However, one of the first preconceptions this documentary smashes is the idea that the singer/songwriter is a tragic figure. “I think it was because I was born on Christmas Day that I’ve been so lucky” he says early on. “I thank Christ for that”.
Directed by Julien Temple, who filmed the silhouetted Sex Pistols in 2000’s The Filth and The Fury, takes a similarly irreverent look at the man at the front of Irish folk band The Pogues. MacGowan mostly narrates his life (with subtitles), talking about growing up in Tipperary in Ireland before reluctantly moving to England aged six.
The spark that created his career was his intense national pride, being an Irishman growing up in England during the height of The Troubles. It’s a dynamic that one of his contemporaries gave birth to his music career, arguing that The Pogues could only have come from the diaspora.
As an interview subject, MacGowan is fascinating. Offering a hand-written apology to anybody whom he has offended in the credits, he’s a man of strong views but striking sensitivity. He talks eloquently about mental breakdowns, politics, and his need to enjoy life to its fullest. Friend Johnny Depp (who is credited as “presenting” this film) notes how make the mistake of assuming years of drinking have eroded his memory. Whereas mainstream eyes might view him as a town drunk figure of fun to be occasionally trotted out on talk shows, Temple shows him to be a thinker with passionate takes on everything from W.B. Yeats to the national football team.
He talks about his drinking matter-of-factly, aware of the toll it is taking and accepting it as a part of living the life he chooses. In that sense, his wife Victoria Mary Clarke argues that his reputation for having a death wish is unearned. He loves life, perhaps a little bit too much.
In addition to the singer, there are some interesting figures who come for a chat or a drink through new and old interview segments. His sister, singer and journalist Siobhan McGowan, offers a front row perspective of the excesses of his teens, particularly an animated retelling of a bad acid trip. It’s a mixture of concern and pride, acknowledging that his self-destructive elements and musical genius are part of the same package.
Elsewhere he has a prickly conversation with Primal Scream’s Bobby Gillespie, and a more jovial exchange with Depp where they joke about being unable to stay awake through The Pirates of The Caribbean movies. What’s most fascinating to watch are the segments with MacGowan and Sinn Féin leader Gerry Adams. The two are like father and son, with Adams reminiscing about sending messages to Tony Blair before sternly telling MacGowan “you’ve got to write more songs, there’s no excuse”.
With Christmas around the corner, it’s also an apt time to look into the life of the author of one of its most celebrated ballads – The Pogues’ duet with Kirsty MacColl, Fairytale of New York. The film only briefly looks at the song’s success and the pressures that followed, with the singer becoming disillusioned with the commercial direction the band was taking until his firing from The Pogues in the early 90s. The rest of the time, it’s referred to ominously as “Fairytale” by family and friends, as they talk about how hitting the big time affected his behaviour.
Like everything in the film, MacGowan has very deep and conflicting views on the song. He insists he hates it, but emotionally recalls how he believed it was the late MacColl who made the song what it was, and how he couldn’t listen to it for a time after her death in 2000.
Far from a lament to a troubled talent, Crock of Gold is a celebration of a unique human who is truly beloved by millions.
Temple may centre on MacGowan’s charisma, but makes sure you see the faces of the crowds, belting out his songs with the passion of a national anthem as they clutch banners and flags with tears in their eyes. Regardless of what his path may have done to him, it’s hard not to admire that legacy.
Crock of Gold: A Few rounds with Shane MacGowan – In cinemas on Dec 4th / Available on DVD & Digital from Dec 7th


cityam--2020-12-04--London pandemic update: How many Covid-19 infections are there in your local borough?

London recorded 2,850 new coronavirus cases in the past 24 hours , taking the total number of infections since the pandemic began to 171,135 .
The R rate , which measures the rate of spread of infection , has now dropped to between 0.8 and one , according to new government estimates .
New figures from the Office for National Statistics ( ONS ) showed cases in London , as well as the west Midlands , east of England , and the south are now decreasing .
Figures released by Public Health England show that Ealing remains the worst-affected borough @ @ @ @ @ @ @ in the past 24 hours .
It has now recorded 8,213 confirmed Covid-19 cases since the start of the pandemic .
Read more : Coronavirus cases ‘ levelling off ’ across England ahead of three-tier system Redbridge has now become the second borough to report more than 8,000 cases in total .
In the last 24 hours it reported 132 new cases in the last 24 hours to climb to 8,019 in total .
Newham trails close behind with 7,712 confirmed cases , after recording a mammoth 145 new cases in the past @ @ @ @ @ @ @ further 148 cases to climb to 7,390 in total .
Several other boroughs in East London to have a high rate of new cases , with Dagenham and Tower Hamlets also reporting spikes in infections .
However , the latest ONS figures showed that fewer than one per cent of London ’ s population tested positive for coronavirus in the week to 21 November .
ONS data also found that coronavirus cases are currently falling in 30 out of 32 of London boroughs .
Read more : Two-thirds of London boroughs launch their @ @ @ @ @ @ @ as the UK today recorded a further 16,298 coronavirus cases , with the total number of people who have tested positive since the start of the pandemic to nearly 1.7m .
The official UK death toll officially passed the 60,000 mark yesterday , with a further 414 fatalities recorded in the past 24 hours .
England yesterday left its month-long lockdown in favour of a “ tougher ” tier system .
London joined Liverpool and Suffolk under Tier 2 , while Manchester , Birmingham and large swathes of the North entered Tier 3 @ @ @ @ @ @ @ Just three regions — the Isle of Wight , Cornwall and the Isles of Scilly — entered Tier 1 .
That means almost 99 per cent of the English population are currently living under the highest levels of restrictions , which include a man on mixing between households .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Data sourced from Public Health England , accurate as of 4pm on Friday 4 December Before the Open newsletter : Start your day @ @ @ @ @ @ @ market data

How many Covid-19 infections are there in your London borough?
London has seen a sharp drop in the number of recorded coronavirus cases over the past few days, after figures released on Friday showed the capital currently has the lowest R rate in the country.
A further 629 cases were recorded in the past 24 hours, taking the total number of positive tests in London since the start of the pandemic to 697,278.
It marks a significant drop since a record 19,871 daily cases were recorded on 29 December, as lockdown measures continue to drive down infections.
Several areas in the capital have seen case numbers drop threefold over the past fortnight, which in turn has pushed down the spread of infection.
Most boroughs in the capital now have a seven-day rate below 100 new cases per 100,000, but that figure is below 50 in some areas in central London.
Twenty-nine London borough areas, including the whole of east London which was hardest hit by the second wave, have a seven-day case rate below 100 new confirmed cases per 100,000.
Meanwhile, Southwark, Westminster, Camden, Kensington and Chelsea all recorded seven-day rates below 50. Lewisham saw the lowest case rate in the capital in the week to 24 February, with an average of 43 people infected per 100,000 population.
Meanwhile, Ealing currently has the highest case rate, with 123 cases per 100,000, followed by Hounslow at 115 and Hillingdon on 97.
Health chiefs have said all London boroughs need to get below a case rate of 100 before restrictions can begin to be lifted, starting with the reopening of schools on 8 March.
It comes after figures released last Friday showed London’s R rate remains at a best estimate of 0.6 to 0.8 — the lowest in the country, alongside the east of England and the South West.
The figure means infections may be falling anywhere between five and eight per cent each day.
However, separate figures released last week showed the percentage of people testing positive for coronavirus in London remains the highest of any English region.
Data published by the Office for National Statistics (ONS) showed around 1 in 63 Londoners were infected with the virus last week.
That compares to an estimated 1 in 80 people who contracted the virus in England as a whole in the week to 6 February, according to ONS figures.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
London coronavirus cases by borough (in alphabetical order)
Data sourced from Public Health England, accurate as of 4pm on Tuesday 2 March
Boroughs Rate of infection per 100,000 people in last 7 days Total confirmed cases since start of pandemic Barking and Dagenham 86 22,925 Barnet 75 29,569 Bexley 58 21,812 Brent 91 27,577 Bromley 48 23,857 Camden 42 13,683 Croydon 73 30,213 Ealing 123 29,807 Enfield 48 29,217 Greenwich 55 21,769 Hackney and City of London 57 21,234 Hammersmith and Fulham 76 12,564 Haringey 58 20,345 Harrow 95 19,917 Havering 65 26,383 Hillingdon 97 25,287 Hounslow 115 23,817 Islington 43 14,574 Kensington and Chelsea 43 8,643 Kingston upon Thames 47 11,764 Lambeth 49 23,625 Lewisham 39 21,226 Merton 79 15,719 Newham 61 34,574 Redbridge 72 31,965 Richmond upon Thames 55 10,430 Southwark 42 21,947 Sutton 80 15,509 Tower Hamlets 53 28,074 Waltham Forest 52 24,325 Wandsworth 63 21,377 Westminster 41 13,577
Before the Open newsletter: Start your day with the City View podcast and key market data


cityam--2020-12-04--Savings shortfall: 41% worry they won’t have enough to retire

If you are worried you will not have enough saved for your retirement , you are not alone , a major new study has found .
Figuring out how much you should save for your retirement is never easy .
Your needs change over time , just as your income fluctuates .
If you knew exactly how much you would earn in your working life , how much your investments would return and how long you ’ d need to live on retirement , your financial planning would be a doddle .
But , as 2020 has proven , it @ @ @ @ @ @ @ .
That is perhaps why so many of us are concerned that we will run out of money in retirement .
According to Schroders Global Investor Study ( GIS ) 2020 , 41 % of investors globally fear that they won ’ t have sufficient savings to fund their retirement .
GIS is an independent online survey of more than 23,000 investors across 32 worldwide locations conducted between 30 April and 15 June 2020 .
• Find out more about Schroders Global Investor Study 2020 by visiting www.schroders.com/gis .
The older we get @ @ @ @ @ @ @ over retirement funding appears to become more acute as we near retirement age .
Nearly half ( 47 % ) of people aged 71 and over , and 43 % of Baby Boomers ( 51-70 years of age ) , said they were concerned their retirement income will not be enough .
That compares with 39 % of Millennials ( aged 18-37 ) .
What is the problem ?
The pandemic , job security and general uncertainties of life aside , many don ’ t trust their country ’ s state pension to @ @ @ @ @ @ @ retirement .
Asked whether they agreed or disagreed , the study found 55 % of investors agreed that the state provision for retirement is not enough to live off .
Just 19 % disagreed .
Also , the constant shifting of the rules as to how the pension system in their country works has left many bewildered .
A significant number of investors ( 41 % ) agreed that governments ’ changing of the rules , meant that they didn ’ t see the point in trying to save specifically for retirement at @ @ @ @ @ @ @ Pension rules seem to change with the seasons Investors are struggling to keep up with the demands of saving for retirement .
The pandemic has placed added pressure on job security and squeezed workers ’ incomes .
Soaring global government debt and low interest rates , in part the result of the global financial crisis , have been exacerbated by the pandemic .
Growing life expectancy has added to governments ’ costs of providing state pensions .
From October this year , men and women in the UK will now have to wait @ @ @ @ @ @ @ state pension .
This comes after a decade of increases in the qualifying age for the benefit .
There are plans for more changes .
The retirement age is set to rise to 67 gradually between 2026 and 2028 ; a further rise to 68 is due to be phased in between 2044 and 2046 , depending on when you were born .
To put these changes into context , when the first old age pension was introduced in the UK in 1908 it did not start paying out until the age of @ @ @ @ @ @ @ 40 years for men and 43 for women , and only 24 % of people reached state pension age .
Those who did would typically claim it for nine years .
By 2017 , 85 % of people were reaching the state pension age and the typical life expectancy for those who did was another 24 years .
The UK is just one example and is not alone .
Rupert Rucker , Head of Investment Solutions , said : “ It is a concern that the complexity and constant changing of the pension @ @ @ @ @ @ @ retirement .
Unfortunately , that doesn ’ t look like changing anytime soon .
“ Governments are deep in debt and will look at ways at reducing that debt in future .
They have been doing it for a while but they are purposely shifting responsibility for retirement savings from the state to the individual .
“ There is no easy answer .
However , avoiding saving for retirement is not it .
It just kicks the can down the road .
We have to take individual responsibility and understand better how much @ @ @ @ @ @ @ live with less income .
“ The best advice is to save something , preferably as much as you can afford , from as early as possible .
But always speak to a financial advisor.
” So what are people doing about it ?
Amidst these concerns around retirement income , it makes sense that the majority of people see themselves working into their “ retirement ” .
Retirement now is undergoing a transformation , with many people carving their own paths .
While the majority still see themselves reducing their working hours @ @ @ @ @ @ @ .
Rupert Rucker said : “ It is noteworthy that people are understanding more they need to take responsibility which is a change from the previous generation .
“ There are three simple choices to make .
It is really up to individuals to decide their own compromises understanding how much life expectancy has increased : Continue to earn money into retirement years , save more for retirement , spend less in retirement.
” • Find out more about Schroders Global Investor Study 2020 by visiting www.schroders.com/gis .
Important Information : This communication @ @ @ @ @ @ @ opinions contained herein are those of the author ( s ) on this page , and may not necessarily represent views expressed or reflected in other Schroders communications , strategies or funds .
This material is intended to be for information purposes only and is not intended as promotional material in any respect .
The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument .
It is not intended to provide and should not be relied on for accounting , legal or tax advice @ @ @ @ @ @ @ not be placed on the views and information in this document when taking individual investment and/or strategic decisions .
Past performance is not a reliable indicator of future results .
The value of an investment can go down as well as up and is not guaranteed .
All investments involve risks including the risk of possible loss of principal .
Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy .
Some information quoted was obtained from external sources we consider to be reliable .
No responsibility @ @ @ @ @ @ @ obtained from third parties , and this data may change with market conditions .
This does not exclude any duty or liability that Schroders has to its customers under any regulatory system .
Regions/ sectors shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell .
The opinions in this material include some forecasted views .
We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know .
However , there is no guarantee than any forecasts or opinions @ @ @ @ @ @ @ opinions may change .
To the extent that you are in North America , this content is issued by Schroder Investment Management North America Inc. , an indirect wholly owned subsidiary of Schroders plc and SEC registered adviser providing asset management products and services to clients in the US and Canada .
For all other users , this content is issued by Schroder Investment Management Limited , 1 London Wall Place , London EC2Y 5AU .
Registered No .
1893220 England .
Authorised and regulated by the Financial Conduct Authority .

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Savings shortfall: 41% worry they won’t have enough to retire
Getty Images
If you are worried you will not have enough saved for your retirement, you are not alone, a major new study has found.
Figuring out how much you should save for your retirement is never easy. Your needs change over time, just as your income fluctuates.
If you knew exactly how much you would earn in your working life, how much your investments would return and how long you’d need to live on retirement, your financial planning would be a doddle.
But, as 2020 has proven, it is impossible to predict anything with certainty. That is perhaps why so many of us are concerned that we will run out of money in retirement.
According to Schroders Global Investor Study (GIS) 2020, 41% of investors globally fear that they won’t have sufficient savings to fund their retirement.
GIS is an independent online survey of more than 23,000 investors across 32 worldwide locations conducted between 30 April and 15 June 2020.
Find out more about Schroders Global Investor Study 2020 by visiting www.schroders.com/gis.
The older we get the more worried we become
The worry over retirement funding appears to become more acute as we near retirement age.
Nearly half (47%) of people aged 71 and over, and 43% of Baby Boomers (51-70 years of age), said they were concerned their retirement income will not be enough. That compares with 39% of Millennials (aged 18-37).
What is the problem?
The pandemic, job security and general uncertainties of life aside, many don’t trust their country’s state pension to provide enough of a safety net in retirement.
Asked whether they agreed or disagreed, the study found 55% of investors agreed that the state provision for retirement is not enough to live off. Just 19% disagreed.
Also, the constant shifting of the rules as to how the pension system in their country works has left many bewildered.
A significant number of investors (41%) agreed that governments’ changing of the rules, meant that they didn’t see the point in trying to save specifically for retirement at all. Only 35% disagreed.
Pension rules seem to change with the seasons
Investors are struggling to keep up with the demands of saving for retirement. The pandemic has placed added pressure on job security and squeezed workers’ incomes.
Soaring global government debt and low interest rates, in part the result of the global financial crisis, have been exacerbated by the pandemic. Growing life expectancy has added to governments’ costs of providing state pensions.
State pension case study: what’s changing in the UK?
From October this year, men and women in the UK will now have to wait until they are 66 to draw their state pension. This comes after a decade of increases in the qualifying age for the benefit.
There are plans for more changes. The retirement age is set to rise to 67 gradually between 2026 and 2028; a further rise to 68 is due to be phased in between 2044 and 2046, depending on when you were born.
To put these changes into context, when the first old age pension was introduced in the UK in 1908 it did not start paying out until the age of 70. Life expectancy at birth was 40 years for men and 43 for women, and only 24% of people reached state pension age. Those who did would typically claim it for nine years.
By 2017, 85% of people were reaching the state pension age and the typical life expectancy for those who did was another 24 years.
The UK is just one example and is not alone.
Rupert Rucker, Head of Investment Solutions, said: “It is a concern that the complexity and constant changing of the pension rules is putting people off saving for retirement. Unfortunately, that doesn’t look like changing anytime soon.
“Governments are deep in debt and will look at ways at reducing that debt in future. They have been doing it for a while but they are purposely shifting responsibility for retirement savings from the state to the individual.
“There is no easy answer. However, avoiding saving for retirement is not it. It just kicks the can down the road. We have to take individual responsibility and understand better how much we need to save or learn to live with less income.
“The best advice is to save something, preferably as much as you can afford, from as early as possible. But always speak to a financial advisor.”
So what are people doing about it?
Amidst these concerns around retirement income, it makes sense that the majority of people see themselves working into their “retirement”. Retirement now is undergoing a transformation, with many people carving their own paths.
While the majority still see themselves reducing their working hours in retirements a significant proportion do not.
Rupert Rucker said: “It is noteworthy that people are understanding more they need to take responsibility which is a change from the previous generation.
“There are three simple choices to make. It is really up to individuals to decide their own compromises understanding how much life expectancy has increased: Continue to earn money into retirement years, save more for retirement, spend less in retirement.”
Find out more about Schroders Global Investor Study 2020 by visiting www.schroders.com/gis.
Important Information: This communication is marketing material. The views and opinions contained herein are those of the author(s) on this page, and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds. This material is intended to be for information purposes only and is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. It is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions. Past performance is not a reliable indicator of future results. The value of an investment can go down as well as up and is not guaranteed. All investments involve risks including the risk of possible loss of principal. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. Some information quoted was obtained from external sources we consider to be reliable. No responsibility can be accepted for errors of fact obtained from third parties, and this data may change with market conditions. This does not exclude any duty or liability that Schroders has to its customers under any regulatory system. Regions/ sectors shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell. The opinions in this material include some forecasted views. We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know. However, there is no guarantee than any forecasts or opinions will be realised. These views and opinions may change. To the extent that you are in North America, this content is issued by Schroder Investment Management North America Inc., an indirect wholly owned subsidiary of Schroders plc and SEC registered adviser providing asset management products and services to clients in the US and Canada. For all other users, this content is issued by Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU. Registered No. 1893220 England. Authorised and regulated by the Financial Conduct Authority.