cityam--2020-07-06--‘Serious concerns’ raised over government’s export credit agency

The government ’ s export credit agency could be “ cutting corners ” as it races to finance the post-coronavirus and post-Brexit trade drive , raising “ serious concerns ” about the UK ’ s future trading relations , according to a new report .
A report released today by anti-corruption campaign group Spotlight on Corruption found that UK Export Finance ( UKEF ) , the UK ’ s export credit agency , is supporting sectors prone to corruption as part of its post-Brexit export drive .
The agency , which works alongside the Department for International Trade , provides @ @ @ @ @ @ @ need loans , insurance policies or bank guarantees for export activities .
According to its most recent accounts , UKEF gave support worth £4.4bn to 339 companies over the past year .
The direct loan facility received a boost from Rishi Sunak in his March Budget , when the chancellor increased its funding by £5bn to £8bn .
However , Spotlight on Corruption has voiced concerns that the budget hike has not been matched by a tightening of anti-corruption measures .
More than half of UKEF ’ s priority markets rank in the @ @ @ @ @ @ @ , including infrastructure and defence in countries that are at a high risk for corruption , the report found .
Spotlight on Corruption expressed particular concern over the fact that UKEF is increasingly supporting newly established UK-registered subsidiaries of foreign construction firms that have been embroiled in corruption allegations .
Research by the organisation highlighted UKEF ’ s recent support for subsidiaries of Spanish companies that have been under investigation in Spain for corruption .
In 2018 , UKEF handed £68m to the Glasgow-based subsidiary of Spanish infrastructure firm Elecnor , which two @ @ @ @ @ @ @ payment of almost €3m ( £2.71m ) in bribes to secure an Algerian tramway project .
Campaigners also raised the flag over UKEF ’ s direct loan worth £190m to a project in Uganda alleged to have strong political connections to the brother of the Ugandan President Yoweri Musveni .
An investigation by the Ugandan government following corruption allegations found the company to have operated “ dramatic wheeling and dealing , insider trading and outright fraud ” , resulting in the loss of $ 2.6bn ( £2.1bn ) and the prosecution of 90 @ @ @ @ @ @ @ concerns that UKEF could be cutting corners as it races to finance the post-coronavirus and post-Brexit trade drive , ” the Spotlight on Corruption report said .
UKEF has said that it is an “ emerging trend ” for overseas companies to set up UK subsidiaries , and that its support for such companies helps create new market opportunities for UK supply chain contractors .
The report also accused UKEF of being “ too slow to report allegations and suspicions ” of corruption , after it took UKEF 13 months to raise the @ @ @ @ @ @ @ Fraud Office over dodgy Airbus payments , for which the aerospace engineer was fined €3.6bn in corruption charges .
Campaigners urged the credit agency to implement “ speedier referrals of suspicious activity to law enforcement and much greater use of its audit powers to ensure that its anti-bribery warranties are being observed ” .
It also called on the government to significantly increase transparency about how UKEF handles corruption risk and to bolster its anti-corruption defences .
“ As UKEF takes on increased corruption risk , there appears to be inadequate transparency about @ @ @ @ @ @ @ address this risk .
UKEF meanwhile has consistently refused to release meaningful information about the number of referrals it makes to law enforcement about suspicions of corruption , ” the report said .
Read more : Johnson says he ’ s more optimistic than Barnier on post-Brexit trade deal “ UKEF has made significant strides in fighting corruption in recent years , but there is a real risk that the pressure to support exports post-Brexit and post-coronavirus at any cost could undermine these efforts.
” “ This would seriously undermine UKEF ’ s @ @ @ @ @ @ @ and undermine the UK ’ s reputation as a country that does business fairly and cleanly.
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‘Serious concerns’ raised over government’s export credit agency
The government’s export credit agency could be “cutting corners” as it races to finance the post-coronavirus and post-Brexit trade drive, raising “serious concerns” about the UK’s future trading relations, according to a new report.
A report released today by anti-corruption campaign group Spotlight on Corruption found that UK Export Finance (UKEF), the UK’s export credit agency, is supporting sectors prone to corruption as part of its post-Brexit export drive.
The agency, which works alongside the Department for International Trade, provides support for small and medium-sized enterprises that need loans, insurance policies or bank guarantees for export activities.
According to its most recent accounts, UKEF gave support worth £4.4bn to 339 companies over the past year. The direct loan facility received a boost from Rishi Sunak in his March Budget, when the chancellor increased its funding by £5bn to £8bn.
However, Spotlight on Corruption has voiced concerns that the budget hike has not been matched by a tightening of anti-corruption measures.
More than half of UKEF’s priority markets rank in the bottom 50 per cent of corruption indices, including infrastructure and defence in countries that are at a high risk for corruption, the report found.
Spotlight on Corruption expressed particular concern over the fact that UKEF is increasingly supporting newly established UK-registered subsidiaries of foreign construction firms that have been embroiled in corruption allegations.
Research by the organisation highlighted UKEF’s recent support for subsidiaries of Spanish companies that have been under investigation in Spain for corruption. In 2018, UKEF handed £68m to the Glasgow-based subsidiary of Spanish infrastructure firm Elecnor, which two years earlier had been charged over its payment of almost €3m (£2.71m) in bribes to secure an Algerian tramway project.
Campaigners also raised the flag over UKEF’s direct loan worth £190m to a project in Uganda alleged to have strong political connections to the brother of the Ugandan President Yoweri Musveni.
An investigation by the Ugandan government following corruption allegations found the company to have operated “dramatic wheeling and dealing, insider trading and outright fraud”, resulting in the loss of $2.6bn (£2.1bn) and the prosecution of 90 officials.
“These cases raise serious concerns that UKEF could be cutting corners as it races to finance the post-coronavirus and post-Brexit trade drive,” the Spotlight on Corruption report said.
UKEF has said that it is an “emerging trend” for overseas companies to set up UK subsidiaries, and that its support for such companies helps create new market opportunities for UK supply chain contractors.
The report also accused UKEF of being “too slow to report allegations and suspicions” of corruption, after it took UKEF 13 months to raise the flag with the UK’s Serious Fraud Office over dodgy Airbus payments, for which the aerospace engineer was fined €3.6bn in corruption charges.
Campaigners urged the credit agency to implement “speedier referrals of suspicious activity to law enforcement and much greater use of its audit powers to ensure that its anti-bribery warranties are being observed”. It also called on the government to significantly increase transparency about how UKEF handles corruption risk and to bolster its anti-corruption defences.
“As UKEF takes on increased corruption risk, there appears to be inadequate transparency about what procedures it has in place to address this risk. UKEF meanwhile has consistently refused to release meaningful information about the number of referrals it makes to law enforcement about suspicions of corruption,” the report said.
“UKEF has made significant strides in fighting corruption in recent years, but there is a real risk that the pressure to support exports post-Brexit and post-coronavirus at any cost could undermine these efforts.”
“This would seriously undermine UKEF’s leadership role among government export credit agencies and undermine the UK’s reputation as a country that does business fairly and cleanly.”
A spokesperson for UKEF told City A.M: “UKEF’s mission is to ensure that no viable UK export fails for lack of finance or insurance from the private sector.
“It undertakes rigorous due diligence including checks against financial crime, bribery and corruption, prior to any support being provided.”
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cityam--2020-07-06--Lessons from lockdown: Advertising's future is distributed

Sometimes an earthquake ’ s aftershocks are so severe , the main quake is re-designated a foreshock .
From a commercial standpoint , we look ahead to lockdown ’ s aftershocks with apprehension , but look ahead we must .
As the dust settles , business leaders are surveying a new landscape and asking , what ’ s changed ?
Speaking for my own business , the recent crisis is already driving profound changes in both what we produce and how we produce it .
Read more : How to be a great boss in the era of Covid-19 We @ @ @ @ @ @ @ transformation compressed into the last three months .
Acceleration of screen time , online shopping , social media usage — all shifts I can ’ t see reversing — have led to an explosion of online content .
It ’ s become the new centre of gravity for marketing .
Brands leaning into this explosion , really inventing and investing in the digital space , are seeing the most success .
They ’ ve spotted the 80 per cent of us consuming more online content now than before the pandemic , and responded @ @ @ @ @ @ @ own .
Their efforts have been backed with redoubled digital investment , personalised with smart data signals , and proven with the kind of commercial results that send marketing directors racing to boardrooms to share the good news .
Among our clients , Bumble refocused on virtual dating and added five million new users globally in lockdown .
Retail businesses like Pets At Home and service giants like Telus , a leading Canadian telco , strengthened brand reputation using online video and user-generated film .
The most successful exponents include smaller , entrepreneurially-minded @ @ @ @ @ @ @ communication comes most naturally .
FaceGym embraced “ online workouts ” and increased followers 30 per cent and sales 525 per cent .
And after closing its eight stores , fashion retailer ME+EM doubled Instagram investment — then tripled it — when it led directly to a flurry of email sign-ups and record US sales .
For agencies like ours , this explosion has a real knock-on impact on how we produce .
Success will demand large volumes of digital assets , often generated and adapted at speed .
How to ensure they @ @ @ @ @ @ @ ’ s voice , and memorable enough to be more than digital landfill ?
How to manage them to feel personal but sequential too , following a narrative that makes sense to the audience over time ?
And how to sustain this affordably ?
Thankfully , we had already integrated creative and media in a single agency structure and put digital and data at the heart of it .
Clients and agencies who haven ’ t put the creators of online content in the same team as the distributors are hugely disadvantaged in @ @ @ @ @ @ @ have to go further — and luckily this crisis is bringing answers as well as questions .
The imposition of remote working , as discombobulating as it first seemed , is fast evolving to become our new distributed model of creation .
Lockdown has demonstrated that our teams need not be limited by proximity or geography .
In fact , we ’ re finding that by drawing on a more diverse pool of talent from across the globe and following the sun to connect their expertise round-the-clock , we can produce more online @ @ @ @ @ @ @ The benefits are manifold .
Creativity enhanced by greater diversity of thought .
Ingenuity improved by greater access to specialists .
Speed and agility unconstrained by timezones .
Affordability unrestricted by local ratecards .
It ’ s early days , but we couldn ’ t be more excited by this new way of working .
This earthquake isn ’ t over .
The aftershocks will keep coming .
Yet the dust is settling , and I believe that the brands building more personal relationships with their audiences online — thanks to a content @ @ @ @ @ @ @ a new distributed creation model to fuel it — will be the ones still standing , stronger than ever , when all of this is over .
Read more : Struggling to adapt ?
Look to the creative industries for inspiration

Lessons from lockdown: Advertising’s future is distributed
Sometimes an earthquake’s aftershocks are so severe, the main quake is re-designated a foreshock.
From a commercial standpoint, we look ahead to lockdown’s aftershocks with apprehension, but look ahead we must. As the dust settles, business leaders are surveying a new landscape and asking, what’s changed?
Speaking for my own business, the recent crisis is already driving profound changes in both what we produce and how we produce it.
We’ve seen three years of digital transformation compressed into the last three months. Acceleration of screen time, online shopping, social media usage — all shifts I can’t see reversing — have led to an explosion of online content. It’s become the new centre of gravity for marketing.
Brands leaning into this explosion, really inventing and investing in the digital space, are seeing the most success. They’ve spotted the 80 per cent of us consuming more online content now than before the pandemic, and responded with a torrent of content of their own. Their efforts have been backed with redoubled digital investment, personalised with smart data signals, and proven with the kind of commercial results that send marketing directors racing to boardrooms to share the good news.
Among our clients, Bumble refocused on virtual dating and added five million new users globally in lockdown. Retail businesses like Pets At Home and service giants like Telus, a leading Canadian telco, strengthened brand reputation using online video and user-generated film.
The most successful exponents include smaller, entrepreneurially-minded disruptors, to whom personal, adaptable communication comes most naturally. FaceGym embraced “online workouts” and increased followers 30 per cent and sales 525 per cent. And after closing its eight stores, fashion retailer ME+EM doubled Instagram investment — then tripled it — when it led directly to a flurry of email sign-ups and record US sales.
For agencies like ours, this explosion has a real knock-on impact on how we produce. Success will demand large volumes of digital assets, often generated and adapted at speed. How to ensure they’re all true to the brand’s voice, and memorable enough to be more than digital landfill? How to manage them to feel personal but sequential too, following a narrative that makes sense to the audience over time? And how to sustain this affordably?
Thankfully, we had already integrated creative and media in a single agency structure and put digital and data at the heart of it. Clients and agencies who haven’t put the creators of online content in the same team as the distributors are hugely disadvantaged in this new world.
But now we have to go further — and luckily this crisis is bringing answers as well as questions. The imposition of remote working, as discombobulating as it first seemed, is fast evolving to become our new distributed model of creation.
Lockdown has demonstrated that our teams need not be limited by proximity or geography. In fact, we’re finding that by drawing on a more diverse pool of talent from across the globe and following the sun to connect their expertise round-the-clock, we can produce more online content, more efficiently and dynamically.
The benefits are manifold. Creativity enhanced by greater diversity of thought. Ingenuity improved by greater access to specialists. Speed and agility unconstrained by timezones. Affordability unrestricted by local ratecards. It’s early days, but we couldn’t be more excited by this new way of working.
This earthquake isn’t over. The aftershocks will keep coming. Yet the dust is settling, and I believe that the brands building more personal relationships with their audiences online — thanks to a content explosion of their own making, using a new distributed creation model to fuel it — will be the ones still standing, stronger than ever, when all of this is over.
Main image credit: Getty


cityam--2020-07-06--FTSE 100 boosted by hopes of stimulus for housing market

The FTSE 100 rose sharply as investors cheered the reopening of countries around the world from coronavirus lockdowns and the prospect of more stimulus for the UK economy .
London ’ s index of blue-chip companies jumped 1.9 per cent in morning trading to hit 6,275 points .
The FTSE 250 index of slightly smaller firms rose 1.4 per cent .
Read more : Construction sector rebounds sharply as UK reopens In Europe , Germany ’ s Dax was 1.6 per cent higher .
France ’ s CAC 40 was up 1.6 per cent and the continent-wide Stoxx 600 had @ @ @ @ @ @ @ on the FTSE 100 was led by housebuilders Barratt and Persimmon after reports said stamp duty could be slashed .
Chancellor Rishi Sunak is set to announce plans this week to lift the threshold at which home-buyers start paying tax duty to as high as £500,000 from £125,000 , according to The Tines .
Barratt soared 8.1 per cent on the reports , while Persimmon jumped 6.6 per cent .
Builder Taylor Wimpey was close behind with a six per cent rise .
Bullish investors were further bolstered by survey data the showed @ @ @ @ @ @ @ .
FTSE 100 investors will also have taken note of the scenes across the country on Saturday .
Pubs , restaurants and cafes were allowed to reopen for business .
Chinese shares rocketed overnight as state media talked up the economy and investors reacted to positive data .
China ’ s CSI 300 index soared 5.7 per cent .
It was the biggest one-day rise in over a year .
Other Asian markets rose too .
Hong Kong ’ s Hang Seng climbed 3.8 per cent and Japan ’ s Nikkei finished up @ @ @ @ @ @ @ global stock markets continues despite the number of coronavirus cases surging in the US .
States such as Florida and Texas have stepped back from plans to reopen , in moves likely to damage their economies .
Read more : Former Tory PM advisers call for government to spend big on coronavirus recovery “ Financial markets have long shown a herd immunity to the Covid-19 pandemic , ” said Jeffrey Halley , senior market analyst at currency firm Oanda .
“ Although the headlines across the weekend gave no solace to the real @ @ @ @ @ @ @ noted that there has been “ a continued strong rise in new cases ” .
But he pointed out that fatalities “ aren ’ t going up anywhere near as much as they did in the first wave ” .
US stocks were set to open higher according to futures prices .
The markets will reopen later today after a public holiday on Friday for Independence Day .
The pound was 0.1 per cent higher against the dollar as the FTSE 100 rose at $ 1.25 .
The euro was up 0.4 per @ @ @ @ @ @ @ .
It came as investors moved out of the greenback , a safe-haven asset , in favour of stocks .
Joshua Mahony , senior market analyst at trading platform IG , said the rise in Chinese markets will excite investors around the world .
“ With China the first into this crisis , where their economy goes , many will hope to follow , ” he said .
“ Chinese experiences are no different to those elsewhere around the world , with easy monetary policies and government spending on the rise .
“ @ @ @ @ @ @ @ the virus will continue to hold back the global economic picture , investors will hope the worldwide stimulus efforts could bring a huge recovery in time.
” Read more : Trump criticised for crowded Mount Rushmore rally as coronavirus cases spike Oil prices edged higher as optimism spread throughout markets .
Brent crude oil rose 1.5 per cent to $ 43.40 per barrel .
WTI crude , the US benchmark , climbed 0.3 per cent to $ 40.80 .
The yield on the US 10-year Treasury bond rose 0.016 percentage points to 0.691 @ @ @ @ @ @ @ which moves inversely to price , reflected investors ’ move into stocks .

Markets live: Nasdaq hits record intraday high as FTSE 100 rallies on recovery hopes
The FTSE 100 and US stock markets rose sharply today as investors cheered the prospect of more stimulus for the UK economy and followed the lead of Asian markets.
London’s index of blue-chip companies was 1.87 per cent higher this afternoon at 6,2572.5 points. The FTSE 250 index of slightly smaller firms rose 1.27 per cent.
Read more: Construction sector rebounds sharply as UK reopens
Wall Street opened well in the green, with the S&P 500 up 1.2 per cent shortly after the bell. The Dow Jones was also 1.25 per cent higher and the Nasdaq was up 1.7 per cent, taking it to a record intraday high.
In Europe, Germany’s Dax was 1.66 per cent higher. France’s CAC 40 was up 1.57 per cent and the continent-wide Stoxx 600 had risen 1.3 per cent.
The rise on the FTSE 100 was led by housebuilders after reports said stamp duty could be slashed.
Market optimism was also boosted by a surge in China’s CSI 300 index. It jumped 5.7 per cent overnight as the state media sang the economy’s praises and investors reacted to positive recent data.
Global stock markets are now around 20 to 40 per cent above their March nadir. They have continued to rise as economies have reopened, supported by huge stimulus measures from the world’s central banks.
Prospect of stamp duty cut pushes up FTSE 100
Chancellor Rishi Sunak is set to announce plans this week to lift the threshold at which home-buyers start paying tax duty to as high as £500,000 from £125,000, according to The Times.
Barratt soared 7.4 per cent as the reports combined with an upbeat trading statement. Persimmon jumped 4.6 per cent while Taylor Wimpey was close behind with a 4.3 per cent rise.
Bullish investors were further bolstered by survey data that showed the construction sector rebounded sharply in June.
“While the resumption of operations at Barratt certainly provided a boost, news of a healthy order book has boosted sentiment for a potential strong rebound in the second half,” said Josh Mahony, senior market analyst at trading platform IG.
“Hopes of a stamp duty holiday or help-to-buy extension are providing another element of hope for investors in the sector.”
“A so-called mini-Budget from UK chancellor Rishi Sunak on Wednesday will come with significant expectations attached after a series of measures were widely trailed in the weekend press,” added AJ Bell’s investment director, Russ Mould.
FTSE 100 investors will also have taken note of the scenes across the country on Saturday. Pubs, restaurants and cafes were allowed to reopen for business.
Global markets helped by surge in China
Chinese shares rocketed overnight as state media talked up the economy and investors reacted to positive data. China’s CSI 300 index soared 5.7 per cent. It was the biggest one-day rise in over a year.
Other Asian markets rose too. Hong Kong’s Hang Seng climbed 3.8 per cent, putting it in a technical bull market – a 20 per cent rise. Japan’s Nikkei finished up 1.8 per cent.
The rally was in large part driven by a bullish front-page editorial in the state-run Chinese Securities Journal.
“Investors certainly look like they believe China, the world’s second biggest economy, will lead a global recovery,” said Fawad Razaqzada, market analyst at trading platform Think Markets.
Read more: Former Tory PM advisers call for government to spend big on coronavirus recovery
Saxo Bank chief economist Steen Jakobsen said: “Retail investors dominating the Chinese equity market are buying the story about the prospects for a healthy bull market.”
“The strong move in Chinese equities seems to be cascading into other markets such as developed equities and crude oil.”
Markets shrug off rise in US coronavirus cases
The march of global stock markets continues despite the number of coronavirus cases surging in the US. States such as Florida and Texas have stepped back from plans to reopen, in moves likely to damage their economies.
Jim Reid of Deutsche Bank noted that there has been “a continued strong rise in new cases”. But he pointed out that fatalities “aren’t going up anywhere near as much as they did in the first wave”.
Read more: Trump criticised for crowded Mount Rushmore rally as coronavirus cases spike
Oil prices climb and FTSE 100 pushes up sterling
The pound was 0.3 per cent higher against the dollar as the FTSE 100 rose at $1.252. But by 3.20pm sterling was almost flat, at 0.09 per cent up.
The euro was up 0.8 per cent against the dollar at $1.134. It came as investors moved out of the greenback, a safe-haven asset, in favour of stocks.
Oil prices traded higher as Brent crude hit $43.49 per barrel, and gold continued to prove an attractive destination for worried investors. This morning its value rose to $1,776.26 per ounce after approaching an eight-year high last week.


cityam--2020-07-06--London's breweries fizz as taproom doors reopen

Super Saturday saw London ’ s social scene begin to buzz again .
City A.M. ’ s Andy Silvester took in the sights , sounds and the taste of Beavertown Brewery ’ s taproom in Tottenham and the Brick Brewery bar in Peckham – all in the interests of journalism , of course .
Over a cold pint of Beavertown ’ s Bloody ‘ Ell IPA – in a glass , poured out of a tap – the brewery ’ s founder ’ s enthusiasm is infectious .
“ One of my favourite things about the brewery is coming to @ @ @ @ @ @ @ me , as we survey the scene in Tottenham on the first day drinkers are allowed back onto the site .
“ Having 400 , 500 people outside on a busy weekend coming in , the whole place gets packed , music ’ s playing .
That was my dream and that ’ s why I wanted to create a brewery in the first place .
It ’ s about having a good time , stimulating people , giving them an experience .
Beer does that – it ’ s the lubricant of @ @ @ @ @ @ @ with a chuckle .
Read more : Soho set to sizzle as summer begins in earnest There aren ’ t quite 500 people here this morning , but the place still has an undoubted buzz .
By 1pm there ’ s a queue to get in to this new version of the Beavertown taproom , with table service the norm and tables appropriately socially distanced .
Over the past few weeks the brewery pivoted away from producing kegs to cans , turning its Tottenham brewery over to off-trade production and fulfilling a huge @ @ @ @ @ @ @ ’ s clearly , for Logan , good to be back .
They ’ ve even produced a ‘ pub poem ’ with Tim Key , which has been painted on to the floor of the car park in which we are now drinking .
“ At the age of 19 or 20 , when my mates and I were obsessed with beer , we dreamt about maybe starting a brewery .
Not only did we love the local beer , but – and this is relevant for today ’ s situation – @ @ @ @ @ @ @ everything it represented , ” he says .
An epiphany in New York thanks to a combination of craft beer and barbecue led him , years later , to do just that .
A small brewery in the kitchen of a De Beauvoir BBQ joint now sees him the owner of a small-scale beer empire , with the brewery in Tottenham now dwarfed by “ Beaverworld , ” a new larger scale operation in Enfield .
The funding for that expansion came in part from a deal with Heineken , with the booze @ @ @ @ @ @ @ .
“ Our main thing was keeping the direction , keeping the vision , employing amazing people and building the team , ” he says .
It ’ s a passion that certainly seems mirrored by the punters here today , all of whom are ordering drinks via a wonderfully low-tech version of an ordering app : handing a slip of paper , complete with phone numbers for track and trace , to a waiter .
Same same , but different .
It ’ s a similar story down south in Peckham , @ @ @ @ @ @ @ equally chuffed to be back serving customers again .
Two open spaces , at the front and the back of the brewery ’ s railway arch taproom , are responsibly packed .
“ I think if anyone were walking by that was a bit fearful or tentative , they ’ ll see what we ’ ve done I think they ’ d say ‘ oh yeah , we can enjoy a beer there.
’ ” he says .
“ People have been really fair , too .
It ’ s a booking system @ @ @ @ @ @ @ t said “ we want a table from 12 ‘ til 8 , ” they ’ ve said they want to come down for two hours , just want to come and hold a pint , have a pint and then give it someone else .
It ’ s nice , it ’ s a good feeling.
” Like Beavertown , the brewery saw a huge uptick in sales of cans during lockdown .
Both saw deliveries shoot through the roof – Brick even did free deliveries in local postcode .
Like Logan @ @ @ @ @ @ @ about what he does .
There was never a question of whether they ’ d reopen as soon as they could .
“ Once we got the green light , we knew that we could .
It was obviously quite difficult to interpret the guidelines , and the guidelines were changing quite frequently , ” he says of the past week or so – a challenging timeline to be sure , but one that both Beavertown and Brick have clearly passed .
The abiding feeling at both places is a sense of relief @ @ @ @ @ @ @ – and that it is still possible to enjoy a sociable drink with friends in a way that doesn ’ t leave you fearing for your safety .
Times will be difficult for the hospitality industry over the next few months , particularly if the UK recovery is less V-shaped than hoped .
Ian and Logan are both confident , though that they and the industry will get through it , as long as punters feel comfortable .
“ Everybody ’ s got to pull together .
It ’ s really important now @ @ @ @ @ @ @ there and we support ( pubs ) .
If we don ’ t , it ’ s going to be really tough.
” So there you have it – a moral cause to go to the pub .
Beavertown ’ s tap room is open Saturdays and occasional Sundays : check beavertownbrewery.co.uk for details .
Brick Brewery is open evenings except Monday and all day at the weekend .
Book a slot at brickbrewery.co.uk

London’s breweries fizz as taproom doors reopen
Beavertown’s “ode to the pub” made an appearance on London’s streets this weekend, painted on pavements outside 10 London bars
Super Saturday saw London’s social scene begin to buzz again. City A.M.’s Andy Silvester took in the sights, sounds and the taste of Beavertown Brewery’s taproom in Tottenham and the Brick Brewery bar in Peckham – all in the interests of journalism, of course.
Over a cold pint of Beavertown’s Bloody ‘Ell IPA – in a glass, poured out of a tap – the brewery’s founder’s enthusiasm is infectious.
“One of my favourite things about the brewery is coming to the taproom,” Logan Plant tells me, as we survey the scene in Tottenham on the first day drinkers are allowed back onto the site.
“Having 400, 500 people outside on a busy weekend coming in, the whole place gets packed, music’s playing. That was my dream and that’s why I wanted to create a brewery in the first place. It’s about having a good time, stimulating people, giving them an experience. Beer does that – it’s the lubricant of life,” he tells City A.M. with a chuckle.
Read more: Soho set to sizzle as summer begins in earnest
There aren’t quite 500 people here this morning, but the place still has an undoubted buzz. By 1pm there’s a queue to get in to this new version of the Beavertown taproom, with table service the norm and tables appropriately socially distanced.
Over the past few weeks the brewery pivoted away from producing kegs to cans, turning its Tottenham brewery over to off-trade production and fulfilling a huge uptick in online orders. But it’s clearly, for Logan, good to be back. They’ve even produced a ‘pub poem’ with Tim Key, which has been painted on to the floor of the car park in which we are now drinking.
“At the age of 19 or 20, when my mates and I were obsessed with beer, we dreamt about maybe starting a brewery. Not only did we love the local beer, but – and this is relevant for today’s situation – because we loved the pub, and everything it represented,” he says.
An epiphany in New York thanks to a combination of craft beer and barbecue led him, years later, to do just that. A small brewery in the kitchen of a De Beauvoir BBQ joint now sees him the owner of a small-scale beer empire, with the brewery in Tottenham now dwarfed by “Beaverworld,” a new larger scale operation in Enfield. The funding for that expansion came in part from a deal with Heineken, with the booze giant taking a minority share in 2018.
“Our main thing was keeping the direction, keeping the vision, employing amazing people and building the team,” he says.
It’s a passion that certainly seems mirrored by the punters here today, all of whom are ordering drinks via a wonderfully low-tech version of an ordering app: handing a slip of paper, complete with phone numbers for track and trace, to a waiter. Same same, but different.
It’s a similar story down south in Peckham, where Brick Brewery founder Ian Stewart is equally chuffed to be back serving customers again. Two open spaces, at the front and the back of the brewery’s railway arch taproom, are responsibly packed.
“I think if anyone were walking by that was a bit fearful or tentative, they’ll see what we’ve done I think they’d say ‘oh yeah, we can enjoy a beer there.’” he says.
“People have been really fair, too. It’s a booking system only this weekend. They haven’t said “we want a table from 12 ‘til 8,” they’ve said they want to come down for two hours, just want to come and hold a pint, have a pint and then give it someone else. It’s nice, it’s a good feeling.”
Like Beavertown, the brewery saw a huge uptick in sales of cans during lockdown. Both saw deliveries shoot through the roof – Brick even did free deliveries in local postcode. Like Logan, too, Ian is clearly passionate about what he does. There was never a question of whether they’d reopen as soon as they could.
“Once we got the green light, we knew that we could. It was obviously quite difficult to interpret the guidelines, and the guidelines were changing quite frequently,” he says of the past week or so – a challenging timeline to be sure, but one that both Beavertown and Brick have clearly passed.
The abiding feeling at both places is a sense of relief that a version of normality is returning – and that it is still possible to enjoy a sociable drink with friends in a way that doesn’t leave you fearing for your safety.
Times will be difficult for the hospitality industry over the next few months, particularly if the UK recovery is less V-shaped than hoped. Ian and Logan are both confident, though that they and the industry will get through it, as long as punters feel comfortable.
Logan offers one particular rallying cry.
“Everybody’s got to pull together. It’s really important now as a drinker that we go out there and we support (pubs). If we don’t, it’s going to be really tough.” So there you have it – a moral cause to go to the pub.
Beavertown’s tap room is open Saturdays and occasional Sundays: check beavertownbrewery.co.uk for details. Brick Brewery is open evenings except Monday and all day at the weekend. Book a slot at brickbrewery.co.uk


cityam--2020-07-06--Pret A Manger to close 30 stores after lockdown, putting 1,000 jobs at risk

At least 1,000 jobs are understood to be at risk at Pret A Manger as it prepares to close 30 of its shops following a brutal lockdown .
Pret has said it has suffered “ significant operating losses ” during the UK-wide shutdown of non-essential shops since late March .
Read more : Pret a Manger set for crucial rent talks with landlords And while it has reopened 339 of its 410 shops across the UK , footfall remains lower and sales have sunk 74 per cent compared to the same period in 2019 .
At least 1,000 jobs are @ @ @ @ @ @ @ result of the decision to close the shops .
The stores are set to close before the end of the year .
Pret will also reduce the number of staff operating other stores , restructure support teams and sell off its main support office in London Victoria .
Pret chief executive Pano Christou said : “ It ’ s a sad day for the whole Pret family , and I ’ m devastated that we will be losing so many employees .
But we must make these changes to adapt to the new @ @ @ @ @ @ @ to bring Pret to more people , through different channels and in new ways , enabling us to grow once more in the medium term.
” The coffee chain blamed the job cuts and store closures on the plunging sales , new safety measures and rental costs .
With the estate downsizing , Pret plans to trial different ways of serving customers .
It will consider a click and collect , new delivery partnerships , a retail coffee offering and an evening dinner service .
Pret A Manger has launched a retail coffee @ @ @ @ @ @ @ Deliveroo , Just Eat and Uber Eats for delivery services .
Click and collect trials are underway in five London shops , with digital channel sales growing 480 per cent year over year to represent eight per cent of UK sales .
The coffee shop will also trial an evening delivery menu from seven of its stores and it will create a new hub kitchen in north London .
“ We can not defy gravity and continue with the business model we had before the pandemic , ” Christou added .
“ That @ @ @ @ @ @ @ and found new ways to reach our customers .
“ While Pret may look and feel different in the short term , one thing I know is that we will come through this crisis and have a bright future if we take the right steps today.
” Read more : Fears for jobs at Pret A Manger after ‘ leaked video reveals sales downturn ’ Meanwhile , Pret has appointed external consultants Alvarez & Marshal and CWM to review its estate of stores and renegotiate leaseholds with landlords .
Pret employs 13,000 staff @ @ @ @ @ @ @ It is now consulting on the 1,000 job cuts .
Less than two years ago staff received a £1,000 bonus after private equity owners Bridgepoint sold it for an undisclosed sum – thought to be up to £1.5bn – to JAB Holdings .

Pret A Manger to close 30 stores after lockdown, putting 1,000 jobs at risk
A customer carries a drink as she leaves from a recently re-opened Pret A Manger shop
At least 1,000 jobs are understood to be at risk at Pret A Manger as it prepares to close 30 of its shops following a brutal lockdown.
Pret has said it has suffered “significant operating losses” during the UK-wide shutdown of non-essential shops since late March.
And while it has reopened 339 of its 410 shops across the UK, footfall remains lower and sales have sunk 74 per cent compared to the same period in 2019.
At least 1,000 jobs are understood to be at risk as a result of the decision to close the shops. The stores are set to close before the end of the year.
Pret will also reduce the number of staff operating other stores, restructure support teams and sell off its main support office in London Victoria.
Pret chief executive Pano Christou said: “It’s a sad day for the whole Pret family, and I’m devastated that we will be losing so many employees. But we must make these changes to adapt to the new retail environment. Our goal now is to bring Pret to more people, through different channels and in new ways, enabling us to grow once more in the medium term.”
The coffee chain blamed the job cuts and store closures on the plunging sales, new safety measures and rental costs.
With the estate downsizing, Pret plans to trial different ways of serving customers.
It will consider a click and collect, new delivery partnerships, a retail coffee offering and an evening dinner service.
Pret A Manger has launched a retail coffee deal with Amazon and signed up with Deliveroo, Just Eat and Uber Eats for delivery services.
Click and collect trials are underway in five London shops, with digital channel sales growing 480 per cent year over year to represent eight per cent of UK sales.
The coffee shop will also trial an evening delivery menu from seven of its stores and it will create a new hub kitchen in north London.
“We cannot defy gravity and continue with the business model we had before the pandemic,” Christou added. “That is why we have adapted our business and found new ways to reach our customers.
“While Pret may look and feel different in the short term, one thing I know is that we will come through this crisis and have a bright future if we take the right steps today.”
Meanwhile, Pret has appointed external consultants Alvarez & Marshal and CWM to review its estate of stores and renegotiate leaseholds with landlords.
Pret employs 13,000 staff, with 8,000 in the UK. It is now consulting on the 1,000 job cuts.
Less than two years ago staff received a £1,000 bonus after private equity owners Bridgepoint sold it for an undisclosed sum – thought to be up to £1.5bn – to JAB Holdings.


cityam--2020-07-06--Act now to save free trade

Act now to save free trade

Free trade is a cornerstone of the global economy .
It has lifted billions out of poverty and enabled the highest living standards than at any point in human history .
It is therefore worrying — although not surprising given the impact of coronavirus on economic activity — that we have seen a stark drop in global trade volumes since this pandemic began .
The World Trade Organisation ( WTO ) predicts that global trade in goods will drop by between 13 and 32 per cent in 2020 .
Read more : Boris built a digital London — now he @ @ @ @ @ @ @ recover and , if so , how fast ?
The good news is that , when trade volumes last dropped substantially during the financial crisis of 2008 , they did indeed recover .
The bad news is that they did not return to pre-crisis rates of growth , and worrying trends suggest that today ’ s recovery may be hampered even further .
It is with this in mind that WTO forecasts consider both pessimistic and optimistic future scenarios .
And a new briefing paper from the Institute of Economic Affairs — Freight @ @ @ @ @ @ @ factors that will determine the strength of the recovery .
Three of these are directly related to the coronavirus lockdown : the nature of the global recovery , ongoing temporary restrictions , and shocks to supply chains .
A strong rebound is more likely , for example , if the pandemic is seen as a short one-time shock leading businesses and consumers to quickly resume investment and spending once lockdowns ease .
In contrast , longer lockdowns or any subsequent waves of infection will weaken the recovery .
But the economic bounce back @ @ @ @ @ @ @ also need to look at political factors , or barriers to trade , that could cause long-term disruption to supply chains .
Take the 80 countries and customs territories that have imposed temporary Covid-related restrictions on exports of medical supplies , medical equipment , food and toilet paper .
Hopefully , these restrictions will be lifted .
But we should all heed Milton Friedman ’ s warning that “ nothing is so permanent as a temporary government program ” .
How countries — and , indeed , private companies — respond to the @ @ @ @ @ @ @ the past four months remains to be seen .
There are differing views .
The World Economic Forum claims that “ the coronavirus crisis has revealed the fragility of the modern supply chain , ” while others consider supply chains in the private sector to have held up remarkably well .
Still , we can be fairly certain that some companies will diversify their international supplier base , while a few will look to reshore production entirely .
And we can not overlook the pre-Covid trend towards protectionism .
After years of growth @ @ @ @ @ @ @ in 2019 .
Even before lockdown , we saw a US President renegotiating or withdrawing from international trade agreements , as well as imposing a slew of import tariffs .
And after the withdrawal of the relatively free-trading UK , one Brussels-based newspaper warned : “ Here comes European protectionism ” .
Meanwhile , long-standing concerns over the Chinese government ’ s record on human rights , foreign policy , intellectual property rights , cyber attacks , technology espionage and currency manipulation have been exacerbated by its opaque and aggressive response to the @ @ @ @ @ @ @ , consumers and companies will affect trade with China , which accounted for 12 per cent of global trade in 2018 .
And then there ’ s the climate factor .
Consumers are increasingly demanding more locally produced food .
As more governments set net-zero carbon targets , production is being shifted to countries with lower environmental standards , leading to calls for carbon border adjusted import tariffs .
Finally , we should also not forget the role of technology — as great a disrupter as pandemics .
An ING report predicts that @ @ @ @ @ @ @ printing could account for 50 per cent of all manufactured goods , potentially reducing international trade in manufactured goods by between 23 per cent and 40 per cent .
For those who believe in the power of global trade to spur progress and prosperity , there are some reasons for optimism .
While trade in goods fell in 2019 , for example , trade in services increased .
Already , 49 countries have signed a pledge to ensure that Covid-19 restrictions are temporary , indicating that governments understand the benefits .
And the @ @ @ @ @ @ @ and sign trade agreements of its own may encourage the EU to up its game .
But the stakes are high .
As trade secretary Liz Truss put it : “ Rules-based free trade has done more than any single policy prescription in human history to advance human progress and alleviate poverty .
The world needs more of it now , not less , and a fully functioning international system underpinned by countries who play by the rules.
” Let ’ s hope recovery from this pandemic spurs more positive moves to encourage @ @ @ @ @ @ @ prospects for global trade is available on the IEA website .

Act now to save free trade
The World Trade Organisation predicts that global trade in goods will drop by between 13 and 32 per cent in 2020
Free trade is a cornerstone of the global economy.
It has lifted billions out of poverty and enabled the highest living standards than at any point in human history.
It is therefore worrying — although not surprising given the impact of coronavirus on economic activity — that we have seen a stark drop in global trade volumes since this pandemic began. The World Trade Organisation (WTO) predicts that global trade in goods will drop by between 13 and 32 per cent in 2020.
Can global trade recover and, if so, how fast?
The good news is that, when trade volumes last dropped substantially during the financial crisis of 2008, they did indeed recover. The bad news is that they did not return to pre-crisis rates of growth, and worrying trends suggest that today’s recovery may be hampered even further.
It is with this in mind that WTO forecasts consider both pessimistic and optimistic future scenarios. And a new briefing paper from the Institute of Economic Affairs — Freight Expectations, published today — examines the factors that will determine the strength of the recovery.
Three of these are directly related to the coronavirus lockdown: the nature of the global recovery, ongoing temporary restrictions, and shocks to supply chains.
A strong rebound is more likely, for example, if the pandemic is seen as a short one-time shock leading businesses and consumers to quickly resume investment and spending once lockdowns ease. In contrast, longer lockdowns or any subsequent waves of infection will weaken the recovery.
But the economic bounce back is only half the story. We also need to look at political factors, or barriers to trade, that could cause long-term disruption to supply chains.
Take the 80 countries and customs territories that have imposed temporary Covid-related restrictions on exports of medical supplies, medical equipment, food and toilet paper. Hopefully, these restrictions will be lifted. But we should all heed Milton Friedman’s warning that “nothing is so permanent as a temporary government program”.
How countries — and, indeed, private companies — respond to the unprecedented disruption we’ve seen over the past four months remains to be seen. There are differing views. The World Economic Forum claims that “the coronavirus crisis has revealed the fragility of the modern supply chain,” while others consider supply chains in the private sector to have held up remarkably well. Still, we can be fairly certain that some companies will diversify their international supplier base, while a few will look to reshore production entirely.
And we cannot overlook the pre-Covid trend towards protectionism. After years of growth, global trade in goods fell slightly in 2019.
Even before lockdown, we saw a US President renegotiating or withdrawing from international trade agreements, as well as imposing a slew of import tariffs. And after the withdrawal of the relatively free-trading UK, one Brussels-based newspaper warned: “Here comes European protectionism”.
Meanwhile, long-standing concerns over the Chinese government’s record on human rights, foreign policy, intellectual property rights, cyber attacks, technology espionage and currency manipulation have been exacerbated by its opaque and aggressive response to the Covid-19 outbreak. Any backlash from governments, consumers and companies will affect trade with China, which accounted for 12 per cent of global trade in 2018.
And then there’s the climate factor. Consumers are increasingly demanding more locally produced food. As more governments set net-zero carbon targets, production is being shifted to countries with lower environmental standards, leading to calls for carbon border adjusted import tariffs.
Finally, we should also not forget the role of technology — as great a disrupter as pandemics. An ING report predicts that sometime between 2040 and 2060, 3D printing could account for 50 per cent of all manufactured goods, potentially reducing international trade in manufactured goods by between 23 per cent and 40 per cent.
For those who believe in the power of global trade to spur progress and prosperity, there are some reasons for optimism. While trade in goods fell in 2019, for example, trade in services increased. Already, 49 countries have signed a pledge to ensure that Covid-19 restrictions are temporary, indicating that governments understand the benefits. And the UK’s quest to strike fast and sign trade agreements of its own may encourage the EU to up its game.
But the stakes are high. As trade secretary Liz Truss put it: “Rules-based free trade has done more than any single policy prescription in human history to advance human progress and alleviate poverty. The world needs more of it now, not less, and a fully functioning international system underpinned by countries who play by the rules.”
Let’s hope recovery from this pandemic spurs more positive moves to encourage open trade.
Freight Expectations: Post-pandemic prospects for global trade is available on the IEA website.
Main image credit: Getty


cityam--2020-07-06--London’s City University scraps Cass name from business school over slavery links

London ’ s City University has dropped the name of its Cass Business School over its 18th-century namesake ’ s links to the slave trade .
The school , which frequently ranks in the world ’ s top MBA programmes , today said it will be renamed City ’ s Business School after a unanimous ruling from its shareholders found the name was “ incompatible with City ’ s values of diversity and inclusion ” .
Read more : Sadiq Khan orders review of London ’ s statues and street names The business school was renamed the Sir John Cass @ @ @ @ @ @ @ a £5m donation from the Sir John Cass Foundation .
The English merchant and Tory MP obtained part of his wealth through his role as the director of the Royal African Company , which derived the bulk of its money through the trade of slaves .
The BBC described Cass as “ a major figure in the early development of the slave trade and the Atlantic slave economy , directly dealing with slave agents in the African forts and in the Caribbean ” in a report following the Black Lives Matter demonstrations .
@ @ @ @ @ @ @ of City University , said : “ The announcement of our decision to change the name of City ’ s Business School by no means marks the end of the issue .
The work we are doing to address racial inequality and to ensure City is an inclusive place to work and study will continue.
” The move marks the latest in a long list of London institutions distancing themselves from links to former slave traders .
The Bank of England last month apologised for the involvement of past governors and directors in @ @ @ @ @ @ @ all statues and paintings of them from its City headquarters .
Lloyds Banking Group , Royal Bank of Scotland ( RBS ) , RSA Insurance said in June they would make payments to projects benefiting minority ethnic communities after their links to the slave trade were exposed .
Other British universities are facing mounting pressure to address the connotations of their former figureheads , as the UK faces a moment of cultural reckoning following Black Lives Matter protests around the world .
Bristol University said it would review both its logo and the @ @ @ @ @ @ @ stiff criticism of their links to slavery .
The university ’ s logo features 17th century slave trader Edward Colston , whose statue in Bristol was toppled last month and thrown into the Avon river .
Read more : History shows us that slavery is an economic catastrophe as well as a moral one It comes after Prime Minister Boris Johnson sparked widespread criticism last month over his decision to launch a fresh review of racial inequality in the UK , despite the government not acting on policy recommendations in previous reviews .
@ @ @ @ @ @ @ Lammy said : “ Black people aren ’ t playing victim , as Boris indicated.
” “ I don ’ t know why he ’ s announced a commission behind a paywall in the Telegraph in yet another article about Churchill… Get on with the action .
Legislate .
Move .
You ’ re in government — do something.
” Before the Open : Get the jump on the markets with our early morning newsletter

London’s City University scraps Cass name from business school over slavery links
London’s City University has dropped the name of its Cass Business School over its 18th-century namesake’s links to the slave trade.
The school, which frequently ranks in the world’s top MBA programmes, today said it will be renamed City’s Business School after a unanimous ruling from its shareholders found the name was “incompatible with City’s values of diversity and inclusion”.
The business school was renamed the Sir John Cass Business School 18 years ago, following a £5m donation from the Sir John Cass Foundation. The English merchant and Tory MP obtained part of his wealth through his role as the director of the Royal African Company, which derived the bulk of its money through the trade of slaves.
The BBC described Cass as “a major figure in the early development of the slave trade and the Atlantic slave economy, directly dealing with slave agents in the African forts and in the Caribbean” in a report following the Black Lives Matter demonstrations.
Professor Sir Paul Curran, president, of City University, said: “The announcement of our decision to change the name of City’s Business School by no means marks the end of the issue.
The work we are doing to address racial inequality and to ensure City is an inclusive place to work and study will continue.”
The move marks the latest in a long list of London institutions distancing themselves from links to former slave traders.
The Bank of England last month apologised for the involvement of past governors and directors in the slave trade and vowed to remove all statues and paintings of them from its City headquarters.
Lloyds of London, Royal Bank of Scotland (RBS), RSA Insurance said in June they would make payments to projects benefiting minority ethnic communities after their links to the slave trade were exposed.
Other British universities are facing mounting pressure to address the connotations of their former figureheads, as the UK faces a moment of cultural reckoning following Black Lives Matter protests around the world.
Bristol University said it would review both its logo and the names of several of its buildings following stiff criticism of their links to slavery. The university’s logo features 17th century slave trader Edward Colston, whose statue in Bristol was toppled last month and thrown into the Avon river.
It comes after Prime Minister Boris Johnson sparked widespread criticism last month over his decision to launch a fresh review of racial inequality in the UK, despite the government not acting on policy recommendations in previous reviews.
Labour MP and shadow justice secretary David Lammy said: “Black people aren’t playing victim, as Boris indicated.”
“I don’t know why he’s announced a commission behind a paywall in the Telegraph in yet another article about Churchill… Get on with the action. Legislate. Move. You’re in government — do something.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-07-06--Munich prosecutors arrest head of Wirecard's Dubai unit

Munich prosecutors have arrested the head of a Dubai-based subsidiary of Wirecard on suspicion of aggravated fraud .
Oliver Bellenhaus is the second senior Wirecard employee to be arrested after the former chief executive Markus Braun last month , who has since been released on bail .
Read more : Audit shows Wirecard ’ s core business ‘ has been lossmaking for years ’ The firm Bellenhaus ran , CardSystems Middle East , was the largest individual unit within Wirecard and purported to contribute a quarter of its revenue and approximately 40 per cent of profits in recent years , @ @ @ @ @ @ @ was arrested on suspicion of conspiracy to commit fraud , attempted fraud , and aiding and abetting other crimes , according to prosecutors .
They added that he will remain in custody over fears that he is a flight risk and may tamper with evidence .
Police questioned the CardSystems chief and later arrested him on the basis of a warrant .
Prosecutors said the head of Wirecard ’ s Dubai unit had travelled to Munich and turned himself in .
Wirecard filed for insolvency last month after disclosing a €1.9bn black hole @ @ @ @ @ @ @ said was a result of a sophisticated fraud .
The German payments processing firm has faced allegations that it had relied on obscure third-party acquiring partners for the majority of its reported revenue and profit .
The arrest of another Wirecard executive comes after prosecutors raided Wirecard ’ s offices in Germany and other properties in Austria as they widened their probe into the firm .
Prosecutors are treating finance boss Alexander von Knoop and chief product officer Susanne Steidl as suspects , as well as Braun and chief operating officer Jan Marsalek @ @ @ @ @ @ @ Bellenhaus and Marsalek told KPMG , who conducted a special audit into the firm , about arrangements with third parties , according to documents seen by the Financial Times .
Get the news as it happens by following City A.M. on Twitter .

Munich prosecutors arrest head of Wirecard’s Dubai unit
(Photo by Lennart Preiss/Getty Images)
Munich prosecutors have arrested the head of a Dubai-based subsidiary of Wirecard on suspicion of aggravated fraud.
Oliver Bellenhaus is the second senior Wirecard employee to be arrested after the former chief executive Markus Braun last month, who has since been released on bail.
The firm Bellenhaus ran, CardSystems Middle East, was the largest individual unit within Wirecard and purported to contribute a quarter of its revenue and approximately 40 per cent of profits in recent years, according to the Financial Times.
He was arrested on suspicion of conspiracy to commit fraud, attempted fraud, and aiding and abetting other crimes, according to prosecutors. They added that he will remain in custody over fears that he is a flight risk and may tamper with evidence.
Police questioned the CardSystems chief and later arrested him on the basis of a warrant. Prosecutors said the head of Wirecard’s Dubai unit had travelled to Munich and turned himself in.
Wirecard filed for insolvency last month after disclosing a €1.9bn black hole in its finances that its auditors EY said was a result of a sophisticated fraud. The German payments processing firm has faced allegations that it had relied on obscure third-party acquiring partners for the majority of its reported revenue and profit.
The arrest of another Wirecard executive comes after prosecutors raided Wirecard’s offices in Germany and other properties in Austria as they widened their probe into the firm.
Prosecutors are treating finance boss Alexander von Knoop and chief product officer Susanne Steidl as suspects, as well as Braun and chief operating officer Jan Marsalek, whose whereabouts are reportedly unknown.
Bellenhaus and Marsalek told KPMG, who conducted a special audit into the firm, about arrangements with third parties, according to documents seen by the Financial Times.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-07-06--Boohoo shares dive following Leicester factory allegations

Shares in fast fashion retailer Boohoo slumped more than 18 per cent today following allegations of illegally low wages at the firm ’ s factory in Leicester .
Boohoo shares fell 23 per cent during trading today , after the Sunday Times yesterday reported that workers making clothes for the firm ’ s Nasty Gal brand were paid as little as £3.50 an hour .
Shares settled slightly towards the end of the day , closing 18.5 per cent down at 315.9p .
Read more : New boss for Hugo Boss as fashion house drafts in former Tommy Hilfiger CEO @ @ @ @ @ @ @ than a fifth off Boohoo ’ s market value overnight , comes as the National Crime Agency ( NCA ) announced it was investigating Leicester ’ s textiles industry over exploitation allegations .
It did not make a specific comment on the Jaswal Fashions factory at the centre of allegations against Boohoo .
An NCA spokesman said : “ Within the last few days NCA officers , along with Leicestershire Police and other partner agencies , attended a number of business premises in the Leicester area to assess concerns of modern slavery and @ @ @ @ @ @ @ described the allegations as “ truly appalling ” .
“ I will not tolerate sick criminals forcing innocent people into slave labour and a life of exploitation , ” she added .
Boohoo attempted to shrug off the allegations today , saying that its early investigations revealed that Jaswal Fashions was “ not a declared supplier ” of Boohoo , and that the factory had ceased operations as a garment manufacturer .
“ It therefore appears that a different company is using Jaswal ’ s former premises and we are currently trying to @ @ @ @ @ @ @ Boohoo added that it was taking “ immediate action to thoroughly investigate how our garments were in their hands ” .
The UK fashion firm , founded in 2006 by British billionaire Mahmud Kamani and Carole Kane , said that it will terminate its dealings with any supplier found in breach of its code of conduct .
“ We are grateful to the Sunday Times for highlighting the conditions at Jaswal Fashions , which , if as observed and reported by the undercover reporter , are totally unacceptable and fall woefully short of @ @ @ @ @ @ @ ” Boohoo said .
Boohoo is by far the biggest company listed on AIM , with a capitalisation of nearly £5bn , eclipsing rival Asos and well-known brands such as Fevertree .
It has faced a slew of accusations about its work practices in recent weeks , after a labour group last week alleged its suppliers had been forcing staff sick with coronavirus to turn up to work .
Labour Behind the Label , a campaign group for workers ’ rights , said it had received reports of “ workers being forced to @ @ @ @ @ @ @ , workers wishing to isolate being denied pay , [ and ] factories operating illegally throughout lockdown ” .
Boohoo said it will investigate the allegations .
Read more : Boohoo buys Oasis and Warehouse as revenue rockets in lockdown The group became the subject of short-seller attacks in May this year , after London hedge fund Shadowfall published a 53-page report alleging that the retailer had provided a “ misleading impression ” of its free cash flow position .
Shadowfall said Boohoo had overstated its free cash flow by 65 per cent @ @ @ @ @ @ @ retailer said it “ strongly refuted ” the allegations .

Boohoo shares dive following Leicester factory allegations
Shares in fast fashion retailer Boohoo slumped more than 18 per cent today following allegations of illegally low wages at the firm’s factory in Leicester.
Boohoo shares fell 23 per cent during trading today, after the Sunday Times yesterday reported that workers making clothes for the firm’s Nasty Gal brand were paid as little as £3.50 an hour.
Shares settled slightly towards the end of the day, closing 18.5 per cent down at 315.9p.
The steep slump, which wiped more than a fifth off Boohoo’s market value overnight, comes as the National Crime Agency (NCA) announced it was investigating Leicester’s textiles industry over exploitation allegations. It did not make a specific comment on the Jaswal Fashions factory at the centre of allegations against Boohoo.
An NCA spokesman said: “Within the last few days NCA officers, along with Leicestershire Police and other partner agencies, attended a number of business premises in the Leicester area to assess concerns of modern slavery and human trafficking.”
Home Secretary Priti Patel described the allegations as “truly appalling”.
“I will not tolerate sick criminals forcing innocent people into slave labour and a life of exploitation,” she added.
Boohoo attempted to shrug off the allegations today, saying that its early investigations revealed that Jaswal Fashions was “not a declared supplier” of Boohoo, and that the factory had ceased operations as a garment manufacturer.
“It therefore appears that a different company is using Jaswal’s former premises and we are currently trying to establish the identity of this company.”
Boohoo added that it was taking “immediate action to thoroughly investigate how our garments were in their hands”.
The UK fashion firm, founded in 2006 by British billionaire Mahmud Kamani and Carole Kane, said that it will terminate its dealings with any supplier found in breach of its code of conduct.
“We are grateful to the Sunday Times for highlighting the conditions at Jaswal Fashions, which, if as observed and reported by the undercover reporter, are totally unacceptable and fall woefully short of any standards acceptable in any workplace,” Boohoo said.
Boohoo is by far the biggest company listed on AIM, with a capitalisation of nearly £5bn, eclipsing rival Asos and well-known brands such as Fevertree.
It has faced a slew of accusations about its work practices in recent weeks, after a labour group last week alleged its suppliers had been forcing staff sick with coronavirus to turn up to work.
Labour Behind the Label, a campaign group for workers’ rights, said it had received reports of “workers being forced to come into work while sick with Covid-19, workers wishing to isolate being denied pay, [and] factories operating illegally throughout lockdown”.
Boohoo said it will investigate the allegations.
The group became the subject of short-seller attacks in May this year, after London hedge fund Shadowfall published a 53-page report alleging that the retailer had provided a “misleading impression” of its free cash flow position.
Shadowfall said Boohoo had overstated its free cash flow by 65 per cent — equal to £32.2m. The online retailer said it “strongly refuted” the allegations.


cityam--2020-07-06--Scammers can create fake Facebook and Google ads 'within hours'

Lax controls on Google and Facebook enable scammers to create and post adverts for fake businesses within just a few hours , according to an investigation .
Harry Rose , editor of Which magazine , said it was “ worryingly easy for fraudsters to create adverts promoting scams for fake products and services ” .
Which created two linked fake companies – a water brand called Remedii and Natural Hydration , an online brand offering pseudo health and hydration advice .
Google only required advertisers to have a Gmail account to create adverts , the investigation found .
While it @ @ @ @ @ @ @ did not ask for proof of ID or verify if the business was actually legitimate .
In under an hour , Which said Google approved its adverts for both fake businesses .
They accumulated more than 100,000 impressions in the space of a month .
The fake advert for Natural Hydration even appeared above the official NHS Scotland pages when users searched for “ hydration advice ” .
Google has taken steps to improve ad transparency and introduced a verification process for political advertisers in 2018 .
However , this verification system has @ @ @ @ @ @ @ the platform yet .
Read more : Zuckerberg : Advertisers will be back on Facebook ‘ soon enough ’ The same investigation revealed scammers could create a Facebook business page via a personal account , using just an email address or mobile phone number .
Which generated a business page for Natural Hydration and produced a range of posts , which it promoted through the Facebook ad system , garnering more than 500 likes in a week .
In recent years , Facebook has implemented restrictions on harmful advertising , however this does @ @ @ @ @ @ @ site .
Facebook and Google accounted for the majority of the UK ’ s digital advertising market in 2019 , earning 80 per cent of the £14bn expenditure on the industry , according to the Competition and Markets Authority ( CMA ) .
“ Tech giants earn billions from advertising and should be putting more resources into preventing fraudsters from abusing their platforms , ” Which editor Rose added .
Facebook earned more than £2 billion from UK display advertising in 2019 , while Google earned £6 billion from UK advertising in the @ @ @ @ @ @ @ forces advertisers to prove identity in transparency push “ The government should widen its definition of ‘ online harms ’ to include fake adverts and content , which would mean future regulation would require more action from tech companies to tackle false advertising.
” A Facebook spokesperson said : “ We remove harmful misinformation that could contribute to physical harm , such as false health claims , and have strict policies against deceptive advertising and scams.
” And a Google spokesperson added : “ At Google , our goal is to make more @ @ @ @ @ @ @ and accessible .
Broadening our verification policy is the next step in reaching that goal .
We ’ ll continue to look for additional ways to increase transparency in ads for our users .
”

Scammers can create fake Facebook and Google ads ‘within hours’
Facebook CEO Mark Zuckerberg And News Corp CEO Robert Thomson Debut Facebook News
Lax controls on Google and Facebook enable scammers to create and post adverts for fake businesses within just a few hours, according to an investigation.
Harry Rose, editor of Which magazine, said it was “worryingly easy for fraudsters to create adverts promoting scams for fake products and services”.
Which created two linked fake companies – a water brand called Remedii and Natural Hydration, an online brand offering pseudo health and hydration advice.
Google only required advertisers to have a Gmail account to create adverts, the investigation found. While it did review the adverts submitted, it did not ask for proof of ID or verify if the business was actually legitimate.
In under an hour, Which said Google approved its adverts for both fake businesses. They accumulated more than 100,000 impressions in the space of a month.
The fake advert for Natural Hydration even appeared above the official NHS Scotland pages when users searched for “hydration advice”.
Google has taken steps to improve ad transparency and introduced a verification process for political advertisers in 2018. However, this verification system has not been extended to all advertisers on the platform yet.
The same investigation revealed scammers could create a Facebook business page via a personal account, using just an email address or mobile phone number.
Which generated a business page for Natural Hydration and produced a range of posts, which it promoted through the Facebook ad system, garnering more than 500 likes in a week.
In recent years, Facebook has implemented restrictions on harmful advertising, however this does not prevent all false advertising on the site.
Facebook and Google accounted for the majority of the UK’s digital advertising market in 2019, earning 80 per cent of the £14bn expenditure on the industry, according to the Competition and Markets Authority (CMA).
“Tech giants earn billions from advertising and should be putting more resources into preventing fraudsters from abusing their platforms,” Which editor Rose added.
Facebook earned more than £2 billion from UK display advertising in 2019, while Google earned £6 billion from UK advertising in the same year.
“The government should widen its definition of ‘online harms’ to include fake adverts and content, which would mean future regulation would require more action from tech companies to tackle false advertising.”
A Facebook spokesperson said: “We remove harmful misinformation that could contribute to physical harm, such as false health claims, and have strict policies against deceptive advertising and scams.”
And a Google spokesperson added: “At Google, our goal is to make more information about the ad experience universally available and accessible. Broadening our verification policy is the next step in reaching that goal. We’ll continue to look for additional ways to increase transparency in ads for our users.”


cityam--2020-07-06--PM calls for driverless Tube trains in TfL bailout

Boris Johnson has said that driverless Tube trains should be a condition of any future government bailout of Transport for London ( TfL ) .
The government gave TfL a £1.6bn support package in May following a slump in revenue as the coronavirus lockdown prevented commuters from using the service .
The funding is due to expire in September .
Read more : London must square the circle to deliver a sustainable transport network Speaking to journalists on a visit to Goole in Yorkshire today , the Prime Minister revived an argument he first set out as mayor of London @ @ @ @ @ @ @ on human drivers .
“ You can run these trains without the need for somebody to be sitting in the driver ’ s cab the whole time , ” the PM said .
“ So what I will be saying to the London transport authority is let ’ s take advantage of this technological leap forward — let ’ s not be the prisoners of the unions anymore .
Before the Open : Get the jump on the markets with our early morning newsletter “ Let ’ s go to driverless trains , @ @ @ @ @ @ @ condition of the funding settlement for Transport for London this autumn.
” Johnson added that driverless trains were the “ way forward ” for the country , and that they would be key to boosting the UK ’ s ailing economy .
Johnson first pledged to introduce driverless trains in 2014 during his second term as mayor of London .
The New Tube for London ( NTFL ) set out plans for 250 new driverless Tube cabs in a bid to increase capacity by up to 60 per cent by 2025 .
Johnson @ @ @ @ @ @ @ the Piccadilly Line in the early 2020s , with the full range of new trains set to follow between 2024 and 2033 .
Read more : Trainline ‘ confident ’ it can navigate coronavirus downturn as revenue grows However , Johnson ’ s plans lost pace after backlash from unions , who claimed the rollout of driverless trains would cause wide-spread job cuts .
RMT and Aslef , two unions that represent London ’ s Tube drivers , both threatened strike action over the announcement of driverless trains .
An RMT spokesman described @ @ @ @ @ @ @ lethal and ill-conceived ” one that would lead to “ industrial action indefinitely ” .
Commenting on Johnson ’ s remarks earlier today , RMT senior assistant general secretary Mick Lynch said : “ It is outrageous for Boris Johnson to wheel out the dangerous nonsense of driverless trains as a condition of the emergency Covid-19 funding of Transport for London .
“ This is the sort of cheap political stunt that was a hallmark of his time as mayor and we would have hoped he would have grown up by now.
” @ @ @ @ @ @ @ ’ t need this kind of political grandstanding to the Tory right — they need security of funding , services and jobs .
The Prime Minister needs to cut out this sort of garbage and get a grip of the serious challenges facing the transport sector as the lockdown eases .
”

PM calls for driverless Tube trains in TfL bailout
Boris Johnson has said that driverless Tube trains should be a condition of any future government bailout of Transport for London (TfL).
The government gave TfL a £1.6bn support package in May following a slump in revenue as the coronavirus lockdown prevented commuters from using the service. The funding is due to expire in September.
Speaking to journalists on a visit to Goole in Yorkshire today, the Prime Minister revived an argument he first set out as mayor of London, urging TfL to reduce its reliance on human drivers.
“You can run these trains without the need for somebody to be sitting in the driver’s cab the whole time,” the PM said.
“So what I will be saying to the London transport authority is let’s take advantage of this technological leap forward — let’s not be the prisoners of the unions anymore.
Before the Open: Get the jump on the markets with our early morning newsletter
“Let’s go to driverless trains, and let’s make that a condition of the funding settlement for Transport for London this autumn.”
Johnson added that driverless trains were the “way forward” for the country, and that they would be key to boosting the UK’s ailing economy.
Johnson first pledged to introduce driverless trains in 2014 during his second term as mayor of London. The New Tube for London (NTFL) set out plans for 250 new driverless Tube cabs in a bid to increase capacity by up to 60 per cent by 2025.
Johnson planned to roll out the NTFL on the Piccadilly Line in the early 2020s, with the full range of new trains set to follow between 2024 and 2033.
However, Johnson’s plans lost pace after backlash from unions, who claimed the rollout of driverless trains would cause wide-spread job cuts.
RMT and Aslef, two unions that represent London’s Tube drivers, both threatened strike action over the announcement of driverless trains. An RMT spokesman described the idea of automation as a “lethal and ill-conceived” one that would lead to “industrial action indefinitely”.
Commenting on Johnson’s remarks earlier today, RMT senior assistant general secretary Mick Lynch said: “It is outrageous for Boris Johnson to wheel out the dangerous nonsense of driverless trains as a condition of the emergency Covid-19 funding of Transport for London.
“This is the sort of cheap political stunt that was a hallmark of his time as mayor and we would have hoped he would have grown up by now.”
Lynch added: “Transport services don’t need this kind of political grandstanding to the Tory right — they need security of funding, services and jobs. The Prime Minister needs to cut out this sort of garbage and get a grip of the serious challenges facing the transport sector as the lockdown eases.”


cityam--2020-07-06--Magnitsky Act: Dominic Raab unveils first foreign citizens facing visa restrictions

Foreign secretary Dominic Raab has unveiled the first 49 foreign citizens facing sanctions for alleged human rights abuses under the UK ’ s new Magnitsky Act .
Speaking in the Commons today , the foreign secretary said the UK was taking action against the “ thugs of despots and henchmen of dictators ” and those trying to launder their “ blood-stained ill-gotten gains ” in Britain .
The new sanctions include visa bans and asset freezes on individuals suspected of “ serious ” human rights abuses .
The legislation will target 20 Saudi citizens suspected of being involved in the @ @ @ @ @ @ @ and two high-ranking Myanmar generals over violence against the Rohingya people .
It will also place sanctions on two North Korean organisations involved in the “ forced labour , torture and murder ” in the nation ’ s gulags , and 25 Russians who are suspected to have played a part in the death of Sergei Magnitsky in 2008 .
Read more : Johnson says he ’ s more optimistic than Barnier on post-Brexit trade deal Magnitsky was a Russian lawyer who died in a Moscow jail in 2009 after alleging Russian officials @ @ @ @ @ @ @ Hermitage Capital Management , a foreign investment firm he was advising .
The whistleblower ’ s maltreatment while in custody was condemned by the European Court of Human Rights , and led to fresh legislation in the US in 2012 condemning human rights violations .
The UK passed the Magnitsky Act amendment in May 2018 following the poisoning of Sergei and Yulia Skripal in Salisbury .
But a few months later in September , security minister Ben Wallace told the House of Commons that the powers to sanction could only be used after @ @ @ @ @ @ @ Speaking in parliament today , Raab said : “ This government is committed to the UK being an even stronger force for good in the world .
We will hold to account the perpetrators of the worst human rights abuses.
” Raab said the sanctions will cover “ an individual ’ s right to life ” , from the threat of assassination or killing , and freedom from torture or slavery .
“ Today the government sends a very clear message on behalf of the British people that those with blood on their @ @ @ @ @ @ @ the henchmen of dictators — will not be be free to waltz into this country , to buy up property on the Kings Road , do their Christmas shopping in Knightsbridge , or frankly to siphon dirty money through British banks , ” Raab said .
It will also be aimed at those that are benefitting and profiting from human rights abuses .
“ The powers enable us to target a wider network of perpetrators including those who facilitate , incite , promote or support these crimes , ” the foreign secretary added @ @ @ @ @ @ @ on money laundering in the UK by foreign individuals .
“ If you ’ re a kleptocrat or an organised criminal you will not be able to launder your blood money in this country , ” Raab said .
The move marks a turning point in British foreign policy , as the UK seeks to tighten its global position ahead of the Brexit transition period deadline on 31 December .
In the past , the UK has almost always imposed sanctions collectively as a member of the United Nations or the EU .
@ @ @ @ @ @ @ a separate sanctions framework for the UK , following Britain ’ s departure from the EU in January .
Raab said : “ From today , the UK will have new powers to stop those involved in serious human rights abuses and violations from entering the UK , channelling money through our banks and profiting from our economy .
“ This is a clear example of how the UK will help to lead the world in standing up for human rights .
“ We will not let those who seek to inflict pain @ @ @ @ @ @ @ benefit from what the UK has to offer.
” He added : “ This is about the UK demonstrating its commitment to addressing serious human rights abuses and violations around the world and upholding international standards.
” The Prime Minister ’ s official spokesperson today said the designations announced by Raab will come into play with immediate effect .
Bill Browder , chief executive of Hermitage Capital — the company Magnitsky alleged has been the subject of fraud by Russian officials — said the sanctioning of individuals involved would represent “ a huge @ @ @ @ @ @ @ justice .
He told City A.M : “ The US passed the Magnitsky Act in 2012 , and here we are in 2020 and Britain has finally done it.
” “ It ’ s very helpful because Britain beat the EU in doing this .
The EU has been dragging its feet for a long time , and I hope this will goose the EU into action , ” he added .
Browder said the UK has held back from implementing a US-style Magnitsky Act for several years due to a combination of @ @ @ @ @ @ @ EU , and a culture of inaction within Westminster .
“ It was partially because of the EU ’ s complaints , and partially because of a singular careerist policy where civil servants had dissuaded multiple Prime Ministers from doing this .
Raab was an obscure backbencher when the US passed the law and has been campaigning for it for quite some time.
” He added : “ In order for any decision to be made by the EU , it has to be a consensus from all 27 member states , which @ @ @ @ @ @ @ common denominator .
“ If you ’ ve got member states like Hungary , whose Prime Minister Viktor Orban is good friends with Vladimir Putin , then they ’ re not going to want to have Magnitsky ’ s name on it.
” Browder added : “ The UK has thrown down the gauntlet on having a moral foreign policy and the EU should follow suit.
” Before the Open : Get the jump on the markets with our early morning newsletter

Magnitsky Act: Dominic Raab unveils first foreign citizens facing visa restrictions
Foreign secretary Dominic Raab has unveiled the first 49 foreign citizens facing sanctions for alleged human rights abuses under the UK’s new Magnitsky Act.
Speaking in the Commons today, the foreign secretary said the UK was taking action against the “thugs of despots and henchmen of dictators” and those trying to launder their “blood-stained ill-gotten gains” in Britain.
The new sanctions include visa bans and asset freezes on individuals suspected of “serious” human rights abuses.
The legislation will target 20 Saudi citizens suspected of being involved in the death of journalist Jamal Khashoggi in 2018 and two high-ranking Myanmar generals over violence against the Rohingya people.
It will also place sanctions on two North Korean organisations involved in the “forced labour, torture and murder” in the nation’s gulags, and 25 Russians who are suspected to have played a part in the death of Sergei Magnitsky in 2009.
Magnitsky was a Russian lawyer who died in a Moscow jail in 2009 after alleging Russian officials were involved in large-scale tax fraud against Hermitage Capital Management, a foreign investment firm he was advising.
The whistleblower’s maltreatment while in custody was condemned by the European Court of Human Rights, and led to fresh legislation in the US in 2012 condemning human rights violations.
The UK passed the Magnitsky Act amendment in May 2018 following the poisoning of Sergei and Yulia Skripal in Salisbury. But a few months later in September, security minister Ben Wallace told the House of Commons that the powers to sanction could only be used after the UK had left the bloc.
Speaking in parliament today, Raab said: “This government is committed to the UK being an even stronger force for good in the world. We will hold to account the perpetrators of the worst human rights abuses.”
Former US President Barack Obama signed the Russia and Moldova Jackson-Vanik Repeal and Sergei Magnitsky Rule of Law Accountability Act, into law in the Oval Office on 14 December, 2012
Raab said the sanctions will cover “an individual’s right to life”, from the threat of assassination or killing, and freedom from torture or slavery.
“Today the government sends a very clear message on behalf of the British people that those with blood on their hands — the thugs of despots, the henchmen of dictators — will not be be free to waltz into this country, to buy up property on the Kings Road, do their Christmas shopping in Knightsbridge, or frankly to siphon dirty money through British banks,” Raab said.
It will also be aimed at those that are benefitting and profiting from human rights abuses.
“The powers enable us to target a wider network of perpetrators including those who facilitate, incite, promote or support these crimes,” the foreign secretary added.
The new law will also crackdown on money laundering in the UK by foreign individuals. “If you’re a kleptocrat or an organised criminal you will not be able to launder your blood money in this country,” Raab said.
The move marks a turning point in British foreign policy, as the UK seeks to tighten its global position ahead of the Brexit transition period deadline on 31 December.
In the past, the UK has almost always imposed sanctions collectively as a member of the United Nations or the EU.
But Raab today heralded the introduction of a separate sanctions framework for the UK, following Britain’s departure from the EU in January.
Raab said: “From today, the UK will have new powers to stop those involved in serious human rights abuses and violations from entering the UK, channelling money through our banks and profiting from our economy.
“This is a clear example of how the UK will help to lead the world in standing up for human rights.
“We will not let those who seek to inflict pain and destroy the lives of innocent victims benefit from what the UK has to offer.”
He added: “This is about the UK demonstrating its commitment to addressing serious human rights abuses and violations around the world and upholding international standards.”
The Prime Minister’s official spokesperson today said the designations announced by Raab will come into play with immediate effect.
Bill Browder, chief executive of Hermitage Capital — the company Magnitsky alleged has been the subject of fraud by Russian officials — said the sanctioning of individuals involved would represent “a huge milestone” in his 10-year campaign for justice.
He told City A.M: “The US passed the Magnitsky Act in 2012, and here we are in 2020 and Britain has finally done it.”
“It’s very helpful because Britain beat the EU in doing this. The EU has been dragging its feet for a long time, and I hope this will goose the EU into action,” he added.
Browder said the UK has held back from implementing a US-style Magnitsky Act for several years due to a combination of Britain’s previous involvement with the EU, and a culture of inaction within Westminster.
“It was partially because of the EU’s complaints, and partially because of a singular careerist policy where civil servants had dissuaded multiple Prime Ministers from doing this. Raab was an obscure backbencher when the US passed the law and has been campaigning for it for quite some time.”
He added: “In order for any decision to be made by the EU, it has to be a consensus from all 27 member states, which means it has to be the lowest common denominator.
“If you’ve got member states like Hungary, whose Prime Minister Viktor Orban is good friends with Vladimir Putin, then they’re not going to want to have Magnitsky’s name on it.”
Browder added: “The UK has thrown down the gauntlet on having a moral foreign policy and the EU should follow suit.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-07-06--Whatsapp and Telegram suspend user data review requests from Hong Kong authorities

Encrypted messaging services Telegram and Facebook ’ s Whatsapp said today they had “ paused ” accepting requests from Hong Kong authorities to review user data .
China ’ s parliament last week passed the national security law in Hong Kong , pushing the city state towards a more authoritarian approach to monitoring its citizens and internet censorship .
Previously Hong Kong enjoyed relatively liberal internet freedoms , retaining access to platforms such as Google , Twitter and Facebook while those sites are blocked in mainland China .
Before the Open : Get the jump on the markets with our @ @ @ @ @ @ @ be pausing review requests from law enforcement “ pending further assessment of the impact of the National Security Law , including formal human rights due diligence and consultations with human rights experts ” .
A spokesperson for Facebook told the Wall Street Journal it intends to do the same , saying in a statement : “ We believe freedom of expression is a fundamental human right and support the right of people to express themselves without fear for their safety or other repercussions.
” Telegram also said in a statement that it doesn @ @ @ @ @ @ @ data requests related to its Hong Kong users until an international consensus is reached in relation to the ongoing political changes in the city , ” adding that it has never shared data with law enforcement in Hong Kong .
Earlier today China ’ s ambassador to the UK accused Britain of gross interference in its affairs since Beijing introduced the new legislation .
Read more : Chinese ambassador accuses UK of ‘ gross interference ’ over Hong Kong Aside from internet restrictions , the legislation also punishes crimes of secession , subversion @ @ @ @ @ @ @ .
Downing Street described the security law as a “ clear and serious ” violation of the 1984 Joint Declaration under which it handed back its colony to China 13 years later , and said the UK would offer around 3m residents a path to British citizenship .
A spokesperson for Prime Minister Boris Johnson said today that “ the enactment and imposition of the national security law constitutes a clear and serious breach of the… joint declaration .
”

Whatsapp and Telegram suspend user data review requests from Hong Kong authorities
Encrypted messaging services Telegram and Facebook’s Whatsapp said today they had “paused” accepting requests from Hong Kong authorities to review user data.
China’s parliament last week passed the national security law in Hong Kong, pushing the city state towards a more authoritarian approach to monitoring its citizens and internet censorship.
Previously Hong Kong enjoyed relatively liberal internet freedoms, retaining access to platforms such as Google, Twitter and Facebook while those sites are blocked in mainland China.
Before the Open: Get the jump on the markets with our early morning newsletter
Whatsapp said it would be pausing review requests from law enforcement “pending further assessment of the impact of the National Security Law, including formal human rights due diligence and consultations with human rights experts”.
A spokesperson for Facebook told the Wall Street Journal it intends to do the same, saying in a statement: “We believe freedom of expression is a fundamental human right and support the right of people to express themselves without fear for their safety or other repercussions.”
Telegram also said in a statement that it doesn’t intend to process “any data requests related to its Hong Kong users until an international consensus is reached in relation to the ongoing political changes in the city,” adding that it has never shared data with law enforcement in Hong Kong.
Earlier today China’s ambassador to the UK accused Britain of gross interference in its affairs since Beijing introduced the new legislation.
Aside from internet restrictions, the legislation also punishes crimes of secession, subversion, terrorism and collusion with foreign forces.
Downing Street described the security law as a “clear and serious” violation of the 1984 Joint Declaration under which it handed back its colony to China 13 years later, and said the UK would offer around 3m residents a path to British citizenship.
A spokesperson for Prime Minister Boris Johnson said today that “the enactment and imposition of the national security law constitutes a clear and serious breach of the… joint declaration.”
“It violates Hong Kong’s high degree of autonomy,” he added.