cityam--2020-09-14--Exclusive: No scrutiny of disgraced Liberal Democrat candidate due to 'wealthy connections'

A disgraced former Liberal Democrat London mayor candidate was allegedly parachuted into the contest without extensive vetting in the hope she could potentially bring in vast amounts of donations and exclusive voter data to the party , City A.M. can reveal .
Sangeeta Siddhu-Robb , a millionaire businesswoman , was yesterday forced to drop out of the race to be the Liberal Democrats ’ mayoral candidate , after it was revealed she had delivered a public antisemitic tirade in 1997 .
Siddhu-Robb was filmed when she was a Conservative candidate in the 1997 General Election saying : “ Don ’ @ @ @ @ @ @ @ Straw is a Jew.
” Liberal Democrat insiders have said Siddhu-Robb was chosen for the party ’ s shortlist for her potential to inject the party with sorely needed funding , meaning she effectively “ bought her way in ” .
The race to be the Liberal Democrat candidate in next year ’ s mayor of London election began after former candidate Siobhan Benita dropped out earlier this year .
Yesterday , Benita took to Twitter to say she had also quit as a Liberal Democrat member due to “ serious issues ” @ @ @ @ @ @ @ .
A source from her campaign said a large reason behind Benita ’ s decision was because the party “ was skewing its process of choosing candidates so they can get funds in ” with Siddhu-Robb being a prime example .
Read more : Power to the People : What ’ s really behind the People ’ s Vote power struggle “ We were introduced to Geeta [ Siddhu-Robb ] as a donor of the party and someone from that wing , ” they said .
“ They wanted her to be a @ @ @ @ @ @ @ and wealthy connections , but there wasn ’ t proper scrutiny of her .
“ There ’ s just a serious lack of professionalism.
” A source at the Liberal Democrats ’ headquarters denied any candidates had ever been chosen on the basis of their fundraising potential , adding that Siddhu-Robb had been vetted by the party ’ s London office and not its national office .
Siddhu-Robb was also yesterday forced to resign as a board member of Open Britain , formerly known as the People ’ s Vote campaign , which @ @ @ @ @ @ @ Unleashed .
It is rumoured that Democracy Unleashed is planning on campaigning to change the UK ’ s electoral system from first past the post to proportional Representation – an issue long associated with the Liberal Democrats .
Siddhu-Robb was beginning to become the face of Democracy Unleashed , with many of the group ’ s recent campaign emails written in her name .
It is believed by some former senior People ’ s Vote officials that Siddhu-Robb was likely chosen to be on the Liberal Democrats ’ mayoral shortlist due to a @ @ @ @ @ @ @ to extensive campaign data owned by Open Britain and used by Democracy Unleashed .
Before the Open newsletter : Start your day with the City View podcast and key market data The data includes details for at least 500,000 former supporters of the People ’ s Vote campaign , which campaigned for a second Brexit referendum .
One former senior member of the People ’ s Vote campaign said that “ data is the new oil ” .
“ The new group [ Democracy Unleashed ] has been very vocal in its support @ @ @ @ @ @ @ said .
“ I ’ ve seen suggestions that there is a link between candidates Open Britain supports and its deep pockets.
” Siddhu-Robb said she “ apologises profusely ” for her comments about Jack Straw .
“ My behaviour caused offence and hurt and I am deeply sorry , ” she said .
Read more : Sir Ed Davey elected as leader of the Liberal Democrats “ There is no room for any form of racism or anti-Semitism in society and as such I very much regret my conduct at that time @ @ @ @ @ @ @ excuse , but the context was that I was on the receiving end of a consistent racist campaign and , wrongly , retaliated as I did.
” A Liberal Democrats spokesperson said : “ Geeta Sidhu-Robb has been suspended from the Liberal Democrats and will not be on the ballot paper to be the Liberal Democrat candidate for Mayor of London .
There is an investigation underway in accordance with due process .
”

Exclusive: No scrutiny of disgraced Liberal Democrat candidate due to ‘wealthy connections’
A disgraced former Liberal Democrat London mayor candidate was allegedly parachuted into the contest without extensive vetting in the hope she could potentially bring in vast amounts of donations and exclusive voter data to the party, City A.M. can reveal.
Sangeeta Siddhu-Robb, a millionaire businesswoman, was yesterday forced to drop out of the race to be the Liberal Democrats’ mayoral candidate, after it was revealed she had delivered a public antisemitic tirade in 1997.
Siddhu-Robb was filmed when she was a Conservative candidate in the 1997 General Election saying: “Don’t vote for a Jew, Jack Straw is a Jew.”
Liberal Democrat insiders have said Siddhu-Robb was chosen for the party’s shortlist for her potential to inject the party with sorely needed funding, meaning she effectively “bought her way in”.
The race to be the Liberal Democrat candidate in next year’s mayor of London election began after former candidate Siobhan Benita dropped out earlier this year.
Yesterday, Benita took to Twitter to say she had also quit as a Liberal Democrat member due to “serious issues” with the party’s internal workings.
A source from her campaign said a large reason behind Benita’s decision was because the party “was skewing its process of choosing candidates so they can get funds in” with Siddhu-Robb being a prime example.
“We were introduced to Geeta [Siddhu-Robb] as a donor of the party and someone from that wing,” they said.
“They wanted her to be a candidate so she could bring in money and wealthy connections, but there wasn’t proper scrutiny of her.
“There’s just a serious lack of professionalism.”
A source at the Liberal Democrats’ headquarters denied any candidates had ever been chosen on the basis of their fundraising potential, adding that Siddhu-Robb had been vetted by the party’s London office and not its national office.
Siddhu-Robb was also yesterday forced to resign as a board member of Open Britain, formerly known as the People’s Vote campaign, which operates the newly formed campaign group Democracy Unleashed.
It is rumoured that Democracy Unleashed is planning on campaigning to change the UK’s electoral system from first past the post to proportional Representation – an issue long associated with the Liberal Democrats.
Siddhu-Robb was beginning to become the face of Democracy Unleashed, with many of the group’s recent campaign emails written in her name.
It is believed by some former senior People’s Vote officials that Siddhu-Robb was likely chosen to be on the Liberal Democrats’ mayoral shortlist due to a perception that she may have had access to extensive campaign data owned by Open Britain and used by Democracy Unleashed.
Before the Open newsletter: Start your day with the City View podcast and key market data
The data includes details for at least 500,000 former supporters of the People’s Vote campaign, which campaigned for a second Brexit referendum.
One former senior member of the People’s Vote campaign said that “data is the new oil”.
“The new group [Democracy Unleashed] has been very vocal in its support for the Liberal Democrats,” they said.
“I’ve seen suggestions that there is a link between candidates Open Britain supports and its deep pockets.”
Siddhu-Robb said she “apologises profusely” for her comments about Jack Straw.
“My behaviour caused offence and hurt and I am deeply sorry,” she said.
“There is no room for any form of racism or anti-Semitism in society and as such I very much regret my conduct at that time. It is in no way an excuse, but the context was that I was on the receiving end of a consistent racist campaign and, wrongly, retaliated as I did.”
A Liberal Democrats spokesperson said: “Geeta Sidhu-Robb has been suspended from the Liberal Democrats and will not be on the ballot paper to be the Liberal Democrat candidate for Mayor of London. There is an investigation underway in accordance with due process.”


cityam--2020-09-14--Brexit: David Cameron becomes latest former PM to hit out at Brexit bill

David Cameron today became the fifth former prime minister to speak out about the government ’ s controversial plan to breach the Brexit withdrawal agreement .
Prime Minister Boris Johnson has come under fire for his proposed Internal Market Bill , which is due to come before MPs this afternoon .
Read more : Brexit : Prime Minister urges Tory MPs to back him over bill In a statement this morning Cameron said he had “ misgivings ” about the planned legislation , adding that it should be an “ absolute final resort ” .
“ Passing an act of @ @ @ @ @ @ @ an international treaty obligation is the very , very last thing you should contemplate , ” he said .
Cameron ’ s prolonged silence has not gone unnoticed , with many commentators pointing out over the weekend that he was the only former living prime minister not to have spoken about the bill .
Last week Theresa May launched stinging criticism of the government ’ s claim that the Brexit bill would break international law in a “ very limited and specific way ” .
Meanwhile , former chancellor and PM Gordon Brown @ @ @ @ @ @ @ hypocritical .
He said : “ If I had done that when I was prime minister the Conservatives would have accused me of breaching the rule of law .
“ They would have thrown everything at us and said that you can not ignore an international treaty that you signed only a few weeks ago and you negotiated.
” And yesterday former prime ministers Sir John Major and Tony Blair urged the government to reconsider its “ irresponsible ” internal market bill .
Read more : Tony Blair and Sir John Major urge @ @ @ @ @ @ @ deal Pressure on Johnson to scrap the plans mounted this morning after attorney general Geoffrey Cox also waded into the debate .
“ It is wrong for the British Government to renege on something to which we have given our solemn word , ” he told Times Radio .
“ I strongly sympathise with the desire of the government .
But what I don ’ t think it can do is to break the law.
” Cox ’ s intervention comes after he confirmed he will not be voting with the government in @ @ @ @ @ @ @ bill this afternoon .
Tory MPs have lined up to support the former attorney general .
Simon Hoare , Tory chairman of the Commons Northern Ireland Affairs Committee , said : ‘ Geoffrey is a man for whom respect for the Rule of Law ( and its defence ) is paramount .
“ His intervention can not be overlooked , ignored or swatted away.
” He added : “ As a committed Brexiter he should remain an important lightening rod .
”

Brexit: David Cameron becomes latest former PM to hit out at Brexit bill
David Cameron today became the fifth former prime minister to speak out about the government’s controversial plan to breach the Brexit withdrawal agreement.
Prime Minister Boris Johnson has come under fire for his proposed Internal Market Bill, which is due to come before MPs this afternoon.
In a statement this morning Cameron said he had “misgivings” about the planned legislation, adding that it should be an “absolute final resort”.
“Passing an act of parliament and then going on to break an international treaty obligation is the very, very last thing you should contemplate,” he said.
Cameron’s prolonged silence has not gone unnoticed, with many commentators pointing out over the weekend that he was the only former living prime minister not to have spoken about the bill.
Last week Theresa May launched stinging criticism of the government’s claim that the Brexit bill would break international law in a “very limited and specific way”.
Meanwhile, former chancellor and PM Gordon Brown denounced the government’s actions as hypocritical.
He said: “If I had done that when I was prime minister the Conservatives would have accused me of breaching the rule of law.
“They would have thrown everything at us and said that you cannot ignore an international treaty that you signed only a few weeks ago and you negotiated.”
And yesterday former prime ministers Sir John Major and Tony Blair urged the government to reconsider its “irresponsible” internal market bill.
Pressure on Johnson to scrap the plans mounted this morning after attorney general Geoffrey Cox also waded into the debate.
“It is wrong for the British Government to renege on something to which we have given our solemn word,” he told Times Radio.
“I strongly sympathise with the desire of the government. But what I don’t think it can do is to break the law.”
Cox’s intervention comes after he confirmed he will not be voting with the government in the second reading of the internal market bill this afternoon.
Tory MPs have lined up to support the former attorney general.
Simon Hoare, Tory chairman of the Commons Northern Ireland Affairs Committee, said: ‘Geoffrey is a man for whom respect for the Rule of Law (and its defence) is paramount.
“His intervention cannot be overlooked, ignored or swatted away.”
He added: “As a committed Brexiter he should remain an important lightening rod.”


cityam--2020-09-14--Brexit: Manufacturers warn no-deal car crash will cost industry €110bn

Brexit negotiations have been put on red alert after Europe and Britain ’ s car industries warned a no-deal scenario could spark a €110bn ( £101.5bn ) black hole in trade over the next five years .
It comes as trade talks have progressed to their most delicate stage yet –– the UK government ’ s internal market bill enters its second reading this afternoon in the House of Commons .
Meanwhile , the EU has claimed this bill violates the withdrawal agreement signed by both sides back in October 2019 , with chief Brexit negotiator Michel Barnier yesterday tweeting @ @ @ @ @ @ @ a threat to the integrity of the UK ” .
But 23 auto industry associations , including Britain ’ s Society of Motor Manufacturers and Traders ( SMMT ) and the European Automobile Manufacturers ’ Association ( ACEA ) joined forces in a statement published today .
It called on negotiations to secure a deal or risk tariffs making vehicles more expensive .
Figures show as many as 3m vehicles could cease to enter manufacture , costing EU production sites €57.7bn and £52.8bn for UK plants .
SMMT chief executive Mike Hawes said @ @ @ @ @ @ @ of the devastation that would follow a ‘ no deal ’ Brexit ” .
UK car industry trends show it has suffered considerably amid the ongoing coronavirus pandemic .
Read more : McLaren puts iconic Woking HQ up for sale for £200m Only 197 cars were manufactured during April 2020 .
Read more : UK car industry flatlines as just 197 cars built in April And in the first six months of the year just 381,357 cars were built , the lowest levels since 1954 .
In July , only 85,000 UK vehicles @ @ @ @ @ @ @ cent drop off on the previous year .
Read more : Car production slump continues despite signs of improvement This year also saw a drop of nearly half of new passenger car registration sales in Britain .
Today ’ s joint statement from UK and EU auto industry associations serve as a reminder for what lies at stake with the current Brexit negotiations .
Eric-Mark Huitema , ACEA Director General , said : “ The stakes are high for the EU auto industry – we absolutely must have an ambitious EU-UK trade agreement @ @ @ @ @ @ @ sector – already reeling from the COVID crisis – will be hit hard by a double whammy .
”

Brexit: Manufacturers warn no-deal car crash will cost industry €110bn
Brexit negotiations have been put on red alert after Europe and Britain’s car industries warned a no-deal scenario could spark a €110bn (£101.5bn) black hole in trade over the next five years.
It comes as trade talks have progressed to their most delicate stage yet –– the UK government’s internal market bill enters its second reading this afternoon in the House of Commons.
Meanwhile, the EU has claimed this bill violates the withdrawal agreement signed by both sides back in October 2019, with chief Brexit negotiator Michel Barnier yesterday tweeting that the current arrangement “is not a threat to the integrity of the UK”.
But 23 auto industry associations, including Britain’s Society of Motor Manufacturers and Traders (SMMT) and the European Automobile Manufacturers’ Association (ACEA) joined forces in a statement published today.
It called on negotiations to secure a deal or risk tariffs making vehicles more expensive.
Figures show as many as 3m vehicles could cease to enter manufacture, costing EU production sites €57.7bn and £52.8bn for UK plants.
SMMT chief executive Mike Hawes said the figures painted a “bleak picture of the devastation that would follow a ‘no deal’ Brexit”.
UK car industry trends show it has suffered considerably amid the ongoing coronavirus pandemic.
Only 197 cars were manufactured during April 2020.
And in the first six months of the year just 381,357 cars were built, the lowest levels since 1954.
In July, only 85,000 UK vehicles were manufactured, causing a 20 per cent drop off on the previous year.
This year also saw a drop of nearly half of new passenger car registration sales in Britain.
Today’s joint statement from UK and EU auto industry associations serve as a reminder for what lies at stake with the current Brexit negotiations.
Eric-Mark Huitema, ACEA Director General, said: “The stakes are high for the EU auto industry – we absolutely must have an ambitious EU-UK trade agreement in place by January. Otherwise our sector – already reeling from the COVID crisis – will be hit hard by a double whammy.”


cityam--2020-09-14--The Power of Inclusion seminar

The Power of Inclusion seminar

The fourth Power of Inclusion seminar in our 2020 series was sponsored by Standard Chartered , titled Diversity at the top : leading from above .
It focused on the importance of inclusive workplace cultures and explore how to create a culture of belonging where those from diverse socio-economic backgrounds are able to be themselves and succeed in their careers and the benefits this will bring to businesses .
The sessions so far have seen many organisations take tips , ideas and insights back to their businesses .
The Rt Hon The Lord Mayor of the City of London , @ @ @ @ @ @ @ ensuring London is a fair and inclusive city .
He acknowledged how those who are less well off have been impacted more severely by Covid-19 , due to loss of income and opportunity , and the recent A level controversy also highlighted some of the unfair structures in society .
Our chair Dan Robertson of VERCIDA Consulting explained how it ’ s about getting on in business , as well as getting in .
39 % of business leaders in the UK were privately educated , compared to 7 % of the national @ @ @ @ @ @ @ likely to feel marginalised and out of place in the work place , with career progression not always resting on merit alone .
Even with education and experience they still face the challenge of being recognised to reach leadership positions , feeling unable to reach those positions .
Steven Cooper , CEO at C.Hoare & Co , and interim co-chair of the Social Mobility Commission , told us about his story .
Growing up in a working class background , he says that one of the biggest challenges was a lack of inspirational @ @ @ @ @ @ @ show what was possible .
Initially joining Barclays , he quickly accelerated in his career , due to support from his colleagues and leadership .
But due to a different background , he often felt out of place .
Rather than formal programmes or structural support , it was often people offering support that really helped by metaphorically ‘ putting their arms around ’ him and seeing potential .
Issues are multifaceted and rarely about just education or career progression , and we see a number of factors impacting social mobility , even @ @ @ @ @ @ @ to afford the bus fare .
He says that social mobility is about everyone having an opportunity to fulfil potential , but it is often that a lack of awareness is limiting us .
Tanuj Kapilashrami is Group Head of HR at Standard Chartered and proud of having diversity within the business .
Having a diverse workforce also helps them work well with communities and customers , reflecting their commitment to representation across all levels of the business .
Perceptively , she spoke about the importance of inclusion , not just diversity .
@ @ @ @ @ @ @ the data – inclusion has to be genuine .
It ’ s good for business .
They found that in departments and areas where inclusive cultures are most prominent , innovation is greatest so there is a really key She discussed six key points : start at the top ; align to clients and needs ; have inclusive leadership ; focus on core people practices ; demonstrate clear governance and accountability ; and have transparent measurement systems .
Our round table discussion featured Annette Byron , Partner at Freshfields Bruckhaus Deringer LLP , @ @ @ @ @ @ @ and previously worked in banks , Gavin Lewis , Managing Director at BlackRock and Christopher Woolard , Chief Executive at the Financial Conduct Authority .
The introductions demonstrated how intersectionality has a big impact , with class , race , disability and more all serving to compound feelings of a lack of belonging .
Behaviours embedded in organisations can make it difficult to talent to progress .
We hear a lot about workplace cultures , but actually seeking to have a culture and employing people with that cultural fit can make the environment @ @ @ @ @ @ @ chamber , and the group discussed why it is important to have an inclusive culture .
Data and anecdotes show that diverse employees are an asset to the business and they need to think about why they want a diverse workforce , and the benefits this brings .
It ’ s important that people have a sense of belonging and feel psychological safety .
Leadership is about people , and a key skill is emotional intelligence .
To round up each of the panel shared one key takeaway : climb the ladder to @ @ @ @ @ @ @ have mentors that can help support progression ; understand why diversity and inclusion is important to your business and articulate it ; and formalise sponsorships that often exist in an informal way .
Initiated by Dame Fiona Woolf during her mayoral year , this is the seventh year that The Lord Mayor ’ s Appeal is running the Power of Inclusion seminar series ( renamed in 2019 from Power of Diversity ) , helping the City capture the benefits of Diversity and Inclusion ( D & I ) .
This year our series @ @ @ @ @ @ @ some of the structural barriers and internal beliefs that can stop people progressing in their careers .
As we face the social and economic impact of Covid-19 we believe social mobility is more important than ever .
There are six sponsored seminars in total taking place between May and November , each sponsored by a different corporate company .
The next Power of Inclusion session is on Tuesday 13 October and focuses on Networks and Sponsorship and Building Supportive Communities .
A key part of professional growth is mentorship , networking and sponsorship @ @ @ @ @ @ @ we can ensure that everyone has access to the same networks and sponsors and what businesses can do to improve networking opportunities to increase social mobility .

Sponsored Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
The Power of Inclusion seminar
The fourth Power of Inclusion seminar in our 2020 series was sponsored by Standard Chartered, titled Diversity at the top: leading from above.
It focused on the importance of inclusive workplace cultures and explore how to create a culture of belonging where those from diverse socio-economic backgrounds are able to be themselves and succeed in their careers and the benefits this will bring to businesses. The sessions so far have seen many organisations take tips, ideas and insights back to their businesses.
The Rt Hon The Lord Mayor of the City of London, Alderman William Russell reiterated his commitment to ensuring London is a fair and inclusive city. He acknowledged how those who are less well off have been impacted more severely by Covid-19, due to loss of income and opportunity, and the recent A level controversy also highlighted some of the unfair structures in society.
Our chair Dan Robertson of VERCIDA Consulting explained how it’s about getting on in business, as well as getting in. 39% of business leaders in the UK were privately educated, compared to 7% of the national population. Working class people are more likely to feel marginalised and out of place in the work place, with career progression not always resting on merit alone. Even with education and experience they still face the challenge of being recognised to reach leadership positions, feeling unable to reach those positions.
Steven Cooper, CEO at C.Hoare & Co, and interim co-chair of the Social Mobility Commission, told us about his story. Growing up in a working class background, he says that one of the biggest challenges was a lack of inspirational and educational role models out there to show what was possible. Initially joining Barclays, he quickly accelerated in his career, due to support from his colleagues and leadership. But due to a different background, he often felt out of place. Rather than formal programmes or structural support, it was often people offering support that really helped by metaphorically ‘putting their arms around’ him and seeing potential. Issues are multifaceted and rarely about just education or career progression, and we see a number of factors impacting social mobility, even down to things like not being able to afford the bus fare. He says that social mobility is about everyone having an opportunity to fulfil potential, but it is often that a lack of awareness is limiting us.
Tanuj Kapilashrami is Group Head of HR at Standard Chartered and proud of having diversity within the business. Having a diverse workforce also helps them work well with communities and customers, reflecting their commitment to representation across all levels of the business. Perceptively, she spoke about the importance of inclusion, not just diversity. There’s no point just having the data – inclusion has to be genuine. It’s good for business. They found that in departments and areas where inclusive cultures are most prominent, innovation is greatest so there is a really key She discussed six key points: start at the top; align to clients and needs; have inclusive leadership; focus on core people practices; demonstrate clear governance and accountability; and have transparent measurement systems.
Our round table discussion featured Annette Byron, Partner at Freshfields Bruckhaus Deringer LLP, David Clarke, Director of Services RNIB and previously worked in banks, Gavin Lewis, Managing Director at BlackRock and Christopher Woolard, Chief Executive at the Financial Conduct Authority. The introductions demonstrated how intersectionality has a big impact, with class, race, disability and more all serving to compound feelings of a lack of belonging. Behaviours embedded in organisations can make it difficult to talent to progress. We hear a lot about workplace cultures, but actually seeking to have a culture and employing people with that cultural fit can make the environment something of a limited workforce and echo chamber, and the group discussed why it is important to have an inclusive culture. Data and anecdotes show that diverse employees are an asset to the business and they need to think about why they want a diverse workforce, and the benefits this brings. It’s important that people have a sense of belonging and feel psychological safety. Leadership is about people, and a key skill is emotional intelligence.
To round up each of the panel shared one key takeaway: climb the ladder to bring more people up with you; have mentors that can help support progression; understand why diversity and inclusion is important to your business and articulate it; and formalise sponsorships that often exist in an informal way.
Initiated by Dame Fiona Woolf during her mayoral year, this is the seventh year that The Lord Mayor’s Appeal is running the Power of Inclusion seminar series (renamed in 2019 from Power of Diversity), helping the City capture the benefits of Diversity and Inclusion (D&I). This year our series will focus on social mobility and explore some of the structural barriers and internal beliefs that can stop people progressing in their careers. As we face the social and economic impact of Covid-19 we believe social mobility is more important than ever. There are six sponsored seminars in total taking place between May and November, each sponsored by a different corporate company.
The next Power of Inclusion session is on Tuesday 13 October and focuses on Networks and Sponsorship and Building Supportive Communities. A key part of professional growth is mentorship, networking and sponsorship and this webinar will look at how we can ensure that everyone has access to the same networks and sponsors and what businesses can do to improve networking opportunities to increase social mobility.


cityam--2020-09-14--Oracle confirms Tiktok deal as US officials step in for review

Oracle has confirmed it is part of a deal to sign a partnership agreement with hit video app Tiktok , after its Chinese owner Bytedance rejected a rival takeover bid from Microsoft .
Bytedance had been exploring a sale of its US business after US President Donald Trump threatened to shut down the app amid concerns about national security .
Oracle and Microsoft had been frontrunners of two separate consortiums in a bidding war for the social media platform .
But Microsoft yesterday announced that Bytedance had rejected its offer , putting Oracle in prime position to seal a deal @ @ @ @ @ @ @ Here ’ s what the Oracle deal could mean for Tiktok The US tech group , which is chaired by billionaire Larry Ellison , has now submitted a proposal to partner with Bytedance , which is being reviewed by US officials .
The tie-up would see Oracle take over management of Tiktok ’ s US user data .
The two sides are also said to be negotiating the sale of a stake in Tiktok ’ s US division .
US Treasury secretary Steve Mnuchin said the Committee on Foreign Investment — a US @ @ @ @ @ @ @ — would be reviewing the agreement this week , before deciding whether or not to recommend the deal to the president .
Some of Bytedance ’ s biggest backers , including investment firms General Atlantic and Sequoia , will also be given minority stakes in the app ’ s US arm , according to reports .
It is thought the deal would allow Bytedance to avoid a US ban while appeasing Washington ’ s concerns about national security .
Trump has previously supported Oracle ’ s bid for Tiktok , saying it would @ @ @ @ @ @ @ take over the Chinese platform .
Oracle founder Larry Ellison is a vocal supporter of Trump and earlier this year hosted a fundraiser for the president at his estate in California .
Tiktok has become a high-profile victim of ongoing trade tensions between the US and China .
Tiktok chief executive Kevin Mayer resigned after just three months in the job , stating that political pressure from the White House had changed the nature of his role .

Oracle confirms Tiktok deal as US officials step in for review
Oracle has confirmed it is part of a deal to sign a partnership agreement with hit video app Tiktok, after its Chinese owner Bytedance rejected a rival takeover bid from Microsoft.
Bytedance had been exploring a sale of its US business after US President Donald Trump threatened to shut down the app amid concerns about national security.
Oracle and Microsoft had been frontrunners of two separate consortiums in a bidding war for the social media platform. But Microsoft yesterday announced that Bytedance had rejected its offer, putting Oracle in prime position to seal a deal.
The US tech group, which is chaired by billionaire Larry Ellison, has now submitted a proposal to partner with Bytedance, which is being reviewed by US officials.
The tie-up would see Oracle take over management of Tiktok’s US user data. The two sides are also said to be negotiating the sale of a stake in Tiktok’s US division.
US Treasury secretary Steve Mnuchin said the Committee on Foreign Investment — a US panel set up to scrutinise such deals — would be reviewing the agreement this week, before deciding whether or not to recommend the deal to the president.
Some of Bytedance’s biggest backers, including investment firms General Atlantic and Sequoia, will also be given minority stakes in the app’s US arm, according to reports.
It is thought the deal would allow Bytedance to avoid a US ban while appeasing Washington’s concerns about national security.
Trump has previously supported Oracle’s bid for Tiktok, saying it would be a “great company” to take over the Chinese platform.
Oracle founder Larry Ellison is a vocal supporter of Trump and earlier this year hosted a fundraiser for the president at his estate in California.
Tiktok has become a high-profile victim of ongoing trade tensions between the US and China.
Tiktok chief executive Kevin Mayer resigned after just three months in the job, stating that political pressure from the White House had changed the nature of his role.
Tiktok and Oracle declined to comment.


cityam--2020-09-14--US stocks jump but FTSE 100 stalls amid dealmaking frenzy

US stocks jumped but the FTSE 100 fell as investors digested a set of high-profile deals that would change the corporate landscape in the UK , US and China .
Wall Street ’ s tech-heavy Nasdaq index gained 2.1 per cent in early trading .
The S & P 500 rose 1.7 per cent and the Dow Jones climbed 1.3 per cent .
London ’ s blue-chip index slipped 0.1 per cent to stand at 6,027 points in afternoon trading .
The FTSE 250 of mid-cap stocks rose 0.5 per cent .
Read more : Nvidia to buy UK chip @ @ @ @ @ @ @ s Dax fell 0.1 per cent into the red after rising in the morning .
The continent-wide Stoxx 600 climbed 0.1 per cent .
Investors were digesting the news that short video app Tiktok has agreed on a “ technology partnership ” with US computer firm Oracle .
The deal still needs approval , however , and US President Donald Trump is keen Tiktok sells its entire US business .
Meanwhile , US tech giant Nvidia has sealed the purchase of UK computer chip-maker Arm holdings from Japan ’ s Softbank for $ @ @ @ @ @ @ @ become the biggest shareholder of Nvidia .
On top of this , US pharmaceutical firm Gilead is set to buy cancer drug-maker Immunomedics in a $ 21bn tie-up .
The FTSE 100 received an early boost from Astrazeneca and Oxford University restarting their coronavirus vaccine trials .
The trials were stopped last week after someone in the trial fell ill .
But on Saturday Oxford said the trials had been deemed safe to continue .
“ News that the trial is back on track is music to the ears of the market , @ @ @ @ @ @ @ at trading platform City Index .
Yet there are no guarantees the Oxford trial will deliver .
Astrazeneca ’ s share price was in fact lower in afternoon trading after the Trump administration moved to lower US drug prices .
And FTSE 100 investors ’ worries over rising coronavirus and Brexit saw the index turn lower .
The pound recovered some of the ground it lost last week amid Brexit tension .
It was up 0.6 per cent to $ 1.288 , putting pressure on the FTSE 100 as it makes the overseas @ @ @ @ @ @ @ relatively less .
Read more : AstraZeneca given green light to resume Covid-19 vaccine trials Joshua Mahony , senior market analyst at trading platform IG , said : “ News that the Astrazeneca vaccine trial has resumed has provided stocks with a lift .
“ Yet the Brexit vote should ensure volatility for the pound and FTSE .
Meanwhile , a rise in cases globally dents sentiment around domestically-focused UK stocks.
” Wall Street stocks had a torrid two weeks after investors second-guessed the recent tech rally , bringing the Nasdaq and S @ @ @ @ @ @ @ .
Yet both indices rallied strongly in morning trading , boosted by investor optimism about the blizzard of mergers and acquisitions .
Shares in tech giant Nvidia jumped 6.6 per cent after it cemented the Arm deal .
Big tech stocks rallied strongly , driving the Nsdaq higher .
Read more : Softbank shares fall seven per cent on rising tech bets “ US markets have opened broadly higher , boosted by various M & A announcements that have come out over the weekend , ” said Michael Hewson , chief market analyst @ @ @ @ @ @ @ Nvidia shares have moved higher on the back of this morning ’ s news.
” Yet Hewson added : “ Given the sway over the global chip market such a deal would give them global regulators may well have something to say about whether this deal goes through in its current form .
”

US stocks jump but FTSE 100 stalls amid dealmaking frenzy
London’s FTSE 100 index has lagged behind its global competitors
US stocks jumped but the FTSE 100 fell as investors digested a set of high-profile deals that would change the corporate landscape in the UK, US and China.
Wall Street’s tech-heavy Nasdaq index gained 2.1 per cent in early trading. The S&P 500 rose 1.7 per cent and the Dow Jones climbed 1.3 per cent.
London’s blue-chip index slipped 0.1 per cent to stand at 6,027 points in afternoon trading. The FTSE 250 of mid-cap stocks rose 0.5 per cent.
Read more: Nvidia to buy UK chip designer Arm for $40bn
Germany’s Dax fell 0.1 per cent into the red after rising in the morning. The continent-wide Stoxx 600 climbed 0.1 per cent.
Investors were digesting the news that short video app Tiktok has agreed on a “technology partnership” with US computer firm Oracle. The deal still needs approval, however, and US President Donald Trump is keen Tiktok sells its entire US business.
Meanwhile, US tech giant Nvidia has sealed the purchase of UK computer chip-maker Arm holdings from Japan’s Softbank for $40bn (£31bn). Softbank will become the biggest shareholder of Nvidia.
On top of this, US pharmaceutical firm Gilead is set to buy cancer drug-maker Immunomedics in a $21bn tie-up.
FTSE 100 lifted by vaccine trial restart
The FTSE 100 received an early boost from Astrazeneca and Oxford University restarting their coronavirus vaccine trials.
The trials were stopped last week after someone in the trial fell ill. But on Saturday Oxford said the trials had been deemed safe to continue.
“News that the trial is back on track is music to the ears of the market,” said Fiona Cincotta, market analyst at trading platform City Index.
Yet there are no guarantees the Oxford trial will deliver. Astrazeneca’s share price was in fact lower in afternoon trading after the Trump administration moved to lower US drug prices.
And FTSE 100 investors’ worries over rising coronavirus and Brexit saw the index turn lower.
The pound recovered some of the ground it lost last week amid Brexit tension. It was up 0.6 per cent to $1.288, putting pressure on the FTSE 100 as it makes the overseas earnings of the indices’ firms worth relatively less.
Read more: AstraZeneca given green light to resume Covid-19 vaccine trials
Joshua Mahony, senior market analyst at trading platform IG, said: “News that the Astrazeneca vaccine trial has resumed has provided stocks with a lift.
“Yet the Brexit vote should ensure volatility for the pound and FTSE. Meanwhile, a rise in cases globally dents sentiment around domestically-focused UK stocks.”
Wall Street recovers lost ground
Wall Street stocks had a torrid two weeks after investors second-guessed the recent tech rally, bringing the Nasdaq and S&P 500 back down to earth.
Yet both indices rallied strongly in morning trading, boosted by investor optimism about the blizzard of mergers and acquisitions.
Shares in tech giant Nvidia jumped 6.6 per cent after it cemented the Arm deal. Big tech stocks rallied strongly, driving the Nsdaq higher.
“US markets have opened broadly higher, boosted by various M&A announcements that have come out over the weekend,” said Michael Hewson, chief market analyst at trading platform CMC Markets.
“Nvidia shares have moved higher on the back of this morning’s news.” Yet Hewson added: “Given the sway over the global chip market such a deal would give them global regulators may well have something to say about whether this deal goes through in its current form.”


cityam--2020-09-15--FTSE 100 jumps after strong Chinese industrial data

The FTSE 100 rose sharply and US stocks were set to open higher as investors reacted well to stronger-than-expected economic data from China .
Britain ’ s main stock index was up one per cent after midday at 6,089 .
The FTSE 250 index – which is made up of slightly smaller firms – climbed 0.5 per cent .
The pan-European Stoxx 600 rose 0.7 per cent .
And Germany ’ s Dax was up 0.4 per cent .
Overnight in Asia , China ’ s CSI 300 rose 0.8 per cent after August industrial output grew 5.6 per cent @ @ @ @ @ @ @ figures showed that output rose the most in eight months in August .
Retail sales also grew , suggesting that Chinese consumers are rediscovering their taste for spending after the coronavirus pandemic .
“ The more inclusive gains are promising and investors may also be encouraged by the stabilization we ’ re seeing in the tech space , ” said Craig Erlam , senior market analyst at currency firm Oanda .
The Chinese economic data was good for the FTSE 100 , which is dominated by multinationals reliant on global industrial demand .
@ @ @ @ @ @ @ stock markets , with miners bolstering the FTSE 100 following an improvement in Chinese data , ” said Chris Beauchamp , chief market analyst at trading platform IG .
Miners Glencore , Rio Tinto , Anglo American and BHP did well , each rising more than two per cent .
Yet online supermarket Ocado was the biggest riser , climbing 5.1 per cent after it said sales surged in the third quarter as customers turned to online shopping .
Retail revenue surged 52 per cent to £587.3m in the 13 weeks to 30 @ @ @ @ @ @ @ grocery deliveries .
Read more : Ocado sales surge as consumers switch to online shopping The FTSE 100 ’ s rise came despite figures showing the British economy shed 695,000 jobs between March and August .
Sterling rose sharply against the dollar despite the passing of a controversial Brexit bill .
It jumped 0.6 per cent to $ 1.292 .
US stocks were also set to open higher after a strong day yesterday , according to futures prices .
The Nasdaq and S & P 500 both recovered somewhat from two weeks of @ @ @ @ @ @ @ cent and the latter climbed 1.3 per cent .
Markets were boosted by a flurry of dealmaking .
US chip giant Nvidia yesterday confirmed the takeover of UK chip designer Arm Holdings for $ 40bn ( £31bn ) .
Tiktok agreed a “ technology partnership ” with US computer firm Oracle .
And pharmaceutical firm Gilead agreed to buy Immunomedics for $ 21bn , among other deals .
Read more : Nvidia to buy UK chip designer Arm for $ 40bn Beauchamp said : “ Stock markets continue to make gains , after @ @ @ @ @ @ @ a difficult first half of September.
” “ A light economic calendar ahead gives equities the space to make further gains , although we can expect momentum to stall as we near the [ US Federal Reserve ] decision tomorrow .
”

FTSE 100 and US stocks jump after strong Chinese industrial data
The City of London – where the FTSE 100’s London Stock Exchange is based – has been quiet during coronavirus
The FTSE 100 rose sharply and US stocks opened higher as investors reacted well to stronger-than-expected economic data from China.
Britain’s main stock index was up nearly one per cent during the afternoon session at 6,085 points. The FTSE 250 index – which is made up of slightly smaller firms – climbed 0.6 per cent.
Read more: BCC president warns Boris Johnson of ‘difficult winter ahead’
The pan-European Stoxx 600 rose 0.7 per cent. And Germany’s Dax was up 0.35 per cent.
Overnight in Asia, China’s CSI 300 rose 0.8 per cent after August industrial output grew 5.6 per cent, beating expectations.
The Chinese industrial figures showed that output rose the most in eight months in August. Retail sales also grew, suggesting that Chinese consumers are rediscovering their taste for spending after the coronavirus pandemic.
“The more inclusive gains are promising and investors may also be encouraged by the stabilization we’re seeing in the tech space,” said Craig Erlam, senior market analyst at currency firm Oanda.
“Investors clearly weren’t interested in the troubling longer-term outlook for the UK jobs market, instead focusing on the short-term beats in the morning’s latest report”, added Spreadex financial analyst Connor Campbell.
Miners and retailers lift FTSE 100
The Chinese economic data was good for the FTSE 100, which is dominated by multinationals reliant on global industrial demand.
“It is another positive morning for stock markets, with miners bolstering the FTSE 100 following an improvement in Chinese data,” said Chris Beauchamp, chief market analyst at trading platform IG.
Miners Glencore, Rio Tinto, Anglo American and BHP did well, each rising more than two per cent.
Yet online supermarket Ocado was the biggest riser, climbing 8.9 per cent after it said sales surged in the third quarter as customers turned to online shopping.
Retail revenue surged 52 per cent to £587.3m in the 13 weeks to 30 August due to high demand for home grocery deliveries.
The FTSE 100’s rise came despite figures showing the British economy shed 695,000 jobs between March and August.
Sterling rose sharply against the dollar despite the passing of a controversial Brexit bill. It jumped 0.6 per cent to $1.292.
Wall Street extends Monday’s rally
Like the FTSE, US investors were upbeat as data emerging from China indicates an economic rebound. Investors were also buoyed by tech shares extending Monday’s rally in the wake of a flurry of activity in the sector.
The Nasdaq and S&P 500 both recovered somewhat from two weeks of falls on Monday. The former rose 1.9 per cent and the latter climbed 1.3 per cent.
Markets were boosted as US chip giant Nvidia confirmed the takeover of UK chip designer Arm Holdings for $40bn (£31bn).
And Tiktok agreed a “technology partnership” with US computer firm Oracle.
The benchmark S&P 500 opened 0.9 per cent higher on Tuesday. The tech-heavy Nasdaq, emboldened by yesterday’s gains, climbed a further 1.4 per cent. The Dow Jones rose 0.5 per cent to 28,138 points.
Wall Street was also boosted by German economic data which showed an unexpected rise in economic confidence. The index rose to 77.4 in September, up from 71.5 in the previous month.
Beauchamp said: “Stock markets continue to make gains, after US markets came storming back yesterday after a difficult first half of September.”
“A light economic calendar ahead gives equities the space to make further gains, although we can expect momentum to stall as we near the [US Federal Reserve] decision tomorrow.”
Tech investors will be looking ahead to Apple’s expected product launch this afternoon. Meanwhile, macro investors await the result of the Fed’s policy meetings.
Fed officials will convene their final meeting before the US election on Wednesday and the central bank is expected to set new economic and interest rate projections.


cityam--2020-09-15--High Court rules in favour of struggling firms in business interruption insurance case

Insurers may have to pay out to hundreds of thousands of British firms who had business interruption claims turned down during the pandemic , following a landmark ruling .
The High Court today ruled in favour of policyholders in a test case brought by the Financial Conduct Authority ( FCA ) .
Read more : FCA gears up for business interruption insurance court battle In June the regulator selected samples of insurance wording for the case , which it expected to provide clarity and guidance for the interpretation of many insurance policies .
Interim FCA boss Christopher Woolard today said @ @ @ @ @ @ @ in order to resolve the lack of clarity and certainty that existed for many policyholders making business interruption claims and the wider market.
” “ We are pleased that the Court has substantially found in favour of the arguments we presented on the majority of the key issues .
Today ’ s judgment is a significant step in resolving the uncertainty being faced by policyholders.
” Two action groups – the Hiscox Action Group and the Hospitality Insurance Group Action – were given permission to intervene on behalf of certain policyholders .
The @ @ @ @ @ @ @ insurance test case as a “ landmark victory ” .
Its law firm Mishcon de Reya has written to insurer Hiscox for interim payments to be made to policyholders .
The FCA said policyholders with affected claims can expect to hear from their insurer within the next seven days .
Read more : Hiscox policyholders set to launch legal action against firm over coronavirus claims Michael Frisby , a Stevens & Bolton dispute resolution partner who represented a group 34 nurseries whose policy wording was tested in the case , said it was @ @ @ @ @ @ @ ” .
“ Whilst the judgment doesn ’ t determine every claim or point of confusion , it provides clear guidance to identify which claims are covered in the wake of the pandemic .
It will have the effect of reducing the disputes over coverage arising from the pandemic , and should also help resolve some individual disputes ” , he added .

High Court rules in favour of struggling firms in business interruption insurance case
Insurers may have to pay out to hundreds of thousands of British firms who had business interruption claims turned down during the pandemic, following a landmark ruling.
The High Court today ruled in favour of policyholders in a test case brought by the Financial Conduct Authority (FCA).
The Court ruled on a representative sample of 17 policy wordings by 16 insurers. It found that most, although not all, of the clauses provide cover.
Interim FCA boss Christopher Woolard today said: “We brought the test case in order to resolve the lack of clarity and certainty that existed for many policyholders making business interruption claims and the wider market.”
“We are pleased that the Court has substantially found in favour of the arguments we presented on the majority of the key issues. Today’s judgment is a significant step in resolving the uncertainty being faced by policyholders.”
Two action groups – the Hiscox Action Group and the Hospitality Insurance Group Action – were given permission to intervene on behalf of certain policyholders.
The Hiscox Action Group hailed the business interruption insurance test case as a “landmark victory”. Its law firm Mishcon de Reya has written to insurer Hiscox for interim payments to be made to policyholders.
The FCA said policyholders with affected claims can expect to hear from their insurer within the next seven days.
Huw Evans, the director-general of the Association of British insurers, said: “Insurers have supported this fast-track court process led by the FCA… The judgment divides evenly between insurers and policyholders on the main issues. The national lockdown was an unprecedented situation that posed understandable questions of interpretation for some business insurance contracts.”
“Individual insurers will be analysing the judgment, engaging with the regulator, taking account of the appeal process and keeping their customers informed in the period ahead”, he added.
Michael Frisby, a Stevens & Bolton dispute resolution partner who represented a group 34 nurseries whose policy wording was tested in the case, said it was a “shining example of regulatory intervention”.
“Whilst the judgment doesn’t determine every claim or point of confusion, it provides clear guidance to identify which claims are covered in the wake of the pandemic. It will have the effect of reducing the disputes over coverage arising from the pandemic, and should also help resolve some individual disputes”, he added.


cityam--2020-09-15--UK unemployment: Experts say job losses to jump as furlough ends

UK unemployment has finally started rising .
Months of economic hardship and the winding down of the furlough scheme meant 695,000 people lost their jobs between March and August , according to payroll data .
The Office for National Statistics ( ONS ) said the unemployment rate rose to 4.1 per cent in the three months to July .
That was after 48,000 jobs were lost compared to the previous quarter , the biggest quarterly increase since the financial crisis in 2009 .
Although analysts noted some brighter spots , including a rise in vacancies , the prevailing view was @ @ @ @ @ @ @ furlough scheme is wound down , the situation in the job market is going to get much worse .
Furlough scheme is flattering statistics – for now The furlough scheme continued to keep unemployment down in the official figures to the end of July .
Under the scheme , the government paid 80 per cent of the wages up to £2,500 a month of workers that may otherwise be laid off .
It is being wound down , however , with firms asked to gradually contribute more from August .
Economists say the @ @ @ @ @ @ @ much more pain to come .
“ August provided some breathing space ahead of a difficult autumn , ” said Yael Selfin , chief economist at KPMG UK , said .
“ As furlough starts to wind down , the unemployment rate will move to reflect the scale of the crisis we are in.
” Yet Paul Dales , chief UK economist at consultancy Capital Economics , said there were some glimmers of hope .
“ It ’ s encouraging that the start of the unwinding of the furlough scheme in August has @ @ @ @ @ @ @ losses.
” Read more : Pizza Express creditors back plan to close 73 restaurants and cut 1,000 jobs “ That said , the 156,000 decline in employment of 16 to 24-year-olds… and the 236,000 rise in employment for 25 to 64-year-olds shows how the recession has hit the youngest hardest.
” Capital Economics reckoned unemployment would rise to around seven per cent towards the end of the year – putting more than 2m out of work .
Pressure on the government to extend support The rising unemployment figures added to the pressure on @ @ @ @ @ @ @ jobs .
Chancellor Rishi Sunak will replace furlough with a job retention bonus , which will pay firms £1,000 for each person they bring back .
Yet critics have said it will not be enough .
Frances O ’ Grady , general secretary of the Trades Union Congress , said : “ These are deeply worrying figures .
With state support coming to an end the threat of mass unemployment is very real .
“ That means building on the furlough scheme by setting up a new job retention and upskilling deal , @ @ @ @ @ @ @ have a viable future.
” Read more : Coronavirus : Keir Starmer to call for furlough scheme replacement So far , Sunak has stuck to his plan to end furlough in October .
He said : “ We ’ ve taken decisive action throughout this crisis , ” he said .
“ We ’ ll continue to do that through the autumn , including by supporting people back to work through policies such as our job retention bonus worth up to £9bn.
” Yet Howard Archer , chief economic adviser to the EY @ @ @ @ @ @ @ that the chancellor will feel compelled to take further steps to support the labour market in the autumn Budget ” .
It wasn ’ t all bad , experts said .
Archer said : “ There were areas of improvement as the economy increasingly opened up and more furloughed workers returned to work.
” He pointed out that employment fell at a reduced rate from June .
In the three months to July 12,000 people lost their jobs , a much smaller fall than 220,000 over the three months to June .
“ @ @ @ @ @ @ @ the impact of gradual re-opening , ” Archer said .
“ But latest data shows hiring to be still a way off its usual levels.
” Dales said the more up-to-date August payroll data suggested “ the bulk of the 3m or so workers that may have come off the furlough since June have gone back to their jobs rather than into unemployment or inactivity ” .
Read more : Sajid Javid backs plan to end furlough scheme in October Yet he warned : “ That all said , it perhaps makes sense @ @ @ @ @ @ @ to lose their jobs will be kept on the furlough scheme for longest.
” Economists ’ overriding tone remained pessimistic .
Dales said that a jump in unemployment “ will happen by the time the scheme ceases at the end of October ” .

UK unemployment: Experts say job losses to jump as furlough ends
The UK unemployment rate rose to 4.1 per cent in the three months to July, but more up-to-date August payroll figures painted a gloomier picture
UK unemployment has finally started rising. Months of economic hardship and the winding down of the furlough scheme meant 695,000 people lost their jobs between March and August, according to payroll data.
The Office for National Statistics (ONS) said the unemployment rate rose to 4.1 per cent in the three months to July. That was after 48,000 jobs were lost compared to the previous quarter, the biggest quarterly increase since the financial crisis in 2009.
Although analysts noted some brighter spots, including a rise in vacancies, the prevailing view was gloomy. Experts said that as the furlough scheme is wound down, the situation in the job market is going to get much worse.
Furlough scheme is flattering statistics – for now
The furlough scheme continued to keep unemployment down in the official figures to the end of July.
Under the scheme, the government paid 80 per cent of the wages up to £2,500 a month of workers that may otherwise be laid off. It is being wound down, however, with firms asked to gradually contribute more from August.
Economists say the end of the scheme means there is much more pain to come. “August provided some breathing space ahead of a difficult autumn,” said Yael Selfin, chief economist at KPMG UK, said.
“As furlough starts to wind down, the unemployment rate will move to reflect the scale of the crisis we are in.”
Yet Paul Dales, chief UK economist at consultancy Capital Economics, said there were some glimmers of hope. “It’s encouraging that the start of the unwinding of the furlough scheme in August has not led to a surge in job losses.”
“That said, the 156,000 decline in employment of 16 to 24-year-olds… and the 236,000 rise in employment for 25 to 64-year-olds shows how the recession has hit the youngest hardest.”
Capital Economics reckoned unemployment would rise to around seven per cent towards the end of the year – putting more than 2m out of work.
Pressure on the government to extend support
The rising unemployment figures added to the pressure on the government to provide more support for jobs.
Chancellor Rishi Sunak will replace furlough with a job retention bonus, which will pay firms £1,000 for each person they bring back. Yet critics have said it will not be enough.
Frances O’Grady, general secretary of the Trades Union Congress, said: “These are deeply worrying figures. With state support coming to an end the threat of mass unemployment is very real.
“That means building on the furlough scheme by setting up a new job retention and upskilling deal, to keep people employed at firms that have a viable future.”
So far, Sunak has stuck to his plan to end furlough in October. He said: “We’ve taken decisive action throughout this crisis,” he said. “We’ll continue to do that through the autumn, including by supporting people back to work through policies such as our job retention bonus worth up to £9bn.”
Yet Howard Archer, chief economic adviser to the EY Item Club, said he “suspects that the chancellor will feel compelled to take further steps to support the labour market in the autumn Budget”.
Glimmers of hope in a gloomy picture
It wasn’t all bad, experts said. Archer said: “There were areas of improvement as the economy increasingly opened up and more furloughed workers returned to work.”
He pointed out that employment fell at a reduced rate from June. In the three months to July 12,000 people lost their jobs, a much smaller fall than 220,000 over the three months to June.
“A welcome recovery in vacancy numbers shows the impact of gradual re-opening,” Archer said. “But latest data shows hiring to be still a way off its usual levels.”
Dales said the more up-to-date August payroll data suggested “the bulk of the 3m or so workers that may have come off the furlough since June have gone back to their jobs rather than into unemployment or inactivity”.
Yet he warned: “That all said, it perhaps makes sense that those workers who are most likely to lose their jobs will be kept on the furlough scheme for longest.”
Economists’ overriding tone remained pessimistic. Dales said that a jump in unemployment “will happen by the time the scheme ceases at the end of October”.


cityam--2020-09-15--We should embrace data and use it well – not guard against it

The coronavirus pandemic holds no shortage of challenges for British business , but it has highlighted the importance of data .
Combined with good judgment and expert knowledge , it gives us the insight to act with accuracy and speed .
Data has identified where to send medical supplies or channel financial support to businesses .
It has allowed food banks to connect with families in need of supplies .
And now it is helping councils forecast where to deploy resources for new outbreaks .
Using relevant information to help us navigate the crisis has reminded us of the great @ @ @ @ @ @ @ even the biggest challenges .
The benefits are far-reaching , provided it is used effectively and people ’ s privacy is respected .
The government ’ s new National Data Strategy offers renewed focus on the skills and expertise required in this field , and will build on the work which is already positioning the UK ’ s data industry as a world leader .
Digital secretary Oliver Dowden is clear that data and the way it is used are opportunities to be embraced , rather than a threat to be guarded against @ @ @ @ @ @ @ one which is world leading in skill and innovation .
The UK is already a leading digital nation .
Data-enabled UK service exports were estimated to be £243bn in 2019 , or 75 per cent of total service exports .
And data is a growth area – both economically and in terms of appealing to talent wanting to work in the industry .
In our own business , we have seen a 133 per cent growth in applicants for data science and analytics roles this year alone .
Consumers , meanwhile , are @ @ @ @ @ @ @ helpful data .
Over 1m customers use Open Banking which allows greater control between different bank accounts .
Four of the largest banks have Open Banking apps , as do several challenger banks .
Cross account searches and access increased from 80.7m last July to 475m in July this year , showing popularity with users .
As the world becomes ever more connected , the sheer volume , range and variety of available data will continue to grow at a substantial rate .
The ability to analyse and use it in the right @ @ @ @ @ @ @ .
Read more : Let ’ s hope tough new rules on children ’ s online data collection deliver , and give parents peace of mind Britain needs to be at the forefront of the digital revolution , and it is encouraging to see the government state its ambition to become a global leader .
By championing and supporting the UK ’ s dynamic data industry , we can boost the economy , focus on continued innovation and create more jobs .

We should embrace data and use it well – not guard against it
The UK needs to harness data to fight coronavirus outbreaks
The coronavirus pandemic holds no shortage of challenges for British business, but it has highlighted the importance of data. Combined with good judgment and expert knowledge, it gives us the insight to act with accuracy and speed.
Data has identified where to send medical supplies or channel financial support to businesses. It has allowed food banks to connect with families in need of supplies. And now it is helping councils forecast where to deploy resources for new outbreaks.
Using relevant information to help us navigate the crisis has reminded us of the great value of data and technology in tackling even the biggest challenges. The benefits are far-reaching, provided it is used effectively and people’s privacy is respected.
The government’s new National Data Strategy offers renewed focus on the skills and expertise required in this field, and will build on the work which is already positioning the UK’s data industry as a world leader. Digital secretary Oliver Dowden is clear that data and the way it is used are opportunities to be embraced, rather than a threat to be guarded against.
We can expand our industry to one which is world leading in skill and innovation. The UK is already a leading digital nation. Data-enabled UK service exports were estimated to be £243bn in 2019, or 75 per cent of total service exports.
And data is a growth area – both economically and in terms of appealing to talent wanting to work in the industry. In our own business, we have seen a 133 per cent growth in applicants for data science and analytics roles this year alone.
Consumers, meanwhile, are also embracing the use of new, helpful data. Over 1m customers use Open Banking which allows greater control between different bank accounts. Four of the largest banks have Open Banking apps, as do several challenger banks. Cross account searches and access increased from 80.7m last July to 475m in July this year, showing popularity with users.
As the world becomes ever more connected, the sheer volume, range and variety of available data will continue to grow at a substantial rate. The ability to analyse and use it in the right way will show us its true value.
Britain needs to be at the forefront of the digital revolution, and it is encouraging to see the government state its ambition to become a global leader.
By championing and supporting the UK’s dynamic data industry, we can boost the economy, focus on continued innovation and create more jobs.
Jonathan Westley is chief data officer at Experian.


cityam--2020-09-15--Next agrees deal to rescue Victoria's Secret UK business and 500 jobs

Next has agreed a deal with Victoria ’ s Secret owner L Brands to rescue its UK business , which is currently in administration , in a move that will save around 500 jobs .
The joint venture will operate all Victoria ’ s Secret stores in the UK and Ireland , subject to approval from its landlords .
Read more : More than 800 jobs at risk as Victoria ’ s Secret UK arm enters administration Its UK online business , which is currently operated in the US , will be folded into the partnership in spring next year @ @ @ @ @ @ @ of the joint venture and Victoria ’ s Secret will hold a 49 per cent stake .
Next chief executive Lord Simon Wolfson said the company is “ very pleased ” about the plan to extend the Victoria ’ s Secret brand in the UK and Ireland .
The lingerie chain fell into administration in June , blaming the impact of the coronavirus pandemic on high street retailers .
In May it called off a £422m sale of a majority stake in the business to private equity firm Sycamore after the Covid-19 crisis @ @ @ @ @ @ @ firms .
L Brands chief executive Martin Waters said : “ We are pleased to take this next step in our profit improvement plan for Victoria ’ s Secret .
Read more : Victoria ’ s Secret owner L Brands calls off £422m sale to private equity firm Sycamore “ Next ’ s capabilities and experience in the U.K. market are substantial , and our partnership will provide meaningful growth opportunities for the business.
” Rob Harding , administrator at Deloitte , added : “ This is an ideal way to secure the @ @ @ @ @ @ @ the U.K. We are grateful to the creditors for working with us to deliver a solution that enables this business to survive and prosper .
”

Next agrees deal to rescue Victoria’s Secret UK business and 500 jobs
Next has agreed a deal with Victoria’s Secret owner L Brands to rescue its UK business, which is currently in administration, in a move that will save around 500 jobs.
The joint venture will operate all Victoria’s Secret stores in the UK and Ireland, subject to approval from its landlords.
Its UK online business, which is currently operated in the US, will be folded into the partnership in spring next year.
Next will own 51 per cent of the joint venture and Victoria’s Secret will hold a 49 per cent stake.
Next chief executive Lord Simon Wolfson said the company is “very pleased” about the plan to extend the Victoria’s Secret brand in the UK and Ireland.
The lingerie chain fell into administration in June, blaming the impact of the coronavirus pandemic on high street retailers.
In May it called off a £422m sale of a majority stake in the business to private equity firm Sycamore after the Covid-19 crisis sparked a legal battle between the two firms.
L Brands chief executive Martin Waters said: “We are pleased to take this next step in our profit improvement plan for Victoria’s Secret.
“Next’s capabilities and experience in the U.K. market are substantial, and our partnership will provide meaningful growth opportunities for the business.”
Rob Harding, administrator at Deloitte, added: “This is an ideal way to secure the future of more than 500 employees in the U.K. We are grateful to the creditors for working with us to deliver a solution that enables this business to survive and prosper.”


cityam--2020-09-15--Former Nissan executive pleads not guilty to conspiring with Ghosn

Former Nissan executive Greg Kelly has denied charges he conspired with former boss Carlos Ghosn to hide income in his first hearing at the Tokyo District Court .
Kelly , who has been on bail in Japan since his release from jail in 2018 , said : “ I deny the allegations that have been made by prosecutors .
I was not involved in a criminal conspiracy.
” Read more : US arrests two men over escape of former Nissan boss Carlos Ghosn Kelly , who faces up to 10 years in prison if convicted , delivered his plea without @ @ @ @ @ @ @ the end of last year .
He was smuggled out of the country in a musical instrument case on a flight to Turkey and on to Lebanon , where he has a house .
Lebanon does not have an extradition treaty with Japan .
Japanese prosecutors arrested Kelly , a US national , and Carlos Ghosn two years ago after being summoned to a meeting called by the Nissan board in Japan .
The former Nissan boss was accused of accepting approximately 9.3bn yen ( £65m ) in deferred payments after he left @ @ @ @ @ @ @ helping to arrange the payments .
Both denied the charges and Kelly said he was working with others at Nissan to find a “ lawful ” way to pay Ghosn .
“ The evidence will show that I did not break the law , ” Kelly said .
“ Carlos Ghosn never got paid anything and he wasn ’ t promised anything.
” Both men have consistently denied the allegations and Ghosn has portrayed himself as a victim of “ backstabbing ” colleagues and Japan ’ s “ hostage justice ” system .
@ @ @ @ @ @ @ lawsuit against fugitive ex-chief Carlos Ghosn In April last year Ghosn said of Nissan : “ This is a conspiracy .
This is not about specific events , or greed or dictatorship .
This is about a plot .
This is about conspiracy .
This is about backstabbing.
” The Tokyo court has scheduled 76 hearings until July next year , with a ruling expected in the autumn .
Get the news as it happens by following City A.M. on Twitter .

Former Nissan executive pleads not guilty to conspiring with Ghosn
Greg Kelly (L), former representative director of Nissan Motor Co., arrives ahead of his appearance at the Tokyo District Court in Tokyo (Photo by KIYOSHI OTA/POOL/AFP via Getty Images)
Former Nissan executive Greg Kelly has denied charges he conspired with former boss Carlos Ghosn to hide income in his first hearing at the Tokyo District Court.
Kelly, who has been on bail in Japan since his release from jail in 2018, said: “I deny the allegations that have been made by prosecutors. I was not involved in a criminal conspiracy.”
Kelly, who faces up to 10 years in prison if convicted, delivered his plea without co-accused Carlos Ghosn Japan for Lebanon at the end of last year.
He was smuggled out of the country in a musical instrument case on a flight to Turkey and on to Lebanon, where he has a house.
Lebanon does not have an extradition treaty with Japan.
Japanese prosecutors arrested Kelly, a US national, and Carlos Ghosn two years ago after being summoned to a meeting called by the Nissan board in Japan.
The former Nissan boss was accused of accepting approximately 9.3bn yen (£65m) in deferred payments after he left the company. Kelly is accused of helping to arrange the payments. Both denied the charges and Kelly said he was working with others at Nissan to find a “lawful” way to pay Ghosn.
“The evidence will show that I did not break the law,” Kelly said. “Carlos Ghosn never got paid anything and he wasn’t promised anything.”
Both men have consistently denied the allegations and Ghosn has portrayed himself as a victim of “backstabbing” colleagues and Japan’s “hostage justice” system.
In April last year Ghosn said of Nissan: “This is a conspiracy. This is not about specific events, or greed or dictatorship. This is about a plot. This is about conspiracy. This is about backstabbing.”
The Tokyo court has scheduled 76 hearings until July next year, with a ruling expected in the autumn.
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cityam--2020-09-15--Tesla rival Nikola admits faked video as SEC launches fraud probe

Regulators are said to be preparing to investigate fraud allegations against electric truckmaker Nikola , after the firm admitted to faking a video of its truck driving itself .
The US Securities and Exchange Commission is to examine allegations against Nikola by short-seller Hindenburg Research , sources told Bloomberg .
Hindenburg , which profits off Nikola ’ s falling share price , claimed last week the company had misled its business partners .
Shares in Nikola have fallen more than 40 per cent since the report .
Read more : Tesla shares set for worst day in six months as @ @ @ @ @ @ @ it had used a vehicle rolling down a hill to appear as if it were autonomously operated in a marketing video , relying on technology from other suppliers in early models .
However it accused Hindenburg of manipulating the stock to benefit short-sellers , adding that its legal team had contacted and briefed the SEC on its concerns .
In partnership with vehicle manufacturer CNH , Nikola said it is now building prototypes of its electric trucks .
CNH said it aims to start testing the semi-trucks later this year , with plans @ @ @ @ @ @ @ fourth quarter of 2021 .
Read more : European electric vehicle sales surpass China for first time since 2015 “ Nikola never stated its truck was driving under its own propulsion in the video , ” the firm said in a 2,700-word response to Hindenburg last night .
“ Nikola described this third-party video on the company ’ s social media as ‘ In Motion ’ .
It was never described as ‘ under its own propulsion ’ or ‘ power-train driven ’ .
” The reports follow a move by General Motors @ @ @ @ @ @ @ cent stake in Nikola , in a partnership valued at $ 2bn .
Nikola ’ s share price is down about eight per cent this morning in pre-market trading .

Tesla rival Nikola admits faked video as SEC launches fraud probe
Nikola said it has started building prototypes of its Tre semi-truck
Regulators are said to be preparing to investigate fraud allegations against electric truckmaker Nikola, after the firm admitted to faking a video of its truck driving itself.
The US Securities and Exchange Commission is to examine allegations against Nikola by short-seller Hindenburg Research, sources told Bloomberg.
Hindenburg, which profits off Nikola’s falling share price, claimed last week the company had misled its business partners. Shares in Nikola have fallen more than 40 per cent since the report.
Nikola said last night it had used a vehicle rolling down a hill to appear as if it were autonomously operated in a marketing video, relying on technology from other suppliers in early models.
However it accused Hindenburg of manipulating the stock to benefit short-sellers, adding that its legal team had contacted and briefed the SEC on its concerns.
In partnership with vehicle manufacturer CNH, Nikola said it is now building prototypes of its electric trucks. CNH said it aims to start testing the semi-trucks later this year, with plans to launch the vehicles commercially by the fourth quarter of 2021.
“Nikola never stated its truck was driving under its own propulsion in the video,” the firm said in a 2,700-word response to Hindenburg last night.
“Nikola described this third-party video on the company’s social media as ‘In Motion’. It was never described as ‘under its own propulsion’ or ‘power-train driven’.”
The reports follow a move by General Motors last week to take an 11 per cent stake in Nikola, in a partnership valued at $2bn.
Nikola’s share price is down about eight per cent this morning in pre-market trading.


cityam--2020-09-15--A regulated journey in the cryptoasset world

Throughout Archax ’ s journey to create a regulated , global , digitally-native exchange , we have been constantly monitoring the evolution of regulators and regulations throughout the world of cryptoassets – and when we say ‘ world ’ we literally mean it , as it is a global evolution that is taking place .
Any business seeking to operate in this new , exciting , ever-evolving world needs to closely consider a few key things though – their business model , their activities and how regulations will affect their own evolution .
What instruments do you intend to operate @ @ @ @ @ @ @ to operate in ?
What services are you planning on offering ?
And to whom are you planning on offering them ?
Once those factors are decided , you can start your journey of discovery .
In the first instance , you need to understand whether the jurisdiction you are looking to be based in considers cryptoassets to be a new instrument type or an existing instrument type on a new technology , and how they are then regulated .
For example , Bitcoin may be a new instrument type to some , @ @ @ @ @ @ @ as just an existing security on a new technology .
Outside of your ‘ home ’ jurisdiction , you then have the complication of how cryptoassets are defined and regulated in every other jurisdiction in which you intend to operate .
Do they cover cryptocurrencies ?
Do they include securities ?
Do they cover commodities , currencies or anything else ?
As an extra complexity , this definitional element will differ by region too .
When this has been done for each jurisdiction , the business can start considering how the chosen business @ @ @ @ @ @ @ example , as a UK exchange , how can I allow a German issuer to admit their security to be traded on a UK venue , settled in Euroclear and traded between participants from the US and Denmark ?
As one can imagine , trying to search on Google for “ Can I trade a German issuance on a UK exchange with participants from the US and Denmark ” , would probably yield low results !
And anyway , once you throw in the “ in a digital security form ” too , @ @ @ @ @ @ @ At this point , you must dig deep into relevant legislation and regulation , and often approach people in the traditional space to understand how these things operate in the pre-digital world too .
When you do this , what you will find is that there is a wealth of information and a good number of knowledgeable people who can help shortcut a lot of these questions .
When you strip out the digital element , a lot of these questions have actually been asked before .
Sometimes , going along this journey @ @ @ @ @ @ @ and that the financial markets are simply just not built to evolve .
However , by digging into the detail you can start to really understand how the market operates , where it doesn ’ t function efficiently and where the opportunities really are .
You start to see how the power of distributed ledger technology and smart contracts can really bring about a fundamental and beneficial shift in the way in which financial services and capital markets operate .
These improvements and efficiency gains will ultimately result in an increased accessibility to @ @ @ @ @ @ @ money , as well as for those looking to invest too .
If ever there was a time to be considering improving access to capital markets for companies , it is right now .
Throughout our journey at Archax we have found ourselves often having to look at compromising on where we think the world should go , what the technology is capable of and what regulations and institutions expect .
That does not mean that we can not see a capital markets world with reduced centralised players , increased non-custodial solutions and @ @ @ @ @ @ @ appreciate that regulation exists for a reason and that unless those controls can be considered in the new world , the proposed solutions will not gain true mainstream adoption or traction .
Despite the unprecedented challenges of 2020 that we have all felt , it has also been an interesting year for developing an increased understanding of the benefits that digital financial services can bring .
And as the regulators see increased digital prominence in society , there has been an increased level of scrutiny on those who operate in the space as @ @ @ @ @ @ @ UK is an example of this , and the recent statements by the Bank of England show that not only are Central Bank Digital Currencies being discussed openly , but also that regulators are starting to realise the risk that stablecoins could bring to financial markets if not regulated properly .
As with a lot of the innovation in the crypto space , there appear to be cycles of innovation , realisation and , finally , regulation .
• Digital securities feel like they have moved through the ‘ realisation ’ phase and @ @ @ @ @ @ @ is still largely in the ‘ innovation ’ phase , but there are signs of regulation , such as the recent approval of Aave as an Electronic Money Institution .
From Archax ’ s point of view , we do not view regulation as a necessary evil .
We think of it as inevitable when operating in the area of financial services .
Thinking about how innovation can be structured to work hand in hand with regulations builds a moat in preparation for the time when regulation is more widespread across the cryptoasset @ @ @ @ @ @ @ just beginning… Graham is a qualified accountant , with over 18 years ’ experience in financial services .
Prior to Archax , Graham was COO , CCO and Partner of Omni Partners , a $ 1.4billion hedge fund based in London , where he was responsible for all operational activities and compliance .
Before Omni , Graham held several senior operational , finance and compliance roles in the asset management and banking space , including HSBC , Caliburn Capital , Leo Fund Managers and Coutts Bank .
Graham has worked in both digital @ @ @ @ @ @ @ responsible for funds across a wide range of investment strategies – including macro , event driven , long short , systematic and private equity .
He has also run operations for an $ 8billion alternative investments business and has worked throughout his career in various regulated environments , including the FCA , SEC and NFA/ CFTC .
Graham has a BA ( Hons ) Accounting from the University of Bournemouth .

A regulated journey in the cryptoasset world
Graham Rodford, CEO & Co-founder, Archax
Throughout Archax’s journey to create a regulated, global, digitally-native exchange, we have been constantly monitoring the evolution of regulators and regulations throughout the world of cryptoassets – and when we say ‘world’ we literally mean it, as it is a global evolution that is taking place.
Any business seeking to operate in this new, exciting, ever-evolving world needs to closely consider a few key things though – their business model, their activities and how regulations will affect their own evolution. What instruments do you intend to operate with? What regions do you intend to operate in? What services are you planning on offering? And to whom are you planning on offering them? Once those factors are decided, you can start your journey of discovery.
In the first instance, you need to understand whether the jurisdiction you are looking to be based in considers cryptoassets to be a new instrument type or an existing instrument type on a new technology, and how they are then regulated. For example, Bitcoin may be a new instrument type to some, whereas a digital security may be considered as just an existing security on a new technology.
Outside of your ‘home’ jurisdiction, you then have the complication of how cryptoassets are defined and regulated in every other jurisdiction in which you intend to operate. Do they cover cryptocurrencies? Do they include securities? Do they cover commodities, currencies or anything else? As an extra complexity, this definitional element will differ by region too.
When this has been done for each jurisdiction, the business can start considering how the chosen business model can operate across borders. For example, as a UK exchange, how can I allow a German issuer to admit their security to be traded on a UK venue, settled in Euroclear and traded between participants from the US and Denmark?
As one can imagine, trying to search on Google for “Can I trade a German issuance on a UK exchange with participants from the US and Denmark”, would probably yield low results! And anyway, once you throw in the “in a digital security form” too, you are definitely in unchartered territory. At this point, you must dig deep into relevant legislation and regulation, and often approach people in the traditional space to understand how these things operate in the pre-digital world too. When you do this, what you will find is that there is a wealth of information and a good number of knowledgeable people who can help shortcut a lot of these questions. When you strip out the digital element, a lot of these questions have actually been asked before.
Sometimes, going along this journey can feel like you are swimming uphill and that the financial markets are simply just not built to evolve. However, by digging into the detail you can start to really understand how the market operates, where it doesn’t function efficiently and where the opportunities really are. You start to see how the power of distributed ledger technology and smart contracts can really bring about a fundamental and beneficial shift in the way in which financial services and capital markets operate. These improvements and efficiency gains will ultimately result in an increased accessibility to markets for all those looking to raise money, as well as for those looking to invest too. If ever there was a time to be considering improving access to capital markets for companies, it is right now.
Throughout our journey at Archax we have found ourselves often having to look at compromising on where we think the world should go, what the technology is capable of and what regulations and institutions expect. That does not mean that we cannot see a capital markets world with reduced centralised players, increased non-custodial solutions and greater automation. But rather that we appreciate that regulation exists for a reason and that unless those controls can be considered in the new world, the proposed solutions will not gain true mainstream adoption or traction.
Despite the unprecedented challenges of 2020 that we have all felt, it has also been an interesting year for developing an increased understanding of the benefits that digital financial services can bring. And as the regulators see increased digital prominence in society, there has been an increased level of scrutiny on those who operate in the space as well. The Cryptoasset designation in the UK is an example of this, and the recent statements by the Bank of England show that not only are Central Bank Digital Currencies being discussed openly, but also that regulators are starting to realise the risk that stablecoins could bring to financial markets if not regulated properly.
As with a lot of the innovation in the crypto space, there appear to be cycles of innovation, realisation and, finally, regulation.
For example:
Digital securities feel like they have moved through the ‘realisation’ phase and into ‘regulation’.
Stablecoins are gradually shifting towards increased regulation.
DeFi is still largely in the ‘innovation’ phase, but there are signs of regulation, such as the recent approval of Aave as an Electronic Money Institution.
From Archax’s point of view, we do not view regulation as a necessary evil. We think of it as inevitable when operating in the area of financial services. Thinking about how innovation can be structured to work hand in hand with regulations builds a moat in preparation for the time when regulation is more widespread across the cryptoasset world.
The journey is really only just beginning…
Graham is a qualified accountant, with over 18 years’ experience in financial services. Prior to Archax, Graham was COO, CCO and Partner of Omni Partners, a $1.4billion hedge fund based in London, where he was responsible for all operational activities and compliance.
Before Omni, Graham held several senior operational, finance and compliance roles in the asset management and banking space, including HSBC, Caliburn Capital, Leo Fund Managers and Coutts Bank.
Graham has worked in both digital asset and traditional markets and has been responsible for funds across a wide range of investment strategies – including macro, event driven, long short, systematic and private equity. He has also run operations for an $8billion alternative investments business and has worked throughout his career in various regulated environments, including the FCA, SEC and NFA/ CFTC. Graham has a BA (Hons) Accounting from the University of Bournemouth.


cityam--2020-09-15--Crypto AM shines its Spotlight on Zumo

Crypto AM shines its Spotlight on Zumo

Zumo is the UK ’ s first non-custodial , crypto wallet and payments platform .
We ’ re on a mission to liberate the benefits of cryptocurrency for everyone .
We ’ ve built Zumo to give our users complete ownership of their crypto and make it work seamlessly and safely with traditional money .
The future of money feels uncertain this year and there ’ s never been a more important time to have complete custody and control of your assets .
The Zumo app enables you to buy , send , store and spend cryptocurrency more easily and @ @ @ @ @ @ @ currently supports Bitcoin and Ethereum and GBP so you can top up and withdraw directly from your bank account .
In the next few weeks we will launch our convertible debit card so you can seamlessly link between your crypto and traditional money .
We built Zumo to be as easy to use for first time crypto users as it is for crypto experts .
Zumo ’ s patented technology is highly secure and encourages your traditional money and crypto to work together in unison .
Choosing us is also considerably cheaper and @ @ @ @ @ @ @ .
Zumo supports peer to peer , wallet to wallet payments that are extremely safe and secure .
We have partnered with Modulr , a trusted fintech scale-up that is already working with over 100 financial leaders including Revolut and Sage , to supercharge our mission to radically improve the security , cost and speed of payments globally .
With a roll out this year in the UK , and global expansion plans focused on emerging markets like South America , India and Africa , Zumo is focused on onboarding both first time @ @ @ @ @ @ @ offering a seamless and user-friendly experience .
There are plans to introduce further blockchains and fiat currencies in the coming months with a focus on the most liquid and secure crypto assets .
Keep an eye out for your favourite cryptocurrencies and get in touch via social media to tell us which currencies you would like to see on Zumo !
As well as an intuitive wallet , we created ZumoKit , a Software Developer Kit ( SDK ) that enables developers to create their own crypto wallet using a highly secure wallet @ @ @ @ @ @ @ and customisable and , like our wallet , ZumoKit is built for people who are new to blockchain and self-declared experts .
Project teams that want to cut development time and costs can benefit from using ZumoKit to bring their community a new , white label secure wallet for their crypto token .
Exchanges looking to give their users a non-custodial wallet option can also leverage the power of ZumoKit .
We ’ re not the only cryptocurrency wallet available in 2020 but Zumo stands out from the crowd .
We ’ ve @ @ @ @ @ @ @ to entry for both experts and the “ crypto curious ” ; a friendly UI , complete company transparency and an ever-expanding list of intuitive features , and we hope to take the true power of digital currency global .
We want to make the future of smart money accessible to everyone !
Experience how easy it is to take control of your assets and become part of the future of smart money by downloading the Zumo App today , and visit our website at https : //zumo.money for more information .

Partner Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
Crypto AM shines its Spotlight on Zumo
Paul Roach and Nick Jones, Founders of Zumo
Zumo is the UK’s first non-custodial, crypto wallet and payments platform. We’re on a mission to liberate the benefits of cryptocurrency for everyone.
We’ve built Zumo to give our users complete ownership of their crypto and make it work seamlessly and safely with traditional money.
The future of money feels uncertain this year and there’s never been a more important time to have complete custody and control of your assets.
Simple, Speedy, Secure
The Zumo app enables you to buy, send, store and spend cryptocurrency more easily and securely than ever before. Our wallet currently supports Bitcoin and Ethereum and GBP so you can top up and withdraw directly from your bank account. In the next few weeks we will launch our convertible debit card so you can seamlessly link between your crypto and traditional money.
We built Zumo to be as easy to use for first time crypto users as it is for crypto experts. Zumo’s patented technology is highly secure and encourages your traditional money and crypto to work together in unison. Choosing us is also considerably cheaper and much faster than current popular cryptocurrency platforms.
Zumo supports peer to peer, wallet to wallet payments that are extremely safe and secure. We have partnered with Modulr, a trusted fintech scale-up that is already working with over 100 financial leaders including Revolut and Sage, to supercharge our mission to radically improve the security, cost and speed of payments globally.
A Seamless Experience, Anywhere
With a roll out this year in the UK, and global expansion plans focused on emerging markets like South America, India and Africa, Zumo is focused on onboarding both first time users and experts alike into cryptocurrency by offering a seamless and user-friendly experience.
There are plans to introduce further blockchains and fiat currencies in the coming months with a focus on the most liquid and secure crypto assets. Keep an eye out for your favourite cryptocurrencies and get in touch via social media to tell us which currencies you would like to see on Zumo!
ZumoKit
As well as an intuitive wallet, we created ZumoKit, a Software Developer Kit (SDK) that enables developers to create their own crypto wallet using a highly secure wallet infrastructure. It’s completely free and customisable and, like our wallet, ZumoKit is built for people who are new to blockchain and self-declared experts.
Project teams that want to cut development time and costs can benefit from using ZumoKit to bring their community a new, white label secure wallet for their crypto token. Exchanges looking to give their users a non-custodial wallet option can also leverage the power of ZumoKit.
Smart Money, For Everyone
We’re not the only cryptocurrency wallet available in 2020 but Zumo stands out from the crowd. We’ve worked hard to offer a low barrier to entry for both experts and the “crypto curious”; a friendly UI, complete company transparency and an ever-expanding list of intuitive features, and we hope to take the true power of digital currency global. We want to make the future of smart money accessible to everyone!
Experience how easy it is to take control of your assets and become part of the future of smart money by downloading the Zumo App today, and visit our website at https://zumo.money for more information.