cityam--2020-11-18--Standing up for the recovery: an interview with Lloyds Banking Group’s London ambassador

Ed Thurman has a different perspective – literally – from most people on banking and how the country can recover from the pandemic .
Firstly , he holds two very different senior positions at Lloyds Banking Group : managing director for global transaction banking and ‘ ambassador for London ’ .
Secondly , he is 6ft7in tall and has spent most of his working days during lockdown ( literally ) standing up at his home in Wimbledon .
“ Sitting at a dining-table designed for occasional use isn ’ t good for your back if you ’ re 6ft 7 @ @ @ @ @ @ @ the practicalities of working from home .
A height-adjustable desk recommended by his physio has , he says , been a “ game-changer ” .
For as long as home working is required , he plans to be vertical for “ about 90 per cent ” of the day .
The 49-year-old is talking to City AM ( by videocall ) to reflect on ‘ The Big Conversation : Helping Britain Recover ’ – 22 ( virtual ) events held over the past few months across the country .
Thurman hosted the series @ @ @ @ @ @ @ – Providing Great Housing For A Great City ’ , on 6 November .
“ At Lloyds we ’ re in a great position to pull together stakeholders of all descriptions on a variety of different issues , ” says Thurman , explaining the rationale : “ We wanted to hear what people ’ s priorities are.
” The Big Conversation focused on different topics for each location and , for London , housing was selected as the focus .
The discussion flowed across topics ranging from the need for more affordable housing @ @ @ @ @ @ @ that the capital is home to various unique challenges .
London is , Thurman says , certainly “ trickier ” to navigate than other regions and cities , with stakeholders ranging from the London Assembly and 32 boroughs to the City of London Corporation and central government .
“ There were definitely interesting interventions around London often being a nightmare to get things done in , ” says Thurman .
“ Affordable housing in London is a real challenge .
We know the space is there to build , so it becomes a @ @ @ @ @ @ @ that in other regions but it is more acute in London.
” London is particularly significant for Lloyds as an employer .
“ About 11,000 of our 65,000 staff work here , ” says Thurman .
“ I have an incredibly diverse group of colleagues .
Part of my job as London ambassador is to get people involved around big issues – the agenda is evolving and the housing discussion was a good example.
” As well as the fintech sector , the ( partly related ) ‘ skills agenda ’ – for @ @ @ @ @ @ @ a personal priority .
“ There is a huge synergy between digital inclusion and financial inclusion , ” he says .
“ The more digitally enabled our customers are – whether they be individuals , charities or businesses – then the better they are able to manage their finances , and the more successful you are at raising donations if you ’ re a charity , for example .
That then has a positive impact on people ’ s wellbeing.
” ‘ Building on the trust people have in us ’ Lloyds has @ @ @ @ @ @ @ roles were created five years ago by chief executive António Horta-Osório ) , with all involved in The Big Conversation .
Thurman explains Lloyds ’ programme of regional engagement , as embodied by its ambassadors and now The Big Conversation , as “ building on the trust people have in us ” .
The Big Conversation culminates in a report , due to be published later this year .
“ We ’ re using it as a platform to progress issues that are important to our customers , colleagues or our communities , @ @ @ @ @ @ @ Nottinghamshire but has lived in the capital for almost three decades .
“ For example , in the East of England , the agricultural economy is so important .
We have got a big agricultural sector relationship team and , in East Anglia , you get heightened interest in the Brexit transition , subsidies from the [ EU ] Common Agricultural Policy and so on.
” “ I think more regional thinking and engagement is important – it ’ s aligned to [ national ] policy priorities around that , too .
Our @ @ @ @ @ @ @ part of the answers [ to regional challenges ] potentially but how we get to a bigger solution is by engaging with lots of different people in a structured way , to put something a bit more holistic together.
” Separate to his London ambassador role , Thurman ’ s ongoing focus is leading Lloyds ’ global transaction banking team .
But the travel restrictions imposed during the pandemic have inevitably paused a personal annual travel schedule that typically includes three visits to the USA and Asia , as well as forays to @ @ @ @ @ @ @ t think we ’ ll go back to that same [ travel ] pattern and I think everyone is a lot more comfortable doing sessions in videocall format than they used to be , ” he says , looking post-Covid .
“ But I do think face-to-face interaction with clients on a regular basis will continue to be an important part of how we do banking.
” His overarching priority is helping Lloyds ’ clients through the crisis but also trying to understand how their needs – and the bank ’ s ability @ @ @ @ @ @ @ pandemic .
Lloyds ’ UK Recovery Tracker , which provides data-informed insight into the shape and pace of the recovery , as well as The Big Conversation are key to helping him do just that .
“ We spend a lot of time working with clients to help put them in the best possible position for the turnaround .
So , when people re-start their businesses or pivot their business in different ways , the bank is there for them .
That ’ s what matters , ” he says .

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Standing up for the recovery: an interview with Lloyds Banking Group’s London ambassador
Ed Thurman, Lloyds Banking Group.
Ed Thurman has a different perspective – literally – from most people on banking and how the country can recover from the pandemic.
Firstly, he holds two very different senior positions at Lloyds Banking Group: managing director for global transaction banking and ‘ambassador for London’. Secondly, he is 6ft7in tall and has spent most of his working days during lockdown (literally) standing up at his home in Wimbledon.
“Sitting at a dining-table designed for occasional use isn’t good for your back if you’re 6ft 7,” he says, reflecting on the practicalities of working from home. A height-adjustable desk recommended by his physio has, he says, been a “game-changer”. For as long as home working is required, he plans to be vertical for “about 90 per cent” of the day.
The 49-year-old is talking to City AM (by videocall) to reflect on ‘The Big Conversation: Helping Britain Recover’ – 22 (virtual) events held over the past few months across the country. Thurman hosted the series’ final event, ‘Rebuilding London – Providing Great Housing For A Great City’, on 6 November.
“At Lloyds we’re in a great position to pull together stakeholders of all descriptions on a variety of different issues,” says Thurman, explaining the rationale: “We wanted to hear what people’s priorities are.”
Challenges ‘more acute’ in the capital
The Big Conversation focused on different topics for each location and, for London, housing was selected as the focus. The discussion flowed across topics ranging from the need for more affordable housing to government policy reforms. Participants agreed that the capital is home to various unique challenges.
London is, Thurman says, certainly “trickier” to navigate than other regions and cities, with stakeholders ranging from the London Assembly and 32 boroughs to the City of London Corporation and central government.
“There were definitely interesting interventions around London often being a nightmare to get things done in,” says Thurman. “Affordable housing in London is a real challenge. We know the space is there to build, so it becomes a planning issue – you get elements of that in other regions but it is more acute in London.”
London is particularly significant for Lloyds as an employer. “About 11,000 of our 65,000 staff work here,” says Thurman. “I have an incredibly diverse group of colleagues. Part of my job as London ambassador is to get people involved around big issues – the agenda is evolving and the housing discussion was a good example.”
As well as the fintech sector, the (partly related) ‘skills agenda’ – for example, digital literacy – is also a personal priority. “There is a huge synergy between digital inclusion and financial inclusion,” he says. “The more digitally enabled our customers are – whether they be individuals, charities or businesses – then the better they are able to manage their finances, and the more successful you are at raising donations if you’re a charity, for example. That then has a positive impact on people’s wellbeing.”
‘Building on the trust people have in us’
Lloyds has 10 regional ambassadors in total (the roles were created five years ago by chief executive António Horta-Osório), with all involved in The Big Conversation.
Thurman explains Lloyds’ programme of regional engagement, as embodied by its ambassadors and now The Big Conversation, as “building on the trust people have in us”.
The Big Conversation culminates in a report, due to be published later this year. “We’re using it as a platform to progress issues that are important to our customers, colleagues or our communities,” says Thurman, who hails from Nottinghamshire but has lived in the capital for almost three decades.
“For example, in the East of England, the agricultural economy is so important. We have got a big agricultural sector relationship team and, in East Anglia, you get heightened interest in the Brexit transition, subsidies from the [EU] Common Agricultural Policy and so on.”
“I think more regional thinking and engagement is important – it’s aligned to [national] policy priorities around that, too. Our view as Lloyds is that we have part of the answers [to regional challenges] potentially but how we get to a bigger solution is by engaging with lots of different people in a structured way, to put something a bit more holistic together.”
Aiming for ‘best possible’ turnaround
Separate to his London ambassador role, Thurman’s ongoing focus is leading Lloyds’ global transaction banking team.
But the travel restrictions imposed during the pandemic have inevitably paused a personal annual travel schedule that typically includes three visits to the USA and Asia, as well as forays to continental Europe. “I don’t think we’ll go back to that same [travel] pattern and I think everyone is a lot more comfortable doing sessions in videocall format than they used to be,” he says, looking post-Covid. “But I do think face-to-face interaction with clients on a regular basis will continue to be an important part of how we do banking.”
His overarching priority is helping Lloyds’ clients through the crisis but also trying to understand how their needs – and the bank’s ability to help – will evolve after the pandemic.
Lloyds’ UK Recovery Tracker, which provides data-informed insight into the shape and pace of the recovery, as well as The Big Conversation are key to helping him do just that.
“We spend a lot of time working with clients to help put them in the best possible position for the turnaround. So, when people re-start their businesses or pivot their business in different ways, the bank is there for them. That’s what matters,” he says.


cityam--2020-11-18--BoE’s Andy Haldane: Digital currencies could cut risk and boost lending

Digital currencies could reduce risk in the financial system and aid monetary policy with interest rates close to rock bottom , Bank of England chief economist Andy Haldane has said .
Haldane also told The City UK ’ s annual conference that new technological infrastructure should be considered to help small and medium-sized businesses better access finance after years of difficulties .
Read more : More important for US to be right than first on digital currency , says Fed ’ s Powell Central banks and groups of private companies are currently looking into creating their own digital currencies .
@ @ @ @ @ @ @ it announced Libra , a digital “ stablecoin ” that would be backed by assets .
It would allow users to store , spend and transfer money digitally .
The idea is that it would be easier to use than physical cash and could be global .
The Bank of England is currently looking into creating its own digital currency .
Such a currency would let businesses , households and financial firms make payments and store value in electronic central bank money .
Regulators have been wary of digital currencies , especially ones @ @ @ @ @ @ @ worry that they could become unstable as they would be harder to regulate .
For example , Haldane said there could be “ large , unstable flows of funds from commercial banks deposits into private sector stablecoins… especially at times of stress ” .
Yet he also said that there could be advantages .
In particular , digital currencies could separate payments , which are by and large safe and backed by liquid assets , from bank lending , which is more risky .
Haldane also said that digital currencies could help manage @ @ @ @ @ @ @ Read more : Bank of England forms group to weigh up digital currency launch With UK interest rates currently at 0.1 per cent , the Bank is reluctant to cut them further , partly because it worries that they would not be passed on to lenders ’ customers .
Yet Haldane said a “ widely-used digital currency could mitigate ” this problem as it could provide a simpler way for interest rates to be levied on assets .
Haldane also said technology could help solve the shortfall of lending to smaller businesses .
@ @ @ @ @ @ @ have historically found it more difficult to access finance than bigger firms .
The public spending watchdog has estimated that smaller firms could face a “ funding gap ” of around £20bn .
Haldane said this was largely due to the fact that lenders have less information about smaller companies than bigger ones .
This means they charge more for the more uncertain lending .
And it also makes it more difficult for smaller firms to shop around .
To solve this problem , Haldane advocated the Bank ’ s proposals for an @ @ @ @ @ @ @ .
The platform would be a place where data about companies could be more easily shared , hopefully increasing their access to different banks .
It could also include “ data from insurance and utilities companies , credit rating and social media data companies , and government sources such as the Passport Office , DVLA , HMRC and Companies House , ” Haldane said .
Read more : Confusion reigns ahead of introduction of Bounce Back Loan top-ups Haldane said the coronavirus crisis had “ materially strengthened the case ” for such a @ @ @ @ @ @ @ lending , many companies are likely to need “ some debt remediation or re-profiling , ” he said .
“ The open platform could reduce significantly those information frictions , lubricating the process of corporate debt workout and recovery .
”

BoE’s Andy Haldane: Digital currencies could cut risk and boost lending
Former BoE MPC member Andy Haldance hs left Threadneedle St
Digital currencies could reduce risk in the financial system and aid monetary policy with interest rates close to rock bottom, Bank of England chief economist Andy Haldane has said.
Haldane also told The City UK’s annual conference that new technological infrastructure should be considered to help small and medium-sized businesses better access finance after years of difficulties.
Central banks and groups of private companies are currently looking into creating their own digital currencies.
Facebook made a splash last year when it announced Libra, a digital “stablecoin” that would be backed by assets. It would allow users to store, spend and transfer money digitally. The idea is that it would be easier to use than physical cash and could be global.
The Bank of England is currently looking into creating its own digital currency. Such a currency would let businesses, households and financial firms make payments and store value in electronic central bank money.
Regulators have been wary of digital currencies, especially ones set up by private groups. They worry that they could become unstable as they would be harder to regulate.
For example, Haldane said there could be “large, unstable flows of funds from commercial banks deposits into private sector stablecoins… especially at times of stress”.
Yet he also said that there could be advantages. In particular, digital currencies could separate payments, which are by and large safe and backed by liquid assets, from bank lending, which is more risky.
Haldane also said that digital currencies could help manage the problem of record-low interest rates.
With UK interest rates currently at 0.1 per cent, the Bank is reluctant to cut them further, partly because it worries that they would not be passed on to lenders’ customers.
Yet Haldane said a “widely-used digital currency could mitigate” this problem as it could provide a simpler way for interest rates to be levied on assets.
Tech could help boost SME lending
Haldane also said technology could help solve the shortfall of lending to smaller businesses.
Small and medium-sized enterprises (SMEs) have historically found it more difficult to access finance than bigger firms. The public spending watchdog has estimated that smaller firms could face a “funding gap” of around £20bn.
Haldane said this was largely due to the fact that lenders have less information about smaller companies than bigger ones. This means they charge more for the more uncertain lending. And it also makes it more difficult for smaller firms to shop around.
To solve this problem, Haldane advocated the Bank’s proposals for an “open data platform” for SMEs. The platform would be a place where data about companies could be more easily shared, hopefully increasing their access to different banks.
It could also include “data from insurance and utilities companies, credit rating and social media data companies, and government sources such as the Passport Office, DVLA, HMRC and Companies House,” Haldane said.
Haldane said the coronavirus crisis had “materially strengthened the case” for such a system. After around £60bn of Covid lending, many companies are likely to need “some debt remediation or re-profiling,” he said.
“The open platform could reduce significantly those information frictions, lubricating the process of corporate debt workout and recovery.”


cityam--2020-11-18--Bitcoin breaks through $18,000 to near all-time high

Bitcoin has reached a three-year high after breaking through $ 18,000 , with analysts predicting it could climb higher .
The leading cryptocurrency has seen value surge 160 per cent this year , climbing 70 per cent since September alone .
Read more : Bitcoin surpasses $ 16,000 as $ 30 million of BTC move after being dormant for a decade Bitcoin has rallied to $ 18,123 , nearing the $ 19,763 all-time high it reached in December 2017 .
This surge takes the leading cryptocurrency ’ s total market capitalisation to over $ 315bn just below its $ 335bn @ @ @ @ @ @ @ matter of time before Bitcoin trashes an all-time high .
In fact , it is highly likely that we will touch that price level this week , ” said Naeem Aslam chief market analyst at Avatrade .
Demand for the most popular cryptocurrency has surged this year with investors using it as an inflationary hedge in the face of continued fiscal stimulus .
Bitcoin proponents say that because supply is capped at 21m it provides an innate value and protects it from policies that stoke inflation .
During volatile periods investors flock to @ @ @ @ @ @ @ , but some now feel cryptocurrencies are a shelter from market uncertainty .
Read more : Bitcoin ’ s Price Surpasses $ 15,000 to 3-Year High as Corporate Support Grows “ Bitcoin seems to have everything going right for it , ” said Edward Moya , senior market analyst at Oanda .
“ Mainstream acceptance is improving , President-elect Biden appointed Gary Gensler , someone viewed as friendly towards cryptocurrencies , to lead his financial policy transition , and steady institutional interest.
” “ Bitcoin seems like it might have enough momentum before @ @ @ @ @ @ @ that run towards the $ 20,000 level , ” he added .

Bitcoin breaks through $18,000 to near all-time high
Bitcoin has soared past $18,000 to near an all-time high. (Getty Images)
Bitcoin has reached a three-year high after breaking through $18,000, with analysts predicting it could climb higher.
The leading cryptocurrency has seen value surge 160 per cent this year, climbing 70 per cent since September alone.
Bitcoin has rallied to $18,123, nearing the $19,763 all-time high it reached in December 2017. This surge takes the leading cryptocurrency’s total market capitalisation to over $315bn just below its $335bn record.
“It is only a matter of time before Bitcoin trashes an all-time high. In fact, it is highly likely that we will touch that price level this week,” said Naeem Aslam chief market analyst at Avatrade.
Demand for the most popular cryptocurrency has surged this year with investors using it as an inflationary hedge in the face of continued fiscal stimulus.
Bitcoin proponents say that because supply is capped at 21m it provides an innate value and protects it from policies that stoke inflation.
During volatile periods investors flock to safe havens, including gold and cash, but some now feel cryptocurrencies are a shelter from market uncertainty.
“Bitcoin seems to have everything going right for it,” said Edward Moya, senior market analyst at Oanda. “Mainstream acceptance is improving, President-elect Biden appointed Gary Gensler, someone viewed as friendly towards cryptocurrencies, to lead his financial policy transition, and steady institutional interest.”
“Bitcoin seems like it might have enough momentum before the end of the year to make that run towards the $20,000 level,” he added.


cityam--2020-11-18--UK house prices surge to record high in September

UK house price growth accelerated in September , driving average property prices in London and across the UK to a record high .
House prices across the UK increased by 4.7 per cent to £245,000 in the year to September , up from three per cent growth in August .
Read more : UK house prices see fastest growth in four years but monthly rate slows London ’ s average house prices hit a record high of £496,000 , according to the latest official data from the Office for National Statistics .
Average house prices in England jumped 4.9 per @ @ @ @ @ @ @ , Scotland and Northern Ireland prices rose 3.8 per cent , 4.3 per cent and 2.4 per cent respectively .
Pent-up demand may have contributed to the rise in UK house prices , the ONS said .
Meanwhile , data suggested that the pandemic has caused buyers to reassess their housing preferences .
Read more : UK house price growth rises to highest rate in five years The average price of detached properties increased by 6.2 per cent in the year to September , while flats and maisonettes saw a two per cent @ @ @ @ @ @ @ following months spent at home during lockdown .
Nick Leeming , chairman of estate agent Jackson-Stops , said : “ House price growth this month is almost double what it was in September last year , as we start to see the true impact of the stamp duty holiday take hold .
Read more : Rush to beat stamp duty rise sees UK house prices jump again “ Despite the incentive being introduced in July , housing transactions take weeks to progress from offer to completion , therefore this is the first month @ @ @ @ @ @ @ of Sunak ’ s stimulus .
“ The annual uplift in house prices of nearly 5 per cent suggests that sellers may well be adding the savings buyers are making into the price of their homes , so that they also benefit from the incentive.
” Benham and Reeves director Marc von Grundherr added : “ The property market continues to fire on all cylinders with positive movement across the board in all but one region on a monthly basis and a clean sweep where annual price appreciation is concerned .
“ While @ @ @ @ @ @ @ huge backlogs of sales waiting to complete , there ’ s no doubt that it has contributed a considerable level of fuel to the furnace .
”

UK house prices surge to record high in September
The stamp duty holiday helped boost market activity and house prices
UK house price growth accelerated in September, driving average property prices in London and across the UK to a record high.
House prices across the UK increased by 4.7 per cent to £245,000 in the year to September, up from three per cent growth in August.
London’s average house prices hit a record high of £496,000, according to the latest official data from the Office for National Statistics.
Average house prices in England jumped 4.9 per cent to £262,000, while in Wales, Scotland and Northern Ireland prices rose 3.8 per cent, 4.3 per cent and 2.4 per cent respectively.
Pent-up demand may have contributed to the rise in UK house prices, the ONS said.
Meanwhile, data suggested that the pandemic has caused buyers to reassess their housing preferences.
The average price of detached properties increased by 6.2 per cent in the year to September, while flats and maisonettes saw a two per cent jump, as buyers sought more space following months spent at home during lockdown.
Nick Leeming, chairman of estate agent Jackson-Stops, said: “House price growth this month is almost double what it was in September last year, as we start to see the true impact of the stamp duty holiday take hold.
“Despite the incentive being introduced in July, housing transactions take weeks to progress from offer to completion, therefore this is the first month we can begin to assess the benefits of Sunak’s stimulus.
“The annual uplift in house prices of nearly 5 per cent suggests that sellers may well be adding the savings buyers are making into the price of their homes, so that they also benefit from the incentive.”
Benham and Reeves director Marc von Grundherr added: “The property market continues to fire on all cylinders with positive movement across the board in all but one region on a monthly basis and a clean sweep where annual price appreciation is concerned.
“While the current stamp duty holiday has caused huge backlogs of sales waiting to complete, there’s no doubt that it has contributed a considerable level of fuel to the furnace.”


Relentless

Bitcoin continued its relentless surge higher and after breaching the $ 18,000 level , the upside temporarily stalled at $ 18,500 , but the dip buying interest was so strong that the dip into the low $ 17,000 was brought-up without any hesitation .
The path towards an all time high is very much in sight .
Similarly , Ethereum also faltered ahead of the $ 500 level and dipped into the mid- $ 400 zone before promptly recovering .
Another day and another record high open interest ( OI ) across the futures venues .
The trend of stablecoin @ @ @ @ @ @ @ of Bitcoin margined venues is also expected to gather more momentum .
With that in mind , the OI on the CME finally topped the big $ 1bln mark .
Looking at other parts of the digital asset ecosystem and the yield hungry market participants were largely unfazed by the prospect of Bitcoin heading through an all time high and instead looked carefully for opportunities to put their capital to work .
As noted earlier in the week , the conclusion of the first farming round by Uniswap resulted in liquidity on the @ @ @ @ @ @ @ $ 3.3bln .
Some of this liquidity moved over to Sushiswap , where the total liquidity now stands at just over $ 1bln .
This is a continuation of the superb performance of the DeFi sector during 2020 .
Crypto AM : Market View in association with Ziglu Crypto AM : Technically Speaking in association with with Zumo Crypto AM : Talking Legal in association with INX Crypto AM shines its Spotlight on ByteTree Asset Management

Crypto AM Daily in association with BEQUANT

Relentless
Surging Higher
Bitcoin continued its relentless surge higher and after breaching the $18,000 level, the upside temporarily stalled at $18,500, but the dip buying interest was so strong that the dip into the low $17,000 was brought-up without any hesitation. The path towards an all time high is very much in sight.
Similarly, Ethereum also faltered ahead of the $500 level and dipped into the mid-$400 zone before promptly recovering. Another day and another record high open interest (OI) across the futures venues. The trend of stablecoin margined products eating into the market share of Bitcoin margined venues is also expected to gather more momentum.
In the Markets
DeFi on the Dazzle
With that in mind, the OI on the CME finally topped the big $1bln mark. Looking at other parts of the digital asset ecosystem and the yield hungry market participants were largely unfazed by the prospect of Bitcoin heading through an all time high and instead looked carefully for opportunities to put their capital to work.
As noted earlier in the week, the conclusion of the first farming round by Uniswap resulted in liquidity on the protocol to halve from its peak of $3.3bln. Some of this liquidity moved over to Sushiswap, where the total liquidity now stands at just over $1bln. This is a continuation of the superb performance of the DeFi sector during 2020.
Crypto AM: Longer Reads
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with with Zumo
Crypto AM: Talking Legal in association with INX
Crypto AM: Inside Blockchain with Troy Norcross
Crypto AM: Definitively DeFi
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM shines its Spotlight on ByteTree Asset Management


cityam--2020-11-18--Levelling up: Sony takes over Oxford Circus station for Playstation launch

London Underground is famed for its iconic roundels , but eagle-eyed commuters will notice something different about Oxford Circus station this week .
Transport for London ( TfL ) has teamed up with Sony to give the Tube station a redesign , transforming the traditional signs into squares , triangles and crosses — the classic symbols of the Playstation controller .
The makeover , which is in place across the four street entrances to Oxford Circus , comes as the tech firm marks the launch of the PS5 , the latest installment of the games console .
Sony has also @ @ @ @ @ @ @ Regent Street headquarters of Microsoft — a playful jibe at its rival , which released its new Xbox console last week .
In addition to the signs , TfL has filled the station with Playstation logos and rebranded Tube stations across the network .
Mile End station will be renamed Miles End in a nod to Marvel ’ s Spider Man : Miles Morales .
Lancaster Gate will be transformed into Ratchet and Clankaster Gate , Seven Sisters will become Gran Turismo 7 Sisters , and West Ham will be rebranded Horizon Forbidden @ @ @ @ @ @ @ for 48 hours at Oxford Circus , while rebranding at the other stations will run until December .

Levelling up: Sony takes over Oxford Circus station for Playstation launch
Sony has transformed the signs at Oxford Circus Tube station
London Underground is famed for its iconic roundels, but eagle-eyed commuters will notice something different about Oxford Circus station this week.
Transport for London (TfL) has teamed up with Sony to give the Tube station a redesign, transforming the traditional signs into squares, triangles and crosses — the classic symbols of the Playstation controller.
The makeover, which is in place across the four street entrances to Oxford Circus, comes as the tech firm marks the launch of the PS5, the latest installment of the games console.
From one iconic shape to four. We’ve given the Oxford Circus Tube signs a #PS5 upgrade. 👀 pic.twitter.com/iw9qlEXR7B — PlayStatioooOOOOooon UK 👻 (@PlayStationUK) November 18, 2020
Sony has also chosen to launch the stunt outside the Regent Street headquarters of Microsoft — a playful jibe at its rival, which released its new Xbox console last week.
In addition to the signs, TfL has filled the station with Playstation logos and rebranded Tube stations across the network.
Mile End station will be renamed Miles End in a nod to Marvel’s Spider Man: Miles Morales. Lancaster Gate will be transformed into Ratchet and Clankaster Gate, Seven Sisters will become Gran Turismo 7 Sisters, and West Ham will be rebranded Horizon Forbidden West Ham.
The stunt will last for 48 hours at Oxford Circus, while rebranding at the other stations will run until December.


cityam--2020-11-18--Trends in Ethereum DeFi in Q3 2020

Trends in Ethereum DeFi in Q3 2020

The trend : While stablecoins and lending platforms have long been the centers of activity in the DeFi ecosystem , Q3 created a number of new , compelling decentralized exchange ( DEX ) business models .
Since the start of Ethereum , there have been a variety of ways to swap tokens — from the more traditional order book methods to token-based models .
It is clear that there are certain security and pricing advantages that DEXes have over their centralized counterparts .
It wasn ’ t until Q3 of 2020 however , that one could really say decentralized exchanges @ @ @ @ @ @ @ , Uniswap ’ s trade volume was $ 15.4 billion , nearly $ 2 billion higher than Coinbase ’ s in the same month .
DEXes that use automated market maker software ( AMMs ) now represent 93 % of the decentralized exchanges market .
While Uniswap , Curve , and Balancer remain to be some of the biggest AMMs , a whole new crop of DeFi companies have popped up in the past quarter .
Q3 saw some of these new companies attempting different approaches to creating optimal prices for swapping tokens @ @ @ @ @ @ @ : AMM platforms were able to simultaneously achieve three outcomes this quarter ; they worked to rapidly grow liquidity for hundreds of different token pairs , provide a robust decentralized option for swapping between tokens , and stood to benefit a broader community of individuals that add liquidity to an exchange by rewarding them with new governance tokens .
These new tokens — think of them as economic participation or voting rights in some cases — are an important invention unique to Ethereum .
For example , users that deposit USDC into Curve @ @ @ @ @ @ @ value over time as the user collects trading fees .
The success of AMMs in Q3 proved that AMMs were ready for the mainstream — so much so that the total value of AMMs on Ethereum surpassed $ 4 billion .
Instead of Wall Street market makers or centralized cryptocurrency exchanges collecting the lion ’ s share of trading fees , AMMs provided returns and voting rights to anyone willing to add liquidity to a contract , audited or not .
When before has a borrower earned a return on a debt from @ @ @ @ @ @ @ the release of Compound Finance ’ s $ COMP token in Q2 , we expected Q3 to continue the proliferation of governance token launches .
We also expected these launches to be used in part for incentivizing liquidity in DeFi protocols and to give power to token holders to vote on changes to the protocol designs .
Yield farming , a new concept in Q3 , can be described as a way of seeking the most reward for putting various Ethereum assets to work .
Each employing different strategies and experiencing varying degrees @ @ @ @ @ @ @ , $ CRV , $ UNI , $ YFI , and others launching in Q3 .
The importance : The incentive of yield farming to generate governance tokens both instigated and leveraged some of the more unique properties of Ethereum .
As yield farmers moved liquidity into different pools to earn yield , a strong speculative DeFi bull market created rapid , high demand for new types of governance tokens and pushed the gas costs of Ethereum to all time highs .
Similarly , governance tokens like Uniswap ’ s $ UNI introduced @ @ @ @ @ @ @ $ UNI tokens to each Ethereum account that had previously interacted with the protocol 400 .
While the summer created a frenzied rise and fall of different yield opportunities , we predict that these new inventions for rewarding individuals who provide liquidity to stick around .
This is especially likely as user experience improves , key management becomes more decentralized , and individuals providing liquidity can earn more attractive interest rates than a bank account or legacy asset .
The trend : This quarter was also not without a host of forks , @ @ @ @ @ @ @ meme-based tokens attempting to capitalize on the popularity of AMMs and yield farming .
SushiSwap and CREAM launched as forks of Uniswap and Compound .
The details and data surrounding these forks brought to light how network effects , community popularity , and even the very nature of open source software are unique to DeFi .
The importance : The potential ability for anyone to fork and duplicate open source code has long been a concern and subject of game-theoretical analysis in the Ethereum and DeFi communities .
The argument against perceived downsides @ @ @ @ @ @ @ of network effects , which theoretically serve as protection against a protocol suddenly losing all its users to an identical competitor .
SushiSwap launched as a fork of Uniswap , and CREAM launched as a fork of Compound .
In some cases , these forks have provided new mathematical models for protecting against impermanent loss and slippage on trading pairs .
Their differing degrees of success have , however , highlighted the negative side effects that have left some creators and network participants feeling burned .
This opens up a critical discussion and @ @ @ @ @ @ @ token founders and more broadly , questions the ethics of using imitative code for personal gain .
The trend : In addition to the creation of financial protocols , DeFi began to incorporate memetic internet culture into the lexicon .
Speculation resulting from interest rate maximization ( i.e.
, yield farming ) was largely driven by conversations on social media and chat channels like Twitter , Telegram , and Discord .
It is impossible to overstate the breakneck pace of DeFi activity in Q3 and the role of these social channels in driving @ @ @ @ @ @ @ is the concept of ‘ Weird Twitter ’ : a subset of social media filled with absurdist humor and Internet subculture .
This approach spilled over to DeFi , as projects like Based.Money and Meme Protocol ( “ Don ’ t Buy $ MEME ” ) grew in popularity with crypto influencers .
Speculators themselves began to call themselves “ degen ” investors , taking very high-risk bets on anonymous new forks and protocols and exposing themselves to 1000 % returns as well as scams and large losses , or “ rug pulls.
@ @ @ @ @ @ @ DeFi project generator image on Twitter as a joke and inadvertently kickstarted the Meme Protocol which has a market cap over $ 5 million less than 3 months later .
The importance : While the trend may seem absurd , we note that Internet culture and crypto assets have long been linked , both in terms of economic philosophy , as well as community distribution .
As investors began to see financial activity as a game , the outcome created protocols that combined money with visual images and self-referential humor .
This in @ @ @ @ @ @ @ that used financial mechanics such as collateralizing assets for a synthetic return in order to earn collectible social assets , like images , cards , and other non fungible tokens .
As a result , crypto art tokens known as non-fungible tokens or NFTs ( ERC-721 , ERC-1155 ) started to meaningfully grow and be attached to protocols with large financial volumes .
Crypto art and collectibles marketplaces like Rarible and OpenSea have seen increasing purchasing volume in Q3 .
Personal and social tokens have also flourished via projects like Roll and Async @ @

Trends in Ethereum DeFi in Q3 2020
Three trends defined Ethereum DeFi in Q3 2020:
1) The Rise of Automated Market Makers (AMMs)
2) Governance tokens and yield farming
3) Forks, derivatives, and network effects
4) and “weird DeFi.”
The Rise of Automated Market Makers (AMMs)
The trend: While stablecoins and lending platforms have long been the centers of activity in the DeFi ecosystem, Q3 created a number of new, compelling decentralized exchange (DEX) business models. Since the start of Ethereum, there have been a variety of ways to swap tokens — from the more traditional order book methods to token-based models. It is clear that there are certain security and pricing advantages that DEXes have over their centralized counterparts. It wasn’t until Q3 of 2020 however, that one could really say decentralized exchanges arrived. In the month of September, Uniswap’s trade volume was $15.4 billion, nearly $2 billion higher than Coinbase’s in the same month. DEXes that use automated market maker software (AMMs) now represent 93% of the decentralized exchanges market. While Uniswap, Curve, and Balancer remain to be some of the biggest AMMs, a whole new crop of DeFi companies have popped up in the past quarter. Q3 saw some of these new companies attempting different approaches to creating optimal prices for swapping tokens and avoiding impermanent loss.
The importance: AMM platforms were able to simultaneously achieve three outcomes this quarter; they worked to rapidly grow liquidity for hundreds of different token pairs, provide a robust decentralized option for swapping between tokens, and stood to benefit a broader community of individuals that add liquidity to an exchange by rewarding them with new governance tokens. These new tokens — think of them as economic participation or voting rights in some cases — are an important invention unique to Ethereum. For example, users that deposit USDC into Curve get cUSDC in return, which accrues value over time as the user collects trading fees. The success of AMMs in Q3 proved that AMMs were ready for the mainstream — so much so that the total value of AMMs on Ethereum surpassed $4 billion. Instead of Wall Street market makers or centralized cryptocurrency exchanges collecting the lion’s share of trading fees, AMMs provided returns and voting rights to anyone willing to add liquidity to a contract, audited or not. When before has a borrower earned a return on a debt from their lender?
Governance Tokens and Yield Farming
The trend: Following the release of Compound Finance’s $COMP token in Q2, we expected Q3 to continue the proliferation of governance token launches. We also expected these launches to be used in part for incentivizing liquidity in DeFi protocols and to give power to token holders to vote on changes to the protocol designs. Yield farming, a new concept in Q3, can be described as a way of seeking the most reward for putting various Ethereum assets to work. Each employing different strategies and experiencing varying degrees of success, we saw $BAL, $CRV, $UNI, $YFI, and others launching in Q3.
The importance: The incentive of yield farming to generate governance tokens both instigated and leveraged some of the more unique properties of Ethereum. As yield farmers moved liquidity into different pools to earn yield, a strong speculative DeFi bull market created rapid, high demand for new types of governance tokens and pushed the gas costs of Ethereum to all time highs. Similarly, governance tokens like Uniswap’s $UNI introduced a new model for launching by giving $UNI tokens to each Ethereum account that had previously interacted with the protocol 400. While the summer created a frenzied rise and fall of different yield opportunities, we predict that these new inventions for rewarding individuals who provide liquidity to stick around. This is especially likely as user experience improves, key management becomes more decentralized, and individuals providing liquidity can earn more attractive interest rates than a bank account or legacy asset.
Forks, Derivatives, and a Growing Network
The trend: This quarter was also not without a host of forks, copycats, and (most importantly) meme-based tokens attempting to capitalize on the popularity of AMMs and yield farming. SushiSwap and CREAM launched as forks of Uniswap and Compound. The details and data surrounding these forks brought to light how network effects, community popularity, and even the very nature of open source software are unique to DeFi.
The importance: The potential ability for anyone to fork and duplicate open source code has long been a concern and subject of game-theoretical analysis in the Ethereum and DeFi communities. The argument against perceived downsides of public code has been the resilience of network effects, which theoretically serve as protection against a protocol suddenly losing all its users to an identical competitor. SushiSwap launched as a fork of Uniswap, and CREAM launched as a fork of Compound. In some cases, these forks have provided new mathematical models for protecting against impermanent loss and slippage on trading pairs. Their differing degrees of success have, however, highlighted the negative side effects that have left some creators and network participants feeling burned. This opens up a critical discussion and generates questions about the legitimacy of anonymous token founders and more broadly, questions the ethics of using imitative code for personal gain.
Weird DeFi
The trend: In addition to the creation of financial protocols, DeFi began to incorporate memetic internet culture into the lexicon. Speculation resulting from interest rate maximization (i.e., yield farming) was largely driven by conversations on social media and chat channels like Twitter, Telegram, and Discord. It is impossible to overstate the breakneck pace of DeFi activity in Q3 and the role of these social channels in driving much of it. Of particular note is the concept of ‘Weird Twitter’: a subset of social media filled with absurdist humor and Internet subculture. This approach spilled over to DeFi, as projects like Based.Money and Meme Protocol (“Don’t Buy $MEME”) grew in popularity with crypto influencers. Speculators themselves began to call themselves “degen” investors, taking very high-risk bets on anonymous new forks and protocols and exposing themselves to 1000% returns as well as scams and large losses, or “rug pulls.”
Jordan Lyall of ConsenSys posted a DeFi project generator image on Twitter as a joke and inadvertently kickstarted the Meme Protocol which has a market cap over $5 million less than 3 months later.
The importance: While the trend may seem absurd, we note that Internet culture and crypto assets have long been linked, both in terms of economic philosophy, as well as community distribution. As investors began to see financial activity as a game, the outcome created protocols that combined money with visual images and self-referential humor. This in turn led to the creation of projects that used financial mechanics such as collateralizing assets for a
synthetic return in order to earn collectible social assets, like images, cards, and other non fungible tokens. As a result, crypto art tokens known as non-fungible tokens or NFTs (ERC-721, ERC-1155) started to meaningfully grow and be attached to protocols with large financial volumes. Crypto art and collectibles marketplaces like Rarible and OpenSea have seen increasing purchasing volume in Q3. Personal and social tokens have also flourished via projects like Roll and Async Art.
To read the full Q3 DeFi report: https://consensys.net/insights/q3-defi-report/
James Beck manages corporate communications, consumer product PR, and Eth2 marketing at ConsenSys. He has ghost-written commentary and articles for ConsenSys executives that have appeared in Wired, Quartz, and other industry publications. James is passionate about the increasing crossover between non-fungible tokens and art, as well as web3 models for collectives savings accounts like susus. Get in touch with James.


cityam--2020-11-19--Exclusive: Coronavirus sees boost in internal hiring

The coronavirus pandemic has spurred firms to look inwards when it comes to hiring for new roles , City A.M. can reveal .
New data from LinkedIn shows that internal hiring at UK firms rose 20 per cent compared to last year between April and August .
Read more : Almost half of firms plan to cut or stop hiring amid pandemic Other countries around the world are experiencing a similar surge in internal promotions , like Germany , where the rate of such hiring is up 25 per cent .
With the continued uncertainty from the coronavirus crisis meaning @ @ @ @ @ @ @ ever to hire external candidates , opportunities for internal candidates to move up the ranks have jumped .
Additional research from LinkedIn shows that 31 per cent of UK business leaders are focused on giving employees the opportunity to move into different roles internally in the next six months .
Before the Open newsletter : Start your day with the City View podcast and key market data And 64 per cent of recruitment specialists now say that internal hiring has become a priority for them due to the pandemic .
Janine Chamberlin , @ @ @ @ @ @ @ “ The continued uncertainty around Covid-19 has meant that many companies are looking to tap existing employees for new opportunities within their organisations .
“ This presents excellent internal mobility and professional development opportunities for individuals who want to learn new skills , gain a different experience and progress within their company.
” Read more : UK bosses more positive on hiring but worried about economy To carry out the survey , LinkedIn analysed the share of employees changing their job title to a dissimilar role within the same organisation to uncover the @ @ @ @ @ @ @ roles with existing employees .

Exclusive: Coronavirus sees boost in internal hiring
The coronavirus pandemic has spurred firms to look inwards when it comes to hiring for new roles, City A.M. can reveal.
New data from LinkedIn shows that internal hiring at UK firms rose 20 per cent compared to last year between April and August.
Other countries around the world are experiencing a similar surge in internal promotions, like Germany, where the rate of such hiring is up 25 per cent.
With the continued uncertainty from the coronavirus crisis meaning that organisations are finding it harder than ever to hire external candidates, opportunities for internal candidates to move up the ranks have jumped.
Additional research from LinkedIn shows that 31 per cent of UK business leaders are focused on giving employees the opportunity to move into different roles internally in the next six months.
Before the Open newsletter: Start your day with the City View podcast and key market data
And 64 per cent of recruitment specialists now say that internal hiring has become a priority for them due to the pandemic.
Janine Chamberlin, senior director at LinkedIn, said: “The continued uncertainty around Covid-19 has meant that many companies are looking to tap existing employees for new opportunities within their organisations.
“This presents excellent internal mobility and professional development opportunities for individuals who want to learn new skills, gain a different experience and progress within their company.”
To carry out the survey, LinkedIn analysed the share of employees changing their job title to a dissimilar role within the same organisation to uncover the rate at which companies are filling open roles with existing employees.


cityam--2020-11-19--Pace of foreign investment into UK to slow in next 12 months

Fewer companies are planning to invest in the UK in the next 12 months than were planning to do so back in April , new data has revealed .
Accountant EY ’ s UK Attractiveness Survey shows that the proportion of companies planning such investment has fallen from 10-year highs of 31 per cent in the spring to 25 per cent now .
Read more : New foreign investment powers will create ‘ considerable uncertainty ’ for business A survey of 220 non-UK investment decision makers also showed that 43 per cent of respondents are continuing with the UK investments @ @ @ @ @ @ @ from 72 per cent in April .
As a result , EY estimates that there will be 30-45 per cent fewer foreign direct investment ( FDI ) projects in the UK in 2020 than the 1,109 projects recorded last year– equivalent to a fall of between 333 and 499 projects .
The new figures are the latest indication of the damage that the coronavirus pandemic has done to the UK ’ s attractiveness as an business destination .
The prospect of the UK leaving the EU without a trade deal , as well @ @ @ @ @ @ @ , could well put off investors further .
Before the Open newsletter : Start your day with the City View podcast and key market data However , the survey shows that the country is still the second most popular destination for foreign investment in Europe , behind only Germany .
And despite the fall from April ’ s decade-long highs , the UK remains considerably more resilient than its European counterparts .
While 43 per cent of investors have left intact their plans for this country , the figure shrinks to 17 per @ @ @ @ @ @ @ EY UK and Ireland managing partner , says : “ The UK ’ s attractiveness as a destination for FDI remains comparatively strong despite Covid-19 .
Overall , the outlook for the UK looks stronger than that for Europe .
Read more : Exclusive : UK investors turn to property as they brace for a recession “ However , the UK will need to keep pace with the changing drivers of investment .
Since the start of the year , Covid-19 has seen investors put an increasing premium on a country having measures @ @ @ @ @ @ @ and its level of success in dealing with the pandemic .
”

Pace of foreign investment into UK to slow in next 12 months
Fewer companies are planning to invest in the UK in the next 12 months than were planning to do so back in April, new data has revealed.
Accountant EY’s UK Attractiveness Survey shows that the proportion of companies planning such investment has fallen from 10-year highs of 31 per cent in the spring to 25 per cent now.
A survey of 220 non-UK investment decision makers also showed that 43 per cent of respondents are continuing with the UK investments they planned before the pandemic, down from 72 per cent in April.
As a result, EY estimates that there will be 30-45 per cent fewer foreign direct investment (FDI) projects in the UK in 2020 than the 1,109 projects recorded last year– equivalent to a fall of between 333 and 499 projects.
The new figures are the latest indication of the damage that the coronavirus pandemic has done to the UK’s attractiveness as an business destination.
The prospect of the UK leaving the EU without a trade deal, as well as stringent new laws scrutinising foreign investment, could well put off investors further.
Before the Open newsletter: Start your day with the City View podcast and key market data
However, the survey shows that the country is still the second most popular destination for foreign investment in Europe, behind only Germany.
And despite the fall from April’s decade-long highs, the UK remains considerably more resilient than its European counterparts.
While 43 per cent of investors have left intact their plans for this country, the figure shrinks to 17 per cent for Europe.
Alison Kay, EY UK and Ireland managing partner, says: “The UK’s attractiveness as a destination for FDI remains comparatively strong despite Covid-19. Overall, the outlook for the UK looks stronger than that for Europe.
“However, the UK will need to keep pace with the changing drivers of investment. Since the start of the year, Covid-19 has seen investors put an increasing premium on a country having measures in place to prevent a future crisis and its level of success in dealing with the pandemic.”


cityam--2020-11-18--The City View podcast, from City A.M., with Adam Byatt

The City View : Michelin-starred chef Adam Byatt on how hospitality became a scapegoat Subscribe to The City View Podcast : Apple / Google / Spotify / RSS In this episode Christian talks to Adam Byatt , the Michelin-starred proprietor of Trinity in Clapham , about how the pandemic has inflicted huge pain on the hospitality sector and why he feels it was made a scapegoat ahead of the latest lockdown .
Adam talks about how the sector has adapted , how it may change for good and why he can ’ t wait to rediscover the happy buzz of @ @ @ @ @ @ @ restrictions .
Read more : The City View podcast , from City A.M. , with Hetan Shah , chief executive of the British Academy Read more : The City View podcast , from City A.M. , with Martin Gilbert Read more : The City View podcast from City A.M. , with Dr Gerard Lyons Read more : The City View podcast , from City A.M. , with Miles Celic Read more : The City View podcast from City A.M. , with Dr Gerard Lyons ETX Capital is one of the UK ’ s @ @ @ @ @ @ @ , offering services to retail , institutional , professional and high net worth customers via an award-winning trading platform .
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Disclaimer : Spread bets and CFDs are complex instruments and come with @ @ @ @ @ @ @ due to leverage .
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You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money .
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ETX Capital provides an execution-only service and therefore any market analysis , opinion , commentary or other information provided during this webinar is for educational purposes only and is not @ @ @ @ @ @ @ construed as advice .
ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View podcast, from City A.M., with Adam Byatt
The City View: Michelin-starred chef Adam Byatt on how hospitality became a scapegoat
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
In this episode Christian talks to Adam Byatt, the Michelin-starred proprietor of Trinity in Clapham, about how the pandemic has inflicted huge pain on the hospitality sector and why he feels it was made a scapegoat ahead of the latest lockdown.
Adam talks about how the sector has adapted, how it may change for good and why he can’t wait to rediscover the happy buzz of a much-loved restaurant, free from Covid restrictions.
Read more: The City View podcast, from City A.M., with Hetan Shah, chief executive of the British Academy
Read more: The City View podcast, from City A.M., with Martin Gilbert
Read more: The City View podcast from City A.M., with Dr Gerard Lyons
Read more: The City View podcast, from City A.M., with Miles Celic
Read more: The City View podcast from City A.M., with Dr Gerard Lyons
This podcast is sponsored by CMC Markets.
79% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.


cityam--2020-11-18--Boris Johnson to unveil largest military spending increase in decades

Boris Johnson will tomorrow announce he is tripling a planned increase of the country ’ s military budget in what will be the largest defence investment in decades .
The government will spend an extra £16.5bn on the UK ’ s military over the next four years , which will take the total increase over this time period to about £24.1bn .
Read more : Rishi Sunak ‘ pushing ’ for cut in UK ’ s aid budget in spending review A Downing Street statement said the funding meant the armed forces could buy “ cutting-edge technology ” in areas @ @ @ @ @ @ @ , while also “ addressing weaknesses in our defence arsenal ” .
Johnson will also announce the creation of an Artificial Intelligence ( AI ) agency , a National Cyber Force and a new space force that will aim to launch its first rocket in 2022 .
It is estimated that the new spending will create up to 10,000 jobs a year annually .
Johnson said he ’ s making the announcement mid-pandemic , because “ the defence of the realm must come first ” .
Before the Open newsletter : Start your @ @ @ @ @ @ @ key market data “ The international situation is more perilous and more intensely competitive than at any time since the Cold War and Britain must be true to our history and stand alongside our allies , ” he said .
“ To achieve this we need to upgrade our capabilities across the board.
” The spending comes as the first announcement from the government ’ s integrated review of the UK ’ s foreign , defence , development and security policy .
Its full findings will be submitted early next year .
The @ @ @ @ @ @ @ defence secretary Ben Wallace at a time where there has been talk of cuts in other areas such as foreign aid .
The UK has spent more than £200bn on its coronavirus response and the annual budget is expected to be at least £350bn – a 12-fold increase from pre-pandemic expectations .
Professor Malcolm Chalmers , deputy director-general at the Royal United Services Institute for Defence and Security Studies ( RUSI ) think tank , said the announcement was “ a remarkable tribute to the persuasive powers of the Ministry of Defence ” @ @ @ @ @ @ @ demands UK banks to move City staff to Europe despite Covid “ The Conservative Manifesto had committed to an annual real increase of only 0.5 per cent , and even this seemed under threat as the economics of the pandemic and Brexit began to kick in , ” he said .
“ This will go down well in the new US Administration and with the UK ’ s Nato allies .
”

TODAY: Boris Johnson to unveil largest military spending increase in decades
Boris Johnson will today announce he is tripling a planned increase of the country’s military budget in what will be the largest defence investment in decades.
The government will spend an extra £16.5bn on the UK’s military over the next four years, which will take the total increase over this time period to about £24.1bn.
A Downing Street statement said the funding meant the armed forces could buy “cutting-edge technology” in areas such as “cyber and space”, while also “addressing weaknesses in our defence arsenal”.
Johnson will also announce the creation of an Artificial Intelligence (AI) agency, a National Cyber Force and a new space force that will aim to launch its first rocket in 2022.
It is estimated that the new spending will create up to 10,000 jobs a year annually.
Johnson said he’s making the announcement mid-pandemic, because “the defence of the realm must come first”.
Before the Open newsletter: Start your day with the City View podcast and key market data
“The international situation is more perilous and more intensely competitive than at any time since the Cold War and Britain must be true to our history and stand alongside our allies,” he said.
“To achieve this we need to upgrade our capabilities across the board.”
The spending comes as the first announcement from the government’s integrated review of the UK’s foreign, defence, development and security policy.
Its full findings will be submitted early next year.
The extra military spending is large victory for defence secretary Ben Wallace at a time where there has been talk of cuts in other areas such as foreign aid.
The UK has spent more than £200bn on its coronavirus response and the annual budget is expected to be at least £350bn – a 12-fold increase from pre-pandemic expectations.
Professor Malcolm Chalmers, deputy director-general at the Royal United Services Institute for Defence and Security Studies (RUSI) think tank, said the announcement was “a remarkable tribute to the persuasive powers of the Ministry of Defence”.
“The Conservative Manifesto had committed to an annual real increase of only 0.5 per cent, and even this seemed under threat as the economics of the pandemic and Brexit began to kick in,” he said.
“This will go down well in the new US Administration and with the UK’s Nato allies.”


cityam--2020-11-18--Snakes and Ladders: Who is moving jobs in the City this week?

Snakes and Ladders provides a roundup of the most important hires and job moves across the City , every Wednesday afternoon .
Email citymoves @ cityam.com to be featured .
Firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of the crisis .
This week , a £500m leisure development has appointed two new advisors , a funding platform has replaced its chief executive and a retail property consultancy has expanding its leasing service as the sector grapples with the impact @ @ @ @ @ @ @ the owner of a 284-acre Suffolk leisure destination site , have appointed two industry experts to advise on the development , as it aims to create the UK ’ s premium staycation resort .
Former head of real estate and lodging at Bank of America Merrill Lynch David Church has joined the board .
Church previously advised on the £1bn central London Grange Hotel deal last year and the £1.7bn sale of the Broadgate office and retail complex .
Read more : Snakes and Ladders : Who is moving jobs in the City @ @ @ @ @ @ @ the chief executive of TGI Fridays , has also been appointed to advise on the project .
He was previously chief executive of Virgin Active UK , De Vere Hotels and Malmaison .
The Valley Ridge resort , which is expected to open between 2023 and 2024 , will offer year-round winter and water sports alongside a spa , cinema , country club , bars , restaurants and a 350-room four star hotel .
Global consulting firm AlixPartners has appointed digital transformation expert Narry Singh to its digital practice as a marketing director @ @ @ @ @ @ @ join the company from his role as head of growth at Accenture Digital , where he grew the business to more than $ 20bn with more than 10 acquisitions .
Narry was described as a “ successful Silicon Valley serial entrepreneur ” , and a “ go-to-advisor ” for Fortune 500 leadership teams .
Read more : Snakes and Ladders : Who is moving jobs in the City this week ?
He previously served on the boards of Bebe Stores , Proseibensat and the United Nations Global Entrepreneurs Council .
Simon Freakley , @ @ @ @ @ @ @ “ As a successful Silicon Valley entrepreneur , he has actually built several multi-billion dollar digital businesses himself .
“ Our clients will benefit tremendously from his pragmatic approach to digital transformation .
I am delighted to welcome Narry to AlixPartners.
” Spacehive has appointed marketing leader Misha Dhanak as its new chief executive .
Dhanak , the co-founder and former chief executive of The Romans , will replace Spacehive founder Chris Gourlay , who will join the board .
Spacehive is a funding platform for local projects , with £19m raised so @ @ @ @ @ @ @ Peter Wrigley , the founder of 360Retail and former CBRE senior director , to head up its new professional services specialism .
The boutique retail property consultancy , which was founded in 2015 , counts major UK shopping centres including Bluewater , Manchester Arndale , Newcastle ’ s Metrocentre and Leeds ’ Trinity and White Rose centres .
Wrigley founded 360Retail in September and has since been appointed by Grosvenor to advise on the lease consultancy for Liverpool One , which he will continue alongside his role at Time Retail Partners .
Peter @ @ @ @ @ @ @ no question that we are in the most challenging market any of us have witnessed , in our opinion this only reinforces the need for a full service leasing and advisory offering ” .
Social infrastructure investment manager Newcore Capital Management has made two new appointments as it expands its business .
Sophie Cowen , a Cass Business School and City University graduate , has been appointed as fund analyst , to focus on capital raising , fund management , investor relations , investor reporting and supporting the investment team Read more : @ @ @ @ @ @ @ jobs in the City this week ?
Former Bravo Investment House property accountant Grace Thomas will join the team as financial accountant .
She will be responsible for the management accounting , treasury functions and internal payroll administrations for Newcore and its family office clients .
She previously worked as the financial accountant at FromCounsel , and is a graduate of Mahatma Gandhi University and is also part qualified as an accountant from the Institute of Chartered Accountants of India .

Snakes and Ladders: Who is moving jobs in the City this week?
Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured.
Firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of the crisis.
This week, a £500m leisure development has appointed two new advisors, a funding platform has replaced its chief executive and a retail property consultancy has expanding its leasing service as the sector grapples with the impact of coronavirus.
Industry veterans to advise on £500m UK leisure destination
Valley Ridge Holdings, the owner of a 284-acre Suffolk leisure destination site, have appointed two industry experts to advise on the development, as it aims to create the UK’s premium staycation resort.
Former head of real estate and lodging at Bank of America Merrill Lynch David Church has joined the board. Church previously advised on the £1bn central London Grange Hotel deal last year and the £1.7bn sale of the Broadgate office and retail complex.
Robert B Cook, the chief executive of TGI Fridays, has also been appointed to advise on the project. He was previously chief executive of Virgin Active UK, De Vere Hotels and Malmaison.
The Valley Ridge resort, which is expected to open between 2023 and 2024, will offer year-round winter and water sports alongside a spa, cinema, country club, bars, restaurants and a 350-room four star hotel.
AlixPartners hires Silicon Valley entrepreneur
Narry Singh
Global consulting firm AlixPartners has appointed digital transformation expert Narry Singh to its digital practice as a managing director and co-lead of its global digital practice in its London office.
He will join the company from his role as head of growth at Accenture Digital, where he grew the business to more than $20bn with more than 10 acquisitions.
Narry was described as a “successful Silicon Valley serial entrepreneur”, and a “go-to-advisor” for Fortune 500 leadership teams.
He previously served on the boards of Bebe Stores, Proseibensat and the United Nations Global Entrepreneurs Council.
Simon Freakley, chief executive of AlixPartners, said: “As a successful Silicon Valley entrepreneur, he has actually built several multi-billion dollar digital businesses himself.
“Our clients will benefit tremendously from his pragmatic approach to digital transformation. I am delighted to welcome Narry to AlixPartners.”
Funding platform Spacehive appoints new boss
Spacehive has appointed marketing leader Misha Dhanak as its new chief executive.
Dhanak, the co-founder and former chief executive of The Romans, will replace Spacehive founder Chris Gourlay, who will join the board.
Spacehive is a funding platform for local projects, with £19m raised so far.
Retail property consultancy strengthens team amid “challenging market”
Time Retail Partners has appointed Peter Wrigley, the founder of 360Retail and former CBRE senior director, to head up its new professional services specialism.
The boutique retail property consultancy, which was founded in 2015, counts major UK shopping centres including Bluewater, Manchester Arndale, Newcastle’s Metrocentre and Leeds’ Trinity and White Rose centres.
Wrigley founded 360Retail in September and has since been appointed by Grosvenor to advise on the lease consultancy for Liverpool One, which he will continue alongside his role at Time Retail Partners.
Peter Wrigley said: “While there is no question that we are in the most challenging market any of us have witnessed, in our opinion this only reinforces the need for a full service leasing and advisory offering”.
Newcore Capital expands with two appointments
Sophie Cowen
Social infrastructure investment manager Newcore Capital Management has made two new appointments as it expands its business.
Sophie Cowen, a Cass Business School and City University graduate, has been appointed as fund analyst, to focus on capital raising, fund management, investor relations, investor reporting and supporting the investment team
Former Bravo Investment House property accountant Grace Thomas will join the team as financial accountant.
Grace Thomas
She will be responsible for the management accounting, treasury functions and internal payroll administrations for Newcore and its family office clients.
She previously worked as the financial accountant at FromCounsel, and is a graduate of Mahatma Gandhi University and is also part qualified as an accountant from the Institute of Chartered Accountants of India.


cityam--2020-11-18--Crossrail 2 ‘still needed in the future’ despite cash drought

London ’ s Crossrail 2 is “ ready to be restarted ” in the future despite London mayor Sadiq Khan earlier this month agreeing to shelve the £33bn project in return for a bailout for Transport for London ( TfL ) .
Khan agreed to put the north-south rail project on ice as part of a last-ditch financial package from Westminster to stop TfL going bust .
Read more : TfL boss that oversaw Crossrail and Garden Bridge fiascos set for an honour Transport secretary Grant Shapps will hand TfL £1.8bn over the next six months , after money at @ @ @ @ @ @ @ dry in the thick of the pandemic .
The London mayor was forced to accept a tranche of conditions in exchange for the bailout , including hiking rail fares above inflation and an agreement to investigate the efficacy of driverless trains .
But in a sharp rebuttal of claims the funding package spelt the end for Crossrail 2 , the scheme this evening issued its first statement in two-and-a-half years claiming the project “ will still be needed in the future ” .
Crossrail 2 , which was set to connect Broxbourne in @ @ @ @ @ @ @ described by the National Infrastructure Commission in 2016 as a national priority .
But the rail project , which was due to start construction in the early 2020s , drew criticism for exemplifying the government ’ s supposed London-centric approach to infrastructure .
It was notably omitted from the Conservative party ’ s 2017 manifesto , in a clear sign appetite for the rail project was waning in the heart of Westminster .
Read more : Sadiq Khan forced to cut budget by £38m after Covid leaves black hole The government ’ s @ @ @ @ @ @ @ spark enthusiasm for its successor , having repeatedly run both overtime and over budget .
But in its first update since 2018 , the rail body this week said : “ Crossrail 2 will still be needed in future to support London ’ s growth and we have clearly demonstrated the case for the scheme .
The project has been put in good order , ready to be restarted when the time is right .
”

Crossrail 2 ‘still needed in the future’ despite cash drought
London’s Crossrail 2 is “ready to be restarted” in the future despite London mayor Sadiq Khan earlier this month agreeing to shelve the £33bn project in return for a bailout for Transport for London (TfL).
Khan agreed to put the north-south rail project on ice as part of a last-ditch financial package from Westminster to stop TfL going bust.
Transport secretary Grant Shapps will hand TfL £1.8bn over the next six months, after money at London’s main transport network ran dry in the thick of the pandemic.
The London mayor was forced to accept a tranche of conditions in exchange for the bailout, including hiking rail fares above inflation and an agreement to investigate the efficacy of driverless trains.
But in a sharp rebuttal of claims the funding package spelt the end for Crossrail 2, the scheme this evening issued its first statement in two-and-a-half years claiming the project “will still be needed in the future”.
Crossrail 2, which was set to connect Broxbourne in Hertfordshire with Epsom in Surrey, was described by the National Infrastructure Commission in 2016 as a national priority.
But the rail project, which was due to start construction in the early 2020s, drew criticism for exemplifying the government’s supposed London-centric approach to infrastructure.
It was notably omitted from the Conservative party’s 2017 manifesto, in a clear sign appetite for the rail project was waning in the heart of Westminster.
The government’s east-west Crossrail line has done little to spark enthusiasm for its successor, having repeatedly run both overtime and over budget.
But in its first update since 2018, the rail body this week said: “Crossrail 2 will still be needed in future to support London’s growth and we have clearly demonstrated the case for the scheme. The project has been put in good order, ready to be restarted when the time is right.”


cityam--2020-11-18--Editorial: Christmas plans expose Government's lack of strategy

Only a true Scrooge would begrudge the Government ’ s reported plans to open up the country for a Christmas spectacular .
But , well , here we are .
Such a move betrays the fundamental lack of thought at the heart of the Government ’ s strategy – or lack thereof .
The plan , as we understand it , is to allow for household mixing once again for a five-day bash across the festive period .
Read more : Editorial : London should be freed to thrive again That would of course allow families to come together again @ @ @ @ @ @ @ time in nine months , for the happiest time of the year .
All very jolly : or at least it was , until Public Health England today corrected earlier guidance to confirm that for each of those days of some version of liberation , we ’ d be back under lock and key for another five days .
By any sensible logic , then , the Government ’ s plan for five days on the brandy with Nan is a month-long shutdown in January .
What price that for the economy ?
@ @ @ @ @ @ @ at an Excel spreadsheet which at this point displays only varying shades of red ?
This newspaper sees little evidence for London being kept under lockdown restrictions of any severity after December 2 .
The numbers and the data in the capital simply don ’ t support it .
In more than half of boroughs , cases were falling before Lockdown 2 .
It ’ s our contention that the Government should give London the chance to kick back into life with all the gusto it can muster .
But that does not @ @ @ @ @ @ @ We ’ re back to apocalyptic predictions of lockdowns for months .
Even the relatively chirpy Jonathan Van Tam thinks it ’ ll be summer before we ’ re back to normal .
So the Government ’ s plan is tortoise-like – slow and steady wins the Covid race .
The argument runs that the economy will recover quicker from a short and sharp blast of circuit-breakers and firebreaks or ‘ enhanced ’ tiers or whatever lockdowns are called this week than it would a longer period of hokey-cokey lockdowns and liberations .
@ @ @ @ @ @ @ if you take the Government ’ s logic that we are still under threat – would therefore guarantee precisely that latter scenario .
So what ’ s the strategy ?
Where ’ s the exit route ?
Where are the numbers that define what Tier this global capital is going to be plunged back into ?
How do we register success ?
Can businesses open on December 2 ?
Christmas will be a welcome burst of frivolity in a year of constant grimness .

Editorial: Christmas plans expose Government’s lack of strategy
(Photo by TOLGA AKMEN/AFP via Getty Images)
Only a true Scrooge would begrudge the Government’s reported plans to open up the country for a Christmas spectacular.
But, well, here we are. Such a move betrays the fundamental lack of thought at the heart of the Government’s strategy – or lack thereof.
The plan, as we understand it, is to allow for household mixing once again for a five-day bash across the festive period.
Read more: Editorial: London should be freed to thrive again
That would of course allow families to come together again, in many cases for the first time in nine months, for the happiest time of the year.
All very jolly: or at least it was, until Public Health England today corrected earlier guidance to confirm that for each of those days of some version of liberation, we’d be back under lock and key for another five days.
By any sensible logic, then, the Government’s plan for five days on the brandy with Nan is a month-long shutdown in January.
What price that for the economy? For jobs? For businesses already looking at an Excel spreadsheet which at this point displays only varying shades of red?
This newspaper sees little evidence for London being kept under lockdown restrictions of any severity after December 2. The numbers and the data in the capital simply don’t support it. In more than half of boroughs, cases were falling before Lockdown 2.
It’s our contention that the Government should give London the chance to kick back into life with all the gusto it can muster.
But that does not seem where the Government is moving. We’re back to apocalyptic predictions of lockdowns for months. Even the relatively chirpy Jonathan Van Tam thinks it’ll be summer before we’re back to normal.
So the Government’s plan is tortoise-like – slow and steady wins the Covid race.
The argument runs that the economy will recover quicker from a short and sharp blast of circuit-breakers and firebreaks or ‘enhanced’ tiers or whatever lockdowns are called this week than it would a longer period of hokey-cokey lockdowns and liberations.
But a Christmas free for all – if you take the Government’s logic that we are still under threat – would therefore guarantee precisely that latter scenario.
So what’s the strategy? Where’s the exit route? Where are the numbers that define what Tier this global capital is going to be plunged back into? How do we register success? Can businesses open on December 2?
Christmas will be a welcome burst of frivolity in a year of constant grimness.


cityam--2020-11-18--Why Francis Warren is taking the family Queensberry empire to Poland

Boxing promoter Francis Warren is hoping to expand his family ’ s Queensberry empire by mining an untapped Polish fight scene .
The son of hall-of-fame promoter Frank Warren has launched Queensberry Poland , which is due to stage its first show on Saturday .
Warren Jr , 36 , hopes to groom future Polish world champions who buck the trend by having their biggest fights in front of home fans .
Read more : ‘ Netflix of sports ’ DAZN to launch in UK in December at cut-price £1.99 per month “ The reason I want to go to @ @ @ @ @ @ @ ” says Warren .
“ Polish fighters are strong and technically very capable .
With the right backing , so they ’ re not on their bike abroad every couple months , you ’ ll see these Polish guys have long reigns as world champions .
That ’ s the challenge for me.
” Dynasties are nothing new in boxing promotion .
Eddie Hearn has made Matchroom major players since taking over the boxing business from father Barry .
Warren hopes success in Poland can help him make his mark on Queensberry , @ @ @ @ @ @ @ and fellow British heavyweights Daniel Dubois and Joe Joyce .
“ It ’ s about development , whether that ’ s personal or on a business level .
This is the next stage of development for me , for Queensbury , and we ’ re going international , ” he says .
“ It means I ’ m going to sleep less .
You don ’ t get anything by not giving 100 per cent .
It ’ s about grafting and working hard .
We ’ ve been brought up to not @ @ @ @ @ @ @ eyes.
” Queenberry Poland ’ s first show will be shown on BoxNation in Britain , while they have a multi-year deal with domestic broadcaster Polsat .
Headlining the card is unbeaten light-heavyweight Pawel Augustynik ’ s clash with Darek Sek .
Warren adds : “ We want to come over and make a dent , we want to make a success of it .
We want to enhance what ’ s going on and give Polish boxing the recognition it deserves .
”

Why Francis Warren is taking the family Queensberry empire to Poland
Francis Warren is expanding Queensberry Promotions’ activities to Poland
Boxing promoter Francis Warren is hoping to expand his family’s Queensberry empire by mining an untapped Polish fight scene.
The son of hall-of-fame promoter Frank Warren has launched Queensberry Poland, which is due to stage its first show on Saturday.
Warren Jr, 36, hopes to groom future Polish world champions who buck the trend by having their biggest fights in front of home fans.
“The reason I want to go to Poland is because of the fighters,” says Warren.
“Polish fighters are strong and technically very capable. With the right backing, so they’re not on their bike abroad every couple months, you’ll see these Polish guys have long reigns as world champions. That’s the challenge for me.”
Multi-year broadcast deal
Dynasties are nothing new in boxing promotion. Eddie Hearn has made Matchroom major players since taking over the boxing business from father Barry.
Warren hopes success in Poland can help him make his mark on Queensberry, where dad Frank looks after Tyson Fury and fellow British heavyweights Daniel Dubois and Joe Joyce.
“It’s about development, whether that’s personal or on a business level. This is the next stage of development for me, for Queensbury, and we’re going international,” he says.
“It means I’m going to sleep less. You don’t get anything by not giving 100 per cent. It’s about grafting and working hard. We’ve been brought up to not worry about a few bags under your eyes.”
Queenberry Poland’s first show will be shown on BoxNation in Britain, while they have a multi-year deal with domestic broadcaster Polsat.
Headlining the card is unbeaten light-heavyweight Pawel Augustynik’s clash with Darek Sek.
Warren adds: “We want to come over and make a dent, we want to make a success of it. We want to enhance what’s going on and give Polish boxing the recognition it deserves.”


cityam--2020-11-18--Boohoo factory saga 'one of the worst ESG scandals' in UK history, Leicester MP says

The discovery of poor working conditions in Boohoo ’ s Leicester supply chain has been branded “ one of the worst environmental , social and corporate governance ( ESG ) scandals in modern UK history ” , by one of the city ’ s MPs .
Liz Kendall , the MP for Leicester West , today again called on Boohoo ’ s executive chairman Mahmud Kamani and chief executive John Lyttle to step down and slammed major shareholders for their response to the scandal .
Boohoo yesterday appointed Trainline finance chief Shaun McCabe as an independent non-executive director as part @ @ @ @ @ @ @ , after it pledged to tackle the problems in its Leicester supply chain .
However Kendall said the move “ will not solve fundamental governance weaknesses where boards are still in the power of an all-powerful founder chairman ” .
Read more : Boohoo and Nike grilled over supply chain links to slave labour in China She said the reaction from shareholders Jupiter Fund Management , Fidelity Investments , Invesco and Blackrock to the situation “ has so far been extremely disappointing ” .
Kendall said she told the firms that she “ @ @ @ @ @ @ @ turned a blind eye to these problems over many years were the right people to take the company forward ” .
The MP praised the actions of Standard Life Aberdeen , which divested most of its shares in the company following the revelations .
An independent review , conducted by Alison Levitt QC and published in September , found that allegations of low pay and poor working conditions at Boohoo ’ s Leicester supplier “ not merely well-founded but substantially true ” .
It also revealed that the company ’ s monitoring of @ @ @ @ @ @ @ ” , which was “ attributable to weak corporate governance ” .
The company vowed to address all of the concerns raised in the report .
In response to the findings of the Levitt review , Lyttle said the group would implement “ necessary enhancements to its supplier audit and compliance procedures , and the board ’ s oversight of these matters will increase significantly ” .
Today Kendall said Jupiter , Fidelity , Invesco and Blackrock ’ s commitment to engage with the fast fashion firm “ made a mockery of their @ @ @ @ @ @ @ ” .
“ This matters , because these are the companies that manage the retirement savings of millions of ordinary Britons , ” she said .
Kendall added : “ Standard Life Aberdeen is to be applauded for its decisions , because fund managers need to champion responsible investing—not as the latest marketing gimmick , but because they intend to drive real change .
“ Otherwise it is all just warm words and not worth the paper , or website , it is written on.
” In a letter to Kendall last month @ @ @ @ @ @ @ , saying the necessary changes would be made more quickly by working with the current management team .
Read more : Major Boohoo shareholders fail to denounce CEO over Leicester factory conditions The Environmental Audit Committee ( EAC ) has launched a follow-up inquiry into sustainability and working conditions within the fashion industry , prompted by the conditions within Boohoo ’ s supply chain .
City A.M. has contacted Boohoo , Jupiter , Invesco , Fidelity and Blackrock for comment .

Boohoo factory saga ‘one of the worst ESG scandals’ in UK history, Leicester MP says
Boohoo has bought failing brands before, turning them into online-only brands.
The discovery of poor working conditions in Boohoo’s Leicester supply chain has been branded “one of the worst environmental, social and corporate governance (ESG) scandals in modern UK history”, by one of the city’s MPs.
Liz Kendall, the MP for Leicester West, today again called on Boohoo’s executive chairman Mahmud Kamani and chief executive John Lyttle to step down and slammed major shareholders for their response to the scandal.
Boohoo yesterday appointed Trainline finance chief Shaun McCabe as an independent non-executive director as part of its “agenda for change”, after it pledged to tackle the problems in its Leicester supply chain.
However Kendall said the move “will not solve fundamental governance weaknesses where boards are still in the power of an all-powerful founder chairman”.
She said the reaction from shareholders Jupiter Fund Management, Fidelity Investments, Invesco and Blackrock to the situation “has so far been extremely disappointing”.
Kendall said she told the firms that she “did not think that those who had turned a blind eye to these problems over many years were the right people to take the company forward”.
The MP praised the actions of Standard Life Aberdeen, which divested most of its shares in the company following the revelations.
An independent review, conducted by Alison Levitt QC and published in September, found that allegations of low pay and poor working conditions at Boohoo’s Leicester supplier “not merely well-founded but substantially true”.
It also revealed that the company’s monitoring of its Leicester supply chain was “inadequate”, which was “attributable to weak corporate governance”.
The company vowed to address all of the concerns raised in the report.
In response to the findings of the Levitt review, Lyttle said the group would implement “necessary enhancements to its supplier audit and compliance procedures, and the board’s oversight of these matters will increase significantly”.
Today Kendall said Jupiter, Fidelity, Invesco and Blackrock’s commitment to engage with the fast fashion firm “made a mockery of their promises and claims to champion responsible investment”.
“This matters, because these are the companies that manage the retirement savings of millions of ordinary Britons,” she said.
Kendall added: “Standard Life Aberdeen is to be applauded for its decisions, because fund managers need to champion responsible investing—not as the latest marketing gimmick, but because they intend to drive real change.
“Otherwise it is all just warm words and not worth the paper, or website, it is written on.”
In a letter to Kendall last month, Jupiter stood by Kamani and Lyttle, saying the necessary changes would be made more quickly by working with the current management team.
The Environmental Audit Committee (EAC) has launched a follow-up inquiry into sustainability and working conditions within the fashion industry, prompted by the conditions within Boohoo’s supply chain.
City A.M. has contacted Boohoo, Jupiter, Invesco, Fidelity and Blackrock for comment.


cityam--2020-11-18--Rapper Lil Yachty launches his own crypto-currency

Rap star Lil Yachty , a performer whose discography is filled with boasts about the size of his wealth , is to launch his own crypto-currency .
Read more : Why virtual clubbing could lift your lockdown blues The Oprah ’ s Bank Account and Yacht Club singer will issue the currency on Swiss platform Fyooz .
Once live it will allow Lil Yachty fans to purchase “ tokens ” that can be used to gain access to “ special goodies ” – presumably events or merchandise – or be traded back into fiat currency that can be traded on @ @ @ @ @ @ @ if your favourite artist suddenly goes mainstream or has a huge number 1 hit , your token will rise in value .
Other bands on the Fyooz site include ska-punk-reggae combo Pueblo Criminal , whose tokens are trading for $ 3.84 , and Swiss-Indian , London-based singer-songwriter Ta ’ Shan , whose tokens will set you back $ 9.99 .
Lil Yachty has 10.7m monthly listeners on Spotify , 10m Instagram followers and 5.2m subscribers on TikTok .
Fyooz co-CEO Remo Prinz said : “ Lil Yachty has joined with Fyooz to create @ @ @ @ @ @ @ and in so doing creating a new investment paradigm for both fans and stars globally ” .
With lyrics including the memorable “ I just bought some new teeth for the shine ; I just bought a new watch cause it was time , ” the launch of a financial product was perhaps inevitable .
He is not the first musician to launch a crypto-currency – Grammy nominated Akon started Akoin this summer after he was unable to convert currency after a trip to Senegal .
Akon , who is planning to create @ @ @ @ @ @ @ in the West African country , hopes Akoin can become a “ uniting crypto-currency for Africa ” .

Rapper Lil Yachty launches his own crypto-currency
Rapper Lil Yachty, who has launched his own crypto-currency
Rap star Lil Yachty, a performer whose discography is filled with boasts about the size of his wealth, is to launch his own crypto-currency.
The Oprah’s Bank Account and Yacht Club singer will issue the currency on Swiss platform Fyooz. Once live it will allow Lil Yachty fans to purchase “tokens” that can be used to gain access to “special goodies” – presumably events or merchandise – or be traded back into fiat currency that can be traded on the platform.
The idea is that if your favourite artist suddenly goes mainstream or has a huge number 1 hit, your token will rise in value. Other bands on the Fyooz site include ska-punk-reggae combo Pueblo Criminal, whose tokens are trading for $3.84, and Swiss-Indian, London-based singer-songwriter Ta’Shan, whose tokens will set you back $9.99.
Lil Yachty has 10.7m monthly listeners on Spotify, 10m Instagram followers and 5.2m subscribers on TikTok.
Fyooz co-CEO Remo Prinz said: “Lil Yachty has joined with Fyooz to create new methods of getting closer to fans and in so doing creating a new investment paradigm for both fans and stars globally”.
With lyrics including the memorable “I just bought some new teeth for the shine; I just bought a new watch cause it was time,” the launch of a financial product was perhaps inevitable.
He is not the first musician to launch a crypto-currency – Grammy nominated Akon started Akoin this summer after he was unable to convert currency after a trip to Senegal. Akon, who is planning to create a 2,000 acre “Akon City” in the West African country, hopes Akoin can become a “uniting crypto-currency for Africa”.