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Coronavirus: Eurostar trains will not stop in Kent until at least 2023

BBC Kent - 5 hours 50 min ago
Eurostar trains have not been stopping at Ashford or Ebbsfleet since March 2020.
Categories: Kent

FCA probes three traders for market abuse around time of Brexit vote

The Financial Conduct Authority has issued formal warnings to three traders from an unnamed bank who carried out market abuse around the time of the 2016 Brexit vote.

The FCA accused the individuals of ‘spoofing,’ a practice where traders place orders on financial assets they do not intend to complete in order to manipulate markets.

In this case, the traders worked separately and together to place large futures orders on assets which pushed their price upwards. They then placed smaller, genuine orders on the assets to profit from the price increase.

In a statement the FCA said it “considers that the individuals’ behaviour constituted market abuse within the meaning of Article 12 of the Regulation and in contravention of Article 15 of the Regulation.”

Oliver Blower, CEO of VoxSmart, said “spoofing is an unfortune by-product of the fact that certain traders have always, and will always, look to manipulate the markets for personal gain. 

“But this does not mean that the industry is full of bad actors. More and more financial institutions are currently looking to reconstruct orders to try and figure out the exact sequencing that takes place,” he added.

The financial watchdog says the misconduct took place between June and the end of July 2016 with the Brexit referendum held on June 23.

The Brexit vote caused a spike in the price of the British pound which shot up to $1.50 when polls closed before crashing by as much as 9.09 per cent when the results were announced.

Read more: FCA chair urges investors not to take cryptocurrency advice from Kim Kardashian

The post FCA probes three traders for market abuse around time of Brexit vote appeared first on CityAM.

Categories: City of London

130 universities in UK: Half of new Cabinet studied at Oxford or Cambridge

Almost half of Boris Johnson’s new Cabinet went to Oxford or Cambridge universities while over 60 per cent attended a private school.

New Foreign Secretary Liz Truss, Housing Secretary Michael Gove and Chancellor Rishi Sunak all attended Oxford University.

Moreover, one in four of all Conservative MPs studied at one of the two prestigious universities, according to research that was sent to City A.M. this morning.

The percentage privately educated Cabinet members is down slightly on the Prime Minister’s previous cabinets, data from social mobility charity Sutton Trust suggested. The figure was 64 per cent in his first Cabinet in 2019, and 65 per cent in a 2020 reshuffle.

In its analysis of the educational background of the new Cabinet announced yesterday, the trust said the 2021 percentage for private education compares to 29 per cent when it comes to all MPs in the House of Commons.

The Sutton Trust said there has been a slight increase in the proportion of the new Cabinet educated at comprehensives, from 27 per cent last year to a third now.

While 46 per cent of those in the latest Cabinet studied at Oxford or Cambridge, the figure compares with 27 per cent of all Conservative MPs, 18 per cent of Labour MPs and 24 per cent of all MPs.

The trust said just over a quarter of Cabinet ministers attended both independent schools and Oxbridge.

The trust said its analysis includes 30 ministers and assumes Leader of the House of Commons Jacob Rees-Mogg and Attorney General Suella Braverman will attend Cabinet.

The post 130 universities in UK: Half of new Cabinet studied at Oxford or Cambridge appeared first on CityAM.

Categories: City of London

Council-owned Castle Quay development value falls by 40%

BBC Oxford - 6 hours 8 min ago
A Cherwell district councillor says it will be "nigh on impossible" to recover the centre's value.
Categories: Oxford

Foxborough community repaint 20-year-old Slough mural

BBC Berkshire - 6 hours 18 min ago
Residents in Foxborough came together to pay for the re-paint after council funding was axed.
Categories: Berkshire

Rhamero West: Teenager arrested over fatal street stabbing

BBC Manchester - 6 hours 27 min ago
A 16-year-old boy is arrested on suspicion of murdering Rhamero West in Old Traffford.
Categories: Manchester

Co-op sales fall 3.2 per cent amid food shortages

The Co-op has warned that full year profit could be hampered by ongoing supply chain issues after sales fell by 3.2 per cent in H1 2021.

Group revenue stood at £5.6bn for the first half of the year, up 4.2 per cent compared to pre-pandemic levels, but a cut below the heights seen last year on the back of Covid-19 lockdowns.

The group reported an underlying operating loss before tax of £15m, down by £71m compared to 2020, and cautioned that ongoing Covid costs and supply chains issues will continue to apply pressure for the rest of the year.

Steve Murrells, Chief Executive of the Co-op, said: “as we continue to experience the effects of the Covid-19 crisis, it is clear that things will never be the same again.

“As a business and as a society, it is crucial that we learn from the last 18 months, particularly as we turn to the momentous task of rebuilding Britain and face into the continuing disruption to our business and our supply chains,” he added, thanking the company’s 62,000 staff for their hard work.

News of the lacklustre half year results come after Murrells told the times that “the shortages are at a worse level than at any time I have seen.”

Empty supermarket shelves have become a common occurance at supermarkets across the company driven by labour shortages and logistics issued caused by Brexit and Covid-19.

Co-op is retraining staff as lorry drivers to help fill vacant roles after road haulage bosses said there is a shortfall of around 100,000 drivers, partly caused by the exit from the UK during the pandemic of thousands of EU drivers who have not yet returned.

Co-op’s share price is up 0.5 per cent today despite its uncertain forecast concerning full year financials.

Read more: Co-op chief: Brexit and Covid have caused the ‘worst food shortages I have ever seen’

The post Co-op sales fall 3.2 per cent amid food shortages appeared first on CityAM.

Categories: City of London

Clacton stabbing victim Harry Burkett's life 'taken in worst possible way'

BBC Essex - 6 hours 41 min ago
Harry Burkett, 21, died after being stabbed while on a night out in Clacton.
Categories: Essex

Full-time return to office not on the cards, say 70 per cent of Brits

Just over 70 per cent of all Brits do not feel a return to full-time office working is on the cards after the pandemic, according to new YouGov research shared with City A.M.

The majority of those questioned by YouGov said they would favour to either work from home full-time, or have a hybrid arrangement.

But the poll, commissioned by the BBC, also found concern from senior leaders that creativity and collaboration could suffer if employees were staying at home.

‘Gradual return’

Speaking in June, Prime Minister Boris Johnson said he expected to see a “gradual return to work over the summer”, but the Government has not ruled out a return to mandatory home working.

In the Covid-19 Autumn and Winter Plan, the Government said it would “consider asking people once again to work from home if they can, for a limited period” in a Plan B scenario if data shows the NHS is “likely to come under unsustainable pressure”.

The YouGov/BBC poll of 1,684 people and 530 senior leaders in business also saw a majority thinking their productivity would not suffer if staff continued to work from home, with 75% of people thinking their manager will allow them to continue not coming into the office.

The post Full-time return to office not on the cards, say 70 per cent of Brits appeared first on CityAM.

Categories: City of London

Ryan Hall: Hull KR winger extends contract until the end of the 2023 season

BBC Humberside - 7 hours 17 min ago
Hull KR's England winger Ryan Hall extends his contract at Craven Park until the end of 2023.
Categories: Humberside

SpaceX launch: E-com billionaire and three ordinary civilians are on their way to space

A SpaceX rocket ship blasted off from Florida last night carrying a billionaire e-commerce executive and three less-wealthy private citizens he chose to join him in the first all-civilian crew ever launched into Earth orbit. Watch the full report.

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The post SpaceX launch: E-com billionaire and three ordinary civilians are on their way to space appeared first on CityAM.

Categories: City of London

THG targets separate IPO for beauty business

UK e-commerce company THG said this morning it will spin off its beauty division in a separate listing in 2022, and is also considering stock market listings for its other main ecommerce business, as well as its technology and logistics divisions.

A stock market listing comes after THG Beauty – which counts brands such as Lookfantastic, Glossybox and Espa in its portfolio – was one of the fastest growing parts of the business in the first half of the year, with sales of £461m in the six months to the end of June, up from £296m in the same period last year.

“A separate listing for THG Beauty will position the business very well to focus investment in its key growth areas, including own-brand portfolio expansion,” the company said this morning. “The decision of whether to separately list THG Nutrition and the timing will remain under consideration.”

The decision to spin out its beauty business comes just a year after Manchester-based THG (previously The Hut Group) listed on the London Stock Exchange, raising £1.88bn in the largest UK IPO since 2015.

Shares in THG surged as much as 15 per cent in May this year when the group, founded by Matthew Moulding, raised another $1bn further equity led by Japanese investment giant SoftBank.

As part of this deal THG agreed to sell a 20 per cent stake worth around £1.6bn in Ingenuity, its tech and logisitcs platform, to SoftBank, which now owns around 8 per cent of the group.

Ingenuity’s ‘commerce’ revenues surged 166 per cent year-on-year to £18.3m in the first half of 2021, and now the group is mulling a potential listing for this part of the business, it hinted this morning.

Overall group revenues were £958m, beating average analysts’ forecasts of £942m.

CEO Matthew Moulding said a decision on whether to list THG Nutrition, which reported revenue growth of 27 per cent to £328m in the first half, up from £258m last year, “will remain under consideration.”

Outlining how it had begun the process of separating its beauty business, THG said it would at first operate as a majority-owned subsidiary and that the group “retains ultimate discretion and flexibility to determine any subsequent IPO, or other structural option for Ingenuity, with the objective to maximise value for all shareholders”.

The post THG targets separate IPO for beauty business appeared first on CityAM.

Categories: City of London

Half of UK workers would hide health issue from employer

Almost half of UK employees would not talk to their employer if they were experiencing a health issue, having a detrimental impact on business performance and culture, according to new research shared with City A.M. this morning.

As many as 43 per cent of individuals reported that they wouldn’t feel confident discussing any health issue with their employer, with many worrying about what it would mean for their career and relationships within the workplace, not-for-profit healthcare provider Benenden Health found.

Almost a third of businesses (28 per cent) accepted that they would have concerns about offering support to those in need, with as many as a fifth (19 per cent) revealing that they have previously hired someone with pre-existing health conditions but wouldn’t do so again, perpetuating the cycle of hidden health issues at work whilst open conservations and effective support are not forthcoming.

With more than half of all UK employees (51 per cent) revealing that they have a health issue, long-term condition or disability, the firm is warning that fear and stigma around health in the workplace means millions of workers may not be getting the necessary – or any – support from their employers. This could lead to absences, lower productivity and employees ultimately leaving their job.

Mental health and high blood pressure

The survey of 2,000 employees and 500 business owners revealed the most common ailments that workers have not disclosed to their employer to be poor mental health, high blood pressure and arthritis.

More than a third of employees (36 per cent) also disclosed that they have lied to an employer about taking time off for an appointment, with almost half (44 per cent) of 16-24 year olds doing so, making it difficult for businesses to ensure workers are getting the appropriate support.

The reasons why employees would be reticent to discuss their wellbeing at work were also revealed, with a third saying they would worry that people would think they couldn’t do their job (29 per cent), more than a quarter believing they might lose their job (27 per cent), a fifth concerned that they would be talked about and one in ten (9 per cent) worrying that people wouldn’t want to be their friend.

For some, these concerns were based on experience, with 15 per cent of employees believing that they have been overlooked for a job in the past due to a health issue, long-term condition or disability.

“It is disappointing that so many people still feel they can’t speak to their employers about their wellbeing and that a sizeable number of decision makers reinforce this with dated approaches to hiring people with long-term health issues,” commented Naomi Thompson, Head of OD at Benenden Health.

“This stigma is especially prevalent in the workplace, with businesses too often unable to identify wellbeing issues, employees concerned about the implications of discussing them and a continuing lack of tangible support, all of which contribute to lost time and productivity for businesses as well as unaddressed poor employee wellbeing,” Thompson told City A.M.

The post Half of UK workers would hide health issue from employer appeared first on CityAM.

Categories: City of London

Transparency data: DfE external data shares

Department For Education News Feed - 7 hours 40 min ago
Department for Education (DfE) approved data shares with external, third-party organisations.
Categories: Education

Staff shortages: Care homes may shut as vaccine deadline for care workers is today

Care homes may be forced to shut because of staff shortages as the deadline for care workers to get vaccinated looms today, Martin Green, chief executive of Care England, warned this morning.

Green told Radio 4’s Today programme: “There’s a real crisis around recruitment in the social care sector which has, in the pandemic, gotten a lot worse. Lots of things the Government has done, including the mandatory vaccination process, hasn’t helped.”

“We are also going to see millions of pounds going out of the sector because of the national insurance contributions rising and we won’t see that extra money coming in until about 2023,” he said.

Green added: “We all accept we want as many people as possible to be vaccinated. But I do feel the Government has gone forward with the social care compulsion without understanding the implications. Without having a thought-out plan on how they are going to deal with staff shortages.”

“Care homes are now in a difficult position, facing the reality of do they have enough staff to maintain safety and quality of care?

“They are in the position of either having to transgress the law or expose people they support to levels of staffing that are not going to deliver the safety you’re required to.

“There’s the inevitability that in some areas, if you can’t get the staff, then there will be care homes that close,” Green concluded.

The post Staff shortages: Care homes may shut as vaccine deadline for care workers is today appeared first on CityAM.

Categories: City of London

Bitcoin protests break out in El Salvador

Protests in El Salvador turned violent as thousands of demonstrators expressed their anger about Bitcoin becoming legal tender.

Yesterday, anti-government marchers took to the streets bearing signs which read “no to dictatorship” and “we were defrauded by Bitcoin”. Bitcoin ATMs, installed ahead of the crypto currency becoming legal tender earlier this month, were burned by demonstrators.

La actividad en el centro histórico de San Salvador transcurre sin sobresaltos mientras un cajero Chivo es consumido por el fuego tras las manifestaciones contra la bitcoinización de El Salvador. Video LPG/Michael Huezo. pic.twitter.com/fMPdWt7MNk

— La Prensa Gráfica (@prensagrafica) September 15, 2021 A Bitcoin ATM is burned in El Salvador.

The decision to legalise the use of crypto payments across the country was spearheaded by El Salvador’s charismatic young leader, President Nayib Bukele, who proposed the scheme to help to make remittance payments cheaper and faster. Businesses are legally required to accept Bitcoin payments alongside the dollar.

However, recent polling suggests the policy is unpopular with 67.9% of 1,281 people surveyed saying they disagree or strongly disagree with the change. To make matters worse, the day of the rollout was plagued by technical hitches and a slump in the price of Bitcoin which led to around 1,000 protestors marching on the capital.

El Salvador’s official Bitcoin wallet, which comes pre-loaded with $30 of free crypto, has just half a million users.

Yesterday’s protestors also challenged Bukele’s authoritative leadership style after the country’s judiciary approved him to run for a second term in office despite constitutional limits.

“It’s important to say this morning: Enough already! What the government is doing is arrogant, it is authoritarianism,” protester Dora Rivera told Reuters.

Despite the setbacks, the price of Bitcoin is up 2.5 per cent in the past 24 hours and stands at $48,217.89.

Read more: Welcome to the one country where Bitcoin can be used as cash

The post Bitcoin protests break out in El Salvador appeared first on CityAM.

Categories: City of London

M25 protests: Met arrests three over 'orchestration'

BBC Kent - 7 hours 45 min ago
The three arrests bring the total number detained over the protests to 165.
Categories: Kent

M25 protests: Met arrests three over 'orchestration'

BBC Essex - 7 hours 45 min ago
The three arrests bring the total number detained over the protests to 165.
Categories: Essex

M25 protests: Met arrests three over 'orchestration'

BBC Beds Bucks Herts - 7 hours 45 min ago
The three arrests bring the total number detained over the protests to 165.