Share price ‘pop’ in US IPOs falls by half - Financial Times

Investors are no longer falling over themselves to put money into US initial public offerings, reducing the chances that a company will be able to price their shares above expectations or enjoy a big share price “pop” on their first day of trading.

New figures show the IPO market has cooled substantially since a red-hot first quarter, as shares in recently floated companies have drifted lower and some high-profile debuts have flopped.

In January and February, the shares of companies joining the New York Stock Exchange or Nasdaq rose on average more than 40 per cent from their IPO price on the first day of trading, according to data from Dealogic.

In March and April, the average pop had dropped closer to 20 per cent, and in May it fell further to an average 18 per cent as of the middle of last week. The data excludes the IPOs of special purpose acquisition companies (Spacs), which have come close to drying up after regulators cast a pall over that market.

Most companies still rise in their market debut, but in the past few weeks a number of public market entrants have slipped on their first trading day. Chinese insurance technology group Waterdrop fell 19 per cent on its debut, while Vaccitech, the company that owns the technology behind the Oxford/AstraZeneca coronavirus vaccine, lost 17 per cent. Biotech company Talaris Therapeutics slid 4.4 per cent on its debut in early May.

“It’s just not the ‘everybody’s a winner’ market that it was in the first quarter,” said Rachel Phillips, a partner in law firm Ropes & Gray’s capital markets practice.

Pricing in the IPO itself has become tighter, too.

In the first quarter, one in four companies going public in the US priced IPO shares above their expected range, according to Refinitiv data. The fourth quarter of last year was even hotter, when close to 40 per cent managed to beat their ranges.

Since the beginning of the second quarter, the share of companies exceeding their pricing expectations has dropped to 11 per cent, according to Refinitiv. Thirteen per cent are pricing below expectations — the highest share since at least the beginning of the pandemic.

“There was an incredibly optimistic market environment” at the beginning of the year, said Jeff Bunzel, head of equity capital markets at Deutsche Bank. In January, every US tech IPO priced above its range, he said. Now, “there’s a lot of room for the market to step back [but] . . . it’s not that the IPO market is broken or in bad shape”.

With one month left in the second quarter, 54 companies have so far raised $18bn. In the first quarter 101 companies, excluding Spacs, raised $42bn, the highest level of quarterly IPO proceeds during the pandemic, according to data from Refinitiv.

Investors have still clamoured for select IPOs.

Hospital scrubs brand Figs, which joined the New York Stock Exchange on Thursday, priced its IPO at $22 — $3 above the high point of its range — and then added 36 per cent in its first day of trading. The company’s stock rose another 14 per cent on Friday.

“Regardless of where the market is, it was our time,” said Heather Hasson, co-founder of the company.

Others have been more susceptible to market conditions, with at least three companies citing choppy equity market trading in May as the reason they chose to delay their IPOs.

“That’s the problem, when you’re doing an IPO, you’re subject to the vagaries of the market,” said Tom McInerney, chief executive at Genworth Financial, which was planning to spin off its mortgage insurance business Enact in an IPO in mid-May. When concerns about price competition and inflation caused shares in the sector to tumble more than 10 per cent, the company decided to delay its IPO at the last minute.

“We look at it as . . . bad luck,” McInerney said.

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2021-05-31 14:53:07Z
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UK set for stronger post-Covid recovery, says OECD - BBC News

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The UK economy's recovery from the pandemic is set to be stronger than previously thought, a leading international agency has suggested.

The Organisation for Economic Co-operation and Development says the UK is likely to grow 7.2% in 2021, up from its March projection of 5.1%.

The OECD raised its forecast for global growth to 5.8%, compared with the 4.2% it predicted in December.

However, it warned that growth would not be shared evenly.

The UK's growth is set to be the fastest among the large rich countries, the OECD says.

UK Chancellor Rishi Sunak attributed the strength of the forecast to the success of the UK's vaccine rollout and the government's Plan for Jobs.

However, he cautioned that with debt at nearly 100% of GDP, there was a need to "ensure public finances remain on a sure footing".

• Covid map: Where are cases the highest?

The OECD said prospects for the world economy had brightened, with activity returning to pre-pandemic levels.

However, they remained short of what had previously been expected by the end of 2022.

The OECD praised stimulus measures and swift vaccine rollouts in richer countries for boosting growth, but said the slow jab distribution in many developing countries threatened to blight their economic progress.

It said the recovery would remain uneven and vulnerable to fresh setbacks as long as a large proportion of the world's population were not vaccinated.

Global growth will be led by a strong upturn in the US, where GDP is forecast to reach 6.9% this year, before easing to 3.6% in 2022, the OECD added.

Output in China has also caught up, but emerging-market economies, including India, may continue to have large shortfalls in GDP.

The strong forecast this year for the UK reflects the key role that vaccination plays in supporting economic recovery. It is the fastest growth among the large rich countries - and within the wider G20, it's behind only India and China. But that also reflects the UK rebounding from a downturn that was one of the deepest.

The OECD report gives a flavour of how countries are performing over the course of the health crisis by setting out how long it expects them to take to get back to pre-pandemic levels of economic activity (GDP) per capita. For the UK, it's the middle of next year, along with Italy and Canada.

That's a few months ahead of France and Spain but behind the US, Japan and Germany. It's also behind several emerging economies, including China, which was the first to regain the lost ground.

OECD Secretary-General Angel Gurría said there was an urgent need to "step up the production and equitable distribution of vaccines".

"Effective vaccination programmes in many countries has meant today's economic outlook is more promising than at any time since the start of this devastating pandemic," he said.

"But for millions around the world, getting a jab still remains a distant prospect. We urgently need to step up the production and equitable distribution of vaccines."

OECD chief economist Laurence Boone urged stronger international co-operation between nations to help provide poorer countries with resources to vaccinate their populations.

Income support for people and businesses should continue, but as restrictions ease, these should be "better targeted" where they are needed most, including through retraining and job placement.

The OECD said support also needed to focus on "viable businesses to encourage a move away from debt into equity, and to create jobs and invest in digitalisation".

Foreign trade

Public debt has risen in most economies as a result of the pandemic, but current low interest rates have made servicing the debt manageable.

In the UK, while GDP is predicted to return to pre-pandemic levels next year, the OECD warns that increased border costs following Brexit will hit foreign trade.

Unemployment is also expected to peak at the end of 2021, with a predicted rise to 6.1% when the furlough scheme ends.

It will reach an average of 5.4% in 2021, above 2020 levels of 4.5% and 2019 levels of 3.8%.

The OECD recommends the UK government should maintain support measures until economic recovery is under way, focusing on businesses and sectors with the best growth prospects.

The report also says a closer trade relationship with the EU would improve the economic outlook in the medium term.

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2021-05-31 10:51:05Z
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UK growth forecast upgraded but pandemic economic 'scar' will be worst of all G7 nations, says OECD - Sky News

The UK economy will grow even faster than expected this year and next, but it is nonetheless expected to suffer the most long-term economic damage of any of the seven major industrialised nations following the pandemic, the OECD has warned.

In its six-monthly Economic Outlook, its comprehensive assessment of the state of the global economy, the Organisation for Economic Co-operation and Development (OECD) upgraded its projections for UK economic growth significantly this year and next, from 5.1% to 7.2% this year and from 4.7% to 5.5% next year.

The upgrades, which were mirrored across many major economies, were a product of the dispersion of vaccines across much of the developed world, the Paris-based institution said.

But chief economist Laurence Boone warned that there were big gaps between the rich and poor world.

"The world economy is currently navigating towards the recovery, with lots of frictions," she said.

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"The risk that sufficient post-pandemic growth is not achieved or widely shared is elevated. This will very much depend on the adoption of flexible and sustainable policy frameworks, and on the quality of international cooperation."

Image: The US economy could end up being boosted by the pandemic, says the OECD

However, the OECD also calculated the likely change to its long-term growth forecasts for various different economies, comparing its latest projections for the level of national income in 2025 with its pre-pandemic projection.

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Such a comparison gives a sense of the long-term economic impact of recent events - known by economists as "scarring".

While it found that the US looked likely to have even bigger national income than it previously thought - in other words being boosted rather than scarred by the pandemic period - most other countries were not so fortunate.

And it said that with economic output being an average of 0.5% lower each year for the next four years, the UK would face the biggest scars of any G7 economy.

The G7 comprises the US, Japan, Germany, the UK, France, Italy and Canada.

The OECD's Economic Outlook signalled that this was more a consequence of Britain's departure from the EU than COVID itself: "The United Kingdom could suffer the biggest reduction amongst G7 countries (a decline of 0.5 percentage point per annum), in part reflecting the additional adverse supply-side effects from 2021 following Brexit."

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2021-05-31 08:01:53Z
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Covid: Holiday cottages to get 'year's takings over summer' - BBC News

Under the Thatch

Holiday let firms in Wales are predicting a bumper summer, with one saying they have been "blown away" by demand.

Greg Stevenson of Under the Thatch said some of its 60 properties would take a normal year's earnings in a few months.

North Wales Holiday Cottages also has many properties booked until October.

Meanwhile, lack of availability in other hotspots would mean more bookings in Powys and Ceredigion, said Mid Wales Tourism's chairman.

Following the end of the first lockdown in 2020, self-catering occupancy rates in Wales reached 90% in August - with industry bosses confident that figure could be topped this year.

• Can I go on a foreign holiday from Wales?
• Holiday homes in Wales reopen after lockdown

"These are green shoots and we continue to work with the sector as we relax the restrictions in a phased and gradual way," a Welsh government spokesman said.

Overall, the number of people renting self-contained accommodation in Wales between January and September rose from 60% in 2018 to 62% in 2019, but fell to 52% in 2020.

This was partly because nobody could travel in April, May and June because of lockdown.

However, when restrictions were lifted, figures reached a three-year high - in August 2020, occupancy was at 90% (compared to 88% in August 2019) and in September, the figure was 82% (compared to 68% in 2019).

With Wales now at Covid alert level two, six people from six different households are allowed to visit pubs, cafes and restaurants together.

However, people are still not allowed to have visitors from another household inside their home, unless they have formed a "bubble" with them.

Under the Thatch

Holiday let firms 'blown away' by surge in demand

Mr Stevenson is confident things will follow a similar pattern this year.

Of Under the Thatch's 82 holiday lets, three quarters are in Wales and he said: "After a tough winter, we've been blown away by demand for summer 2021, with most properties having total annual sales that now more than make up for the losses of closure during lockdown."

The company specialises in authentic renovations and he believes he could fill another 50 in July and August.

• Hope for tourism after 'devastating' Covid impact
• People in Wales asked not to travel abroad
• Q&A: What are Wales' lockdown rules?

Prices are up across the industry for the peak season, and he added: "When cancellations come in, breaks resell at higher prices - which goes some way to recovering the losses of the last year.

"Most of our properties are owned by families that live within a 30-minute drive of their rental, and I'm pleased that so many Welsh families can benefit from the resurgence in interest in Welsh accommodation this summer."

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The firm also rents in other European countries, and part of the boom in the Welsh market could be down to a reluctance to book abroad because of issues such as quarantine, Covid testing and the UK government's traffic light system, Mr Stevenson said.

"We've noticed unprecedented demand for Ireland, mostly, it has to be said, from Irish clients this year," he said.

"But there is noticeable nervousness around booking the places in Spain, France and Portugal, etc."

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North Wales Holiday Cottages, which helps rent hundreds of properties, has seen an upsurge in demand over the past month, with it also having little availability left in July and August.

Director Barbara Griffiths said March and April had seen "much lower levels" of bookings as only people from Wales could travel.

But she added: "Since mid-April we have more or less reached expected, normal occupancy.

"Going forward, bookings are quite a lot above normal levels.

"In recent years, people have booked much later for their summer holidays but this year they are booking much earlier."

Many properties are fully booked until winter, however, Ms Griffiths said about two-thirds have some availability in September.

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There are also signs things are picking up for a company that brings tourists into the UK - after a tough year for Shropshire-based Janet Redler Travel.

Her business has made just £4,000 in the past 15 months, with redundancies and two staff on furlough.

However, its first tour to Wales since Covid, of 30, arrives on 12 July.

Ms Redler said it had been "quite difficult" to put some aspects of the trip together after they had taken the booking in February, and some elements were still outstanding as businesses did not want to commit and then cancel if restrictions changed.

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"This group that we have coming in July will be travelling in a 'bubble of six', they will sit at meal times together, visit attractions on the coach and they will also have received two vaccinations," she said.

"Most of our clients are extremely well-travelled and are desperate to travel again."

There has been a cancellation, though, from a group from Sweden who had a special interest in gardens.

Despite this, Ms Redler believed 2022 would be "extremely busy" because of pent-up demand when quarantine restrictions should have ended.

'Back to normality' for tourism sector?

Mid Wales Tourism chairman Rowland Rees-Evans believed people were "desperate to get out", adding: "It's been 14 months of life none of us were expecting, and we are getting back to some normality."

He is also a director at Penrhos Park, near Aberystwyth, and thought the demand was helping people to discover new areas.

"If they couldn't get in Pembrokeshire or north Wales, they are looking to go somewhere else," Mr Rees-Evans added.

"Mid Wales as a region is becoming more recognised."

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2021-05-31 05:42:44Z
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Whiplash: New rules to crackdown on fraudulent insurance claims - BBC News

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The government is promising more than £1bn in savings for motorists, as new rules on car insurance claims for whiplash come into effect on Monday.

The changes aim to reduce the high numbers of fraudulent road traffic accident claims made each year.

The new rules will enable insurers to cut premiums for millions of drivers by about £35 a year, say ministers.

The reforms will also include a simplified process for making accident claims online that are under £5,000.

Medical evidence will also be mandatory for all future whiplash claims.

• Car insurance sees biggest price drop in six years
• 170,000 claims linked to 'crash for cash' gangs

The government says the UK has "some of the safest roads in Europe", with fewer crashes being reported year-on-year since 2013.

Yet road traffic accident claims are more than 40% higher now than in 2006.

It said more than 550,000 claims were made in 2019/20 alone, and there had also been an increase in exaggerated, fraudulent and embellished claims.

Insurers have pledged to pass on the savings to motorists - worth a total of £1.2 billion, the Ministry of Justice added.

"For too long the system for making whiplash claims has been open to abuse by individuals looking for an easy payday - with ordinary motorists paying the price," said Lord Chancellor Robert Buckland.

"Our changes, which come into force today, will put an end to this greedy opportunism and ultimately see savings put back into the pockets of the country's drivers."

Online portal

The new digital portal will enable motorists to make a claim for any road traffic-related personal injury valued at under £5,000, including claims for whiplash.

The idea is to do away with the need for expensive lawyers, so claimants can settle their own affairs.

It is intended that a majority of road traffic accident claims be dealt with using the portal in future.

The new rules also including increasing the track limit for personal injury small claims related to road traffic accidents, from £1,000 to £5,000.

This means that a majority of all claims will be processed in the cheaper small claims track, where legal costs are not recoverable.

Motorists will need to submit medical evidence to the portal, before any settlement can be made.

"There are almost as many lurid headlines about whiplash claims as there are claims themselves," said Steve Gooding, director of the RAC Foundation.

"This new system should mean legitimate cases are easier and quicker to deal with, fraudulent claims are more likely to fail and all drivers benefit from decreases in their insurance premiums."

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2021-05-31 00:34:56Z
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Changes to whiplash claims process will 'put an end to greedy opportunism' - Sky News

The cost of a typical annual car insurance policy could fall by around £35, thanks to new rules on whiplash.

The Ministry of Justice (MOJ) says an online portal will now be available for traffic-related personal injury claims under £5,000 for drivers in England and Wales.

It will mean people can settle their own claim for accidents from 31 May onwards without the use and expense of a lawyer.

Lord Chancellor Robert Buckland said: "For too long the system for making whiplash claims has been open to abuse by individuals looking for an easy payday - with ordinary motorists paying the price.

"Our changes, which come into force today, will put an end to this greedy opportunism and ultimately see savings put back into the pockets of the country's drivers."

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Settling whiplash cases without evidence will also be banned, in a bid to stop fraudulent or exaggerated claims.

There were more than 550,000 whiplash claims made in the year 2019-20 - an "unacceptably high" number, the MOJ said.

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The resulting claims contribute to the cost of every driver's policy and, despite fewer crashes reported year-on-year since 2013, road traffic accident claims are more than 40% higher than in 2006.

The MOJ said insurers have promised to pass on the savings from the reforms, which could be worth a total of £1.2bn.

James Dalton, director, general insurance policy, the Association of British Insurers, said: "This long-awaited reform is a big win for consumers.

"The portal and associated reforms will help control the costs associated with whiplash claims, whilst ensuring proportionate compensation is paid to genuinely injured claimants.

"The ABI has been working with the government over a number of years on much-needed reforms to the UK's personal injury system, and this portal is a key development to ensure a compensation system that has genuine claimants at its heart, while cracking down on those who look to exploit the system."

Steve Gooding, director of the RAC Foundation, said: "This new system should mean legitimate cases are easier and quicker to deal with, fraudulent claims are more likely to fail and all drivers benefit from decreases in their insurance premiums."

Dave Lovely from insurer Aviva said the new rules would allow them to "focus on those people with genuine injuries and claims to ensure we help them when they need us most".

Aviva said that the reforms would effectively end the "no win, no fee" incentive behind many minor injury claims that encouraged some claimants to "have a go".

This will remove legal costs from many minor claims, and should also cut the number of nuisance calls and texts chasing injury claims, it added.

The Official Injury Claim portal is operated by the Motor Insurers' Bureau.

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Six Post Office bosses 'could face charges' over handling of IT scandal, lawyer says - Daily Mail

SIX Post Office bosses 'could face charges for possible criminal offences' in handling of IT scandal that saw postmasters hounded, bullied and wrongly prosecuted for fraud, lawyer says

• More than 700 branch managers were prosecuted of crimes including fraud  
• Post Office hounded them and bullied many into pleading guilty  
• But 39 postmasters had convictions quashed following decade-long fight  

By Daily Mail Reporter

Published: 22:10 BST, 30 May 2021 | Updated: 22:26 BST, 30 May 2021

Six Post Office staff may have committed criminal offences in their handling of the IT scandal, according to one of its own lawyers.

More than 700 branch managers were prosecuted of crimes including fraud and theft when money went 'missing' from their accounts. 

The Post Office hounded them, bullying many into pleading guilty, and then squandered millions in public money trying to cover it up.

Last month 39 postmasters had their convictions quashed following a decade-long fight.

The Court of Appeal case revealed that key evidence which could have proven their innocence was not disclosed. One 2013 document, labelled a 'smoking gun', revealed that an expert witness had misled the criminal court in several trials – but it became public only last year.

Six Post Office staff may have committed criminal offences in their handling of the IT scandal, according to one of its own lawyers. Pictured: Post Office chairman, Tim Parker and Post Office chief executive, Paula Vennells

Now a former legal adviser has blown the whistle. In a BBC Radio 4 documentary tonight, she says several staff could have a case to answer for perverting the course of justice.

She said: 'Everyone involved in the prosecution process has a duty to comply with the rules, and a deliberate failure to comply with the rules usually amounts to a perversion of the course of justice. I can probably name half a dozen people, with hindsight, who should be very worried.'

The comments have sparked fresh calls from MPs for a criminal investigation. The police are already investigating two Post Office IT boffins, which could lead to charges of perjury.

The Government has launched a public inquiry with statutory powers to call and cross-examine witnesses. It will take evidence from former bosses, including Paula Vennells, who is blamed for the cover-up, and Alice Perkins, the £100,000-a-year chairman of the Post Office from 2011 until 2015.

Last month 39 postmasters had their convictions quashed following a decade-long fight. The Court of Appeal case revealed that key evidence which could have proven their innocence was not disclosed. Pictured: Postmasters accused of theft celebrating outside High Court 

Tory peer Lord Arbuthnot, who has campaigned for postmasters for more a decade, said the Post Office 'perverted the course of justice and misled Parliament'.

Labour business spokesman Chi Onwurah called for a criminal investigation, and Tory MP Lucy Allan added: 'For justice to be done, those responsible must be held to account.'

There is growing pressure on Post Office chairman Tim Parker – who last week stepped down as chairman of the National Trust after a revolt of its members over woke policies – and finance chief Al Cameron to be sacked over their role in the failed High Court fight.

Andy Furey, of the Communication Workers' Union, said: 'These people are responsible for spending taxpayers' money in trying to defend the indefensible.' Lord Arbuthnot added they 'should be sacked immediately'.

The Post Office said: 'We continue to take determined action to address the past.'

The Great Post Office Trial: The Reckoning will be broadcast at 8pm tonight on Radio 4

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2021-05-30 21:10:23Z
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British retail faces "tsunami of closures" without rent help - Reuters

Britain's retail sector will endure a "tsunami of closures" if the government does not extend a moratorium on aggressive debt enforcement, industry lobby group the British Retail Consortium (BRC), said on Sunday.

Citing survey data it said two thirds of British retailers have been told by landlords they will be subject to legal measures to recover unpaid rent from July 1 when the moratorium ends.

Many UK retailers deemed "non essential" had to close their stores during multiple COVID-19 lockdowns over the last 15 months, accruing total rent debt of 2.9 billion pounds ($4.1 billion), the BRC said.

The pandemic has hammered the sector and industry data shows one in seven shops already lie empty.

The BRC's survey found 80% of tenants said some landlords have given them less than a year to pay back rent arrears.

Without action, the end of the moratorium could see thousands of shops close, said BRC chief executive Helen Dickinson.

She called on the UK government to allow the rent arrears built up during the pandemic to be ringfenced and the moratorium on repayment of these debts to be extended to the end of the year.

"With this in place, all parties can work on a sustainable long-term solution, one that shares the pain wrought by the pandemic more equally between landlords and tenants," she said.

"Without action, it will be our city centres, our high streets and our shopping centres that suffer the consequences, holding back the wider economic recovery.”

($1 = 0.7049 pounds)

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2021-05-29 23:07:00Z
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Half of adults in Britain will have been vaccinated with both Covid jabs by the end of the week - Daily Mail

Half of adults in Britain will have been vaccinated with both Covid jabs by the end of the week as Matt Hancock hails the rollout as 'fantastic progress'

• Official figures show 39,068,346 people have had their first Covid vaccination
• Number of patients in hospital being treated for virus falls despite Indian variant
• Deaths have risen slightly with 59 recorded over past seven days, up 44 per cent 

By Stephen Adams Medical Editor For The Mail On Sunday

Published: 22:00 BST, 29 May 2021 | Updated: 01:30 BST, 30 May 2021

Three-quarters of adults will have received at least one Covid jab within days – and almost half will be vaccinated with both doses before the end of the week.

As the latest milestones of Britain’s extraordinary vaccination programme approach, official figures showed yesterday that 39,068,346 people have had their first shot and 24,892,416 have had the second.

As Health Secretary Matt Hancock hailed the ‘fantastic progress’, the number of Covid patients being treated in hospital continued to fall despite an increase of cases involving the Indian variant. Just 870 people with coronavirus are being treated in UK hospitals – the lowest figure since mid-September.

Official figures showed yesterday that 39,068,346 people have had their first shot in Britain

But deaths and hospital admissions have risen slightly. In the past seven days, 59 Covid-related deaths were recorded, up 44 per cent on the previous week, and 870 new hospital admissions, up 23 per cent.

Cases have also risen 23 per cent week on week, with 21,469 recorded in the past seven days.

However, fears that the vaccination campaign could be hampered by vaccine hesitancy or apathy in younger groups appears unfounded. More than half of those in their 30s in England are already jabbed, even though invitations to that group were sent out only a fortnight ago.

Sir Simon Stevens, chief executive of NHS England, said: ‘This success is no happy accident but the result of months of careful planning and the sheer hard work and dedication of NHS staff.’

Health Secretary Matt Hancock hailed the ‘fantastic progress’ of the vaccination programme

It comes as Chancellor Rishi Sunak said it was not certain that the complete lifting of Covid restrictions, planned for June 21, would happen. In an interview with The Mail on Sunday, he said: ‘We will know more as we approach the date.’ But he said he was confident that the economy would bounce back thanks to £140 billion in savings amassed during lockdown.

Mr Hancock urged those eligible for vaccination, who include the vast majority of adults, to take up the offer, adding: ‘Vaccines are saving lives, are safe, effective and our way out of this devastating pandemic.’

The rapid pace means Ministers are increasingly confident of reaching the target of offering a first jab to all over-18s by the end of July. They are now looking ahead to an autumn booster campaign in which over-50s could get a third shot – potentially of a different vaccine to the one they’ve already received.

The idea is to provide broader protection against Covid by ‘mix and matching’ a vaccine such as Pfizer or AstraZeneca with another.

One of the eight vaccines being tested in a Government-funded ‘COV-Boost’ trial into a third jab is the single-shot Janssen vaccine, which was approved by the Medicines and Healthcare products Regulatory Agency on Friday. It was 85 per cent effective at stopping severe Covid illness in trials.

A Government source indicated that some of the 20 million Janssen doses ordered could be used as boosters if the trial is successful.

Meanwhile, it was claimed last night that Ministers failed to reveal the presence of the Indian variant in the UK for a fortnight after they were alerted. The Sunday Times reported that Public Health England sounded the alarm on April 1, but no official statement was made until April 15. India was not placed on the travel ‘red list’ until April 23.

It said that during those three weeks, more than 20,000 passengers flew into Britain from India.

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2021-05-29 21:00:12Z
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Cheers, Sadiq! Khan costs UK taxpayers £10m in farcical row - Express

Transport for London (TfL), which is run by the Mayor of London, has reached a financial deal with the Silver Thames Connect group, amid accusations of a botched procurement process for the new Silvertown Tunnel under the River Thames. TfL agreed to pay more than £10million to the consortium, after the group started legal action when the contract was given to another firm, sources told The Daily Telegraph.

The East London tunnel will link Silvertown to the Greenwich Peninsula.

A row was triggered after TfL awarded the £1bn Silvertown Tunnel contract to Riverlinx.

But, Silver Thames Connect claimed its bid was better value for money and started legal action in August 2019 in order to suspend the project.

The suspension was lifted two months later, but Silver Thames Connect pursued damages.

A TfL spokesperson said: “The losing bidder, Silver Thames Connect, made a claim to TfL in relation to the procurement for the design, build, finance and maintenance of the Silvertown Tunnel, which was the subject of court proceedings.

"The parties resolved the matter in March, the terms of which are confidential.”

Work on the tunnel is due to be completed in 2025 and it is hoped the infrastructure project will reduce congestion at the Blackwall Tunnel.

The new tunnel will connect to the A1020 Silvertown Way/Lower Lea Crossing on the north side and to the A102 Blackwall Tunnel Approach on the south side.

Silvertown Tunnel will also fall within the Ultra Low Emission Zone from October, meaning vehicles will be bound by strict emission rules.

Meanwhile, talks on a funding package between TfL and the Government remain ongoing after the latest rescue deal expired on Friday.

TfL and Westminster agreed £1.8billion bailout last November to keep services running following a dramatic drop in passenger revenues during the pandemic.

READ MORE: Brexit LIVE: Give up or it'll get ugly! EU scolds UK for standoff

The three main rail unions and business leaders have stressed the need for a long-term settlement as the capital returns from the devastating impact of the virus crisis.

The Rail, Maritime and Transport (RMT) union, Transport Salaried Staffs Association and Aslef have been warning against cuts to jobs and services as part of any financial package.

RMT general secretary Mick Lynch said: "London's transport services and the staff who deliver them deserve better than being caught in the crossfire of a row between the Mayor and the Government.

"We need a long-term financial package that secures the future of jobs and services rather than this endless game of cat and mouse."

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2021-05-29 16:18:00Z
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Pfizer vaccine a leading candidate for use on children, says professor - Kent Live

The Pfizer vaccine could be a potential candidate to use on children due to its safety record, an expert said.

Appearing on Times Radio, Klaus Okkenhaug, professor of immunology in the Department of Pathology at the University of Cambridge, conceded it was a “fair point” when it was put to him that one or two “bad cases” of vaccine side effects could “spook” a large number of people.

Prof Okkenhaug said: “I think the lower in age we go, the lower the risk from the virus is, then the more risk averse we become with relation to the vaccine.”

He highlighted that with data from the tens of millions of people who had been vaccinated “if you go for children, you would want to go for the safest vaccine”.

“And I think probably an argument could be that for children you go for the Pfizer, if that pans out, as it looks to be, (to) have an even better safety record.”

Prof Okkenhaug said there is a “good argument” for vaccinating older children against coronavirus.

He said that the decision on whether to give children coronavirus jabs was a “difficult question” that requires balancing wider benefits against the direct ones for children.

“I think for a whole population it would of course help for children to be vaccinated because it also reduces their opportunities to transmit this virus to their teachers,” he said.

Prof Okkenhaug said that when considering the “direct benefits to the children” it was “a little bit of a fine balance because they are so unlikely to be affected by the virus”.

He added: “But I think given the phenomenal safety records of some of the vaccines out there, there’s a good argument for going ahead at least with older children, say 12 and above.”

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2021-05-29 07:22:46Z
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U.K. Police Bust Major Bitcoin Mining Operation They Thought Was a Drug Farm - HYPEBEAST

Police in the U.K. uncovered an illegal bitcoin mining operation when they conducted a raid on what they believed to be a cannabis farm.

The West Midlands Police made the unexpected discovery on May 18 after entering an industrial unit in Sandwell, located near the city of Birmingham. Intelligence suggested that the Great Bridge Industrial Estate was being used to procure cannabis, but instead police discovered a large-scale cryptocurrency mine that was “stealing thousands of pounds worth of electricity from the mains supply.”

“We heard how lots of people were visiting the unit at different times of day, lots of wiring and ventilation ducts were visible, and a police drone picked up a considerable heat source from above,” police said in a press release on Thursday. “They are all classic cannabis factory signs – but when officers gained entry they found a huge bank of around 100 computer units as part of what’s understood to be a Bitcoin mining operation.”

Police seized the computer equipment, which had bypassed the local power supply company. Police said no one was in the unit at the time that they executed the warrant and officials are still looking for those responsible for the massive crypto operation.

“It had all the hallmarks of a cannabis cultivation set-up,” Sandwell Police Sergeant Jennifer Griffin said. “My understanding is that mining for cryptocurrency is not itself illegal but clearly abstracting electricity from the mains supply to power it is.”

Blockchain assets — like cryptocurrencies or NFTs — store long chains of information, and creating these digital ledgers requires a large amount of computation. New blocks of information are added — or “mined” — to the decentralized blockchain network based on a process called proof-of-work, which requires expensive computer hardware that consumes a lot of power.

According to the Cambridge Bitcoin Electricity Consumption Index, bitcoin mining consumes about 114.31 terrawatt-hours per year of energy — more than the amount of energy consumed per year by countries like the Philippines and the Netherlands.

Several companies are working on ways to lessen the environmental cost of mining blockchain assets, including sustainability platform Aerial, which helps you calculate the carbon footprint of your NFT collection.

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2021-05-29 02:06:23Z
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May 28 coronavirus news - CNN International

President Joe Biden speaks at the Sportrock Climbing Center in Alexandria, Virginia on May 28. Mandel Ngan/AFP/Getty Images

President Biden projected a sense of hope and optimism heading into the Memorial Day weekend, touting the progress the country has made in combatting the coronavirus pandemic thanks to the vaccination efforts, help from local leaders, and Americans who have done their “patriotic duty.”

“Four months after I took office, we're further along in this fight than anyone thought possible. Let’s remember where we were 129 days ago. When I took office, we were averaging 184,000 cases per day nationwide. Here in Virginia, as the governor pointed out, schools were closed, main street had gone quiet here and in cities all across America.” Biden said during remarks at Sportrock Climbing Center in Alexandria, Virginia, on Friday.

“And today you've gone from 184 cases per day nationwide to fewer than 22 cases — 22,000 cases per day. Deaths have dropped by over 85%. Tens of thousands of moms and dads, grandpops and grandmas, brothers, sisters, neighbors, friends are still with us today who would otherwise have been lost,” he added.

The President said thanks to the 165 million Americans who have gotten at least one shot and 51% of Americans who are fully vaccinated, “we’re not just saving lives, we're getting our lives back.”

“Stores and restaurants up and down main street are hanging open signs on their front doors. And here, in the rock-climbing gym we're greeted by another and we're greeting one another, with smiles, with our masks off,” he said.

However, Biden stressed that despite the growing light at the end of the tunnel, Americans can’t let up now, and he urged those not yet vaccinated against Covid-19 to do so.

“As more Americans get vaccinated the days grow brighter and brighter but let me be clear, we're not done yet. We have to reach those who are not vaccinated and make it as easy as possible for them to get protected,” the President said, calling on Americans to “sprint through the finish line.”

Biden also said that the increase in vaccinations across the country shows that Americans are willing to come together for a common goal of beating the virus.

“When I ran for office, I said I wanted to do three things, one of which was to unite the country. It's difficult, but this is the first real evidence that we're able to do it. The American people are more ready to come together, I believe, than the Congress and the elected officials are, but we're getting there,” he said.

The President also touted the economic progress the country has made since he has taken office, just hours before his first budget proposal gets sent to Congress.

“From pain and stagnation of a long, dark winter to an economy on the move, growing faster than it has in nearly 40 years. From anemic job creation in the months before I took office to the fastest job creation in the first three months of any administration in American history. And rising wages, rising wages,” Biden said.

Virginia Gov. Ralph Northam also spoke Friday, discussing the progress his state specifically has made in getting to a point where it can roll back restrictions.

“Today we mark a tremendous milestone in our fight against Covid-19. As of 12:01 this morning, for the first time since March 2020, there are no limits on capacity or distancing in Virginia’s restaurants, businesses, offices or other venues. That’s something that we can all be proud of,” Northam said.

He also touted the state’s vaccination efforts, saying 66% of Virginia adults have had at least their first shot and more than half of adults are fully vaccinated, adding that the state will hit Biden’s goal of 70% of adults getting at least one shot by July 4.

Northam praised the Biden administration for following the science, taking a – not so veiled – swipe at the Trump administration. 

“As Governor, I can tell you that having a partner in the White House, makes a huge, huge difference, setting clear goals as he has done, and support us with the resources we need to meet those goals. And as a doctor, I know it also makes a big difference when leadership respects science and follow its lead," he said.

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2021-05-28 21:50:22Z
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