A Swiss financial watchdog has closed down providers of a “fake” cryptocurrency called E-Coin. The latest regulatory step follows a series of moves from China to toughen up on bitcoin and other digital tokens, signaling frustration in the continent over the phenomenon. According to the central European country’s Financial Market Supervisory Authority (FINMA), at least […]
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Brexit will lead to net loss for public finances, warns UK think tank
Britain’s decision to leave the Europe Union is likely to lead to a net fiscal loss for the U.K. government’s public finances, according to the head of an independent research institute. “The forecast health of the public finances was downgraded by £15 billion ($20.25 billion) per year — or almost £300 million per week — […]
Read moreChinese President Xi Jinping and U.S. President Donald Trump spoke about keeping pressure on North Korea with economic sanctions imposed through the United Nations, the White House said in a statement on Monday. The United States and South Korea and separately Russia together with China, carried out military drills in a show of force against […]
Read moreGerman drugs and pesticides group Bayer said it would likely take until early next year to complete the planned $66 billion takeover of U.S. seeds group Monsanto, which it had previously expected to be under wraps by the end of 2017. The European Commission has been scrutinizing the takeover with a deadline of Jan. 8. […]
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World’s largest sovereign wealth fund hits $1 trillion for first time
The Norwegian sovereign wealth fund, the largest in the world, has officially hit $1 trillion. Norges Bank, who manages the fund for Norway, said on its website that the rainy-day pot was never expected to grow so large. “I don’t think anyone expected the fund to ever reach 1 trillion dollars when the first transfer […]
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'We have lost all that money can buy,' says Dominica leader after Hurricane Maria batters Caribbean
Dominican Prime Minister Roosevelt Skerrit used Facebook in the early hours of Tuesday morning to describe the “mind-boggling” real-time impact of Hurricane Maria. “We have lost all that money can buy,” he said at around 01:24 a.m. local time on Tuesday. “My greatest fear for the morning is that we will wake to news of […]
Read moreMexico would regulate its fast-growing financial technology sector, including firms that use crypto-currencies like bitcoin, to protect consumers and spur competition, under a proposed bill seen by Reuters. The proposed legislation, which Mexican President Enrique Pena Nieto said this month would be unveiled in the Senate before Sept. 20, seeks to ensure financial stability and […]
Read moreThe $100 billion SoftBank Vision Fund has captured a lot of attention for its high-profile investments in the likes of workplace messaging app Slack and co-working space start-up WeWork. But the Japanese conglomerate has another unit under its wings that is on the lookout for promising early-stage companies to nurture: SoftBank Ventures Korea. Despite its […]
Read moreOne-time pop-punk princess Avril Lavigne has beaten superstar Beyonce at something, but she may not be totally happy with her victory — she’s been named the most dangerous celebrity on the internet. Cybersecurity firm McAfee said Tuesday that Lavigne, whose last album came out in 2013, was the most likely celebrity to land users on […]
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Nine years on from the financial crisis, banks are still working to rebuild trust
Recently a notification from Facebook reminded me that I landed in London almost nine years ago to study journalism. Almost simultaneously the world went through the pain of the global financial crisis. In September 2008, as I made my way to a meeting in Canary Wharf, I saw hoards of people walking out of the […]
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