Why this central bank isn’t worried about the rise of Bitcoin May 1, 2014 Top officials from the Canadian central bank have said they are not worried about the rise of Bitcoin and other digital currencies. Speaking to the Senate banking committee, Bank of Canada (BoC) governor Steven Poloz said "these are early days … and so far digital currencies have not made it to what we call money." [...]
JP Morgan’s cutting edge bankers are in Dorset May 1, 2014 The glittering sky-scrapers of Canary Wharf and the tech hubs of Silicon Roundabout might seem the obvious places to look for the most advanced banking offices around. But JP Morgan thinks its Bournemouth campus, as the 4,000-staff site is know, is at the cutting edge. The giant US bank is spending almost $50m [...]
Most of us think it’s art, but Londoners still aren’t sure if they like graffiti May 1, 2014 It looks like attitudes towards graffiti are changing: most Brits think it's art, and Londoner’s like it the most. Two thirds of the British public now think graffiti can be considered art, according to a new YouGov poll. Only 34 per cent answered 'yes' to “all graffiti is vandalism”. Most people think it’s 'acceptable', with [...]
Metro Bank sees jump in commercial lending May 1, 2014 Metro Bank has reported a surge in commercial loans to £960m, a year-on-year increase of 298 per cent and a rise of 27 per cent in the quarter to 31 March. The insurgent bank established in 2010 also saw deposits rise to £1.6bn, a 131 per cent increase from the previous year. Britain's first new [...]
What you need to know before the US open May 1, 2014 A flat open’s expected for US stocks today, as market digest the mixed variety of economic data and earnings reports coming in. Initial jobless claims were higher than expected for last week. 344,000 people signed up for unemployment benefit in the US – analysts expected 319,000, following 330,000 the week before. Personal spending rose 0.7 [...]
Support migration on International Workers’ Day May 1, 2014 A German organisation, IZA, has just launched its new “World of Labor” website, which looks like it will be a fantastic resource for information on migration and labour policies in general. Academic articles on migration (and basically everything else) are often locked in ridiculously expensive subscription services – available to universities and research organisations, [...]
Worst ice cover in 30 years slashes Great Lakes trade May 1, 2014 Thick ice cover over the world's largest group of fresh water lakes is causing a vast backlog of grain shipments and other commodities. North America's Great Lakes account for nearly a third of combined Canadian and US output, jobs and exports, according to a report by the Bank of Montreal. The Great Lakes endured over [...]
Viacom confirms it’s buying Channel 5 for £450m May 1, 2014 MTV owner Viacom has agreed today to buy Channel 5, following an auction of the UK broadcaster which began last year. The £450m price values Channel 5 at around nine times last year’s reported earnings before tax, depreciation and amortisation. Viacom will be the first US firm to control a British public service broadcaster. Viacom’s [...]
Fat Face: Great clothes for those “settled” in life May 1, 2014 A regulatory filing from fashion chain Fat Face inlcudes one feature we wouldn't expect. When discussing their customers, the company states that its customers are relatively "settled". The lifestyle brand seems to be pitching itself as somewhere for those who've basically given on being stylish. They say they're "generally not focused on 'high' fashion". Instead [...]
UK manufacturing jumps as demand strengthens May 1, 2014 Markit's manufacturing purchasing managers' index (PMI) shows the UK rising to 57.3 in April, a five-month high and substantially up from March's 55.8. The surge in output has provided a further boost to optimistic views on the prospects for UK growth. "This reinforces our belief that the economy is firmly on track to achieve growth [...]