Bitcoin frenzy sends prices to all time highs April 7, 2013 BITCOIN, the virtual currency with no bank or government backing it, yesterday reached a record value, peaking at a price of $147 (£97) before falling back on security fears. This put the total value of the Bitcoins in circulation at more than $1.6bn, as people looked to put their money into a perceived haven free [...]
Corporate cash piles won’t be spent in Britain any time soon April 7, 2013 WE all know that companies are hoarding cash. But contrary to the received wisdom on the matter, that doesn’t mean that they will start to spend the money as soon as their animal spirits recover. The cash is being stashed for a variety of reasons, many of them structural. There are ways of getting companies [...]
Monkeys trump fund managers April 6, 2013 EVEN a monkey picking investments at random could beat funds tracking the US stock market, according to research published yesterday. Academics at Cass Business School used a computer to simulate the stock-picking abilities of a monkey and pitted these random choices against a traditional market capitalisation weighted index to discover that the chimp won every [...]
We need new digital currencies to shake up the status quo April 6, 2013 THERE is much to like about what Bitcoin stands for: free-market money, safe from the grabbing hands of a state that cannot wait to debase, devalue and decimate whatever currency it gets its hands on, destroying hard-working savers. For years now, techies of a libertarian bent have been doing their best to devise a workable [...]
Permira nets a €250m Norwegian fish vaccine deal April 5, 2013 PERMIRA, the London-based owner of Birds Eye Fish Fingers, has snapped up Norwegian fish vaccine maker Pharmaq for €250m (£210.9m). Permira will buy the 28-year-old company, which makes aquatic vaccines for fisheries in Norway, Chile and the UK, from Nordic fund managers Orkla and Kverva, who acquired a majority stake in the firm in 2008. [...]
Welcome to the Punch: interview with Mark Strong | City A.M. March 31, 2013 HE last time I saw Mark Strong he was beating up an 11-year-old. The time before that, he was pulling off George Clooney’s fingernails. He’s played an assassin in Revolver, a traitor in Tristan & Isolde, an alien super villain in Green Lantern and the chilling Lord Blackman in Guy Ritchie’s Sherlock Holmes. He is [...]
Capital controls are still ruining Iceland after half a decade March 31, 2013 ONE aspect of the Cypriot crisis resolution is of particular concern. As authorities fear that anyone with money in Cyprus will want to take it out as soon as banks open, capital controls are being put in place. We are told they will be limited in scope and temporary. Hopefully that is true. Another European [...]
UK only just fell into second dip of the recession March 31, 2013 THE UK almost dodged dropping into a double-dip recession a year ago, the latest data revisions showed yesterday. The economy only shrank 0.1 per cent in the fourth quarter of 2011 and in the first quarter of 2012, the new numbers showed, meaning that the double-dip was a hair’s breadth from never happening. Previously the [...]
UK tech prodigy makes millions by selling app March 29, 2013 A LONDON teenager has become one of Britain’s youngest millionaires after selling a popular smartphone app he developed at 15 to Yahoo. Nick D’Aloisio, 17, designed and built Summly, an iPhone app that condenses news articles for reading on the move after teaching himself to write computer code. Since its launch, the app has reached [...]
Transaction tax missing its targets March 29, 2013 TOUGH taxes on financial transactions across Europe have devastated market activity and failed to raise as much as politicians hoped, according to new figures out yesterday. Hungary implemented a 0.1 per cent tax at the start of the year. But it raised less than half the revenue the state had hoped for, bringing in 13bn [...]