Bill Gates: Bitcoin is better than currency October 3, 2014 Bitcoin bugs will be pleased to hear that the world's richest man has had some kind words for the most popular cryptocurrency. In an interview with Bloomberg, Bill Gates said: Bitcoin is better than currency in that you don't have to be physically in the same place, and of course for large transactions currency can [...]
UK supermarkets vs German discounters: Morrisons gets tough as Buffett attacks Tesco October 2, 2014 Britain’s embattled supermarkets have finally begun their fight back against German discounters Aldi and Lidl who have been eating their lunch in recent months with double-digit growth in the sector. Morrison, the UK’s fourth biggest supermarket, will launch its first customer loyalty card today, along with a price-matching scheme that its chief executive has labelled [...]
Draghi’s lack of stimulus targets fails to impress October 2, 2014 THE EURO jumped in value against the dollar yesterday as European officials failed to specify the size of their asset purchases, disappointing investors hoping for a substantial programme to try to stimulate the economy. The European Central Bank (ECB) said its plan to purchase private debt would begin over the next three months and would [...]
Mark Carney wants power to limit your mortgage if house price boom threatens banks October 2, 2014 The Bank of England wants major new powers to cap mortgage loans, yesterday arguing it may need to rein in the housing market if the price boom starts to endanger banks. Officials want the ability to cap the loan-to-value (LTV) ratio of mortgages, as well as the debt to income ratios of some borrowers. The demands [...]
FTSE slumps to 2014 low after Draghi fails to light up markets – London Report October 2, 2014 BRITAIN’S top equity index yesterday slid to its lowest closing level so far this year on disappointment with the European Central Bank’s latest stimulus measures. The blue-chip FTSE 100 index ended down by 1.7 per cent, or 111.13 points, at 6,446.39 points – its lowest closing level since ending at 6,439.96 points in December 2013, [...]
Boris Johnson to approve controversial 700-apartment development October 2, 2014 Boris Johnson is expected to approve plans to develop London’s largest brownfield site in Islington tomorrow, despite thousands of local residents campaigning against it. The site – the former Royal Mail sorting office at Mount Pleasant, off Farringdon Road – has been highly controversial, with both Islington and Camden councils rejecting the plans, before the [...]
Warren Buffett admits he made “a huge mistake” on Tesco as share price tumbles again October 2, 2014 Warren Buffett has admitted making a “huge mistake” by investing in Tesco, as the supermarket's share price continued to fall today. The legendary investor, and second richest man in the world, is currently the third largest shareholder in Tesco, through his venture Berkshire Hathaway, which owns a 4.1 per cent stake. He first [...]
Mario Draghi: ECB to start buying covered bonds this month October 2, 2014 Mario Draghi, the president of the ECB, has said the Bank will be prepared to take on below investment grade asset-backed securities (to BBB-), opening the door to Greek and Cypriot banks. The central bank will start buying covered bonds and asset-backed securities this autumn, starting with the bond programme in mid-October. The programme will last [...]
ECB leaves interest rates unchanged October 2, 2014 The European Central Bank (ECB) has left its headline interest rate untouched at 0.05 per cent where it has been since early last month. The inaction was widely expected but today Mario Draghi has other big fish to fry. The bank's president is set to clarify the ECB's intentions for the asset-backed security purchasing programme [...]
Boris Johnson’s deputy Kit Malthouse slams support for electric cars October 1, 2014 Boris Johnson’s deputy Kit Malthouse is battling against fellow politicians to drive hydrogen as the clean fuel source of the future, describing battery-powered vehicles as “a temporary technology”. Speaking at Canaccord Genuity’s Hydrogen – The New Energy Landscape conference in London yesterday, Malthouse, deputy mayor for business and enterprise, told attendees that uptake of hydrogen-fuelled [...]