Mark Carney confirms Britain is to see plastic money by 2016 December 18, 2013 The Bank of England has confirmed it will be producing Britain's first plastic notes in 2016. The first note to printed on polymer will be a five pound note featuring Sir Winston Churchill. Britain's revered wartime prime minister will be followed by Jane Austen who will take pride of place on a ten pound plastic [...]
Bitcoin faces second wave of regulation December 18, 2013 China has announced a fresh wave of regulation for the use of the virtual currency Bitcoin. Bitcoin exchanges will be blocked from accepting new inflows of cash. Exchanges such as BTC China, the world's largest Bitcoin marketplace will no longer be able to accept renminbi from potential buyers. Third party payment companies have been instructed [...]
The shale gas revolution is even bigger than we thought. Here’s why December 17, 2013 US crude oil production will climb to near historic highs by 2016, according to the Energy Information Agency (EIA). This surge in production is being driven by America's shale revolution. The exploitation of shale oil will increase production by 800,000 barrels per day (bpd) until 2016 when production is expected to hit 9.5m bpd. This [...]
Row over tax benefits for Spanish football heats up as Ombudsman slams EU Commission December 17, 2013 European ombudsmen Emily O'Reilly has told the European Commission to stop dithering and come to a decision as to whether to open infringement proceedings against Spain, with regards to alleged unfair tax advantages for Spanish football clubs. A complainant representing investors in other European football clubs has claimed that the Commission's failure to act so [...]
Labour’s land grab will only exacerbate our housing crisis. Here’s why December 16, 2013 Ed Miliband is set announce details of how a Labour government would intervene in the housing market to boost supply. A Labour government would give local councils the power to purchase land or charge fees to believe developers are hoarding land. The Labour leader will say in a speech on Monday: We will back home [...]
Japanese business conditions up – but is this as good as it gets for Abenomics? December 16, 2013 The Bank of Japan's Tankan survey has shown a further improvement in business conditions in the fourth quarter. However, the pace of improvement has flagging pointing to a slowdown in GDP growth, according to Capital Economics. The headline index of business conditions for large manufacturers rose from +12 in the third quarter to +16 in [...]
Here’s why 2014 could be a great year for the US December 16, 2013 The US economy is transitioning to faster growth and higher interest rates, according to a research note by Deutsche Bank. Joseph LaVorgna, Chief US Economist said: We expect monetary policymakers to soon transition to a slower pace of monetary accommodation. This implies that over the next year, long-term interest rates are poised to rise significantly [...]
Victory for the City as EU backs down on banker bonuses December 13, 2013 The European Banking Authority has revised its position on capping banker bonuses. Bankers earning over €500,000 (£420,000) a year could be exempted from the cap if they are deemed not be major risk takers. Institutions will need to seek the permission of the EBA to exempt staff members from the cap. The original restriction sought [...]
Bitcoin under attack as Norway introduces new tax December 13, 2013 Bitcoin users have been dealt a blow as Norwegian authorities have announced that they will be placing a tax on the virtual currency. Hans Christian Holte, director at the Norwegian tax administration said in an interview: Bitcoin don’t fall under the usual definition of money or currency. We’ve done some assessments on what’s the right [...]
Venture capital gets bullish on Bitcoin December 13, 2013 Bitcoin start-up Coinbase has raised $25m (£15m) in venture capital funding – the largest investment ever seen by a Bitcoin start-up. Founded in June 2012 by software engineer Brian Armstrong, Coinbase allows customers to buy and store Bitcoin. The funding came from the venture capital fund Andressen Horowitz. Chris Dixon, who led the deal, highlighted [...]
