Facebook to launch “Libra” digital coin for 2.4billion online users

Facebook to launch digital coin for 2.4billion online users Facebook said it would launch its own digital coin next year, allowing it 2.4 billion users to make payments over the network. Facebook will allow users to change dollars, pounds and other international currencies into crytocurrency called Libra. Facebook says the coins can then be used…

Bitcoin billionaires

Bitcoin Billionaires is a tale of Winklevoss twins and their outrageous venture into the chaotic world of cryptocurrency bitcoin exploring the techno-ideological experiments and financial manias. Ben Mezrich, the New York Times bestselling author of the Accidental Billionaires and Bringing Down the House comes his latest Bitcoin Billionaires.  Harvard educated identical twins Cameron and Tyler…

Alibaba buys WorldFirst for £546m

Alibaba unit Ant Financial snaps up British Payments group WorldFirst in a £546m ($700m) deal. Ant Financial said the deal will enable the group to reach more customers “especially in the fast-growing area of cross-border ecommerce”. Last year Ant Financial’s thwarted attempt to takeover MoneyGram International, a US based cross-border payments group, that Washington blocked…

Pound and Shares nosedives

The Pound and shares in housebuilders and banks took a nosedive after Cabinet ministers  Brexit Secretary Dominic Raab and Work and Pensions Secretary Esther McVey, followed by Northern Ireland minister Shailesh Vara, Brexit minister Suella Braverman and Parliamentary private secretaries Anne-Marie Trevelyan and Ranil Jayawardena quit over Prime Minister Theresa May’s draft Brexit deal. On…

China’s dream to reconcile market economy

  George Magnus and economist questions whether China can continue to keep all its balls in the air as it tries to reconcile the needs of a market economy with the criticisms of a one-party state. His book Red Flag looks at the four traps that the party is trying to avoid –currency ( renminbi),…

How to navigate a debt crisis

The founder of the world’s largest Hedge fund Bridgewater Associates which is a global macro investment firm and Hedge fund guru Ray Dalio, simplifies the big debt meltdowns by analysing the issue into cause and effect.  Dealing with Debt Crises is about spreading out the pain, and spread out the cost of the debt widely…

Argo to do LSE’s frist cryptocurrency listing

Agro, the Canadian firm, won approval to go public from the UK Listing Authority two weeks ago, wants to “ democratise” the crypto-mining process by which new virtual coins are created by renting out its specialist computing capacity for a monthly fee.  The listing could be controversial as crypto-currencies have been linked to organised crime…

Dollar hits new high

The Dollar climbed new highs for the year against a basket of major currencies yesterday as the Federal Reserve’s policy making open market committee gathered in Washington for today’s decision on interest rates., although the Fed’s not expected to tighten monetary policy. The recent rising wages and inflation has pushed the dollar higher as the…

Pound Sterling all-time high since Brexit vote

The Pound Sterling has climbed to its highest level since Britain’s vote to leave the European Union in June 2016. Sterling also has been boosted by expectations that the Bank of England will raise the interest rates, in the wake of Dollar weakness after uncertainty about US trade policy. The Pound, which sank to $1.2068…