Facebook’s dreams of launching a new virtual currency have hit the buffers as two more financial regulators including International Financial Stability Board and the UK’s Financial Conduct Authority said yesterday they were paying close attention to the social media company’s plans. The regulators would not allow the world’s largest social network to launch its planned…
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 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…
Silver has been the preferred shelter against government defaults, political instability and inflation for most people in the world because it is cheaper than gold. In 1979, prompted by the Iranian revolution, the silver price soared seven fold from $7 to $50 an ounce in less than 12 months – a great variance than the…
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…
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…
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),…
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…
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…
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…