Monthly Archives - October 2017

Brexit could cost 75,000 finance jobs, warns Bank of England

Britain’s exit from the European Union could result in 75,000 financial sector jobs being lost, the Bank of England has warned. According to the BBC, Threadneedle Street officials are considering the figures a “reasonable scenario”, particularly should Britain and the EU fail to agree a bilateral trade deal before the UK leaves the bloc in March 2019. A Reuters poll of 100 financial firms showed the total job losses in the “few years” following Brexit would be just below 10,000, [...]

China’s Bitcoin Curtain Call a ‘Watershed Moment’, Says Huobi Founder

Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month. As Chinese Bitcoin exchange Huobi suspends local CNY trading today, the ‘big three’ trading platform is looking at pastures beyond China. In an announcement, Huobi founder Leon Li laid out the company’s future vision as the exchange implements “full cessation of all digital assets” trading against the yuan today. Li wrote: I believe that this is not only a milestone for Huobi, but also a watershed in the history [...]

‘Netflix for jewellery’ wins the Winchester stop on the Virgin Media Business Voom Tour

THE UK’s first jewellery rental subscription service has been crowned the Winchester winner of a national pitching tour. Glitzbox, founded by entrepreneur Tamsin Gordon, was selected by judges at the Virgin Media Business Voom Pitching Tour to take home the £5,000 prize and meet business guru Sir Richard Branson. Described as “Netflix for jewellery”, Glitzbox allows customers to try a new piece of jewellery each month before deciding to either return or buy it. [...]

Stuart Patrick: ‘Frankly we need all the help we can get’

Discussing the implications of Brexit on any business trip to Europe is unavoidable, though it helps that Scotland voted the way it did. Glasgow Chamber’s Board took the view that, whatever the outcomes from the negotiations, we should do our best to strengthen trading ties wherever we could. In the last month we have visited both Berlin and Nuremberg, and we will be in Milan next week promoting trade for our members and Investment for [...]

Bank of Japan keeps policy on hold

The Bank of Japan has kept monetary policy on hold as it made slight downgrades to inflation forecasts but predicted steady economic expansion. It kept short-term interest rates at minus 0.1 per cent, a cap on 10-year bond yields at “around zero” and pledged to carry on buying assets at a pace of ¥80tn a year as it strives to end two decades of on-and-off deflation. The continued optimism of the bank’s inflation forecasts suggests it believes the economy is on track [...]

US consumer spending registers strongest monthly gain in 8 years

US consumers boosted their spending by 1% in September, the biggest monthly gain in eight years. The surge was led by strong sales of autos and other durable goods, according to official data published on Monday (30 October). The US Commerce Department said the appreciable jump in consumer spending was up from a tiny 0.1% gain in August, and was the best showing since an increase of 1.3% in August 2009. Income growth was also solid in September, rising by 0.4% [...]

HSBC revenue growth beats expectations

HSBC has produced its third consecutive quarter of higher revenues thanks to loan growth in its core Asian and UK Markets and a resilient performance by its Investment bank that outperformed rivals in fixed income trading. Stuart Gulliver, who is due to step down as chief executive in February having run the bank for seven years, said HSBC “maintained good momentum…with higher revenue in our three main global businesses.” The stronger-than-expected top line growth helped the bank beat analysts’ consensus [...]

New industrial revolution ‘to be digital and UK-led’ | City & Business | Finance

A review by a group representing some of the country’s leading companies highlighted the benefits of robotics, 3D printing, virtual reality and artificial intelligence.  It called for a new commission to be established to drive digital technology and the skills needed for jobs of the future. Manufacturing could be boosted by £455billion over 10 years and the sector could grow by up to 3 per cent a year, said the report.  Professor Juergen Maier, chief executive of Siemens UK and Ireland, [...]