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The City at Risk

The City could lose as many as 40,000 workers 

It won’t just be Britain that is doing the leaving after the Brexit vote. A number of large companies, particularly banks, are likely to pack up at least some of their workers and move them out of London now that the U.K. has voted to exit the EU. In all, the city that has long been considered the financial capital of Europe could lose as many as 40,000 workers in the wake of Brexit. … Thu., 30 June 2016.

Sir Mervyn King: Bankers have not learnt lessons of the Great Crash

Lenders and savers

Lenders are still taking too many risks with savers’ money, warns former Bank of England governor Mervyn King. … Wed., 29 June 2016.

S&P Downgrades UK From AAA To AA Due To Brexit

UK credit ratings cut: S&P and Fitch downgrade post-Brexit vote

Standard & Poor’s and Fitch on Monday downgraded the United Kingdom’s credit rating. S&P downgraded the nation by two notches, from “AAA” to “AA,”citing last week’s referendum that approved a British exit from the European Union. Fitch, meanwhile, moved its rating from “AA+” to “AA.” … Tue., 28 June 2016.

The Pound Dives

The Brexit crash will make all of you poorer – George Soros warned

“My 60 years of experience tells me the pound will plummet, along with your living standards. The only winners will be speculators”, said George Soros one week ago.

http://www.the … M0n., 27 June 2016.

Brexit live

David Cameron resigns after EU referendum result

Cameron says he has always thought you have to confront big decisions, not duck them. He formed a coalition, delivered a referendum in Scotland and gave the public a referendum on Europe. He fought the referendum with head and heart. The referendum was not about him, he says.

http://www.the … Fri., 24 June 2016.

Blockchain Startup Circle Raises $60 Million

Circle Makes China Play: Raises $60 Million From Baidu, IDG Capital, Breyer; Forms Circle China

Circle, an international peer-to-peer payments company using the Bitcoin blockchain or network, is betting big on China. In Beijing Thursday, the Boston-based startup announces a strategic round of $60 million from Breyer Capital, as well as noteworthy Chinese investors such as top Chinese search engine Baidu and previous investor IDG Capital Partners, among others. It also reveals that six months ago it formed a separate company, Circle China. … Thu., 23 June 2016.

Deposits on Starbucks accounts

Starbucks has more customer money on cards than many banks have in deposits

Some people keep their money in banks. Some keep cash beneath a mattress. Now there’s another place that people are depositing their money: their Starbucks accounts. The Wall Street Journal recently reviewed data from S&P Global Market Intelligenceto determine where people are stashing their money these days, including banks, entities like PayPal and other nonbanks. … Sun., 26 June 2016.

Russia’s economy is recovering

Worst over for Russian economy, time to talk success

Economists in Russia and the US agree the worst is over for Russian economy, with Bloomberg changing its tone praising it as an ‘underrated land of opportunity’. Experts agree President Putin’s economic team managed to turn around a pressing environment. Russia’s economy is recovering from last year’s panic following the slump in oil prices, according to experts. … Tue., 21 June 2016.

Brexit poll shift to Remain triggers pound rally and gilts sale

Banks lead rally in European shares as polls show Brexit camp losing ground

European shares rallied on Monday, led by heavyweight banking stocks, as weekend opinion polls boosted expectations that Britain would vote to stay in the European Union. The pan-European STOXX 600 and FTSEurofirst 300 indexes both rose 2.8 percent, and the euro zone’s blue-chip Euro STOXX 50 index rose 2.7 percent to 2,928 points. All three are down about 10 percent this year. The STOXX 600 was poised for its biggest one-day percentage gain since mid-February, and the index moved back towards a level last seen earlier in June. Britain is due to vote on its European Union membership on June 23. Opinion polls have been split, although bookmakers have given a greater probability towards Britain opting to stay in the EU, rather than leave in a “Brexit” scenario. … Mon., 20 June 2016.

Fear of BREXIT provokes massive selling of UK stocks

Investors sold more than $1 billion worth of UK stocks in the last week alone

Investors have sold over $1 billion (£700 million) worth of UK-listed stocks in the last week alone, according to estimates from Bank of America Merrill Lynch and Jefferies. Bank of America’s latest “Flow Show” note says investors have pulled $1.1 billion (£770 million) out of UK equities in the week to Thursday June 16. That’s the second largest weekly outflow in the past decade, eclipsed only by selling ahead of the general election last year. … Sat., 18 June 2016.