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EU is a vital economic market for UK Cities

The EU is the biggest export market for almost every single one of the UK’s 62 cities

The European Union is by far the biggest export market for UK cities, and it won’t be easily replaced by signing new trade agreements with the rest of the world, according to a report by policy group Centre for Cities. The EU accounts for 46% of all cities’ exports, making it three times larger than the USA and 11 times larger than China, the report said. In total, cities accounted for 62% of Britain’s total exports in 2014. London was the largest exporter, responsible for just over a quarter of all of the nation’s exports to other countries. … Mon.,  30 January 2017

Dublin will be Barclays EU Headquarters

Barclays Picks Dublin as Post-Brexit EU Headquarters

Barclays Plc has settled on Dublin for its main hub inside the European Union after Brexit and is planning to add about 150 staff there if U.K.-based finance companies lose easy access to the trading bloc, according to people with knowledge of the decision. The bank started scouting the city for office space this month and has been in contact with Irish regulators about expanding its operations, said the people, who asked not to be identified because the plans aren’t public. Barclays is moving ahead with contingency plans so it can continue serving EU clients if Prime Minister Theresa May fails to strike a transitional or permanent deal preserving London’s access within the two-year renegotiation period. … Fri.,  27 January 2017

Verizon Exploring Combination With Cable Firm Charter Communications

Two giants in search of growth in a rapidly consolidating media and telecom landscape

Verizon Communications Inc. is exploring a combination with Charter Communications Inc. that would unite two giants in search of growth in a rapidly consolidating media and telecom landscape, according to people familiar with the matter. … Thu.,  26 January 2017

Visiting a Chinese Bitcoin Mine

Here’s why the Chinese love bitcoin

The BBC visited one of the world’s biggest facilities of its kind to film the activity and people within. … Wed.,  25 January 2017

BREXIT: The Parliament will decide

The Supreme Court by a majority of 8 to 3 dismisses the Secretary of State’s appeal (Lord Neuberger, Lady Hale, Lord Mance, Lord Kerr, Lord Clarke, Lord Wilson, Lord Sumption and Lord Hodge in the majority with Lord Reed, Lord Carnwath and Lord Hughes dissenting). In a joint judgment of the majority, the Supreme Court holds that an Act of Parliament is required to authorise ministers to give Notice of the decision of the UK to withdraw from the European Union. Each of the dissenting justices gives a separate judgment.

 http://www.the … Tue.,  24 January 2017

‘Hard Brexit’ ‘disastrous’ for jobs in Britain — and it’s not just finance

Restrictions on visa and fees up will hurt academia in a very bad way

Britain has a number of sectors that will suffer in terms of funding and jobs post-Brexit and finance won’t be the one victim, says one of the most prominent economists in the UK. Professor Erik Berglof, director of the Institute of Global Affairs (IGA) at the London School of Economics, told Business Insider in an interview at the World Economic Forum that “the kind of total break in areas like the automotive industry, aerospace, and other sectors” will be “disastrous.” … Mon.,  23 January 2017

Soros Says Markets to Slump With Trump

 Theresa May won’t remain long in power

It’s tough to be gloomier than billionaire George Soros right now. America has elected a would-be dictator as president, the European Union is disintegrating, U.K. Prime Minister Theresa May won’t last long as her nation prepares to secede from the EU, and China is poised to become an even more repressive society, the investor told Bloomberg Television’s Francine Lacqua from the World Economic Forum in Davos. “It is unlikely that Prime Minister May is actually going to remain in power,” Soros said. She has a divided cabinet and base and Britons are in denial about the economic impact of Brexit, he said. … Fri.,  20 January 2017

China’s debt binge

China’s $3.8 Trillion Wealth Products Reel Amid Bond Rout

China’s bond market is facing more turbulence as banks scramble to avoid losses on wealth management products that raised $3.8 trillion from the nation’s savers. The investment plans typically use leverage to boost returns on the 56 percent of their holdings parked in fixed-income securities. That model is under threat after Chinese corporate notes plunged the most in nine years in the fourth quarter. Banks may have to use their own money to repay holders of maturing WMPs because it will be hard to sell bond holdings during an extended rout or to raise cash by issuing new products, Citigroup Inc. wrote in a Dec. 21 note. … Thu.,  19 January 2017

Financial firms quit The City

Ireland says has fielded over 100 inquiries from UK financial firms

Ireland’s central bank has had over 100 inquiries from UK financial firms considering moving operations as a result of Britain’s vote to leave the European Union, Finance Minister Michael Noonan said on Tuesday. “The Central Bank has had in excess of 100 inquiries from the City of London from people who are anxious to find out what the regulatory regime would be here if they were to move activity,” Noonan told parliament. … Wed.,  18 January 2017

World’s eight richest as wealthy as half humanity

The wealth gap is wider than ever

Just eight individuals, all men, own as much wealth as the poorest half of the world’s population, Oxfam said on Monday in a report calling for action to curtail rewards for those at the top.As decision makers and many of the super-rich gather for this week’s World Economic Forum (WEF) annual meeting in Davos, the charity’s report suggests the wealth gap is wider than ever, with new data for China and India indicating that the poorest half of the world owns less than previously estimated. Oxfam, which described the gap as “obscene”, said if the new data had been available before, it would have shown that in 2016 nine people owned the same as the 3.6 billion who make up the poorest half of humanity, rather than 62 estimated at the time. … Tue.,  17 January 2017