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Things worth reading: 1st July 2009

Things we're reading today include …

Today's must read: China Limits Use of ‘Virtual’ Currency
(New York Times)

"China issued regulations made public Tuesday aimed at cracking down on the use of virtual currencies amid worries that a huge underground economy was developing out of the country’s online gaming community.
The rules, issued jointly by the Ministry of Commerce and the Ministry of Culture in Beijing, could deal a blow to the country’s fast-growing online gaming industry.

"Beijing said the regulations would curtail trading in virtual currencies, prevent online gambling and restrict virtual currency from being exchanged for cash or used to buy real-world goods.

"Among other things, Chinese officials have worried that online currencies could ultimately serve as an alternative to China’s official currency, the renminbi, and have an impact on the country’s financial system."

UK:

UK economy shrinks at fastest rate for 50 years (Times)
Probably the worst three months for the economy since the 1920s (Telegraph Blog)
Bank deputy calls for financial sector shake-up (Times)
SFO freezes $100m of UK assets in Sir Allen Stanford fraud investigation (Telegraph)
Lloyds axes 2,100 jobs to take tally to 7,000 (Times)

Europe:

Kroes sees Lloyds and RBS asset sales (Financial Times)
Eurozone inflation turns negative (Financial Times)
Eurozone economic confidence rebounds (Financial Times)

USA:

Congress Gets Plan for Financial Protection Agency (New York Times)
Despite Citi Losses, a Prince Stays Positive 
(New York Times)

Technology:

Monitise Inks $13M Deal With Visa (Wall Street Journal)

Quote of the Day:

"It's not the people who vote that count, it's the people who count the vote." Daniel Finkelstein

  

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About Chris M Skinner

Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here…

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