Goldman Sachs chief David Solomon said digital currency would be "the direction in which the payment system will go.’’ REUTERS
Goldman Sachs chief David Solomon said digital currency would be "the direction in which the payment system will go.’’ REUTERS
Goldman Sachs chief David Solomon said digital currency would be "the direction in which the payment system will go.’’ REUTERS
Goldman Sachs chief David Solomon said digital currency would be "the direction in which the payment system will go.’’ REUTERS

Goldman Sachs follows JP Morgan with digital currency


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David Solomon may take a leaf out of Jamie Dimon’s book by exploring a digital coin for payments.

Goldman Sachs Group's chief executive told France's Les Echos newspaper that he's "absolutely'' looking at digital currencies and said Goldman is conducting "extensive research'' on tokenisation, the process for transforming currencies or assets into tradeable digital contracts that live on a blockchain.

“Assume that all major financial institutions around the world are looking at the potential of tokenisation, stable coins and frictionless payments,’’ said Mr Solomon.

JPMorgan Chase said in February it developed its own stable coin, JPM Coin, for its clients to use in cross-border payments. Facebook this month unveiled a new coin for payments called Libra which it plans to launch next year.

Mr Solomon declined to comment on whether Goldman Sachs has had discussions with Facebook. He said blockchain-based stable coins tied to real currencies are “the direction in which the payment system will go.’’

Libra is the latest example of how tech companies including Apple and Amazon.com have ventured into the financial industry. Still, Solomon said the tech giants will more likely seek to partner with banks than challenge them directly, citing Goldman’s credit-card partnership with Apple as an example.

“Do you believe that the tech giants, who have other concerns for the moment, want to submit to the same regulatory constraints as JPMorgan or Goldman Sachs?’’ said Mr Solomon. “Of course, these companies have a lot of customers and will certainly try to monetize them. It seems to me, however, that they will try to seal partnerships with banks rather than become banks themselves.’’

The specs: Macan Turbo

Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October

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Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

UAE currency: the story behind the money in your pockets
The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

  1. Edinburgh, Scotland 
  2. Westminster, London 
  3. Camden, London 
  4. Glasgow, Scotland 
  5. Islington, London 
  6. Kensington and Chelsea, London 
  7. Highlands, Scotland 
  8. Argyll and Bute, Scotland 
  9. Fife, Scotland 
  10. Tower Hamlets, London 

 

UAE currency: the story behind the money in your pockets
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

Stamp duty timeline

December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%

April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.

July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.

March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.

April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.