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from Photographers' Blog:

City Slickers

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London, Britain

By Eddie Keogh

The beast that is Canary Wharf underground station spits out its batch of workers every morning and swallows them up again every evening, Monday to Friday.

The relentless cycle never seems to change for the financial markets’ suited workers, who return every day, smartphone in hand. They are concentrating on their emails – the oxygen of business.

It’s no easy thing to focus on a phone in your left hand, carry a cappuccino in your right, and maneuver through crowds, ticket machines and escalators without missing a word. Presumably they’re even better with numbers.

I enjoyed watching and photographing the people of London’s financial districts. Ninety percent of the work I do for Reuters is photographing sport, so this project was a case of entering another world – watching and waiting to get my shots.

from Photographers' Blog:

Morning Glory

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London, Britain

By Andrew Winning

Morning Glory is the antidote to a room full of rowdy, drunken party-animals lurching out of step to booming dance music. Here, sleepy-eyed clubbers queue up quietly in the early morning, some still in their pyjamas and dressing gowns, before filing into the venue.

Others wearing fancy dress stretch and warm up as they try to generate some enthusiasm in the pre-dawn gloom. Once inside the venue, patrons pick up a coffee or a smoothie, maybe do a little yoga or have a massage before the music draws them onto the dance floor.

from Breakingviews:

ICBC takes slow-burn approach to global expansion

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By John Foley

The author is a Reuters Breakingviews columnist.  The opinions expressed are his own.

ICBC’s purchase of Standard Bank’s UK trading division has moved at a glacial pace, and gives rivals little to fear. That’s the best sign that China’s largest lender knows what it’s doing.

from Breakingviews:

Who’s next for Boris Bikes? Co-op? Wonga?

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By Quentin Webb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

 

Memo, Dec. 13 2013

Status: Confidential

To: Mayor Boris Johnson

From: Blue Sky Thinking Department

Subject: Candidates for Cycle Hire Scheme

 

Dear Boris,

As requested – a list of potential replacements for the cycle hire scheme, which seems to have no place in Antony Jenkins’ cuddly new Barclays. No matter. There are many impressive potential candidates out there.

from MacroScope:

The big questions on the UK housing market: what the analysts say

Although UK house prices will head steadily higher in the next two years, analysts polled by Reuters are divided over whether the Bank of England can restrain the market if it overheats. Here's what they said in the latest Reuters poll, taken this week: How confident are you in the BoE's ability to moderate the housing market if necessary?

PETER DIXON, COMMERZBANK: "Not very. A cynical interpretation would be that the government wants to see a decent rise in house prices over the next couple of years and would not be best pleased to see the BoE take the steam out of it. Nor is it clear that the BoE has the policy instruments to target the housing market without causing collateral damage elsewhere in the economy. Finally, it would call into question the thrust of policy if Help to Buy is giving to the housing market with one hand whilst the BoE is taking away with another."

from India Insight:

Rupee spoils holidays abroad for Indians, but not for all

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With the rupee hovering near a record low, Indian tourists would be tempted to give foreign shores a miss this year. But staying home is not an option for Harsh Chadha, a multinational executive just back from a three-week family vacation in the UK.

Chadha, 35, is part of India’s growing elite, whose trips abroad are not affected by the vagaries of the currency market.

from Nicholas Wapshott:

Lessons of the London butchers

The sickening scene from Britain of a blood-spattered man spouting Islamist hatred, who had just beheaded an off-duty British soldier in broad daylight, sends shivers down the spine. Is this the face of modern terrorism? If so, is no one safe anymore?

After the initial horror at the barbaric butchery on a leafy London street come questions about our attempts to prevent terrorism. Eleven years on from the attacks of September 11, we are still left grappling with some basic questions: What exactly is terrorism? And what can we do, if anything, to prevent it?

from Global Investing:

China data: Lessons from Yongzheng

 Is China's data reliable? With official figures showing the Chinese economy grew by 7.7 percent in the first quarter of 2013, a so-called slowdown or 'soft patch' in the Chinese economy has concerned some marketeers. Whether gross-domestic-product calculations involve macro data or micro data, the overall picture is not so clear, though some say a focus on regional numbers, cement, oil and gas usage would help complement official statistics. Kang Qu, assistant vice president of research at the Bank of China, said at a panel discussion earlier this week organised by the centre for the study of financial innovation, and supported by NowCasting, on calculating official Chinese data there is not so much government focus as in other countries on business confidence indicators but more on GDP prints, which are still under some doubt:
This is a reference when the People's Bank of China makes big decisions.
Difficulty in collating accurate data is perhaps not so surprising, given the rapid urbanisation of the world's second largest economy. Off-beat labour statistics (employing dissimilar methodology to the ILO) are partly skewed due to a large number of temporary registrants that slip the official statistics net. The solution? Jinny Lin at Standard Chartered, who thinks China's real GDP level is more likely around 5.5 percent, suggested this could be taken from the history books. Emperor Yongzheng, China's ruler in the late Qing dynasty, set up an independent body to look at data at the local level, and successfully stemmed tax evasion.

If local data is reliable enough, we should use local data.

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Source: Flikr creative commons

Problems are found at a local level too, however. While the current system sets local government officials' bonuses for better GDP growth, there is no penalty for supplying incorrect data, neither are local government officials assessed on the jobs they create but via a points system. Instead local governments have 'soft' and 'hard' targets to attain, according to the panellists, some of which include environmental targets.

from Global Investing:

Weekly Radar: Draghi returns to London

ECB chief Mario Draghi returns to London next week almost 10 months on from his seminal “whatever it takes” speech to the global financial community in The City  – a speech that not only drew a line under the euro financial crisis by flagging the ECB’s sovereign debt backstop OMT but one that framed the determination of the G4 central banks at large to reflate their economies via extraordinary monetary easing. Since then we’ve seen the Fed effectively commit to buying an addition trillion dollars of bonds this year to get the U.S. jobless rate down toward 6.5%, followed by the ‘shock-and-awe’ tactics of the new Japanese government and Bank of Japan to end decades.

And as Draghi returns 10 months on, there's little doubt that he and his U.S. and Japanese peers have succeeded in convincing financial investors of central bank doggedness at least. Don't fight the Fed and all that - or more pertinently, Don't fight the Fed/BoJ/ECB/BoE/SNB etc... G4 stock markets are surging ever higher through the Spring of 2013 even as global economic data bumbles along disappointingly through its by now annual ‘soft patch’.  Looking at the number tallies, total returns for Spanish and Greek equities and euro zone bank stocks are up between 40 and 50% since Draghi's showstopper last July . Italian, French and German equities and Spanish and Irish 10-year government bonds have all returned about 30% or more. And you can add 7% on to all that if you happened to be a Boston-based investor due to a windfall from the net jump in the euro/dollar exchange rate. What’s more all of those have outperformed the 25% gains in Wall St’s S&P 500 since then, even though the latter is powering to uncharted record highs. And of course all pale in comparison with the eye-popping 75% rise in Japan’s Nikkei 225 in just six months!! Gold, metals and oil are all net losers and this is significant in a money-printing story where no one seems to see higher inflation anymore.

from India Insight:

“Homelands” exhibit in Delhi examines identity through art

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Indians give high importance to the concept of identity and kinship, especially in a land that is home to hundreds upon hundreds of different languages and ethnic groups. Indian curator Latika Gupta explores this theme in “Homelands”, an exhibition of works by 28 leading contemporary British artists, all wrestling with the idea of what "home" means in the 21st century.

The artists whose works are displayed include four Turner Prize winners, Jeremy Deller, Richard Long, Grayson Perry and Gillian Wearing. Work by World Press Photo (2007) winner Tim Hetherington, who was killed in Libya, also is on display.

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