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China could launch its own digital currency in the next 2-3 months, predicts investor

China could launch its own digital currency in the next 2-3 months, predicts investor

Finance
China could start rolling out its digital currency as early as the next two to three months, predicted the managing partner of an investment firm backed by Foxconn Technology Group.China has developed a framework called the Digital Currency Electronic Payment or DCEP, according to Jack Lee, managing partner of HCM Capital. That would allow its central bank to issue a digital currency to commercial banks and third-party payment networks by Alipay and WeChat Pay, he explained."So, they already have all the system and the network ready. I think you will see it very soon, in the next maybe two to three months," Lee told CNBC's Tanvir Gill at the Singapore FinTech Festival on Monday.He said the launch could start as a trial — not to replace physical money completely.HCM Capital has invested in
Bloodhound land speed car will be back racing next week

Bloodhound land speed car will be back racing next week

Science
The Bloodhound land speed challenger is likely to be back out on its South African lakebed track early next week.Engineers are now satisfied they understand why a heat alarm has been triggering on the car when it runs. Bloodhound was in the middle of trying to post a speed of 550mph (885km/h) on Friday when the sensor system alerted driver Andy Green that temperatures might be too high in the engine bay.He aborted, pulling up early having reached only 481mph (774km/h).Something similar occurred on Wednesday as well, although right at the end of the run when the vehicle was slowing down.But by Saturday afternoon, the British Bloodhound team had split open the upper-chassis of the car for inspection, including of that troublesome s...
Trump impeachment hearings to go public next week

Trump impeachment hearings to go public next week

World
Congressional Democrats have announced the first public hearings next week in an inquiry that may seek to remove President Donald Trump from office.Three state department officials will testify first. So far lawmakers from three key House committees have heard from witnesses behind closed doors. The impeachment inquiry centres on claims that Mr Trump pressured Ukraine to publicly announce an investigation into political rival Joe Biden.Mr Trump denies any abuse of power. The impeachment story explained Who's who in Trump whistleblower story? House Intelligence Committee chairman Adam Schiff, who is overseeing the inquiry, told reporters on Wednesday that an impeachment case was building against the president.He said: "We are gett...
Next government ‘set to break spending rules’

Next government ‘set to break spending rules’

Business
High borrowing means the next government is set to bust rules on spending, the Institute for Fiscal Studies (IFS) has said.The gap between what the government spends and what it receives was now set to be much higher than expected, the think tank warned.Higher public spending, slower growth and changes to the way student loans are counted have pushed up borrowing.Years of rising debt risked burdening "future generations", the IFS said.IFS director Paul Johnson said it left little room for election giveaways if the parties wanted to keep within the current spending rules.UK borrowing up by a fifth over past six months"At some point it becomes unsustainable, you've got to stop it going up at some point especially when you know big spending pressures are com...
Ladbrokes owner bets on Homeserve’s Gibson as next chairman

Ladbrokes owner bets on Homeserve’s Gibson as next chairman

Business
The owner of Ladbrokes is turning to a former director of rival William Hill as it tries to repair relations with leading investors in the wake of a controversial share sale by its bosses.Sky News has learnt that Barry Gibson, who has chaired Homeserve for almost a decade, is to be the next chairman of GVC Holdings. His appointment is expected to be announced early next week.Mr Gibson's recruitment will end a seven-month search for a successor to Lee Feldman, who infuriated GVC shareholders in March when he and Kenny Alexander, the gambling group's chief executive, sold £20m worth of shares.That came soon after Mr Alexander had insisted to shareholders that GVC was "seriously undervalued". Advertisement Mr