RICH GET RICHER & POOR GET POORER
Pound Sterling has shrunk in value in the run-up to the Autumn Statement but analysts say it is still too early to call an end to the short-term recovery rally we have seen over recent weeks. But how high can GBP/EUR go? THE POUND has soared against the Euro to the highest level in two months – news to British tourists' The rate went up thanks to Theresa May’s hints at a ‘transitional’ Brexit, which would soften the blow for business.
The rate was also helped by the impending Italian referendum and French election adding downward pressure to the single currency.
Speaking about the surge today, Simon Phillips, retail director at No1 Currency, said: “Black Friday has come four days early for holidaymakers – the Pound’s steady rise means the cost of a foreign trip keeps falling.
“Sterling’s surge has been strongest against the Euro, and the Pound now buys more Euros than at any time since the middle of September. Weak pound 'to push up price of electrical goods' Couples must prove their newborn baby has arrived nine months after their stay at the participating hotels.
China's rich are defying the country's economic slowdown, growing their personal wealth at an astonishing pace and moving money abroad. Capital flight has continued, despite checks and the government’s efforts to bring back funds transferred out of China.
An additional 65 business people have entered the Forbes’ China Rich List this year, highlighting the rise in the number of billionaires in the face of the country’s economic slide. Forbes recently said the wealth of the 400 listed members rose 14 percent, which is more than double the 6.7 percent growth seen in China’s gross domestic product. Hurun’s China Rich List of individuals with a net worth exceeding $300 million saw 179 people added this year to the list of 2,056 millionaires.
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“Despite the overall economic slowdown in China, a lot of industries are prospering. This is particularly true of the IT sector, which has high valuations of 50-60 times their earnings,” Thomas Gatley, chief corporate analyst for Gavekal Dragonomics, said in explaining the rising number of billionaires.
Analysts look at stock prices of listed companies and work out potential values of unlisted firms before arriving at the net worth of company owners. Why Being A Billionaire In China Comes With The Risk Of Disappearance, Arrest Or Worse Another billionaire, Zhou Chengjian, went missing for a week in January. Shanghai Metersbonwe Fashion & Accessories, founded by Zhou, never said what happened. The company’s shares fell 30% in the past year, knocking Zhou from the top 100 richest Chinese.