The Week In Numbers: The Smell Of Money

The pundits could not have got it more wrong. There were widespread expectations that the Bank of England would cut interest rates at its July meeting. But the Bank of England left the base rate at 0.5% this month. However, the Bank said it was likely to deliver stimulus in three weeks’ time through a “package of measures”. Mark the date in your diary.

It is little known outside of Japan, Taiwan, Indonesia and Thailand. But that did not stop shares in Line Corporation from jumping 36% on its New York debut and soaring 50% when it was unveiled on the Tokyo market. The company behind the messaging app raised more than US$1.1 billion from its dual listing. Could Line be the next Facebook?

Trading on the Singapore Exchange (SGX: S68) was halted for around six hours on Thursday, following a technical glitch. At fault was a “trade confirmation process” that caused problems with reconciling “buy” and “sell” orders. The problem was resolved by Friday morning.

The economy of China expanded by slightly more than expected between April and June. According to China’s statistics bureau, Gross Domestic Product rose 6.7%, which was more than the 6.6% that experts had predicted. Industrial output grew 6.2%, while retail sales rose by 10.6%.

And finally, the Finance Ministry of Greece plans to use dogs to sniff out potential tax dodgers. In an effort to thwart tax evaders, the Greek authority plans to use German Shepherds and Belgian Melinois to detect people who are hoarding cash. It is reckoned that between 15 and 20 billion euros is being kept outside the banking system.

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