5th April 2022
Bite-sized business news from the UK and beyond
Good morning After 40 years of public ownership, Channel 4 is headed into private hands. The free-to-air broadcaster is state owned but receives no public funding, with more than 90% of its revenue coming from adverts.The government says that proceeds from the sale – which could be as much as £1bn - will be reinvested in a "creative dividend" to be shared among the TV industry, with some of it earmarked for independent production companies.
UK government sets out crypto ambitions
Elon Musk scoops up $3bn of Twitter shares
CRYPTOUK government sets out crypto ambitions
What’s going on?
Why is this important?
The global crypto market is worth an estimated $2tr and includes digital currencies like Bitcoin, infamous for its volatile prices. Critics of crypto, including many financial regulators around the world, argue that the lack of regulation makes it a hotbed for criminal activity and there are also environmental concerns as huge energy consuming super-computers are used to mine them.Despite this the government and the Bank of England have been exploring the idea of a UK digital cryptocurrency and regulating the sector since last year.It’s seen as a way to help the UK fintech scene and cement London’s position as a global financial centre, especially in the wake of Brexit which threatened to change this status. The UK is not the only country trying to position itself as a crypto leader. Last year El Salvador become the first country to make Bitcoin legal tender. This means alongside the US Dollar, Bitcoin is an official currency and can be used to buy any good or service.Yesterday Rishi Sunak laid out measures to bring the notoriously unregulated crypto sector under more regulatory scrutiny including the launch of the first government-backed NFT this summer.NFTs are tradable, unique digital items that have taken the internet by storm over the past few years with art, music and videos the most popular items becoming NFTs. They are built using the same technologies as cryptocurrencies known as blockchain.
Other stories to keep you in the loop
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Sri Lankan government resigns as economic crisis fuels rage on the streets
JP Morgan could lose up to $1bn from exposure in Russia
Female workers at Revolut paid 25% less than men
TECHElon Musk scoops up $3bn of Twitter shares
Stat of the day
Wind and solar generated over 10% of global electricity for the first time in 2021, doubling since 2015
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