China could be hurtling towards a banking crisis, reports The Telegraph. Citing a report from international financial watchdog The Bank for International Settlements, the paper says that the country is mired in debt, with the ‘credit to GDP’ ratio at 30.1 – leagues ahead of any comparable country. Historically, any number above ten was a surefire sign of crisis to come, and certainly required close supervision. Credit currently stands at 255 pc of GDP. This represents $28 trillion of loans – more than North America and Japan combined. A collapse of Chinese banking would send shockwaves through the world.
The UK is ‘appallingly bad’ at supporting start-ups, says the BBC. Neil Woodford, a leading fund manager, was quoted as saying ‘we have been appallingly bad at giving those minnows the long-term capital they need.’ The remarks came as part of the BBC’s Tech Talent coverage, which is also questioning why Britain has yet to launch a tech company on the scale of Facebook or Google.
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