The social networking phenomenon fuelling the rapid growth of websites such as YouTube and MySpace could be about to threaten the dominance of the big banks, says the Guardian .
Research by the Social Futures Observatory think tank found 74% of Britons would consider borrowing or lending through an online "social lending" community, rather than use their high street bank.
More than six out of 10 said the main aim of their bank was "to make money for themselves", while only 15% thought its main aim was to provide a good financial service to customers, says the paper.
Online social lending, where people who want to lend are put directly in touch with those who want to borrow, is emerging as a new financial category "of genuine importance," say the report's authors.
BUSINESS INVESTMENT rose at its fastest pace in two years in the third quarter, lifting quarterly spending above £31bn for the first time since records began in 1966, reports the Scotsman.
Official data showed business investment rose 3.1% in the third quarter of this year to stand 6.9% up on the same period a year earlier.
"The robust rise in business investment boosts hopes that capital spending can make an extended significant contribution to growth," said Howard Archer, chief UK economist at Global Insight.
THE CHIEF executives of Britain's biggest companies have seen their total average pay soar by 30% to just under £3m in 2006, boosted by more generous bonus schemes, reports the Daily Telegraph.
Even before bonuses, Watson Wyatt's executive reward survey shows the salaries of FTSE 100 chief executives growing faster than in smaller companies and almost twice as fast as the average pay rise.
The basic salaries of FTSE 100 chief executives grew by 7.1% last year, compared with a 6.5% rise for the bosses of FTSE 250 companies and 4.7% in the SmallCap index.
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