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UBS leads team of banks working on blockchain settlement system

By Jemima Kelly LONDON (Reuters) – Swiss bank UBS is leading a team of four of the world's biggest banks developing a system to enable financial markets to make payments and settle transactions quickly using blockchain technology. UBS has developed a “Utility Settlement Coin” (USC), which is a digital cash equivalent of each of the major currencies backed by central banks, such as the dollar or euro, rather than a decentralized new digital currency such as bitcoin. The USC would be convertible at parity with a…

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UBS leads team of banks working on blockchain settlement system

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Daimler adopts Silicon Valley tactics to counter new rivals

Mercedes-Benz maker Daimler is embracing Silicon Valley management techniques in a drive to speed up decision making, empower staff and fend off new rivals such as electric carmaker Tesla Motors . Chief Executive Dieter Zetsche is sweeping away layers of bureaucracy and encouraging a more experimental approach to new products. The changes will be closely watched by rivals such as BMW and Audi as traditional carmakers weigh up how to respond to new technologies including autonomous driving and electric vehicles that have turned firms like Google and Tesla into rivals…

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Daimler adopts Silicon Valley tactics to counter new rivals