Foreign news: Bank note printer cuts production, Chase breaks into online lending
UK bank note printer De La Rue will cut production across the world as demand for cash falls, the BBC reports. The company said it would cut production from eight billion notes a year to six billion. The company, which has been manufacturing bank notes since 1860, prints more than 150 different currencies. US major JPMorgan Chase is to break into online lending by signing an agreement with OnDeck, a New York-listed lender to small businesses that has grown rapidly since its inception in 2007, the Financial Times reports. Under a pilot project beginning in January, Chase, the bank's main US banking unit, will offer loans of up to US$250,000 to its roughly four million small-business customers using OnDeck's platform, which promises almost real-time approvals and same, or next-day funding, FT.com reports. The product will carry Chase's branding and the funds will come from its balance sheet.