Baltic Dry Index. 1040 +20 Brent Crude 75.44
Spot Gold 1964 US 2 Year Yield 4.52 -0.04
Coronavirus
Cases 01/04/20 World 1,000,000
Deaths 53,103
Coronavirus Cases 09/06/23 World 689,076,498
Deaths 6,889,515
June
9, 1873. Alexandra Palace, London burns down, after being open for only 16 days.
Fire number one.
In the stock casinos, party on like it’s 2019 back again. Well, they all partied on when Noah got on with building his Ark. How well did that turn out? Great for Noah his family and the animals, but for everyone else?
In China, more sign of deflation rising in the Chinese economy. How long before China’s exporting deflation to the rest of the world economies? Not long I suspect.
In cryptoland, is it bye, bye, Binance? Cut off from its banks, the escape routes out of cryptoland are getting closed off fast.
Asia markets rise
as S&P 500 hits new 2023 high, China’s producer price index falls
UPDATED FRI, JUN 9 2023 12:36 AM
EDT
Asia-Pacific markets traded mostly higher after
the S&P 500 closed
at a new
high for 2023 and the Dow Jones Industrial Average saw
a third straight day of gains.
Investors digested China’s
consumer price index, which saw a 0.2% rise in May and its producer
prices that fell 4.6% year on year, marking the steepest drop since May 2016.
Mainland Chinese markets were
mixed, with the Shanghai
Composite marginally higher and the Shenzhen Component fractionally
lower. Hong Kong’s Hang
Seng index rose 0.3%.
In Japan, the Nikkei 225 popped
1.82%, leading gains in the region and maintained the highest level in three
decades. The Topix gained 1.4%.
South Korea’s Kospi inched 0.95%
higher and the Kosdaq moved up 1%, while Australia’s S&P/ASX 200 rose
0.4%.
Overnight in the U.S., all three
major indexes climbed higher, with the Nasdaq Composite leading
gains and advancing 1.02%, while the S&P 500 was 0.62% higher and the Dow Jones Industrial Average added
0.5%.
A key focus for next week would
be the U.S. Federal Reserve’s policy meeting on June 13 and 14, especially
after jobless claims increased more
than expected to their highest since October 2021, a potential sign
that the labor market is softening up after more than a year of interest rate
hikes.
Asia markets rise as
S&P 500 hits new 2023 high, China's producer price index falls (cnbc.com)
China’s producer
prices plunge the most in seven years as deflation hangs over economy
Inflation in China stayed at low levels in May, as
the economy struggles to recover even after its strict Covid
lockdown measures lifted late last year.
Producer price index in May fell
4.6%, marking the steepest year-on-year drop in seven years, when producer
prices saw a year-on-year drop of 7.2% in May 2016.
The latest reading fell further from a decline of 3.6% in April and lower
than expectations to see a decline of 4.3% in May, according to Reuters poll of
economists.
China’s consumer price index in May rose 0.2%
compared to a year ago, government data showed. Economists surveyed by Reuters
expected a 0.3% rise. CPI in April was at a two-year low of 0.1%.
Month-on-month, prices fell 0.2% —
economists predicted a 0.1% decline.
China’s low consumer inflation and
deflation in its producer prices come in contrast to relatively high inflation
in major economies around the world. Global central banks, including
the U.S. Federal Reserve, have been fighting to bring down rising
prices for more than a year. Just this week, Canada and Australia defied
expectations and raised interest rates.
---- The latest data is among a batch of economic indicators
that point to a cooling economy in China.
China’s National
Bureau of Statistics attributed the broad softness to a general weakness seen
in global commodity prices and overall demand.
The mining and raw
material industries led declines in producer prices, while food, tobacco and
alcohol prices led consumer price gains, the data showed.
Pinpoint Asset
Management’s Zhiwei Zhang said, “The risk of deflation is still weighing on the
economy. Recent economic indicators send consistent signals that the economy is
cooling.”
Zhang expects the
Chinese government’s next fiscal policy review to take place after its second
quarter gross domestic product is released next month.
More
China
economy: Inflation cools in May, CPI and PPI shows (cnbc.com)
Exclusive:
Credit Suisse puts up China brokerage venture for sale
By Selena Li and Engen Tham
HONG
KONG/SHANGHAI, June 9 (Reuters) - Credit Suisse (CSGN.S) and a joint venture partner are
seeking buyers for their China securities brokerage business due to the Swiss
bank's takeover by rival UBS (UBSG.S), said two people with direct
knowledge of the matter.
Citigroup (C.N) had
at one point shown interest in acquiring Credit Suisse Securities China (CSS),
they added.
Citi,
whose CEO Jane Fraser was in China this week,
is setting up a securities brokerage in
China. It had hoped to fast-track development via an acquisition but decided to
stick to its original plan to grow the business organically, said one of the
people.
According to
Chinese securities regulations, one entity cannot hold two licenses for
majority-owned brokerages. UBS has a 67% stake in a profitable securities
venture with Beijing State-owned Asset Management.
Credit
Suisse owns 51% of loss-making CSS and struck a deal to buy out its partner
Founder Securities (601901.SS) last year. That transaction
has yet to receive Chinese regulatory approval.
The
sources asked not to be identified due to the sensitivity of the matter.
UBS and a
spokesperson representing both Credit Suisse and CSS declined to comment. Citi
declined to comment.
Founder
Securities and the China Securities Regulatory Commission did not immediately
respond to Reuters requests for comment.
CSS
was established in 2008 in Beijing with Credit Suisse initially owning 33.3%
before raising its stake to 51% in 2020. In addition to brokering, it is
licenced to conduct underwriting, sponsoring, proprietary trading and to act as
an investment consultancy.
It
booked a net loss of 254 million yuan ($36 million) in 2022 and had headcount
of 234 at the end of last year, according to its annual report. The potential
deal value for the business could not be immediately learned.
UBS
plans to announce the finalising of its tie-up with Credit
Suisse as soon as next Monday.
More
Exclusive:
Credit Suisse puts up China brokerage venture for sale | Reuters
Finally, cryptoland news. Bye, bye Binance?
But is the UK climbing on the USA’s war wagon against cryptoland or issuing a subtle invitation to the less dodgy parts of shady cryptoland to come to London?
Banks are cutting
off Binance’s access to U.S. banking system, exchange says
Binance.US customers will no longer be
able to use U.S. dollars to buy crypto on the platform as early as June 13,
hobbling the exchange’s ability to do business in the United States, after both
payment and banking partners “signaled their intent to pause USD fiat channels,”
the exchange said.
Binance announced
the change late Thursday night on Twitter, and blamed the
Securities and Exchange Commission’s “unjustified civil claims against our
business.” The exchange said it had preemptively disabled customers’
ability to buy and deposit U.S. dollars.
Binance’s banking transactions are the center of immense scrutiny by the
SEC, which filed
a civil complaint against the exchange and its founder,
Changpeng Zhao, alleging both violated U.S. securities laws.
Zhao’s influence over
and ownership of the U.S. and international arms of Binance — an international
network of offshore holding companies the SEC alleges have moved billions of
dollars of assets between themselves — prompted the SEC to file an emergency motion
for a temporary restraining order. That restraining order would have frozen
U.S. dollars from the exchange anyway.
Customers won’t lose
their money — those who haven’t withdrawn their money by the shutdown date
could still theoretically convert it to a stablecoin such as tether, then
withdraw that and convert it back to dollars elsewhere. But it suggests that
Binance’s banking partners have decided the exchange is too risky a client to
keep on, and that the revelations from the SEC case have grown too significant
to ignore.
The exchange’s
disclosed U.S. banking partners, which have included Axos Bank, Cross River
Bank, and the failed Silvergate, Signature, and Silicon Valley Banks, processed
billions of dollars in transactions for the U.S. exchange, according to
documents Binance provided to the SEC. Multiple banking partners had already
stopped serving Binance, and it wasn’t immediately clear which banking partners
Binance retained.
Banks
to cut off Binance access to U.S. banking system, exchange says (cnbc.com)
Regulator
plays sheriff as it takes on crypto marketing ‘wild west’
THURSDAY 08 JUNE 2023 7:15
AM
Crypto firms face a regulatory
clampdown in the UK this year as the City watchdog cracks the whip on the “Wild
West” landscape of crypto marketing.
In a new set of rules announced today, the Financial Conduct Authority (FCA) said it will force crypto firms to introduce a “cooling-off” period, during which time consumers can decide to cancel their purchase.
The watchdog is also set to ban “refer a friend” bonuses and force firms to put in place “clear risk warnings” as it seeks to ensure that those who buy crypto understand the risk.
Sheldon Mills,
executive director at the FCA said: “It is up to people to decide whether they
buy crypto. But research shows many regret making a hasty decision. Our rules
give people the time and the right risk warnings to make an informed choice.”
The new rules will
come into effect from 8 October, setting the clock ticking for the UK crypto’s
sector.
Susannah Streeter,
head of money and markets, at Hargreaves Lansdown said the FCA had “shot out of
the traps” with the changes and was “racing ahead with new rules to give
consumers extra protection in the crypto Wild West”.
Regulators have been
looking to tighten the guardrails in the sector and protect consumers from
digital assets bandits after the high profile implosion of crypto exchange FTX
last year.
The FCA’s move comes after a week of regulators tightening the screw on crypto.
The US Securities
Exchange Commission has been on a warpath against the sector and this week sued
the world’s two biggest coin exchanges, Binance and Coinbase, for flouting its
rules.
A host of top US
industry bosses have made overtures across the Atlantic in light of the
clampdown, with Coinbase chief Brian Armstrong telling a London conference in
April that the
exchange could shift its headquarters across the pond.
Debates continue to
swirl in the UK about the best way to approach the sector as adoption continues
to rise. New data from the FCA shows that estimated crypto ownership
has more than doubled from 2021 to 2022, with 10 per cent of 2,000 people
surveyed saying they own crypto.
Regulator plays sheriff as it takes on crypto marketing 'wild west' (cityam.com)
Cryptocurrency
prices: Check today's rates of Bitcoin, Ethereum, BNB, XRP
Cryptocurrency prices: Check today's rates of Bitcoin, Ethereum,
BNB, XRP
Written by Sanjana Shankar Jun 08, 2023,
Bitcoin has slipped 1.96% in the past 24 hours to trade at
$26,382.22. It is 1.54% lower than the week before.The second most popular
token, Ethereum, has dropped 2.23% from yesterday to trade at $1,837. It has
fallen 0.93% from last week.The market capitalization of Bitcoin and Ethereum
is now at $511.87 billion and $220.92 billion, respectively.
How
have other popular cryptocurrencies moved today?
BNB is
trading at $259.75, a 6.9% decrease from yesterday and 14.68% lower than last
week.The current price of XRP is
$0.55, down 1.30% in the last 24 hours. It is 2.68% higher than last
week.Cardano and Dogecoin are trading at $0.33 (down 6.67%) and
$0.066 (down 2.98%), respectively.
Solana's
price has decreased by 10.39% since last week
Solana, Polka Dot, Shiba Inu, and Polygon are currently trading at $18.56 (down 7.97%),
$5.6995 (up 0.95%), $0.0000077 (down 1.60%), and $0.77 (down 5.39%),
respectively.Looking at the weekly chart, Solana has
fallen 10.39% while Polka Dot has gained 9.61%.Shiba Inu has lost 5.23% of its
value in the last seven days whereas Polygon has declined 13.95%.
Here
are the top 5 gainers of the day
Stacks, XDC Network, Casper, UNUS SED LEO, and
Dai are the top five gainers on a 24-hour basis. They are trading at $0.66 (up
5.03%), $0.033 (up 2.65%), $0.044 (up 0.82%), $3.52 (up 0.45%), and $0.99 (up
0.04%), respectively.
How
have the popular stablecoins performed today?
A stablecoin is a cryptocurrency that has very low volatility. Its value is correlated to a
real-world asset such as fiat currency or gold.Talking about some of the
popular tokens, Tether and
USD Coin are trading at $1 (down 0.01%) and $0.99 (down 0.01%), respectively.
Check
out today's top 5 losers
The biggest losers of the day are Kava, Flare,
Algorand, Decentraland, and Klaytn. They are trading at $0.99 (down 22.07%),
$0.011 (down 9.68%), $0.11 (down 9.55%), $0.44 (down 8.81%), and $0.11 (down
8.28%), respectively.
Here
are the top cryptocurrency spot exchanges
On the basis of traffic, liquidity, trading
volumes, and confidence in the legitimacy of trading volumes, Binance, Coinbase
Exchange, and Kraken are the top three cryptocurrency spot exchanges.The
24-hour volumes of Binance and Coinbase Exchange are $9.14 billion (down
16.52%) and $1.07 billion (down 21.93%), respectively. Kraken recorded a volume
of $0.61 billion which is down 16.65% from yesterday.
Check
out today's leading DeFi tokens
DeFi, short for decentralized finance, is an
umbrella term for global, peer-to-peer financial services on public
blockchains.Avalanche, Dai, Wrapped Bitcoin, Chainlink, and Uniswap are among the most
popular DeFi tokens. They are trading at $13.93 (down 4.73%), $0.99 (up 0.03%),
$26,386.61 (down 1.99%), $5.93 (down 4.26%), and $4.56 (down 4.16%),
respectively.
More
Cryptocurrency prices: Check today's rates of Bitcoin, Ethereum, BNB, XRP (newsbytesapp.com)
Global Inflation/Stagflation/Recession Watch.
Given
our Magic Money Tree central banksters and our spendthrift politicians,
inflation now needs an entire section of its own.
Euro
zone slips into recession after Germany, Ireland revisions
June 8, 2023
BRUSSELS
(Reuters) -The euro zone economy was in a technical recession in the first
three months of 2023, data from European statistics agency Eurostat showed on
Thursday, after downward revisions of growth in both the first quarter and the
final quarter of 2022.
Gross domestic
product (GDP) for the 20-country euro zone fell by 0.1% in the first quarter
compared with the fourth of 2022 and was 1.0% up from a year earlier, Eurostat
said in a statement.
That compared
with flash estimates of growth of 0.1% and 1.3% published on May 16. Economists
polled by Reuters had forecast on average respectively zero and 1.2% expansion.
The revision
was principally due to a second estimate from Germany's statistics office
showing that the euro zone's largest economy was in recession in early 2023.
The
contraction in Ireland's economy widened to 4.6% from a preliminary estimate of
2.7%, although this negative was due to the impact of large multinationals on
growth there.
The euro zone
figure for the fourth quarter of 2022 was also cut to -0.1% from a previous
reading of zero.
Euro zone slips
into recession after Germany, Ireland revisions (msn.com)
Rishi Sunak will
accept a recession if necessary to get inflation rates down
June 7, 2023
Rishi
Sunak has backed interest-rate hikes to calm inflation even if they
increase the risk of the UK entering a recession.
The prime
minister has set halving inflation by the end of the year as one of
the five key tests he has asked voter to judge him on.
But in
a new blow to that ambition, ministers have been warned that the UK will see
the highest inflation rate and nearly the slowest growth of any advanced
economy this year.
Last
month the chancellor Jeremy Hunt said he was willing to accept a recession if
it brought inflation down.
Asked
if he agreed with that approach, Mr Sunak told the BBC: “Yeah, I think what the
Chancellor was saying is that inflation is the challenge that we must confront.
“Obviously,
monetary policy interest rates are decision for the Bank of England, so it
wouldn't be right for me to comment on that. But I set out five priorities,
halve inflation, grow the economy, reduce debt, cut waiting lists, and to stop
the boats. The first of those is to halve inflation. That's the thing that I
want to make sure we deliver, because that's what will help. That's what in the
long term, that is the best way to help British families.”
Asked at the end of May
if he was comfortable with the Bank acting to bring down inflation even if
doing so could precipitate a recession, Mr Hunt said: “Yes, because in the end
inflation is a source of instability.
“If we want to
have prosperity, to grow the economy, to reduce the risk of recession, we have
to support the Bank of England in the difficult decisions that they take.
“I have to do
something else, which is to make sure the decisions that I take as chancellor –
very difficult decisions to balance the books, so that the markets, the world,
can see that Britain is a country that pays its way – all these things mean
that monetary policy at the Bank of England [and] fiscal policy by the
chancellor are aligned.”
In a new
forecast the Organisation for Economic Co-operation and Development (OECD) said
inflation in Britain would average at 6.9% this year.
Clare
Lombardelli, the OECDs chief economist, said: "Inflation in the UK is
higher and proving to be higher than other countries at the moment."
She said this
was partly due to high labour costs as wages rise, and the fact that Britain is
more exposed to high global energy prices.
More
Rishi Sunak will accept a recession if necessary to get inflation rates down (msn.com)
Covid-19 Corner
This section will continue until it becomes unneeded.
COVID-19
virus can cause brain cells to fuse, may explain 'brain fog'
Paul McClure June 08, 2023
New
research has found that viruses such as the one that causes COVID-19 can cause
brain cells to fuse together and malfunction. The findings might explain the
‘brain fog’ and other neurological symptoms some people experience following
infection with the SARS-Cov-2.
It’s
well-known that some viruses, including the severe acute respiratory syndrome
coronavirus 2 (SARS-CoV-2), which causes COVID-19, involve the brain and nervous
system by infecting nerve cells (neurons).
Some viruses don’t kill their
host cells and, instead, cause brain dysfunction. The mechanism by which they
do this is understood in non-brain cells: the viruses use specialized molecules
called fusogens to fuse with and enter cells. The fusogens hijack the cell's
machinery to produce more viruses which spreads the virus – and more fusogens –
to neighboring cells. What’s been unclear until now is how fusogens affect
brain cells.
Researchers at Macquarie
University, Sydney, have collaborated with the University of Queensland and the
University of Helsinki, Finland, to examine the effect that fusogens have on
the brain. The research relied on brain organoids, artificially grown ‘mini-brains’ that simulate the real
thing.
“We reprogram human
stem cells into brain cells, including neurons, and allow them to assemble into
mini-brains in a dish,” said Yazi Ke, a co-author of the study.
Some organoids were
infected with viral fusogens, including SARS-CoV-2, and compared with
non-infected control organoids. They found that the virus caused fusion between
neurons, between neurons and glia and between glia. Glia are non-neuronal cells
in the brain and spinal cord that help support and protect neurons.
“We discovered
COVID-19 causes neurons to undergo a cell fusion process, which has not been
seen before,” said Massimo Hilliard, one of the study’s co-authors. “After
neuronal infection with SARS-CoV-2, the spike S protein becomes present in
neurons, and once neurons fuse, they don’t die.”
The spike protein,
or S protein, is one of the key biological characteristics of SARS-CoV-2. It’s
located on the outside of the virus, allowing it to penetrate host cells and
cause infection.
This fusion without
cell death, the researchers say, could explain the chronic neurological
symptoms some people have after infection with COVID-19, such as headache,
‘brain fog’, loss of taste and smell, and exhaustion.
More
COVID-19 virus can
cause brain cells to fuse, may explain 'brain fog' (newatlas.com)
Johns Hopkins Coronavirus
resource centre
https://coronavirus.jhu.edu/map.html
Centers for Disease Control
Coronavirus
https://www.cdc.gov/coronavirus/2019-ncov/index.html
The
Spectator Covid-19
data tracker (UK)
https://data.spectator.co.uk/city/national
Technology
Update.
With events happening fast in the
development of solar power and graphene, among other things, I’ve added this
section. Updates as they get reported.
Today, something a little different. When
the Fed bailed out Signature Bank did the Fed also bailout Binance? Wittingly
or unwittingly?
Binance Money Trail
Reveals $70 Billion Flowing Through Silvergate, Signature
Thu, 8 June 2023 at 3:47 am BST
(Bloomberg) -- Crypto exchange Binance and
related entities shuttled some $70 billion through accounts at now-defunct
Silvergate Bank and Signature Bank from 2019 up until this year, including
“large amounts of money” flowing in and out within days, according to new
details revealed in a filing Wednesday.
Silvergate facilitated more than $50
billion in deposits for Binance-related parties, while Signature handled more
than $19 billion, the 27-page document, which was filed Wednesday in US
District Court in Washington, shows. Some of the funds flowed out to foreign
entities, according to the filing, which cited a review of financial records
including bank statements, deposits, canceled checks and wire transfers.
The SEC this week sued Binance, its
co-founder Changpeng “CZ” Zhao and Binance.US for “blatant disregard” of US
securities laws, including mishandling customer funds and misleading investors
and regulators, part of a widening crypto crackdown following a wave of blowups
last year including the collapse of Sam Bankman-Fried’s FTX exchange. On
Tuesday, the agency filed an emergency action application for a temporary
restraining order to freeze Binance.US’s assets in attempt to protect customer
funds, including through the repatriation of client investments held abroad.
While the SEC’s case against Binance
includes allegations it mishandled client funds, the provenance of the money
and the purpose of the transfers described in the Wednesday document weren’t
specified. The filing was in support of the motion to freeze assets of
Binance.US, and didn’t include any fresh charges. A company spokesman told the
New York Times the transfers didn’t involve client funds and were done in the
normal course of business.
‘Red Flag’
Banks generally are expected to
monitor money flow for unusual transactions including large transfers,
according to John Popeo, partner at the Gallatin Group, which advises banks and
other firms on regulatory issues. It’s unclear whether Silvergate or Signature
Bank did so in the instances detailed in the filing, or whether they needed to.
“If there’s a frequent large cash
movement — it could be extraterritorial or it could be domestic — that to me is
a red flag,” Popeo said.
Binance didn’t respond to a request
for comment. A representative for Binance.US declined to comment to Bloomberg.
Silvergate and New York Community Bancorp, which bought Signature, didn’t
respond to requests for comment outside of usual work hours.
Many of the Binance and related
accounts participated in Silvergate’s SEN network and Signature’s Signet
platform. The electronic-payments systems allowed users to transfer funds
seamlessly and instantaneously, 24 hours a day, before they were shuttered
earlier this year when their parent companies ran into trouble. Signature was
shut down by regulators in March after a run on deposits. Silvergate announced
it would voluntarily shut down the same month.
Big Flows
Often, amounts in the accounts would
be relatively small at the beginning and the end of the month, but have huge
inflows and outflows in between.
“At times the amounts being credited
and debited during a single month amounts to movement of more than a billion
dollars,” the filing said. “For example, in July 2021, one Signature Bank
Binance Holdings account shows a starting balance of $468 million, deposits of
$1 billion, withdrawals of $1.3 billion, and an ending balance of $179
million.”
Accounts at the two banks paid out
funds to a yacht seller, and for “insured aircraft title service,” the filing
said.
Zhao was also the beneficial owner of
numerous other foreign companies with accounts at Signature Bank, the filing
said, including those domiciled in Canada, the UAE, Seychelles, Singapore,
Lithuania and Kazakhstan. Some of the money eventually ended up in Zhao’s
personal account, per the filing. Some flowed to Amazon Web Services, and some
to Stifel Bank, the filing said. Representatives for AWS and Stifel didn’t
respond to a request for comment.
Merit Peak
At Silvergate, in 2020 and 2021, one
Binance entity alone, called Key Vision, had deposits and withdrawals of more
than $13 billion, the filing shows, with nearly all deposits transfered to
another entity named Merit Peak, identified in the SEC’s suit as being
controlled by Zhao.
More
Binance Money Trail Reveals $70 Billion Flowing
Through Silvergate, Signature (yahoo.com)
Another weekend and the first weekend
in Uncle Sam’s new war on cryptocurrencies. Time to get out of cryptoland and
fast while it’s still possible to find buyers for cryptocurrencies, coins, stablecoins and tokens. Have a great
weekend everyone.
1875: The Second Palace
By Ally Pally
Alexandra Palace
was first opened, to rave reviews, on 24 May 1873. Only 16 days later it was
destroyed by fire. A redesigned Palace was built on the same site within two
years, reopening to much fanfare on 1 May 1875.
The new Palace
boasted a concert hall, theatre, circus, extensive dining areas, so that the
venue could host entertainment for all on a grand scale. In the spirit of
Victorian conscience, the Park and Palace also laid on educational shows too.
To celebrate this
anniversary, we thought we’d introduce a few features you might not know about
Alexandra Palace!
·
For the 1875 rebuild approximately 15 million bricks were used to
construct the seven acre Palace in Italianate architectural style.
- ---- To mitigate against another
disaster like the fire of 1873 – four 16,000 gallon capacity water towers
were built at the corners of the building, fire breaks were designed into
the layout and the whole structure was more solid and functional.
More
1875: The Second
Palace > Alexandra Palace
Fire -
Alexandra Palace – 1984 (approx..
26 seconds.)
Fire -
Alexandra Palace - 1984 - YouTube
Alexandra Palace
Alexandra Palace is a Grade II listed[2] entertainment and
sports venue in London, situated between Wood Green and Muswell Hill in
the London Borough of
Haringey. It is built on the site of Tottenham Wood and
the later Tottenham Wood Farm.[3] Originally built
by John
Johnson and Alfred Meeson, it opened
in 1873 but following a fire two weeks after its opening, was rebuilt by
Johnson. Intended as "The People's Palace" and often referred to as
"Ally Pally", its purpose was to serve as a public centre of
recreation, education and entertainment; North London's
counterpart to the Crystal Palace in South London.[4]
More.
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