Monday, May 20, 2019

Tag: Referendum

Brexit plans in disarray as high court rules parliament must have its say

Government to appeal after judges say article 50 cannot be triggered without MPs’ backing – a major blow to Theresa May. Parliament alone has the power to trigger Brexit by notifying Brussels of the UK’s intention to leave the European Union, the high court has ruled. The judgment (pdf), delivered by...

UK Government agreed referendum could not be legally binding

Only six years ago, ministers agreed that referendums “cannot be legally binding” – so MPs and peers should decide “whether or not to take action”. Senior Conservative MPs have seized on a forgotten Government promise to let Parliament decide the response to any referendum result – insisting it must hold...

The problem with Europe is the euro

In this extract from his new book, the Nobel prize-winning economist argues that if the euro is not radically rethought, Europe could be condemned to decades of broken dreams. Europe, the source of the Enlightenment, the birthplace of modern science, is in crisis. This part of the world, which hosted...

China to stick to stable yuan against currency basket, says central bank chief

Zhou Xiaochuan underscores Beijing’s ongoing commitment to keeping currency's value steady. The value of the yuan would remain stable against a basket of currencies, central bank chief Zhou Xiaochuan said on Sunday on the sidelines of the G20 meeting of finance ministers and central bankers in Chengdu. Speaking to the South...

Brexit: EU considers migration emergency brake for UK for up to seven years

Diplomats working on deal to give Theresa May greater concessions than those won by David Cameron, despite French doubts. Plans to allow the United Kingdom an exemption from EU rules on freedom of movement for up to seven years while retaining access to the single market are being considered in...

US seeking bilateral trade deal with UK to press EU on TTIP

American officials moving swiftly to cement economic relationship with Britain and speed up stalled transatlantic trade deal with Europe. A potentially swift bilateral trade and investment deal with the UK is being suggested by American officials as a way of pressing the European Union to speed up its own stalled...

IMF Cuts Global Growth Forecasts on Brexit, Warns of Risks to Outlook

Brexit causes ‘substantial’ increase in economic, political, institutional uncertainty Global forecast for 2017 cut by 0.1 percentage point, to 3.4 percent If not for Brexit, global forecast would have been slightly higher The International Monetary Fund cut its forecasts for global economic growth this year and next as the unexpected U.K. vote...

SoftBank to Buy Britain’s ARM for $32 Billion in Record Deal

SoftBank Group Corp. agreed to buy ARM Holdings Plc for 24.3 billion pounds ($32 billion), securing a slice of virtually every mobile computing gadget on the planet and future connected devices in the home. The Japanese company is offering 1,700 pence in cash per share or a 43 percent premium...

British Parliament Votes to Spend Big on Nukes

A large majority of British lawmakers on Monday backed plans to replace the country’s nuclear-armed submarines with new vessels, a move that advocates argued would maintain the U.K.’s status as a major world power despite its vote to leave the European Union. Members of the House of Commons voted by...

Why is the gold price rising? Five forces driving the precious metal

Hoarding gold is a centuries-old reaction to times of crisis, and the aftermath of the EU referendum vote is no different. The yellow metal has soared in value since Britain voted to leave the European Union as investors shoot towards traditional "safe haven" assets. Prices have reached a three-year high as Brexit worries intensify. An ounce of gold is now worth...

Bank of England Signals August Stimulus as Rate Kept at 0.5%

The Bank of England left its key interest rate at a record low and signaled it’s readying stimulus for August as the economy reels from Britain’s decision to quit the European Union. The nine-member Monetary Policy Committee, led by Governor Mark Carney, voted 8-1 to keep the benchmark at 0.5...

Meet the Motley Crew Charged With Seeing Britain Out of the EU

The new government has no fewer than five officials appointed to implement the Brexit. And no one — including them — knows how they’re going to do it. The prime minister who took power because of the Brexit just formed a cabinet shaped by the Brexit — but it’s not...

Pound sterling could slide below $1.20 because of Brexit, Goldman Sachs warns

Analysts have said the pound still has further to slide. The pound fell as low as $1.28 against the dollar in overnight trading after warnings about the financial stability of the UK after Brexit spooked investors. Sterling was trading at $1.29 in mid-morning trading on Tuesday, down 0.63 per cent on...

Brexit Accelerates the British Pound’s 100 Years of Debasement

In 1967, U.K. Prime Minister Harold Wilson declared devaluation wouldn’t diminish the “pound in your pocket.” Chancellor of the Exchequer Norman Lamont admitted he was heard “singing in the bath” after sterling’s link to the deutsche mark was severed in 1992, sending the currency tumbling. If history is any guide,...

Here’s why silver is shining brighter than gold

Silver prices hit a two-year high Monday, climbing above $21 an ounce, as the precious metal continues to gain from the safe-haven rally following the UK referendum, driven mostly by a sudden jump in Chinese demand. Asian buyers scooped up vast volumes of physical silver overnight, with the Shanghai Futures...

Why gold investors should look at silver too

Silver prices hit a two-year high above $21 per ounce on Monday, as precious metals continue to gain from the safe-haven rally following the U.K. referendum. Some investors say silver has further to run and may be a better bet than gold. "Silver is a metal that most people don't really...

Disaster capitalism: the shocking doctrine Tories can’t wait to unleash

The Tory right doesn’t care about the damage Brexit will do. The prize is a free hand to exploit this mess and roll back the state for good. One of the most startling aspects of the Brexit debate is the rapidity with which the Conservatives have set it behind them....

Soros Says Brexit Has Unleashed a Financial-Markets Crisis

Britain’s decision to leave the European Union has “unleashed” a crisis in financial markets similar to the global financial crisis of 2007 and 2008, George Soros told the European Parliament in Brussels. “This has been unfolding in slow motion, but Brexit will accelerate it. It is likely to reinforce the...

Chaos at Europe’s big banks: Italy begs for bad loans bailout and IMF warns...

Europe's banking sector is braced for chaos, with Italian giants desperate for a bailout and Germany’s biggest lender deemed a threat to the world economy. In Italy, politicians begged the European Union for permission to bail out troubled lenders sitting on more than £300bn of bad loans. Meanwhile, Portugal – long...

Frexit Is Coming

Britain's departure meant the end of an era. France's departure would mean the end of the EU. After Grexit and Brexit, the next crisis to confront the European Union will be Frexit. It will prove to be the worst of all. While dramatic, the Greek tragedy had a limited run....

Westminster’s Squabbling Is Making Brexit Worse

The simple fact is that political uncertainty hurts the economy. And with chaos reigning in the U.K., the road ahead looks bumpy indeed. When the Brexit vote was still months away, veteran Conservative Party politician Kenneth Clarke predicted that, should David Cameron lose the campaign for Britain to stay within...

Forget December. Forget Next Year. The Fed’s Done Hiking Until 2018

Circle Jan. 31, 2018, on the calendar. That’s the soonest the Federal Reserve hikes next. At least if money market derivatives are to be believed. Traders, who have consistently been better at projecting the path of interest rates than the Fed itself, are now pricing in a greater probability that policy...

John Kerry: Brexit could be walked back

US secretary of state expresses doubts over whether Brexit will happen as David Cameron ‘has no idea how he would do it’. The US secretary of state has raised doubts about whether Brexit will ever happen, suggesting most leave campaigners do not truly believe in Britain’s divorce from the EU...

The Roots of Brexit

In their quest for the Conservative leadership, two rival Eton schoolboys have managed to take the United Kingdom out of the European Union—the first by calling for a referendum in 2013 in order to consolidate his hold over the leadership, and the second by joining the leadership of the...

Italy Said to Seek Opening to Fund Lenders With $44 Billion

Italy, which failed to gain European Union approval for a bad bank just months ago, is considering ways to inject funds into some of its lenders after the U.K.’s vote to leave the trade bloc sparked a fresh selloff, according to people with knowledge of the talks. The government is...

The Fed Is Now More Likely to Cut Interest Rates Than Raise Them

Wall Street’s odds have reversed since the Brexit vote. Wall Street is betting Brexit will change the minds of the Janet Yellen and the Federal Reserve. Before Britain voted to leave the European Union last week, the majority of traders believed the Fed would raise interest rates at least once in...

Why Brexit Might Not Happen at All

As I noted on Friday, Britain won’t be exiting the E.U. anytime soon. If and when the U.K. government invokes Article 50 of the Lisbon Treaty of 2007, which grants member states the right to leave, there will be at least two years of negotiations about the terms of Britain’s future relationship with Europe....
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Alan Greenspan on Brexit, U.S. Economy, and Inflation

Former Federal Reserve Chairman Alan Greenspan discusses fallout the U.K.'s Brexit referendum, U.S. economic growth, wage and economic stagnation, central banks, low productivity, and his call for inflation in the U.S. economy. He speaks with Bloomberg's Michael McKee and Tom Keene on Bloomberg. U.K. policy makers miscalculated and made a...

I do not believe that Brexit will happen

There will be howls of rage, but why should extremists on both sides dictate how the story ends? All good dramas involve the suspension of disbelief. So it was with Brexit. I went to bed at 4am on Friday depressed that Britain had voted to leave the EU. The following...

U.S., EU: Full Speed Ahead with Transatlantic Trade Deal, Despite Brexit

The White House rules out moving a bilateral trade deal with Britain to the front of the line. Top U.S. and European officials vowed to press ahead with a massive transatlantic free trade deal on Monday despite Britain’s historic vote last week to exit the European Union. In making the...

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