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rollover

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  1. U.K. Businesses Urge May to Avoid Losing EU Access After Brexit In the letter posted Saturday on the CBI website, the groups call for any agreement to include access to the EU’s single market for U.K. businesses as well as “uninterrupted” access for Britain’s financial-services sector. The groups urge May’s government to rule out the WTO option under any circumstances. Absent a preferential arrangement, the worst-case scenario would be leaving the EU and using the World Trade Organization’s rules in commercial dealings. “Every credible study that has been conducted has shown that this WTO option would do serious and lasting damage to the U.K. economy and those of our trading partners,” according to the letter. Calling for more involvement in decisions around Brexit, the business leaders asked that companies be consulted to ensure economic implications are considered. With serious doubt that negotiations would be completed within the two years allowed once formal talks begin, they also urge the government to secure a transitional period that can damp the blow of abrupt changes to their trade environment. The groups urge May’s government to rule out the WTO option under any circumstances.
  2. Nissan's Ghosn May Ask U.K. to Cover Brexit-Related Losses Nissan Motor Co. may ask the U.K. to compensate it for any negative consequences resulting from the nation’s departure from the European Union as a condition for making new investments in the country, Chief Executive Officer Carlos Ghosn said. Further spending decisions will depend on clarifying Britain’s relationship with the EU once it exits, Ghosn said Thursday at the Paris Motor Show. Nissan built one in three cars in the U.K. last year, and about 80 percent of its production there is exported, exposing the Yokohama, Japan-based carmaker to risks if tariffs are imposed. “What is difficult today is the uncertainty, w hat are going to be the conditions of the Brexit?” At the Paris show, Ghosn outlined a system that would give “some kind of compensation” for carmakers that export to Europe in the event the EU establishes new tax barriers when the U.K. departs the trade bloc. “This is a position we have already voiced to the British government, saying that if you want to know if we want to invest or not, please tell us what will be the new conditions of the relationship between the U.K. and Europe.”
  3. Pound-Dollar Parity Is Now a Possibility for Options Traders What was close to unthinkable for the pound before the Brexit vote is now firmly on some traders’ minds. They’re betting sterling will tumble to parity with the dollar, a level unseen in the U.K. currency’s history. In recent days, a number of wagers were put on for a one-for-one exchange rate, according to Depository Trust & Clearing Corp. data. “I wouldn’t say it’s a mainstream view,” but “the structural downtrend is probably still intact for now,” said Neil Jones.
  4. With the pound now worth so much less, the sunshine will still be there, but will get more and more expensive.
  5. I was referring to recent pound crash. Br-Exit is two an half years from now.
  6. Misery for tourists as 'flash crash' means the pound is now worth less than a euro at airports Holidaymakers are being offered as little as €0.97 to the pound in airports in another body blow for sterling.
  7. I am not sure if the EU is to blame and is behind the recent pound drop. Pound’s Dramatic Week Leaves Traders Skeptical of Quick Recovery Investors spooked by 6.1% flash crash pessimistic on Brexit. After a dramatically dismal week for the pound punctuated by a flash crash in Asia, traders doubt it will shake off its tag of the worst-performing major currency in 2016. Pound seen dropping to $1.20 by year-end by Janus’s Myerberg. They’re negative because sterling is held hostage by the prospects of a hard Brexit and its impact on the U.K. economy.
  8. US fine for Deutsche Bank will DESTROY EU economy stability, warns Eurozone finance chief GLOBAL finance leaders issued a fresh warning on economic stability for the EU today, slamming the huge U.S. fine for Deutsche Bank as a mass destabilisation of Germany's largest bank. Jeroen Dijsselbloem, the chairman of euro zone finance ministers, said that the U.S. Department of Justice's demand that Deutsche Bank pay $14 billion for its role in the sub-prime mortgage crisis is too big and will undermine financial stability. "Let's hope it is an opening bid," Dijsselbloem said on the sidelines of the International Monetary Fund and World Bank annual meetings in Washington. "These kinds of fines are completely oversized, and they are damaging to financial stability."
  9. Theresa May is following Enoch Powell – by actually listening to what British people want Many will recall the conflict in the Conservative party in the late 1960s and early 1970s between its then leader, Ted Heath, and its great ideologue, Enoch Powell. Powell took issue with Heath on various points, and two resonate today. One was mass immigration The other was Heath’s ill-fated project to take Britain into what was then called the Common Market
  10. Russia Becomes a Grain Superpower as Wheat Exports Explode Russia returning to wheat-export lead last held under Czars. From the Black Sea coast and the Volga River heartland to the sun-scorched steppes of Siberia, Russia’s farm belt is enjoying a renaissance, with grain at the leading edge. Turbocharged by the 45 percent drop in the ruble against the dollar over the last few years and bumper crops, local producers are crowding into export markets long dominated by big western players. An explosion in grain exports has allowed Russia to displace longtime global leaders like the U.S. and European Union. Russia is now moving to retake leadership in the world wheat trade it last held when the Czars ruled. In the process, it’s reshaping the market for one of the world’s most important traded food products. Limited storage capacity means most of the Russian crop is sold shortly after it’s harvested, further depressing prices.
  11. Nazi Flashback - Foreigners in London ‘Horrified’ by May’s Immigration Vision Proposal to list foreign workers draws Nazi Germany comparison. A YouGov poll on Wednesday of 5,875 adults found that 59 percent of people support those policies, showing that Rudd and May are in tune with voters. That is of little comfort to the swathes of foreign-born Londoners, many of whom have become naturalized British citizens. For some, there are parallels with pre-World War II Germany. “I’m horrified by this,” said Paula Levitan, an American lawyer at Bryan Cave who’s lived in London for 16 years and has acquired a British passport. “I can’t help but flash on the 1930s and early 40s. Are we going to have to wear badges on our arms?” The Nazi parallels went viral on social media after LBC radio host James O’Brien read passages of Adolf Hitler’s autobiography that had echoes in the Home Office proposals. It touched a nerve, highlighting how emotions have been whipped up. “If you’re going to have a sharp line of distinction between people born here and people who just work here, you’re enacting chapter two of ‘Mein Kampf,’” O’Brien said.
  12. UK car factories face uncertain future after Brexit Plants run by Nissan, Honda and Toyota most at risk of closure after UK leaves EU, says new report (FT)
  13. UKIP Brexit punch up in Eu Parliament UKIP leadership favourite Steven Woolfe is in a serious condition in hospital today after he collapsed following an "altercation" at a meeting of the party's MEPs. At one point a row at today's meeting, which had been called to "clear the air" between warring MEPs, turned nasty after one MEP called Mr Woolfe a "joke", prompting an angry response. There was speculation today that the punch up may have occurred after a row broke out over Mr Woolfe's open praise for Theresa May over Brexit.
  14. Mesut Özil and Alexis Sanchez demand £250,000-a-week contracts because of Brexit vote Arsenal may have cost themselves more than £36m in failing to tie down Mesut Özil and Alexis Sanchez to new contracts last summer as the pair are now reported to be demanding £250,000-a-week to extend their stints at the Emirates Stadium, partly due to the Brexit vote.
  15. Deutsche Bank Strategist Says the Gold Crash Is Just Getting Started But the shine is coming off amid the prospect of higher rates and reduced monetary stimulus. But this could be a prelude to a bigger sell-off, according to Deutsche Bank AG Chief Global Strategist Binky Chadha. "The way we think about it is, gold looks to be 20 to 25 percent overvalued," Chadha said in an interview with Bloomberg TV on Tuesday. "Positioning is very, very long."
  16. The road to Brexit Mrs May is at risk of putting her party before her country—with grave consequences. Mrs May seems to want to carve out a special deal with the EU, in which Britain limits immigration and determines product standards—on, say, food-labelling—while still operating fully in the single market. Perhaps the negotiations will show that this is possible. However, the signs are that she is overestimating the EU’s willingness to give ground. Each country has a veto over Britain’s status. On almost every issue, from immigration to financial services, at least one of them will be reluctant to surrender its advantages.
  17. Legal arguments against Brexit revealed for the first time, ahead of High Court battle Theresa May’s plan to trigger Article 50 without consulting Parliament is “the biggest attack on democracy the UK has ever known”, a court will be told in the legal case against Brexit. Lawyers will argue the referendum was marred and undermined by “exaggerated concerns” and “outright falsehoods” by Leave campaigners that left many voters uninformed about what they were actually voting for. They are calling for Parliament to approve if or when to trigger Article 50. One witness statement to be read to the court says: “It seemed to me that the most decisive factors in the campaign were exaggerated concerns about immigration and outright falsehoods ... “Whether used, cherished or not, they are fundamentally important and practical part of the rights and benefits of being a UK and European citizen. People did not have information about the Government’s plans as regards what would happen to these rights and freedoms before voting in the 2016 UK referendum.” Robert Pigney, I had thought it unthinkable that a Prime Minister with no election mandate and no Parliamentary mandate would make such a momentous decision. “The very act of bypassing Parliament [is] dangerously undemocratic at best ... Peoples’ jobs and livelihoods are at stake. Peoples’ security is at stake. The very integrity of the UK is at stake. To exclude Parliament from decision-making process on how to respond to the referendum would, I believe, be the greatest attack on democracy the UK has ever known. It cannot be lawful in a Parliamentary democracy.”
  18. Brexit 'not good news for British science' warn new Nobel laureates Duncan Haldane and Sir Fraser Stoddart call for scientists to be given protected status for visas, and highlight the role of EU funding in attracting elite scientists. Government policies linked to Brexit risk turning elite scientists away from British laboratories. Duncan Haldane, “I was seriously considering coming back a few years ago,” he said. “It was suggested it might be possible to get one of these €5m ERC grants. That’s much better support than I can get here. These grants are specifically aimed at bringing established people back. Without that it makes it more difficult for people to come back.” “I wouldn’t be going back just to kill myself eating high table dinners at a college,” he added. “The European Research Council (ERC) made it much more attractive.” A second scientist, Sir Fraser Stoddart said, that government plans to crackdown on immigration could be a deterrent for the best British scientists as well as those from abroad. “I am very disturbed by the talk coming out of the UK at the moment,” he said. “Anything that stops the free movement of people is a big negative for science.” He said that he has even advised young scientists to consider looking outside the UK in the future, due to fears that British science may enter a period of decline.
  19. Naeem Aslam, chief market analyst at Think Markets UK, reckons sterling is being hit hard by speculators who are determined to drive it lower. He says further losses are a real possibility: Bears are out for blood and they want to squeeze every single drop out of this trade. Although this is the most crowded trade on the street today, but it is not preventing them to keep piling up their bets. My biggest worry is that short squeeze can happen soon as we are approaching towards an important level of support which is at $1.25. However, if the selling pressure remains this aggressive, we could easily break this support and we could be looking at the level of $1.22. Guardian
  20. The pound is crashing again Sterling is diving against the dollar again on Thursday lunchtime in London. The currency slumped sharply around 11.30 a.m. BST. The fall appears to be more about the dollar's strength than the pound's weakness. However, the pound is also falling against the euro, suggesting fears over what a "Hard Brexit" means for the economy persist.
  21. Angela Merkel takes tougher line on Brexit negotiations The German Chancellor said Britain can only keep full access to the trading bloc by continuing to allow free movement of people. She added that negotiations between the EU and Britain won't be easy and said they will need to make clear what access each side has to the other side's market. Ms Merkel said no exception to the EU’s four freedoms, which include free movement of people, goods capital and services, can be made. France’s finance minister Michel Sapin said the UK’s long wait before triggering Article 50 was a sign the British government was preparing for tough negotiations that could risk a “hard Brexit” not in Britain’s interests. He added: “If there is a country that has something to lose from tough negotiations with dire consequences - what's called ‘hard Brexit’ - it's Britain.”
  22. “The sheer size of debt could set the stage for an unprecedented private deleveraging process that could thwart the fragile economic recovery,” the IMF said. Sky-high debt levels, are part of the reason governments have been reluctant to stimulate stagnant economies through further borrowing, but the IMF urged governments to adopt “growth-friendly” policies to jolt economies out of stagnation. The IMF said the world is now in a “vicious feedback loop” in which economies aren’t growing fast enough to pay off the debt they have accumulated, and the rising debt pile exacerbates the slowdown, because less money is available to invest. Such measures in Europe and the US would “ultimately generate secular stagnation”, given the fact that high government debt levels limit available macroeconomic policy responses. Gaspar warned that, “rapid increases in private debt often end up in financial crises. Financial recessions are longer and deeper than normal recessions.” “The political climate is unsettled in many countries. A lack of income growth and a rise in inequality have opened the door for populist, inward-looking policies,” the IMF said. Independent
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