Posts belonging to Category FOREX



EU leaders agree to delay Brexit until 31 October

“Please, do not waste this time.”

  • EU leaders agreed to offer the UK an extension on article 50 until 31 October, which Theresa May has accepted.
  • Donald Tusk, the president of the European council, said that until that deadline what happens will be in the hands of the UK. It can ratify the withdrawal agreement, and leave. It can change strategy, or it can decide to revoke article 50 and cancel Brexit. He says the UK will remain a friend of the EU and ended his press conference with an address to “our British friends”: “Please, do not waste this time.”
  • There will be a “review” of the situation on 30 June, but Tusk said the point of the review was to inform EU leaders what was happening and was “not a cliff edge”.
  • French President Emmanuel Macron said he took responsibility for blocking a long Brexit delay and convincing other European Union leaders to agree to a shorter one, sayiing he did so “for the collective good”.
  • In a press conference after the agreement was reached, May said “the choices we now face are stark and the timetable is clear”. She acknowledged the “huge frustration” that the UK had not yet left the EU.

https://www.theguardian.com/

UK on the verge to participate in European Parliament elections

The election to be canceled if the UK has quit the EU by the eve of the vote

The British government has laid groundwork that would enable it to participate in the European Parliament elections next month, should the UK still find itself in the EU by the time the vote takes place.

The move signals a possibility that Brexit could be delayed beyond the May 23 election date — nearly three years after Britons voted in a referendum to leave the EU — locking the UK into participating in the European poll. But the Cabinet Office cautioned that taking the legal steps did not mean elections were “inevitable,” saying they would be canceled if the UK has quit the EU by the eve of the vote.

https://www.cnn.com/

Brexit: Corbyn to discuss compromise plan with May

Further delay to Brexit

  • The prime minister said she planned to ask the European Union for a further delay to Brexit. Speaking from Downing Street, Theresa May said she understood some people’s desire for a no-deal Brexit but that she wanted time to find a settlement. Any delay would end if and when a deal was struck, she said. The president of the European council, Donald Tusk, appeared to indicate the EU was minded to accede.
  • Theresa May and Jeremy Corbyn are to meet to discuss a way to break the Brexit impasse. In the same address, the prime minister invited the Labour leader to talks on Tuesday after seven hours of cabinet discussions. Corbyn accepted the offer soon afterwards. It followed MPs’ failure to find an alternative way forward on Monday.
  • May’s plan called for the two leaders to agree a unified approach to put to MPs. If they couldn’t do so, the prime minister said she’d put forward a series of options and abide by MPs’ choice – as long as Corbyn also agreed to do the same.

https://www.theguardian.com/

BREXIT: Parliament rejects for the third time the Brexit deal

Death knell for May’s Brexit deal as lawmakers reject it by 286 to 344

Lawmakers rejected Prime Minister Theresa May’s Brexit deal for a third time on Friday, sounding its probable death knell and leaving Britain’s withdrawal from the European Union in turmoil on the very day it was supposed to leave the bloc.

The decision to reject a stripped-down version of May’s divorce deal has left it totally unclear how, when or even whether Britain will leave the EU, and plunges the three-year Brexit crisis to a deeper level of uncertainty.

After a special sitting of parliament, lawmakers voted by 286 to 344 against May’s 585-page EU Withdrawal Agreement, agreed after two years of tortuous negotiations with the bloc.

https://www.reuters.com/

BREXIT: Parliament seizes control

Hard Brexiteers dream is dying

As this phase of the Brexit process grinds towards its excruciating conclusion, mercifully, we might finally be about to learn what can command a majority among lawmakers in the House of Commons. And, in bad news for hard Brexiteers, it looks like their dream is dying.

On Monday night, Members of Parliament indicated to Theresa May that they want to wrestle Brexit out of the government’s hands and take control of the process.

This means indicative votes on Wednesday, in which the Commons will likely coalesce around a softer version of Brexit. If the diehard Brexiteers didn’t like May’s deal, they’re going to hate what could be about to come.

We already know that the majority of the Commons opposes a no-deal Brexit – something the Brexiteers see as a preferable alternative to May’s deal. These indicative votes will likely show us that a majority of MPs also favor closer ties to Europe as a way forward.

https://www.cnn.com/

Revoke Article 50 petition calling for Brexit to be cancelled hits 5 million signatures

One million people marched through London demanding a second referendum on Brexit.

An online petition calling on the government to revoke Article 50 and cancel Brexit has attracted more than 5 million signatures. The petition, started in late February, became the most popular petition ever submitted to the parliament website after it hit over 4 million signatures on Saturday. The record-breaking number came as an estimated one million people marched through London demanding a second referendum on Brexit.

The parliament website has crashed numerous time since the petition leapt in popularity on Wednesday following Theresa May’s appeal to the British people to support her as she demanded MPs back her deal. But Ms May rejected the message of the petition on Thursday, when a No 10 spokesperson said failing to deliver Brexit would cause “potentially irreparable damage to public trust”.

https://www.independant.co.uk/

MPs overwhelmingly back Brexit delay

The short delay could last until June 30

British lawmakers voted overwhelmingly on Thursday to seek a delay in Britain’s exit from the European Union, setting the stage for Prime Minister Theresa May to renew efforts to get her divorce deal approved by parliament next week. Lawmakers approved by 412 votes to 202 a motion setting out the option to ask the EU for a short delay if parliament can agree on a Brexit deal by March 20 — or a longer delay if no deal can be agreed in time.

The vote makes it likely that the March 29 departure date set down in law, which May has repeatedly emphasised, is likely to be missed, although it is unclear by how long.

The short delay envisaged in the motion could last until June 30, but the longer extension is not currently time-limited. Either would require unanimous approval from the other 27 EU members, whose leaders meet in a summit next Thursday.

http://www.reuters.com

No deal Brexit ruled out by MPs in all circumstances

Chaos deepens

Theresa May will attempt one final desperate roll of the dice on her Brexit deal, issuing a stark warning to mutinous Brexiters that they must approve her offer by next week or face a long article 50 extension.

The prime minister was humiliated yet again amid chaotic scenes on Wednesday night in parliament, as her cabinet ruptured three ways and MPs inflicted two more defeats on the government to demand no deal should be taken off the table permanently.

In an unprecedented night of Tory splits, four cabinet ministers, Amber Rudd, David Mundell, David Gauke and Greg Clark, defied their party’s last-minute whip and refused to vote against the government’s own motion, after it was amended to rule out any prospect of no-deal Brexit.

http://www.theguardian.com

No-Deal Brexit: the UK will scrap 87% of tariffs

UK will not set up Irish border checks under a no-deal Brexit

The UK would refuse to introduce any Irish border checks and scrap 87% of tariffs on imported goods to the UK if it leaves the EU without a deal, officials have confirmed.

Theresa May’s government published explosive details of the tariff cuts and its Irish border plans after Theresa May’s Brexit deal was defeated heavily in parliament on Tuesday, significantly increasing the likelihood of no deal.

Downing Street would take unilateral measures to maintain an open Irish border by not introducing any new checks or controls on goods moving from Ireland to Northern Ireland, including no customs declarations for normal goods.

http://www.businessinsider.com

Brexit could be stopped by the end of the week, warns Jeremy Hunt

Europhile MPs could be two thirds of the way to win

Europhile MPs could be two thirds of the way to stopping Brexit by the end of this week, Jeremy Hunt has warned. The Foreign Secretary said there was now “wind in the sails” of Remain-backing MPs as he issued a direct plea to Tory Eurosceptics to vote for Theresa May’s deal on Tuesday.

He said Leave voters would ultimately hold the Conservative Party responsible for failing to deliver on the 2016 EU referendum result and the electoral consequences would be “devastating”. Mr Hunt’s intervention came as the UK and EU remained locked in a Brexit stalemate with no immediate prospect of a solution being agreed on the crunch issue of the backstop.

http://www.telegraph.co.uk

ECB move sends stocks lower

Dollar climbs

A gauge of global stock markets stumbled on Thursday while the U.S. dollar rose, as the European Central Bank postponed interest rate hikes to 2020 and launched a new round of cheap loans to banks in an effort to spark the euro zone economy. Equities had drifted lower over the past several sessions before the session’s sharp drop, sparked by the ECB’s change of direction just months after it wound down its massive quantitative easing program.

The ECB’s move puts it in sync with other central banks around the world that have been taking a dovish tack, including the Bank of Canada earlier this week. The ECB also cut its growth and inflation estimates for 2019 as well as those for 2020 and 2021, raising alarm bells for investors once again over global growth.

http://www.reuters.com/

U.S. and China said to appear close to deal to roll back tariffs

Formal trade deal could be sealed at a summit around March 27

The United States and China appear close to a deal that would roll back U.S. tariffs on at least $200 billion worth of Chinese goods, as Beijing makes pledges on structural economic changes and eliminates retaliatory tariffs on U.S. goods, a source briefed on negotiations said on Sunday.acebook would have various options to go to after the currency has been launched.

U.S. President Donald Trump and Chinese President Xi Jinping could seal a formal trade deal at a summit around March 27 given progress in talks between the two countries, the Wall Street Journal reported on Sunday.

https://www.reuters.com/

Facebook stablecoin for WhatsApp is set to hit the market soon

‘Facebook Coin’ Reportedly Coming in First Half of 2019

The social media giant has been in discussion with various exchanges for the launch of its new stable-coin that would allow cryptocurrency transactions between WhatsApp users. Facebook had recently acquired a high profile blockchain team to gear up the process for the same. As many as five different sources have reportedly confirmed that Facebook is going to launch the currency within the first half of the current year, i.e., 2019.

It is also being stated that the currency is in its testing phases with a small pilot group being involved. The coin when launched is expected to be one of the most rapidly growing digital assets since the social media network has an over two and a half billion global user base on the instant messaging application WhatsApp. Experts also believe that Facebook would have various options to go to after the currency has been launched.

https://www.cryptopolitan.com/

Labour will back call for second Brexit referendum

Labour would also back an amendment that would compel Theresa May to delay Brexit

Campaigners for a second referendum on Brexit received a major boost on Monday night when Jeremy Corbyn said Labour will back another public vote on leaving the European Union.

Mr Corbyn told Labour MPs that the party would also back an amendment this week that would compel Theresa May to delay Brexit rather than leave the EU without a deal on March 29th.

https://www.irishtimes.com/

BREXIT: ‘Remain’ would win a second referendum by 9 points

20,000 people were questioned in a Survation poll

Remain would win a new Brexit poll by eight points with 54 per cent voting to stay in the EU and 46 per cent opting to leave, according to analysis of one of the largest surveys carried out on the issue. Some 20,000 people were questioned in a Survation poll for Channel 4 which estimated 105 local authority areas that voted Leave in 2016 would now be carried by the Remain side.

Channel 4 said a multi-level modelling technique, which successfully predicted the 2017 general election result, had been used in the exercise.

https://www.independent.co.uk/