Tag Archives: Brexit

Brexit: EU pushes ahead with plans to take control of London’s clearing business

The European Union is pushing ahead with plans to assert control over the clearing of euro-denominated derivatives, a politically charged step that could force firms to move from London to the EU after Brexit. The European Commission has drafted a law for firms deemed systemically important to the EU financial system to accept direct oversight by the bloc’s authorities, or… Read More »

Under pressure to soften Brexit, PM May nears deal with Northern Irish ‘kingmakers’

British Prime Minister Theresa May neared a deal with a Northern Irish Protestant party to save her premiership on Tuesday as she came under intense pressure to soften her approach to Brexit days before the start of formal EU divorce talks. May’s botched election gamble, which saw her lose her parliamentary majority, left her so weakened that supporters… Read More »

UK elections aside, hedge funds bet pound to fall anew on Brexit

Whatever the outcome of Britain’s election on Thursday, some hedge funds are still betting sterling will fall anew — anticipating Britain’s exit from the European Union will lead to an economic slowdown whichever way the vote goes. The pound has fallen 2.5 percent in trade-weighted terms in less than four weeks as opinion polls showed the opposition Labour… Read More »

UK must speak up to preserve global markets role after Brexit

Britain must show its support for markets with measures such as keeping taxes low if it wants to remain a top global financial centre after Brexit, Intercontinental Exchange Chairman and Chief Executive Jeff Sprecher said on Tuesday. He said he did not expect exchanges to be at the top of the UK government’s priority list in Brexit negotiations,… Read More »

Ford braced for $600 million Brexit currency hit

Ford’s (F.N) 2017 earnings will be hit by a delayed currency impact of at least $600 million (478 million pounds) from Britain’s vote to leave the European Union, the U.S. carmaker told Reuters, putting last year’s record European profit levels beyond reach. The company will no longer benefit from currency hedges that had been shielding it from the… Read More »

EU Brexit chief sees special care for financial service ties

The European Union’s Brexit negotiator Michel Barnier said on Saturday that the EU will demand “special vigilance” before letting British financial firms access the bloc because of the large risk London could pose to the EU’s financial stability. Responding to a report in the Guardian which said he had told EU lawmakers that he wanted a special deal… Read More »

Jamie Oliver to shut six Jamie’s Italian restaurants amid ‘tough trading’ after Brexit

Jamie Oliver has announced he is to close six of his Italian restaurants, blaming tough trading amid rising Brexit cost pressures. The celebrity chef’s company said outlets in Aberdeen, Cheltenham, Exeter, Richmond, Tunbridge Wells and Ludgate Hill, London, will close by the end of March. Simon Blagden, chief executive of Jamie Oliver Restaurant Group, said: “As every restaurant owner knows, this is… Read More »

UK consumers gloomy about 2017’s looming inflation and Brexit talks

British consumers are downbeat about the economy’s prospects next year, when higher inflation is likely to erode their spending power, a major survey showed on Thursday, despite signs that growth has remained robust since June’s Brexit vote. A big jump in households’ appetite to make major purchases helped market research company GfK’s monthly consumer sentiment index inch up… Read More »

Brexit threatens 10 percent of London financial jobs: lobby group

Up to 10 percent of jobs in London’s financial district may be lost if Britain fails to secure adequate access to European Union markets after Brexit, a City of London official said on Wednesday. Bankers first called for full access after June’s vote to leave the European Union but such hopes have now faded, leaving the sector to… Read More »

Brexit latest: Retail sales growth slows in November

Growth in retail sales, a key leading indicator of GDP momentum, slowed in November. The Office for National Statistics reported that sales volumes grew by 0.2 per cent in the month, down from strong growth of 1.8 per cent in October. The annual rate of expansion slowed to 5.9 per cent, down from 7.2 per cent previously. Retail… Read More »