It’s premature to assume Britain will plunge into recession June 29, 2016 As the dust settles on last week’s referendum, pretty much every verdict I have heard or read agrees that the UK economy faces a period of contraction and the market has moved very quickly to price that scenario in. At first glance, this case is persuasive. There has been clear evidence of deferred investment in [...]
Politicians in US, Australia, New Zealand and South Korea push for new UK trade deals after Brexit June 29, 2016 Politicians in the United States, Australia, New Zealand and South Korea are keen to secure new trade deals with the UK as it prepares to leave the European Union. In the US, speaker of the house Paul Ryan has said: “We need to emphasise that they are our indispensable ally, we have a special relationship, and [...]
Norwegian oil workers threaten to strike as crude continues to rise June 29, 2016 Hundreds of oil and gas workers in Norway are threatening to go on strike, halting output at five oil fields in Western Europe's largest producer. Sites operated by ExxonMobil, Engie and BASF's oil and gas unit Wintershall will be temporarily shuttered if talks between employers and unions on a new wage deal fail. Read more: Oil baron Algy Cluff warns [...]
Relief rally remains as Brexit sell-off reverses June 29, 2016 The FTSE 100 has bounced back from the post-referendum crisis with another strong open, rising 2.4 per cent today. Every single company rose higher in the first minutes of trading, as investors return to downtrodden stocks and the appetite for risks returns. The index stood at 6,286 – just 50points shy of where it closed [...]
Despite market turmoil, analysts say a liberal Brexit could be a boon for UK economy June 29, 2016 The financial markets have over-reacted to the UK's vote to leave the EU because those buying-and-selling cannot remember the positive effect of leaving the Exchange Rate Mechanism (ERM) in 1992, an asset manager has said. In an upbeat outlook on how well the UK can perform now it has begun the process of severing ties [...]
Circle Oil suspends shares as investors face total wipeout June 29, 2016 Circle Oil shares were suspended from trading today due to the Irish oil explorer's increasingly uncertain financial situation. The Aim-listed company, which is in the midst of a strategic review, said shareholders are likely to be left with no equity value. This is based on the firm's debt position and the proposals put forward to date. Read more: Oil baron Algy [...]
Borrowing reached an 11-year high before the EU referendum June 29, 2016 Lending to British households grew at its fastest pace in a decade in the run up to the EU referendum, new figures from the Bank of England have shown. Consumer credit – a measure of loans and credit card debt, but not mortgages – grew by 9.9 per cent in the year to May, the fastest [...]
Should investors be buying shares in Brexit-battered housebuilders? June 29, 2016 Despite something of a recovery on the stock markets in recent days, some sectors out there are still looking pretty rough. Housebuilders are among them. So bad was the post-referendum sell-off, trading in FTSE 100 listed firms was temporarily suspended on Monday as their share prices were hit by two consecutive days of double-digit falls. [...]
City A.M. podcast: After the Brexit vote, what next for the UK economy? June 29, 2016 The die has been cast, and the UK has voted in favour of Brexit. What next for politicians? In a special edition of City AM's podcast, City A.M. digital editor Emma Haslett is joined in the studio by editor Christian May, and guests Jimmy McLoughlin, head of external affairs at the Institute of Directors and [...]
Over 1,000 anti-Brexit protesters stage rally outside parliament June 28, 2016 Over 1,000 people turned up outside parliament today to protest against Britain's decision to leave the European Union. Many chanted "there's no plan" and held up signs condemning former London mayor and Leave champion Boris Johnson who is the bookies' favourite to be Britain's next Prime Minister. Last Friday, London voted to remain in the EU in the referendum while 52 [...]