France and Germany want a new British Prime Minister “within days” so that “they’re not left hanging” June 25, 2016 France and Germany have called for a new British Prime Minister to be appointed as soon as possible in a meeting with the six founding countries of the European Union today. French Foreign Minister Jean-Marc Ayrault said: “We will begin this process immediately, this has to be clear — the British people have spoken." Ayrault added that "the 27 other EU [...]
Who’s going to be Britain’s next Prime Minister and how will he/she be chosen? June 25, 2016 David Cameron's resignation after Britain voted to leave the EU has sparked speculation about the country's next Prime Minister. Former London mayor Boris Johnson is the bookies' favourite for being Cameron's successor. In the past the Leave champion has vehemently denied ambitions to become Prime Minister saying the likelihood of him leading the country is “about as [...]
Sterling suffers historic crash as Brits back Brexit June 24, 2016 The pound has been haemorrhaging against the dollar as panic engulfs financial markets in reaction to the UK voting to leave the European Union. Sterling has racked up its worst daily fall on records that date back to 1971 — even uglier the collapse of Lehman Brothers and Black Wednesday. At one stage, the pound fell as low as $1.3224, a fall of more [...]
Gold “on fire” as UK shocks markets with Leave vote June 24, 2016 Spooked investors have continued to pile into gold as financial markets around the world enter meltdown following the UK's vote to leave the European Union. Gold swelled over six per cent to $1,313.60 at the London close, after climbing as high as $1,355.6 earlier today. Market uncertainty was increased after Prime Minister David Cameron resigned in the aftermath [...]
The oil price has sunk as the Brexit vote casts uncertainty over financial stability and the future of the European Union June 24, 2016 Oil prices have followed financial markets lower today as the market comes to terms with the increased uncertainty caused by the UK's unexpected vote to leave the European Union. Oil fell sharply as the result of the referendum came in before recovering some ground. A the London market close international benchmark Brent crude was down $2.18 at $48.73 [...]
At the close: Er, what? FTSE 100 rallies after sharp morning losses and despite banking bloodbath June 24, 2016 The FTSE 100 has staged a recovery almost as remarkable – and less expected – as its dramatic plunge at the start of the day. The blue-chip index proved remarkably resilient to the shock vote for the UK to leave the European Union and ended the day at 6,162.97 points, down 2.76 per cent or 175 points. After tumbling more [...]
What Brexit means for the UK’s IPO market June 24, 2016 Activity on London’s flotation market is expected to “largely cease” in the next year following the Brexit vote, according to an initial public offering (IPO) expert. The IPO market in the UK and beyond has already slowed so far this year in the run-up to yesterday’s EU referendum. And accountancy firms PwC and EY both [...]
Securities and Exchange Commission to keep an eye on the markets after Brexit vote June 24, 2016 The US Securities and Exchange Commission (SEC) has said it will be paying close attention to the equity markets following yesterday's Brexit vote, which was announced this morning. A statement by SEC chair Mary Jo White read: The US equity markets opened normally for trading this morning. We are continuing to closely monitor the markets and have been [...]
Thomas Cook suspends online currency sales after unprecedented demand overnight June 24, 2016 A surge in demand has forced travel firm Thomas Cook to suspend its online currency sales to avoid running out of cash. A vote for the UK to leave the European Union led to a sharp fall in the value of the pound, which had been rallying all week as markets bet the UK would vote to [...]
EU referendum: IMF calls on UK and EU to play nicely during divorce proceedings June 24, 2016 The head of the International Monetary Fund (IMF) has urged the UK and the EU to reach an amicable divorce, as the fallout from the vote for Brexit ripples across the world. Christine Lagarde, who warned Brexit could trigger a recession, called on both sides to work together to reach a new settlement which helps [...]