LONDON - Britain will only pay its EU divorce bill if the bloc agrees the framework for a future trade deal, the new Brexit Secretary warned in an interview published Sunday. Dominic Raab, who replaced David Davis after he quit the role earlier this month in protest over the government's Brexit strategy, said "some conditionality between the two" was needed. He added that the Article 50 mechanism used to trigger Britain's imminent exit from the European Union provided for new deal details. "Article 50 requires, as we negotiate the withdrawal agreement, that there's a future framework for our new relationship going forward, so the two are linked," Raab told the Sunday Telegraph. "You can't have one side fulfilling its side of the bargain and the other side not, or going slow, or failing to commit on its side. "So I think we do need to make sure that there's some conditionality between the two." The British government has sent mixed signals so far on the divorce bill. Prime Minister … [Read more...] about News UK to refuse Brexit bill without trade deal: report
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Trump threatens to slam a massive tariff on European cars, which could cause economic chaos
caption U.S. President Donald Trump reacts as he sits on a truck while he welcomes truckers and CEOs to attend a meeting regarding healthcare at the White House in Washington, U.S., March 23, 2017. source Carlos Barria/Reuters President Donald Trump threatened to impose a 20% tariff on imports of cars from the European Union. The move would be a huge escalation of Trump’s ongoing trade conflict with the EU. Trump already hit Europe with steel and aluminum tariffs, angering EU leaders and triggering retaliation. President Donald Trump on Friday threatened to slam huge tariffs on imported cars from the European Union, a massive threat in the escalating trade conflict between the allies. Trump had directed the Commerce Deparment to launch an investigation into imported autos in May, similar to the procedure that led to the steel and aluminum tariffs. While the results of that investigation are still weeks … [Read more...] about Trump threatens to slam a massive tariff on European cars, which could cause economic chaos
Britain joins first project backed by new EU defence research fund
World Fifteen European Union countries including Britain signed the first project under its new defence research fund on Wednesday, the latest small step towards integrating European militaries and their industries. 29 Mar 2018 01:25AM Bookmark BRUSSELS: Fifteen European Union countries including Britain signed the first project under its new defence research fund on Wednesday, the latest small step towards integrating European militaries and their industries.While the 35-million-euro (US$43 million) EU grant for naval surveillance technology is modest, the fund aims to grow from its pilot phase to a multi-mullion-euro undertaking from 2021."It's an important moment, we've managed to gather together 42 companies from 15 member states," European Industry Commissioner Elzbieta Bienkowska told reporters following a signing ceremony.Italy's aerospace and defence group Leonardo SPA will lead the Ocean2020 project that also includes Estonia, France, Greece, Lithuania, the … [Read more...] about Britain joins first project backed by new EU defence research fund
UBS: 12% of European businesses plan on ‘pulling all of their capacity’ out of the UK
source Handout / Getty The number of foreign businesses looking to leave Britain as a result of Brexit is falling. Twelve per cent of Eurozone businesses with operations in the UK plan on “pulling all of their capacity out of the UK as a result of Brexit,” according to a survey from Swiss bank UBS That’s down from 15% at the time of a previous survey by the bank. LONDON – The proportion of foreign businesses looking to leave Britain as a result of Brexit is falling, according to a survey from Swiss bank UBS. The survey, conducted by the UBS Evidence Lab found that 12% of Eurozone businesses with operations in the UK plan on “pulling all of their capacity out of the UK as a result of Brexit.” That is substantially from the 15% share with the same plan at the time of UBS’ previous survey. The share of businesses planning on moving any of their operation out of … [Read more...] about UBS: 12% of European businesses plan on ‘pulling all of their capacity’ out of the UK
Oil is above $65: Here’s a super-quick guide to what traders are talking about right now
Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets. US markets are trading higher. Oil is trading above $66. Here’s Lutz: Morning! US Futures are jumping, with Russell up 50bp as Earnings rolls and the Dollar falls. EU markets are all basically flat as we await the ECB (Call 7:45, Draghi Presser 8:30 amET) later this AM. DAX is up small, with Tech rebounding, Healthcare up small and Fins going bid – On the flip side Media and Travel companies weigh. In London, FTSE flat asbids in Healthcare and Miners is balanced by drops in Banks, but Consumer names in rally mode with Diageo jumping on #s. Good Selling night in Asia as the Dollar tumbled – Nikkei off 1.1% as Yen rip caused selling pressure in the big exporters like Sony – Hang Seng off 90bp as Financials got hit and Tencent lost 2.3% – Shanghai lost 30bp, Macau slid after MGM … [Read more...] about Oil is above $65: Here’s a super-quick guide to what traders are talking about right now