Business Goldman Sachs raised its probability of a no-deal Brexit to 15per cent from 10per cent on Friday as Prime Minister Theresa May's resignation potentially opened the way for a more hardline politician to lead the UK to exiting the European Union. 24 May 2019 11:01PM Bookmark LONDON: Goldman Sachs raised its probability of a no-deal Brexit to 15per cent from 10per cent on Friday as Prime Minister Theresa May's resignation potentially opened the way for a more hardline politician to lead the UK to exiting the European Union.Goldman Sachs economist Adrian Paul said ratification of a Brexit deal would no longer be possible in the second quarter. "We pencil in an orderly EU withdrawal in late 2019 or early 2020, but our conviction is low," he wrote.The new Prime Minister will face the same constraints May grappled with in negotiating a deal, Paul added, saying they will eventually return to parliament with a close variant of the current withdrawal agreement."We revise up … [Read more...] about Goldman bumps up no-deal Brexit odds after May resignation
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Embattled May dangles promise of new Brexit vote
LONDON: British Prime Minister Theresa May vowed on Tuesday (May 21) to give lawmakers a vote on holding a second Brexit referendum as part of her final effort to salvage her hated EU divorce deal.The embattled British leader dangled a package of sweeteners that she hopes can resolve the Brexit crisis three years after the country first voted to end four decades of membership in the European project.Success on the fourth attempt in parliament would help May reclaim her legacy as the leader who kept her promise to safely steer a bitterly divided nation through its most profound geopolitical shift in generations.May has already said she will leave office shortly after the measures she outlined Tuesday are put up for a vote early next month - no matter the outcome.The most eye-catching measure is a promise to give lawmakers a chance to set a confirmatory referendum on whatever version of Brexit they end up approving in the weeks or months to come."I recognise the genuine and sincere … [Read more...] about Embattled May dangles promise of new Brexit vote
US Fed Reserve, Bank of England leave markets seeing red
LONDON: Updates from the US Federal Reserve and the Bank of England left markets on the back foot on Thursday (May 2) as investors weighed their messages on the outlook for growth and monetary policy.A sharp drop in oil prices that followed data showing a surge in US supplies also hit energy stocks.If Asian stock markets mostly closed higher, European markets mostly moved lower as did Wall Street, after having retreated on Wednesday after the Federal Reserve dented prospects for a possible cut in US interest rates.Traders were jolted by Fed boss Jerome Powell's assessment on Wednesday of recent weak US inflation as being only "transitory".The comments came after the Fed's latest policy meeting and sank faint hopes that the US central bank would announce a rate cut later in the year.It went also against a call from US President Donald Trump to ease borrowing costs to help bolster the economy.Briefing.com analyst Patrick O'Hare said "the stock market seems to be licking its wounds … [Read more...] about US Fed Reserve, Bank of England leave markets seeing red
The Great Brexit Betrayal – latter-day Cromwell urgently needed
The allegation that domestic, EU and international laws have been broken in Britain is being tested in a high court case, “Regina v The Prime Minister and the Secretary of State for Exiting the EU”, which has been lodged by Robin Tilbrook of the English Democrats. If successful, the court will issue a declaration that the UK Treaties on European Union ceased to apply on March 29, 2019, and that the prime minister and her minister acted illegally. Fingers crossed – Brexit may already have happened! If it has, what fate awaits Theresa May and her secretary of state? If this were 1319, when democracy was more robust in the wake of the Magna Carta, the two traitors would be marched to the Tower of London, decapitated, their heads dipped in tar and impaled on spikes on London Bridge. The chances of this happening in 2019 are probably rather slim. In the UK’s three-tier justice system, residents of foreign origin are free to pursue their quaint cultural practices of … [Read more...] about The Great Brexit Betrayal – latter-day Cromwell urgently needed
‘Corbyn-proof’? British water, power firms take nationalisation precautions
LONDON: British water and power firms are trying to soothe nerves over nationalisation in the event of a Labour government, although some fund managers and lawyers doubt so-called Corbyn-proofing will work.Jeremy Corbyn, the opposition leader, has said the state would take control of Britain's water, electricity, gas and railway operators, as well as Royal Mail and Royal Bank of Scotland if Labour wins power.The privatisation of utilities, which began in the 1980s under Margaret Thatcher's Conservatives, has been a divisive issue. While supporters say consumers get a better deal, critics argue that there is no place for profit in public services.Now, with Labour gaining in the polls and a general election seen as more likely following a delay to Britain's European Union departure, companies and investors are taking the possibility of nationalisation seriously.Thames Water, for instance, added a clause to its bonds to ensure holders are repaid immediately should it be … [Read more...] about ‘Corbyn-proof’? British water, power firms take nationalisation precautions