The leader of Britain&#39;s anti-European Union UK Independence Party (UKIP) Nigel Farage said on Monday he would stand down after having realised his ambition of winning last month&#39;s referendum in favour of Brexit. 
 
&quot;I have never been, and I have never wanted to be, a career politician. My aim in being in politics was to get Britain out of the European Union,&quot; he told reporters. 
 
&quot;So I feel it&#39;s right that I should now stand aside as leader of UKIP.&quot; 
 
&quot;During the referendum campaign, I said &#39;I want my country back&#39;. What I&#39;m saying today, is, &#39;I want my life back&#39;, and it begins right now.&quot; 
 
It is not the first time Farage has quit as leader of the party. He stood down in May 2015 after failing to win a parliamentary seat in last year&#39;s general election, only to withdraw his resignation three days later. 
 
He said he would continue to support the party, and continue to watch Brussels &quot;like a hawk&quot; during the negotiations around Britain&#39;s exit from the EU. 
 
He reiterated his view that Britain&#39;s new prime minister needed to be from the &quot;Leave&quot; campaign but declined to back a specific candidate out of Andrea Leadsom, Michael Gove or Liam Fox. Current frontrunner Theresa May backed &quot;Remain&quot;. 
 
Farage, 52, has been a member of UKIP since its 1993 birth and was first elected to the European Parliament in 1999. 
 
(Reuters)

A key campaigner of the 'Leave' camp, he will continue to keep a keen watch on the developments

The leader of Britain's anti-European Union UK Independence Party (UKIP) Nigel Farage said on Monday he would stand down after having realised his ambition of winning last month's referendum in favour of Brexit. "I have never been, and I have never wanted to be, a career politician. My aim in being in politics was to get Britain out of the European Union," he told reporters. "So I feel it's right that I should now stand aside as leader of UKIP." "During the referendum campaign, I said 'I want my country back'. What I'm saying today, is, 'I want my life back', and it begins right now." It is not the first time Farage has quit as leader of the party. He stood down in May 2015 after failing to win a parliamentary seat in last year's general election, only to withdraw his resignation three days later. He said he would continue to support the party, and continue to watch Brussels "like a hawk" during the negotiations around Britain's exit from the EU. He reiterated his view that Britain's new prime minister needed to be from the "Leave" campaign but declined to back a specific candidate out of Andrea Leadsom, Michael Gove or Liam Fox. Current frontrunner Theresa May backed "Remain". Farage, 52, has been a member of UKIP since its 1993 birth and was first elected to the European Parliament in 1999. (Reuters)

UKIP leader Nigel Farage says he will step down after Brexit victory

Asian stocks pushed higher again on Monday, building on last week&#39;s rally as central banks around the world promised support to financial markets after Britain&#39;s vote to leave the European Union (EU) fuelled fears of another rout. 
 
The optimism that characterised last week continued as investors tracked another surge in New York and Europe, helped by upbeat US and Eurozone data. 
 
However, analysts warned there was still a plenty of headwinds as Britain and EU leaders must agree a breakaway deal, while the global economy remained fragile. 
 
Tokyo rose 0.4 per cent by the break, Hong Kong climbed 1.3 per cent, Shanghai added 0.8 per cent and Seoul 0.3 per cent. 
 
South Korea&#39;s promise of $17 billion in stimulus last week came as dealers speculate that Japan will bolster its own multi-billion-dollar programme, while the chances of the US raising interest rates this year have all but evaporated. 
 
On Thursday, Bank of England boss Mark Carney became the latest to provide assurances, indicating policymakers could embark on fresh monetary easing -- raising the possibility of a cut in rates. 
 
Richard Jerram, chief economist at Bank of Singapore, said, &quot;Overall the impact of Brexit on the global economy seems likely to be limited, with the pain concentrated on the UK and, to a lesser extent, the rest of the EU.&quot; 
 
But Nicholas Teo, a trading strategist at KGI Fraser Securities in Singapore, told Bloomberg News, &quot;While the potential for increased liquidity from central banks has helped calm stock markets, there&rsquo;s still a lot of uncertainty out there. 
 
&quot;The strengthening US dollar isn&rsquo;t good for emerging markets. With China still on a slowdown, US recovery tentative and the messy UK-EU divorce, volatility will remain heightened,&quot; he added.&nbsp; 
 
The Pound edged up against the dollar after taking a hammering from the referendum outcome. In early trade it bought $1.3307 against $1.3267 Friday in New York and is well up from the 31-year low $1.3121 touched at the start of last week. 
 
(AFP)

The optimism that characterised last week continued as investors tracked another surge helped by upbeat US and Eurozone data

Asian stocks pushed higher again on Monday, building on last week's rally as central banks around the world promised support to financial markets after Britain's vote to leave the European Union (EU) fuelled fears of another rout. The optimism that characterised last week continued as investors tracked another surge in New York and Europe, helped by upbeat US and Eurozone data. However, analysts warned there was still a plenty of headwinds as Britain and EU leaders must agree a breakaway deal, while the global economy remained fragile. Tokyo rose 0.4 per cent by the break, Hong Kong climbed 1.3 per cent, Shanghai added 0.8 per cent and Seoul 0.3 per cent. South Korea's promise of $17 billion in stimulus last week came as dealers speculate that Japan will bolster its own multi-billion-dollar programme, while the chances of the US raising interest rates this year have all but evaporated. On Thursday, Bank of England boss Mark Carney became the latest to provide assurances, indicating policymakers could embark on fresh monetary easing -- raising the possibility of a cut in rates. Richard Jerram, chief economist at Bank of Singapore, said, "Overall the impact of Brexit on the global economy seems likely to be limited, with the pain concentrated on the UK and, to a lesser extent, the rest of the EU." But Nicholas Teo, a trading strategist at KGI Fraser Securities in Singapore, told Bloomberg News, "While the potential for increased liquidity from central banks has helped calm stock markets, there’s still a lot of uncertainty out there. "The strengthening US dollar isn’t good for emerging markets. With China still on a slowdown, US recovery tentative and the messy UK-EU divorce, volatility will remain heightened," he added. The Pound edged up against the dollar after taking a hammering from the referendum outcome. In early trade it bought $1.3307 against $1.3267 Friday in New York and is well up from the 31-year low $1.3121 touched at the start of last week. (AFP)

Asian markets extend rally on central bank hopes

The aftershocks of Britain&#39;s decision to leave the European Union (EU) have hit the property sector over the past week, with a foreign bank freezing loans for buyers and some investors pulling out of commercial deals. 
 
Some foreigners, however, are already making the most of the drop in the Pound post-Brexit to snap up what they see as residential bargains. 
 
London property has long been a magnet for foreign investors, be it extravagant homes or iconic commercial real estate, and prices in the capital have sky-rocketed. 
 
Key to overseas investors will be whether the fall in the value of Sterling is attractive enough to offset the political vacuum, expected economic slowdown and questions over market access that have resulted from Britain&#39;s vote to leave the EU. 
 
Singapore&#39;s United Overseas Bank temporarily halted mortgage loans for London properties. Other Asian banks also flagged potential investment risks. 
 
For British investors, the uncertainty may be prohibitive, even though property is widely considered more profitable than other safe assets, given supply shortages. 
 
&quot;A number of deals I know have gone down or certainly been delayed,&quot; Paul Firth, head of real estate at law firm Irwin Mitchell LLP said. &quot;Everyone is taking a pause at the moment just to wait until a new normal is established.&quot; 
 
In one case, the purchase of a regional shopping centre by a US&nbsp;private equity fund worth more than 30 million Pounds ($40 million) was delayed after Brexit for at least a couple of months pending the market settling down. 
 
Another deal his firm was working on involved a French vendor of high-end luxury goods who put on hold its new flagship London store after Britain&#39;s decision to leave the EU, he said. 
 
He said a number of their &quot;significant investment deals&quot;, worth above 30 million Pounds each, had stalled. The deals involved mainly UK investors but also some foreigners. One deal the firm was working on worth more than 40 million Pounds had gone through since Brexit. 
 
Britain&#39;s June 23 vote to leave the EU has already caused the government to collapse and deeply divided the country. 
 
Bank of England Governor Mark Carney said on Thursday the economy would probably need more stimulus over the summer given that the outlook had deteriorated. He also said commercial real estate transactions had halved since last year&#39;s peak and that activity in residential real estate had slowed sharply. 
 
British commercial real estate investment volumes reached 10.7 billion Pounds in the first three months of 2016, a 28 per cent fall versus the same period a year ago and its lowest quarter since the second quarter of 2013, according to June research from real estate services firm Cushman &amp; Wakefield. 
 
Investors&#39;&nbsp;gain, home-buyers&#39; pain 
 
There were also signs that the fallout from Brexit was benefiting professional investors such as private funds at the expense of homebuyers, who may struggle along with the economy. 
 
Before the referendum, officials said the economy could tip into recession and house prices could fall 10 to 18 per cent if Britain voted to leave the EU. Economists polled by Reuters before the vote said they expected house prices to be flat next year and then pick up again if Britain chose to leave. 
 
David Galman, sales director at Galliard Homes, said professional investors had already contacted him offering to buy any units end-users may seek to sell in the Skyline residential development it launched in June just outside London. 
 
Galliard Homes, London&#39;s second largest house-builder, had offered buyers get out clauses for the 89 off-plan units ranging from 200,000 to 250,000 Pounds in their development in Slough, west of London. The buyers had the option to withdraw their offers if they were unhappy with the outcome of the EU vote. 
 
Galman said just one client, &quot;an owner occupier&quot; had thus far invoked a Brexit clause but that flat had already been sold at the same price to a professional investor. 
 
&quot;I anticipate that we may get a small number of deals at Slough falling out of bed due to Brexit &ndash; all domestic end-users spooked by the Brexit drama,&quot; he said. 
 
Another development that offered Brexit opt out options was Two Fifty One, a 41-storey luxury apartment tower going up in south London&#39;s gentrifying Elephant and Castle district. 
 
At a May launch of some floors in the development, buyers were offered a &quot;money back Brexit guarantee pledge&quot;. 
 
&quot;A few purchasers have decided not to proceed given the uncertainty of the market,&quot; David Humbles, managing director of Oakmayne, the developer who runs the project said. &quot;However, the majority are continuing with their purchase.&quot; 
 
Tim Wright, director of residential development, at global commercial real estate firm JLL said including the Two Fifty One development, 2 out of around 20 developments in the portfolio that he runs in London had offered opt-out options for buyers on a limited number of units. 
 
&quot;We&#39;ve lost about 25 per cent of those types of deals,&quot; Wright said. &quot;But there are still a lot of people who bought on those terms who are continuing to purchase.&quot; 
 
London appeal 
 
Sterling&#39;s steep fall post-Brexit could offset some of the effects from tax increases introduced in April, which made buying properties especially in central London, an area favoured by foreign buyers, more expensive. There were signs that this was already happening in the top-end of the residential market. 
 
&quot;We have made a number of sales,&quot; David Adams, a managing director at luxury real estate agent John Taylor said, anticipating more Middle Eastern interest at the end of Ramadan in properties worth between 2 and 6 million Pounds. 
 
He said they had also had some interest and an offer on apartment blocks from 23 million to 45 million Pounds. 
 
&quot;We have an immediate uplift (in sales to the) Middle East, United States and Asia, but we have a decrease in English domestic buyers, because of political instability.&quot; 
 
Ed Mead, executive director at estate agent Douglas and Gordon had also seen an increase in foreign interest, but said the broader prime central London market would continue to struggle with the kind of uncertainty seen before the vote. 
 
&quot;We had four separate buyers who put in offers (the day after the vote), which were quite cheeky but clearly based on the fact they were getting an extraordinarily abnormal deal,&quot; he said. 
 
The offers, which were in the over one million pound range and came from US&nbsp;and European investors, had &quot;clearly been brought about because of the fall in sterling&quot;. 
 
&quot;The potential fallout from getting it wrong politically is strong and people simply want ongoing stability, both political and (in the) currency.&quot; 
 
($1 = 0.7533 pounds) 
 
(Reuters)

Singapore's UOB temporarily halted mortgage loans for London properties and other Asian banks also flagged potential investment risks

The aftershocks of Britain's decision to leave the European Union (EU) have hit the property sector over the past week, with a foreign bank freezing loans for buyers and some investors pulling out of commercial deals. Some foreigners, however, are already making the most of the drop in the Pound post-Brexit to snap up what they see as residential bargains. London property has long been a magnet for foreign investors, be it extravagant homes or iconic commercial real estate, and prices in the capital have sky-rocketed. Key to overseas investors will be whether the fall in the value of Sterling is attractive enough to offset the political vacuum, expected economic slowdown and questions over market access that have resulted from Britain's vote to leave the EU. Singapore's United Overseas Bank temporarily halted mortgage loans for London properties. Other Asian banks also flagged potential investment risks. For British investors, the uncertainty may be prohibitive, even though property is widely considered more profitable than other safe assets, given supply shortages. "A number of deals I know have gone down or certainly been delayed," Paul Firth, head of real estate at law firm Irwin Mitchell LLP said. "Everyone is taking a pause at the moment just to wait until a new normal is established." In one case, the purchase of a regional shopping centre by a US private equity fund worth more than 30 million Pounds ($40 million) was delayed after Brexit for at least a couple of months pending the market settling down. Another deal his firm was working on involved a French vendor of high-end luxury goods who put on hold its new flagship London store after Britain's decision to leave the EU, he said. He said a number of their "significant investment deals", worth above 30 million Pounds each, had stalled. The deals involved mainly UK investors but also some foreigners. One deal the firm was working on worth more than 40 million Pounds had gone through since Brexit. Britain's June 23 vote to leave the EU has already caused the government to collapse and deeply divided the country. Bank of England Governor Mark Carney said on Thursday the economy would probably need more stimulus over the summer given that the outlook had deteriorated. He also said commercial real estate transactions had halved since last year's peak and that activity in residential real estate had slowed sharply. British commercial real estate investment volumes reached 10.7 billion Pounds in the first three months of 2016, a 28 per cent fall versus the same period a year ago and its lowest quarter since the second quarter of 2013, according to June research from real estate services firm Cushman & Wakefield. Investors' gain, home-buyers' pain There were also signs that the fallout from Brexit was benefiting professional investors such as private funds at the expense of homebuyers, who may struggle along with the economy. Before the referendum, officials said the economy could tip into recession and house prices could fall 10 to 18 per cent if Britain voted to leave the EU. Economists polled by Reuters before the vote said they expected house prices to be flat next year and then pick up again if Britain chose to leave. David Galman, sales director at Galliard Homes, said professional investors had already contacted him offering to buy any units end-users may seek to sell in the Skyline residential development it launched in June just outside London. Galliard Homes, London's second largest house-builder, had offered buyers get out clauses for the 89 off-plan units ranging from 200,000 to 250,000 Pounds in their development in Slough, west of London. The buyers had the option to withdraw their offers if they were unhappy with the outcome of the EU vote. Galman said just one client, "an owner occupier" had thus far invoked a Brexit clause but that flat had already been sold at the same price to a professional investor. "I anticipate that we may get a small number of deals at Slough falling out of bed due to Brexit – all domestic end-users spooked by the Brexit drama," he said. Another development that offered Brexit opt out options was Two Fifty One, a 41-storey luxury apartment tower going up in south London's gentrifying Elephant and Castle district. At a May launch of some floors in the development, buyers were offered a "money back Brexit guarantee pledge". "A few purchasers have decided not to proceed given the uncertainty of the market," David Humbles, managing director of Oakmayne, the developer who runs the project said. "However, the majority are continuing with their purchase." Tim Wright, director of residential development, at global commercial real estate firm JLL said including the Two Fifty One development, 2 out of around 20 developments in the portfolio that he runs in London had offered opt-out options for buyers on a limited number of units. "We've lost about 25 per cent of those types of deals," Wright said. "But there are still a lot of people who bought on those terms who are continuing to purchase." London appeal Sterling's steep fall post-Brexit could offset some of the effects from tax increases introduced in April, which made buying properties especially in central London, an area favoured by foreign buyers, more expensive. There were signs that this was already happening in the top-end of the residential market. "We have made a number of sales," David Adams, a managing director at luxury real estate agent John Taylor said, anticipating more Middle Eastern interest at the end of Ramadan in properties worth between 2 and 6 million Pounds. He said they had also had some interest and an offer on apartment blocks from 23 million to 45 million Pounds. "We have an immediate uplift (in sales to the) Middle East, United States and Asia, but we have a decrease in English domestic buyers, because of political instability." Ed Mead, executive director at estate agent Douglas and Gordon had also seen an increase in foreign interest, but said the broader prime central London market would continue to struggle with the kind of uncertainty seen before the vote. "We had four separate buyers who put in offers (the day after the vote), which were quite cheeky but clearly based on the fact they were getting an extraordinarily abnormal deal," he said. The offers, which were in the over one million pound range and came from US and European investors, had "clearly been brought about because of the fall in sterling". "The potential fallout from getting it wrong politically is strong and people simply want ongoing stability, both political and (in the) currency." ($1 = 0.7533 pounds) (Reuters)

Brexit hits London property market

The British government faces a legal challenge to stop it beginning the process of leaving the European Union without an act of Parliament, a law firm announced on Sunday. 
 
Lawyers at Mishcon de Reya argue that the British government cannot trigger Article 50, the legal process for leaving the EU, without a parliamentary debate and vote authorising it to do so. 
 
&quot;The result of the referendum is not in doubt, but we need a process that follows UK law to enact it,&quot; said Kasra Nouroozi, a partner at Mishcon de Reya in a statement. 
 
&quot;The outcome of the referendum itself is not legally binding and for the current or future prime minister to invoke Article 50 without the approval of parliament is unlawful.&quot; 
 
As a majority of British lawmakers support remaining in the 28-member bloc, the legal challenge has the potential to complicate the process. 
 
Mishcon de Reya said a &quot;group of clients&quot; was behind the legal action, without naming them, though The Lawyer magazine reported the clients were &quot;a group of businesses&quot;. 
 
Once Article 50 is triggered, Britain has two years to negotiate the terms of its exit. 
 
The British government said that the details were still to be worked out. 
 
&quot;We have now got to look at all the detailed arrangements,&quot; a spokeswoman for the cabinet office said. 
 
&quot;Parliament will clearly have a role in making sure that we find the best way forward.&quot; 
 
Mishcon de Reya said it had been in correspondence with government lawyers since June 27, four days after the referendum in which Britain opted to leave the EU in a vote that crashed financial markets and sent shock waves through the continent. 
 
One of the lawyers working on the case is Tom Hickman, co-author of an article that argued the British prime minister alone cannot begin Article 50 of the Lisbon Treaty. 
 
Without an act of Parliament, &quot;the declaration would be legally ineffective as a matter of domestic law and it would also fail to comply with the requirements of Article 50 itself&quot; it argued. 
 
(AFP)

Lawyers at Mishcon de Reya argued that Article 50 cannot be triggered without a parliamentary debate and vote authorising it to do so

The British government faces a legal challenge to stop it beginning the process of leaving the European Union without an act of Parliament, a law firm announced on Sunday. Lawyers at Mishcon de Reya argue that the British government cannot trigger Article 50, the legal process for leaving the EU, without a parliamentary debate and vote authorising it to do so. "The result of the referendum is not in doubt, but we need a process that follows UK law to enact it," said Kasra Nouroozi, a partner at Mishcon de Reya in a statement. "The outcome of the referendum itself is not legally binding and for the current or future prime minister to invoke Article 50 without the approval of parliament is unlawful." As a majority of British lawmakers support remaining in the 28-member bloc, the legal challenge has the potential to complicate the process. Mishcon de Reya said a "group of clients" was behind the legal action, without naming them, though The Lawyer magazine reported the clients were "a group of businesses". Once Article 50 is triggered, Britain has two years to negotiate the terms of its exit. The British government said that the details were still to be worked out. "We have now got to look at all the detailed arrangements," a spokeswoman for the cabinet office said. "Parliament will clearly have a role in making sure that we find the best way forward." Mishcon de Reya said it had been in correspondence with government lawyers since June 27, four days after the referendum in which Britain opted to leave the EU in a vote that crashed financial markets and sent shock waves through the continent. One of the lawyers working on the case is Tom Hickman, co-author of an article that argued the British prime minister alone cannot begin Article 50 of the Lisbon Treaty. Without an act of Parliament, "the declaration would be legally ineffective as a matter of domestic law and it would also fail to comply with the requirements of Article 50 itself" it argued. (AFP)

Legal challenge to Britain's EU exit

The favourite to become Britain&#39;s next prime minister, Theresa May vowed to push for an EU trade deal that limits immigration on Sunday, as a law firm warned Brexit needed Parliament&#39;s backing to begin. 
 
The shock June 23 vote caused upheaval in British politics and financial markets, leaving lawmakers at odds over what negotiating position to take and when to begin the official exit procedure from the European Union. 
 
Although she campaigned for the &quot;Remain&quot; side, interior minister and Conservative leadership frontrunner Theresa May has said she will honour the result of the referendum and has ruled out holding a general election before 2020. 
 
&quot;The Brexit vote gave us a very clear message that we couldn&#39;t allow free movement (of people) to continue as it had,&quot; May told ITV, adding that she would seek a guarantee for the status of EU nationals already in Britain. 
 
&quot;It&#39;s also about ensuring that we get the best deal possible on the trade of goods and services,&quot; she added. 
 
German Chancellor Angela Merkel has insisted a British trade deal would have to include freedom of movement. 
 
The five rival contenders to succeed Prime Minister David Cameron, who resigned when Britain voted to leave the EU last month, have disagreed on how quickly the country should trigger its exit process. 
 
May, who polls indicate is the most popular candidate and who has strong backing from Conservative Party MPs, has insisted there should be &quot;no timescale&quot; for the exit. 
 
But rival challenger Andrea Leadsom has pushed for the process to begin quickly. 
 
Once Britain triggers Article 50, the legal procedure for exiting, it will have two years to negotiate terms. 
 
It faces a legal challenge from law firm Mishcon de Reya, which on Sunday said it would argue the government needs the backing of parliament in a vote to act. 
 
&quot;The outcome of the referendum itself is not legally binding,&quot; said partner Kasra Nouroozi. 
 
&quot;For the current or future prime minister to invoke Article 50 without the approval of parliament is unlawful.&quot; 
 
&#39;Kind of hysteria&#39; 
 
Both of Britain&#39;s main parties were thrown into disarray by the vote. 
 
Jeremy Corbyn, leader of the opposition Labour party, held tenaciously to his position on Sunday after a mass rebellion against him by lawmakers who passed a no confidence vote in him by 172 to 40 last week. 
 
Corbyn, who has crucial union backing and was elected last year in a landslide by ordinary Labour party members, urged his colleagues to respect the party grassroots. 
 
&quot;I am ready to reach out to Labour MPs who didn&#39;t accept my election and oppose my leadership,&quot; he wrote in the Sunday Mirror. 
 
Conservative MPs are due to begin voting this week to whittle their five candidates down to two. The contest has proved turbulent so far. 
 
Last week former education secretary Michael Gove dramatically pulled support at the last minute from his close ally, former London mayor Boris Johnson, in order to launch his own bid. 
 
&quot;I love my country, I could not recommend that Boris be prime minister,&quot; Gove told the BBC on Sunday, when faced with accusations that he had knifed his friend in the back. 
 
The incident was not mentioned in Johnson&#39;s first column in the Daily Telegraph since the defection, in which he criticised an outpouring of support for the EU that followed the vote. 
 
&quot;There is, among a section of the population, a kind of hysteria,&quot; Johnson wrote, describing protesters who marched over the weekend against Brexit as being in &quot;a state of some confusion about the EU&quot;. 
 
Johnson insisted that it would be possible to both limit immigration and secure a free-trade deal with the EU without tariffs or quotas. 
 
&quot;The future is very bright indeed,&quot; Johnson concluded. 
 
(AFP)

Theresa May said there was no specific time-scale for the exit to begin, while her rival Andrea Leadsom pushed for a quick exit

The favourite to become Britain's next prime minister, Theresa May vowed to push for an EU trade deal that limits immigration on Sunday, as a law firm warned Brexit needed Parliament's backing to begin. The shock June 23 vote caused upheaval in British politics and financial markets, leaving lawmakers at odds over what negotiating position to take and when to begin the official exit procedure from the European Union. Although she campaigned for the "Remain" side, interior minister and Conservative leadership frontrunner Theresa May has said she will honour the result of the referendum and has ruled out holding a general election before 2020. "The Brexit vote gave us a very clear message that we couldn't allow free movement (of people) to continue as it had," May told ITV, adding that she would seek a guarantee for the status of EU nationals already in Britain. "It's also about ensuring that we get the best deal possible on the trade of goods and services," she added. German Chancellor Angela Merkel has insisted a British trade deal would have to include freedom of movement. The five rival contenders to succeed Prime Minister David Cameron, who resigned when Britain voted to leave the EU last month, have disagreed on how quickly the country should trigger its exit process. May, who polls indicate is the most popular candidate and who has strong backing from Conservative Party MPs, has insisted there should be "no timescale" for the exit. But rival challenger Andrea Leadsom has pushed for the process to begin quickly. Once Britain triggers Article 50, the legal procedure for exiting, it will have two years to negotiate terms. It faces a legal challenge from law firm Mishcon de Reya, which on Sunday said it would argue the government needs the backing of parliament in a vote to act. "The outcome of the referendum itself is not legally binding," said partner Kasra Nouroozi. "For the current or future prime minister to invoke Article 50 without the approval of parliament is unlawful." 'Kind of hysteria' Both of Britain's main parties were thrown into disarray by the vote. Jeremy Corbyn, leader of the opposition Labour party, held tenaciously to his position on Sunday after a mass rebellion against him by lawmakers who passed a no confidence vote in him by 172 to 40 last week. Corbyn, who has crucial union backing and was elected last year in a landslide by ordinary Labour party members, urged his colleagues to respect the party grassroots. "I am ready to reach out to Labour MPs who didn't accept my election and oppose my leadership," he wrote in the Sunday Mirror. Conservative MPs are due to begin voting this week to whittle their five candidates down to two. The contest has proved turbulent so far. Last week former education secretary Michael Gove dramatically pulled support at the last minute from his close ally, former London mayor Boris Johnson, in order to launch his own bid. "I love my country, I could not recommend that Boris be prime minister," Gove told the BBC on Sunday, when faced with accusations that he had knifed his friend in the back. The incident was not mentioned in Johnson's first column in the Daily Telegraph since the defection, in which he criticised an outpouring of support for the EU that followed the vote. "There is, among a section of the population, a kind of hysteria," Johnson wrote, describing protesters who marched over the weekend against Brexit as being in "a state of some confusion about the EU". Johnson insisted that it would be possible to both limit immigration and secure a free-trade deal with the EU without tariffs or quotas. "The future is very bright indeed," Johnson concluded. (AFP)

British PM front-runner says she will push EU trade deal to limit immigration

Thousands of demonstrators gathered in central London on Saturday to march in protest against last week&#39;s vote to leave the European Union (EU), a result that has plunged Britain into political chaos and which most people in the capital rejected. 
 
Most protesters were young adults, and many were draped in EU flags while others waved banners proclaiming slogans like &quot;I`m with EU&quot; or simply &quot;Wrexit&quot;. 
 
&#39;I feel uncertain about my future&#39;&nbsp; 
The protesters chanted &quot;what do we want to do? Stay in the EU,&quot; as they set off for the Westminster political district. 
 
&quot;I was genuinely stunned on the morning after the vote,&quot; said one marcher, Nathaniel Samson, 25, from Hertfordshire north of London. 
 
&quot;I feel deeply uncertain about my future,&quot; he added, &quot;I&#39;m on the march to voice my discontentment. I am accepting the result, but it`s to show that we won`t accept it quietly.&quot; 
 
&#39;Let&#39;s take our fingers off the self-destruct button&#39;&nbsp; 
London voted 60 per cent in favour of remaining in the EU in last Thursday&#39;s referendum, with younger voters widely in favour of staying in the bloc, but 52 per cent of Britons overall cast ballots in favour of leaving. 
 
Rally organiser, King&#39;s College graduate Kieran MacDermott, said, &quot;We can prevent Brexit by refusing to accept the referendum as the final say and take our finger off the self-destruct button&quot;. 
 
Parliament should have the final say on whether Britain should leave, he told the BBC. 
 
The vote to leave has prompted a battle within the ruling Conservative party to succeed Prime Minister David Cameron who said he would resign after the result.&nbsp; 
 
The main opposition Labour Party has also turned on itself, with most of its lawmakers in parliament having voted to withdraw support for party leader Jeremy Corbyn after what they saw as his lacklustre contribution to the referendum campaign.&nbsp; 
 
(Reuters)&nbsp;

'What do we want to do? Stay in the EU,' they shouted

Thousands of demonstrators gathered in central London on Saturday to march in protest against last week's vote to leave the European Union (EU), a result that has plunged Britain into political chaos and which most people in the capital rejected. Most protesters were young adults, and many were draped in EU flags while others waved banners proclaiming slogans like "I`m with EU" or simply "Wrexit". 'I feel uncertain about my future' The protesters chanted "what do we want to do? Stay in the EU," as they set off for the Westminster political district. "I was genuinely stunned on the morning after the vote," said one marcher, Nathaniel Samson, 25, from Hertfordshire north of London. "I feel deeply uncertain about my future," he added, "I'm on the march to voice my discontentment. I am accepting the result, but it`s to show that we won`t accept it quietly." 'Let's take our fingers off the self-destruct button' London voted 60 per cent in favour of remaining in the EU in last Thursday's referendum, with younger voters widely in favour of staying in the bloc, but 52 per cent of Britons overall cast ballots in favour of leaving. Rally organiser, King's College graduate Kieran MacDermott, said, "We can prevent Brexit by refusing to accept the referendum as the final say and take our finger off the self-destruct button". Parliament should have the final say on whether Britain should leave, he told the BBC. The vote to leave has prompted a battle within the ruling Conservative party to succeed Prime Minister David Cameron who said he would resign after the result. The main opposition Labour Party has also turned on itself, with most of its lawmakers in parliament having voted to withdraw support for party leader Jeremy Corbyn after what they saw as his lacklustre contribution to the referendum campaign. (Reuters)

Thousands of Londoners gather, protest agains Brexit

Britain&#39;s Home Secretary Theresa May, a candidate in the contest to be the UK&#39;s next prime minister and leader of the Conservative party, said today that if she became the next premier she would not trigger article 50 this year to ensure a clear negotiating stance on a post-Brexit deal with the European Union. 
 
May is a front-runner in the contest to be the country&#39;s next prime minister but said that there should still be an election within the party rather than a &quot;coronation&quot; of the most popular candidate. 
 
&quot;I think there should be a contest. I think it&#39;s important that members have their opportunity to have their say. And I think that what people want to hear is what the arguments are and people putting those arguments together and this isn&#39;t a new position that I&#39;ve taken,&quot; she told journalist Robert Peston. 
 
Prime Minister David Cameron resigned after Britons voted to leave the EU on June 23. He had led the campaign for &quot;Remain&quot; alongside May. 
 
May said that the vote was a &quot;very clear message&quot; that the British public wanted control over immigration. 
 
&quot;What I know is that there&#39;s no single silver bullet that actually solves the problems and concerns people have on immigration,&quot; she told Peston on Sunday. &quot;The Brexit vote gave us a very clear message from people that we couldn&#39;t allow free movement to continue as it had done hitherto, we need to bring control into movement of people coming into the UK from the EU.&quot; 
 
Cameron has said his successor would have to decide when to trigger article 50, the formal step that will begin the process of negotiating the terms of Britain&#39;s exit. 
 
May said it was not possible to set an &quot;absolute deadline&quot; and if she were to be the next prime minister she would not invoke article 50 before the end of the year. 
 
&quot;We need to establish our own negotiating position. Of course, once we hit Article 50, once we invoke that the process at the EU level starts, they say that could take up to two years. What&#39;s important for us though is that we get the right deal. And that&#39;s a deal which is about controlling free movement but it&#39;s also about ensuring that we&#39;ve got the best deal possible in trading goods and services,&quot; she said. 
 
Work and Pensions Secretary, Stephen Crabb, was the first Conservative minister to put himself forward to succeed Cameron and also backed Remain during the referendum campaign. 
 
But he said that his party must unite despite a majority of his colleagues supporting Leave. 
 
&quot;Every day that goes by, the longer that we as colleagues use labels like Remain or Leave to describe each other, the deeper the division that will be in the party,&quot; he told ITV. &quot;And I tell you, if we allow this leadership contest to be seen just through the prism of whether you were leave or remain, we risk splitting the party, mark my words.&quot; 
 
(Reuters)

Prime Minister David Cameron said his successor would have to decide when to trigger the formal step that begins the UK's EU exit

Britain's Home Secretary Theresa May, a candidate in the contest to be the UK's next prime minister and leader of the Conservative party, said today that if she became the next premier she would not trigger article 50 this year to ensure a clear negotiating stance on a post-Brexit deal with the European Union. May is a front-runner in the contest to be the country's next prime minister but said that there should still be an election within the party rather than a "coronation" of the most popular candidate. "I think there should be a contest. I think it's important that members have their opportunity to have their say. And I think that what people want to hear is what the arguments are and people putting those arguments together and this isn't a new position that I've taken," she told journalist Robert Peston. Prime Minister David Cameron resigned after Britons voted to leave the EU on June 23. He had led the campaign for "Remain" alongside May. May said that the vote was a "very clear message" that the British public wanted control over immigration. "What I know is that there's no single silver bullet that actually solves the problems and concerns people have on immigration," she told Peston on Sunday. "The Brexit vote gave us a very clear message from people that we couldn't allow free movement to continue as it had done hitherto, we need to bring control into movement of people coming into the UK from the EU." Cameron has said his successor would have to decide when to trigger article 50, the formal step that will begin the process of negotiating the terms of Britain's exit. May said it was not possible to set an "absolute deadline" and if she were to be the next prime minister she would not invoke article 50 before the end of the year. "We need to establish our own negotiating position. Of course, once we hit Article 50, once we invoke that the process at the EU level starts, they say that could take up to two years. What's important for us though is that we get the right deal. And that's a deal which is about controlling free movement but it's also about ensuring that we've got the best deal possible in trading goods and services," she said. Work and Pensions Secretary, Stephen Crabb, was the first Conservative minister to put himself forward to succeed Cameron and also backed Remain during the referendum campaign. But he said that his party must unite despite a majority of his colleagues supporting Leave. "Every day that goes by, the longer that we as colleagues use labels like Remain or Leave to describe each other, the deeper the division that will be in the party," he told ITV. "And I tell you, if we allow this leadership contest to be seen just through the prism of whether you were leave or remain, we risk splitting the party, mark my words." (Reuters)

Theresa May: Britain needs clear negotiating stance before article 50

A week after Britons voted themselves out of the European Union, many London-based&nbsp;bankers&nbsp;and their employers&nbsp;face&nbsp;two options if they are to secure their futures: lobby&nbsp;or&nbsp;leave.

Some investment banks, anxious not to stir speculation of an exodus from the historic city of&nbsp;London&nbsp;and its modern counterpart at Canary Wharf, have given out &quot;business as usual&quot; messages since last week&#39;s shock referendum result.

But beyond the soothing words the wider industry is hastily organising a&nbsp;lobbying effort in the hope&nbsp;London&nbsp;can keep selling financial services across Europe, a right to which it has become accustomed but may lapse when Britain finally exits the 28-nation bloc.

The alternative for banks and&nbsp;bankers, growing increasingly insecure in an information vacuum that has developed since the June 23 vote, is to get out. Headhunters report a level of anxious calls they haven&#39;t seen since the 2008 global crisis, with&nbsp;bankers&nbsp;asking about prospects in rival financial centres that remain in the EU, or those in Asia and the United States.

Banks and other financial firms have rallied together, forming a group to devise a strategy for protecting the turf of an industry that is Britain&#39;s biggest exporter, and accounts for more than 10 per cent of its tax revenues.

Even Britain&#39;s biggest lenders are relying on the group - led by Shriti Vadera, chairwoman of the UK arm of Spain&#39;s Banco Santander who is also a former business minister - for guidance in such uncertain times.

&quot;We are looking to them to have an intelligent response,&quot; Barclays chairman John McFarlane told an industry event on Thursday. &quot;We neither know the shape or direction of things to come. It&#39;s far from certain what we might be able to secure from discussions with the EU.&quot;

With the British government in disarray, European politicians are threatening to clip the wings of the&nbsp;London&nbsp;financial centre that is home to more than 250 foreign banks, and more than three-quarters of the EU&#39;s capital markets activity.

French President Francois Hollande has backed calls for&nbsp;London, the world&#39;s biggest currency trading centre, to lose its right to clear deals denominated in Euros. Likewise, the right of banks based in Britain to operate across the EU under the bloc&#39;s financial &quot;passporting&quot; arrangement could also go if it loses access to the single European market. 
 
Distant September

Britain has yet even to say when it will formally inform the EU of its intention to&nbsp;leave, a move that will start two years of divorce negotiations. Prime Minister David Cameron has said he will resign, but left the formal exit notification to his successor who is unlikely to be installed until September.

Leading &quot;Leave&quot; campaigners have also yet to say precisely what they want, beyond stating their desire to control the right of EU citizens to work in Britain - something Brussels says is impossible if the country wants to stay in the single market.

So while the financial sector is poised to&nbsp;lobby, it has little idea of whom it must present its case to on the British side.

&quot;We are ready to talk, but we don&#39;t know who we should be talking to,&quot; said a senior banking industry source involved in the discussions. &quot;No-one has defined &#39;leave&#39;, so we don&#39;t know what it is that we&#39;re dealing with ... September feels a very long way off.&quot;

Bankers&nbsp;said their message to European officials is that keeping Britain in the single market would be better for economic growth and jobs across the bloc. Fights over where banks do their business and forcing them into major overhauls of their operations would damage the broader financial system, they argue.

Some dislike being told what to do, such as HSBC Chairman Douglas Flint, whose bank decided only earlier this year against moving its headquarters from&nbsp;London. &quot;Politicians can&#39;t dictate where things are done,&quot; he told Thursday&#39;s TheCityUK annual conference.

Sometimes the relationships needed for&nbsp;lobbying are only now being established. The benefits of passporting have meant that US&nbsp;investment banks in particular have rarely discussed broad market access issues with European officials, meaning they are starting their charm offensive from scratch.

Where to go next?

Rumours are swirling that banks and other financial firms, which together employ more than two&nbsp;million people across Britain, will move staff to the likes of Frankfurt, Paris or Dublin.

Investment banks Goldman Sachs and Morgan Stanley have moved quickly to quell speculation they are about to do so.

But some&nbsp;bankers, especially those involved in mergers and acquisitions, fear a repeat of the heavy job cuts, tumbling salaries and sky-high stress levels during the 2008-09 crisis.

&quot;People in UK M&amp;A know they aren&#39;t getting paid bonuses this year ... But that&#39;s just one of their troubles,&quot; said THS Partners Portfolio Manager Xavier Van Hove. &quot;They know banks are going to have to fire people so they are very conscious of that. And the Europeans among them are wondering where they go next.&quot;

Stephane Rambosson, managing partner for the UK and head of financial services at headhunter DHR International, said he had taken more than a dozen calls from senior&nbsp;London-based investment, M&amp;A and equity capital markets&nbsp;bankers&nbsp;in the past week.

The questions they asked were all the same: how safe is my job? Where will I need to move my family?

&quot;The last time it happened was during the crisis, when people were equally concerned about job prospects and the direction of their careers,&quot; Rambosson said. &quot;People know this is something they have to plan for but there&#39;s little for them to go on right now.&quot;

Escape routes

Some in the industry are contemplating leaving Europe altogether.

&quot;We are getting more resumes every day from&nbsp;London,&quot; said Matthew Hoyle, who runs a financial services headhunting firm in Hong Kong. &quot;I don&#39;t think many people in&nbsp;London&nbsp;are very keen to move to Paris, Frankfurt ... English is a problem there and it&#39;s really very different fromLondon.&quot;

Uday Singh, a New York-based partner with consulting firm AT&nbsp;Kearney, said he believes London-based financial executives will give serious thought to moving to the United States.

&quot;The US&nbsp;actually has a pretty permissive immigration regime where qualified company executives are concerned. It&#39;s a matter of a couple of months of visa processing and the job can certainly be done from here,&quot; he said.

Leaders of British banking remain hopeful that the next government will negotiate continued access to the single market. For that reason, they say they are not yet ready to spend billions beefing up or launching subsidiaries in the EU.

&quot;We are all working on multiple scenarios. For many firms, it would be premature to activate all that pre-referendum planning,&quot; said Clare Woodman, global chief operating officer for institutional securities at Morgan Stanley.

But others worry whether the industry - still tainted by the bank failures of 2008-09, &quot;fat cat&quot;&nbsp;bonuses and a magnet for public scorn - can secure the backing it needs.

&quot;We won&#39;t gain much from trying to remind the electorate how important we are to them, we need to get other advocates for our industry,&quot; David Sproul, Chief Executive of Deloitte told the The City UK conference.

Meanwhile,&nbsp;London&#39;s rivals are moving aggressively to capitalise on its limbo by wooing bankers.

&quot;Finance ministries are getting in touch. I won&#39;t say who we&#39;re talking to but, well, French-speaking, German-speaking, Spanish-speaking, Dutch-speaking, English-speaking countries are all interested,&quot; the senior banking source said.

&quot;It&#39;s very much on the lines of &#39;we are sorry you got divorced, would you like to go on a date?&#39;&quot; 
 
(Reuters)

&nbsp;

Some?bankers fear a repeat of the heavy job cuts, tumbling salaries and sky-high stress levels of the 2008-09 financial crisis

A week after Britons voted themselves out of the European Union, many London-based bankers and their employers face two options if they are to secure their futures: lobby or leave. Some investment banks, anxious not to stir speculation of an exodus from the historic city of London and its modern counterpart at Canary Wharf, have given out "business as usual" messages since last week's shock referendum result. But beyond the soothing words the wider industry is hastily organising a lobbying effort in the hope London can keep selling financial services across Europe, a right to which it has become accustomed but may lapse when Britain finally exits the 28-nation bloc. The alternative for banks and bankers, growing increasingly insecure in an information vacuum that has developed since the June 23 vote, is to get out. Headhunters report a level of anxious calls they haven't seen since the 2008 global crisis, with bankers asking about prospects in rival financial centres that remain in the EU, or those in Asia and the United States. Banks and other financial firms have rallied together, forming a group to devise a strategy for protecting the turf of an industry that is Britain's biggest exporter, and accounts for more than 10 per cent of its tax revenues. Even Britain's biggest lenders are relying on the group - led by Shriti Vadera, chairwoman of the UK arm of Spain's Banco Santander who is also a former business minister - for guidance in such uncertain times. "We are looking to them to have an intelligent response," Barclays chairman John McFarlane told an industry event on Thursday. "We neither know the shape or direction of things to come. It's far from certain what we might be able to secure from discussions with the EU." With the British government in disarray, European politicians are threatening to clip the wings of the London financial centre that is home to more than 250 foreign banks, and more than three-quarters of the EU's capital markets activity. French President Francois Hollande has backed calls for London, the world's biggest currency trading centre, to lose its right to clear deals denominated in Euros. Likewise, the right of banks based in Britain to operate across the EU under the bloc's financial "passporting" arrangement could also go if it loses access to the single European market. Distant September Britain has yet even to say when it will formally inform the EU of its intention to leave, a move that will start two years of divorce negotiations. Prime Minister David Cameron has said he will resign, but left the formal exit notification to his successor who is unlikely to be installed until September. Leading "Leave" campaigners have also yet to say precisely what they want, beyond stating their desire to control the right of EU citizens to work in Britain - something Brussels says is impossible if the country wants to stay in the single market. So while the financial sector is poised to lobby, it has little idea of whom it must present its case to on the British side. "We are ready to talk, but we don't know who we should be talking to," said a senior banking industry source involved in the discussions. "No-one has defined 'leave', so we don't know what it is that we're dealing with ... September feels a very long way off." Bankers said their message to European officials is that keeping Britain in the single market would be better for economic growth and jobs across the bloc. Fights over where banks do their business and forcing them into major overhauls of their operations would damage the broader financial system, they argue. Some dislike being told what to do, such as HSBC Chairman Douglas Flint, whose bank decided only earlier this year against moving its headquarters from London. "Politicians can't dictate where things are done," he told Thursday's TheCityUK annual conference. Sometimes the relationships needed for lobbying are only now being established. The benefits of passporting have meant that US investment banks in particular have rarely discussed broad market access issues with European officials, meaning they are starting their charm offensive from scratch. Where to go next? Rumours are swirling that banks and other financial firms, which together employ more than two million people across Britain, will move staff to the likes of Frankfurt, Paris or Dublin. Investment banks Goldman Sachs and Morgan Stanley have moved quickly to quell speculation they are about to do so. But some bankers, especially those involved in mergers and acquisitions, fear a repeat of the heavy job cuts, tumbling salaries and sky-high stress levels during the 2008-09 crisis. "People in UK M&A know they aren't getting paid bonuses this year ... But that's just one of their troubles," said THS Partners Portfolio Manager Xavier Van Hove. "They know banks are going to have to fire people so they are very conscious of that. And the Europeans among them are wondering where they go next." Stephane Rambosson, managing partner for the UK and head of financial services at headhunter DHR International, said he had taken more than a dozen calls from senior London-based investment, M&A and equity capital markets bankers in the past week. The questions they asked were all the same: how safe is my job? Where will I need to move my family? "The last time it happened was during the crisis, when people were equally concerned about job prospects and the direction of their careers," Rambosson said. "People know this is something they have to plan for but there's little for them to go on right now." Escape routes Some in the industry are contemplating leaving Europe altogether. "We are getting more resumes every day from London," said Matthew Hoyle, who runs a financial services headhunting firm in Hong Kong. "I don't think many people in London are very keen to move to Paris, Frankfurt ... English is a problem there and it's really very different fromLondon." Uday Singh, a New York-based partner with consulting firm AT Kearney, said he believes London-based financial executives will give serious thought to moving to the United States. "The US actually has a pretty permissive immigration regime where qualified company executives are concerned. It's a matter of a couple of months of visa processing and the job can certainly be done from here," he said. Leaders of British banking remain hopeful that the next government will negotiate continued access to the single market. For that reason, they say they are not yet ready to spend billions beefing up or launching subsidiaries in the EU. "We are all working on multiple scenarios. For many firms, it would be premature to activate all that pre-referendum planning," said Clare Woodman, global chief operating officer for institutional securities at Morgan Stanley. But others worry whether the industry - still tainted by the bank failures of 2008-09, "fat cat" bonuses and a magnet for public scorn - can secure the backing it needs. "We won't gain much from trying to remind the electorate how important we are to them, we need to get other advocates for our industry," David Sproul, Chief Executive of Deloitte told the The City UK conference. Meanwhile, London's rivals are moving aggressively to capitalise on its limbo by wooing bankers. "Finance ministries are getting in touch. I won't say who we're talking to but, well, French-speaking, German-speaking, Spanish-speaking, Dutch-speaking, English-speaking countries are all interested," the senior banking source said. "It's very much on the lines of 'we are sorry you got divorced, would you like to go on a date?'" (Reuters)

Lobby or Leave: London bankers face tough Brexit choice

Around 20 startup banks and financial firms have reaffirmed plans to invest a total of up to 500 million pounds ($664.95 million) to open in Britain, consulting firm PwC said today. 
 
These investment plans will be a boost for Britain&#39;s financial services sector, beset by rumors of job cuts and firms moving overseas in the aftermath of Britain&#39;s vote to leave the European Union and potentially surrender some of its access to EU markets. 
 
The banks are a mixture of UK, European, and non-EU businesses and have already committed 200 million pounds, PwC said, with total funding of up to half a billion pounds featured in their business plans. 
 
Stephen Morse, financial services partner at PwC, said the around 20 clients investing in Britain were not only mainstream banks, mortgage lenders and asset managers. 
 
&quot;There are a range of new technology-enabled banks, fintech businesses, commercial banks and even niche investment banks who have identified gaps in the market in part caused by big global banks having pulled out of some businesses over the past few years,&quot; he said. 
 
Since the Brexit vote last week, banks, including Goldman Sachs (GS.N) and Morgan Stanley (MS.N), have denied rumors they are already moving thousands of jobs out of Britain as a result of the referendum. 
 
(Reuters)

The banks, which are a mixture of UK, European and non-EU businesses, have already committed 200 million Pounds

Around 20 startup banks and financial firms have reaffirmed plans to invest a total of up to 500 million pounds ($664.95 million) to open in Britain, consulting firm PwC said today. These investment plans will be a boost for Britain's financial services sector, beset by rumors of job cuts and firms moving overseas in the aftermath of Britain's vote to leave the European Union and potentially surrender some of its access to EU markets. The banks are a mixture of UK, European, and non-EU businesses and have already committed 200 million pounds, PwC said, with total funding of up to half a billion pounds featured in their business plans. Stephen Morse, financial services partner at PwC, said the around 20 clients investing in Britain were not only mainstream banks, mortgage lenders and asset managers. "There are a range of new technology-enabled banks, fintech businesses, commercial banks and even niche investment banks who have identified gaps in the market in part caused by big global banks having pulled out of some businesses over the past few years," he said. Since the Brexit vote last week, banks, including Goldman Sachs (GS.N) and Morgan Stanley (MS.N), have denied rumors they are already moving thousands of jobs out of Britain as a result of the referendum. (Reuters)

20 startup banks may invest up to 500 million Pounds to open in Britain

Asian stocks rose today as risk appetite continued to recover from last week&#39;s Brexit shock, but the pound came under renewed pressure after the Bank of England&#39;s governor hinted at an interest rate cut ahead.&nbsp; 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent. 
 
The index has recovered nearly all the losses suffered last Friday when global markets plunged in response to Britain&#39;s decision to leave the European Union. 
 
It has gained close to 3.5 per cent since Friday&#39;s close on a combination of short-covering and relief that Brexit did not spark contagion in the global financial system like that which engulfed markets during the 2008-09 crisis. 
 
Japan&#39;s Nikkei rose 0.6 per cent after the yen surrendered more of the territory gained during the flight to quality seen earlier in the week. It is on track for a 4.8 per cent gain for the week.&nbsp; 
 
South Korea&#39;s Kospi extended gains to 0.8 per cent, set to end the week 3.2 per cent higher.&nbsp; 
 
China&#39;s CSI 300 and Shanghai Composite indexes advanced 0.4 per cent, and looked set for weekly gains of 2.9 per cent and 3 per cent respectively, after data showed growth in China&#39;s services sector accelerated in June, while the manufacturing sector stalled.&nbsp; 
 
&quot;Share markets rebounded over the past week as worries about Brexit leading to global financial and economic chaos faded somewhat,&quot; Shane Oliver, head of investment strategy at AMP Capital in Sydney, wrote in a note. 
 
&quot;The week ahead will no doubt see bouts of Brexit-related nervousness but it may continue to settle down in the absence of any new developments in Europe.&quot; 
 
The Dow Jones industrial average climbed 1.3 per cent on Thursday, posting its third straight day of gains and erasing a bulk of its losses after Brexit. 
 
Some of the overnight gains on Wall Street were attributed to hopes for more monetary easing after BOE governor Mark Carney said on Thursday the central bank would probably need to pump more stimulus into Britain`s economy over the summer in wake of the Brexit shock. 
 
A number of Asian central banks, including those in Japan and China, are also expected to ease policy further later this year, while a number of Asian governments have ramped up fiscal stimulus. 
 
Carney&#39;s comments forced the pound to head south on Thursday and cut short the currency&#39;s recovery from a 31-year low on Monday. 
 
Sterling last traded at $1.3346 after nearly touching $1.35 on Thursday. The pound, which lost almost 8 per cent soon after the Brexit vote, has declined a further 2.6 per cent since. It sank to $1.3122 on Monday, its lowest since 1985. 
 
&quot;Carney has always been nervous about how Brexit would impact the UK economy and now that it is a reality, he is preparing for the worst, agrees with the doom and gloom scenario and wants to assure the market that the BoE will be proactive,&quot; wrote Kathy Lien, managing director of FX strategy at BK Asset Management. 
 
Sterling&#39;s slide added mild pressure on the euro, which was steady at $1.1104 after slipping overnight from $1.1155, its highest in six days. It&#39;s poised to end the week flat. 
 
The dollar pulled back slightly against the safe-haven yen, but retained most of this week&#39;s gains. The greenback, which fell to 99.00 yen in the initial phases of the Brexit shock, was last trading at 102.88 yen, on track for a gain of 0.7 per cent for the week. 
 
In commodities, crude oil advanced on expectations of rate cuts and better demand-supply balance. 
 
US crude was up 0.4 per cent at $48.54 a barrel after shedding more than 3 per cent on Thursday, but remains poised for a 1.9 per cent loss for the week. 
 
Brent crude rose 0.5 per cent to $49.98, heading for a weekly gain of 3.2 per cent.&nbsp; 
 
But in a sign that risk appetite remains tentative, the safe-haven gold climbed 0.4 per cent to $1,327.31 an ounce, set to end the week 0.9 per cent higher, its fifth consecutive weekly gain.&nbsp; 
 
(Reuters)

In preparation to counter Brexit's negative impact, Bank of England's governor hinted at an interest rate cut

Asian stocks rose today as risk appetite continued to recover from last week's Brexit shock, but the pound came under renewed pressure after the Bank of England's governor hinted at an interest rate cut ahead. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent. The index has recovered nearly all the losses suffered last Friday when global markets plunged in response to Britain's decision to leave the European Union. It has gained close to 3.5 per cent since Friday's close on a combination of short-covering and relief that Brexit did not spark contagion in the global financial system like that which engulfed markets during the 2008-09 crisis. Japan's Nikkei rose 0.6 per cent after the yen surrendered more of the territory gained during the flight to quality seen earlier in the week. It is on track for a 4.8 per cent gain for the week. South Korea's Kospi extended gains to 0.8 per cent, set to end the week 3.2 per cent higher. China's CSI 300 and Shanghai Composite indexes advanced 0.4 per cent, and looked set for weekly gains of 2.9 per cent and 3 per cent respectively, after data showed growth in China's services sector accelerated in June, while the manufacturing sector stalled. "Share markets rebounded over the past week as worries about Brexit leading to global financial and economic chaos faded somewhat," Shane Oliver, head of investment strategy at AMP Capital in Sydney, wrote in a note. "The week ahead will no doubt see bouts of Brexit-related nervousness but it may continue to settle down in the absence of any new developments in Europe." The Dow Jones industrial average climbed 1.3 per cent on Thursday, posting its third straight day of gains and erasing a bulk of its losses after Brexit. Some of the overnight gains on Wall Street were attributed to hopes for more monetary easing after BOE governor Mark Carney said on Thursday the central bank would probably need to pump more stimulus into Britain`s economy over the summer in wake of the Brexit shock. A number of Asian central banks, including those in Japan and China, are also expected to ease policy further later this year, while a number of Asian governments have ramped up fiscal stimulus. Carney's comments forced the pound to head south on Thursday and cut short the currency's recovery from a 31-year low on Monday. Sterling last traded at $1.3346 after nearly touching $1.35 on Thursday. The pound, which lost almost 8 per cent soon after the Brexit vote, has declined a further 2.6 per cent since. It sank to $1.3122 on Monday, its lowest since 1985. "Carney has always been nervous about how Brexit would impact the UK economy and now that it is a reality, he is preparing for the worst, agrees with the doom and gloom scenario and wants to assure the market that the BoE will be proactive," wrote Kathy Lien, managing director of FX strategy at BK Asset Management. Sterling's slide added mild pressure on the euro, which was steady at $1.1104 after slipping overnight from $1.1155, its highest in six days. It's poised to end the week flat. The dollar pulled back slightly against the safe-haven yen, but retained most of this week's gains. The greenback, which fell to 99.00 yen in the initial phases of the Brexit shock, was last trading at 102.88 yen, on track for a gain of 0.7 per cent for the week. In commodities, crude oil advanced on expectations of rate cuts and better demand-supply balance. US crude was up 0.4 per cent at $48.54 a barrel after shedding more than 3 per cent on Thursday, but remains poised for a 1.9 per cent loss for the week. Brent crude rose 0.5 per cent to $49.98, heading for a weekly gain of 3.2 per cent. But in a sign that risk appetite remains tentative, the safe-haven gold climbed 0.4 per cent to $1,327.31 an ounce, set to end the week 0.9 per cent higher, its fifth consecutive weekly gain. (Reuters)

Asia stocks rise as risk appetite recovers, pound under fresh pressure

The favourites to succeed Prime Minister David&nbsp;Cameron&nbsp;pushed Friday for a delay in initiating Britain&#39;s talks to leave the EU as French President Francois Hollande insisted &quot;Brexit&quot; cannot be cancelled or delayed.

In further signs of economic fallout from last week&#39;s shock vote, the government also warned that Britain will likely abandon a key promise to achieve a budget surplus by 2020, while no-frills airline EasyJet announced contingency plans to ensure its European operations after Brexit.

Britain has been plunged into extraordinary political turmoil since Britons voted by 52 percent in favour of leaving the European Union, with the ruling Conservatives and opposition Labour party in disarray and the country deeply polarised.

As he outlined his bid for&nbsp;Cameron&#39;s job on Friday, top Brexit campaigner Michael Gove said he had &quot;no expectation&quot; that Article 50 -- the formal procedure for leaving the EU -- would be invoked this year.

Justice minister Gove, who torpedoed fellow anti-EU campaigner Boris Johnson&#39;s leadership hopes on Thursday, also said he would pull Britain out of the single market, end free movement of people and impose a new immigration system favouring skilled workers.

Gove&#39;s rival and the current favourite in the race, Theresa May, had said on Thursday that Article 50 &quot;should not be invoked before the end of the year&quot;. 
 
&#39;Face the consequences&#39;

EU leaders have called for a swift divorce however, fearful of the impact of Britain&#39;s uncertain future on economic growth and a potential domino effect in eurosceptic member states.

&quot;The decision has been taken, it cannot be delayed and it cannot be cancelled, now they have to face the consequences,&quot; Hollande said on the sidelines of Battle of the Somme centenary ceremonies in France.

He said a speedy Brexit &quot;would avert all the uncertainties and instability, especially in the economic and financial domains. The faster it goes, the better it will be for them&quot;.

Highlighting the uncertainty the &quot;Leave&quot; vote has created for business, easyJet said it was trying to acquire a certificate to operate in a European country &quot;to enable EasyJet to fly across Europe as we do today&quot;.

The outcome of the June 23 vote unleashed the worst chaos in British politics in living memory, with opposition Labour leader Jeremy Corbyn&#39;s leadership also under threat and Scotland&#39;s government fighting for independence to keep its EU membership. 
 
&#39;Brexit means Brexit&#39;

Interior minister May supported the &quot;Remain&quot; campaign but has assured &quot;Leave&quot; supporters she will respect the result, saying: &quot;Brexit means Brexit&quot;.

Dozens of MPs have signed up to her campaign.

The winner of the vote to replace&nbsp;Cameron&nbsp;as Conservative leader and therefore prime minister -- a switch that requires no new general election under the British system -- will be named on September 9.

In the coming days, Conservative MPs will whittle down the candidates to two in a series of votes and the rivals will then tour the country to appeal to some 150,000 party members for their vote.

Gove cast doubt on May&#39;s leadership bid, saying he did not think someone who had campaigned for a &quot;Remain&quot; vote could lead the country out of the EU.

&quot;This country voted for change and I am going to deliver it... The best person to lead Britain out of the European Union is someone who argued to get Britain out of the European Union,&quot; he said.

&quot;I will end free movement (of EU nationals), introduce an Australian-style points-based system for immigration, and bring numbers down,&quot; he added.

Cameron, who called the referendum in what was seen as an effort to see off a challenge from the anti-EU UK Independence Party (UKIP), had said he will leave it to his successor to start formal exit talks.

The narrow victory for the &quot;Leave&quot; camp triggered anger among those who wanted to remain in the EU and more than four million people have signed a petition calling for a second referendum.

But asked if May could row back from the Brexit vote, Simon Usherwood, senior fellow at the UK in a Changing Europe think tank, said &quot;Realistically, no.

Bill Durodie from the University of Bath also said: &quot;She cannot and will not ignore the voice of 17.5 million people covering the entire length and breadth of the country&quot;.

The bitterly divisive campaign also exposed rifts within Labour, where Corbyn has been heavily criticised for his lukewarm advocacy of the campaign to stay in the EU.

A large majority of Labour MPs have supported a vote of no confidence in Corbyn, a veteran socialist with wide grassroots support who only became leader last year.

But he has defied his centre-left critics to insist he will hang on, challenging them to mount a full leadership contest. 
 
(AFP)

Top Brexit campaigner Michael Gove said he did not expect Britian to trigger article 50, the mechanism for leaving the EU, this year

The favourites to succeed Prime Minister David Cameron pushed Friday for a delay in initiating Britain's talks to leave the EU as French President Francois Hollande insisted "Brexit" cannot be cancelled or delayed. In further signs of economic fallout from last week's shock vote, the government also warned that Britain will likely abandon a key promise to achieve a budget surplus by 2020, while no-frills airline EasyJet announced contingency plans to ensure its European operations after Brexit. Britain has been plunged into extraordinary political turmoil since Britons voted by 52 percent in favour of leaving the European Union, with the ruling Conservatives and opposition Labour party in disarray and the country deeply polarised. As he outlined his bid for Cameron's job on Friday, top Brexit campaigner Michael Gove said he had "no expectation" that Article 50 -- the formal procedure for leaving the EU -- would be invoked this year. Justice minister Gove, who torpedoed fellow anti-EU campaigner Boris Johnson's leadership hopes on Thursday, also said he would pull Britain out of the single market, end free movement of people and impose a new immigration system favouring skilled workers. Gove's rival and the current favourite in the race, Theresa May, had said on Thursday that Article 50 "should not be invoked before the end of the year". 'Face the consequences' EU leaders have called for a swift divorce however, fearful of the impact of Britain's uncertain future on economic growth and a potential domino effect in eurosceptic member states. "The decision has been taken, it cannot be delayed and it cannot be cancelled, now they have to face the consequences," Hollande said on the sidelines of Battle of the Somme centenary ceremonies in France. He said a speedy Brexit "would avert all the uncertainties and instability, especially in the economic and financial domains. The faster it goes, the better it will be for them". Highlighting the uncertainty the "Leave" vote has created for business, easyJet said it was trying to acquire a certificate to operate in a European country "to enable EasyJet to fly across Europe as we do today". The outcome of the June 23 vote unleashed the worst chaos in British politics in living memory, with opposition Labour leader Jeremy Corbyn's leadership also under threat and Scotland's government fighting for independence to keep its EU membership. 'Brexit means Brexit' Interior minister May supported the "Remain" campaign but has assured "Leave" supporters she will respect the result, saying: "Brexit means Brexit". Dozens of MPs have signed up to her campaign. The winner of the vote to replace Cameron as Conservative leader and therefore prime minister -- a switch that requires no new general election under the British system -- will be named on September 9. In the coming days, Conservative MPs will whittle down the candidates to two in a series of votes and the rivals will then tour the country to appeal to some 150,000 party members for their vote. Gove cast doubt on May's leadership bid, saying he did not think someone who had campaigned for a "Remain" vote could lead the country out of the EU. "This country voted for change and I am going to deliver it... The best person to lead Britain out of the European Union is someone who argued to get Britain out of the European Union," he said. "I will end free movement (of EU nationals), introduce an Australian-style points-based system for immigration, and bring numbers down," he added. Cameron, who called the referendum in what was seen as an effort to see off a challenge from the anti-EU UK Independence Party (UKIP), had said he will leave it to his successor to start formal exit talks. The narrow victory for the "Leave" camp triggered anger among those who wanted to remain in the EU and more than four million people have signed a petition calling for a second referendum. But asked if May could row back from the Brexit vote, Simon Usherwood, senior fellow at the UK in a Changing Europe think tank, said "Realistically, no. Bill Durodie from the University of Bath also said: "She cannot and will not ignore the voice of 17.5 million people covering the entire length and breadth of the country". The bitterly divisive campaign also exposed rifts within Labour, where Corbyn has been heavily criticised for his lukewarm advocacy of the campaign to stay in the EU. A large majority of Labour MPs have supported a vote of no confidence in Corbyn, a veteran socialist with wide grassroots support who only became leader last year. But he has defied his centre-left critics to insist he will hang on, challenging them to mount a full leadership contest. (AFP)

Cameron's potential successors push for Brexit delay

The number of hate crimes reported to British police online, including some assaults, has increased by more than 500 per cent in the week after the country voted to leave the European Union (EU), a senior police chief said on Thursday. 
 
The number of hate crimes reported to police through its online portal - one of several ways incidents can be reported - was 331 since the vote, compared with a weekly average of 63, said Sara Thornton, chair of the National Police Chiefs&#39; Council. 
 
The increase supports anecdotal evidence of abuse towards Muslims and Eastern Europeans following the referendum, in which concern about immigration drove many people to vote to leave the 28-country EU. 
 
&quot;I have been shocked and disgusted at some of the cases of racial or anti-immigrant abuse that have been reported this week,&quot; Thornton said in a statement posted online. 
 
&quot;Migrants are reporting verbal abuse, negative social media commentary including xenophobic language, anti-migrant leafleting and, in very limited numbers, physical assaults,&rdquo; the statement added.&nbsp; 
 
Critics accuse some in the &quot;Leave&quot; campaign of stoking xenophobia and racism, as part of a message that leaving the EU would allow Britain to stop uncontrolled immigration, which many Britons blame for putting pressure on jobs and public services. 
 
Thornton said all British police forces would now be asked to provide weekly data on such crimes to build a clear picture of the scale of the problem. 
 
On Wednesday, Prime Minister David Cameron promised to clamp down on hate crime after a number of lawmakers expressed concern about reported incidents in their regions. The issue was also raised at a meeting of EU leaders in Brussels. 
 
The government has promised extra funding to tackle hate crime, to improve reporting of offences and to provide security at potentially vulnerable institutions. 
 
A week before the vote, opposition Labour lawmaker Jo Cox, a strong supporter of remaining in the EU, was shot and stabbed to death in her constituency in northern England. 
 
(Reuters)&nbsp;

'Migrants are reporting verbal abuse, xenophobic language, anti-migrant leafleting,' says England's National Police Chiefs' Council chair

The number of hate crimes reported to British police online, including some assaults, has increased by more than 500 per cent in the week after the country voted to leave the European Union (EU), a senior police chief said on Thursday. The number of hate crimes reported to police through its online portal - one of several ways incidents can be reported - was 331 since the vote, compared with a weekly average of 63, said Sara Thornton, chair of the National Police Chiefs' Council. The increase supports anecdotal evidence of abuse towards Muslims and Eastern Europeans following the referendum, in which concern about immigration drove many people to vote to leave the 28-country EU. "I have been shocked and disgusted at some of the cases of racial or anti-immigrant abuse that have been reported this week," Thornton said in a statement posted online. "Migrants are reporting verbal abuse, negative social media commentary including xenophobic language, anti-migrant leafleting and, in very limited numbers, physical assaults,” the statement added. Critics accuse some in the "Leave" campaign of stoking xenophobia and racism, as part of a message that leaving the EU would allow Britain to stop uncontrolled immigration, which many Britons blame for putting pressure on jobs and public services. Thornton said all British police forces would now be asked to provide weekly data on such crimes to build a clear picture of the scale of the problem. On Wednesday, Prime Minister David Cameron promised to clamp down on hate crime after a number of lawmakers expressed concern about reported incidents in their regions. The issue was also raised at a meeting of EU leaders in Brussels. The government has promised extra funding to tackle hate crime, to improve reporting of offences and to provide security at potentially vulnerable institutions. A week before the vote, opposition Labour lawmaker Jo Cox, a strong supporter of remaining in the EU, was shot and stabbed to death in her constituency in northern England. (Reuters)

After Brexit, hate crimes reported to police online up by over 500%

Former London mayor&nbsp;Boris&nbsp;Johnson&nbsp;abruptly pulled out of the race to become Britain&#39;s next prime minister on Thursday, in a shock move that upturned a political order shaken by last week&#39;s vote to leave the European Union. 
 
Johnson, whose support for the campaign to leave the EU was widely considered one of the decisive factors in the campaign, had been bookmakers&#39; runaway favourite to succeed David Cameron, who quit last week after failing to persuade British voters to stay in the bloc. 
 
Johnson&#39;s unexpected departure from the race, announced just minutes before the party unveiled the list of candidates, shows the speed with which the political landscape is being reshaped. 
 
&quot;I must tell you, my friends, you who have waited faithfully for the punchline of this speech, that having consulted colleagues and in view of the circumstances in parliament, I have concluded that person cannot be me,&quot;&nbsp;Johnson&nbsp;said at a news conference to audible gasps. 
 
Cameron&#39;s replacement will face tough talks with the EU to mend a broken relationship, balancing a desire to reduce immigration to Britain, while trying to secure the economy by maintaining access to European markets. 
 
Johnson&#39;s departure from the race followed swiftly after another leading ally in the pro-Brexit campaign, justice secretary Michael Gove, put himself forward as a candidate, saying he had withdrawn support for&nbsp;Johnson. 
 
Gove will face off against Theresa May, the interior minister, who campaigned to remain in the EU, as well as other candidates for the ruling party&#39;s leadership. 
 
(Reuters)

Johnson withdrew just minutes before the Tory party unveiled its list of candidates

Former London mayor Boris Johnson abruptly pulled out of the race to become Britain's next prime minister on Thursday, in a shock move that upturned a political order shaken by last week's vote to leave the European Union. Johnson, whose support for the campaign to leave the EU was widely considered one of the decisive factors in the campaign, had been bookmakers' runaway favourite to succeed David Cameron, who quit last week after failing to persuade British voters to stay in the bloc. Johnson's unexpected departure from the race, announced just minutes before the party unveiled the list of candidates, shows the speed with which the political landscape is being reshaped. "I must tell you, my friends, you who have waited faithfully for the punchline of this speech, that having consulted colleagues and in view of the circumstances in parliament, I have concluded that person cannot be me," Johnson said at a news conference to audible gasps. Cameron's replacement will face tough talks with the EU to mend a broken relationship, balancing a desire to reduce immigration to Britain, while trying to secure the economy by maintaining access to European markets. Johnson's departure from the race followed swiftly after another leading ally in the pro-Brexit campaign, justice secretary Michael Gove, put himself forward as a candidate, saying he had withdrawn support for Johnson. Gove will face off against Theresa May, the interior minister, who campaigned to remain in the EU, as well as other candidates for the ruling party's leadership. (Reuters)

Boris Johnson pulls out of the race for Britain's next Prime Minister

Britain&#39;s vote to leave the European Union raises &quot;longer-term concerns&quot; about global growth at a time of already weak economic output, US President Barack Obama said today. 
 
&quot;I think there are some genuine, longer-term concerns about global growth if, in fact, Brexit goes through and that freezes the possibilities of investment in Great Britain or in Europe as a whole,&quot; Obama said, speaking at a North American leaders summit.&nbsp; 
 
&quot;At a time when global growth rates were weak already, this doesn&#39;t help,&quot; he said. 
 
However, the US President, after meeting his Canadian and Mexican counterparts, expressed confidence in the global financial system&#39;s resilience as markets rebounded on Wednesday from post-Brexit losses following a bruising two-day rout. 
 
&quot;Given the vote of the United Kingdom to leave the European Union, our economic teams are going to continue to work together so that we remain focused on keeping our economies growing and making sure that the global financial system is stable,&quot; Obama said. 
 
Both Obama and Canadian Prime Minister Justin Trudeau had made clear their desire to see Britain remain in the 28-member bloc and the fallout from the Brexit was high on their agenda in Ottawa. 
 
(AFP)

Obama pledged to work with other nations to keep the economic system growing and stable

Britain's vote to leave the European Union raises "longer-term concerns" about global growth at a time of already weak economic output, US President Barack Obama said today. "I think there are some genuine, longer-term concerns about global growth if, in fact, Brexit goes through and that freezes the possibilities of investment in Great Britain or in Europe as a whole," Obama said, speaking at a North American leaders summit. "At a time when global growth rates were weak already, this doesn't help," he said. However, the US President, after meeting his Canadian and Mexican counterparts, expressed confidence in the global financial system's resilience as markets rebounded on Wednesday from post-Brexit losses following a bruising two-day rout. "Given the vote of the United Kingdom to leave the European Union, our economic teams are going to continue to work together so that we remain focused on keeping our economies growing and making sure that the global financial system is stable," Obama said. Both Obama and Canadian Prime Minister Justin Trudeau had made clear their desire to see Britain remain in the 28-member bloc and the fallout from the Brexit was high on their agenda in Ottawa. (AFP)

Brexit raises 'genuine concerns' for long-term global growth: Obama

Britain&#39;s City of London financial district would have to give up its role in processing Euro currency transactions after it leaves the European Union, French President Francois Hollande warned on Wednesday. 
 
Hollande said other European financial centres should be ready to take over from London, which is home to many banking clearing houses that deal with Euros. 
 
&quot;There is no reason for Europe, and still less the eurozone, to allow a country that is no longer a member of the European Union and has never been a member of the eurozone to continue operations in Euros,&quot; Hollande said after a summit in Brussels. 
 
The French leader added that European financial centres should &quot;prepare to take on a certain number of operations that can no longer be done in Britain&quot;. 
 
In a separate interview with French business daily Les Echos Hollande said France itself should &quot;adapt its regulations, including fiscal (regulations) to make the Paris financial centre more attractive&quot;. 
 
On Tuesday, the president of Paris Europlace, a group that promotes French finance, met with finance minister Michel Spain to suggest ways of boosting the French capital&#39;s ability to woo city bankers. 
 
Britain&#39;s shock vote last week to leave the EU has sparked questions over its role as Europe`s financial capital, with cities like Frankfurt, home of the European Central Bank, and Dublin also hoping to cash in on any move out of London by financial companies. 
 
The issue of whether Euro clearing houses can remain in the British capital is set to be one of the most contentious issues as Britain seeks to negotiate its future trade relationship with the EU after its departure. 
 
Britain has jealously guarded its status and won a recent EU court decision against the European Central Bank in order to keep hosting the Euro deals. 
 
Jonathan Hill, a Briton, was the European Commissioner in charge of the coveted financial services portfolio until his resignation on Saturday following the referendum result. 
 
(AFP) 
 
&nbsp;

France will adapt its regulations, including fiscal to make the Paris financial centre more attractive to take over operations from London

Britain's City of London financial district would have to give up its role in processing Euro currency transactions after it leaves the European Union, French President Francois Hollande warned on Wednesday. Hollande said other European financial centres should be ready to take over from London, which is home to many banking clearing houses that deal with Euros. "There is no reason for Europe, and still less the eurozone, to allow a country that is no longer a member of the European Union and has never been a member of the eurozone to continue operations in Euros," Hollande said after a summit in Brussels. The French leader added that European financial centres should "prepare to take on a certain number of operations that can no longer be done in Britain". In a separate interview with French business daily Les Echos Hollande said France itself should "adapt its regulations, including fiscal (regulations) to make the Paris financial centre more attractive". On Tuesday, the president of Paris Europlace, a group that promotes French finance, met with finance minister Michel Spain to suggest ways of boosting the French capital's ability to woo city bankers. Britain's shock vote last week to leave the EU has sparked questions over its role as Europe`s financial capital, with cities like Frankfurt, home of the European Central Bank, and Dublin also hoping to cash in on any move out of London by financial companies. The issue of whether Euro clearing houses can remain in the British capital is set to be one of the most contentious issues as Britain seeks to negotiate its future trade relationship with the EU after its departure. Britain has jealously guarded its status and won a recent EU court decision against the European Central Bank in order to keep hosting the Euro deals. Jonathan Hill, a Briton, was the European Commissioner in charge of the coveted financial services portfolio until his resignation on Saturday following the referendum result. (AFP)

France says post-Brexit Britain must relinquish Euro business

Britain&#39;s decision to quit the European Union stemmed from entrenched finger-pointing by British officials and had nothing to do with a proposed trans-Atlantic trade pact, an EU official said on Wednesday. 
 
&quot;In the UK, if you have a situation for decades where the leading politicians blamed all the errors of the world on the EU, you can&#39;t expect to love the EU in a two-week campaign nationally,&quot; said Cecilia Malmstr?m, the EU trade commissioner, who was visiting Washington. 
 
&quot;There&#39;s also a need to reflect upon how they treat the European Union,&quot; she added, remarking on the shock British referendum on Thursday that supported a Brexit. 
 
The EU trade chief was speaking to reporters after participating in an event sponsored by the Atlantic Council on the proposed US-EU Transatlantic Trade and Investment Partnership (TTIP), which would create the world&#39;s largest free trade and investment area. 
 
Malmstr?m said Brexit was not linked to the controversy surrounding the proposed pact. 
 
&quot;Because of a lack of transparency of TTIP? No, I don&#39;t think so, that would be a totally wrong conclusion,&quot; she insisted. 
 
Both sides have stressed a willingness to clinch the deal despite Britain&#39;s looming exit. 
 
At the Atlantic Council event, Malmstr?m said that &quot;the TTIP will survive the Brexit.&quot; 
 
&quot;The rationale is even stronger now.&quot; 
 
(AFP)

Says the UK politicians blamed all the country's problems on the EU. The public wasn't going to start liking it because of a 2-week campaign

Britain's decision to quit the European Union stemmed from entrenched finger-pointing by British officials and had nothing to do with a proposed trans-Atlantic trade pact, an EU official said on Wednesday. "In the UK, if you have a situation for decades where the leading politicians blamed all the errors of the world on the EU, you can't expect to love the EU in a two-week campaign nationally," said Cecilia Malmstr?m, the EU trade commissioner, who was visiting Washington. "There's also a need to reflect upon how they treat the European Union," she added, remarking on the shock British referendum on Thursday that supported a Brexit. The EU trade chief was speaking to reporters after participating in an event sponsored by the Atlantic Council on the proposed US-EU Transatlantic Trade and Investment Partnership (TTIP), which would create the world's largest free trade and investment area. Malmstr?m said Brexit was not linked to the controversy surrounding the proposed pact. "Because of a lack of transparency of TTIP? No, I don't think so, that would be a totally wrong conclusion," she insisted. Both sides have stressed a willingness to clinch the deal despite Britain's looming exit. At the Atlantic Council event, Malmstr?m said that "the TTIP will survive the Brexit." "The rationale is even stronger now." (AFP)

Brexit due to 'decades' of British blame, says EU trade chief Malmstr?m

Singapore&#39;s number 3 lender,&nbsp;United Overseas Bank (UOB),&nbsp;has suspended its loans programme for London properties in the wake of uncertainties caused by Britain&#39;s vote to leave the European Union. 
 
UOB would be among the first banks in Singapore to turn cautious on such lending, even though it is not a large amount, as Brexit spooked global markets and pushed the pound to multi-year lows. 
 
&quot;We will temporarily stop receiving foreign property loan applications for London properties,&quot; a UOB spokeswoman said in an email. 
 
&quot;As the aftermath of the UK referendum is still unfolding and given the uncertainties, we need to ensure our customers are cautious with their London property investments.&quot; 
 
Singapore&#39;s biggest lender, DBS Group Holdings, said it continued to provide financing for property purchases in London but was advising its customers to be cautious. 
 
&quot;For customers interested in buying properties in London, we would advise them to assess the situation carefully before committing to their purchases as there could be potential foreign exchange and sovereign risks,&quot; Tok Geok Peng, executive director of secured lending, consumer banking group (Singapore) at DBS Bank, said in an email. 
 
The Singapore dollar has gained about 10 per cent against the British Pound since the referendum. 
 
&quot;There have been London properties available for the last few months before the Brexit. The question is whether these properties can still continue to receive buyers in the short-term,&quot; said Alice Tan, head of consultancy and research at Knight Frank Singapore. 
 
Property consultants say data on the number of properties purchased by Singaporeans in the United Kingdom is not tracked that closely. Banks do not disclose lending data for UK property purchases. 
 
UOB said it was monitoring the market environment closely and would review it regularly to determine when it could resume its property loan offering. 
 
UOB runs an international property loans programme that also covers properties in Australia, Japan, Thailand, Malaysia and Singapore, according to its website. 
 
(Reuters)

The country's biggest lender, DBS Group Holdings, said it continued to provide financing but was advising customers to be cautious

Singapore's number 3 lender, United Overseas Bank (UOB), has suspended its loans programme for London properties in the wake of uncertainties caused by Britain's vote to leave the European Union. UOB would be among the first banks in Singapore to turn cautious on such lending, even though it is not a large amount, as Brexit spooked global markets and pushed the pound to multi-year lows. "We will temporarily stop receiving foreign property loan applications for London properties," a UOB spokeswoman said in an email. "As the aftermath of the UK referendum is still unfolding and given the uncertainties, we need to ensure our customers are cautious with their London property investments." Singapore's biggest lender, DBS Group Holdings, said it continued to provide financing for property purchases in London but was advising its customers to be cautious. "For customers interested in buying properties in London, we would advise them to assess the situation carefully before committing to their purchases as there could be potential foreign exchange and sovereign risks," Tok Geok Peng, executive director of secured lending, consumer banking group (Singapore) at DBS Bank, said in an email. The Singapore dollar has gained about 10 per cent against the British Pound since the referendum. "There have been London properties available for the last few months before the Brexit. The question is whether these properties can still continue to receive buyers in the short-term," said Alice Tan, head of consultancy and research at Knight Frank Singapore. Property consultants say data on the number of properties purchased by Singaporeans in the United Kingdom is not tracked that closely. Banks do not disclose lending data for UK property purchases. UOB said it was monitoring the market environment closely and would review it regularly to determine when it could resume its property loan offering. UOB runs an international property loans programme that also covers properties in Australia, Japan, Thailand, Malaysia and Singapore, according to its website. (Reuters)

Singapore's no. 3 lender suspends London property loans post-Brexit

Britain&#39;s two main political parties were embroiled in leadership battles today to decide who will lead the country through turbulent times in the wake of a vote to leave the European Union. 
 
Interior minister Theresa May, who had been a low-key supporter of remaining in the bloc, announced her bid to succeed Prime Minister David Cameron after he resigned in the wake of the referendum. 
 
&quot;Following last week&#39;s referendum, our country needs strong, proven leadership to steer us through this period of economic and political uncertainty, and to negotiate the best possible terms as we leave the European Union,&quot; May wrote in The Times newspaper. 
 
The 69-year-old&#39;s main rival for the Conservative leadership, the mop-haired former mayor of London and prominent &quot;Leave&quot; campaigner Boris Johnson, is expected to launch his campaign today. 
 
Challengers have until 1100 GMT to declare. Work and pensions minister Stephen Crabb and right-wing former defence minister Liam Fox are also expected to run. 
 
Cameron has left to his successor the task of renegotiating Britain&#39;s relationship with the EU following an exit vote that has roiled the markets, sunk the pound, and prompted economists to slash their growth forecasts for the country. 
 
The next Conservative party leader will take over by early September and will face a decision on whether to seek an election to gain a public mandate. 
 
But Britain is also under pressure from the EU not to delay starting the formal notification of leaving the bloc, Article 50 of the Lisbon Treaty. 
 
European leaders, keen not to encourage burgeoning anti-EU movements across the continent, have warned that Britain will not be able to pick and choose the cosiest terms of divorce. 
 
Britain&#39;s main opposition party Labour has also been thrown into turmoil by the vote, as lawmakers moved in its aftermath to oust left-wing leader Jeremy Corbyn in a slow-motion revolt. 
 
Senior lawmaker Angela Eagle is expected to announce a leadership challenge to Corbyn, who has refused to resign despite losing a confidence vote by MPs. 
 
Corbyn, 67, has been criticised for making a lacklustre bid for Britain to remain in the EU, and even insinuations from former allies that he harboured eurosceptic feelings himself. 
 
At a rally at a London university on Wednesday, a heckler called out &quot;What about Europe, Jeremy? Where were you when we needed you?&quot; before being drowned out by booing. 
 
&quot;We`re in the midst of a very interesting political time in this country. I was very honoured to be elected to lead the Labour party last year,&quot; Corbyn told the cheering young activists who form his support base. 
 
&quot;The mandate was given by hundreds of thousands of ordinary people... I`m very proud to be carrying on with that work.&quot; 
 
Though Labour lawmakers passed a vote of no confidence against him by 172 to 40, Corbyn insists he still has the support of the party membership and will fight any leadership challenge he sees as a plot by the more right-wing elements of his party. 
 
The former pensions minister Eagle quit as Corbyn`s business spokeswoman earlier this week in one of a string of resignations. 
 
The ructions in both parties were splashed across today&#39;s front pages. 
 
&quot;Now it`s civil war&quot; declared the Daily Mirror, a historically Labour-supporting newspaper, with a photograph of Corbyn. 
 
&quot;Boris: I want to be your PM&quot; read the eurosceptic Daily Express, while The Times read &quot;May: I will reunite Britain&quot;. 
 
May has a record as a hardliner on immigration, a driving issue in the EU referendum which was presented by &quot;Leave&quot; campaigners as an opportunity to reduce the numbers arriving in Britain. 
 
Following through with that promise could prove a challenge. 
 
EU president Donald Tusk warned Wednesday that if Britain wanted access to the bloc`s huge single market of 500 million people, it would have to accept the free movement of EU citizens. 
 
(AFP)

Boris Johnson is expected to announce his candidacy today, Theresa May has already announced her's

Britain's two main political parties were embroiled in leadership battles today to decide who will lead the country through turbulent times in the wake of a vote to leave the European Union. Interior minister Theresa May, who had been a low-key supporter of remaining in the bloc, announced her bid to succeed Prime Minister David Cameron after he resigned in the wake of the referendum. "Following last week's referendum, our country needs strong, proven leadership to steer us through this period of economic and political uncertainty, and to negotiate the best possible terms as we leave the European Union," May wrote in The Times newspaper. The 69-year-old's main rival for the Conservative leadership, the mop-haired former mayor of London and prominent "Leave" campaigner Boris Johnson, is expected to launch his campaign today. Challengers have until 1100 GMT to declare. Work and pensions minister Stephen Crabb and right-wing former defence minister Liam Fox are also expected to run. Cameron has left to his successor the task of renegotiating Britain's relationship with the EU following an exit vote that has roiled the markets, sunk the pound, and prompted economists to slash their growth forecasts for the country. The next Conservative party leader will take over by early September and will face a decision on whether to seek an election to gain a public mandate. But Britain is also under pressure from the EU not to delay starting the formal notification of leaving the bloc, Article 50 of the Lisbon Treaty. European leaders, keen not to encourage burgeoning anti-EU movements across the continent, have warned that Britain will not be able to pick and choose the cosiest terms of divorce. Britain's main opposition party Labour has also been thrown into turmoil by the vote, as lawmakers moved in its aftermath to oust left-wing leader Jeremy Corbyn in a slow-motion revolt. Senior lawmaker Angela Eagle is expected to announce a leadership challenge to Corbyn, who has refused to resign despite losing a confidence vote by MPs. Corbyn, 67, has been criticised for making a lacklustre bid for Britain to remain in the EU, and even insinuations from former allies that he harboured eurosceptic feelings himself. At a rally at a London university on Wednesday, a heckler called out "What about Europe, Jeremy? Where were you when we needed you?" before being drowned out by booing. "We`re in the midst of a very interesting political time in this country. I was very honoured to be elected to lead the Labour party last year," Corbyn told the cheering young activists who form his support base. "The mandate was given by hundreds of thousands of ordinary people... I`m very proud to be carrying on with that work." Though Labour lawmakers passed a vote of no confidence against him by 172 to 40, Corbyn insists he still has the support of the party membership and will fight any leadership challenge he sees as a plot by the more right-wing elements of his party. The former pensions minister Eagle quit as Corbyn`s business spokeswoman earlier this week in one of a string of resignations. The ructions in both parties were splashed across today's front pages. "Now it`s civil war" declared the Daily Mirror, a historically Labour-supporting newspaper, with a photograph of Corbyn. "Boris: I want to be your PM" read the eurosceptic Daily Express, while The Times read "May: I will reunite Britain". May has a record as a hardliner on immigration, a driving issue in the EU referendum which was presented by "Leave" campaigners as an opportunity to reduce the numbers arriving in Britain. Following through with that promise could prove a challenge. EU president Donald Tusk warned Wednesday that if Britain wanted access to the bloc`s huge single market of 500 million people, it would have to accept the free movement of EU citizens. (AFP)

War of the British succession

Russian President Vladimir Putin said on Thursday that the market turbulence caused by Britain&#39;s vote to leave the European Union will subside in the medium term, but it remains to be seen if Britain will uphold its democratic principles.&nbsp; 
 
Addressing his biannual meeting with Russian ambassadors abroad and special envoys, Putin said Russia had not influenced the British referendum. 
 
&quot;I would like to stress yet again that the so-called Brexit is the choice of the British people, we did not interfere with this process and are not tampering with it in anyway,&quot; he said. 
 
&quot;Now let&#39;s see how they will implement the principles of democracy,&quot; Putin said. &quot;The referendum results have rocked the markets, but in the medium term everything will recover.&quot;&nbsp; 
 
(Reuters)

The Russian President told his ambassadors that his country has not influenced the British referendum

Russian President Vladimir Putin said on Thursday that the market turbulence caused by Britain's vote to leave the European Union will subside in the medium term, but it remains to be seen if Britain will uphold its democratic principles. Addressing his biannual meeting with Russian ambassadors abroad and special envoys, Putin said Russia had not influenced the British referendum. "I would like to stress yet again that the so-called Brexit is the choice of the British people, we did not interfere with this process and are not tampering with it in anyway," he said. "Now let's see how they will implement the principles of democracy," Putin said. "The referendum results have rocked the markets, but in the medium term everything will recover." (Reuters)

Let's see how British democracy works after Brexit, says Putin

Britain will not decide where to build a new runway at Heathrow airport until at least October due to the political turmoil following Britons&#39; vote to leave the European Union, transport minister Patrick McLoughlin said today.&nbsp; 
 
London&#39;s Heathrow, Britain and Europe&#39;s busiest airport, has been campaigning for 25 years for an extra runway and a decision had been expected this summer, after it was pushed back by the government from last year. 
 
But, after his side lost the vote on the country&#39;s EU membership, Prime Minister David Cameron said he would resign by October, and a Conservative leadership contest has begun. 
 
&quot;Being realistic, given recent events, I cannot now foresee an announcement (on airport capacity in southeast England) until at least October,&quot; McLoughlin told lawmakers.&nbsp; 
 
Cameron&#39;s government has been considering for four years where to build the runway, with Heathrow seen as the front-runner over Gatwick, Britain&#39;s second busiest airport, after it was selected by the Davies independent commission in 2015. 
 
However, his possible successor Theresa May opposes Heathrow expansion.&nbsp; 
 
Another high-profile opponent of Heathrow expansion, former London mayor Boris Johnson, said on Thursday he would not be standing for the Conservative leadership.&nbsp; 
 
Business leaders have repeatedly called on the government to build a new runway as Heathrow, Europe&#39;s busiest airport, is already full.&nbsp; 
 
But past attempts to expand the airport, 15 miles west of London in a densely populated area, have been scuppered by local opposition over worries about increased noise and air pollution.&nbsp; 
 
McLoughlin said a government analysis on air quality linked to expansion would be published soon, and said that despite the delays the runway could still be built by the 2030 deadline set by the Davies commission report. 
 
The latest delay to Heathrow&#39;s 18 billion pound ($24 billion) expansion plan was criticised by business groups. 
 
The British Chambers of Commerce said the government was missing an opportunity to stimulate business confidence, while the City of London Corporation said competing on a world stage meant being able to build new trade links.&nbsp; 
 
A quarter of the country&#39;s exports move through Heathrow, Britain&#39;s biggest port, but it has no extra capacity to add routes to new markets including China. 
 
&quot;If Britain wants to be confident, outward-looking and at the centre of the world&#39;s economy then expanding Heathrow must be a key building block in the government&#39;s Brexit plan,&quot; Heathrow chief executive John Holland-Kaye said in a statement.&nbsp; 
 
Tesco chairman John Allan told BBC radio that a delay was &quot;unhelpful&quot; and lamented the fact that &quot;reasons of internal party management&quot; came ahead of what was in the nation&#39;s interest.&nbsp; 
 
Heathrow&#39;s largest shareholder is Spanish infrastructure firm Ferrovial. Other partners include Qatar Holding, China Investment Corp and the Government of Singapore Investment Corp. 
 
(Reuters)

Heathrow has been pushing for 25 years for an extra runway but efforts have been thwarted by opposition to increased noise and air pollution

Britain will not decide where to build a new runway at Heathrow airport until at least October due to the political turmoil following Britons' vote to leave the European Union, transport minister Patrick McLoughlin said today. London's Heathrow, Britain and Europe's busiest airport, has been campaigning for 25 years for an extra runway and a decision had been expected this summer, after it was pushed back by the government from last year. But, after his side lost the vote on the country's EU membership, Prime Minister David Cameron said he would resign by October, and a Conservative leadership contest has begun. "Being realistic, given recent events, I cannot now foresee an announcement (on airport capacity in southeast England) until at least October," McLoughlin told lawmakers. Cameron's government has been considering for four years where to build the runway, with Heathrow seen as the front-runner over Gatwick, Britain's second busiest airport, after it was selected by the Davies independent commission in 2015. However, his possible successor Theresa May opposes Heathrow expansion. Another high-profile opponent of Heathrow expansion, former London mayor Boris Johnson, said on Thursday he would not be standing for the Conservative leadership. Business leaders have repeatedly called on the government to build a new runway as Heathrow, Europe's busiest airport, is already full. But past attempts to expand the airport, 15 miles west of London in a densely populated area, have been scuppered by local opposition over worries about increased noise and air pollution. McLoughlin said a government analysis on air quality linked to expansion would be published soon, and said that despite the delays the runway could still be built by the 2030 deadline set by the Davies commission report. The latest delay to Heathrow's 18 billion pound ($24 billion) expansion plan was criticised by business groups. The British Chambers of Commerce said the government was missing an opportunity to stimulate business confidence, while the City of London Corporation said competing on a world stage meant being able to build new trade links. A quarter of the country's exports move through Heathrow, Britain's biggest port, but it has no extra capacity to add routes to new markets including China. "If Britain wants to be confident, outward-looking and at the centre of the world's economy then expanding Heathrow must be a key building block in the government's Brexit plan," Heathrow chief executive John Holland-Kaye said in a statement. Tesco chairman John Allan told BBC radio that a delay was "unhelpful" and lamented the fact that "reasons of internal party management" came ahead of what was in the nation's interest. Heathrow's largest shareholder is Spanish infrastructure firm Ferrovial. Other partners include Qatar Holding, China Investment Corp and the Government of Singapore Investment Corp. (Reuters)

Brexit political turmoil delays call on new runway at London airport until October

Conservative Party member Theresa May said in an article published in The Times, London, on Thursday she was set to launch her campaign for the position of the leader of the Tory party and the Prime Minister of the United Kingdom. 
 
&quot;Today I will launch my campaign to become the leader of the Conservative Party and Prime Minister of the United Kingdom. And I do so for three clear reasons.&nbsp;First, following last week&rsquo;s referendum, our country needs strong, proven leadership to steer us through this period of economic and political uncertainty, and to negotiate the best possible terms as we leave the European Union,&quot; she wrote in the piece. 
 
Her article assumes significance in a scenario where former London mayor Boris Johnson&#39;s name was still doing the rounds as the front-runner for the Prime Minister&#39;s position following David Cameron&#39;s decision to step down. Johnson was one of the foremost &#39;Leave&quot; campaigners. 
 
Barely a few hours before the nominations for the leadership of the Tory party closed on Thursday, Johnson announced he was no longer in the race&nbsp;for Prime Ministership after Micheal Gove, justice minister, announced that he would no longer support his candidature. 
 
Now the contest is pitched between Gove and May who as the interior minister campaigned to remain in the EU. 
 
May pitched the Tories as the only solid option for UK &quot;with the labour party tearing itself to pieces&quot;. 
 
&quot;We need leadership that can unite our party and our country. With the Labour Party tearing itself to pieces, and divisive nationalists in Scotland and Wales, it is the patriotic duty of the Conservative Party to unite and govern in the best interests of the whole country,&quot; she wrote. 
 
&quot;We need a bold, new, positive vision for the future of our country &mdash; a vision of a country that works not for a privileged few but for everyone, regardless of who they are and regardless of where they&rsquo;re from.&quot; 
 
May went on to write about the hardships the poor and the marginalised faced in today&#39;s Britain. &quot;If you&rsquo;re born poor in today&rsquo;s Britain, you will die on average nine years earlier than others. If you&rsquo;re black, you&rsquo;re treated more harshly by the criminal justice system than if you&rsquo;re white. If you&rsquo;re a white, working-class boy, you&rsquo;re less likely than anybody else in Britain to go to university.&quot;&nbsp; 
 
May wrote she will be arguing in favour of a new and radical programme of social reform. This programme will include big changes to the way Britian thinks about its economy, its society and its democracy. She stressed that she was a believer in capitalism and free markets, but where capitalism was not helping to provide opportunity for all, she wanted to reform it. 
 
&quot;We need to think differently about the role of the state. Instead of thinking of it always as the problem, we should acknowledge that often it is only the state that can provide solutions to the problems we face. So yes, the state needs to be small, but it needs to be strong.&quot; 
 
She added, &quot;Under my leadership, the motives of the Conservative Party will never be in any doubt. We will put ourselves at the service of ordinary, working people and we will strive to make Britain a country that works for everyone, regardless of who they are and regardless of where they&rsquo;re from.&quot; 
 
(WION)

In an editorial for The Times, the interior minister announced her campaign for occupying 10, Downing Street

Conservative Party member Theresa May said in an article published in The Times, London, on Thursday she was set to launch her campaign for the position of the leader of the Tory party and the Prime Minister of the United Kingdom. "Today I will launch my campaign to become the leader of the Conservative Party and Prime Minister of the United Kingdom. And I do so for three clear reasons. First, following last week’s referendum, our country needs strong, proven leadership to steer us through this period of economic and political uncertainty, and to negotiate the best possible terms as we leave the European Union," she wrote in the piece. Her article assumes significance in a scenario where former London mayor Boris Johnson's name was still doing the rounds as the front-runner for the Prime Minister's position following David Cameron's decision to step down. Johnson was one of the foremost 'Leave" campaigners. Barely a few hours before the nominations for the leadership of the Tory party closed on Thursday, Johnson announced he was no longer in the race for Prime Ministership after Micheal Gove, justice minister, announced that he would no longer support his candidature. Now the contest is pitched between Gove and May who as the interior minister campaigned to remain in the EU. May pitched the Tories as the only solid option for UK "with the labour party tearing itself to pieces". "We need leadership that can unite our party and our country. With the Labour Party tearing itself to pieces, and divisive nationalists in Scotland and Wales, it is the patriotic duty of the Conservative Party to unite and govern in the best interests of the whole country," she wrote. "We need a bold, new, positive vision for the future of our country — a vision of a country that works not for a privileged few but for everyone, regardless of who they are and regardless of where they’re from." May went on to write about the hardships the poor and the marginalised faced in today's Britain. "If you’re born poor in today’s Britain, you will die on average nine years earlier than others. If you’re black, you’re treated more harshly by the criminal justice system than if you’re white. If you’re a white, working-class boy, you’re less likely than anybody else in Britain to go to university." May wrote she will be arguing in favour of a new and radical programme of social reform. This programme will include big changes to the way Britian thinks about its economy, its society and its democracy. She stressed that she was a believer in capitalism and free markets, but where capitalism was not helping to provide opportunity for all, she wanted to reform it. "We need to think differently about the role of the state. Instead of thinking of it always as the problem, we should acknowledge that often it is only the state that can provide solutions to the problems we face. So yes, the state needs to be small, but it needs to be strong." She added, "Under my leadership, the motives of the Conservative Party will never be in any doubt. We will put ourselves at the service of ordinary, working people and we will strive to make Britain a country that works for everyone, regardless of who they are and regardless of where they’re from." (WION)

Theresa May in race for Tory leadership and UK PM's post

Brexit is a significant change in the history of the European Union and a shock for many of its citizens, perhaps the most dramatic after the fall of the Berlin wall in 1989.&nbsp; 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/moro-20160629045303.jpg" /> 
 
While interrogating the future in a desperate attempt to understand what could happen next, pungent irony has spread on social media. 
 
And Iceland&#39;s victory over England in the Euro 2016 tournament on Monday did nothing to help matters. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/iceland-20160629045824.png" /> 
 
After the match, English national team coach, Roy Hodgson, announced his resignations, adding his position to other important job vacancies in the UK. In case you need a job, here is a reminder. Please remember to bring your resume along.
<div class="twitter-block">&nbsp;
<blockquote class="twitter-tweet" data-lang="en">
JOB VACANCIES: 
 
- UK prime minister 
- leader of the opposition 
- England football manager 
 
required ASAP as our country is falling apart
&mdash; ? (@Y2SHAF) <a href="https://twitter.com/Y2SHAF/status/747537947713503233">June 27, 2016</a></blockquote>

 
Brexit is, above all, a matter of business&nbsp;as this image reminds us. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/3ffd8e5660fff4c4ec9d981c62e7f610-20160629051830.jpg" /> 
 
But food, too, plays an important part. It is said that eating together, exchanging recipes and&nbsp;sharing food habits lay the foundation of good relations.&nbsp; 
 
So, how could food not be part of the post-Brexit shock? 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/13528105_10153514306110563_1897828538954548420_o-20160629050304.jpg" /> 
 
Like every significant moment in our life, Brexit must have a soundtrack. It is not always an easy choice and&nbsp;the #UKBreakUpSongs competition started on Twitter. 
 
The winner for this author is&nbsp;the&nbsp;ironic twist of Simon&amp;Garfunkel&#39;s The Sound of Silence.&nbsp;

<div class="twitter-block">
<blockquote class="twitter-tweet" data-lang="en-gb">
The Pound of Silence 
 
<a href="https://twitter.com/hashtag/UKBreakUpSongs?src=hash">#UKBreakUpSongs</a>
&mdash; -^Tim Watts^- (@twattstweets) <a href="https://twitter.com/twattstweets/status/747854979793305601">28 June 2016</a></blockquote>
</div>
</div>

Many Twitter and Facebook users took to sarcasm to 'absorb' the largely unexpected decision taken by Britons

Brexit is a significant change in the history of the European Union and a shock for many of its citizens, perhaps the most dramatic after the fall of the Berlin wall in 1989. While interrogating the future in a desperate attempt to understand what could happen next, pungent irony has spread on social media. And Iceland's victory over England in the Euro 2016 tournament on Monday did nothing to help matters. After the match, English national team coach, Roy Hodgson, announced his resignations, adding his position to other important job vacancies in the UK. In case you need a job, here is a reminder. Please remember to bring your resume along. JOB VACANCIES: - UK prime minister - leader of the opposition - England football manager required ASAP as our country is falling apart — ? (@Y2SHAF) June 27, 2016 Brexit is, above all, a matter of business as this image reminds us. But food, too, plays an important part. It is said that eating together, exchanging recipes and sharing food habits lay the foundation of good relations. So, how could food not be part of the post-Brexit shock? Like every significant moment in our life, Brexit must have a soundtrack. It is not always an easy choice and the #UKBreakUpSongs competition started on Twitter. The winner for this author is the ironic twist of Simon&Garfunkel's The Sound of Silence. The Pound of Silence #UKBreakUpSongs — -^Tim Watts^- (@twattstweets) 28 June 2016

Brexit break-up songs: Irony says bye bye to EU

As part of an effort to protect and restore American jobs, Republican presidential candidate Donald Trump on Tuesday vowed to force Canada and Mexico to re-negotiate the North American Free Trade Agreement (NAFTA) pact with the United States (US), if elected.&nbsp; 
 
Criticising the free trade agreement as a &lsquo;US job killer&rsquo;, Trump said he would be willing to scrap the pact if Canada and Mexico were unwilling to budge. He also tried to link Democratic rival Hillary Clinton to the deal on the eve of a meeting in Ottawa of the &quot;three amigos,&quot; the leaders of the three NAFTA signatories: the United States, Mexico and Canada. 
 
Trump trying to cash in on voter anxiety?&nbsp; 
 
In his most detailed speech on trade, the presumptive Republican nominee said he would pull the United States out of negotiations for a deal among 12 Pacific Rim nations and promised to use executive power to resolve trade disputes with China. 
 
Trump also pledged to revive the US steel and aluminium industry, speaking at an aluminium scrap company in Monessen, Pennsylvania, nearly 30 miles (50 km) south of Pittsburgh, the one-time American steelmaking capital. 
 
Trump has identified Pennsylvania as a state he believes he can wrest from the Democrats in the November 8 election. He also campaigned on Tuesday in Ohio which like Pennsylvania is a Rust Belt state. 
 
Democratic President Barack Obama won both states in 2008 and 2012, but manufacturing job losses have led to voter anxiety in the region. 
 
&quot;I&#39;m going to tell our NAFTA partners that I intend to immediately re-negotiate the terms of that agreement to get a better deal for our workers. And I don&#39;t mean just a little bit better, I mean a lot better,&quot; Trump said in Pennsylvania. 
 
If Canada and Mexico do not agree to re-negotiate the pact, Trump said he would notify them under the agreement&#39;s terms &quot;that America intends to withdraw from the deal.&quot; 
 
He tried to tie his Democratic rival to the pact, approved in 1993 during the administration of her husband, President Bill Clinton, as he called NAFTA one of the &quot;worst legacies&quot; of the Clinton years. 
 
On MSNBC after Trump&#39;s speech, Clinton spokeswoman Kristina Schake called the wealthy New York businessman the &quot;king of outsourcing&quot;, in an apparent reference to Trump-branded products such as suits and ties made overseas. 
 
&quot;It was full of hypocrisy and misstatements and outright lies,&quot; Schake said. 
 
Trade has been a vulnerability for Clinton, who struggled for white, blue-collar votes in her Democratic primary race against US Senator Bernie Sanders, who criticised her for supporting trade deals and said she was too close to Wall Street. 
 
Trump dubs Trans-Pacific Partnership as &ldquo;death-blow&rdquo; for American manufacturing&nbsp; 
 
Echoing Sanders&#39; criticism on Tuesday, Trump stressed Clinton supported the 12-nation Trans-Pacific Partnership, or TPP, while she was secretary of state and only opposed it once she was running for president. Clinton&#39;s campaign, however, said she opposed the agreement because it was not strong enough on currency manipulation and other areas. 
 
It may also be pertinent to note Clinton has said she will evaluate each trade deal on its merits, but does not believe the TPP is good for US workers. Sanders now says he will vote for Clinton in November even though he has not formally withdrawn from the race. 
 
Trump, however, commented he saw no way to fix the TPP, calling it a &quot;death blow&quot; for American manufacturing. Although China is not part of the agreement, Trump said Beijing might try to enter it &quot;through the back door&quot; later on.&nbsp;Later, during a rally in St. Clairsville, Ohio, Trump said the deal was &quot;just a continuing rape of our country.&quot; 
 
Just hours before Trump spoke, Clinton allies sought to pre-empt the planned trade speech by saying Trump&#39;s policies amounted to empty promises. 
 
Earlier, AFL-CIO President Richard Trumka told a trade conference in Washington that &quot;Trump embodies everything that is wrong with our current trade policy. He has consistently sent American jobs overseas to line his own pockets.&quot; 
 
The AFL-CIO, which collectively represents more than 12 million workers, making it the largest U.S. labour federation, endorsed Clinton this month. 
 
Brexit vote could reverberate in US elections&nbsp; 
 
Both Clinton and Trump have acknowledged that Britain&#39;s vote to leave the European Union signalled a global economic frustration among working-class voters that could reverberate in the US election. 
 
&quot;There is a lot of legitimate anxiety, fear and even anger in many parts of our country because people feel like the economy has failed them,&quot; Clinton said in Denver on Tuesday. &quot;I think this is going to be one of the defining issues in this election.&quot; 
 
Trump has seized on the historic Brexit vote to bolster his argument that voters are rising up against establishment leaders, saying Americans would reject the &quot;global elite&quot; and support his presidential candidacy. 
 
But Trump has broken with Republican Party orthodoxy in criticising trade deals and has threatened to slap tariffs on Mexican and Chinese imports. His rhetoric has drawn criticism from many economists who say such practices could spark trade wars. 
 
As Trump spoke, the United States Chamber of Commerce, which is usually in sync with prominent Republicans on trade policy, said on Twitter: &quot;Under Trump&#39;s trade plans, we would see higher prices, fewer jobs, and a weaker economy.&quot; 
 
(Reuters)&nbsp;

Under Trump's trade plans, we will see higher prices, fewer jobs, and a weaker economy: US Chamber of Commerce

As part of an effort to protect and restore American jobs, Republican presidential candidate Donald Trump on Tuesday vowed to force Canada and Mexico to re-negotiate the North American Free Trade Agreement (NAFTA) pact with the United States (US), if elected. Criticising the free trade agreement as a ‘US job killer’, Trump said he would be willing to scrap the pact if Canada and Mexico were unwilling to budge. He also tried to link Democratic rival Hillary Clinton to the deal on the eve of a meeting in Ottawa of the "three amigos," the leaders of the three NAFTA signatories: the United States, Mexico and Canada. Trump trying to cash in on voter anxiety? In his most detailed speech on trade, the presumptive Republican nominee said he would pull the United States out of negotiations for a deal among 12 Pacific Rim nations and promised to use executive power to resolve trade disputes with China. Trump also pledged to revive the US steel and aluminium industry, speaking at an aluminium scrap company in Monessen, Pennsylvania, nearly 30 miles (50 km) south of Pittsburgh, the one-time American steelmaking capital. Trump has identified Pennsylvania as a state he believes he can wrest from the Democrats in the November 8 election. He also campaigned on Tuesday in Ohio which like Pennsylvania is a Rust Belt state. Democratic President Barack Obama won both states in 2008 and 2012, but manufacturing job losses have led to voter anxiety in the region. "I'm going to tell our NAFTA partners that I intend to immediately re-negotiate the terms of that agreement to get a better deal for our workers. And I don't mean just a little bit better, I mean a lot better," Trump said in Pennsylvania. If Canada and Mexico do not agree to re-negotiate the pact, Trump said he would notify them under the agreement's terms "that America intends to withdraw from the deal." He tried to tie his Democratic rival to the pact, approved in 1993 during the administration of her husband, President Bill Clinton, as he called NAFTA one of the "worst legacies" of the Clinton years. On MSNBC after Trump's speech, Clinton spokeswoman Kristina Schake called the wealthy New York businessman the "king of outsourcing", in an apparent reference to Trump-branded products such as suits and ties made overseas. "It was full of hypocrisy and misstatements and outright lies," Schake said. Trade has been a vulnerability for Clinton, who struggled for white, blue-collar votes in her Democratic primary race against US Senator Bernie Sanders, who criticised her for supporting trade deals and said she was too close to Wall Street. Trump dubs Trans-Pacific Partnership as “death-blow” for American manufacturing Echoing Sanders' criticism on Tuesday, Trump stressed Clinton supported the 12-nation Trans-Pacific Partnership, or TPP, while she was secretary of state and only opposed it once she was running for president. Clinton's campaign, however, said she opposed the agreement because it was not strong enough on currency manipulation and other areas. It may also be pertinent to note Clinton has said she will evaluate each trade deal on its merits, but does not believe the TPP is good for US workers. Sanders now says he will vote for Clinton in November even though he has not formally withdrawn from the race. Trump, however, commented he saw no way to fix the TPP, calling it a "death blow" for American manufacturing. Although China is not part of the agreement, Trump said Beijing might try to enter it "through the back door" later on. Later, during a rally in St. Clairsville, Ohio, Trump said the deal was "just a continuing rape of our country." Just hours before Trump spoke, Clinton allies sought to pre-empt the planned trade speech by saying Trump's policies amounted to empty promises. Earlier, AFL-CIO President Richard Trumka told a trade conference in Washington that "Trump embodies everything that is wrong with our current trade policy. He has consistently sent American jobs overseas to line his own pockets." The AFL-CIO, which collectively represents more than 12 million workers, making it the largest U.S. labour federation, endorsed Clinton this month. Brexit vote could reverberate in US elections Both Clinton and Trump have acknowledged that Britain's vote to leave the European Union signalled a global economic frustration among working-class voters that could reverberate in the US election. "There is a lot of legitimate anxiety, fear and even anger in many parts of our country because people feel like the economy has failed them," Clinton said in Denver on Tuesday. "I think this is going to be one of the defining issues in this election." Trump has seized on the historic Brexit vote to bolster his argument that voters are rising up against establishment leaders, saying Americans would reject the "global elite" and support his presidential candidacy. But Trump has broken with Republican Party orthodoxy in criticising trade deals and has threatened to slap tariffs on Mexican and Chinese imports. His rhetoric has drawn criticism from many economists who say such practices could spark trade wars. As Trump spoke, the United States Chamber of Commerce, which is usually in sync with prominent Republicans on trade policy, said on Twitter: "Under Trump's trade plans, we would see higher prices, fewer jobs, and a weaker economy." (Reuters)

Trump labels NAFTA 'worst legacy of Clinton years?, vows re-negotiation

Expressing regret and sadness over Britain&#39;s decision to leave the European Union (EU), Prime Minister David Cameron said on Tuesday the country would not turn its back on Europe and would instead build the strongest ties it could. 
 
At what he said would be his last EU summit, Cameron told a news conference that as a democrat he had accepted the will of the people and other leaders had also respected the choice in a mood &quot;of sadness and regret&quot;. 
 
&quot;I threw myself in head, heart and soul to keep Britain in the European Union and I didn&#39;t succeed,&quot; he said. &quot;And when you lose you have to say right I&#39;ve lost that argument, I&#39;ve lost that ... debate and it&#39;s right to hand over to someone else who will take the country forward. 
 
&quot;Now of course I am sad about that, but frankly I&#39;m more concerned about Britain getting its relationship right with Europe.&quot; 
 
He stressed Britain would leave the European Union, seeking to quash suggestions it could avoid a Brexit or preserve access to the bloc&#39;s prized single market if it curbed flows of migrant workers from the EU. 
 
&quot;If you want the full benefits of the single market, you&#39;ll have to be part of every part of it,&quot; he said. 
 
(Reuters)&nbsp;

'Now of course I am sad about that, but frankly I'm more concerned about Britain getting its relationship right with Europe'

Expressing regret and sadness over Britain's decision to leave the European Union (EU), Prime Minister David Cameron said on Tuesday the country would not turn its back on Europe and would instead build the strongest ties it could. At what he said would be his last EU summit, Cameron told a news conference that as a democrat he had accepted the will of the people and other leaders had also respected the choice in a mood "of sadness and regret". "I threw myself in head, heart and soul to keep Britain in the European Union and I didn't succeed," he said. "And when you lose you have to say right I've lost that argument, I've lost that ... debate and it's right to hand over to someone else who will take the country forward. "Now of course I am sad about that, but frankly I'm more concerned about Britain getting its relationship right with Europe." He stressed Britain would leave the European Union, seeking to quash suggestions it could avoid a Brexit or preserve access to the bloc's prized single market if it curbed flows of migrant workers from the EU. "If you want the full benefits of the single market, you'll have to be part of every part of it," he said. (Reuters)

Cameron regretful after EU divorce, insists on building strongest ties

Lloyds Banking Group plans to axe about 640 jobs, sources close to the matter said on Wednesday, as Britain&#39;s largest mortgage lender continues to scale back its branch network and workforce. 
 
All affected employees working in information technology and back-office roles and are being told of the decision on Wednesday, the sources said on condition of anonymity because they are not authorised to discuss the plans. 
 
Lloyds, who rescued in a 20.5 billion Pound ($27.4 billion) taxpayer bailout during the financial crisis, is in the midst of major restructuring as part of an aggressive cost-cutting programme. 
 
&quot;The continuation of the bank&#39;s major job loss programme will bring disappointment as staff feel they have already faced two years of endless workforce cuts,&quot; said Rob MacGregor, national officer at the Unite union. 
 
A statement from Lloyds said there will be a net reduction of 525 jobs where newly created roles are included. The bank also said it is closing 23 branches by October because customers increasingly bank online and more functions are automated. 
 
The bank, more than two thirds of the way through three-year plan to cut about a tenth of its workforce, could now consider deeper cuts than originally targetted because of the programme&#39;s swift progress, two separate sources said. 
 
The latest cuts coincide with the biggest upheaval for British banks since the financial crisis. 
 
British voters&#39; surprise decision, last week, to leave the European Union is forcing bank executives to reconsider business models amid uncertainty and earnings downgrades that prompted rattled investors to offload billions of pounds of shares. 
 
Sources close to Britain&#39;s government say it has put on hold plans to sell stakes in Lloyds because market volatility has made it too difficult to judge whether disposals represent value for taxpayers. 
 
The employees affected by Wednesday&#39;s job cuts work in cities including London, Edinburgh, Bristol and Manchester, the sources said. 
 
So far this year, Lloyds has announced plans to cut about 3,580 positions from its 75,000-strong workforce. 
 
The Unite union has said the drawn out process job losses are taking a toll on Lloyds staff, with three quarters of its employees reporting symptoms of stress and four out of every five working unpaid overtime every week. 
 
(Reuters)

Four out of every five employees at Lloyds, who received a $27 bailout in 2009, were reportedly working unpaid overtime every week

Lloyds Banking Group plans to axe about 640 jobs, sources close to the matter said on Wednesday, as Britain's largest mortgage lender continues to scale back its branch network and workforce. All affected employees working in information technology and back-office roles and are being told of the decision on Wednesday, the sources said on condition of anonymity because they are not authorised to discuss the plans. Lloyds, who rescued in a 20.5 billion Pound ($27.4 billion) taxpayer bailout during the financial crisis, is in the midst of major restructuring as part of an aggressive cost-cutting programme. "The continuation of the bank's major job loss programme will bring disappointment as staff feel they have already faced two years of endless workforce cuts," said Rob MacGregor, national officer at the Unite union. A statement from Lloyds said there will be a net reduction of 525 jobs where newly created roles are included. The bank also said it is closing 23 branches by October because customers increasingly bank online and more functions are automated. The bank, more than two thirds of the way through three-year plan to cut about a tenth of its workforce, could now consider deeper cuts than originally targetted because of the programme's swift progress, two separate sources said. The latest cuts coincide with the biggest upheaval for British banks since the financial crisis. British voters' surprise decision, last week, to leave the European Union is forcing bank executives to reconsider business models amid uncertainty and earnings downgrades that prompted rattled investors to offload billions of pounds of shares. Sources close to Britain's government say it has put on hold plans to sell stakes in Lloyds because market volatility has made it too difficult to judge whether disposals represent value for taxpayers. The employees affected by Wednesday's job cuts work in cities including London, Edinburgh, Bristol and Manchester, the sources said. So far this year, Lloyds has announced plans to cut about 3,580 positions from its 75,000-strong workforce. The Unite union has said the drawn out process job losses are taking a toll on Lloyds staff, with three quarters of its employees reporting symptoms of stress and four out of every five working unpaid overtime every week. (Reuters)

Lloyds to axe 640 jobs in cost-cutting drive

European leaders told Britain on Tuesday to act quickly to resolve the political and economic confusion unleashed by its vote to leave the European Union last week, after the IMF said the uncertainty could put pressure on global economic growth. 
 
Sterling and world stock markets recovered slightly on Tuesday but investor confidence remains fragile despite policymakers saying they will take all necessary measures to protect their economies. 
 
Last week&#39;s referendum wiped a record $3 trillion off the value of global shares and Sterling fell to its lowest level in 31 years against the US Dollar. 
 
British finance minister George Osborne, whose attempt to calm markets on Monday went unheard, said on Tuesday the government will have to cut spending and raise taxes to stabilise the economy after credit rating agency Fitch became the third agency to downgrade UK debt.&nbsp; 
 
Businesses have announced hiring freezes and possible job cuts, despite voters` hopes the economy would thrive outside the EU.&nbsp; 
 
Germany&#39;s financial market regulator delivered a double blow to the city of London, saying it could not host the headquarters of a planned European stock exchange after Britain leaves the EU and could not remain a centre for trading in Euros. 
 
European countries are concerned about the impact of the political and regulatory uncertainty on the economies of the other 27 other EU members while the UK government works out how and when to begin withdrawal negotiations under Article 50 of the Lisbon Treaty.&nbsp; 
 
European central bank president Mario Draghi said on Tuesday that central banks around the world should aim to align monetary policies to mitigate &quot;destabilising spillovers&quot; between economies.&nbsp; 
 
Draghi had added that he agreed with private economists who predict euro zone growth will be reduced by up to 0.5 per cent cumulatively over the next three years due to the &quot;Brexit&quot; vote.&nbsp; 
 
UK warned EU access depends on four freedoms&nbsp; 
 
At a summit meeting of the leaders of the 28 members of the EU in Brussels on Tuesday, Cameron said he hoped the UK would maintain as tight an economic and political relationship as possible with the EU. 
 
&quot;Britain will be leaving the European Union, but we will not be turning our back on Europe,&quot; he told a news conference after a dinner at which he said many European partners expressed regret and voiced friendship for Britain. 
 
Cameron said he told the EU summit that, &quot;People recognised the economic case for staying, but there was a very great concern about movement of people and that was coupled with concern about issues of sovereignty. I think we need to think about that, Europe needs to think about that.&quot; 
 
In a veiled rebuke to UK &quot;Leave&quot; campaign leaders such as Boris Johnson, who is vying to succeed him, Cameron said Britons would have to understand they could not keep all the benefits of EU membership without the costs. 
 
Driving home that message, French President Francois Hollande said continued access to the EU&#39;s prized single market was dependent on accepting the so-called four freedoms of movement of goods, capital, workers and services. 
 
&quot;If they don&#39;t want free movement, they won&#39;t have access to the single market,&quot; he said, adding that London will no longer be able to act as a clearing house in Euros. 
 
The European Parliament adopted a non-binding resolution on Tuesday demanding that London activate the EU treaty&#39;s voluntary exit clause as fast as possible and launch negotiations on withdrawal terms with a two-year countdown to departure. 
 
But German Chancellor Angela Merkel said London should be allowed time to recover its balance after the political shockwave before formally notifying its partners of its plans.&nbsp; 
 
The other 27 EU leaders will hold their own meeting today to discuss how to deal with Britain on its way out of the bloc it joined in 1973 and how to take the Union forward without it.&nbsp; 
 
UK politics in upheaval&nbsp; 
 
Back in London, Conservative Party officials said on Tuesday that Cameron`s successor as prime minister would be appointed at the earliest on September 9. 
 
Cameron, who called the referendum and tendered his resignation as prime minister when it became clear he had failed to persuade Britain to stay in the EU, says he will let his successor declare the country`s exit formally. 
 
Meanwhile, UK Labour Party lawmakers passed a vote of no-confidence in leader Jeremy Corbyn on Tuesday, accusing him of failing to win over traditional supporters during the referendum campaign. The lawmakers fear a similar failure at the next general election, due in 2020, will lead to Labour suffering a major loss of seats in parliament.&nbsp; 
 
However, the Labour confidence vote does not automatically trigger a leadership election and Corbyn refused to quit. &quot;I was democratically elected leader of our party for a new kind of politics by 60 per cent of Labour members and supporters, and I will not betray them by resigning,&quot; he said.&nbsp; 
 
Underlining the political upheaval that the Brexit vote set in motion, Scottish first minister Nicola Sturgeon is to visit Brussels today for talks with the president of the European Parliament and European Commission officials. 
 
Sturgeon has said Scotland, where nearly two in three voters backed staying in the EU, does not want to leave the bloc and may hold a new referendum on independence.&nbsp; 
 
(Reuters)

British finance minister said need to reduce spending and raise taxes to stabilise the economy after credit rating agency downgraded UK debt

European leaders told Britain on Tuesday to act quickly to resolve the political and economic confusion unleashed by its vote to leave the European Union last week, after the IMF said the uncertainty could put pressure on global economic growth. Sterling and world stock markets recovered slightly on Tuesday but investor confidence remains fragile despite policymakers saying they will take all necessary measures to protect their economies. Last week's referendum wiped a record $3 trillion off the value of global shares and Sterling fell to its lowest level in 31 years against the US Dollar. British finance minister George Osborne, whose attempt to calm markets on Monday went unheard, said on Tuesday the government will have to cut spending and raise taxes to stabilise the economy after credit rating agency Fitch became the third agency to downgrade UK debt. Businesses have announced hiring freezes and possible job cuts, despite voters` hopes the economy would thrive outside the EU. Germany's financial market regulator delivered a double blow to the city of London, saying it could not host the headquarters of a planned European stock exchange after Britain leaves the EU and could not remain a centre for trading in Euros. European countries are concerned about the impact of the political and regulatory uncertainty on the economies of the other 27 other EU members while the UK government works out how and when to begin withdrawal negotiations under Article 50 of the Lisbon Treaty. European central bank president Mario Draghi said on Tuesday that central banks around the world should aim to align monetary policies to mitigate "destabilising spillovers" between economies. Draghi had added that he agreed with private economists who predict euro zone growth will be reduced by up to 0.5 per cent cumulatively over the next three years due to the "Brexit" vote. UK warned EU access depends on four freedoms At a summit meeting of the leaders of the 28 members of the EU in Brussels on Tuesday, Cameron said he hoped the UK would maintain as tight an economic and political relationship as possible with the EU. "Britain will be leaving the European Union, but we will not be turning our back on Europe," he told a news conference after a dinner at which he said many European partners expressed regret and voiced friendship for Britain. Cameron said he told the EU summit that, "People recognised the economic case for staying, but there was a very great concern about movement of people and that was coupled with concern about issues of sovereignty. I think we need to think about that, Europe needs to think about that." In a veiled rebuke to UK "Leave" campaign leaders such as Boris Johnson, who is vying to succeed him, Cameron said Britons would have to understand they could not keep all the benefits of EU membership without the costs. Driving home that message, French President Francois Hollande said continued access to the EU's prized single market was dependent on accepting the so-called four freedoms of movement of goods, capital, workers and services. "If they don't want free movement, they won't have access to the single market," he said, adding that London will no longer be able to act as a clearing house in Euros. The European Parliament adopted a non-binding resolution on Tuesday demanding that London activate the EU treaty's voluntary exit clause as fast as possible and launch negotiations on withdrawal terms with a two-year countdown to departure. But German Chancellor Angela Merkel said London should be allowed time to recover its balance after the political shockwave before formally notifying its partners of its plans. The other 27 EU leaders will hold their own meeting today to discuss how to deal with Britain on its way out of the bloc it joined in 1973 and how to take the Union forward without it. UK politics in upheaval Back in London, Conservative Party officials said on Tuesday that Cameron`s successor as prime minister would be appointed at the earliest on September 9. Cameron, who called the referendum and tendered his resignation as prime minister when it became clear he had failed to persuade Britain to stay in the EU, says he will let his successor declare the country`s exit formally. Meanwhile, UK Labour Party lawmakers passed a vote of no-confidence in leader Jeremy Corbyn on Tuesday, accusing him of failing to win over traditional supporters during the referendum campaign. The lawmakers fear a similar failure at the next general election, due in 2020, will lead to Labour suffering a major loss of seats in parliament. However, the Labour confidence vote does not automatically trigger a leadership election and Corbyn refused to quit. "I was democratically elected leader of our party for a new kind of politics by 60 per cent of Labour members and supporters, and I will not betray them by resigning," he said. Underlining the political upheaval that the Brexit vote set in motion, Scottish first minister Nicola Sturgeon is to visit Brussels today for talks with the president of the European Parliament and European Commission officials. Sturgeon has said Scotland, where nearly two in three voters backed staying in the EU, does not want to leave the bloc and may hold a new referendum on independence. (Reuters)

EU leaders tell Britain to exit swiftly, markets steadier

German Chancellor Angela Merkel rebuffed on Wednesday suggestions from Italy that EU deficit and banking aid rules be adjusted to take account of its fiscal and financial troubles following the Brexit referendum in Britain. 
 
&quot;I think the stability and growth pact has enough flexibility to work with. Even under the current circumstances. And we just came up with a whole new bunch of regulations regarding the banking union, regarding their bankruptcy and their recapitalisation. It does not make sense to change things every two years. It cost us a lot of energy. These are the first cases where the new rules are executed. 
 
&quot;There is enough leeway in these regulations to serve the specific needs of the member states,&quot; Merkel told reporters at the end of a two-day summit of European Union leaders in Brussels, referring to the bloc&#39;s rulebook on deficit and debt levels. 
 
Rome wants to prop up Italian banks in response to financial turmoil unleashed by the British referendum. EU rules allow member states to provide financial help to banks only in exceptional cases. Italian officials have also said they plan to seek more flexibility on EU fiscal rules. 
 
(Reuters)

Germany refuses to alter rules which would give Italy EU funds to prop up banks after Brexit vote

German Chancellor Angela Merkel rebuffed on Wednesday suggestions from Italy that EU deficit and banking aid rules be adjusted to take account of its fiscal and financial troubles following the Brexit referendum in Britain. "I think the stability and growth pact has enough flexibility to work with. Even under the current circumstances. And we just came up with a whole new bunch of regulations regarding the banking union, regarding their bankruptcy and their recapitalisation. It does not make sense to change things every two years. It cost us a lot of energy. These are the first cases where the new rules are executed. "There is enough leeway in these regulations to serve the specific needs of the member states," Merkel told reporters at the end of a two-day summit of European Union leaders in Brussels, referring to the bloc's rulebook on deficit and debt levels. Rome wants to prop up Italian banks in response to financial turmoil unleashed by the British referendum. EU rules allow member states to provide financial help to banks only in exceptional cases. Italian officials have also said they plan to seek more flexibility on EU fiscal rules. (Reuters)

EU must implement existing rules: Angela Merkel

EU leaders gave Britain breathing space on Tuesday by accepting it needed time to absorb a shock Brexit vote before triggering a divorce but insisted the crunch move could not wait months. 
 
Prime Minister David Cameron came face-to-face with European colleagues for the first time since last week&#39;s vote at a Brussels summit which leaders said was &quot;sad&quot; but pragmatic. 
 
Trillions of dollars have been wiped off world markets since Thursday&#39;s vote to leave the EU, while the United Kingdom&#39;s future has been thrown into doubt after Scotland said it would push for a new independence referendum. 
 
Further shockwaves juddered through British politics as Jeremy Corbyn, leader of the main opposition Labour party, vowed to fight on despite losing a crushing no-confidence vote among his party&#39;s lawmakers. 
 
Thousands of people took to the streets of London, which voted overwhelmingly to stay in the EU, to protest against the referendum result, waving EU flags and placards saying: &quot;Stop Brexit&quot;. 
 
After hours of talks in Brussels, EU president Donald Tusk said that he understood that time was needed &quot;for the dust to settle&quot; in Britain before the next steps can be taken. 
 
But reflecting wider concerns of a domino effect of other states wanting to leave, European Commission president Jean-Claude Juncker said Britain did not have &quot;months to meditate&quot;. 
 
He set a clear timetable for triggering Article 50, the EU treaty clause that begins the two-year withdrawal process, after Cameron&#39;s successor takes office in early September. 
 
Juncker said that if the new prime minister was a pro-remain figure, Article 50 should be activated &quot;in two weeks after his appointment&quot; - but if it was a supporter of the leave campaign, &quot;it should be done the day after his appointment,&quot; he added. 
 
The current favourites to take over from Cameron are leading Leave campaigner Boris Johnson and interior minister Theresa May, a low-key backer of EU membership. 
 
&#39;&#39;You&#39;re not laughing now&quot; 
 
Over a dinner of poached veal tenderloin followed by strawberries, a chastened Cameron urged EU leaders to consider reforming rules on freedom of movement, one of the EU&#39;s central tenets, to cement a close relationship with Britain post-Brexit. 
 
He said Britain and the EU should &quot;have as close an economic relationship as possible and that the key to staying close is really to look at reform to free movement,&quot; a Downing Street source said, speaking on condition of anonymity. 
 
A British government source added that Cameron believed that free movement was &quot;one of the driving factors in people voting to leave&quot;. 
 
At a press conference, Cameron insisted he had no regrets about holding the referendum. 
 
Earlier, US President Barack Obama warned against &quot;hysteria&quot; as stock markets and the pound staged a tentative recovery after days of losses that saw sterling slump to a 31-year low. 
 
But with so much still remaining uncertain, analysts warned the recovery could be short-lived. 
 
Late Monday, Standard &amp; Poor&#39;s and Fitch both cut their credit ratings for Britain as a result of the referendum. 
 
One happy man was Nigel Farage, head of the UK Independence Party, who told a jeering European Parliament - after a hug with his old sparring partner Juncker - that the joke was now on them. 
 
&quot;When I came here 17 years ago and I said I wanted to lead a campaign to get Britain to leave the EU, you all laughed at me,&quot; he said. &quot;But you are not laughing now.&quot; 
 
Breaking up is hard 
 
European powers are loath to give Britain an easy ride as it leaves the EU, partly because they do not want to send a signal to other countries which may eventually head in the same direction. 
 
German Chancellor Angela Merkel has warned Cameron could not &quot;cherry-pick&quot; the terms of the exit negotiations and that there would be no informal talks before Article 50 was triggered. 
 
The European Parliament has called on Britain to initiate the departure process &quot;as soon as possible&quot;, its president Martin Schulz saying Cameron was &quot;taking the destiny of our entire continent hostage purely for internal political reasons&quot;. 
 
The Brexit vote has also put the remaining 27 members of the EU under pressure to come up with an adequate response to prevent other countries following suit. 
 
The 27 will meet without Cameron on Wednesday and Tusk proposed holding another summit in September in Bratislava. 
 
Westminster chaos 
 
The referendum result has caused a political earthquake in Britain, claiming not only Cameron&#39;s scalp but also leaving Corbyn fighting for survival. 
 
On Tuesday the veteran socialist, who has been accused of not campaigning hard enough to stay in the EU, lost a no-confidence vote among Labour MPs by 172 to 40. 
 
Dozens of Corbyn&#39;s shadow cabinet have already quit but he has insisted he will not &quot;betray&quot; grassroots Labour party members who elected him last year by resigning. 
 
In Scotland, which voted overwhelmingly to remain, First Minister Nicola Sturgeon fleshed out her proposals for about splitting the country off from Britain to keep it in the EU. 
 
She travels to Brussels for talks on Wednesday, saying she was &quot;utterly determined to preserve Scotland&#39;s relationship and place within the EU&quot;. 
 
Scotland voted against independence in a referendum in 2014 but Sturgeon has said that the Britain of that time &quot;does not exist any more&quot; following the Brexit vote. 
 
(AFP)

EU president Donald Tusk said he understood that time was needed before the next steps can be taken in Britain

EU leaders gave Britain breathing space on Tuesday by accepting it needed time to absorb a shock Brexit vote before triggering a divorce but insisted the crunch move could not wait months. Prime Minister David Cameron came face-to-face with European colleagues for the first time since last week's vote at a Brussels summit which leaders said was "sad" but pragmatic. Trillions of dollars have been wiped off world markets since Thursday's vote to leave the EU, while the United Kingdom's future has been thrown into doubt after Scotland said it would push for a new independence referendum. Further shockwaves juddered through British politics as Jeremy Corbyn, leader of the main opposition Labour party, vowed to fight on despite losing a crushing no-confidence vote among his party's lawmakers. Thousands of people took to the streets of London, which voted overwhelmingly to stay in the EU, to protest against the referendum result, waving EU flags and placards saying: "Stop Brexit". After hours of talks in Brussels, EU president Donald Tusk said that he understood that time was needed "for the dust to settle" in Britain before the next steps can be taken. But reflecting wider concerns of a domino effect of other states wanting to leave, European Commission president Jean-Claude Juncker said Britain did not have "months to meditate". He set a clear timetable for triggering Article 50, the EU treaty clause that begins the two-year withdrawal process, after Cameron's successor takes office in early September. Juncker said that if the new prime minister was a pro-remain figure, Article 50 should be activated "in two weeks after his appointment" - but if it was a supporter of the leave campaign, "it should be done the day after his appointment," he added. The current favourites to take over from Cameron are leading Leave campaigner Boris Johnson and interior minister Theresa May, a low-key backer of EU membership. ''You're not laughing now" Over a dinner of poached veal tenderloin followed by strawberries, a chastened Cameron urged EU leaders to consider reforming rules on freedom of movement, one of the EU's central tenets, to cement a close relationship with Britain post-Brexit. He said Britain and the EU should "have as close an economic relationship as possible and that the key to staying close is really to look at reform to free movement," a Downing Street source said, speaking on condition of anonymity. A British government source added that Cameron believed that free movement was "one of the driving factors in people voting to leave". At a press conference, Cameron insisted he had no regrets about holding the referendum. Earlier, US President Barack Obama warned against "hysteria" as stock markets and the pound staged a tentative recovery after days of losses that saw sterling slump to a 31-year low. But with so much still remaining uncertain, analysts warned the recovery could be short-lived. Late Monday, Standard & Poor's and Fitch both cut their credit ratings for Britain as a result of the referendum. One happy man was Nigel Farage, head of the UK Independence Party, who told a jeering European Parliament - after a hug with his old sparring partner Juncker - that the joke was now on them. "When I came here 17 years ago and I said I wanted to lead a campaign to get Britain to leave the EU, you all laughed at me," he said. "But you are not laughing now." Breaking up is hard European powers are loath to give Britain an easy ride as it leaves the EU, partly because they do not want to send a signal to other countries which may eventually head in the same direction. German Chancellor Angela Merkel has warned Cameron could not "cherry-pick" the terms of the exit negotiations and that there would be no informal talks before Article 50 was triggered. The European Parliament has called on Britain to initiate the departure process "as soon as possible", its president Martin Schulz saying Cameron was "taking the destiny of our entire continent hostage purely for internal political reasons". The Brexit vote has also put the remaining 27 members of the EU under pressure to come up with an adequate response to prevent other countries following suit. The 27 will meet without Cameron on Wednesday and Tusk proposed holding another summit in September in Bratislava. Westminster chaos The referendum result has caused a political earthquake in Britain, claiming not only Cameron's scalp but also leaving Corbyn fighting for survival. On Tuesday the veteran socialist, who has been accused of not campaigning hard enough to stay in the EU, lost a no-confidence vote among Labour MPs by 172 to 40. Dozens of Corbyn's shadow cabinet have already quit but he has insisted he will not "betray" grassroots Labour party members who elected him last year by resigning. In Scotland, which voted overwhelmingly to remain, First Minister Nicola Sturgeon fleshed out her proposals for about splitting the country off from Britain to keep it in the EU. She travels to Brussels for talks on Wednesday, saying she was "utterly determined to preserve Scotland's relationship and place within the EU". Scotland voted against independence in a referendum in 2014 but Sturgeon has said that the Britain of that time "does not exist any more" following the Brexit vote. (AFP)

Britain wins Brexit breathing space at gloomy EU summit

Spain&#39;s acting premier Mariano Rajoy said on Wednesday that Madrid would oppose any separate talks with Scotland on its future in the European Union after Britain voted to leave the bloc. 
 
Spain has consistently opposed Scottish independence for fear of setting a precedent for its own separatists, especially in Catalonia, its richest region.&nbsp; 
 
&quot;The Spanish government is opposed to any negotiations with anyone else but the British government,&quot; Rajoy said after 27 EU leaders, excluding Britain, met in Brussels to discuss the Brexit vote. 
 
&quot;The United Kingdom leaves and with it, all those who make up the United Kingdom,&quot; he said. 
 
Rajoy was speaking just hours before European Commission President Jean-Claude Juncker was due to meet Scottish First Minister Nicola Sturgeon. 
 
Sturgeon has said she is ready to defend Scotland&#39; s place in the EU by all means, including another independence referendum if need be. 
 
European Council President Donald Tusk, however, declined to meet the first minister as it was &quot;not the appropriate moment&quot;, a source in the council said on Tuesday.&nbsp; 
 
While Britain as a whole voted 52-48 per cent to leave the EU, Scotland voted 62-38 per cent to remain. 
 
Scots rejected independence in 2014 but since last Thursday&#39;s Brexit vote, there have been calls for another referendum to give Scotland the option to remain in the EU. 
 
(AFP)

Spain has consistently opposed Scottish independence for fear of setting a precedent for its own separatists, especially in Catalonia

Spain's acting premier Mariano Rajoy said on Wednesday that Madrid would oppose any separate talks with Scotland on its future in the European Union after Britain voted to leave the bloc. Spain has consistently opposed Scottish independence for fear of setting a precedent for its own separatists, especially in Catalonia, its richest region. "The Spanish government is opposed to any negotiations with anyone else but the British government," Rajoy said after 27 EU leaders, excluding Britain, met in Brussels to discuss the Brexit vote. "The United Kingdom leaves and with it, all those who make up the United Kingdom," he said. Rajoy was speaking just hours before European Commission President Jean-Claude Juncker was due to meet Scottish First Minister Nicola Sturgeon. Sturgeon has said she is ready to defend Scotland' s place in the EU by all means, including another independence referendum if need be. European Council President Donald Tusk, however, declined to meet the first minister as it was "not the appropriate moment", a source in the council said on Tuesday. While Britain as a whole voted 52-48 per cent to leave the EU, Scotland voted 62-38 per cent to remain. Scots rejected independence in 2014 but since last Thursday's Brexit vote, there have been calls for another referendum to give Scotland the option to remain in the EU. (AFP)

Spanish Prime Minister opposes EU talks with Scotland after Brexit

English is the world&#39;s second language and by far the official working&nbsp;tongue&nbsp;of European Union (EU)&nbsp;institutions. It&nbsp;is also one of the three languages used to apply for&nbsp;EU&nbsp;patents.&nbsp; 
 
This gave&nbsp;English-speaking researchers and companies an edge over competitors who speak other languages, a status that might not last long though.&nbsp; 
 
Once &ndash; and if &ndash; Britain leaves the bloc, English could lose its place as an&nbsp;official&nbsp;language, a senior&nbsp;EU&nbsp;lawmaker said on Monday. 
 
Each member state of the European Union has currently the right to nominate one idiom. 
 
Despite English being the most spoken language in&nbsp;Europe, and the most commonly used in three member states, only Britain formally chose it in the EU parliament. Ireland chose Gaelic and Malta picked Maltese. 
 
&quot;If we don&#39;t have the UK, we don&#39;t have&nbsp;English,&quot; said Danuta Hubner, chair of the&nbsp;European parliament&#39;s constitutional affairs committee, during a news conference on the legal consequences of Brexit. 
 
It&nbsp;might remain a working language, even if not recognised as a European official idiom, but it would require a joint agreement by all member states. 
 
The symbolic &ndash; and impractial &ndash; abandon of English, would reduce London&#39;s influence on the continent, and infuriate the Irish further. 
 
It would also increase efforts and costs: EU&nbsp;documents and legal texts are automatically translated into all 24&nbsp;official&nbsp;languages of the bloc by the parliament. If&nbsp;English were to lose that status, Britain would have to manage the process by itself. 
 
Alternatively, rules&nbsp;could&nbsp;be changed to let countries have more than one&nbsp;official&nbsp;language, Hubner suggested. 
 
The possibility of dropping English as the official language could raise a certain enthusiasm accross the Channel.&nbsp; 
 
French was the dominant language in the&nbsp;EU&nbsp;institutions until the 1990s, when the arrival of Sweden, Finland and&nbsp;Austria tilted the balance, amplified by central and east&nbsp;European countries that had adopted&nbsp;English&nbsp;as their second&nbsp;tongue. 
 
France has never digested its linguistic defeat and imposed French as an equal working language, although the number of speakers is shrinking among Brussels&nbsp;officials. 
 
(Reuters)

Even if it's commonly spoken, no other country in the European Union is formally English-speaking

English is the world's second language and by far the official working tongue of European Union (EU) institutions. It is also one of the three languages used to apply for EU patents. This gave English-speaking researchers and companies an edge over competitors who speak other languages, a status that might not last long though. Once – and if – Britain leaves the bloc, English could lose its place as an official language, a senior EU lawmaker said on Monday. Each member state of the European Union has currently the right to nominate one idiom. Despite English being the most spoken language in Europe, and the most commonly used in three member states, only Britain formally chose it in the EU parliament. Ireland chose Gaelic and Malta picked Maltese. "If we don't have the UK, we don't have English," said Danuta Hubner, chair of the European parliament's constitutional affairs committee, during a news conference on the legal consequences of Brexit. It might remain a working language, even if not recognised as a European official idiom, but it would require a joint agreement by all member states. The symbolic – and impractial – abandon of English, would reduce London's influence on the continent, and infuriate the Irish further. It would also increase efforts and costs: EU documents and legal texts are automatically translated into all 24 official languages of the bloc by the parliament. If English were to lose that status, Britain would have to manage the process by itself. Alternatively, rules could be changed to let countries have more than one official language, Hubner suggested. The possibility of dropping English as the official language could raise a certain enthusiasm accross the Channel. French was the dominant language in the EU institutions until the 1990s, when the arrival of Sweden, Finland and Austria tilted the balance, amplified by central and east European countries that had adopted English as their second tongue. France has never digested its linguistic defeat and imposed French as an equal working language, although the number of speakers is shrinking among Brussels officials. (Reuters)

Brexit: English could no longer be an official EU language

Britain does not have &quot;months to meditate&quot; on the next steps following the Brexit vote, European Commission president Jean-Claude Juncker said on Tuesday. 
 
&quot;I have some understanding for the fact that (Prime Minister) David Cameron wants to have some time in order to meditate,&quot; Juncker told a news conference after an EU summit. 
 
&quot;We want Article 50 (of the Lisbon Treaty formally stating Britain&#39;s intention to leave) to be triggered as soon as possible. It has to be speeded up. We don&#39;t have months to meditate, we have to act.&quot; 
 
Juncker added: &quot;What I don&#39;t understand is that those who wanted to leave (the EU) are totally unable to tell us what they want.&quot; 
 
&quot;I thought that if you want to leave you have a plan, you have a project, you have a global picture,&quot; he said. 
 
Juncker also said that he expected Britain to trigger Article 50 very soon after Cameron&#39;s successor is named on September 9. 
 
&quot;If someone from the &#39;Remain&#39; camp will become British PM this has to be done in two weeks after his appointment,&quot; he said. 
 
&quot;If the next British PM is coming from the &#39;Leave&#39; campaign it should be done the day after his appointment.&quot; 
 
EU president Donald Tusk meanwhile said leaders appreciated that the situation needs to calm down in Britain following the Brexit vote before the next steps can be taken. 
 
&quot;The leaders understood that some time is needed for the dust to settle,&quot; Tusk said. 
 
(AFP)

European Commission president expects Britain to trigger article 50 soon after Cameron's successor is named on September 9

Britain does not have "months to meditate" on the next steps following the Brexit vote, European Commission president Jean-Claude Juncker said on Tuesday. "I have some understanding for the fact that (Prime Minister) David Cameron wants to have some time in order to meditate," Juncker told a news conference after an EU summit. "We want Article 50 (of the Lisbon Treaty formally stating Britain's intention to leave) to be triggered as soon as possible. It has to be speeded up. We don't have months to meditate, we have to act." Juncker added: "What I don't understand is that those who wanted to leave (the EU) are totally unable to tell us what they want." "I thought that if you want to leave you have a plan, you have a project, you have a global picture," he said. Juncker also said that he expected Britain to trigger Article 50 very soon after Cameron's successor is named on September 9. "If someone from the 'Remain' camp will become British PM this has to be done in two weeks after his appointment," he said. "If the next British PM is coming from the 'Leave' campaign it should be done the day after his appointment." EU president Donald Tusk meanwhile said leaders appreciated that the situation needs to calm down in Britain following the Brexit vote before the next steps can be taken. "The leaders understood that some time is needed for the dust to settle," Tusk said. (AFP)

EU's Juncker says Britain doesn't have 'months to meditate'

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