The Rupee broke below the 68-level after plunging 96 paise against the US dollar post Britain's vote to leave the EU

Seeking to allay concerns over Brexit impact on India, the Indian government today said the economy has enough "firepower" to deal with the situation, even as stocks and the 'Rupee took a massive plunge. Stating that the government and the Reserve Bank of India (RBI) have been "working" on possible eventualities over the last several weeks, Economic Affairs Secretary Shaktikanta Das cited India's domestic fundamentals as the reason the country will not suffer from any long-term impact of Brexit. With comfortable foreign exchange reserves, inflation coming down and structural reforms on path, India will be able to deal with all eventualities, he said soon after stocks markets and 'Rupee dropped on results from UK referendum on EU membership showed the "leave" camp doing better. The government, he said, was "prepared for all eventualities." In a historic development, the UK has voted to leave the European Union after 43 years as the 'Brexit' camp took a seemingly unassailable lead over the 'Remain' camp in a down-to-wire referendum with far reaching implications for the world. Consequently, the benchmark BSE Sensex tanked by over 1,050 points while the valuation of all the listed companies lost almost Rs 4 lakh crore. The 'Rupee also broke below the 68-level after plunging 96 paise against the US dollar. "As far the as the stock markets are concerned it is initial spontaneous kind of sudden reaction because something which is happening goes beyond their expectation. This is a instant reaction that they have shown.This reaction over the next few days I think should stabilise and markets hopefully will improve," he said. Das said the depreciation of the Indian 'Rupee was in line with other Asian currencies. "You know the pound sterling have been depreciating so all currencies have been depreciating," he said. Finance Ministry and RBI "have been working on this and we have discussed all possible eventualities, outcomes of the Brexit over the last several weeks. We are prepared to deal with the situation that is emerging today," he said. With USD 360 billion in foreign exchange reserve with RBI, India's position "is very sound and solid." "We have enough firepower to deal with the situation. And the fire-power will be used judiciously in a manner that we maintain stability if our economy," he said. While Finance Secretary Ashok Lavasa said the government and RBI are ready with measures to curb volatility, Banking Secretary Anjuly Duggal stated that Brexit will not impact India in medium or long term. Stating that macroeconomic fundamentals are strong, Das said current account deficit is at an all-time low of 1.1 per cent, fiscal and revenue deficits are under control and inflation is by and large under check. The government will continue with structural reforms with some of the agenda being expedited, he said. "We are prepared to deal with the situation. And as I said the firepower that we have to deal with the situation will be used judiciously," he said adding the government and RBI had been "working on this fire-wall for the last several months and the fire wall to withstand all the external pressures." Asked when the government plans to use the firepower to contain fall, he said, "this is only a matter of strategy we cannot add detail to that." On impact on exports, he said India's trade is not going to be impacted significantly. "The impact would be very marginal." On foreign exchange rate, Das said the government was in touch with RBI. "The Finance Minister, who is Beijing, is constantly and regularly monitoring the situation and whatever direction Finance Minister has to give, he is giving at regular intervals and frequently." Asked about fall out of the referendum on FTA with UK, he said, "We will have to take a view on such issues." On challenges Brexit posed to India, he said all challenges would have opportunities. "Some analysts say that oil prices will fall following Brexit. So when oil prices decline, Indian economy benefits. We have to deal with both problems and opportunities. The government will take a considered view. India will withstand the situation. We are prepared to deal with all eventualities," he added. ?(PTI)

Enough "firepower" to deal with Brexit fallout, says Indian economic affairs secretary

As Brexit wins the Britain votes to leave the European Union (EU), Ireland is seemingly anticipating a damaging economic and political fallout. 
 
Britain&rsquo;s nearest neighbour and largest trade partner, Ireland has the EU&rsquo;s fastest-growing economy but also more to lose than any other member state from a `Brexit` with far-reaching implications for its trade, economy, security of energy supplies and peace in British-ruled Northern Ireland.&nbsp; 
 
Downside is definite: Sinn Fein&nbsp; 
Within minutes of the outcome becoming apparent, Northern Ireland`s largest Irish nationalist party, Sinn Fein said the result intensified the case for a vote on whether Northern Ireland should leave the United Kingdom.&nbsp; 
 
&quot;The downside is definite and the upside is speculative,&quot; Noonan told parliament as the United Kingdom voted on Thursday, referring to the potential upside that some companies keen to stay in the EU might move from Britain to Ireland. 
 
Ireland`s central bank had warned that a withdrawal would hurt economic growth and jobs and significantly impact the financial sector, while a government-commissioned report found it could cut trade with Britain by at least 20 percent. 
 
Noonan said earlier this week that an estimated cumulative Brexit-related hit on the Irish economy of as much as 1.6 percent of GDP would be &quot;containable&quot;. 
 
 
Farmers, major UK suppliers more vulnerable 
Irish exporters will be the first to suffer, as the pound weakened significantly against the euro, making their euro-priced goods more expensive. Ireland will have to consider taking steps to assist firms exporting into Britain, Foreign Minister Charlie Flanagan told Reuters on Wednesday.&nbsp; 
 
Farmers and food producers, major UK suppliers, are especially vulnerable. The British Irish Chamber of Commerce said business needed a comprehensive and quickly concluded trade agreement between the EU and the UK that recognised the unique relationship between Ireland and the UK. 
 
&quot;As the voice of businesses with significant employment in the UK and Ireland, the Chamber is concerned about any adverse impact the UK`s decision could have on trade between these Islands,&quot; said John McGrane, Director General of the Chamber. 
 
Reintroduction of a hard border would be considered: Flanagan&nbsp; 
Of most concern to Dublin is the impact on Northern Ireland, which has the only land frontier between the United Kingdom and the rest of the EU. It was marked by military checkpoints until a 1998 peace deal ended three decades of sectarian violence. 
 
Flanagan said the reintroduction of a hard border would have to be considered in any negotiation and that the return of controls, for customs or security, could pose a difficult challenge for the peace process. 
 
The dismantling of military border posts was a key aspect of a 1998 peace deal that ended three decades of violence between Catholic nationalists seeking a united Ireland and Protestant unionists who wanted to keep Northern Ireland British. Over 3,600 died in the conflict. 
 
British finance minister George Osborne has said border controls would be inevitable, while former prime ministers Tony Blair and John Major, who also campaigned for a vote to remain, said a Brexit could undermine peace in the six-county province.Pro-Brexit campaigners, including Britain`s minister for Northern Ireland, described those warnings as &quot;scaremongering&quot; and said a Brexit would not endanger a common travel area that predates both countries` entry into the EU in 1973. 
 
 
&lsquo;This outcome dramatically changes political landscape&rsquo;&nbsp; 
While the United Kingdom as a whole voted by 52 percent to 48 percent in favour of leaving the EU, 56 percent of those in Northern Ireland favoured staying.&nbsp; 
 
Northern Ireland`s nationalist Deputy First Minister Martin McGuinness said ahead of the vote that Britain should immediately commit to holding a vote to unite Ireland if its citizens chose to leave the EU. 
 
Under the 1998 agreement that brought about peace, Britain`s Secretary of State for Northern Ireland may call such a vote at any time. It also specifies that the Secretary &quot;shall&quot; order a referendum if it appears likely that a majority of those voting would seek to form part of a united Ireland. 
 
Nigel Dodds, a senior member of the province`s largest party, the pro-British Democratic Unionist Party, told Sky News on Thursday that Sinn Fein were on very weak ground calling for a unity vote. 
 
But Sinn Fein chairman Declan Kearney said in a statement:&nbsp; 
 
&quot;This outcome tonight dramatically changes the political landscape here in the north of Ireland and we will be intensifying our case for the calling of a border poll,&rdquo; he said.&nbsp; 
 
He further added saying, &quot;The British government as a direct result have forfeited any mandate to represent the interests of people here in the north of Ireland in circumstances where the north is dragged out of Europe as a result of a vote to leave.&quot;&nbsp; 
 
(Reuters)&nbsp; 
&nbsp;

Ireland has the EU`s fastest-growing economy but also more to lose than any other member in view of British exit?

As Brexit wins the Britain votes to leave the European Union (EU), Ireland is seemingly anticipating a damaging economic and political fallout. Britain’s nearest neighbour and largest trade partner, Ireland has the EU’s fastest-growing economy but also more to lose than any other member state from a `Brexit` with far-reaching implications for its trade, economy, security of energy supplies and peace in British-ruled Northern Ireland. Downside is definite: Sinn Fein Within minutes of the outcome becoming apparent, Northern Ireland`s largest Irish nationalist party, Sinn Fein said the result intensified the case for a vote on whether Northern Ireland should leave the United Kingdom. "The downside is definite and the upside is speculative," Noonan told parliament as the United Kingdom voted on Thursday, referring to the potential upside that some companies keen to stay in the EU might move from Britain to Ireland. Ireland`s central bank had warned that a withdrawal would hurt economic growth and jobs and significantly impact the financial sector, while a government-commissioned report found it could cut trade with Britain by at least 20 percent. Noonan said earlier this week that an estimated cumulative Brexit-related hit on the Irish economy of as much as 1.6 percent of GDP would be "containable". Farmers, major UK suppliers more vulnerable Irish exporters will be the first to suffer, as the pound weakened significantly against the euro, making their euro-priced goods more expensive. Ireland will have to consider taking steps to assist firms exporting into Britain, Foreign Minister Charlie Flanagan told Reuters on Wednesday. Farmers and food producers, major UK suppliers, are especially vulnerable. The British Irish Chamber of Commerce said business needed a comprehensive and quickly concluded trade agreement between the EU and the UK that recognised the unique relationship between Ireland and the UK. "As the voice of businesses with significant employment in the UK and Ireland, the Chamber is concerned about any adverse impact the UK`s decision could have on trade between these Islands," said John McGrane, Director General of the Chamber. Reintroduction of a hard border would be considered: Flanagan Of most concern to Dublin is the impact on Northern Ireland, which has the only land frontier between the United Kingdom and the rest of the EU. It was marked by military checkpoints until a 1998 peace deal ended three decades of sectarian violence. Flanagan said the reintroduction of a hard border would have to be considered in any negotiation and that the return of controls, for customs or security, could pose a difficult challenge for the peace process. The dismantling of military border posts was a key aspect of a 1998 peace deal that ended three decades of violence between Catholic nationalists seeking a united Ireland and Protestant unionists who wanted to keep Northern Ireland British. Over 3,600 died in the conflict. British finance minister George Osborne has said border controls would be inevitable, while former prime ministers Tony Blair and John Major, who also campaigned for a vote to remain, said a Brexit could undermine peace in the six-county province.Pro-Brexit campaigners, including Britain`s minister for Northern Ireland, described those warnings as "scaremongering" and said a Brexit would not endanger a common travel area that predates both countries` entry into the EU in 1973. ‘This outcome dramatically changes political landscape’ While the United Kingdom as a whole voted by 52 percent to 48 percent in favour of leaving the EU, 56 percent of those in Northern Ireland favoured staying. Northern Ireland`s nationalist Deputy First Minister Martin McGuinness said ahead of the vote that Britain should immediately commit to holding a vote to unite Ireland if its citizens chose to leave the EU. Under the 1998 agreement that brought about peace, Britain`s Secretary of State for Northern Ireland may call such a vote at any time. It also specifies that the Secretary "shall" order a referendum if it appears likely that a majority of those voting would seek to form part of a united Ireland. Nigel Dodds, a senior member of the province`s largest party, the pro-British Democratic Unionist Party, told Sky News on Thursday that Sinn Fein were on very weak ground calling for a unity vote. But Sinn Fein chairman Declan Kearney said in a statement: "This outcome tonight dramatically changes the political landscape here in the north of Ireland and we will be intensifying our case for the calling of a border poll,” he said. He further added saying, "The British government as a direct result have forfeited any mandate to represent the interests of people here in the north of Ireland in circumstances where the north is dragged out of Europe as a result of a vote to leave." (Reuters)

Ireland anticipates damaging economic, political fallout after Brexit

Britain&rsquo;s 2.2 million financial industry workers face years of uncertainty and the risk of thousands of job cuts after the country voted to quit the European Union, leaving question marks over London&#39;s status as Europe&#39;s premier financial centre. 
 
The &lsquo;Vote Leave&rsquo; campaign fronted by a slew of Conservative lawmakers and financial industry veterans claimed victory over its &lsquo;Britain Stronger in Europe&rsquo; rival, after 374 of a total 382 counting areas declared majority support for their plan to leave the 28-nation club by 0507 GMT. 
 
The final official result is expected around 0600 GMT.&nbsp; 
 
Bankers&rsquo; early confidence that Britain would remain within the European Union quickly evaporated after early vote counts suggested the &quot;leave&quot; camp had the upper hand, sending Sterling plummeting to a thirty-year low and heart-rates racing on trading floors from London to Hong Kong. 
 
A leave vote means the future of Britain&#39;s financial services industry is now hanging in the balance.&nbsp; 
 
All depends on the divorce between Europe and Britain, the latter&#39;s ability to retain access to the European free market, and cope with the volatility that has seen Sterling nosedive against major global currencies. 
 
Mood in the restaurants and coffee shops in the high-rise banking hub of Canary Wharf, home to JPMorgan, Citi, HSBC and Barclays, was sober and contemplative, with job security fears rising to levels unseen since the 2008 financial crisis. 
 
Major investment banks have already warned they could move thousands of jobs elsewhere if Britain opts out of the EU, while the European Central Bank has signalled it could force euro trading out of London, the world&#39;s largest foreign exchange market.&nbsp; 
Wall Street bank Morgan Stanley could move around 1,000 of its roughly 6,000 employees currently in Britain on to the Continent if the country votes to leave the EU, a person familiar with the matter has told Reuters.&nbsp; 
 
Jamie Dimon, CEO of rival JPMorgan told staffers his bank &quot;may have no choice&quot; but to overhaul its UK business model, casting a pall over its 16,000 strong workforce. 
 
But for now, sources at banks said memos emailed internally to rattled employees advised them to think about clients first. 
 
&quot;I&rsquo;ve convened a big team meeting at 0800 GMT as the juniors are freaking out. I will tell them to focus on their job and wait for the volatility to pass but the reality is much, much starker, we&#39;ll have a crash and big layoffs,&quot; a senior investment banker at a U.S. bank told Reuters.&nbsp; 
&quot;It&#39;s an act of national self-harm,&quot; he added. 
 
CARNAGE ON MARKETS 
Months of bitter campaigning has left the industry - which earned the nation 190 billion pounds in 2014 - deeply divided, with investment banks and insurers pitted against many fund managers and brokers who wanted a Brexit. 
 
&quot;This is the biggest vote in my lifetime. Black Wednesday and the impact of Lehman Brothers collapsing - these other big events don&#39;t even compare in magnitude to this,&quot; said Mark Boleat, Chairman of the City of London&rsquo;s Policy and Resources Committee. 
 
&quot;We are just beginning to think through what will have to happen legally and it is massive, absolutely massive,&quot; he told Reuters. 
 
Reflecting the uncertainty that will hit the financial services sector, Hong Kong-listed shares of HSBC and Standard Chartered fell more than 10 per cent, while other UK banks are expected to post sharp declines when they start trading in London. 
 
All the major international and British banks in London had traders either working through the night or on call. Bankers in New York were also burning the midnight oil with special numbers laid out for clients to call, foreign exchange desks fully staffed and senior management keeping a fretful eye on screens. 
 
&quot;Leave&rsquo;s victory has delivered one of the biggest market shocks of all time ... Panic may not be too strong a word,&quot; Joe Rundle, Head of Trading at ETX Capital said. 
 
Many financial firms rely on the EU&rsquo;s &lsquo;passporting&rsquo; regime to sell their services across all of the bloc while basing the majority of their staff and operations in London.&nbsp; 
 
European government officials said UK-based firms could lose these privileges in the event of a Brexit, a move that would force them to shift some of their operations to the likes of Frankfurt, Paris or Dublin if they wanted to serve EU clients. 
 
WHAT NEXT? 
The Financial Conduct Authority said it would not comment about any immediate action it might take until after the referendum result has been formally announced. The Bank of England&#39;s Prudential Regulation Authority said it had no comment for the time being.&nbsp; 
 
For investment bankers, a Brexit vote is more than just about volatile prices on a screen but also about where they may end up working and living. 
 
&quot;I will be ok because I&#39;ve had a long career and I have savings and assets,&quot; the senior banker said. 
 
&quot;People just starting out, people in much more precarious situations, will lose out from Brexit.&quot;&nbsp; 
 
But some commentators said the volatility would be temporary and would soon subside when international investors drawn by a fall in sterling began to scour financial markets for bargains. 
 
&quot;Certainly, some international investors could find the UK less attractive but history shows us others are positively attracted to economies that get a devaluation boost,&quot; said Colin McLean, Managing Director at SVM Asset Management. 
 
&quot;There may even be more takeover activity from overseas firms looking for bargains on the London stock market,&quot; he said. 
 
Disappointed supporters of the EU project on mainland Europe said Britain would struggle to keep the same market freedoms that have attracted more than 250 foreign lenders to its shores and turned financial services into Britain&#39;s biggest export. 
 
&quot;If Britain guarantees to implement all the rules, then Europe will unlikely punish London,&quot; said European Parliament member Sven Giegold, a member of the German Green Party. 
 
&quot;But the will of the citizens was exactly to get rid of that dependence. That is the irony because you can&#39;t do both. If you want to keep your market open, you have to accept all the rules. Without that, Europe would be foolish to extend privileges to the UK and the City of London,&quot; he said. 
 
(Reuters) 
 
 
 
 
&nbsp;

Its 2.2 million financial industry workers face years of uncertainty and the risk of thousands of job cuts

Britain’s 2.2 million financial industry workers face years of uncertainty and the risk of thousands of job cuts after the country voted to quit the European Union, leaving question marks over London's status as Europe's premier financial centre. The ‘Vote Leave’ campaign fronted by a slew of Conservative lawmakers and financial industry veterans claimed victory over its ‘Britain Stronger in Europe’ rival, after 374 of a total 382 counting areas declared majority support for their plan to leave the 28-nation club by 0507 GMT. The final official result is expected around 0600 GMT. Bankers’ early confidence that Britain would remain within the European Union quickly evaporated after early vote counts suggested the "leave" camp had the upper hand, sending Sterling plummeting to a thirty-year low and heart-rates racing on trading floors from London to Hong Kong. A leave vote means the future of Britain's financial services industry is now hanging in the balance. All depends on the divorce between Europe and Britain, the latter's ability to retain access to the European free market, and cope with the volatility that has seen Sterling nosedive against major global currencies. Mood in the restaurants and coffee shops in the high-rise banking hub of Canary Wharf, home to JPMorgan, Citi, HSBC and Barclays, was sober and contemplative, with job security fears rising to levels unseen since the 2008 financial crisis. Major investment banks have already warned they could move thousands of jobs elsewhere if Britain opts out of the EU, while the European Central Bank has signalled it could force euro trading out of London, the world's largest foreign exchange market. Wall Street bank Morgan Stanley could move around 1,000 of its roughly 6,000 employees currently in Britain on to the Continent if the country votes to leave the EU, a person familiar with the matter has told Reuters. Jamie Dimon, CEO of rival JPMorgan told staffers his bank "may have no choice" but to overhaul its UK business model, casting a pall over its 16,000 strong workforce. But for now, sources at banks said memos emailed internally to rattled employees advised them to think about clients first. "I’ve convened a big team meeting at 0800 GMT as the juniors are freaking out. I will tell them to focus on their job and wait for the volatility to pass but the reality is much, much starker, we'll have a crash and big layoffs," a senior investment banker at a U.S. bank told Reuters. "It's an act of national self-harm," he added. CARNAGE ON MARKETS Months of bitter campaigning has left the industry - which earned the nation 190 billion pounds in 2014 - deeply divided, with investment banks and insurers pitted against many fund managers and brokers who wanted a Brexit. "This is the biggest vote in my lifetime. Black Wednesday and the impact of Lehman Brothers collapsing - these other big events don't even compare in magnitude to this," said Mark Boleat, Chairman of the City of London’s Policy and Resources Committee. "We are just beginning to think through what will have to happen legally and it is massive, absolutely massive," he told Reuters. Reflecting the uncertainty that will hit the financial services sector, Hong Kong-listed shares of HSBC and Standard Chartered fell more than 10 per cent, while other UK banks are expected to post sharp declines when they start trading in London. All the major international and British banks in London had traders either working through the night or on call. Bankers in New York were also burning the midnight oil with special numbers laid out for clients to call, foreign exchange desks fully staffed and senior management keeping a fretful eye on screens. "Leave’s victory has delivered one of the biggest market shocks of all time ... Panic may not be too strong a word," Joe Rundle, Head of Trading at ETX Capital said. Many financial firms rely on the EU’s ‘passporting’ regime to sell their services across all of the bloc while basing the majority of their staff and operations in London. European government officials said UK-based firms could lose these privileges in the event of a Brexit, a move that would force them to shift some of their operations to the likes of Frankfurt, Paris or Dublin if they wanted to serve EU clients. WHAT NEXT? The Financial Conduct Authority said it would not comment about any immediate action it might take until after the referendum result has been formally announced. The Bank of England's Prudential Regulation Authority said it had no comment for the time being. For investment bankers, a Brexit vote is more than just about volatile prices on a screen but also about where they may end up working and living. "I will be ok because I've had a long career and I have savings and assets," the senior banker said. "People just starting out, people in much more precarious situations, will lose out from Brexit." But some commentators said the volatility would be temporary and would soon subside when international investors drawn by a fall in sterling began to scour financial markets for bargains. "Certainly, some international investors could find the UK less attractive but history shows us others are positively attracted to economies that get a devaluation boost," said Colin McLean, Managing Director at SVM Asset Management. "There may even be more takeover activity from overseas firms looking for bargains on the London stock market," he said. Disappointed supporters of the EU project on mainland Europe said Britain would struggle to keep the same market freedoms that have attracted more than 250 foreign lenders to its shores and turned financial services into Britain's biggest export. "If Britain guarantees to implement all the rules, then Europe will unlikely punish London," said European Parliament member Sven Giegold, a member of the German Green Party. "But the will of the citizens was exactly to get rid of that dependence. That is the irony because you can't do both. If you want to keep your market open, you have to accept all the rules. Without that, Europe would be foolish to extend privileges to the UK and the City of London," he said. (Reuters)

Britain's financial sector reels after the bombshell

After Britain voted to leave the European Union, the next hours, days and weeks will be crucial for the future of the bloc. 
 
Here are the next steps after &quot;Brexit&quot;: 
 
SAVE THE MARKETS 
 
With the stability of the global economy at risk, early Friday the European Central Bank is widely expected to make a statement to reassure markets. 
 
TOP EU OFFICIALS REACT 
 
The EU&#39;s top officials meet in Brussels at 0830 GMT on Friday. 
 
EU President Donald Tusk, European Commission chief Jean-Claude Juncker, European Parliament head Martin Schulz and Dutch Prime Minister Mark Rutte, whose country holds the six-month EU presidency, are expected to make a statement and address the press at around 1000 GMT. 
 
MINISTERS TACKLE BREXIT 
 
The EU&#39;s 28 European Affairs Ministers meet in Luxembourg to lay the groundwork for Brexit talks at the EU summit on June 28-29. Talks start at 1230 GMT. 
 
GERMAN SOLUTIONS 
 
Foreign ministers from the EU&#39;s six founding countries -- France, Germany, Italy, Belgium, the Netherlands, and Luxembourg -- are expected to meet on Saturday in Berlin, according to European sources. 
 
French President Francois Hollande will meet with German Chancellor Angela Merkel next week to discuss &quot;European initiatives&quot;, expected on Monday. 
 
FRANCO-GERMAN INITIATIVE 
 
The Merkel Hollande meet-up could be the occasion to announce plans for a long-rumoured Franco-German initiative on a better-integrated defence and security strategy for Europe. 
 
The leaders are seeking to use the plan to dispel doubts on the EU project unleashed by the British vote campaign. 
 
BRUSSELS ACTS 
 
On Monday the European Commission&#39;s top officials, who are nominated by the EU&#39;s 28 member states, begin mapping out the long road to an official Brexit at an extraordinary meeting in Brussels. 
 
MEPs have also called for an extraordinary session of the European Parliament to be held in Brussels on Monday in the case of a Brexit vote. 
 
THE &#39;BREXIT&#39; SUMMIT 
 
The 28 EU leaders -- still including British Prime Minister David Cameron -- meet on June 28 and 29 in Brussels to digest and debate the results of Thursday&#39;s Leave vote. 
 
It was originally due to be held on June 23 but was postponed after the British referendum date was announced. 
 
Cameron may trigger Article 50 of the EU&#39;s Lisbon Treaty, officially notifying EU leaders of Britain&#39;s intention to leave. 
 
ENTER SLOVAKIA 
 
On July 1st, the Netherlands hands over the EU&#39;s six-month rotating presidency to the relatively inexperienced Slovakia, which now must lead the negotiations towards Brexit. 
 
Britain had been due to take the helm at the end of 2017 but will now give that up. 
 
CRUEL SUMMER 
 
EU civil servants delay summer holidays to begin the painstaking legal work to bring about Brexit. The official British divorce from Europe would take at least two years. 
 
But EU president Donald Tusk has warned that the whole process of negotiating trade and immigration deals with a non-EU Britain could take seven years in all.

European Central Bank is widely expected to make a statement to reassure markets early Friday

After Britain voted to leave the European Union, the next hours, days and weeks will be crucial for the future of the bloc. Here are the next steps after "Brexit": SAVE THE MARKETS With the stability of the global economy at risk, early Friday the European Central Bank is widely expected to make a statement to reassure markets. TOP EU OFFICIALS REACT The EU's top officials meet in Brussels at 0830 GMT on Friday. EU President Donald Tusk, European Commission chief Jean-Claude Juncker, European Parliament head Martin Schulz and Dutch Prime Minister Mark Rutte, whose country holds the six-month EU presidency, are expected to make a statement and address the press at around 1000 GMT. MINISTERS TACKLE BREXIT The EU's 28 European Affairs Ministers meet in Luxembourg to lay the groundwork for Brexit talks at the EU summit on June 28-29. Talks start at 1230 GMT. GERMAN SOLUTIONS Foreign ministers from the EU's six founding countries -- France, Germany, Italy, Belgium, the Netherlands, and Luxembourg -- are expected to meet on Saturday in Berlin, according to European sources. French President Francois Hollande will meet with German Chancellor Angela Merkel next week to discuss "European initiatives", expected on Monday. FRANCO-GERMAN INITIATIVE The Merkel Hollande meet-up could be the occasion to announce plans for a long-rumoured Franco-German initiative on a better-integrated defence and security strategy for Europe. The leaders are seeking to use the plan to dispel doubts on the EU project unleashed by the British vote campaign. BRUSSELS ACTS On Monday the European Commission's top officials, who are nominated by the EU's 28 member states, begin mapping out the long road to an official Brexit at an extraordinary meeting in Brussels. MEPs have also called for an extraordinary session of the European Parliament to be held in Brussels on Monday in the case of a Brexit vote. THE 'BREXIT' SUMMIT The 28 EU leaders -- still including British Prime Minister David Cameron -- meet on June 28 and 29 in Brussels to digest and debate the results of Thursday's Leave vote. It was originally due to be held on June 23 but was postponed after the British referendum date was announced. Cameron may trigger Article 50 of the EU's Lisbon Treaty, officially notifying EU leaders of Britain's intention to leave. ENTER SLOVAKIA On July 1st, the Netherlands hands over the EU's six-month rotating presidency to the relatively inexperienced Slovakia, which now must lead the negotiations towards Brexit. Britain had been due to take the helm at the end of 2017 but will now give that up. CRUEL SUMMER EU civil servants delay summer holidays to begin the painstaking legal work to bring about Brexit. The official British divorce from Europe would take at least two years. But EU president Donald Tusk has warned that the whole process of negotiating trade and immigration deals with a non-EU Britain could take seven years in all.

After Brexit: Steps forward for EU

The pound sinks a staggering 9 per cent, fall is even larger than during the global financial crisis

Carnage came to world markets on Friday as early voting returns suggested Britain was on the brink of leaving the European Union, threatening the existence of the entire bloc and its single currency. Risk assets were scorched as investors fled to the safety of top-rated government debt, with FTSE futures off 6 per cent and EMINI S&P 500 futures down 3.5 per cent. The British pound had collapsed no less than 15 US cents, easily the biggest fall in living memory, while the euro slid 2.8 per cent as investors feared for its very future. Sterling sank a staggering 9 per cent to $1.3550, having carved out a range of $1.3462 to $1.5022. The fall was even larger than during the global financial crisis and the currency was moving two or three cents in the blink of an eye. "Sterling is getting smackadoodled," said Tim Kelleher, Head of FX Institutional Sales New Zealand for ASB Bank in Auckland. "While we thought it was all going to be "Remain", it's quite clearly not going to be as clear cut as that." Early official results showed the margins were nail-bitingly tight but pointing to a "Leave". Betting firm BetFair estimated the probability of leaving as high as 74 per cent. Traders were particularly spooked by returns from Sunderland showing a large majority for the "Leave" camp and just a narrow win for "Remain" in Newcastle. With half of 382 counting areas declared, the Leave camp was put at 51.3 per cent against 48.7 per cent for "Remain", according to Reuters calculations. The tremors shook all asset classes and regions. The safe-haven yen sprang higher to stand at 101.00 per dollar, having been as low as 106.81 at one stage. That dragged the Nikkei down 3 per cent and prompted warnings from Japanese officials that excessive forex moves were undesirable. Indeed, traders were wary in case global central banks chose to step in to calm the volatility. Other currencies across Asia suffered badly on worries that alarmed investors could pull funds out of emerging markets. MSCI's broadest index of Asia-Pacific shares outside Japan slid 3.3 per cent, its biggest fall in 10 months, while Shanghai stocks lost 1 per cent. UK bank shares listed in Hong Kong tumbled on the prospect of a destabilising exit. HSBC fell 8 per cent while Standard Chartered sank 9 per cent. FALSE HOPES? Financial markets have been racked for months by worries about what Brexit, or a British exit from the European Union, would mean for Europe's stability. Early opinion polls had favoured the "Remain" camp and perhaps led to a false sense of complacency in markets. An Ipsos MORI poll put the lead at 8 points while a YouGov poll out just after polls closed found 52 per cent of respondents said they voted to remain in the EU while 48 per cent voted to leave. Sovereign bonds came back into favour as safe harbours against market volatility, with U.S. 10-year Treasury futures jumping 1.29 points. Yields on the cash note fell 16 basis points to 1.58 per cent, the steepest one day drop since 2011. Investors also priced in even less chance of another hike in U.S. interest rates given the Federal Reserve had cited a British exit from the EU as one reason to be cautious on tightening. "It adds weight to the camp that the Fed would be on hold. A July (hike) is definitely off the table," Mike Baele, managing director with the private client reserve group at U.S. Bank in Portland, Oregon. Commodities likewise swung lower as a Brexit would be seen as a major threat to global growth. U.S. crude shed $2.02 to $48.09 a barrel in erratic trade while Brent fell $1.91 to $49.00. Copper slipped but gold galloped more than 3 per cent higher thanks to its perceived safe haven status. (Reuters)

Sterling, stocks in free fall

The UK referendum results and possibility of Brexit has caught the world attention and back at home, head of the anti-European Union (EU) UK Independence Party (UKIP) is probably not too pleased with the early results hinting that country may remain with 28-member bloc. 
 
Britain may have voted to remain in the European Union at the membership referendum but the bloc is doomed regardless, Nigel Farage Thursday said. He also opined that Britain had voted to remain in the EU, possibly because of an extension of a deadline for people to register to vote. 
 
It may be recalled that the voter registration period for June 23 referendum was extended by 48 hours earlier this month, after a late surge in applications crashed a key website shortly before an original deadline. 
 
&quot;The eurosceptic genie is out of the bottle, and it will now not be put back,&quot; he told supporters, in comments carried on local television. 
 
&quot;If we do stay part of this union it is doomed, it is finished anyway. If we fail tonight it will not be us that knocks out the first brick from the wall, it will be someone else.&quot; 
 
&quot;I hope and pray that my sense of this tonight is wrong,&quot; Farage said.&nbsp; 
 
He repeated his forecast that Remain would narrowly win even after official results which showed a better-than-expected performance for Leave in two northern cities, Sunderland and Newcastle, that nudged his camp just ahead of the Remain camp with five out of 382 areas declared. 
 
&quot;My sense of this is that the government&#39;s registration scheme, getting 2 million voters, the 48-hour extension, may be what tips the balance,&quot; he commented.&nbsp; 
 
(Reuters)&nbsp; 
&nbsp;

'If we fail tonight it will not be us that knocks out the first brick from the wall, it will be someone else,' he said

The UK referendum results and possibility of Brexit has caught the world attention and back at home, head of the anti-European Union (EU) UK Independence Party (UKIP) is probably not too pleased with the early results hinting that country may remain with 28-member bloc. Britain may have voted to remain in the European Union at the membership referendum but the bloc is doomed regardless, Nigel Farage Thursday said. He also opined that Britain had voted to remain in the EU, possibly because of an extension of a deadline for people to register to vote. It may be recalled that the voter registration period for June 23 referendum was extended by 48 hours earlier this month, after a late surge in applications crashed a key website shortly before an original deadline. "The eurosceptic genie is out of the bottle, and it will now not be put back," he told supporters, in comments carried on local television. "If we do stay part of this union it is doomed, it is finished anyway. If we fail tonight it will not be us that knocks out the first brick from the wall, it will be someone else." "I hope and pray that my sense of this tonight is wrong," Farage said. He repeated his forecast that Remain would narrowly win even after official results which showed a better-than-expected performance for Leave in two northern cities, Sunderland and Newcastle, that nudged his camp just ahead of the Remain camp with five out of 382 areas declared. "My sense of this is that the government's registration scheme, getting 2 million voters, the 48-hour extension, may be what tips the balance," he commented. (Reuters)

Britain may Remain but EU doomed anyway: UKIP chief

Britain&#39;s vote to leave the European Union fired up populist eurosceptic parties across the continent on Friday, giving fresh voice to their calls to leave the bloc or its Euro currency. 
 
Right-wing and anti-immigrant parties in the Netherlands, Denmark, Sweden and France demanded referendums on membership of the union, while Italy&#39;s 5-Star movement said it would to pursue its own proposal for a vote on the euro. 
 
Geert Wilders, leader of the Dutch anti-immigrant PVV party, said he would make a Dutch referendum on EU membership a central theme of his campaign to become prime minister in next year&#39;s parliamentary election. 
 
&quot;I congratulate the British people for beating the political elite in both London and Brussels and I think we can do the same,&quot; Wilders told Reuters. &quot;We should have a referendum about a &#39;Nexit&#39; as soon as possible.&quot; 
 
On Thursday, Britons voted to leave the 28-nation EU, forcing the resignation of Prime Minister David Cameron and dealing the biggest blow to the European project of greater unity since World War II. 
 
&quot;There is no future any more (for the EU),&quot; Wilders said. 
 
France&#39;s far-right National Front party also called for a French referendum on European Union membership, cheering a Brexit vote it hopes can boost its eurosceptic agenda. 
 
Party leader Marine Le Pen celebrated the result by displaying the British flag on her Twitter page. 
 
&quot;Victory for freedom!&quot; she said. &quot;We now need to hold the same referendum in France and in (other) EU countries.&quot; Her deputy, Florian Philippot said: &quot;Our turn now #Brexit #Frexit.&quot; 
 
Le Pen said last month that if she won next year&#39;s French presidential election she would immediately start negotiations on a series of sovereignty issues including the single currency. If those failed, she would ask voters to back leaving the EU. 
 
She is the front-runner among likely candidates ahead of the vote, although polls see her losing the run-off. 
 
Analysts and a few front-runner officials and allies have said its protectionist, anti-euro policy was partly to blame for holding the party back in the past. But the Brexit vote could help it overcome this, Ifop pollster&#39;s analyst Frederic Dabi said. 
 
OUR TURN 
 
The populist anti-immigration Danish People&#39;s Party (DF), an ally of Denmark&#39;s right-leaning government, also called for a referendum on membership of the European Union. 
 
&quot;I believe that the Danes obviously should have a referendum on whether we want to follow Britain or keep things the way we have it now,&quot; DF party leader Kristian Thulesen Dahl said. 
 
The DF is not in government but is one of three parties supporting the one-party administration. Its call for a popular vote was echoed by the head of the left-wing Red-Green Alliance. 
 
Prime Minister Lars Lokke Rasmussen rejected the calls, but acknowledged that the British vote raised the possibility of a &quot;slimmer EU&quot;. 
 
In Sweden, the anti-immigration party the Sweden Democrats, which has the support of around 17 per cent of voters according to a poll last month, said it would step up pressure for change. 
 
&quot;We demand that Sweden immediately starts to renegotiate the (EU) deals we have made and that the Swedish people will be able to speak up about a future EU-membership in a referendum,&quot; party leader Jimme Akesson said. 
 
Italy&#39;s second most popular party, the opposition 5-Star Movement described the Brexit vote as a lesson in democracy and promised to pursue its own proposal for an Italian referendum on the euro. 
 
The party, considered a genuine contender for government at the next general election, wants Italy to hold a &quot;consultative&quot; or non-binding referendum on whether to remain in the euro zone. 
 
&quot;Whether you like it or not the British people have chosen,&quot; said lower house deputy Alessandro Di Battista, a member of 5-Star&#39;s leadership committee. 
 
The right-wing Northern League, a member of Italy&#39;s opposition centre-right, was more outspoken. &quot;Thank you Great Britain, next it is our turn,&quot; party leader Matteo Salvini said. 
 
(Reuters)

Dutch, Swedish and French right-wing parties demand independent referendums following Britain's exit from the European Union

Britain's vote to leave the European Union fired up populist eurosceptic parties across the continent on Friday, giving fresh voice to their calls to leave the bloc or its Euro currency. Right-wing and anti-immigrant parties in the Netherlands, Denmark, Sweden and France demanded referendums on membership of the union, while Italy's 5-Star movement said it would to pursue its own proposal for a vote on the euro. Geert Wilders, leader of the Dutch anti-immigrant PVV party, said he would make a Dutch referendum on EU membership a central theme of his campaign to become prime minister in next year's parliamentary election. "I congratulate the British people for beating the political elite in both London and Brussels and I think we can do the same," Wilders told Reuters. "We should have a referendum about a 'Nexit' as soon as possible." On Thursday, Britons voted to leave the 28-nation EU, forcing the resignation of Prime Minister David Cameron and dealing the biggest blow to the European project of greater unity since World War II. "There is no future any more (for the EU)," Wilders said. France's far-right National Front party also called for a French referendum on European Union membership, cheering a Brexit vote it hopes can boost its eurosceptic agenda. Party leader Marine Le Pen celebrated the result by displaying the British flag on her Twitter page. "Victory for freedom!" she said. "We now need to hold the same referendum in France and in (other) EU countries." Her deputy, Florian Philippot said: "Our turn now #Brexit #Frexit." Le Pen said last month that if she won next year's French presidential election she would immediately start negotiations on a series of sovereignty issues including the single currency. If those failed, she would ask voters to back leaving the EU. She is the front-runner among likely candidates ahead of the vote, although polls see her losing the run-off. Analysts and a few front-runner officials and allies have said its protectionist, anti-euro policy was partly to blame for holding the party back in the past. But the Brexit vote could help it overcome this, Ifop pollster's analyst Frederic Dabi said. OUR TURN The populist anti-immigration Danish People's Party (DF), an ally of Denmark's right-leaning government, also called for a referendum on membership of the European Union. "I believe that the Danes obviously should have a referendum on whether we want to follow Britain or keep things the way we have it now," DF party leader Kristian Thulesen Dahl said. The DF is not in government but is one of three parties supporting the one-party administration. Its call for a popular vote was echoed by the head of the left-wing Red-Green Alliance. Prime Minister Lars Lokke Rasmussen rejected the calls, but acknowledged that the British vote raised the possibility of a "slimmer EU". In Sweden, the anti-immigration party the Sweden Democrats, which has the support of around 17 per cent of voters according to a poll last month, said it would step up pressure for change. "We demand that Sweden immediately starts to renegotiate the (EU) deals we have made and that the Swedish people will be able to speak up about a future EU-membership in a referendum," party leader Jimme Akesson said. Italy's second most popular party, the opposition 5-Star Movement described the Brexit vote as a lesson in democracy and promised to pursue its own proposal for an Italian referendum on the euro. The party, considered a genuine contender for government at the next general election, wants Italy to hold a "consultative" or non-binding referendum on whether to remain in the euro zone. "Whether you like it or not the British people have chosen," said lower house deputy Alessandro Di Battista, a member of 5-Star's leadership committee. The right-wing Northern League, a member of Italy's opposition centre-right, was more outspoken. "Thank you Great Britain, next it is our turn," party leader Matteo Salvini said. (Reuters)

Nexit, Frexit or Italeave? British vote fires up EU's 'Outers'

As initial results of Britain`s European Union membership referendum suggested the &lsquo;Leave&rsquo; vote performed better than expected, the pound dived in early Asian trading Friday tumbling from 2016 highs.&nbsp; 
 
Sterling briefly dived to just below $1.43 from above $1.50 -- its highest this year -- while it dropped to 79.17 pence to the euro, from around 76 pence earlier Friday. 
 
Britain`s currency seemingly did a U-turn as results from Sunderland in the northeast showed voters there had opted to leave the 28-member EU by a significant margin - 61 per cent against 39 per cent in favour of staying. 
 
Markets confident that Brexit could be averted 
Meanwhile, in neighbouring Newcastle-upon-Tyne, the margin of victory for the &lsquo;Remain&rsquo; camp was much smaller than expected, with just 50.7 percent of voters choosing to stay with the bloc. 
 
The result of the vote will not be known until around 0800 GMT Friday. However, markets had been growing increasingly confident that a so-called Brexit would be averted, although some analysts were concerned the markets could get it wrong.&nbsp; 
 
In response to the initial vote results, the yen surged nearly three percent on the dollar to just above 103, its highest levels since 2014, as traders flocked to safe-haven currencies. 
 
Notably, investors tend to buy the yen in times of uncertainty and turmoil. 
 
 
&lsquo;British exit could hammer world markets&rsquo; 
This week, European Commission President Jean-Claude Juncker and US Federal Reserve boss Janet Yellen were among the voices warning that a British exit could hammer world markets. 
 
&quot;The strong risk-on rally this week limits the upside from here on any `Remain` outcome and sets the scene for a much larger downward correction on a shock `Leave` outcome,&quot; said Jason Wong, a currency analyst at Bank of New Zealand. 
 
Over the past four days, financial markets had rallied as the pro-EU campaign recovered momentum, but the inital vote results underscored how tight the race might be. 
 
While some opinion polls before the vote showed the &#39;Leave&#39; side with the slimmest of leads, bookmakers were giving a more decisive edge to the &#39;Remain&#39; camp. 
 
(AFP)&nbsp;

But markets and bookmakers still say the Remain camp will win

As initial results of Britain`s European Union membership referendum suggested the ‘Leave’ vote performed better than expected, the pound dived in early Asian trading Friday tumbling from 2016 highs. Sterling briefly dived to just below $1.43 from above $1.50 -- its highest this year -- while it dropped to 79.17 pence to the euro, from around 76 pence earlier Friday. Britain`s currency seemingly did a U-turn as results from Sunderland in the northeast showed voters there had opted to leave the 28-member EU by a significant margin - 61 per cent against 39 per cent in favour of staying. Markets confident that Brexit could be averted Meanwhile, in neighbouring Newcastle-upon-Tyne, the margin of victory for the ‘Remain’ camp was much smaller than expected, with just 50.7 percent of voters choosing to stay with the bloc. The result of the vote will not be known until around 0800 GMT Friday. However, markets had been growing increasingly confident that a so-called Brexit would be averted, although some analysts were concerned the markets could get it wrong. In response to the initial vote results, the yen surged nearly three percent on the dollar to just above 103, its highest levels since 2014, as traders flocked to safe-haven currencies. Notably, investors tend to buy the yen in times of uncertainty and turmoil. ‘British exit could hammer world markets’ This week, European Commission President Jean-Claude Juncker and US Federal Reserve boss Janet Yellen were among the voices warning that a British exit could hammer world markets. "The strong risk-on rally this week limits the upside from here on any `Remain` outcome and sets the scene for a much larger downward correction on a shock `Leave` outcome," said Jason Wong, a currency analyst at Bank of New Zealand. Over the past four days, financial markets had rallied as the pro-EU campaign recovered momentum, but the inital vote results underscored how tight the race might be. While some opinion polls before the vote showed the 'Leave' side with the slimmest of leads, bookmakers were giving a more decisive edge to the 'Remain' camp. (AFP)

First Brexit results in: Leave performs better than expected, pound dives

India&#39;s foreign exchange reserves hit a record high of $363.83 billion as of the week ended June 17, shoring up the country&#39;s defences just as investors brace for continued volatility after Britain voted to leave the European Union. 
 
Analsyts said FX reserves rose mainly on currency valuations. 
 
The Reserve Bank of India has also been steadily building Dollars to help meet $20 billion in expected outflows in September tied to maturing Dollar deposits - or the foreign currency non-resident (bank) deposits - raised during 2013 when India was in midst of a currency crisis. 
 
The weekly data comes on a day when the Indian Rupee fell to as low as 68.22 to the Dollar, its lowest since March 1 and not far from a record low of 68.85 hit in August 2013, during the crisis. 
 
The currency however cut some of its losses to end at 67.96/97, compared with its close of 67.25 on Thursday. 
 
&quot;India&#39;s strong reserves position is an important buffer against volatility in these uncertain times,&quot; said A Prasanna, an economist at ICICI Securities Primary Dealership Ltd in Mumbai. 
 
&quot;However, reserves are likely to see some decline in coming months due to the FCNR redemptions. Over the medium term, we expect reserves to keep expanding, boosted by sustainable inflows such as FDI (foreign direct investment).&quot; 
 
RBI governor Raghuram Rajan and finance minister Arun Jaitely said on Friday India was ready to deal with the aftermath of the Brexit vote, citing its solid economy and planned government reforms. 
 
Rajan also touted the country&#39;s Forex reserves as key defence against foreign investor selling. 
 
(Reuters)

RBI governor Raghuram Rajan and finance minister Arun Jaitely said India was ready to deal with the aftermath of the Brexit vote

India's foreign exchange reserves hit a record high of $363.83 billion as of the week ended June 17, shoring up the country's defences just as investors brace for continued volatility after Britain voted to leave the European Union. Analsyts said FX reserves rose mainly on currency valuations. The Reserve Bank of India has also been steadily building Dollars to help meet $20 billion in expected outflows in September tied to maturing Dollar deposits - or the foreign currency non-resident (bank) deposits - raised during 2013 when India was in midst of a currency crisis. The weekly data comes on a day when the Indian Rupee fell to as low as 68.22 to the Dollar, its lowest since March 1 and not far from a record low of 68.85 hit in August 2013, during the crisis. The currency however cut some of its losses to end at 67.96/97, compared with its close of 67.25 on Thursday. "India's strong reserves position is an important buffer against volatility in these uncertain times," said A Prasanna, an economist at ICICI Securities Primary Dealership Ltd in Mumbai. "However, reserves are likely to see some decline in coming months due to the FCNR redemptions. Over the medium term, we expect reserves to keep expanding, boosted by sustainable inflows such as FDI (foreign direct investment)." RBI governor Raghuram Rajan and finance minister Arun Jaitely said on Friday India was ready to deal with the aftermath of the Brexit vote, citing its solid economy and planned government reforms. Rajan also touted the country's Forex reserves as key defence against foreign investor selling. (Reuters)

India's forex reserves hit record high of $363.83 billion amid market turmoil

Mexico&#39;s finance minister Luis Videgaray announced on Friday a $1.68 billion budget cut to deal with the consequences of Britain&#39;s vote to leave the European Union. 
 
&quot;The British people have surprised the world,&quot; Videgaray said at a news conference. 
 
(AFP)

'The British people have surprised the world,' says Mexico finance minister Luis Videgaray

Mexico's finance minister Luis Videgaray announced on Friday a $1.68 billion budget cut to deal with the consequences of Britain's vote to leave the European Union. "The British people have surprised the world," Videgaray said at a news conference. (AFP)

Mexico announces $1.68 billion budget cut after Brexit

US President, Barack Obama&nbsp; 
&quot;The people of the United Kingdom have spoken, and we respect their decision,&quot; Obama said in a statement. &quot;The United Kingdom and the European Union will remain indispensable partners of the United States even as they begin negotiating their ongoing relationship.&quot;&nbsp; 
 
British Prime Minister, David Cameron&nbsp; 
&quot;I do not think it would be right for me to try to be the captain that steers our country to its next destination ... it is in the national interest to have a period of stability and then the new leadership required.&quot;&nbsp; 
 
Russian President, Vladimir Putin 
&quot;I think it is understandable why this happened: first, no one wants to feed and subsidise weaker economies ...second, people are apparently dissatisfied with the resolution of security issues, which has become more acute against the background of powerful migration processes.&quot;&nbsp; 
 
Chinese fogeign ministry spokeswoman, Hua Chunying 
&quot;The impact will be on all levels, not only on relations between China and Britain ... China supports the European integration process and would like to see Europe playing a proactive role in international affairs.&quot; 
 
US Republican presidential candidate, Donald Trump 
&quot;They took back control of their country. It&#39;s a great thing ...people are angry, all over the world ...they&#39;re angry over borders, they&#39;re angry over people coming into the country and taking over. Nobody even knows who they are. They&#39;re angry about many, many things.&quot; 
 
Pope Francis 
&quot;It was the will expressed by the people and this requires a great responsibility on the part of all of us to guarantee the good of the people of the United Kingdom, as well as the good and co-existence of the European continent.&quot;&nbsp; 
 
World Trade Organisation director, general Roberto Azevedo&nbsp; 
&quot;The WTO stands ready to work with the UK and the EU to assist them in any way we can,&quot; WTO director-general Roberto Azevedo said on Twitter.&nbsp; 
Azevedo warned in a speech this month that British business competitiveness would suffer if Britons voted to leave the European Union. &quot;While trade would continue, it could be on worse terms,&quot; he said at the time of a vote to leave the EU.&nbsp; 
He has already said that Britain would have to renegotiate its relationship with the rest of the WTO, which could take years or decades.&nbsp; 
 
EU foreign policy head, Federica Mogherini? 
&quot;We will continue to act as a force for peace, a provider of security, and a staunch supporter of international cooperation and multilateralism,&quot; Federica Mogherini said, adding she regretted Britain&#39;s decision to leave.&nbsp; 
 
European Council President, Donald Tusk 
&quot;We are determined to keep our unity as 27 ... I will propose that we start a period of wider reflection on the future of our union.&quot;&nbsp; 
 
Leading figure in &quot;Leave&quot; campaign, Boris Johnson 
&quot;We can find our voice in the world again, a voice that is commensurate with the fifth-biggest economy on Earth ... I believe we now have a glorious opportunity: we can pass our laws and set our taxes entirely according to the needs of the UK economy ...&nbsp; 
&quot;There is now no need for haste and ... nothing will change over the short term.&quot;&nbsp; 
 
German chancellor, Angela Merkel 
&quot;We have to recognise the decision of the majority of the British people with deep regret today. There is no point beating about the bush: today is a watershed for Europe, it is a watershed for the European unification process.&quot; 
 
French President, Francois Hollande&nbsp; 
&quot;Europe must act quickly where it&#39;s needed and must, once and for all, let member states handle what is their exclusive domain.&quot; 
 
French Prime Minister, Manuel Valls 
&quot;It&#39;s an explosive shock. At stake is the break-up pure and simple of the union. Now is the time to invent another Europe.&quot;&nbsp; 
 
Norwegian Prime Minister: Erna Solberg 
Solberg called the vote a &quot;signal from both the British voters and many other voters around Europe who feel that the EU is not providing good enough answers to today&#39;s challenges&quot;. 
 
Hungarian Prime Minister, Viktor Orban 
&quot;Brussels must hear the voice of the people, this is the biggest lesson from this decision.&quot; 
&quot;Europe is strong only if it can give answers to major issues such as immigration that would strengthen Europe itself and not weaken it. The EU has failed to give these answers.&quot; 
 
Polish President, Andrzej Duda 
&quot;Everything must be done to prevent other countries leaving.&quot;&nbsp; 
 
Italian Prime Minister, Matteo Renzi&nbsp; 
&quot;We have to change (the EU) to make it more human and more just, but Europe is our home, it&#39;s our future.&quot;&nbsp; 
 
Acting Spanish Prime Minister, Mariano Rajoy 
&quot;In little more than half a century, Europeans have built the greatest space for peace, freedom and prosperity in all of humanity&rsquo;s history. And, despite the serious setbacks like the one we face today, nobody should doubt that we are going to continue working to build tomorrow.&quot;&nbsp; 
 
Swedish EU Minister, Ann Linde 
&quot;We must show people why we believe the EU is important, why we need to remain. We have to look at the things that matter in people&#39;s everyday lives, perhaps where there have been ambiguities, where there&#39;s been arrogance and where people have felt it&#39;s been an elite project.&quot; 
 
Greek Prime Minister, Alexis Tsipras 
&quot;We urgently need a new vision and beginning for a united Europe - for a better Europe, more social and democratic.&quot;&nbsp; 
 
First minister of Scotland, Nicola Strugeon 
&quot;I think an independence referendum is now highly likely ... intend to take all possible steps and explore all options to give effect to how people in Scotland voted, in other words to secure our continuing place in the EU and in the single market.&quot; 
 
Nationalist deputy first minister of Northern Ireland, Martin Mcguinness 
&quot;The British government now has no democratic mandate to represent the views of the North in any future negotiations with the European Union and I do believe that there is a democratic imperative for a &#39;border poll&#39; to be held.&quot;&nbsp; 
 
United Nations Secretary-General, Ban-Ki-Moon 
The UN Secretary-General expects Britain to continue its leadership at the world body particularly on development issues after the country, a Security Council veto power, voted to leave the European Union.&nbsp; 
&quot;At the UN, we look forward to continuing our work with the United Kingdom and the European Union, both important partners,&quot; Ban&#39;s spokesman Stephane Dujarric said in a statement on Friday. &quot;When we work together, we are stronger.&quot;&nbsp; 
He said that as Britain and the European Union begin to negotiate a departure, Ban &quot;trusts in Europe&#39;s well-proven history of pragmatism and common responsibility in the interest of European citizens&quot;.&nbsp; 
 
International Monetary Fund Managing Director, Christine Lagarde&nbsp; 
On Friday Lagarde urged British and European authorities to work towards a smooth transition implementing Britons&#39; vote to leave the European Union.&nbsp; 
&quot;We take note of the decision by the people of the United Kingdom,&quot; Lagarde said in a statement. &quot;We urge the authorities in the UK and Europe to work collaboratively to ensure a smooth transition to a new economic relationship between the UK and the EU, including by clarifying the procedures and broad objectives that will guide the process.&quot;&nbsp; 
&quot;We strongly support commitments of the Bank of England and the ECB to supply liquidity to the banking system and curtail excess financial volatility. We will continue to monitor developments closely and stand ready to support our members as needed,&quot; Lagarde added.&nbsp; 
&nbsp; 
&nbsp;(Reuters)

Read quotes from around the globe about the UK exiting the European Union

US President, Barack Obama "The people of the United Kingdom have spoken, and we respect their decision," Obama said in a statement. "The United Kingdom and the European Union will remain indispensable partners of the United States even as they begin negotiating their ongoing relationship." British Prime Minister, David Cameron "I do not think it would be right for me to try to be the captain that steers our country to its next destination ... it is in the national interest to have a period of stability and then the new leadership required." Russian President, Vladimir Putin "I think it is understandable why this happened: first, no one wants to feed and subsidise weaker economies ...second, people are apparently dissatisfied with the resolution of security issues, which has become more acute against the background of powerful migration processes." Chinese fogeign ministry spokeswoman, Hua Chunying "The impact will be on all levels, not only on relations between China and Britain ... China supports the European integration process and would like to see Europe playing a proactive role in international affairs." US Republican presidential candidate, Donald Trump "They took back control of their country. It's a great thing ...people are angry, all over the world ...they're angry over borders, they're angry over people coming into the country and taking over. Nobody even knows who they are. They're angry about many, many things." Pope Francis "It was the will expressed by the people and this requires a great responsibility on the part of all of us to guarantee the good of the people of the United Kingdom, as well as the good and co-existence of the European continent." World Trade Organisation director, general Roberto Azevedo "The WTO stands ready to work with the UK and the EU to assist them in any way we can," WTO director-general Roberto Azevedo said on Twitter. Azevedo warned in a speech this month that British business competitiveness would suffer if Britons voted to leave the European Union. "While trade would continue, it could be on worse terms," he said at the time of a vote to leave the EU. He has already said that Britain would have to renegotiate its relationship with the rest of the WTO, which could take years or decades. EU foreign policy head, Federica Mogherini? "We will continue to act as a force for peace, a provider of security, and a staunch supporter of international cooperation and multilateralism," Federica Mogherini said, adding she regretted Britain's decision to leave. European Council President, Donald Tusk "We are determined to keep our unity as 27 ... I will propose that we start a period of wider reflection on the future of our union." Leading figure in "Leave" campaign, Boris Johnson "We can find our voice in the world again, a voice that is commensurate with the fifth-biggest economy on Earth ... I believe we now have a glorious opportunity: we can pass our laws and set our taxes entirely according to the needs of the UK economy ... "There is now no need for haste and ... nothing will change over the short term." German chancellor, Angela Merkel "We have to recognise the decision of the majority of the British people with deep regret today. There is no point beating about the bush: today is a watershed for Europe, it is a watershed for the European unification process." French President, Francois Hollande "Europe must act quickly where it's needed and must, once and for all, let member states handle what is their exclusive domain." French Prime Minister, Manuel Valls "It's an explosive shock. At stake is the break-up pure and simple of the union. Now is the time to invent another Europe." Norwegian Prime Minister: Erna Solberg Solberg called the vote a "signal from both the British voters and many other voters around Europe who feel that the EU is not providing good enough answers to today's challenges". Hungarian Prime Minister, Viktor Orban "Brussels must hear the voice of the people, this is the biggest lesson from this decision." "Europe is strong only if it can give answers to major issues such as immigration that would strengthen Europe itself and not weaken it. The EU has failed to give these answers." Polish President, Andrzej Duda "Everything must be done to prevent other countries leaving." Italian Prime Minister, Matteo Renzi "We have to change (the EU) to make it more human and more just, but Europe is our home, it's our future." Acting Spanish Prime Minister, Mariano Rajoy "In little more than half a century, Europeans have built the greatest space for peace, freedom and prosperity in all of humanity’s history. And, despite the serious setbacks like the one we face today, nobody should doubt that we are going to continue working to build tomorrow." Swedish EU Minister, Ann Linde "We must show people why we believe the EU is important, why we need to remain. We have to look at the things that matter in people's everyday lives, perhaps where there have been ambiguities, where there's been arrogance and where people have felt it's been an elite project." Greek Prime Minister, Alexis Tsipras "We urgently need a new vision and beginning for a united Europe - for a better Europe, more social and democratic." First minister of Scotland, Nicola Strugeon "I think an independence referendum is now highly likely ... intend to take all possible steps and explore all options to give effect to how people in Scotland voted, in other words to secure our continuing place in the EU and in the single market." Nationalist deputy first minister of Northern Ireland, Martin Mcguinness "The British government now has no democratic mandate to represent the views of the North in any future negotiations with the European Union and I do believe that there is a democratic imperative for a 'border poll' to be held." United Nations Secretary-General, Ban-Ki-Moon The UN Secretary-General expects Britain to continue its leadership at the world body particularly on development issues after the country, a Security Council veto power, voted to leave the European Union. "At the UN, we look forward to continuing our work with the United Kingdom and the European Union, both important partners," Ban's spokesman Stephane Dujarric said in a statement on Friday. "When we work together, we are stronger." He said that as Britain and the European Union begin to negotiate a departure, Ban "trusts in Europe's well-proven history of pragmatism and common responsibility in the interest of European citizens". International Monetary Fund Managing Director, Christine Lagarde On Friday Lagarde urged British and European authorities to work towards a smooth transition implementing Britons' vote to leave the European Union. "We take note of the decision by the people of the United Kingdom," Lagarde said in a statement. "We urge the authorities in the UK and Europe to work collaboratively to ensure a smooth transition to a new economic relationship between the UK and the EU, including by clarifying the procedures and broad objectives that will guide the process." "We strongly support commitments of the Bank of England and the ECB to supply liquidity to the banking system and curtail excess financial volatility. We will continue to monitor developments closely and stand ready to support our members as needed," Lagarde added. (Reuters)

World leaders respond to Brexit

Close on the heels of the murder of British MP Jo Cox, United Kingdom is polling on Thursday to decide if the country will &lsquo;leave&rsquo; or &lsquo;remain&rsquo; in the European Union (EU). 
 
Apart from Asian markets wobbling and oil prices rising, reactions are pouring in from all quarters of the world, both favouring and defying the idea of the British exit from EU.&nbsp; 
 
United Kingdom Independence Party (UKIP) leader Nigel Farage, who favours Brexit, reportedly pulled out of a television debate right ahead of the EU referendum. While polling started this morning, he had already been actively urging the social media users on Twitter to &lsquo;vote&rsquo; and &lsquo;get our country back&rsquo;.&nbsp; 
 
Brexit would raise eyebrows in Ireland&nbsp; 
 
Expressing concern, however, Ireland foreign minister Charlie Flanagan Wednesday said that Ireland would have to consider taking steps to assist firms exporting into Britain, if its nearest neighbour and largest trade partner votes to leave the European Union.&nbsp; 
 
According to observers, Irish exporters would be the first to suffer if Brexit significantly weakened the Pound against the Euro and Flanagan said concerns were raised in meetings with trade bodies during the campaign. 
 
&quot;It&#39;s too early for me to speculate as to the nature of any actions that we may take, but we are fully sensitive to the challenge that lies ahead and the need to respond accordingly,&quot; Flanagan said and added, &ldquo;In the event of there being a vote to leave, we would be primarily focused on strategic national Irish interests across a range of issues, primarily economic and trade, so we have prepared a plan across a range of departments.&quot; 
 
About Euro 1.2 billion ($1.35 billion) worth of goods and services are traded between United Kingdom and Ireland each week with Irish farmers and food producers, major UK suppliers, particularly vulnerable. 
 
Why some leaders do not want Britain to &#39;leave&#39; 
 
Businessman George Soros had earlier this week observed that Britain&rsquo;s exit could lead to the depriciation of the Pound.&nbsp; 
 
Many world leaders, including Australian Prime Minister Malcolm Turnball, are not in favour of UK&rsquo;s exit from the EU.&nbsp; 
 
&quot;It would be a very big shock, there is no doubt about that, if Britain votes to leave the European Union. There will be obviously great efforts to ensure that the consequences of that shock are minimised,&rdquo; he said ahead of polls. &quot;Clearly, Britain is not voting to leave NATO, for example, so the strategic implications are not as severe as they could be, if that were the case. But it will be a big shock and it is a reminder as Margaret Thatcher once said &#39;to expect the unexpected&#39;. There are a lot of headwinds in the global economy, there are a lot of challenges, there are a lot of things that are beyond our control that effect global markets, that effect us.&quot; 
 
(WION and Agencies)&nbsp; 
&nbsp;

Apart from Asian markets wobbling and oil prices rising, reactions are pouring in from all quarters of the world

Close on the heels of the murder of British MP Jo Cox, United Kingdom is polling on Thursday to decide if the country will ‘leave’ or ‘remain’ in the European Union (EU). Apart from Asian markets wobbling and oil prices rising, reactions are pouring in from all quarters of the world, both favouring and defying the idea of the British exit from EU. United Kingdom Independence Party (UKIP) leader Nigel Farage, who favours Brexit, reportedly pulled out of a television debate right ahead of the EU referendum. While polling started this morning, he had already been actively urging the social media users on Twitter to ‘vote’ and ‘get our country back’. Brexit would raise eyebrows in Ireland Expressing concern, however, Ireland foreign minister Charlie Flanagan Wednesday said that Ireland would have to consider taking steps to assist firms exporting into Britain, if its nearest neighbour and largest trade partner votes to leave the European Union. According to observers, Irish exporters would be the first to suffer if Brexit significantly weakened the Pound against the Euro and Flanagan said concerns were raised in meetings with trade bodies during the campaign. "It's too early for me to speculate as to the nature of any actions that we may take, but we are fully sensitive to the challenge that lies ahead and the need to respond accordingly," Flanagan said and added, “In the event of there being a vote to leave, we would be primarily focused on strategic national Irish interests across a range of issues, primarily economic and trade, so we have prepared a plan across a range of departments." About Euro 1.2 billion ($1.35 billion) worth of goods and services are traded between United Kingdom and Ireland each week with Irish farmers and food producers, major UK suppliers, particularly vulnerable. Why some leaders do not want Britain to 'leave' Businessman George Soros had earlier this week observed that Britain’s exit could lead to the depriciation of the Pound. Many world leaders, including Australian Prime Minister Malcolm Turnball, are not in favour of UK’s exit from the EU. "It would be a very big shock, there is no doubt about that, if Britain votes to leave the European Union. There will be obviously great efforts to ensure that the consequences of that shock are minimised,” he said ahead of polls. "Clearly, Britain is not voting to leave NATO, for example, so the strategic implications are not as severe as they could be, if that were the case. But it will be a big shock and it is a reminder as Margaret Thatcher once said 'to expect the unexpected'. There are a lot of headwinds in the global economy, there are a lot of challenges, there are a lot of things that are beyond our control that effect global markets, that effect us." (WION and Agencies)

'Leave' or 'Remain'? World reacts over possibility of Brexit

China is paying attention to Britain&#39;s referendum on membership of the European Union, and while it respects the people&#39;s choice, Beijing hopes to see a strong and stable EU, the Chinese government said on Thursday as Britons headed to the polls. 
 
China has not directly stated its opinion on the Brexit referendum, seeing the vote as an internal matter.But diplomatic sources say China has given coded support for the &quot;remain&quot; camp by calling for a strong, united Europe - something President Xi Jinping told British Prime Minister David Cameron in October and Foreign Minister Wang Yi repeated last month. 
 
&quot;We are paying attention to Britain`s referendum on its relationship with the EU. We respect the choice of the British people,&quot; Chinese foreign ministry spokeswoman Hua Chunying told a daily news briefing. 
 
&quot;We have also consistently supported the European integration process and would like to see a unified, strong and stable EU play an important role in international affairs,&quot; she added. 
 
Although China and Britain have a history of disputes over human rights and the future of the former British colony of Hong Kong, diplomats say export-reliant China values Britain as a strong advocate for free trade within the EU and the bloc as an important counterweight to the United States. 
 
Relations between Britain and China have been warming over the past few years and economic links have multiplied in tandem in what both countries refer to as a &quot;golden age&quot; in ties. 
 
&quot;China pays great attention to its relations with Britain and is willing to continue having mutually beneficial cooperation in all areas,&quot; Hua said. 
 
One of China&#39;s most influential and widely read newspapers, the Global Times, went further in its view on the referendum, saying that if Britain votes to leave the EU, then the country will lose its influence globally. 
 
The paper, published by the ruling Communist Party&#39;s official People&#39;s Daily, said the EU vote and 2014 Scottish independence referendum had made Britain appear one of the largest sources of uncertainty in Europe. 
 
&quot;The UK looks like it has been led astray, and this concerns Europe and the world,&quot; it said in joint editorials in its Chinese and English-language editions. 
 
&quot;Staying in the EU has clear and critical interests for the UK, such as market guarantees and stable employment. Leaving will politically cost the UK chances to exert its influence,&quot; the newspaper added. 
 
&quot;If the UK votes to leave, it will become an Atlantic orphan and lose its special relationship with the EU. In this circumstance, its special relationship with the US will become more notable, but it may mean less to the US.&quot; 
 
(Reuters)

China has not taken an official stand, but diplomatic sources say that by calling for a united EU it has sided with the "Remain" campaign

China is paying attention to Britain's referendum on membership of the European Union, and while it respects the people's choice, Beijing hopes to see a strong and stable EU, the Chinese government said on Thursday as Britons headed to the polls. China has not directly stated its opinion on the Brexit referendum, seeing the vote as an internal matter.But diplomatic sources say China has given coded support for the "remain" camp by calling for a strong, united Europe - something President Xi Jinping told British Prime Minister David Cameron in October and Foreign Minister Wang Yi repeated last month. "We are paying attention to Britain`s referendum on its relationship with the EU. We respect the choice of the British people," Chinese foreign ministry spokeswoman Hua Chunying told a daily news briefing. "We have also consistently supported the European integration process and would like to see a unified, strong and stable EU play an important role in international affairs," she added. Although China and Britain have a history of disputes over human rights and the future of the former British colony of Hong Kong, diplomats say export-reliant China values Britain as a strong advocate for free trade within the EU and the bloc as an important counterweight to the United States. Relations between Britain and China have been warming over the past few years and economic links have multiplied in tandem in what both countries refer to as a "golden age" in ties. "China pays great attention to its relations with Britain and is willing to continue having mutually beneficial cooperation in all areas," Hua said. One of China's most influential and widely read newspapers, the Global Times, went further in its view on the referendum, saying that if Britain votes to leave the EU, then the country will lose its influence globally. The paper, published by the ruling Communist Party's official People's Daily, said the EU vote and 2014 Scottish independence referendum had made Britain appear one of the largest sources of uncertainty in Europe. "The UK looks like it has been led astray, and this concerns Europe and the world," it said in joint editorials in its Chinese and English-language editions. "Staying in the EU has clear and critical interests for the UK, such as market guarantees and stable employment. Leaving will politically cost the UK chances to exert its influence," the newspaper added. "If the UK votes to leave, it will become an Atlantic orphan and lose its special relationship with the EU. In this circumstance, its special relationship with the US will become more notable, but it may mean less to the US." (Reuters)

As Britain votes, China wants to see strong, stable EU

Bitcoin slid 6.1 per cent to US$573.84 on Thursday, data compiled by Bloomberg showed, just a week after the digital currency had hit a two-year high on June 18. The price has lost about 25 per cent in the five-day period. 
 
Sources suggest that the decline is a response to the increasing prospects of Britain voting to stay in the European Union, an outcome that could be made official as soon as late Thursday night in US, and Friday morning in the United Kingdom, a report by The Business Times said.&nbsp; 
 
Confidence in digital currencies has diminished since the news of a hack suffered by another cryptocurrency spread on June 18. &nbsp;According to Coindesk,&nbsp;a news site specialising in bitcoins and digital currencies,&nbsp;The&nbsp;Decentralised Autonomous Organisation, a cryptocurrency-backed venture capital fund, was hacked last week. 
 
(WION) 
 
&nbsp; 
 
 
&nbsp;

The digital currency is in a huge slump after hitting two-year high only last Friday

Bitcoin slid 6.1 per cent to US$573.84 on Thursday, data compiled by Bloomberg showed, just a week after the digital currency had hit a two-year high on June 18. The price has lost about 25 per cent in the five-day period. Sources suggest that the decline is a response to the increasing prospects of Britain voting to stay in the European Union, an outcome that could be made official as soon as late Thursday night in US, and Friday morning in the United Kingdom, a report by The Business Times said. Confidence in digital currencies has diminished since the news of a hack suffered by another cryptocurrency spread on June 18. According to Coindesk, a news site specialising in bitcoins and digital currencies, The Decentralised Autonomous Organisation, a cryptocurrency-backed venture capital fund, was hacked last week. (WION)

Bitcoin price drops below $600 as Brexit hopes falter

Britain votes on Thursday in a referendum on whether it should stay in or leave the European Union. 
 
Here is some key information about the vote, from the question on the ballot paper to when the results are likely to start coming in. 
 
Voters will be presented with one question: &quot;Should the United Kingdom remain a member of the European Union or leave the European Union?&quot; 
 
They will have two possible answers: &quot;Remain a member of the European Union&quot; or &quot;Leave the European Union&quot;. 
 
In Wales, the ballot paper will be in English and Welsh. 
 
British, Irish and Commonwealth citizens over the age of 18 who live in Britain, as well as citizens of Gibraltar, are all eligible to vote provided they have registered. 
 
That means that Cypriots and Maltese living in Britain can vote since their countries are members of the Commonwealth, as well as the European Union. 
 
British nationals who have lived abroad for less than 15 years can also vote. A legal challenge to give a vote to expatriates who have been away longer failed last month. 
 
There are a total of 46,499,537 registered voters, according to the latest figures from the Electoral Commission. This is more than in last year&#39;s general election when 46,354,197 people were registered. 
 
Polls are open from 6 am to 9 pm (GMT) and counting begins as soon as the last votes are cast, with the result expected early on Friday morning. 
 
There are no official exit polls because polling experts say the lack of recent comparable votes in Britain could make the results less reliable. 
 
Results from polling will, however, be released after the ballots close. 
 
Some hedge funds and banks have also reportedly commissioned private exit polls that would allow them to make trades based on their forecasts even while voting is still going on. 
 
There are 382 local counting areas, including Gibraltar, which will all declare their results independently throughout the night. 
 
The first two, Sunderland in northeast England and Wandsworth in London, are expected to declare at about 11:30 pm GMT. 
 
The first big wave of results is expected after 1 am GMT on Friday and another wave a couple of hours afterwards. 
 
Turnout is likely to be announced earlier, which may give an indication of the result to come, with a high turnout expected to favour the &quot;Remain&quot; camp. 
 
The formal result will not be confirmed by the chief counting officer until all local areas, collated into 12 regional tallies, are declared. 
 
The final national result will be announced in Manchester Town Hall in northern England. 
 
(AFP) 
&nbsp;

46,499,537 registered voters in 382 local counting areas, all for 1 big referendum

Britain votes on Thursday in a referendum on whether it should stay in or leave the European Union. Here is some key information about the vote, from the question on the ballot paper to when the results are likely to start coming in. Voters will be presented with one question: "Should the United Kingdom remain a member of the European Union or leave the European Union?" They will have two possible answers: "Remain a member of the European Union" or "Leave the European Union". In Wales, the ballot paper will be in English and Welsh. British, Irish and Commonwealth citizens over the age of 18 who live in Britain, as well as citizens of Gibraltar, are all eligible to vote provided they have registered. That means that Cypriots and Maltese living in Britain can vote since their countries are members of the Commonwealth, as well as the European Union. British nationals who have lived abroad for less than 15 years can also vote. A legal challenge to give a vote to expatriates who have been away longer failed last month. There are a total of 46,499,537 registered voters, according to the latest figures from the Electoral Commission. This is more than in last year's general election when 46,354,197 people were registered. Polls are open from 6 am to 9 pm (GMT) and counting begins as soon as the last votes are cast, with the result expected early on Friday morning. There are no official exit polls because polling experts say the lack of recent comparable votes in Britain could make the results less reliable. Results from polling will, however, be released after the ballots close. Some hedge funds and banks have also reportedly commissioned private exit polls that would allow them to make trades based on their forecasts even while voting is still going on. There are 382 local counting areas, including Gibraltar, which will all declare their results independently throughout the night. The first two, Sunderland in northeast England and Wandsworth in London, are expected to declare at about 11:30 pm GMT. The first big wave of results is expected after 1 am GMT on Friday and another wave a couple of hours afterwards. Turnout is likely to be announced earlier, which may give an indication of the result to come, with a high turnout expected to favour the "Remain" camp. The formal result will not be confirmed by the chief counting officer until all local areas, collated into 12 regional tallies, are declared. The final national result will be announced in Manchester Town Hall in northern England. (AFP)

Brexit: Key facts on polling day

Britons voted on Thursday to decide the future of their country and Europe in a referendum on European Union membership. The votes will decide whether Britain will remain or leave the EU. 
 
The &quot;Leave&quot; campaign says Britain&#39;s economy would benefit from Brexit.&nbsp; 
 
The &quot;Stay&quot; campaign says Britain&#39;s exit from EU would hurt the economy, the country&#39;s status, and security.&nbsp; 
 
Here&#39;s a look at what South Asians on twitter have to say about the Brexit referendum. 
 
 
The supporters: 
&nbsp;
<blockquote class="twitter-tweet" data-lang="en">
I did follow a few debates / oped&#39;s in press on <a href="https://twitter.com/hashtag/Brexit?src=hash">#Brexit</a> &amp; it seemed clear to me that the leave campaign had superior arg&#39;s &amp; presentation.
&mdash; Manohar Seetharam (@manohar_sram) <a href="https://twitter.com/manohar_sram/status/745663074217115648">June 22, 2016</a></blockquote>

<blockquote class="twitter-tweet" data-lang="en">
Let show the world <a href="https://twitter.com/hashtag/Brexit?src=hash">#Brexit</a> for freedom, for victory ?. So <a href="https://twitter.com/vote_leave">@vote_leave</a>
&mdash; Md Nazrul Islam (@nazrulworld) <a href="https://twitter.com/nazrulworld/status/742998037220499456">June 15, 2016</a></blockquote>

<blockquote class="twitter-tweet" data-lang="en">
It&#39;s every country&#39;s demand to be a part of any economic bloc. It has many advantages but only economical. <a href="https://twitter.com/hashtag/Brexit?src=hash">#Brexit</a> <a href="https://twitter.com/hashtag/StrongerIn?src=hash">#StrongerIn</a> <a href="https://twitter.com/hashtag/UKreferendum?src=hash">#UKreferendum</a>
&mdash; Muhammad Khalid (@iamkhalidraza) <a href="https://twitter.com/iamkhalidraza/status/745843215106973700">June 23, 2016</a></blockquote>
 
 
The opposers:

<blockquote class="twitter-tweet" data-lang="en">
Britain has colonised maximum of countries and then exited them. Now they want to exit EU. Old habits die hard <a href="https://twitter.com/hashtag/Brexit?src=hash">#Brexit</a>
&mdash; DaaTanchiTaai (@runjhunmehrotra) <a href="https://twitter.com/runjhunmehrotra/status/745862378491879425">June 23, 2016</a></blockquote>

<blockquote class="twitter-tweet" data-lang="en">
Weird that <a href="https://twitter.com/hashtag/Britain?src=hash">#Britain</a> is complaining about immigrants after them being illegal immigrants in Asia and Africa for over two centuries! <a href="https://twitter.com/hashtag/Brexit?src=hash">#Brexit</a>
&mdash; Tathagata (@ArchaeoNomad) <a href="https://twitter.com/ArchaeoNomad/status/745861701497683968">June 23, 2016</a></blockquote>

<blockquote class="twitter-tweet" data-lang="en">
BREXIT should be done for good reasons and not pathetic ones. It could lead to great destabilisation in Europe.
&mdash; Abhishek Singhvi (@DrAMSinghvi) <a href="https://twitter.com/DrAMSinghvi/status/745583271308832768">June 22, 2016</a> 
&nbsp;</blockquote>
 
The philosopher: 
&nbsp;
<blockquote class="twitter-tweet" data-lang="en">
Britain + Exit = <a href="https://twitter.com/hashtag/Brexit?src=hash">#Brexit</a>. Sounds simple, but it&#39;s not.
&mdash; Sirajul Islam (@sirajul) <a href="https://twitter.com/sirajul/status/743478705045921792">June 16, 2016</a></blockquote>

People voice their opinion on whether they support or oppose Britain's exit from EU

Britons voted on Thursday to decide the future of their country and Europe in a referendum on European Union membership. The votes will decide whether Britain will remain or leave the EU. The "Leave" campaign says Britain's economy would benefit from Brexit. The "Stay" campaign says Britain's exit from EU would hurt the economy, the country's status, and security. Here's a look at what South Asians on twitter have to say about the Brexit referendum. The supporters: I did follow a few debates / oped's in press on #Brexit & it seemed clear to me that the leave campaign had superior arg's & presentation. — Manohar Seetharam (@manohar_sram) June 22, 2016 Let show the world #Brexit for freedom, for victory ?. So @vote_leave — Md Nazrul Islam (@nazrulworld) June 15, 2016 It's every country's demand to be a part of any economic bloc. It has many advantages but only economical. #Brexit #StrongerIn #UKreferendum — Muhammad Khalid (@iamkhalidraza) June 23, 2016 The opposers: Britain has colonised maximum of countries and then exited them. Now they want to exit EU. Old habits die hard #Brexit — DaaTanchiTaai (@runjhunmehrotra) June 23, 2016 Weird that #Britain is complaining about immigrants after them being illegal immigrants in Asia and Africa for over two centuries! #Brexit — Tathagata (@ArchaeoNomad) June 23, 2016 BREXIT should be done for good reasons and not pathetic ones. It could lead to great destabilisation in Europe. — Abhishek Singhvi (@DrAMSinghvi) June 22, 2016 The philosopher: Britain + Exit = #Brexit. Sounds simple, but it's not. — Sirajul Islam (@sirajul) June 16, 2016

Brexit: South Asia speaks out on Twitter

Asian shares edged up and Sterling stood close to its peak for the year on Thursday, as investors were cautiously optimistic that British voters would opt to remain in the European Union at a referendum later in the session.&nbsp; 
 
Two opinion polls published late on Wednesday, a few hours before voters were due to begin to cast their votes, showed the &quot;Remain&quot; camp gaining momentum in the closely divided campaign. 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan edged up 0.2 per cent in early trading, shrugging off modest overnight losses on Wall Street. 
 
Japan&#39;s Nikkei share average rose 0.3 per cent. 
 
&quot;Markets seem to have almost entirely priced in a &#39;Remain&#39; vote win, meaning that the market moves and volatility around the vote may be far less than many had been expected,&quot; wrote Angus Nicholson, market analyst at IG in Melbourne. 
 
&quot;Nonetheless, markets are still incredibly nervous and some sharp market moves are likely over the next 24 hours,&quot; he said. 
 
Sterling rose to $1.4847, its highest against the dollar in 2016, and was last up 0.6 per cent at $1.4798. 
 
The perceived safe-haven Yen also slipped on receding fears of the market turmoil that would likely follow if Britain were to pull out of the EU. 
 
The dollar added 0.2 per cent to 104.69 Yen , while the euro gained 0.5 percent to 118.54 yen . 
 
The euro rose 0.2 per cent to $1.1322 , while the dollar index, which tracks the greenback against a basket of six rival currencies, slipped 0.1 per cent to 93.582. 
 
On the US data front, home resales rose to a more than nine-year high last month against a backdrop of historically low mortgage rates, adding to recent upbeat second quarter data. 
 
Crude oil prices rose after settling down more than 1 per cent on Wednesday after the U.S. government reported a smaller-than-expected inventory drawdown. 
 
Brent added 0.7 per cent to $50.23 a barrel after shedding 1.5 per cent on Wednesday, while U.S. crude was up 0.8 per cent at $49.53 after giving up 1.4 per cent in the previous session. 
 
Spot gold plumbed a two-week low of $1,260.36 an ounce and was last down 0.4 per cent at $1,261.24. 
 
(Reuters) 
&nbsp;

Sterling rose to its highest against Dollar in 2016 and Yen slipped on diminishing fears of a market turmoil that would follow if Britain were to pull out of EU

Asian shares edged up and Sterling stood close to its peak for the year on Thursday, as investors were cautiously optimistic that British voters would opt to remain in the European Union at a referendum later in the session. Two opinion polls published late on Wednesday, a few hours before voters were due to begin to cast their votes, showed the "Remain" camp gaining momentum in the closely divided campaign. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2 per cent in early trading, shrugging off modest overnight losses on Wall Street. Japan's Nikkei share average rose 0.3 per cent. "Markets seem to have almost entirely priced in a 'Remain' vote win, meaning that the market moves and volatility around the vote may be far less than many had been expected," wrote Angus Nicholson, market analyst at IG in Melbourne. "Nonetheless, markets are still incredibly nervous and some sharp market moves are likely over the next 24 hours," he said. Sterling rose to $1.4847, its highest against the dollar in 2016, and was last up 0.6 per cent at $1.4798. The perceived safe-haven Yen also slipped on receding fears of the market turmoil that would likely follow if Britain were to pull out of the EU. The dollar added 0.2 per cent to 104.69 Yen , while the euro gained 0.5 percent to 118.54 yen . The euro rose 0.2 per cent to $1.1322 , while the dollar index, which tracks the greenback against a basket of six rival currencies, slipped 0.1 per cent to 93.582. On the US data front, home resales rose to a more than nine-year high last month against a backdrop of historically low mortgage rates, adding to recent upbeat second quarter data. Crude oil prices rose after settling down more than 1 per cent on Wednesday after the U.S. government reported a smaller-than-expected inventory drawdown. Brent added 0.7 per cent to $50.23 a barrel after shedding 1.5 per cent on Wednesday, while U.S. crude was up 0.8 per cent at $49.53 after giving up 1.4 per cent in the previous session. Spot gold plumbed a two-week low of $1,260.36 an ounce and was last down 0.4 per cent at $1,261.24. (Reuters)

Asia stocks, Sterling rise as Brexit anxiety abates

&nbsp;A poll by Ipsos MORI suggested 52 per cent of British voters would opt to remain in the European Union and 48 per cent would vote to leave in a referendum being held today.

Sterling rose against the dollar after the poll was published, reaching a six-month high and trading up 1.2 per cent on the day.

The poll of 1,592 people was commissioned by the Evening Standard newspaper and the research was conducted on Tuesday and Wednesday, up until 9 pm (2000 GMT) on Wednesday. 
 
(Reuters)

The poll suggests that the Leave and Remain campaigns are running neck and neck

A poll by Ipsos MORI suggested 52 per cent of British voters would opt to remain in the European Union and 48 per cent would vote to leave in a referendum being held today. Sterling rose against the dollar after the poll was published, reaching a six-month high and trading up 1.2 per cent on the day. The poll of 1,592 people was commissioned by the Evening Standard newspaper and the research was conducted on Tuesday and Wednesday, up until 9 pm (2000 GMT) on Wednesday. (Reuters)

Brexit vote: Remain 52 per cent, Leave 48 per cent, says Ipsos MORI poll

Amid fears that the eurosceptic Scandinavian country could lose a key ally in Brussels, a Danish daily Berlingske Thursday published an English-language editorial imploring Britain to &quot;please stay&quot; in the EU. 
 
&quot;As a nation, we in Denmark understand your scepticism about the EU, perhaps better than any other country. Three times we voted no -- in 1992, 2000 and 2015 -- but never out,&quot; the right-wing daily wrote. 
 
&quot;Let us stay and fight for pragmatic, better and more sustainable European solutions,&quot; it said, adding that Britain&#39;s voice was needed in the EU to &quot;fight for free trade and (for) breaking down regulation and bureaucracy.&quot; 
 
A cartoon on the paper&#39;s front page showed a door marked with an EU flag slamming shut on a half naked man with a bowler hat and an umbrella, tearing off his Union Jack suit as it closed behind him. 
 
An English translation of the editorial, headlined &quot;Please Stay&quot;, was published on Berlingske&#39;s website. 
 
Reading between the lines 
Pertinently, Denmark has been a reluctant member of the EU since joining in 1973, rejecting the Maastricht Treaty in a 1992 referendum and only saying &quot;yes&quot; the following year after being granted opt-out clauses on the euro, defence, and justice and home affairs. 
 
Danish voters also rejected joining the euro in 2000, and proposals to lift some of the country&#39;s exemptions on EU justice rules were turned down in a referendum in December last year. 
 
Like his British counterpart David Cameron, Danish Prime Minister Lars Lokke Rasmussen wants to curb European migrants&#39; access to child benefits, but with exports accounting for just over half of the country&#39;s economic output there are few politicians who back leaving the bloc completely.&nbsp; 
 
The eurosceptic Danish People&#39;s Party, one of the government&#39;s main allies in parliament, wants Denmark to obtain further EU opt-outs in case of a Brexit, as it believes Britain would then obtain a &quot;hybrid&quot; agreement with the bloc rather than leave completely. 
 
(AFP)&nbsp; 
 
 
 
&nbsp;

'Let us stay and fight for pragmatic, better and more sustainable European solutions,' says Berlingske's editorial in English

Amid fears that the eurosceptic Scandinavian country could lose a key ally in Brussels, a Danish daily Berlingske Thursday published an English-language editorial imploring Britain to "please stay" in the EU. "As a nation, we in Denmark understand your scepticism about the EU, perhaps better than any other country. Three times we voted no -- in 1992, 2000 and 2015 -- but never out," the right-wing daily wrote. "Let us stay and fight for pragmatic, better and more sustainable European solutions," it said, adding that Britain's voice was needed in the EU to "fight for free trade and (for) breaking down regulation and bureaucracy." A cartoon on the paper's front page showed a door marked with an EU flag slamming shut on a half naked man with a bowler hat and an umbrella, tearing off his Union Jack suit as it closed behind him. An English translation of the editorial, headlined "Please Stay", was published on Berlingske's website. Reading between the lines Pertinently, Denmark has been a reluctant member of the EU since joining in 1973, rejecting the Maastricht Treaty in a 1992 referendum and only saying "yes" the following year after being granted opt-out clauses on the euro, defence, and justice and home affairs. Danish voters also rejected joining the euro in 2000, and proposals to lift some of the country's exemptions on EU justice rules were turned down in a referendum in December last year. Like his British counterpart David Cameron, Danish Prime Minister Lars Lokke Rasmussen wants to curb European migrants' access to child benefits, but with exports accounting for just over half of the country's economic output there are few politicians who back leaving the bloc completely. The eurosceptic Danish People's Party, one of the government's main allies in parliament, wants Denmark to obtain further EU opt-outs in case of a Brexit, as it believes Britain would then obtain a "hybrid" agreement with the bloc rather than leave completely. (AFP)

Danish daily urges Britain to 'remain'

George Soros, the billionaire who earned fame by betting against the Pound in 1992, said that a British vote on Thursday to leave the European Union (EU) would trigger a bigger and more disruptive sterling devaluation than the fall on Black Wednesday. 
 
Soros used Quantum Fund in 1992 to bet successfully that sterling was overvalued against the Deutsche Mark, forcing then-Prime Minister John Major to pull the Pound out of the European Exchange Rate Mechanism (ERM). 
 
Soros, in an opinion piece in the Guardian newspaper, said that in the event of a BREXIT, the Pound would fall by at least 15 per cent, and possibly more than 20 per cent, to below $1.15 from its current level of around $1.46. 
 
&quot;The value of the Pound would decline precipitously. It would also have an immediate and dramatic impact on financial markets, investment, prices and jobs,&quot; Soros, who is 85, said in the Guardian. 
 
&quot;I would expect this devaluation to be bigger and also more disruptive than the 15 per cent devaluation that occurred in September 1992, when I was fortunate enough to make a substantial profit for my hedge fund investors.&quot; 
 
Soros, ranked as the world&#39;s 23rd richest person by Forbes magazine with a fortune of $24.9 billion, said the Bank of England would not cut rates after a BREXIT and that there would be few monetary policy tools left to ease a recession or a fall in British house prices. 
 
He also pointed to the &quot;very large&quot; current account deficit in the United Kingdom and said a post-BREXIT devaluation would be unlikely to improve manufacturing as trading conditions would be too uncertain to undertake new investments or hire workers. 
 
Hungarian-born Soros said the scale of the sterling devaluation would compare with 1967, when then-Prime Minister Harold Wilson devalued the pound to $2.40 from $2.80. 
 
Speculators, Soros said, would be eager to exploit a BREXIT situation to profit. 
 
&quot;Today, there are speculative forces in the markets much bigger and more powerful. And they will be eager to exploit any miscalculations by the British government or British voters,&quot; Soros said. 
 
&quot;BREXIT would make some people very rich &ndash; but most voters considerably poorer,&quot; Soros said. 
 
BREXIT WORRY 
 
Members of Britain&#39;s Leave campaign say some bankers, big companies and politicians are trying to scare British voters with overblown warnings about the financial and economic impact of a BREXIT. 
 
Justice Secretary Michael Gove, one of the leading members of the Vote Leave campaign, dismissed Soros&#39;s warning, saying that the billionaire had advocated British membership of the euro zone. 
 
&quot;The truth is that economic forecasters like George Soros have got things wrong in the past. They were the people who argued that we should join the single currency, the single currency as you know has brought economic misery,&quot; Gove told BBC radio. 
 
Opponents of EU membership say Britain could prosper if it cut itself free from what they portray as a doomed German-dominated project in excessive debt-funded welfare spending. 
 
The world&#39;s biggest banks including Citi and Goldman Sachs will draft in senior traders to work through the night following Britain&#39;s referendum on EU membership, set to be among the most volatile 24 hours for markets in a quarter of a century. 
 
A vote to leave the EU on June 23 would spook investors by undermining post-World War II attempts at European integration and placing a question mark over the future of the United Kingdom and its $2.9 trillion economy. 
 
Citi, Deutsche Bank, JPMorgan, Goldman Sachs, HSBC, Barclays, Royal Bank of Scotland and Lloyds are among those banks planning to have senior staff and traders working or on call in London as results start to dribble in after polls close at 2100 GMT, according to sources. 
 
&quot;British voters are now grossly underestimating the true costs of Brexit,&quot; Soros said. &quot;Too many believe that a vote to leave the EU will have no effect on their personal financial position. This is wishful thinking.&quot; 
 
(Reuters)

Soros, world's 23rd richest man who earned fame and fortune by betting against the Pound in 1992, says Brexit will make most voters 'poorer'

George Soros, the billionaire who earned fame by betting against the Pound in 1992, said that a British vote on Thursday to leave the European Union (EU) would trigger a bigger and more disruptive sterling devaluation than the fall on Black Wednesday. Soros used Quantum Fund in 1992 to bet successfully that sterling was overvalued against the Deutsche Mark, forcing then-Prime Minister John Major to pull the Pound out of the European Exchange Rate Mechanism (ERM). Soros, in an opinion piece in the Guardian newspaper, said that in the event of a BREXIT, the Pound would fall by at least 15 per cent, and possibly more than 20 per cent, to below $1.15 from its current level of around $1.46. "The value of the Pound would decline precipitously. It would also have an immediate and dramatic impact on financial markets, investment, prices and jobs," Soros, who is 85, said in the Guardian. "I would expect this devaluation to be bigger and also more disruptive than the 15 per cent devaluation that occurred in September 1992, when I was fortunate enough to make a substantial profit for my hedge fund investors." Soros, ranked as the world's 23rd richest person by Forbes magazine with a fortune of $24.9 billion, said the Bank of England would not cut rates after a BREXIT and that there would be few monetary policy tools left to ease a recession or a fall in British house prices. He also pointed to the "very large" current account deficit in the United Kingdom and said a post-BREXIT devaluation would be unlikely to improve manufacturing as trading conditions would be too uncertain to undertake new investments or hire workers. Hungarian-born Soros said the scale of the sterling devaluation would compare with 1967, when then-Prime Minister Harold Wilson devalued the pound to $2.40 from $2.80. Speculators, Soros said, would be eager to exploit a BREXIT situation to profit. "Today, there are speculative forces in the markets much bigger and more powerful. And they will be eager to exploit any miscalculations by the British government or British voters," Soros said. "BREXIT would make some people very rich – but most voters considerably poorer," Soros said. BREXIT WORRY Members of Britain's Leave campaign say some bankers, big companies and politicians are trying to scare British voters with overblown warnings about the financial and economic impact of a BREXIT. Justice Secretary Michael Gove, one of the leading members of the Vote Leave campaign, dismissed Soros's warning, saying that the billionaire had advocated British membership of the euro zone. "The truth is that economic forecasters like George Soros have got things wrong in the past. They were the people who argued that we should join the single currency, the single currency as you know has brought economic misery," Gove told BBC radio. Opponents of EU membership say Britain could prosper if it cut itself free from what they portray as a doomed German-dominated project in excessive debt-funded welfare spending. The world's biggest banks including Citi and Goldman Sachs will draft in senior traders to work through the night following Britain's referendum on EU membership, set to be among the most volatile 24 hours for markets in a quarter of a century. A vote to leave the EU on June 23 would spook investors by undermining post-World War II attempts at European integration and placing a question mark over the future of the United Kingdom and its $2.9 trillion economy. Citi, Deutsche Bank, JPMorgan, Goldman Sachs, HSBC, Barclays, Royal Bank of Scotland and Lloyds are among those banks planning to have senior staff and traders working or on call in London as results start to dribble in after polls close at 2100 GMT, according to sources. "British voters are now grossly underestimating the true costs of Brexit," Soros said. "Too many believe that a vote to leave the EU will have no effect on their personal financial position. This is wishful thinking." (Reuters)

British Pound fall after Brexit would be bigger, more disruptive than 'Black Wednesday', says Soros

In the run upto EU referedum slated for Thursday and likelihood of Brexit, speculations are rife that leaving the European Union would be a shock for the EU and the global economy.&nbsp; 
 
Some analysts warn of a potential &quot;disintegration&quot; of the EU as remaining countries seek to renegotiate their own relationships with Brussels. 
 
Last week, Germany&#39;s Foreign Minister Frank-Walter Steinmeier stressed, &quot;It would be a shock for the EU that would require mutual assurances that the EU continues to stick together and that a very successful decades-long process of integration doesn&#39;t in the end turn into disintegration.&quot; 
 
Here are some of the possible knock-on effects of a British departure from the European Union, or Brexit: 
 
&lsquo;Cameron wouldn&rsquo;t last&rsquo;: Conservative veteran Kenneth Clarke has warned that Cameron &quot;wouldn&#39;t last 30 seconds&quot; if Britons vote to leave the EU. 
 
The bookmakers&#39; favourite to replace him is believed to be former London mayor Boris Johnson, the &quot;Leave&quot; camp figurehead. 
 
Second referendum in Scotland: Following the British exit from the EU, Scottish First Minister Nicola Sturgeon may launch a second referendum on independence. 
 
This time, Scotland would possibly vote to secede from the United Kingdom, fracturing the UK. Further, Northern Ireland would also be isolated from its EU land neighbour, the Republic of Ireland, and cross-border trade could plunge. 
 
Former British prime ministers John Major and Tony Blair said it would be &quot;difficult if not impossible&quot; to maintain a free-travel area between the neighbours. 
 
The two men, who were key players in bringing an end to sectarian violence in Northern Ireland, also warned that Brexit could put the peace process at risk. 
 
Exit negotiations between London and Brussels: An onset of complicated exit negotiations may begin between London and Brussels, with access to the single market the main bone of contention. 
 
European Commission chief Jean-Claude Juncker has already said Britain would be &quot;a third party, who we won&#39;t be bending over backwards for.&quot; 
 
More so, WTO Director General Roberto Azevedo said the process could take up to 10 years, and that it &quot;could take quite some time before the UK got back to a similar position that it has today,&quot; given its weak negotiating position. 
 
Recession risk? Turmoil in the markets and uncertainty in the city of London financial hub could lead to a 15-20 percent fall in the pound sterling, inflation at five percent, higher interest rates, a hike in the cost of labour, and the growth rate slowing by 1.0 to 1.5 percent, according to HSBC analysts. 
 
Also, observers are of the view that thousands of jobs in the city could be transferred to Frankfurt or Paris, top companies have warned. 
 
The Brexit camp argues that the business world would adapt quickly with Britain remaining a flexible and dynamic economy, helped by new economic partners and selective immigration. 
 
Although most economic institutions predict long-term pain for post-Brexit Britain, research consultancy Capital Economics said that it would &quot;not spell disaster&quot; indefinitely for the country&#39;s valuable financial sector, highlighting Britain&#39;s legal system, language, time-zone and large pool of skilled labour as &quot;intrinsic advantages.&quot; 
 
Drop in Immigration: Immigration from the EU is likely to drop drastically, leading to a shortage of workers in the construction and service industries. 
 
A win for Brexit in the referendum -- seen by many voters as a proxy poll on immigration -- would increase pressure on the government to impose tough caps on new arrivals. Immigration consistently tops polls of the most important issues for British voters. 
 
 
 
 
 
 
 
 
 
&nbsp;

Observers anticipate drop in immigration, recession risk and a possible second Scottish referendum on independence, if Britain exits from EU

In the run upto EU referedum slated for Thursday and likelihood of Brexit, speculations are rife that leaving the European Union would be a shock for the EU and the global economy. Some analysts warn of a potential "disintegration" of the EU as remaining countries seek to renegotiate their own relationships with Brussels. Last week, Germany's Foreign Minister Frank-Walter Steinmeier stressed, "It would be a shock for the EU that would require mutual assurances that the EU continues to stick together and that a very successful decades-long process of integration doesn't in the end turn into disintegration." Here are some of the possible knock-on effects of a British departure from the European Union, or Brexit: ‘Cameron wouldn’t last’: Conservative veteran Kenneth Clarke has warned that Cameron "wouldn't last 30 seconds" if Britons vote to leave the EU. The bookmakers' favourite to replace him is believed to be former London mayor Boris Johnson, the "Leave" camp figurehead. Second referendum in Scotland: Following the British exit from the EU, Scottish First Minister Nicola Sturgeon may launch a second referendum on independence. This time, Scotland would possibly vote to secede from the United Kingdom, fracturing the UK. Further, Northern Ireland would also be isolated from its EU land neighbour, the Republic of Ireland, and cross-border trade could plunge. Former British prime ministers John Major and Tony Blair said it would be "difficult if not impossible" to maintain a free-travel area between the neighbours. The two men, who were key players in bringing an end to sectarian violence in Northern Ireland, also warned that Brexit could put the peace process at risk. Exit negotiations between London and Brussels: An onset of complicated exit negotiations may begin between London and Brussels, with access to the single market the main bone of contention. European Commission chief Jean-Claude Juncker has already said Britain would be "a third party, who we won't be bending over backwards for." More so, WTO Director General Roberto Azevedo said the process could take up to 10 years, and that it "could take quite some time before the UK got back to a similar position that it has today," given its weak negotiating position. Recession risk? Turmoil in the markets and uncertainty in the city of London financial hub could lead to a 15-20 percent fall in the pound sterling, inflation at five percent, higher interest rates, a hike in the cost of labour, and the growth rate slowing by 1.0 to 1.5 percent, according to HSBC analysts. Also, observers are of the view that thousands of jobs in the city could be transferred to Frankfurt or Paris, top companies have warned. The Brexit camp argues that the business world would adapt quickly with Britain remaining a flexible and dynamic economy, helped by new economic partners and selective immigration. Although most economic institutions predict long-term pain for post-Brexit Britain, research consultancy Capital Economics said that it would "not spell disaster" indefinitely for the country's valuable financial sector, highlighting Britain's legal system, language, time-zone and large pool of skilled labour as "intrinsic advantages." Drop in Immigration: Immigration from the EU is likely to drop drastically, leading to a shortage of workers in the construction and service industries. A win for Brexit in the referendum -- seen by many voters as a proxy poll on immigration -- would increase pressure on the government to impose tough caps on new arrivals. Immigration consistently tops polls of the most important issues for British voters.

Five possible knock-on effects of Brexit?

Asian shares rose after a tentative start on Tuesday, cautiously extending a rally triggered by growing expectations that British voters will opt to remain in the European Union (EU) in this week&#39;s referendum. 
 
Morgan Stanley Capital Investment&#39;s broadest index of Asia-Pacific shares outside Japan was up by 0.2 per cent. 
 
Investors remain wary ahead of Thursday&#39;s British vote, as well as Federal Reserve chief Janet Yellen&#39;s two-day testimony before Congress starting later on Tuesday, as she might offer clues on the timing of the next US interest rate increase. 
 
&quot;With Yellen&#39;s congressional testimony and the UK referendum on our doorstep, markets all around are exercising caution,&quot; said Andrew Meredith, co-managing director at Tyton Capital Advisors in Tokyo. 
 
Bookmakers&#39; odds have also shown &quot;Remain&quot; gaining traction in Britain&#39;s referendum, with Betfair putting the implied probability of such an outcome at 72 per cent on Monday, up from 60-67 per cent on Friday. 
 
Two of the latest polls showed the &quot;Remain&quot; camp in the lead, reversing a recent rise in support for pulling out and prompting a rally in global equities and the pound. 
 
&quot;The polls were not supposed to influence as much as they have, but overnight we have seen a rampant position adjustment and an unwind of Brexit hedges,&quot; wrote Chris Weston, chief market strategist at IG in Melbourne. 
 
Japan&#39;s Nikkei stock index reversed early losses and added 1 per cent. 
 
A Reuters poll showed that confidence at Japanese manufacturers inched up in June from the prior month&#39;s three-year low and is seen rising only slightly ahead, reflecting worries about the yen&#39;s rise as Britain decides whether or not to leave the EU. 
 
Minutes of the Bank of Japan&#39;s April meeting released on Tuesday showed policymakers believe overseas economies continue to pose downside risks to Japan&#39;s economy and prices. 
 
The Pound was steady on the day at $1.4660 after it rose as high as $1.4721 on Monday, extending a recovery from last Thursday&#39;s more than two-month trough of $1.4013. 
 
The Dollar added 0.2 percent to 104.13 Yen, moving away from Thursday&#39;s nearly two-year low of 103.55 that was hit after the Bank of Japan held policy steady, disappointing investors hoping for more stimulus. 
 
Finance Minister Taro Aso said on Tuesday that Japan would respond to rapid currency moves, although he said the country would not intervene in the market so &quot;easily.&quot; 
 
The Euro gained 0.2 per cent to $1.1331. 
 
Later in the session, Germany&#39;s constitutional court will rule on the emergency bond-buying plan devised by the European Central Bank (ECB) during the financial crisis. An outright rejection of the programme is viewed as unlikely, but the ruling could potentially upset the ECB&#39;s current programme and roil markets. 
 
Crude oil futures gave back some of their gains after surging 3 per cent on Monday as Brexit fears waned. 
 
Brent crude shed 0.5 per cent to $50.41 a barrel, while US crude was down 0.4 per cent at $49.18. 
 
Spot gold also inched lower, down 0.2 per cent to $1,286.11 an ounce.

Two of the latest polls show the 'Remain' camp in the lead and prompting a rally in global equities and the Pound

Asian shares rose after a tentative start on Tuesday, cautiously extending a rally triggered by growing expectations that British voters will opt to remain in the European Union (EU) in this week's referendum. Morgan Stanley Capital Investment's broadest index of Asia-Pacific shares outside Japan was up by 0.2 per cent. Investors remain wary ahead of Thursday's British vote, as well as Federal Reserve chief Janet Yellen's two-day testimony before Congress starting later on Tuesday, as she might offer clues on the timing of the next US interest rate increase. "With Yellen's congressional testimony and the UK referendum on our doorstep, markets all around are exercising caution," said Andrew Meredith, co-managing director at Tyton Capital Advisors in Tokyo. Bookmakers' odds have also shown "Remain" gaining traction in Britain's referendum, with Betfair putting the implied probability of such an outcome at 72 per cent on Monday, up from 60-67 per cent on Friday. Two of the latest polls showed the "Remain" camp in the lead, reversing a recent rise in support for pulling out and prompting a rally in global equities and the pound. "The polls were not supposed to influence as much as they have, but overnight we have seen a rampant position adjustment and an unwind of Brexit hedges," wrote Chris Weston, chief market strategist at IG in Melbourne. Japan's Nikkei stock index reversed early losses and added 1 per cent. A Reuters poll showed that confidence at Japanese manufacturers inched up in June from the prior month's three-year low and is seen rising only slightly ahead, reflecting worries about the yen's rise as Britain decides whether or not to leave the EU. Minutes of the Bank of Japan's April meeting released on Tuesday showed policymakers believe overseas economies continue to pose downside risks to Japan's economy and prices. The Pound was steady on the day at $1.4660 after it rose as high as $1.4721 on Monday, extending a recovery from last Thursday's more than two-month trough of $1.4013. The Dollar added 0.2 percent to 104.13 Yen, moving away from Thursday's nearly two-year low of 103.55 that was hit after the Bank of Japan held policy steady, disappointing investors hoping for more stimulus. Finance Minister Taro Aso said on Tuesday that Japan would respond to rapid currency moves, although he said the country would not intervene in the market so "easily." The Euro gained 0.2 per cent to $1.1331. Later in the session, Germany's constitutional court will rule on the emergency bond-buying plan devised by the European Central Bank (ECB) during the financial crisis. An outright rejection of the programme is viewed as unlikely, but the ruling could potentially upset the ECB's current programme and roil markets. Crude oil futures gave back some of their gains after surging 3 per cent on Monday as Brexit fears waned. Brent crude shed 0.5 per cent to $50.41 a barrel, while US crude was down 0.4 per cent at $49.18. Spot gold also inched lower, down 0.2 per cent to $1,286.11 an ounce.

Asian shares rise as Britain expected to stay in EU

A favourite of 19th century miners who took them down the pit and a popular lunch to this day, the Cornish pasty and other delicacies with EU protected status could be threatened if Britain leaves the bloc. 
 
The pasty - a D-shape of pastry filled with beef, potato, swede, onion and seasoning - has been given protected geographical indication (PGI) status by the European Union as a mark of quality. 
 
In Cornwall, southwest England, where the pasty is a symbol of local identity as well as a tasty delicacy, some manufacturers are wary of what will happen. 
 
Marion Symonds, boss of Portreath Bakery, said that if the snacks lost the PGI status they gained in 2011, similar products made outside Cornwall could also be called Cornish pasties, compromising quality. 
 
&quot;In Cornwall, you&#39;d never get a pasty with a carrot in it because it&#39;s taboo,&quot; Symonds told AFP. 
 
&quot;But if you went out of county - and I&#39;ve seen it myself, in London and all sorts of places - where they try to do a replica of our pasty, it&#39;s just got mush in the middle.&quot; 
 
Other British foodstuffs given protected PGI status include Scotch whisky and Melton Mowbray pork pies. 
 
Elsewhere in the EU, Italian balsamic vinegar from Modena and German beer from Munich have PGI status. 
 
The Cornish pasty industry is worth an estimated $90 million a year and employs at least 2,000 people in an area where, due to the tourist trade, work is often seasonal. 
 
Symonds, who has opened what claims to be the world&#39;s first drive-through Cornish pasty bakery, fears such success could be hit if it lost its EU status. 
 
&quot;We wouldn&#39;t have a hope and it wouldn&#39;t be right,&quot; she added. 
 
Exported round the globe 
 
Legend has it that Cornish pasties were popularised by tin miners, who ate them underground holding the crust before discarding it to avoid arsenic poisoning. 
 
Miners took pasty recipes with them around the world as they travelled to work in countries like Australia and Mexico, where they are still eaten to this day. 
 
The Cornish Pasty Association, a body which represents the local industry, this month declared its support for EU membership, saying it would be &quot;wholly inappropriate&quot; to risk the hard-earned status. 
 
Prime Minister David Cameron has also warned that the status of British regional foods could be jeopardised by leaving the EU. 
 
&quot;Remain&quot; campaigners like Cameron are not the only ones seeking to appropriate the humble pasty. 
 
Brexit backer Boris Johnson, the former mayor of London, brandished one in a bid to express solidarity for the southwest as he began a campaign bus tour of the country in Cornwall last month. 
 
Intellectual property lawyers say it is hard to know whether British PGI foods would lose their protected status if it left the EU as no country has ever withdrawn before. 
 
They predict a period of uncertainty but suggest it could eventually be possible to reach a reciprocal arrangement between Britain and the EU to maintain the current regime. 
 
Not all Cornish pasty makers believe that the EU is good for them, protected status or not. 
 
John Beard set up the Pasty Line, which makes Cornish pasties for bakeries, pubs and nursing homes, with his now ex-wife in 1993. 
 
While Beard acknowledged that PGI status is &quot;very useful&quot;, he said the amount of bureaucracy which the EU imposes on businesses will make him vote to leave. 
 
&quot;They cause us a lot of heartache from red tape,&quot; he told AFP, as staff behind him filled rows of pasties with uncooked beef and vegetables before they were crimped, glazed and baked. 
 
&quot;I would love to have a bit of credit for some common sense but that&#39;s just not an issue when you&#39;ve got rules and regulations made by someone lots of miles away,&quot; he added. 
(AFP)

If Britain decides to leave the EU, the Cornish pasty could lose its protected geographical indication status which is a mark of quality

A favourite of 19th century miners who took them down the pit and a popular lunch to this day, the Cornish pasty and other delicacies with EU protected status could be threatened if Britain leaves the bloc. The pasty - a D-shape of pastry filled with beef, potato, swede, onion and seasoning - has been given protected geographical indication (PGI) status by the European Union as a mark of quality. In Cornwall, southwest England, where the pasty is a symbol of local identity as well as a tasty delicacy, some manufacturers are wary of what will happen. Marion Symonds, boss of Portreath Bakery, said that if the snacks lost the PGI status they gained in 2011, similar products made outside Cornwall could also be called Cornish pasties, compromising quality. "In Cornwall, you'd never get a pasty with a carrot in it because it's taboo," Symonds told AFP. "But if you went out of county - and I've seen it myself, in London and all sorts of places - where they try to do a replica of our pasty, it's just got mush in the middle." Other British foodstuffs given protected PGI status include Scotch whisky and Melton Mowbray pork pies. Elsewhere in the EU, Italian balsamic vinegar from Modena and German beer from Munich have PGI status. The Cornish pasty industry is worth an estimated $90 million a year and employs at least 2,000 people in an area where, due to the tourist trade, work is often seasonal. Symonds, who has opened what claims to be the world's first drive-through Cornish pasty bakery, fears such success could be hit if it lost its EU status. "We wouldn't have a hope and it wouldn't be right," she added. Exported round the globe Legend has it that Cornish pasties were popularised by tin miners, who ate them underground holding the crust before discarding it to avoid arsenic poisoning. Miners took pasty recipes with them around the world as they travelled to work in countries like Australia and Mexico, where they are still eaten to this day. The Cornish Pasty Association, a body which represents the local industry, this month declared its support for EU membership, saying it would be "wholly inappropriate" to risk the hard-earned status. Prime Minister David Cameron has also warned that the status of British regional foods could be jeopardised by leaving the EU. "Remain" campaigners like Cameron are not the only ones seeking to appropriate the humble pasty. Brexit backer Boris Johnson, the former mayor of London, brandished one in a bid to express solidarity for the southwest as he began a campaign bus tour of the country in Cornwall last month. Intellectual property lawyers say it is hard to know whether British PGI foods would lose their protected status if it left the EU as no country has ever withdrawn before. They predict a period of uncertainty but suggest it could eventually be possible to reach a reciprocal arrangement between Britain and the EU to maintain the current regime. Not all Cornish pasty makers believe that the EU is good for them, protected status or not. John Beard set up the Pasty Line, which makes Cornish pasties for bakeries, pubs and nursing homes, with his now ex-wife in 1993. While Beard acknowledged that PGI status is "very useful", he said the amount of bureaucracy which the EU imposes on businesses will make him vote to leave. "They cause us a lot of heartache from red tape," he told AFP, as staff behind him filled rows of pasties with uncooked beef and vegetables before they were crimped, glazed and baked. "I would love to have a bit of credit for some common sense but that's just not an issue when you've got rules and regulations made by someone lots of miles away," he added. (AFP)

Cornish pasties: the tastiest victims of a Brexit?

Oil rallied on Monday, lifted by a wave of investor confidence and a weaker dollar after polls showed a diminishing chance that Britain may vote to leave the European Union later this week. 
 
August Brent crude futures were up 90 cents at $50.07 a barrel by 0843 GMT, set for a gain of 6 per cent in two trading days. New York Mercantile Exchange crude for July delivery, which expires on Tuesday, was up 80 cents at $48.78 a barrel. 
 
Campaigning for Britain&#39;s vote on EU membership resumed on Sunday after a three-day hiatus prompted by the killing of a pro-EU lawmaker. 
 
Three opinion polls ahead of Thursday&#39;s vote showed the &#39;Remain&#39; camp recovering some momentum, although the overall picture remained one of an evenly split electorate. 
 
Perceived safe havens such as gold, the US dollar, German bonds and the Swiss franc came under pressure, while oil looked set for its largest two-day rise in a month and the likes of copper and equities rallied. 
 
&quot;For oil as a risky asset, what we&#39;ve seen are intraday gyrations that are coming from the spillover effects of &#39;risk-on/risk-off&#39; moves that follow the poll numbers,&quot; BNP Paribas global head of commodity strategy Harry Tchilinguirian said. 
 
The pound climbed 1.6 per cent to $1.4589, extending a recovery from last Thursday&#39;s more than two-month trough of $1.4013. 
 
&quot;With Brexit dominating the market headlines, there might be moves in the US dollar that drive the oil market at least until we get that out of the way,&quot; said Michael McCarthy, chief market strategist at CMC Markets in Sydney. 
 
&quot;It&#39;s likely to be a nervous and skittish week&#39;s trading.&quot; 
 
Oil prices continued to recover despite data showing US energy firms adding oil rigs for a third week in a row, suggesting higher production to come. 
 
Oil services firm Baker Hughes reported nine rig additions in the week to June 17. 
 
Aside from Brexit concerns, the market is likely to be caught in a range as any gains would likely be limited by the return of more shale drillers in the United States, McCarthy said. 
 
&quot;Capping market gains at the moment is the potential for those very agile US producers to jump back into production should we see any further substantial rises,&quot; he said.

August Brent crude futures were up 90 cents at $50.07 a barrel

Oil rallied on Monday, lifted by a wave of investor confidence and a weaker dollar after polls showed a diminishing chance that Britain may vote to leave the European Union later this week. August Brent crude futures were up 90 cents at $50.07 a barrel by 0843 GMT, set for a gain of 6 per cent in two trading days. New York Mercantile Exchange crude for July delivery, which expires on Tuesday, was up 80 cents at $48.78 a barrel. Campaigning for Britain's vote on EU membership resumed on Sunday after a three-day hiatus prompted by the killing of a pro-EU lawmaker. Three opinion polls ahead of Thursday's vote showed the 'Remain' camp recovering some momentum, although the overall picture remained one of an evenly split electorate. Perceived safe havens such as gold, the US dollar, German bonds and the Swiss franc came under pressure, while oil looked set for its largest two-day rise in a month and the likes of copper and equities rallied. "For oil as a risky asset, what we've seen are intraday gyrations that are coming from the spillover effects of 'risk-on/risk-off' moves that follow the poll numbers," BNP Paribas global head of commodity strategy Harry Tchilinguirian said. The pound climbed 1.6 per cent to $1.4589, extending a recovery from last Thursday's more than two-month trough of $1.4013. "With Brexit dominating the market headlines, there might be moves in the US dollar that drive the oil market at least until we get that out of the way," said Michael McCarthy, chief market strategist at CMC Markets in Sydney. "It's likely to be a nervous and skittish week's trading." Oil prices continued to recover despite data showing US energy firms adding oil rigs for a third week in a row, suggesting higher production to come. Oil services firm Baker Hughes reported nine rig additions in the week to June 17. Aside from Brexit concerns, the market is likely to be caught in a range as any gains would likely be limited by the return of more shale drillers in the United States, McCarthy said. "Capping market gains at the moment is the potential for those very agile US producers to jump back into production should we see any further substantial rises," he said.

Oil rallies as polls show diminished chance that Britain will vote to leave the EU

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