Turmoil unleashed by Britain&#39;s vote to leave the EU engulfed the opposition Labour Party, while policymakers as far away as China, Japan and South Korea fretted today over the threat to global financial stability, hours before markets reopen. 
 
In the oldest parliamentary democracy, three million Britons have signed a petition calling for a re-run of Thursday&#39;s referendum that split the nation, and one opinion poll showed a strong majority of Scots now want to break with the United Kingdom rather than with the European Union. 
 
Labour&#39;s left-wing leader Jeremy Corbyn sacked his foreign policy chief as the party plunged into open conflict. 
 
His health chief responded by resigning, calling for a new leader and reflecting accusations among pro-EU lawmakers that Corbyn&#39;s failure to win over traditional Labour voters had played a major role in the referendum result. 
 
Sacked foreign affairs spokesman Hilary Benn also called for Corbyn, who was elected last year largely by Left-wing party members and supporters, to go. &quot;He is a good and decent man but he is not a leader,&quot; Benn told BBC television. 
 
The 52-48 per cent referendum vote marked the biggest blow since World War II to the European project of forging greater unity across the continent. 
 
Sterling fell as much as 10 per cent against the Dollar on Friday to levels last seen in 1985, while world stocks saw more than $2 trillion wiped off their value. The weekend gave some respite from the turmoil, but with markets opening shortly in Asia, anxiety is growing. 
 
Prime Minister David Cameron resigned on Friday after Britons ignored his passionate appeals to stay in the EU, but left formally notifying Brussels of Britain&#39;s exit to his successor, who is unlikely to be in office for about three months. That signals a long period of limbo. 
 
Chinese Finance Minister Lou Jiwei said the vote &quot;will cast a shadow over the global economy&quot;. 
 
&quot;It&#39;s difficult to predict now,&quot; he said at the first annual meeting of the Asian Infrastructure Investment Bank in Beijing. &quot;The knee-jerk reaction from the market is probably a bit excessive and needs to calm down and take an objective view.&quot; 
 
Japan likewise fretted over the effect on the global currency market and contemplated official action. &quot;Speculative, violent moves have extremely negative effects,&quot; said Tomomi Inada, policy chief of the ruling LDP party. &quot;If necessary, the government should not hesitate to respond, including currency intervention,&quot; Nikkei daily quoted him as saying. 
 
Prime Minister Shinzo Abe has tried to engineer a weaker Yen to encourage exports to help revive the Japanese economy. But after initial success, investors have sought safety in the Yen this year due to stock market turmoil and now the Brexit vote, pushing the currency back up. 
 
No respite 
 
South Korea&#39;s finance minister also said he feared international markets will remain volatile throughout negotiations on the British exit. 
 
The United States, which during campaigning made clear it wanted Britain to stay in the EU, also showed signs of unease. 
 
Secretary of state John Kerry will meet EU foreign policy chief Frederica Mogherini in Brussels and British Foreign Minister Philip Hammond in London on Monday. 
 
The visit is largely meant to offer symbolic reassurance at a critical juncture for Europe, but a senior US official said Kerry would also stress the importance of other members not following Britain&#39;s lead and further weakening the EU. 
 
Despite the international expressions of concern, respite from the uncertainty is unlikely for months, at the very least. 
 
Cameron has offered to stay on as a caretaker, but he has refused to invoke Article 50 of the EU&#39;s Lisbon Treaty, which allows for two years of exit negotiations. Instead he left that job to his successor, who is due to be elected by his Conservative Party sometime before its annual conference in October. 
 
Only after the new leader has invoked can work on thrashing out Britain&#39;s new relationship with the bloc begin. The man widely tipped as the next prime minister is former London mayor Boris Johnson, the most prominent member of the campaign to leave the EU. 
 
No lying down 
 
Signs are growing that not all the 16 million Britons who voted to stay in the EU are willing to take the result lying down. Many flocked to back an online petition demanding a second vote, with signatures exceeding three million today morning, more than double the figure the previous afternoon. 
 
The petition, posted on Parliament&#39;s website before the referendum, said there should be another vote if the outcome was close on a turnout of less than 75 per cent - three points above Thursday&#39;s figure. 
 
It will have to be considered for debate by lawmakers, but has no legal force and its backers compare with the 17.4 million who voted &quot;leave&quot;. 
 
The referendum has also re-energised support for Scotland, which voted overwhelmingly to remain in the EU, to break away from the United Kingdom instead. 
 
An opinion poll in The Sunday Post said 59 per cent of respondents backed independence, rocketing from 45 per cent of votes cast in a referendum in 2014. 
 
Scottish first minister Nicola Sturgeon has said a fresh independence referendum is possible 
 
&quot;My challenge now as first minister is to work out how I best protect Scotland&#39;s interests, how I try to prevent us being taken out of the EU against our will with all of the deeply damaging and painful consequences that that will entail,&quot; she told the BBC&#39;s Andrew Marr show.&nbsp; 
 
(Reuters)

The 52-48% referendum vote marked the biggest blow since World War II to the European project forging unity across the continent

Turmoil unleashed by Britain's vote to leave the EU engulfed the opposition Labour Party, while policymakers as far away as China, Japan and South Korea fretted today over the threat to global financial stability, hours before markets reopen. In the oldest parliamentary democracy, three million Britons have signed a petition calling for a re-run of Thursday's referendum that split the nation, and one opinion poll showed a strong majority of Scots now want to break with the United Kingdom rather than with the European Union. Labour's left-wing leader Jeremy Corbyn sacked his foreign policy chief as the party plunged into open conflict. His health chief responded by resigning, calling for a new leader and reflecting accusations among pro-EU lawmakers that Corbyn's failure to win over traditional Labour voters had played a major role in the referendum result. Sacked foreign affairs spokesman Hilary Benn also called for Corbyn, who was elected last year largely by Left-wing party members and supporters, to go. "He is a good and decent man but he is not a leader," Benn told BBC television. The 52-48 per cent referendum vote marked the biggest blow since World War II to the European project of forging greater unity across the continent. Sterling fell as much as 10 per cent against the Dollar on Friday to levels last seen in 1985, while world stocks saw more than $2 trillion wiped off their value. The weekend gave some respite from the turmoil, but with markets opening shortly in Asia, anxiety is growing. Prime Minister David Cameron resigned on Friday after Britons ignored his passionate appeals to stay in the EU, but left formally notifying Brussels of Britain's exit to his successor, who is unlikely to be in office for about three months. That signals a long period of limbo. Chinese Finance Minister Lou Jiwei said the vote "will cast a shadow over the global economy". "It's difficult to predict now," he said at the first annual meeting of the Asian Infrastructure Investment Bank in Beijing. "The knee-jerk reaction from the market is probably a bit excessive and needs to calm down and take an objective view." Japan likewise fretted over the effect on the global currency market and contemplated official action. "Speculative, violent moves have extremely negative effects," said Tomomi Inada, policy chief of the ruling LDP party. "If necessary, the government should not hesitate to respond, including currency intervention," Nikkei daily quoted him as saying. Prime Minister Shinzo Abe has tried to engineer a weaker Yen to encourage exports to help revive the Japanese economy. But after initial success, investors have sought safety in the Yen this year due to stock market turmoil and now the Brexit vote, pushing the currency back up. No respite South Korea's finance minister also said he feared international markets will remain volatile throughout negotiations on the British exit. The United States, which during campaigning made clear it wanted Britain to stay in the EU, also showed signs of unease. Secretary of state John Kerry will meet EU foreign policy chief Frederica Mogherini in Brussels and British Foreign Minister Philip Hammond in London on Monday. The visit is largely meant to offer symbolic reassurance at a critical juncture for Europe, but a senior US official said Kerry would also stress the importance of other members not following Britain's lead and further weakening the EU. Despite the international expressions of concern, respite from the uncertainty is unlikely for months, at the very least. Cameron has offered to stay on as a caretaker, but he has refused to invoke Article 50 of the EU's Lisbon Treaty, which allows for two years of exit negotiations. Instead he left that job to his successor, who is due to be elected by his Conservative Party sometime before its annual conference in October. Only after the new leader has invoked can work on thrashing out Britain's new relationship with the bloc begin. The man widely tipped as the next prime minister is former London mayor Boris Johnson, the most prominent member of the campaign to leave the EU. No lying down Signs are growing that not all the 16 million Britons who voted to stay in the EU are willing to take the result lying down. Many flocked to back an online petition demanding a second vote, with signatures exceeding three million today morning, more than double the figure the previous afternoon. The petition, posted on Parliament's website before the referendum, said there should be another vote if the outcome was close on a turnout of less than 75 per cent - three points above Thursday's figure. It will have to be considered for debate by lawmakers, but has no legal force and its backers compare with the 17.4 million who voted "leave". The referendum has also re-energised support for Scotland, which voted overwhelmingly to remain in the EU, to break away from the United Kingdom instead. An opinion poll in The Sunday Post said 59 per cent of respondents backed independence, rocketing from 45 per cent of votes cast in a referendum in 2014. Scottish first minister Nicola Sturgeon has said a fresh independence referendum is possible "My challenge now as first minister is to work out how I best protect Scotland's interests, how I try to prevent us being taken out of the EU against our will with all of the deeply damaging and painful consequences that that will entail," she told the BBC's Andrew Marr show. (Reuters)

British EU exit turmoil alarms Asia, rocks Labour opposition

Britain&#39;s European Commissioner Jonathan Hill announced Saturday that he will stand down following his country&#39;s decision to leave the EU, saying he was &quot;very disappointed&#39; but &quot;what is done cannot be undone.&quot;

&quot;As we move to a new phase, I don&#39;t believe it is right that I should carry on as the British Commissioner as though nothing had happened,&quot; said a statement by Hill, who is commissioner for financial services.

&quot;At the same time, there needs to be an orderly handover, so I have said that I will work with him to make sure that happens in the weeks ahead.&quot;

Hill, 55, a professional lobbyist and former Conservative party leader in Britain&#39;s upper house of parliament, follows his close ally Prime Minister David Cameron in stepping down in the wake of the referendum on Thursday.

He had already faced calls in the European Parliament to give up the sensitive financial services portfolio, which will be a focus of interest in exit negotiations between Brussels and London. He has had a key role in setting regulations that give Britain&#39;s huge banking sector access to euro zone markets.

As long as Britain remains an EU member it will continue to have a seat on the 28-strong Commission, giving Cameron, or more likely his successor, a right to nominate another commissioner, whose appointment would be subject to EU parliamentary approval.

The distribution of portfolios in the Commission is in the gift of its president, former Luxembourg premier Juncker, in negotiation with the leader of the member state nominating their commissioner.

Hill&#39;s appointment to the finance job in 2014 was seen as a peace offering from Juncker to Cameron, who had tried to block the Commission president&#39;s own appointment that year. It was viewed with some suspicion by euro zone bankers keen to challenge London&#39;s dominance as Europe&#39;s financial capital.

 
(With inputs from AFP and Reuters)

Move comes the day after UK votes to leave Europe

Britain's European Commissioner Jonathan Hill announced Saturday that he will stand down following his country's decision to leave the EU, saying he was "very disappointed' but "what is done cannot be undone." "As we move to a new phase, I don't believe it is right that I should carry on as the British Commissioner as though nothing had happened," said a statement by Hill, who is commissioner for financial services. "At the same time, there needs to be an orderly handover, so I have said that I will work with him to make sure that happens in the weeks ahead." Hill, 55, a professional lobbyist and former Conservative party leader in Britain's upper house of parliament, follows his close ally Prime Minister David Cameron in stepping down in the wake of the referendum on Thursday. He had already faced calls in the European Parliament to give up the sensitive financial services portfolio, which will be a focus of interest in exit negotiations between Brussels and London. He has had a key role in setting regulations that give Britain's huge banking sector access to euro zone markets. As long as Britain remains an EU member it will continue to have a seat on the 28-strong Commission, giving Cameron, or more likely his successor, a right to nominate another commissioner, whose appointment would be subject to EU parliamentary approval. The distribution of portfolios in the Commission is in the gift of its president, former Luxembourg premier Juncker, in negotiation with the leader of the member state nominating their commissioner. Hill's appointment to the finance job in 2014 was seen as a peace offering from Juncker to Cameron, who had tried to block the Commission president's own appointment that year. It was viewed with some suspicion by euro zone bankers keen to challenge London's dominance as Europe's financial capital. (With inputs from AFP and Reuters)

Britain's European Commissioner to step down

Talks on Britain leaving the European Union must be carried out quickly to limit uncertainty, ECB Governing Council member Francois Villeroy de Galhau said today, adding London&#39;s financial centre was at risk of losing its prized &quot;EU passport&quot;. 
 
Banks based in London rely on a so-called EU passport to operate across the bloc&#39;s capital market unhindered. Some banks have said they would shift operations to the euro zone if Britain left the EU. 
 
The City of London will not be able to keep that passport if Britain leaves the EU&#39;s single market of trade in goods and services, Villeroy told France Inter radio. 
 
&quot;There is a precedent, it is the Norwegian model of European Economic Area, that would allow Britain to keep access to the single market but by committing to implement all EU rules,&quot; he said. 
 
&quot;It would be a bit paradoxical to leave the EU and apply all EU rules, but that is one solution if Britain wants to keep access to the single market.&quot; 
 
Central banks are efficiently dealing with the fallout of Thursday&#39;s UK vote to leave the EU, said Villeroy, who is also governor of the French central bank, adding: &quot;The euro is a solid currency.&quot; 
 
&quot;What happened on Thursday is bad news, first of all for Britain,&quot; he said. &quot;Of course there will be negative consequences for the European economy but there will be much more limited than the negative consequences all experts forecast for the UK economy.&quot; 
 
Brexit does not put the French economy at any risk of contracting in the next quarters, he said, confirming past growth forecasts of at least 1.4 per cent for 2016. 
 
(Reuters)

Some London-based banks have said they would shift operations to the euro zone if Britain left the EU

Talks on Britain leaving the European Union must be carried out quickly to limit uncertainty, ECB Governing Council member Francois Villeroy de Galhau said today, adding London's financial centre was at risk of losing its prized "EU passport". Banks based in London rely on a so-called EU passport to operate across the bloc's capital market unhindered. Some banks have said they would shift operations to the euro zone if Britain left the EU. The City of London will not be able to keep that passport if Britain leaves the EU's single market of trade in goods and services, Villeroy told France Inter radio. "There is a precedent, it is the Norwegian model of European Economic Area, that would allow Britain to keep access to the single market but by committing to implement all EU rules," he said. "It would be a bit paradoxical to leave the EU and apply all EU rules, but that is one solution if Britain wants to keep access to the single market." Central banks are efficiently dealing with the fallout of Thursday's UK vote to leave the EU, said Villeroy, who is also governor of the French central bank, adding: "The euro is a solid currency." "What happened on Thursday is bad news, first of all for Britain," he said. "Of course there will be negative consequences for the European economy but there will be much more limited than the negative consequences all experts forecast for the UK economy." Brexit does not put the French economy at any risk of contracting in the next quarters, he said, confirming past growth forecasts of at least 1.4 per cent for 2016. (Reuters)

ECB's Villeroy: Brexit talks must be quick, City of London at risk of losing 'EU passport'

Just days after voting to leave the European Union, more than 1.5 million Britons and UK residents had signed a petition calling for a second vote, forcing lawmakers to at least consider a debate on the issue. 
 
The petition on the British parliament website was posted before the June 23 referendum, saying the government should hold another plebiscite on EU membership if the support for Leave or Remain in a referendum is less than 60 per cent based on a turnout of under 75 per cent of electors. 
 
The result on Thursday saw 52 per cent of voters back a British exit on a turnout of 72 per cent of eligible voters. 
 
Since then, the petition -- which only British citizens or UK residents have the right to sign -- was proving so popular that by 1417 GMT today, 1,580,220 people had signed it with the number rising quickly. 
 
It appeared to be rising at a rate of around 1,000 signatures a minute at one point. 
 
Most of those who signed were based in areas where support for staying in the EU was strongest such as London, the website indicated. 
 
Parliament has to consider a debate on any petition which attracts more than 100,000 signatures. 
 
Prime Minister David Cameron, who said on Friday he would resign after leading the failed campaign to keep Britain in the EU, has previously said there would be no second referendum. 
 
(Reuters)

The British Parliament has to consider a debate on any petition which attracts more than 100,000 signatures

Just days after voting to leave the European Union, more than 1.5 million Britons and UK residents had signed a petition calling for a second vote, forcing lawmakers to at least consider a debate on the issue. The petition on the British parliament website was posted before the June 23 referendum, saying the government should hold another plebiscite on EU membership if the support for Leave or Remain in a referendum is less than 60 per cent based on a turnout of under 75 per cent of electors. The result on Thursday saw 52 per cent of voters back a British exit on a turnout of 72 per cent of eligible voters. Since then, the petition -- which only British citizens or UK residents have the right to sign -- was proving so popular that by 1417 GMT today, 1,580,220 people had signed it with the number rising quickly. It appeared to be rising at a rate of around 1,000 signatures a minute at one point. Most of those who signed were based in areas where support for staying in the EU was strongest such as London, the website indicated. Parliament has to consider a debate on any petition which attracts more than 100,000 signatures. Prime Minister David Cameron, who said on Friday he would resign after leading the failed campaign to keep Britain in the EU, has previously said there would be no second referendum. (Reuters)

More than 1.5 million and rising sign UK petition for new EU referendum

With early returns indicating a close result and prompting big swings in the value of sterling, oil prices fell after voting ended in a UK referendum on whether to stay in the European Union (EU). 
 
While U.S. crude was down 35 cents at $49.76 a barrel at 0001 GMT; Brent crude was down 27 cents at $50.64 a barrel.&nbsp; 
On Thursday, both contracts rose sharply, rallying on optimism the Britons would vote to stay in Europe. 
 
Pertinently, the first few official results on Friday put the &#39;Brexit&#39; campaign ahead, although opinion polls suggest that the vote will end in a victory for the &#39;remain&#39; campaign.&nbsp; 
 
Also, with results in from the first five of 382 voting districts, those in favour of ending Britain&#39;s 43-year membership had a small lead, but it was too early to discern a reliable trend. 
 
Sterling slumped to $1.4475, having earlier hit a high for the year at $1.5022. The euro turned tail to hit $1.1324 and the yen recouped early losses to stand at 104.96 per dollar. 
 
(Reuters)&nbsp;

Albeit, opinion polls have suggested that the vote will end in a victory for the 'remain' campaign

With early returns indicating a close result and prompting big swings in the value of sterling, oil prices fell after voting ended in a UK referendum on whether to stay in the European Union (EU). While U.S. crude was down 35 cents at $49.76 a barrel at 0001 GMT; Brent crude was down 27 cents at $50.64 a barrel. On Thursday, both contracts rose sharply, rallying on optimism the Britons would vote to stay in Europe. Pertinently, the first few official results on Friday put the 'Brexit' campaign ahead, although opinion polls suggest that the vote will end in a victory for the 'remain' campaign. Also, with results in from the first five of 382 voting districts, those in favour of ending Britain's 43-year membership had a small lead, but it was too early to discern a reliable trend. Sterling slumped to $1.4475, having earlier hit a high for the year at $1.5022. The euro turned tail to hit $1.1324 and the yen recouped early losses to stand at 104.96 per dollar. (Reuters)

Oil prices fall after as first few results put 'Brexit' ahead

Reacting to Britain&rsquo;s exit from the European Union (EU) on Friday, right-wing Members of Parliament (MP) in France and Netherland have also given a call for referendum.&nbsp; 
 
Hailing Britain&#39;s decision, French far-right leader Marine Le Pen took to micro blogging site to share her views. &quot;Victory for Freedom! As I have been asking for years we must now have the same referendum in France and EU countries,&quot; the National Front (FN) leader tweeted. 
 
The eurosceptic, anti-immigration FN has accused the EU of suffering a &quot;democratic deficit&quot; and has long urged all members of the bloc to follow Britain&#39;s example. 
 
The Brexit vote is likely to fire up eurosceptic populists across the bloc, with Dutch far-right MP Geert Wilders also calling for an EU referendum in his own country following the result. 
 
Fears are high that a domino effect could see other countries following in Britain`s footsteps, threatening the core of the European project. 
 
&quot;France has possibly a thousand more reasons to want to leave the EU than the English,&quot; Le Pen said at a gathering of far-right parties in Vienna last Friday. 
 
Le Pen has accused the EU of pursuing closer integration &quot;against our will&quot;. 
 
She says the union is responsible for high eurozone unemployment and has failed to keep out &quot;smugglers, terrorists (and) economic migrants&quot;. 
 
Dutch far-right MP also calls for NExit&nbsp; 
Shortly after Britain voted for a Brexit, Dutch anti-Islam MP Geert Wilders called for the Netherlands to hold a referendum on whether to leave the EU.&nbsp; 
 
&quot;The Dutch people deserve a referendum as well. The Party for Freedom consequently demands a referendum on NExit, a Dutch EU exit,&quot; Wilders said in a statement. 
 
With 374 out of 382 regional results declared in Britain, there were 16.8 million votes for &quot;Leave&quot; and 15.7 million for &quot;Remain&quot;, making it mathematically impossible for &quot;Remain&quot; to win. 
 
&quot;We want to be in charge of our own country, our own money, our own borders, and our own immigration policy,&quot; Wilders said in a statement.&nbsp;If I become prime minister, there will be a referendum in the Netherlands on leaving the European Union as well. Let the Dutch people decide,&rdquo; he was quoted saying.&nbsp; 
 
The Netherlands, which currently holds the rotating presidency of the EU, held a referendum earlier this year on whether to back closer cooperation between the EU and Ukraine. Turnout was low, but over 60 per cent voted against the deal. 
 
Elections are not due in the Netherlands until next year, but since last year polls have consistently shown support for the Freedom Party (PVV) climbing on the back of the refugee crisis.&nbsp; 
 
Although it is has slipped back in recent months, the last polls from May showed Wilders&#39; party would win the largest support gaining some 31 seats in the 150-seat party, more than doubling its current 15 seats. 
 
The statement sent by Wilders&#39; PVV said that recent polls showed a majority of Dutch people were in favour of holding a referendum, and that most would vote to leave. 
 
(AFP)&nbsp;

Fears are high that a domino effect could see other countries following in Britain's footsteps, threatening the core of the European project

Reacting to Britain’s exit from the European Union (EU) on Friday, right-wing Members of Parliament (MP) in France and Netherland have also given a call for referendum. Hailing Britain's decision, French far-right leader Marine Le Pen took to micro blogging site to share her views. "Victory for Freedom! As I have been asking for years we must now have the same referendum in France and EU countries," the National Front (FN) leader tweeted. The eurosceptic, anti-immigration FN has accused the EU of suffering a "democratic deficit" and has long urged all members of the bloc to follow Britain's example. The Brexit vote is likely to fire up eurosceptic populists across the bloc, with Dutch far-right MP Geert Wilders also calling for an EU referendum in his own country following the result. Fears are high that a domino effect could see other countries following in Britain`s footsteps, threatening the core of the European project. "France has possibly a thousand more reasons to want to leave the EU than the English," Le Pen said at a gathering of far-right parties in Vienna last Friday. Le Pen has accused the EU of pursuing closer integration "against our will". She says the union is responsible for high eurozone unemployment and has failed to keep out "smugglers, terrorists (and) economic migrants". Dutch far-right MP also calls for NExit Shortly after Britain voted for a Brexit, Dutch anti-Islam MP Geert Wilders called for the Netherlands to hold a referendum on whether to leave the EU. "The Dutch people deserve a referendum as well. The Party for Freedom consequently demands a referendum on NExit, a Dutch EU exit," Wilders said in a statement. With 374 out of 382 regional results declared in Britain, there were 16.8 million votes for "Leave" and 15.7 million for "Remain", making it mathematically impossible for "Remain" to win. "We want to be in charge of our own country, our own money, our own borders, and our own immigration policy," Wilders said in a statement. If I become prime minister, there will be a referendum in the Netherlands on leaving the European Union as well. Let the Dutch people decide,” he was quoted saying. The Netherlands, which currently holds the rotating presidency of the EU, held a referendum earlier this year on whether to back closer cooperation between the EU and Ukraine. Turnout was low, but over 60 per cent voted against the deal. Elections are not due in the Netherlands until next year, but since last year polls have consistently shown support for the Freedom Party (PVV) climbing on the back of the refugee crisis. Although it is has slipped back in recent months, the last polls from May showed Wilders' party would win the largest support gaining some 31 seats in the 150-seat party, more than doubling its current 15 seats. The statement sent by Wilders' PVV said that recent polls showed a majority of Dutch people were in favour of holding a referendum, and that most would vote to leave. (AFP)

In wake of Brexit, right-wing MPs in France, Netherland call for referendum

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

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

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

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

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'

The deaths of 14 Nepali guards in Afghanistan have highlighted the Himalayan nation&#39;s role as supplier of security forces to the world, an industry fuelled by poverty and built on the centuries-old reputation of its Gurkha troops for courage and loyalty. 
 
While the number of Gurkha soldiers Britain recruits annually in the impoverished nation has fallen in recent years, global demand for Nepalis as private security guards remains high. 
 
&quot;Everyone wants a Gurkha to protect their assets -- from a billionaire in Hong Kong to private firms in Kabul,&quot; said Mahesh Shrestha, Nepal country manager for British security giant G4S. 
 
&quot;Gurkhas have always been a big craze as far as the market for security (personnel) is concerned,&quot; Shrestha told AFP. 
 
The industry provides lucrative jobs for retired Gurkhas as well as former Nepal army and police staff willing to risk their lives in conflict zones around the world. 
 
Nepalis were first recruited overseas by the British East India Company after the Anglo-Nepali war that ended in 1816. 
 
Impressed by their bravery, the British struck a deal to hire their former foes as soldiers, using Gurkha troops to crush riots in 19th-century India and fight for Britain in World Wars I and II. 
 
The Gurkhas&#39; World War I exploits also secured the Himalayan kingdom&#39;s sovereignty via a 1923 treaty between Nepal and Britain. 
 
Famed for their ferocity and skillful use of razor-sharp curved kukri knives, the Gurkhas have fought in every British conflict for the last two centuries. 
 
More than 45,000 have died in action. 
 
They have also enlisted in the Singapore police force and the Indian army, whose former chief of staff Sam Manekshaw is reported to have said: &quot;If a man says he is not afraid of dying, he is either lying or is a Gurkha&quot;. 
 
Today, private security firms seek to trade on that reputation when they advertise their recruitment of Nepalis -- including non-Gurkhas -- to prospective clients. 
 
As a result, Nepalis enjoy a virtual monopoly in the private security sector in countries like Malaysia, where companies are only allowed to hire them or locals as guards. 
 
&quot;Thanks to the Gurkhas&#39; fame... people think Nepalis are loyal, honest, hardworking men who can survive anywhere and cope with tough conditions,&quot; G4S&#39;s Shrestha said. 
 
Fuelled by desperation 
The hillside towns the Gurkhas come from are islands of relative prosperity in Nepal thanks to salaries and pensions which are substantially higher than local wages. 
 
Thousands of young men apply to join the British Gurkhas each year, but only around 230 make the final cut. Their tests include a 4.6-kilometre (2.9-mile) race up a steep hill while carrying a basket packed with rocks. 
 
The British army now employs around 2,500 Gurkhas, down from an all-time high of 112,000 during World War II, and many have taken jobs as security guards in conflict zones like Afghanistan, where 14 Nepalis working for the Canadian embassy were killed in a bomb attack this week. 
 
They are more expensive than Afghan security, but are seen as more reliable and their physical similarity allows them to blend in better than other foreigners. 
 
&quot;Young Nepali males don&#39;t really have many options at home and so they seek dangerous jobs overseas... because of their desperation,&quot; journalist Kunda Dixit told AFP. 
 
Nepali migrant workers play a critical role in propping up the country&#39;s economy: their remittances make up about 30 percent of gross domestic product. 
 
Authorities say some 3,300 Nepalis currently work in Afghanistan as security guards but accurate figures for the total number employed across the world are hard to come by. 
 
Despite the dangers, commentators say the deaths this week will do little to stop other Nepalis from venturing into war zones in desperate pursuit of work, as the country struggles to recover from last year&#39;s massive earthquake. 
(AFP)

Famed for their ferocity and skillful use of razor-sharp curved khukri knives, Gurkhas fight for the British, Indian and Nepalese armies

The deaths of 14 Nepali guards in Afghanistan have highlighted the Himalayan nation's role as supplier of security forces to the world, an industry fuelled by poverty and built on the centuries-old reputation of its Gurkha troops for courage and loyalty. While the number of Gurkha soldiers Britain recruits annually in the impoverished nation has fallen in recent years, global demand for Nepalis as private security guards remains high. "Everyone wants a Gurkha to protect their assets -- from a billionaire in Hong Kong to private firms in Kabul," said Mahesh Shrestha, Nepal country manager for British security giant G4S. "Gurkhas have always been a big craze as far as the market for security (personnel) is concerned," Shrestha told AFP. The industry provides lucrative jobs for retired Gurkhas as well as former Nepal army and police staff willing to risk their lives in conflict zones around the world. Nepalis were first recruited overseas by the British East India Company after the Anglo-Nepali war that ended in 1816. Impressed by their bravery, the British struck a deal to hire their former foes as soldiers, using Gurkha troops to crush riots in 19th-century India and fight for Britain in World Wars I and II. The Gurkhas' World War I exploits also secured the Himalayan kingdom's sovereignty via a 1923 treaty between Nepal and Britain. Famed for their ferocity and skillful use of razor-sharp curved kukri knives, the Gurkhas have fought in every British conflict for the last two centuries. More than 45,000 have died in action. They have also enlisted in the Singapore police force and the Indian army, whose former chief of staff Sam Manekshaw is reported to have said: "If a man says he is not afraid of dying, he is either lying or is a Gurkha". Today, private security firms seek to trade on that reputation when they advertise their recruitment of Nepalis -- including non-Gurkhas -- to prospective clients. As a result, Nepalis enjoy a virtual monopoly in the private security sector in countries like Malaysia, where companies are only allowed to hire them or locals as guards. "Thanks to the Gurkhas' fame... people think Nepalis are loyal, honest, hardworking men who can survive anywhere and cope with tough conditions," G4S's Shrestha said. Fuelled by desperation The hillside towns the Gurkhas come from are islands of relative prosperity in Nepal thanks to salaries and pensions which are substantially higher than local wages. Thousands of young men apply to join the British Gurkhas each year, but only around 230 make the final cut. Their tests include a 4.6-kilometre (2.9-mile) race up a steep hill while carrying a basket packed with rocks. The British army now employs around 2,500 Gurkhas, down from an all-time high of 112,000 during World War II, and many have taken jobs as security guards in conflict zones like Afghanistan, where 14 Nepalis working for the Canadian embassy were killed in a bomb attack this week. They are more expensive than Afghan security, but are seen as more reliable and their physical similarity allows them to blend in better than other foreigners. "Young Nepali males don't really have many options at home and so they seek dangerous jobs overseas... because of their desperation," journalist Kunda Dixit told AFP. Nepali migrant workers play a critical role in propping up the country's economy: their remittances make up about 30 percent of gross domestic product. Authorities say some 3,300 Nepalis currently work in Afghanistan as security guards but accurate figures for the total number employed across the world are hard to come by. Despite the dangers, commentators say the deaths this week will do little to stop other Nepalis from venturing into war zones in desperate pursuit of work, as the country struggles to recover from last year's massive earthquake. (AFP)

Gurkhas to guards: Nepalis doing dangerous jobs abroad

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?

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

Asia stocks were largely up today, building on gains at the end of last week as polls suggest Britain&#39;s upcoming referendum vote will result in the country staying in the European Union. 
 
Markets across the region plunged last week amid concern about a possible &quot;Brexit&quot; -- or British decision to leave the EU -- but showed some improvement on Friday as the &#39;Remain&#39; camp gained ground. 
 
The average of the last six British EU referendum polls put the &#39;Remain&#39; and &#39;Leave&#39; camps level at 50-50, excluding undecided voters, according to the What UK Thinks website. 
 
The &#39;Leave&#39; camp had been a few percentage points ahead in recent polling, but fresh surveys brought the average back to neck-and-neck, after campaigning was suspended for three days following the murder of pro-EU British lawmaker Jo Cox on Thursday. 
 
A Survation poll conducted on Friday and Saturday put &#39;Remain&#39; at 45 per cent and &#39;Leave&#39; at 42 per cent -- the reverse of its previous findings on Thursday. 
 
Tokyo was up 2.2 per cent by the break today, adding to gains of 1.07 per cent at the end of last week, and Hong Kong rose 0.73 per cent in early morning trade. Singapore and Seoul were both up more than one per cent. 
 
But in China, the Shanghai Composite Index eased 0.46 per cent while the Shenzhen Composite Index, which tracks stocks on the country&#39;s second exchange, fell 0.30 per cent. 
 
Gold was down 1.12 per cent today, having hit a near two-year peak on Friday as investors sought the safe haven commodity on fears of the impact of a &#39;leave&#39; vote on the world economy. 
&#39;Risk-on move&#39; - 
The Yen eased slightly to 104.71 to the Dollar in early morning trade in Tokyo, from 104.19 Yen in New York late Friday. 
 
The Japanese currency, often seen as a safe haven, had also strengthened as concerns grew that the &quot;Leave&quot; camp was headed to victory. 
 
&quot;We are seeing a risk-on move after the latest Brexit poll,&quot; Niv Dagan, executive director at Peak Asset Management LLC in Melbourne, told Bloomberg. 
 
&quot;It may be short-lived and volatility is likely to remain high until Thursday&#39;s vote. This really could still go either way.&quot; 
 
Aside from the EU vote, eyes were on the Bombay stock exchange ahead of opening, after the popular Reserve Bank of India governor Raghuram Rajan announced on Friday that he would step down when his term ends in September. 
 
Oil prices extended gains on a weaker Dollar, driving up demand for the commodity. 
 
US benchmark West Texas Intermediate was up 45 cents, or 0.94 per cent, trading at $48.43 a barrel while North Sea Brent was up 35 cents, or 0.71 per cent, trading at $49.52 a barrel. 
 
&nbsp;Key figures around 0230 GMT - 
Tokyo - Nikkei 225: UP 2.2 per cent at 15,943.76 (break) 
 
Shanghai - Composite: DOWN 0.46 per cent at 2871.84 
 
Hong Kong - Hang Seng: UP 0.73 per cent at 20,316.31 
 
Euro/Dollar: UP at $1.1360 from $1.1280 late Friday 
 
Pound/Dollar: UP at $1.4585 from $1.4348 
 
Dollar/Yen: UP at 104.71 Yen from 104.19 yen 
 
New York - DOW: DOWN 0.33 per cent at 17,675.16 (close) 
 
London - FTSE 100: UP 1.19 per cent at 6,021.09 (close) 
(AFP)

Markets across the region had plunged last week amid concerns that the UK might leave the European Union

Asia stocks were largely up today, building on gains at the end of last week as polls suggest Britain's upcoming referendum vote will result in the country staying in the European Union. Markets across the region plunged last week amid concern about a possible "Brexit" -- or British decision to leave the EU -- but showed some improvement on Friday as the 'Remain' camp gained ground. The average of the last six British EU referendum polls put the 'Remain' and 'Leave' camps level at 50-50, excluding undecided voters, according to the What UK Thinks website. The 'Leave' camp had been a few percentage points ahead in recent polling, but fresh surveys brought the average back to neck-and-neck, after campaigning was suspended for three days following the murder of pro-EU British lawmaker Jo Cox on Thursday. A Survation poll conducted on Friday and Saturday put 'Remain' at 45 per cent and 'Leave' at 42 per cent -- the reverse of its previous findings on Thursday. Tokyo was up 2.2 per cent by the break today, adding to gains of 1.07 per cent at the end of last week, and Hong Kong rose 0.73 per cent in early morning trade. Singapore and Seoul were both up more than one per cent. But in China, the Shanghai Composite Index eased 0.46 per cent while the Shenzhen Composite Index, which tracks stocks on the country's second exchange, fell 0.30 per cent. Gold was down 1.12 per cent today, having hit a near two-year peak on Friday as investors sought the safe haven commodity on fears of the impact of a 'leave' vote on the world economy. 'Risk-on move' - The Yen eased slightly to 104.71 to the Dollar in early morning trade in Tokyo, from 104.19 Yen in New York late Friday. The Japanese currency, often seen as a safe haven, had also strengthened as concerns grew that the "Leave" camp was headed to victory. "We are seeing a risk-on move after the latest Brexit poll," Niv Dagan, executive director at Peak Asset Management LLC in Melbourne, told Bloomberg. "It may be short-lived and volatility is likely to remain high until Thursday's vote. This really could still go either way." Aside from the EU vote, eyes were on the Bombay stock exchange ahead of opening, after the popular Reserve Bank of India governor Raghuram Rajan announced on Friday that he would step down when his term ends in September. Oil prices extended gains on a weaker Dollar, driving up demand for the commodity. US benchmark West Texas Intermediate was up 45 cents, or 0.94 per cent, trading at $48.43 a barrel while North Sea Brent was up 35 cents, or 0.71 per cent, trading at $49.52 a barrel. Key figures around 0230 GMT - Tokyo - Nikkei 225: UP 2.2 per cent at 15,943.76 (break) Shanghai - Composite: DOWN 0.46 per cent at 2871.84 Hong Kong - Hang Seng: UP 0.73 per cent at 20,316.31 Euro/Dollar: UP at $1.1360 from $1.1280 late Friday Pound/Dollar: UP at $1.4585 from $1.4348 Dollar/Yen: UP at 104.71 Yen from 104.19 yen New York - DOW: DOWN 0.33 per cent at 17,675.16 (close) London - FTSE 100: UP 1.19 per cent at 6,021.09 (close) (AFP)

Asian stocks up, opinion polls show Britain may remain in EU

The European Union&#39;s banking watchdog will move from London to another European capital if Britain decides to quit the bloc in a referendum this week, its chairman said in an interview published on Sunday. 
 
Britain votes on June 23 on whether to stay in the 28-member bloc, a choice with far-reaching consequences for politics, the economy, defence and diplomacy on the continent. 
 
The London-based European Banking Authority (EBA), founded in 2011 as a reaction to the global financial crisis, operates as a pan-EU regulator, writing and coordinating banking rules across the bloc. 
 
&quot;If the British should decide to leave the EU, we actually would have to move to another European capital,&quot; Andrea Enria, head of the EBA, told the German newspaper Welt am Sonntag. 
 
While betting odds have consistently indicated a vote to remain in the EU, opinion pollsters have so far painted contradictory pictures of how Britons will vote. 
 
The EBA is currently working on an EU single rulebook aimed at ensuring a level playing field for all banks across the 28-country bloc&#39;s capital market. 
 
&quot;This work needs to be completed irrespective of the result of the referendum,&quot; said Enria, an Italian national. &quot;We must ensure that there are no different rules between the countries that have the euro and those that do not have it.&quot; 
 
Enria said the European banking sector was more stable now than five years ago, but there was still need for consolidation. 
 
&quot;If you look at the balance sheets of banks, you could actually ask yourself whether such low profitability and such low return on investment are sustainable in the long term,&quot; he said. 
 
Banks should speed up their efforts to deal with non-performing loans and change their internal business culture in order to avoid future scandals and fines, Enria said. 
 
That banks have hardly made any progress in these two areas is the reason why the European Central Bank (ECB) is struggling to boost lending and generate more growth despite its bond-purchase programme, he added. 
(Reuters)

European Banking Authority is making arrangements to shift head office in case Britain opts out of the European union, says EBA's chairman

The European Union's banking watchdog will move from London to another European capital if Britain decides to quit the bloc in a referendum this week, its chairman said in an interview published on Sunday. Britain votes on June 23 on whether to stay in the 28-member bloc, a choice with far-reaching consequences for politics, the economy, defence and diplomacy on the continent. The London-based European Banking Authority (EBA), founded in 2011 as a reaction to the global financial crisis, operates as a pan-EU regulator, writing and coordinating banking rules across the bloc. "If the British should decide to leave the EU, we actually would have to move to another European capital," Andrea Enria, head of the EBA, told the German newspaper Welt am Sonntag. While betting odds have consistently indicated a vote to remain in the EU, opinion pollsters have so far painted contradictory pictures of how Britons will vote. The EBA is currently working on an EU single rulebook aimed at ensuring a level playing field for all banks across the 28-country bloc's capital market. "This work needs to be completed irrespective of the result of the referendum," said Enria, an Italian national. "We must ensure that there are no different rules between the countries that have the euro and those that do not have it." Enria said the European banking sector was more stable now than five years ago, but there was still need for consolidation. "If you look at the balance sheets of banks, you could actually ask yourself whether such low profitability and such low return on investment are sustainable in the long term," he said. Banks should speed up their efforts to deal with non-performing loans and change their internal business culture in order to avoid future scandals and fines, Enria said. That banks have hardly made any progress in these two areas is the reason why the European Central Bank (ECB) is struggling to boost lending and generate more growth despite its bond-purchase programme, he added. (Reuters)

EU banking watchdog to leave London in case of Brexit

<div style="text-align: justify;">If Britons vote to take their country out of the European Union on June 23, no corner of the global financial market complex will emerge unscathed. 
The invisible thread that links assets as diverse as gold, bank stocks, the Japanese Yen and government bonds would be yanked sharply by Brexit, an event the Bank of England said on Thursday risks &quot;adverse spill-overs to the global economy&quot;. 
With global interest rates and bond yields the lowest on record, central banks running low on crisis-fighting tools and the post-2008 economic recovery flagging, that thread could quickly unravel, with serious consequences for all markets.&nbsp; 
So why will the will of one country&#39;s people in one referendum have such a profound impact on global markets? 
The answer is partly how inter-connected global markets are, and partly timing - the world economic cycle is already very long in the tooth and central banks have far fewer options open to them after nearly a decade of extraordinary policy support. 
Interest rates, yields 
 
Global interest rates are their lowest for 5,000 years, according to Bank of America, but central banks could still cut them further. That could mean the US&nbsp;Federal Reserve reversing its slow-starting tightening cycle, and European Central Bank and Bank of Japan rates going deeper into negative territory. 
Lower rates would also depress bond yields even further, tightening the screw on central and commercial banks. 
 
Over $8 trillion worth of sovereign bonds already carry a negative yield, according to JP Morgan. This means holders of Japanese, German and Swiss debt are paying these governments for the privilege of lending to them, in some cases out to 20 years. 
 
They are willing to accept they will not get all their money back. Even deeper negative yields would increase these losses, raising further doubt that these are truly &quot;safe haven&quot; assets. 
 
But the immediate economic and political uncertainty after a Brexit vote would likely be so great that demand for these bonds would rise anyway, pulling yields even lower. Yield curves, the difference between short- and longer-dated bond borrowing costs, would flatten further. 
 
They are already their flattest for years around the developed world, meaning the premium investors expect for holding longer-dated bonds is shrinking. This is often an ominous signal of low inflation or deflation, and slowing economic growth or possibly recession. 
 
If &quot;core&quot; bond yields would likely fall, yields on lower-rated and riskier bonds would likely rise, widening the spread between the two. This would increase the financing pressure on a wide range of companies around the world and governments in euro zone &quot;periphery&quot; countries like Greece, Italy and Spain. 
 
Banks - Central and Commercial 
 
Flat yield curves are bad news for banks, who make money from borrowing short-term at low rates and lending longer-term at higher rates. Financial stocks have been hit hard this year as the curve flattening has accelerated. 
 
Euro zone banks are down 30 per cent this year, Japanese banks 35 per cent, UK banks 20 per cent, and US banks 10 per cent. 
 
Banks are also being squeezed by negative deposit rates. The ECB, Bank of Japan and Swiss National Bank all charge banks for depositing cash. 
 
It may even become cheaper for banks to put billions of yen, Euros or Francs of their customers&#39; cash in vaults- a possibility German lender Commerzbank is examining. 
 
As for central banks, any move deeper into the uncharted world of negative interest rates would be taken reluctantly. 
 
In the case of the ECB, declining yields would further cut the amount of bonds eligible for purchase as part of its quantitative easing stimulus programme. That would make its inflation target of just under 2 per cent much harder to achieve, in turn putting its credibility under even greater scrutiny. 
 
Financial Planning 
 
Just as the 2007-08 financial crisis was caused by unprecedented stress in the banking system, analysts fear Brexit fallout could again threaten to block the global financial system&#39;s plumbing. 
 
Banks have recovered from 2007-08, but stresses are already appearing in more obscure pockets of dollar-based FX and rates markets that are hitting levels more associated with periods of crisis. The premium for Dollars over Yen in the cross currency basis market is its highest in years. 
 
Spreads between Libor rates and overnight index swap (OIS) rates, broadly a measure of investors&#39; perception of credit risk in the banking system, are also widening. In normal conditions, Libor/OIS spreads should be virtually zero. 
 
Stocks 
 
World stocks are in their longest bull run in history that began on March 9, 2009. But Wall Street&#39;s peak was reached over a year ago, profit growth has slumped, and companies are reluctant to reinvest their record cash piles. 
 
European stocks are down 13 per cent this year, Japan down 20 per cent, and Wall Street is flat. Would they be able to withstand the political, economic and investment shock a Brexit would likely deliver, especially with risk appetite so fragile? 
 
Currencies 
 
Like 2008, a vote for Brexit would almost certainly increase demand for the pre-eminent currency in global trade, banking and financial market trading: the Dollar. 
 
Dollar credit to non-US banks stands at almost $10 trillion, according to the Bank for International Settlements, of which $3.3 trillion is in emerging markets. A stronger Dollar will increase the overall debt burden for these companies, and many emerging market countries, who would be forced to draw down their FX reserves to counter the expected capital outflow and downward pressure on their currencies. 
 
Japan&#39;s Yen, another safe-haven currency, would probably rise too, perhaps as much as 14 per cent, according to Goldman Sachs. This would not be welcome in Tokyo, where policymakers are struggling to kill off deflation once and for all, stoke inflation, reflate the economy and heal the banking system. A higher exchange rate would be damaging on all those fronts. 
 
(Reuters)</div>

World stocks are in their longest bull run in history that began on 9 March, 2009

If Britons vote to take their country out of the European Union on June 23, no corner of the global financial market complex will emerge unscathed. The invisible thread that links assets as diverse as gold, bank stocks, the Japanese Yen and government bonds would be yanked sharply by Brexit, an event the Bank of England said on Thursday risks "adverse spill-overs to the global economy". With global interest rates and bond yields the lowest on record, central banks running low on crisis-fighting tools and the post-2008 economic recovery flagging, that thread could quickly unravel, with serious consequences for all markets. So why will the will of one country's people in one referendum have such a profound impact on global markets? The answer is partly how inter-connected global markets are, and partly timing - the world economic cycle is already very long in the tooth and central banks have far fewer options open to them after nearly a decade of extraordinary policy support. Interest rates, yields Global interest rates are their lowest for 5,000 years, according to Bank of America, but central banks could still cut them further. That could mean the US Federal Reserve reversing its slow-starting tightening cycle, and European Central Bank and Bank of Japan rates going deeper into negative territory. Lower rates would also depress bond yields even further, tightening the screw on central and commercial banks. Over $8 trillion worth of sovereign bonds already carry a negative yield, according to JP Morgan. This means holders of Japanese, German and Swiss debt are paying these governments for the privilege of lending to them, in some cases out to 20 years. They are willing to accept they will not get all their money back. Even deeper negative yields would increase these losses, raising further doubt that these are truly "safe haven" assets. But the immediate economic and political uncertainty after a Brexit vote would likely be so great that demand for these bonds would rise anyway, pulling yields even lower. Yield curves, the difference between short- and longer-dated bond borrowing costs, would flatten further. They are already their flattest for years around the developed world, meaning the premium investors expect for holding longer-dated bonds is shrinking. This is often an ominous signal of low inflation or deflation, and slowing economic growth or possibly recession. If "core" bond yields would likely fall, yields on lower-rated and riskier bonds would likely rise, widening the spread between the two. This would increase the financing pressure on a wide range of companies around the world and governments in euro zone "periphery" countries like Greece, Italy and Spain. Banks - Central and Commercial Flat yield curves are bad news for banks, who make money from borrowing short-term at low rates and lending longer-term at higher rates. Financial stocks have been hit hard this year as the curve flattening has accelerated. Euro zone banks are down 30 per cent this year, Japanese banks 35 per cent, UK banks 20 per cent, and US banks 10 per cent. Banks are also being squeezed by negative deposit rates. The ECB, Bank of Japan and Swiss National Bank all charge banks for depositing cash. It may even become cheaper for banks to put billions of yen, Euros or Francs of their customers' cash in vaults- a possibility German lender Commerzbank is examining. As for central banks, any move deeper into the uncharted world of negative interest rates would be taken reluctantly. In the case of the ECB, declining yields would further cut the amount of bonds eligible for purchase as part of its quantitative easing stimulus programme. That would make its inflation target of just under 2 per cent much harder to achieve, in turn putting its credibility under even greater scrutiny. Financial Planning Just as the 2007-08 financial crisis was caused by unprecedented stress in the banking system, analysts fear Brexit fallout could again threaten to block the global financial system's plumbing. Banks have recovered from 2007-08, but stresses are already appearing in more obscure pockets of dollar-based FX and rates markets that are hitting levels more associated with periods of crisis. The premium for Dollars over Yen in the cross currency basis market is its highest in years. Spreads between Libor rates and overnight index swap (OIS) rates, broadly a measure of investors' perception of credit risk in the banking system, are also widening. In normal conditions, Libor/OIS spreads should be virtually zero. Stocks World stocks are in their longest bull run in history that began on March 9, 2009. But Wall Street's peak was reached over a year ago, profit growth has slumped, and companies are reluctant to reinvest their record cash piles. European stocks are down 13 per cent this year, Japan down 20 per cent, and Wall Street is flat. Would they be able to withstand the political, economic and investment shock a Brexit would likely deliver, especially with risk appetite so fragile? Currencies Like 2008, a vote for Brexit would almost certainly increase demand for the pre-eminent currency in global trade, banking and financial market trading: the Dollar. Dollar credit to non-US banks stands at almost $10 trillion, according to the Bank for International Settlements, of which $3.3 trillion is in emerging markets. A stronger Dollar will increase the overall debt burden for these companies, and many emerging market countries, who would be forced to draw down their FX reserves to counter the expected capital outflow and downward pressure on their currencies. Japan's Yen, another safe-haven currency, would probably rise too, perhaps as much as 14 per cent, according to Goldman Sachs. This would not be welcome in Tokyo, where policymakers are struggling to kill off deflation once and for all, stoke inflation, reflate the economy and heal the banking system. A higher exchange rate would be damaging on all those fronts. (Reuters)

Tracing global market thread that could be unraveled by Brexit

French economy minister Emmanuel Macron said on Saturday the European Union should act quickly and firmly if Britain votes next week to leave the European Union. 
 
Britain`s EU referendum will be held on Thursday, with an EU summit set for a few days later on June 28 at which Macron said EU leaders should take a firm stand with regard to the UK. 
 
&quot;You are in or out... The European Council should give the British an ultimatum about their intentions, and France`s president will be very clear about that,&quot; Macron said in an interview with Le Monde published Saturday. 
 
&quot;We cannot, in the interests of the EU, leave any ambiguity to linger and to let too much time pass,&quot; Macron said. 
 
If Britain leaves the bloc, &quot;the day after the exit, there will no longer be a financial passport for British establishments,&quot; he added. 
 
Macron said in his view if the British want to maintain access to the European market, they should contribute to the EU budget, just like non-members Norway and Switzerland. 
 
If London refuses, &quot;then that would be a total exit,&quot; said the economy minister, a strong EU advocate. 
 
Campaigning in Britain on the EU referendum was suspended Saturday for a third day following the killing of a pro-Europe lawmaker and amid calls for a less acrimonious political debate. 
 
The WhatUKThinks average of the last six opinion polls currently shows 52 percent of voters in favour of &quot;Leave&quot; and 48 percent for &quot;Remain&quot;, excluding undecided voters. 
(AFP)

The day after the exit, there will be no financial passport for British establishments, says French economy minister Emmanuel Macron

French economy minister Emmanuel Macron said on Saturday the European Union should act quickly and firmly if Britain votes next week to leave the European Union. Britain`s EU referendum will be held on Thursday, with an EU summit set for a few days later on June 28 at which Macron said EU leaders should take a firm stand with regard to the UK. "You are in or out... The European Council should give the British an ultimatum about their intentions, and France`s president will be very clear about that," Macron said in an interview with Le Monde published Saturday. "We cannot, in the interests of the EU, leave any ambiguity to linger and to let too much time pass," Macron said. If Britain leaves the bloc, "the day after the exit, there will no longer be a financial passport for British establishments," he added. Macron said in his view if the British want to maintain access to the European market, they should contribute to the EU budget, just like non-members Norway and Switzerland. If London refuses, "then that would be a total exit," said the economy minister, a strong EU advocate. Campaigning in Britain on the EU referendum was suspended Saturday for a third day following the killing of a pro-Europe lawmaker and amid calls for a less acrimonious political debate. The WhatUKThinks average of the last six opinion polls currently shows 52 percent of voters in favour of "Leave" and 48 percent for "Remain", excluding undecided voters. (AFP)

France warns Britain of Brexit consequences

Pakistan cricket captain Misbah-ul Haq hopes the upcoming test series in England will help spur the return of international cricket to the South Asian nation after a seven-year absence due to security fears. 
 
Pakistan has not staged test matches since a 2009 gun attack on Sri Lanka&#39;s team bus in Lahore killed six Pakistani policemen and a van driver. Some players and a local umpire were injured. 
 
Improved security in Pakistan in recent years has prompted calls for international teams to return but test playing nations have so far refused to tour a country where Islamist militants still pose a threat. 
 
Misbah told Reuters he hoped the four-test series in England &quot;would help revive cricket series in Pakistan&quot;. 
 
Pakistan last played test matches in England in 2012 and the 42-year-old batsman said he expected an &quot;exciting&quot; tour after such a long gap. 
 
&quot;It is a big tour for Pakistan,&quot; Misbah said late on Thursday during a send-off dinner for the Pakistani team hosted by Britain&#39;s High Commissioner to Pakistan, Thomas Drew. 
 
Britain&#39;s Prime Minister David Cameron also sent a good luck message to Pakistan&#39;s team, saying: &quot;I hope that one day in the not too distant future I will be able to wish the England cricket team a successful tour of Pakistan.&quot; 
 
Pakistan&#39;s formidable pace attack, spearheaded by left-armers Mohammad Amir and Wahab Riaz, will face a resurgent and youthful England team captained by Alastair Cook, who last month became the first England cricketer to reach 10,000 test runs. 
 
&quot;England cricket team is a strong and balanced one,&quot; Pakistan&#39;s experienced all-rounder Muhammad Hafeez said. &quot;Pakistan team has plenty of talent. We will try to give a quality series to the spectators and cricket fans.&quot; 
 
Since 2009, Pakistan&#39;s national team has been hosting foreign teams in the United Arab Emirates. Pakistan defeated England in a three-test series in 2015, winning two matches and drawing the third. 
 
The coming test series will see the return of Amir to test cricket after serving a five-year ban following a spot-fixing scandal in England. 
 
It will also be the first test series for leg-spinner Yasir Shah since he served a three-month suspension for a doping violation. 
 
Shaharyar Khan, chairman of Pakistan&#39;s cricket board, said he was confident Misbah&#39;s squad would hold its own against England and urged them to show their worth. 
 
&quot;I would say, play hard, giving no quarter to England for under Alastair Cook they are too good an outfit to not make you regret it,&quot; he said. 
 
Pakistan will play four tests, five one-dayers and a Twenty20 International in England between July 14 and September 7.

Country has not hosted a game since a 2009 attack on Sri Lanka's team bus in Lahore killed six Pakistani policemen and a van driver

Pakistan cricket captain Misbah-ul Haq hopes the upcoming test series in England will help spur the return of international cricket to the South Asian nation after a seven-year absence due to security fears. Pakistan has not staged test matches since a 2009 gun attack on Sri Lanka's team bus in Lahore killed six Pakistani policemen and a van driver. Some players and a local umpire were injured. Improved security in Pakistan in recent years has prompted calls for international teams to return but test playing nations have so far refused to tour a country where Islamist militants still pose a threat. Misbah told Reuters he hoped the four-test series in England "would help revive cricket series in Pakistan". Pakistan last played test matches in England in 2012 and the 42-year-old batsman said he expected an "exciting" tour after such a long gap. "It is a big tour for Pakistan," Misbah said late on Thursday during a send-off dinner for the Pakistani team hosted by Britain's High Commissioner to Pakistan, Thomas Drew. Britain's Prime Minister David Cameron also sent a good luck message to Pakistan's team, saying: "I hope that one day in the not too distant future I will be able to wish the England cricket team a successful tour of Pakistan." Pakistan's formidable pace attack, spearheaded by left-armers Mohammad Amir and Wahab Riaz, will face a resurgent and youthful England team captained by Alastair Cook, who last month became the first England cricketer to reach 10,000 test runs. "England cricket team is a strong and balanced one," Pakistan's experienced all-rounder Muhammad Hafeez said. "Pakistan team has plenty of talent. We will try to give a quality series to the spectators and cricket fans." Since 2009, Pakistan's national team has been hosting foreign teams in the United Arab Emirates. Pakistan defeated England in a three-test series in 2015, winning two matches and drawing the third. The coming test series will see the return of Amir to test cricket after serving a five-year ban following a spot-fixing scandal in England. It will also be the first test series for leg-spinner Yasir Shah since he served a three-month suspension for a doping violation. Shaharyar Khan, chairman of Pakistan's cricket board, said he was confident Misbah's squad would hold its own against England and urged them to show their worth. "I would say, play hard, giving no quarter to England for under Alastair Cook they are too good an outfit to not make you regret it," he said. Pakistan will play four tests, five one-dayers and a Twenty20 International in England between July 14 and September 7.

Misbah hopes England series will lead to Test matches in Pakistan

Gold turned lower on Thursday, as Sterling bounced higher and US stock markets came well off their lows following the suspension of Britain&#39;s campaign for next week&#39;s referendum after a member of Parliament was shot dead. 
 
British Member of Parliament Jo Cox, who was killed in the street in her constituency in northern England earlier in the day, had been a vocal supporter of Britain remaining within the EU. 
 
The turnaround in bullion prices, their first drop in seven sessions, came after rallying to the highest in nearly two years, buoyed by the US Federal Reserve, which sounded a dovish note after its latest policy meeting on Wednesday. 
 
In Euro and Sterling terms, the metal turned lower after reaching three-year highs. 
 
Spot gold was down 0.4 per cent at $1,285.76 an ounce by 2:40 pm EDT (1840 GMT), after rising to $1,315.55 an ounce, the highest since August 2014. 
 
Spot prices have bounced 6 per cent this month, after the approaching June 23 referendum - when Britons will vote on whether or not to leave the European Union, dubbed &quot;Brexit&quot; - dented appetite for assets viewed as higher risk, sending investors scurrying for bonds and gold. 
 
After the attack, campaigning for next week&#39;s referendum was suspended. 
 
U.S. gold futures for August delivery settled up 0.8 percent at $1,298.40 an ounce. 
 
&quot;A rebound in the euro and sterling, and a mirrored decline in the dollar, set gold up for a retracement,&quot; said James Steel, chief metals analyst for HSBC Securities in New York. 
 
&quot;Recovery in equities may also imply some dimming in risk-off related purchases of gold.&quot; 
 
Yields on most U.S. Treasury yields rose to session highs after British campaigning for the Brexit vote was suspended following MP Cox&#39;s death. 
 
Expectations that the U.S. central bank would press ahead with interest rate increases over the summer faded earlier this month after the release of weak U.S. payrolls data for May. 
 
&quot;Brexit worries then gave us the next boost and yesterday the FOMC provided enough dovish ammunition for it to make a new high,&quot; said Saxo Bank&#39;s head of commodity research, Ole Hansen. 
 
On Wednesday, holdings in the world&#39;s largest gold-backed exchange-traded fund, SPDR Gold Shares, rose to the highest since October 2013. 
 
Silver fell 0.4 percent to $17.43 an ounce, platinum lost 0.1 percent to $969.67 and palladium was up 0.2 percent at $533.11. 
(Reuters)

US stock markets came well off their lows following the suspension of Britain's referendum campaign after the death of British MP

Gold turned lower on Thursday, as Sterling bounced higher and US stock markets came well off their lows following the suspension of Britain's campaign for next week's referendum after a member of Parliament was shot dead. British Member of Parliament Jo Cox, who was killed in the street in her constituency in northern England earlier in the day, had been a vocal supporter of Britain remaining within the EU. The turnaround in bullion prices, their first drop in seven sessions, came after rallying to the highest in nearly two years, buoyed by the US Federal Reserve, which sounded a dovish note after its latest policy meeting on Wednesday. In Euro and Sterling terms, the metal turned lower after reaching three-year highs. Spot gold was down 0.4 per cent at $1,285.76 an ounce by 2:40 pm EDT (1840 GMT), after rising to $1,315.55 an ounce, the highest since August 2014. Spot prices have bounced 6 per cent this month, after the approaching June 23 referendum - when Britons will vote on whether or not to leave the European Union, dubbed "Brexit" - dented appetite for assets viewed as higher risk, sending investors scurrying for bonds and gold. After the attack, campaigning for next week's referendum was suspended. U.S. gold futures for August delivery settled up 0.8 percent at $1,298.40 an ounce. "A rebound in the euro and sterling, and a mirrored decline in the dollar, set gold up for a retracement," said James Steel, chief metals analyst for HSBC Securities in New York. "Recovery in equities may also imply some dimming in risk-off related purchases of gold." Yields on most U.S. Treasury yields rose to session highs after British campaigning for the Brexit vote was suspended following MP Cox's death. Expectations that the U.S. central bank would press ahead with interest rate increases over the summer faded earlier this month after the release of weak U.S. payrolls data for May. "Brexit worries then gave us the next boost and yesterday the FOMC provided enough dovish ammunition for it to make a new high," said Saxo Bank's head of commodity research, Ole Hansen. On Wednesday, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Shares, rose to the highest since October 2013. Silver fell 0.4 percent to $17.43 an ounce, platinum lost 0.1 percent to $969.67 and palladium was up 0.2 percent at $533.11. (Reuters)

Gold falls from two-year high as Brexit campaign suspended

British&nbsp;MP&nbsp;Jo Cox, 41, has died after being attacked in the street in her constituency today,&nbsp;police confirmed. 
 
West Yorkshire Police spokeswoman Dee Collins told reporters she was &quot;very sad&quot; to report that Cox was pronounced dead at 1.48 pm (1248 GMT). 
 
&quot;Today is the beginning of a new chapter in our lives. More difficult, more painful, less joyful, less full of love. I and Jo&rsquo;s friends and family are going to work every moment of our lives to love and nurture our kids and to fight against the hate that killed Jo.&nbsp;Jo believed in a better world and she fought for it every day of her life with an energy, and a zest for life that would exhaust most people.&nbsp;She would have wanted two things above all else to happen now, one that our precious children are bathed in love and two, that we all unite to fight against the hatred that killed her. Hate doesn&rsquo;t have a creed, race or religion, it is poisonous.&nbsp;Jo would have no regrets about her life, she lived every day of it to the full&quot;, said Brendan Cox, husband of late British lawmaker

Leading politicians reacted over the demise of Jo Cox&nbsp;&nbsp;on Twitter 
 
(WIONews and Agencies)
<script async src="~/platform.twitter.com/widgets.js" charset="utf-8" type="text/javascript"></script>

The Labour lawmaker, 41, was critically injured on Thursday after being shot and stabbed in her constituency in northern England.

British MP Jo Cox, 41, has died after being attacked in the street in her constituency today, police confirmed. West Yorkshire Police spokeswoman Dee Collins told reporters she was "very sad" to report that Cox was pronounced dead at 1.48 pm (1248 GMT). "Today is the beginning of a new chapter in our lives. More difficult, more painful, less joyful, less full of love. I and Jo’s friends and family are going to work every moment of our lives to love and nurture our kids and to fight against the hate that killed Jo. Jo believed in a better world and she fought for it every day of her life with an energy, and a zest for life that would exhaust most people. She would have wanted two things above all else to happen now, one that our precious children are bathed in love and two, that we all unite to fight against the hatred that killed her. Hate doesn’t have a creed, race or religion, it is poisonous. Jo would have no regrets about her life, she lived every day of it to the full", said Brendan Cox, husband of late British lawmaker Leading politicians reacted over the demise of Jo Cox on Twitter (WIONews and Agencies)

Anti-Brexit British MP dead after street attack: Police

Sterling advanced on Thursday as the campaign for Britain&#39;s vote on whether to leave the European Union was suspended following the murder of a British lawmaker, while US stocks cut losses. 
 
British Member of Parliament Jo Cox, who was shot dead in the street in her constituency in northern England earlier in the day, had been a vocal supporter of Britain remaining within the European Union. 
 
Whether Britain will leave the European Union, dubbed &quot;Brexit,&quot; is an issue that will be decided in a referendum next week and could undermine decades of European integration and stoke global economic uncertainty. 
 
&quot;Certainly, people are talking about the possibility that this does influence the Brexit vote in favour of remain. It is a tragic event all around. There is a sense, there is an immediate emotional reaction, but there is still a week before the referendum itself&quot; on June 23, said Alan Ruskin, global co-head of FX research at Deutsche Bank in New York. 
 
The British Pound hit a US trading high after the news, and was last up slightly at $1.4207. 
 
Rival referendum campaign groups in Britain said they were suspending activities for the day and Prime Minister David Cameron said he would pull out of a planned rally in Gibraltar, the British territory on the southern coast of Spain. 
 
US stocks, which had tumbled earlier on global growth worries, cut losses and the Dow briefly traded higher. 
 
The Dow Jones industrial average was up 17.67 points, or 0.1 per cent, at 17,657.84, the S&amp;P 500 lost 2.41 points, or 0.12 per cent, to 2,069.09 and the Nasdaq Composite dropped 10.81 points, or 0.22 per cent, to 4,824.12. 
 
The European FTSEurofirst 300 index closed down 0.5 per cent. 
 
Oil prices slumped about three per cent and were down a sixth straight day as the Dollar&#39;s rally on fears of Britain&#39;s exit from the EU hammered commodities priced in the currency. 
 
Data showing US crude stockpiles fell less than expected also weighed on oil prices. Brent crude futures were down $1.52 at $47.45, while US crude futures were down $1.61 at $46.40. 
 
Yields on most US Treasury yields rose to session highs after British campaigning for the Brexit vote was suspended following MP Cox&#39;s death. 
 
Yields on benchmark 10-year Treasury notes rose to a session high of 1.581 per cent, after earlier falling to 1.518 per cent, the lowest level since August 2012.

S&P and Nasdaq dropped, but Dow Jones gained as Brexit campaign was called off after the death of British lawmaker Jo Cox

Sterling advanced on Thursday as the campaign for Britain's vote on whether to leave the European Union was suspended following the murder of a British lawmaker, while US stocks cut losses. British Member of Parliament Jo Cox, who was shot dead in the street in her constituency in northern England earlier in the day, had been a vocal supporter of Britain remaining within the European Union. Whether Britain will leave the European Union, dubbed "Brexit," is an issue that will be decided in a referendum next week and could undermine decades of European integration and stoke global economic uncertainty. "Certainly, people are talking about the possibility that this does influence the Brexit vote in favour of remain. It is a tragic event all around. There is a sense, there is an immediate emotional reaction, but there is still a week before the referendum itself" on June 23, said Alan Ruskin, global co-head of FX research at Deutsche Bank in New York. The British Pound hit a US trading high after the news, and was last up slightly at $1.4207. Rival referendum campaign groups in Britain said they were suspending activities for the day and Prime Minister David Cameron said he would pull out of a planned rally in Gibraltar, the British territory on the southern coast of Spain. US stocks, which had tumbled earlier on global growth worries, cut losses and the Dow briefly traded higher. The Dow Jones industrial average was up 17.67 points, or 0.1 per cent, at 17,657.84, the S&P 500 lost 2.41 points, or 0.12 per cent, to 2,069.09 and the Nasdaq Composite dropped 10.81 points, or 0.22 per cent, to 4,824.12. The European FTSEurofirst 300 index closed down 0.5 per cent. Oil prices slumped about three per cent and were down a sixth straight day as the Dollar's rally on fears of Britain's exit from the EU hammered commodities priced in the currency. Data showing US crude stockpiles fell less than expected also weighed on oil prices. Brent crude futures were down $1.52 at $47.45, while US crude futures were down $1.61 at $46.40. Yields on most US Treasury yields rose to session highs after British campaigning for the Brexit vote was suspended following MP Cox's death. Yields on benchmark 10-year Treasury notes rose to a session high of 1.581 per cent, after earlier falling to 1.518 per cent, the lowest level since August 2012.

Sterling gains as Brexit campaign suspended

Veteran British pop singer Cliff Richard will face no charges over allegations of decades-old sexual abuse, prosecutors said today after a widely-criticised investigation that took two years. 
 
Richard, 75, who was Britain`s first home-grown pop star and considered the UK`s answer to Elvis Presley, slammed the lengthy and very public probe, saying he had been &quot;hung out like live bait&quot;. 
 
The police attracted widespread criticism, including from lawmakers, over their handling of the case after striking a deal with the British Broadcasting Channel&nbsp;(BBC) to broadcast live their raid on Richard`s home. 
 
The Crown Prosecution Service (CPS) announced today that Richard would face no further action after reviewing the police case due to insufficient evidence. 
 
&quot;The CPS has carefully reviewed evidence relating to claims of non-recent sexual offences dating between 1958 and 1983 made by four men,&quot; said Martin Goldman, chief crown prosecutor for Yorkshire and Humberside in northern England. 
 
&quot;We have decided that there is insufficient evidence to prosecute.&quot; 
 
Richard, who burst on the pop scene in the late 1950s, is the third biggest-selling artist in British singles chart history behind The Beatles and Elvis Presley. 
 
His hits include &quot;The Young Ones&quot;, &quot;Living Doll&quot;, &quot;Summer Holiday&quot;, &quot;Congratulations&quot;, &quot;Mistletoe And Wine&quot; and &quot;The Millennium Prayer&quot;.In a statement today Richard said he was &quot;thrilled that the vile accusations and the resulting investigation have finally been brought to a close&quot;. 
 
&quot;I have always maintained my innocence, co-operated fully with the investigation, and cannot understand why it has taken so long,&quot; said the singer, who in 1995 became the first British rock star to be knighted. 
 
Richard said there was a &quot;widely-shared sense of injustice resulting from the high-profile fumbling of my case from day one&quot;. 
 
&quot;I was named before I was even interviewed and for me that was like being hung out like live bait. 
 
&quot;No innocent person should be treated in this way.&quot; 
 
After the BBC got wind of the investigation, south Yorkshire police cut a deal in a bid to prevent them breaking the story. 
 
The BBC was tipped off about the raid on Richard`s home and was outside in advance to film detectives sweeping in, and broadcast the search live from a helicopter. 
 
&quot;The force apologises wholeheartedly for the additional anxiety caused by our initial handling of the media interest in this case,&quot; South Yorkshire Police said today. 
 
The force has been under fire, accused of corruption and incompetence over its reaction to the 1989 Hillsborough stadium disaster and the Rotherham child sex abuse scandal. 
 
Their probe into Richard cost &pound;800,000 ($1.1 million, one million Euros). 
 
There has been a wave of accusations of historical sex abuse against prominent figures in Britain since 2012, when the late BBC presenter Jimmy Savile was revealed to be a serial paedophile. 
(AFP)

The Crown Prosecution Service reviewed the evidence and decided it was insufficient to prosecute him. The probe cost one million Euros

Veteran British pop singer Cliff Richard will face no charges over allegations of decades-old sexual abuse, prosecutors said today after a widely-criticised investigation that took two years. Richard, 75, who was Britain`s first home-grown pop star and considered the UK`s answer to Elvis Presley, slammed the lengthy and very public probe, saying he had been "hung out like live bait". The police attracted widespread criticism, including from lawmakers, over their handling of the case after striking a deal with the British Broadcasting Channel (BBC) to broadcast live their raid on Richard`s home. The Crown Prosecution Service (CPS) announced today that Richard would face no further action after reviewing the police case due to insufficient evidence. "The CPS has carefully reviewed evidence relating to claims of non-recent sexual offences dating between 1958 and 1983 made by four men," said Martin Goldman, chief crown prosecutor for Yorkshire and Humberside in northern England. "We have decided that there is insufficient evidence to prosecute." Richard, who burst on the pop scene in the late 1950s, is the third biggest-selling artist in British singles chart history behind The Beatles and Elvis Presley. His hits include "The Young Ones", "Living Doll", "Summer Holiday", "Congratulations", "Mistletoe And Wine" and "The Millennium Prayer".In a statement today Richard said he was "thrilled that the vile accusations and the resulting investigation have finally been brought to a close". "I have always maintained my innocence, co-operated fully with the investigation, and cannot understand why it has taken so long," said the singer, who in 1995 became the first British rock star to be knighted. Richard said there was a "widely-shared sense of injustice resulting from the high-profile fumbling of my case from day one". "I was named before I was even interviewed and for me that was like being hung out like live bait. "No innocent person should be treated in this way." After the BBC got wind of the investigation, south Yorkshire police cut a deal in a bid to prevent them breaking the story. The BBC was tipped off about the raid on Richard`s home and was outside in advance to film detectives sweeping in, and broadcast the search live from a helicopter. "The force apologises wholeheartedly for the additional anxiety caused by our initial handling of the media interest in this case," South Yorkshire Police said today. The force has been under fire, accused of corruption and incompetence over its reaction to the 1989 Hillsborough stadium disaster and the Rotherham child sex abuse scandal. Their probe into Richard cost £800,000 ($1.1 million, one million Euros). There has been a wave of accusations of historical sex abuse against prominent figures in Britain since 2012, when the late BBC presenter Jimmy Savile was revealed to be a serial paedophile. (AFP)

Cliff Richard sex abuse probe dropped after 2 years

Australia secured their place in the final of the 36th Hero Champions Trophy with a 2-0 win over Belgium in the preliminary league, while defending champions Germany were out of contention after being held 1-1 by Great Britain. 
Title holders Germany are without a victory from four outings, drawing three and losing one. This puts them out of contention from the title encounter. 
Britain stay in the hunt for the second spot in the final with five points from four matches and need to win the last fixture against Belgium tomorrow to stay in contention. 
World No. 1 Australia boosted their points tally to 10 from four matches to ensure that they would feature in the title showdown irrespective of any result in other matches. 
India are in the second place with seven points, followed by Britain on five and Belgium on four. 
Open play goals from Glenn Turner in the 38th minute and Tristan White in the 49th gave Australia the upper hand against the Belgians, who tried to put up a good contest but suffered from poor shooting. 
Australia, winners of the Champions Trophy for a record 13 times, take on India in their last round-robin league fixture tomorrow. That match is extremely important for India, who are on seven points from four outings. 
Germany today took the lead through a penalty corner goal by Tobias Hauke, who made good use of a rebound from the goalkeeper in the 29th minute. 
Britain shot back through a penalty corner strike of their own through Ashley Jackson to equalise in the 48th minute and split two points with Germany, who had won the title two years ago in Bhubaneswar

Open play goals from Glenn Turner in the 38th minute and Tristan White in the 49th gave Australia the upper hand against the Belgians

Australia secured their place in the final of the 36th Hero Champions Trophy with a 2-0 win over Belgium in the preliminary league, while defending champions Germany were out of contention after being held 1-1 by Great Britain. Title holders Germany are without a victory from four outings, drawing three and losing one. This puts them out of contention from the title encounter. Britain stay in the hunt for the second spot in the final with five points from four matches and need to win the last fixture against Belgium tomorrow to stay in contention. World No. 1 Australia boosted their points tally to 10 from four matches to ensure that they would feature in the title showdown irrespective of any result in other matches. India are in the second place with seven points, followed by Britain on five and Belgium on four. Open play goals from Glenn Turner in the 38th minute and Tristan White in the 49th gave Australia the upper hand against the Belgians, who tried to put up a good contest but suffered from poor shooting. Australia, winners of the Champions Trophy for a record 13 times, take on India in their last round-robin league fixture tomorrow. That match is extremely important for India, who are on seven points from four outings. Germany today took the lead through a penalty corner goal by Tobias Hauke, who made good use of a rebound from the goalkeeper in the 29th minute. Britain shot back through a penalty corner strike of their own through Ashley Jackson to equalise in the 48th minute and split two points with Germany, who had won the title two years ago in Bhubaneswar

Australia enter Hero Champions Trophy final, Germany knocked out

HSBC, one of the largest banks in Europe, laid off 840 information technology workers in Britain on Monday, the first big tranche of redundancies under a restructuring plan that will eliminate 8,000 British jobs by the end of next year. 
 
Most of the staff affected was informed about the cuts on Monday, according to a source familiar with the matter. The majority of the roles are based in London, Sheffield and Tankersley and all the jobs will disappear by the end of this year, the source said. 
 
&quot;As part of a global relocation exercise, around 840 non-customer-facing IT roles will transfer from the UK to other sites around the world,&quot; John Hackett, chief operating officer of HSBC UK, said in a statement. The bank unveiled its three-year restructuring plan last year, designed to pare back its sprawling global network by shutting underperforming businesses to improve earnings hurt by high compliance costs, fines and low interest rates. 
 
The restructuring will eventually eliminate one job in five around the world, and around a sixth of jobs in Britain. 
 
When the restructuring plan was announced, chief executive officer Stuart Gulliver said most of the job losses in Britain would come from employees leaving on their own accord.The Unite union said many of the jobs will now be offshored to lower income countries such as India, China and Poland. 
 
&quot;HSBC&#39;s decision to axe so many IT jobs is as ruthless as it is reckless,&quot; said Dominic Hook, national officer at Unite. &quot;As IT glitches across the banks continue to prove, it is ultimately the customers who will suffer the consequences.&quot;Problems with HSBC&#39;s computer system cut customers off from access to online accounts on two occasions this year. 
 
HSBC has 47,000 UK workers at the end of December, according to its most recent annual report. More cuts are expected over the coming months as the bank continues to consolidate IT and back office operations, the sources said. 
 
HSBC&#39;s shares remained flat on Monday, in line with the benchmark FTSE 100 index. The lender&#39;s shares have fallen 20 per cent this year as tough global market conditions have hammered trading revenues for banks worldwide.

But this is just the beginning and the banking major 8000 jobs all over Britain

HSBC, one of the largest banks in Europe, laid off 840 information technology workers in Britain on Monday, the first big tranche of redundancies under a restructuring plan that will eliminate 8,000 British jobs by the end of next year. Most of the staff affected was informed about the cuts on Monday, according to a source familiar with the matter. The majority of the roles are based in London, Sheffield and Tankersley and all the jobs will disappear by the end of this year, the source said. "As part of a global relocation exercise, around 840 non-customer-facing IT roles will transfer from the UK to other sites around the world," John Hackett, chief operating officer of HSBC UK, said in a statement. The bank unveiled its three-year restructuring plan last year, designed to pare back its sprawling global network by shutting underperforming businesses to improve earnings hurt by high compliance costs, fines and low interest rates. The restructuring will eventually eliminate one job in five around the world, and around a sixth of jobs in Britain. When the restructuring plan was announced, chief executive officer Stuart Gulliver said most of the job losses in Britain would come from employees leaving on their own accord.The Unite union said many of the jobs will now be offshored to lower income countries such as India, China and Poland. "HSBC's decision to axe so many IT jobs is as ruthless as it is reckless," said Dominic Hook, national officer at Unite. "As IT glitches across the banks continue to prove, it is ultimately the customers who will suffer the consequences."Problems with HSBC's computer system cut customers off from access to online accounts on two occasions this year. HSBC has 47,000 UK workers at the end of December, according to its most recent annual report. More cuts are expected over the coming months as the bank continues to consolidate IT and back office operations, the sources said. HSBC's shares remained flat on Monday, in line with the benchmark FTSE 100 index. The lender's shares have fallen 20 per cent this year as tough global market conditions have hammered trading revenues for banks worldwide.

HSBC axes 840 IT jobs in Britain in first wave of planned cuts

Dreadlocked German Dustin Brown will have the chance to follow up last year&#39;s Wimbledon heroics after being handed a wildcard for the championships on Wednesday. 
 
Brown, ranked 87th in the world, provided the shock of the tournament 12 months ago when he came through qualifying before overwhelming twice former champion Rafael Nadal in the second round with a scintillating display of attacking tennis. 
 
The 31-year-old posted a photograph of himself celebrating on his Twitter account @DreddyTennis and expressed his thanks to tournament organisers. 
 
Czech veteran Radek Stepanek, 37, has also been handed one of the Wimbledon wildcards. 
 
The former world number four came within two points of knocking eventual finalist Andy Murray out of the French Open in the first round. 
 
Slovakia&#39;s former top-10 player Daniela Hantuchova and Britain&#39;s former junior champion Laura Robson received wildcards into the women&#39;s main draw. 
 
Wimbledon begins on June 27. 
(Reuters)

The 31-year-old posted a photograph of himself celebrating on his Twitter account @DreddyTennis expressing thanks to organisers

Dreadlocked German Dustin Brown will have the chance to follow up last year's Wimbledon heroics after being handed a wildcard for the championships on Wednesday. Brown, ranked 87th in the world, provided the shock of the tournament 12 months ago when he came through qualifying before overwhelming twice former champion Rafael Nadal in the second round with a scintillating display of attacking tennis. The 31-year-old posted a photograph of himself celebrating on his Twitter account @DreddyTennis and expressed his thanks to tournament organisers. Czech veteran Radek Stepanek, 37, has also been handed one of the Wimbledon wildcards. The former world number four came within two points of knocking eventual finalist Andy Murray out of the French Open in the first round. Slovakia's former top-10 player Daniela Hantuchova and Britain's former junior champion Laura Robson received wildcards into the women's main draw. Wimbledon begins on June 27. (Reuters)

Nadal conqueror Brown handed Wimbledon wildcard

Britain&#39;s beloved cinematic singing nanny Mary Poppins will once again grace the big screens, this time with Emily Blunt and Lin-Manuel Miranda, the creator and star of the Broadway smash-hit &quot;Hamilton,&quot; as her sidekick, Walt Disney Co&nbsp;said on Tuesday. 
 
&quot;Mary Poppins Returns,&quot; a sequel to the 1964 classic film &quot;Mary Poppins,&quot; is scheduled for release in theatres on Christmas Day 2018 and will star British actress Blunt in the titular role made famous by Julie Andrews.&nbsp; 
 
Miranda, who recently won a Pulitzer Prize for creating and starring in Broadway`s historical, hip-hop musical &quot;Hamilton,&quot; will play a new character named Jack, a street lamplighter. 
 
&quot;Mary Poppins,&quot; the movie based on the popular children`s books by author P.L. Travers, followed a magical flying British nanny as she improved the lives of the unhappy Banks family with the aid of chirpy Cockney chimneysweep Bert, played by Dick Van Dyke. 
 
The new film will be set in Depression-era London, the setting of Travers` stories, and will see Mary Poppins return to the now grownup Jane Banks, Michael Banks and his three children after they suffer a personal loss, Disney said.&nbsp; 
 
&quot;Through her unique magical skills, and with the aid of her friend Jack, she helps the family rediscover the joy and wonder missing in their lives,&quot; the studio said. 
 
The studio did not say in its statement whether Andrews, now 80, or Van Dyke, 90, will appear in any capacity and representatives for the actors did not immediately respond to Reuters` request for comment. 
 
&quot;Mary Poppins Returns&quot; is the latest in a slate of reboots from Disney, which last year remade animated fairytale &quot;Cinderella&quot; into a live action film. Disney will also release the live action &quot;Beauty and the Beast,&quot; starring Emma Watson, next year. 
 
The studio also owns George Lucas` &quot;Star Wars&quot; science-fiction adventure franchise and the Marvel superhero franchise.

Britain's beloved cinematic singing nanny Mary Poppins will once again grace the big screen, this time beside Emily Blunt and Lin-Manuel Miranda, the creator and star of Broadway smash-hit "Hamilton".

Britain's beloved cinematic singing nanny Mary Poppins will once again grace the big screens, this time with Emily Blunt and Lin-Manuel Miranda, the creator and star of the Broadway smash-hit "Hamilton," as her sidekick, Walt Disney Co said on Tuesday. "Mary Poppins Returns," a sequel to the 1964 classic film "Mary Poppins," is scheduled for release in theatres on Christmas Day 2018 and will star British actress Blunt in the titular role made famous by Julie Andrews. Miranda, who recently won a Pulitzer Prize for creating and starring in Broadway`s historical, hip-hop musical "Hamilton," will play a new character named Jack, a street lamplighter. "Mary Poppins," the movie based on the popular children`s books by author P.L. Travers, followed a magical flying British nanny as she improved the lives of the unhappy Banks family with the aid of chirpy Cockney chimneysweep Bert, played by Dick Van Dyke. The new film will be set in Depression-era London, the setting of Travers` stories, and will see Mary Poppins return to the now grownup Jane Banks, Michael Banks and his three children after they suffer a personal loss, Disney said. "Through her unique magical skills, and with the aid of her friend Jack, she helps the family rediscover the joy and wonder missing in their lives," the studio said. The studio did not say in its statement whether Andrews, now 80, or Van Dyke, 90, will appear in any capacity and representatives for the actors did not immediately respond to Reuters` request for comment. "Mary Poppins Returns" is the latest in a slate of reboots from Disney, which last year remade animated fairytale "Cinderella" into a live action film. Disney will also release the live action "Beauty and the Beast," starring Emma Watson, next year. The studio also owns George Lucas` "Star Wars" science-fiction adventure franchise and the Marvel superhero franchise.

''Mary Poppins Returns'' with Blunt, ''Hamilton'' star Miranda

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