Jim Charlesworth has no doubts about the abilities of his local MP and neighbour Theresa May. &quot;She will be the best Prime Minister this country has ever known,&quot; the 69-year-old said. 
 
May, who replaces David Cameron as Britain&#39;s next leader on Wednesday, is widely viewed as hard-working, tough but approachable in her constituency of Maidenhead in southern England. 
 
&quot;I can&#39;t say a wrong word about that lady -- she will get this country back on its feet,&quot; Charlesworth told AFP. 
 
May has represented Maidenhead, west of London, since 1997. She was re-elected as its Conservative MP last year with 65.8 per cent of the vote. 
 
&quot;I never voted for her but I do respect her, she is a very hard-working MP,&quot; said Anne Matkin, 64. 
 
She said May was &quot;always willing to listen and to help people&quot; despite, for the past six years as interior minister, holding one of the toughest jobs in government. 
 
&quot;She spends a lot of time in the area,&quot; adds Maxine Lattimer, a 46-year-old housewife with five children, describing her as a &quot;nice, caring woman&quot;. 
 
She recalled how May attended a recent parade to celebrate St George&#39;s Day, in honour of England&#39;s patron saint, along with her bodyguards. 
 
After six years as home secretary, she now has the tough task of uniting the country and leading Britain out of the European Union (EU). 
 
Lattimer has no doubt that May is the right person to lead the Brexit negotiations. 
 
&quot;She&#39;ll be very assertive, she&#39;ll work really really hard for the best interest of Britain. She won&#39;t shy away from difficult decisions -- she is tough when she needs to be,&quot; she said. 
 
&#39;Nothing murky&#39; 
 
The 60,000 residents of Maidenhead, many of whom commute to work in London, bucked the trend across England by voting for Britain to stay in the EU. 
 
May, too, had wanted Britain to stay in and although she kept a low national profile, residents here say she had campaigned locally for the status quo. 
 
&quot;People felt that she did her bit,&quot; said Martin Trepte, editor of the local newspaper, the Maidenhead Advertiser, which has a circulation of 17,000. 
 
May has repeatedly said that she will uphold the will of the public and that &quot;Brexit means Brexit&quot;. 
 
Trepte described her as a &quot;mature, grown-up politician&quot; who &quot;knows her stuff&quot; -- and says there are no skeletons in her closet, at least as far as he knows. 
 
&quot;In 19 years there has been nothing murky at all,&quot; he said. 
 
He added: &quot;We don&#39;t know too much about her. She&#39;s quite a private person. We know she goes to church regularly.&quot; 
 
May attends church in Sonning, a picturesque village on the banks of the River Thames where she lives with her husband Philip. 
 
Its charms have attracted other high-profile neighbours including Hollywood actor George Clooney and his wife Amal, and Led Zeppelin&#39;s Jimmy Page. 
 
&#39;Genuine and passionate&#39;&nbsp; 
 
Gil Cattermole, another of May&#39;s neighbours, recalled popping in for a chat before the politician became home secretary and had to step up her security. 
 
&quot;I used to go around to her house and talk to her,&quot; said the 69-year-old, noting that when May now goes to church, she is accompanied by several armoured Range Rovers. 
 
At the Bull Inn, a pub where Clooney has been spotted, May is also well known -- although they expect to see less of her once she enters Downing Street. 
 
&quot;She&#39;s always been very charming, very nice to customers and staff. She seems sort of genuine and very passionate about her beliefs,&quot; owner Christine Mason said. 
 
&quot;I bumped in her at the petrol station the other week. She is still relaxed doing the normal things in life. Always says &#39;hello&#39; -- nice lady.&quot; 
 
(AFP)&nbsp; 
&nbsp;

Britain's new Prime Minister is widely viewed as hard-working, tough but approachable in her constituency of Maidenhead in southern England

Jim Charlesworth has no doubts about the abilities of his local MP and neighbour Theresa May. "She will be the best Prime Minister this country has ever known," the 69-year-old said. May, who replaces David Cameron as Britain's next leader on Wednesday, is widely viewed as hard-working, tough but approachable in her constituency of Maidenhead in southern England. "I can't say a wrong word about that lady -- she will get this country back on its feet," Charlesworth told AFP. May has represented Maidenhead, west of London, since 1997. She was re-elected as its Conservative MP last year with 65.8 per cent of the vote. "I never voted for her but I do respect her, she is a very hard-working MP," said Anne Matkin, 64. She said May was "always willing to listen and to help people" despite, for the past six years as interior minister, holding one of the toughest jobs in government. "She spends a lot of time in the area," adds Maxine Lattimer, a 46-year-old housewife with five children, describing her as a "nice, caring woman". She recalled how May attended a recent parade to celebrate St George's Day, in honour of England's patron saint, along with her bodyguards. After six years as home secretary, she now has the tough task of uniting the country and leading Britain out of the European Union (EU). Lattimer has no doubt that May is the right person to lead the Brexit negotiations. "She'll be very assertive, she'll work really really hard for the best interest of Britain. She won't shy away from difficult decisions -- she is tough when she needs to be," she said. 'Nothing murky' The 60,000 residents of Maidenhead, many of whom commute to work in London, bucked the trend across England by voting for Britain to stay in the EU. May, too, had wanted Britain to stay in and although she kept a low national profile, residents here say she had campaigned locally for the status quo. "People felt that she did her bit," said Martin Trepte, editor of the local newspaper, the Maidenhead Advertiser, which has a circulation of 17,000. May has repeatedly said that she will uphold the will of the public and that "Brexit means Brexit". Trepte described her as a "mature, grown-up politician" who "knows her stuff" -- and says there are no skeletons in her closet, at least as far as he knows. "In 19 years there has been nothing murky at all," he said. He added: "We don't know too much about her. She's quite a private person. We know she goes to church regularly." May attends church in Sonning, a picturesque village on the banks of the River Thames where she lives with her husband Philip. Its charms have attracted other high-profile neighbours including Hollywood actor George Clooney and his wife Amal, and Led Zeppelin's Jimmy Page. 'Genuine and passionate' Gil Cattermole, another of May's neighbours, recalled popping in for a chat before the politician became home secretary and had to step up her security. "I used to go around to her house and talk to her," said the 69-year-old, noting that when May now goes to church, she is accompanied by several armoured Range Rovers. At the Bull Inn, a pub where Clooney has been spotted, May is also well known -- although they expect to see less of her once she enters Downing Street. "She's always been very charming, very nice to customers and staff. She seems sort of genuine and very passionate about her beliefs," owner Christine Mason said. "I bumped in her at the petrol station the other week. She is still relaxed doing the normal things in life. Always says 'hello' -- nice lady." (AFP)

May's neighbours sing her praises

David Cameron entertained parliament with a series of farewell quips on Wednesday in his last appearance as prime minister before making way for Theresa May to lead the monumental task of extricating Britain from the European Union. 
 
&quot;This morning I had meetings with ministerial colleagues and others. Other than one meeting this afternoon with Her Majesty the Queen, the diary for the rest of my day is remarkably light,&quot; Cameron said to roars of laughter in a packed House of Commons. 
 
He was due to present his resignation to the queen at Buckingham Palace at around 1600 GMT. Then May will pay her own visit to the monarch to be formally entrusted with the job, before entering 10 Downing Street to become Britain&#39;s second woman prime minister after Margaret Thatcher. 
 
Cameron stepped down after Britons rejected his entreaties and voted in a June 23 referendum to quit the EU, weakening the 28-nation bloc and creating huge economic uncertainty because of the likely damage to trade and investment. 
 
Apart from the task of executing &#39;Brexit&#39;, May must try to unite a divided party and a nation in which many, on the evidence of the vote, feel angry with the political elite and left behind by the forces of globalisation. 
 
Despite the serious backdrop, there was an atmosphere of hilarity in parliament as Cameron traded humorous jabs with beleaguered opposition Labour leader Jeremy Corbyn. 
 
&quot;I&#39;m beginning to admire his tenacity. He is reminding me of the black knight in Monty Python&#39;s Holy Grail. He&#39;s been kicked so many times but he says &#39;Keep going, it&#39;s only a flesh wound&#39;. I admire that,&quot; said Cameron, who departed to a standing ovation from his own and some Labour members of parliament. 
 
He took the opportunity to trumpet his government&#39;s achievements in generating one of the fastest growth rates among western economies, chopping the budget deficit, creating 2.5 million jobs and legalising gay marriage. 
 
Yet his legacy will be overshadowed by his failed referendum gamble, which he had hoped would keep Britain at the heart of a reformed EU. 
 
&#39;Our Angela Merkel&#39; 
 
May, who has been interior minister for six years, is seen by her supporters as a safe pair of hands to steer the country through the disruptive Brexit process. 
 
&quot;I think around the cabinet table yesterday the feeling was that we have our Angela Merkel,&quot; said Jeremy Hunt, health secretary in Cameron&#39;s team which met for the last time on Tuesday. 
 
&quot;We have an incredibly tough, shrewd, determined and principled person to lead those (Brexit) negotiations for Britain,&quot; Hunt told Sky News television. 
 
German Chancellor Merkel will be May&#39;s most important counterpart on the continent as the Brexit process unfolds. Both women are renowned for their firmness, pragmatism and discipline. 
 
The new British leader is expected to immediately start putting together a new cabinet, a complex political balancing act in which she will try to satisfy opposing camps in her party. 
 
Before the referendum, May had campaigned for Britain to remain in the EU, albeit in a low-key fashion. Since the vote, she has repeatedly said that &quot;Brexit means Brexit&quot; and her backers say she is determined to make the exit a success. 
 
&quot;Of course Theresa is going to want to make sure she&#39;s got a balanced ticket that represents the views of different parts of the party,&quot; cabinet minister Chris Grayling, who campaigned for Brexit and managed May&#39;s leadership campaign, told BBC radio. 
 
May has said she plans to set up a new government department to lead the process of quitting the EU which would be headed by someone who had campaigned for Brexit. 
 
&quot;That&#39;s very sensible. It will ensure confidence among those in the party who did campaign to leave that they have a champion who believes in what they campaigned for,&quot; Grayling said. 
 
Financial markets, which had been extremely volatile since the referendum, reacted positively to news on Monday that May would become prime minister earlier than expected, with sterling making strong gains against the dollar and the euro. 
 
The UK currency, which sank to a 31-year low against the dollar a week ago, rebounded further on Wednesday as the political uncertainty that has dogged it since the referendum eased. 
 
Stock markets traded within sight of their highest levels of the year as the prospect of stimulative economic policy across the developed world eased immediate concerns over the impact of the Brexit vote. 
 
&#39;Reluctant to shift&#39; 
 
Despite pressure from other EU capitals to quickly start negotiating the terms of Britain&#39;s exit, May has said she would not be rushed into it. 
 
She is unlikely to trigger Article 50 of the EU&#39;s Lisbon Treaty - which will formally launch the process of separation and start the clock ticking on a two-year countdown to Britain&#39;s actual departure - until next year. 
 
She is expected to promote women ministers to several senior roles, and Cameron&#39;s long-serving finance minister George Osborne could lose his job, according to media reports. 
 
Vince Cable, an opposition Liberal Democrat politician who was the minister for business in a coalition government led by the Conservatives from 2010 to 2015, praised May&#39;s determination but said she may face challenges in the role of prime minister, which has a much wider remit than her home affairs portfolio. 
 
&quot;There is a streak that we all saw which was to be really quite narrow in focus and reluctant to shift even when the facts seemed to be changing, and if that&#39;s what happens when she&#39;s prime minister we could find ourselves in difficulties,&quot; Cable told BBC television. 
 
May could face more trouble from dissenting Conservatives than from the Labour Party, which is in meltdown. 
 
After months of simmering discontent among Labour lawmakers with party leader Corbyn, the conflict exploded into the open after the referendum when the vast majority of the lawmakers rejected his leadership, accusing him of failing to campaign vigorously enough for a Remain vote. 
 
Corbyn has clung to his job, citing support from the party grassroots members, and the 116-year-old party is now locked in a bitter power tussle that risks destroying it. 
 
Former minister Angela Eagle launched a leadership bid against him on Monday, and on Wednesday fellow Labour lawmaker Owen Smith also threw his hat in the ring. 
 
(Reuters)

'Other than one meeting this afternoon with Her Majesty the Queen, the diary for the rest of my day is remarkably light,' he quipped

David Cameron entertained parliament with a series of farewell quips on Wednesday in his last appearance as prime minister before making way for Theresa May to lead the monumental task of extricating Britain from the European Union. "This morning I had meetings with ministerial colleagues and others. Other than one meeting this afternoon with Her Majesty the Queen, the diary for the rest of my day is remarkably light," Cameron said to roars of laughter in a packed House of Commons. He was due to present his resignation to the queen at Buckingham Palace at around 1600 GMT. Then May will pay her own visit to the monarch to be formally entrusted with the job, before entering 10 Downing Street to become Britain's second woman prime minister after Margaret Thatcher. Cameron stepped down after Britons rejected his entreaties and voted in a June 23 referendum to quit the EU, weakening the 28-nation bloc and creating huge economic uncertainty because of the likely damage to trade and investment. Apart from the task of executing 'Brexit', May must try to unite a divided party and a nation in which many, on the evidence of the vote, feel angry with the political elite and left behind by the forces of globalisation. Despite the serious backdrop, there was an atmosphere of hilarity in parliament as Cameron traded humorous jabs with beleaguered opposition Labour leader Jeremy Corbyn. "I'm beginning to admire his tenacity. He is reminding me of the black knight in Monty Python's Holy Grail. He's been kicked so many times but he says 'Keep going, it's only a flesh wound'. I admire that," said Cameron, who departed to a standing ovation from his own and some Labour members of parliament. He took the opportunity to trumpet his government's achievements in generating one of the fastest growth rates among western economies, chopping the budget deficit, creating 2.5 million jobs and legalising gay marriage. Yet his legacy will be overshadowed by his failed referendum gamble, which he had hoped would keep Britain at the heart of a reformed EU. 'Our Angela Merkel' May, who has been interior minister for six years, is seen by her supporters as a safe pair of hands to steer the country through the disruptive Brexit process. "I think around the cabinet table yesterday the feeling was that we have our Angela Merkel," said Jeremy Hunt, health secretary in Cameron's team which met for the last time on Tuesday. "We have an incredibly tough, shrewd, determined and principled person to lead those (Brexit) negotiations for Britain," Hunt told Sky News television. German Chancellor Merkel will be May's most important counterpart on the continent as the Brexit process unfolds. Both women are renowned for their firmness, pragmatism and discipline. The new British leader is expected to immediately start putting together a new cabinet, a complex political balancing act in which she will try to satisfy opposing camps in her party. Before the referendum, May had campaigned for Britain to remain in the EU, albeit in a low-key fashion. Since the vote, she has repeatedly said that "Brexit means Brexit" and her backers say she is determined to make the exit a success. "Of course Theresa is going to want to make sure she's got a balanced ticket that represents the views of different parts of the party," cabinet minister Chris Grayling, who campaigned for Brexit and managed May's leadership campaign, told BBC radio. May has said she plans to set up a new government department to lead the process of quitting the EU which would be headed by someone who had campaigned for Brexit. "That's very sensible. It will ensure confidence among those in the party who did campaign to leave that they have a champion who believes in what they campaigned for," Grayling said. Financial markets, which had been extremely volatile since the referendum, reacted positively to news on Monday that May would become prime minister earlier than expected, with sterling making strong gains against the dollar and the euro. The UK currency, which sank to a 31-year low against the dollar a week ago, rebounded further on Wednesday as the political uncertainty that has dogged it since the referendum eased. Stock markets traded within sight of their highest levels of the year as the prospect of stimulative economic policy across the developed world eased immediate concerns over the impact of the Brexit vote. 'Reluctant to shift' Despite pressure from other EU capitals to quickly start negotiating the terms of Britain's exit, May has said she would not be rushed into it. She is unlikely to trigger Article 50 of the EU's Lisbon Treaty - which will formally launch the process of separation and start the clock ticking on a two-year countdown to Britain's actual departure - until next year. She is expected to promote women ministers to several senior roles, and Cameron's long-serving finance minister George Osborne could lose his job, according to media reports. Vince Cable, an opposition Liberal Democrat politician who was the minister for business in a coalition government led by the Conservatives from 2010 to 2015, praised May's determination but said she may face challenges in the role of prime minister, which has a much wider remit than her home affairs portfolio. "There is a streak that we all saw which was to be really quite narrow in focus and reluctant to shift even when the facts seemed to be changing, and if that's what happens when she's prime minister we could find ourselves in difficulties," Cable told BBC television. May could face more trouble from dissenting Conservatives than from the Labour Party, which is in meltdown. After months of simmering discontent among Labour lawmakers with party leader Corbyn, the conflict exploded into the open after the referendum when the vast majority of the lawmakers rejected his leadership, accusing him of failing to campaign vigorously enough for a Remain vote. Corbyn has clung to his job, citing support from the party grassroots members, and the 116-year-old party is now locked in a bitter power tussle that risks destroying it. Former minister Angela Eagle launched a leadership bid against him on Monday, and on Wednesday fellow Labour lawmaker Owen Smith also threw his hat in the ring. (Reuters)

Cameron exits with a joke, a number of them

European Union president Donald Tusk on Tuesday cautioned China to respect the international system, as the world&#39;s second-largest economy finds itself locked in disagreements over maritime law and global trade practices. His comments preceded a judgement from a UN-backed tribunal declaring that China had no &quot;historic rights&quot; in the strategically vital South China Sea, a ruling swiftly rejected by China&#39;s foreign ministry. 
 
Speaking in Beijing at the start of the EU-China summit, Tusk called on the Asian country to protect the &quot;rule-based international order&quot;, saying the task &quot;may be the biggest challenge ahead of us&quot;. 
 
EU members have roundly criticised Beijing for its trade practices, claiming the Asian giant is flooding global markets with cheap products, driving down prices and threatening economic stability. 
 
The global framework of laws and regulations &quot;brings so many benefits to our nations&quot;, Tusk said, adding: &quot;If many start believing that globalisation and international trade are happening without or against common rules, then the first victims will be Chinese and European economies, not to mention people.&quot; 
 
His comments followed remarks by Chinese Premier Li Keqiang that the meeting is &quot;an active signal that clearly states that we are two important powers safeguarding world peace and development&quot;. 
 
Earlier in the day, China cancelled a pre-arranged press conference with the leaders, EU representatives said. 
 
The EU is in the process of considering whether or not to grant China market economy status, a designation that would make it much harder for major economies to fight Beijing over alleged unfair trading practices. 
 
Opposition to granting the status has focused on complaints that China has violated global trade rules, most notably selling steel at below market prices. 
 
Tusk also referred to the South China Sea dispute between Beijing and Manila ahead of the decision from the Hague-based tribunal, saying &quot;the rule-based international order is in our common interest, and both China and the EU have to protect it, as this is in our peoples best interests.&quot;&nbsp; 
 
China asserts sovereignty over almost all of the strategically vital waters in the face of rival claims from its south-east Asian neighbours. To bolster its position it has rapidly turned reefs into artificial islands capable of hosting military planes. Manila lodged its suit against Beijing in 2013, challenging China&#39;s claims to much of the waterway and saying it was in violation of the UN Convention on the Law of the Sea (UNCLOS), to which both countries are signatories. 
 
Beijing insists the tribunal has no jurisdiction over the issue and that it will ignore the ruling. 
 
(AFP)

After maritime row, Beijing is facing criticisms for it's trade practices which has been threatening economic stability across markets

European Union president Donald Tusk on Tuesday cautioned China to respect the international system, as the world's second-largest economy finds itself locked in disagreements over maritime law and global trade practices. His comments preceded a judgement from a UN-backed tribunal declaring that China had no "historic rights" in the strategically vital South China Sea, a ruling swiftly rejected by China's foreign ministry. Speaking in Beijing at the start of the EU-China summit, Tusk called on the Asian country to protect the "rule-based international order", saying the task "may be the biggest challenge ahead of us". EU members have roundly criticised Beijing for its trade practices, claiming the Asian giant is flooding global markets with cheap products, driving down prices and threatening economic stability. The global framework of laws and regulations "brings so many benefits to our nations", Tusk said, adding: "If many start believing that globalisation and international trade are happening without or against common rules, then the first victims will be Chinese and European economies, not to mention people." His comments followed remarks by Chinese Premier Li Keqiang that the meeting is "an active signal that clearly states that we are two important powers safeguarding world peace and development". Earlier in the day, China cancelled a pre-arranged press conference with the leaders, EU representatives said. The EU is in the process of considering whether or not to grant China market economy status, a designation that would make it much harder for major economies to fight Beijing over alleged unfair trading practices. Opposition to granting the status has focused on complaints that China has violated global trade rules, most notably selling steel at below market prices. Tusk also referred to the South China Sea dispute between Beijing and Manila ahead of the decision from the Hague-based tribunal, saying "the rule-based international order is in our common interest, and both China and the EU have to protect it, as this is in our peoples best interests." China asserts sovereignty over almost all of the strategically vital waters in the face of rival claims from its south-east Asian neighbours. To bolster its position it has rapidly turned reefs into artificial islands capable of hosting military planes. Manila lodged its suit against Beijing in 2013, challenging China's claims to much of the waterway and saying it was in violation of the UN Convention on the Law of the Sea (UNCLOS), to which both countries are signatories. Beijing insists the tribunal has no jurisdiction over the issue and that it will ignore the ruling. (AFP)

EU head cautions China to respect international system

Iran today condemned a rally in held France over the weekend by an exiled opposition group it labelled a &quot;stinking corpse&quot; and said it would denounce any country that backed it.&nbsp; 
 
The National Council of Resistance in Iran (NCRI) claimed that 100,000 Iranians had attended its annual rally in Bourget, near Paris, on Saturday. 
 
&quot;The Islamic Republic of Iran will continue to confront this hypocritical little group and will condemn any government that supports it,&quot; government spokesman Mohammad Bagher Nobakht told the official IRNA agency. 
 
He described the NCRI as an &quot;annihilated terrorist group&quot; and a &quot;stinking corpse&quot;. 
 
The NCRI is a political umbrella coalition of five Iranian opposition groups that includes the People&#39;s Mujahedin of Iran (MEK).&nbsp; 
 
The MEK, formed in the 1960s to overthrow the shah of Iran, fought the rise of the mullahs in Tehran following the 1979 Islamic revolution. 
 
It earned itself a listing as a &quot;terrorist organisation&quot; by the US State Department in 1997. 
 
It was only removed from terrorist watchlists by the European Union (EU) in 2008 and the United States in 2012. 
 
(AFP)&nbsp; 
&nbsp;

The National Council of Resistance in Iran (NCRI), that held the rally, has been tagged as "annihilated terrorist group" by Iran

Iran today condemned a rally in held France over the weekend by an exiled opposition group it labelled a "stinking corpse" and said it would denounce any country that backed it. The National Council of Resistance in Iran (NCRI) claimed that 100,000 Iranians had attended its annual rally in Bourget, near Paris, on Saturday. "The Islamic Republic of Iran will continue to confront this hypocritical little group and will condemn any government that supports it," government spokesman Mohammad Bagher Nobakht told the official IRNA agency. He described the NCRI as an "annihilated terrorist group" and a "stinking corpse". The NCRI is a political umbrella coalition of five Iranian opposition groups that includes the People's Mujahedin of Iran (MEK). The MEK, formed in the 1960s to overthrow the shah of Iran, fought the rise of the mullahs in Tehran following the 1979 Islamic revolution. It earned itself a listing as a "terrorist organisation" by the US State Department in 1997. It was only removed from terrorist watchlists by the European Union (EU) in 2008 and the United States in 2012. (AFP)

Iran condemns opposition rally in France

Israel&nbsp;adopted a law on Monday that critics say targets&nbsp;Israeli rights groups critical of the right-wing government&#39;s policies, and which supporters see as a blow against foreign interference in their country&#39;s affairs.

Israeli Knesset speaker, Yuli Edelstein, during Knesset session called on members to vote and announced the results.

&quot;Members of the Knesset, 57 in favour and 48 against no abstentions,&quot; said Edelstein.

Called a &quot;transparency&nbsp;bill&quot; by its sponsor, far-right Justice Minister Ayelet Shaked, it will require NGOs to give details of overseas donations if more than half their funding comes from foreign governments or bodies such as the European Union.

&quot;I think it&#39;s the right of the public to know if a specific country of state wants to fund an&nbsp;NGO&nbsp;more than 50 per cent.&nbsp;In&nbsp;Israel, in general we are not interfering in other country or politics of other country, and I expect countries will respect&nbsp;Israel&nbsp;and will try to influence on&nbsp;Israel&nbsp;in a diplomatic path and not by funding millions of Dollars or Euros to&nbsp;NGOs that usually try to promote their views,&quot; said Shaked.

The United States and European Union have raised their concerns publicly and privately about the legislation, which passed its third and final reading in parliament by a vote of 57-48.

Opponents of the law say it is discriminatory because it is mainly groups that oppose the policies of&nbsp;Israel&#39;s administration towards Palestinians which receive money from foreign governments and the EU.

Private funds from overseas, such as money donated to&nbsp;Israeli groups that support Jewish settlements on occupied land Palestinians seek for a state, were not addressed in the&nbsp;bill.

&quot;This is a&nbsp;bill&nbsp;that is a very wrong&nbsp;bill&nbsp;meant to chase a specific&nbsp;NGOs that allegedly help the left wings, it&#39;s not right.&nbsp;The right wing has a lot of&nbsp;NGOs that helping them.&nbsp;There is a lot of money in the right wing that is going to the prime minister and others. If we want to make a&nbsp;bill&nbsp;that will inspect&nbsp;NGOs we should do it a general&nbsp;bill&nbsp;we should work on it,&quot; said Hilik Bar, deputy speaker, Zionist Union.

The final version of the&nbsp;bill&nbsp;was watered down to remove a clause that would have required lobbyists for&nbsp;NGOs&nbsp;affected by the new rules to wear special name tags during visits to the legislature.

&quot;It&#39;s far from transparency, it&#39;s anti-democratic, it&#39;s triangulation of the left. Mainly they are targeting specific communities and associations. We are talking about B&#39;Tselem, talking about Adalah, keeping the silence.&nbsp;They are acting in a fascist way exactly as what is done in the third world. People should be free in order to act and to resist and to be opponent to the government,&quot; said&nbsp;Israeli-Arab member of Knesset, Ahmad Tibi.

Netanyahu, in defending the&nbsp;bill&nbsp;as &quot;democratic and necessary&quot;, has seemed to allude to foreign monetary support for&nbsp;Israeli groups backing Palestinian statehood.

Addressing members of his conservative Likud party earlier this year, Netanyahu drew parallels with Spain&#39;s Basque country where various separatist groups used peaceful or violent means to further their cause.&nbsp;More than 30,000&nbsp;NGOs are registered in&nbsp;Israel, about half of them active. 
 
Around 70 of those groups deal with the&nbsp;Israeli-Palestinian conflict and receive funds either from the EU as a whole, or individual member governments, including Denmark, Sweden and Belgium, as well as non-member Norway. 
 
(Reuters)

Netanyahu, in defending the?bill, has seemed to allude to foreign monetary support for?Israeli groups backing Palestinian statehood

Israel adopted a law on Monday that critics say targets Israeli rights groups critical of the right-wing government's policies, and which supporters see as a blow against foreign interference in their country's affairs. Israeli Knesset speaker, Yuli Edelstein, during Knesset session called on members to vote and announced the results. "Members of the Knesset, 57 in favour and 48 against no abstentions," said Edelstein. Called a "transparency bill" by its sponsor, far-right Justice Minister Ayelet Shaked, it will require NGOs to give details of overseas donations if more than half their funding comes from foreign governments or bodies such as the European Union. "I think it's the right of the public to know if a specific country of state wants to fund an NGO more than 50 per cent. In Israel, in general we are not interfering in other country or politics of other country, and I expect countries will respect Israel and will try to influence on Israel in a diplomatic path and not by funding millions of Dollars or Euros to NGOs that usually try to promote their views," said Shaked. The United States and European Union have raised their concerns publicly and privately about the legislation, which passed its third and final reading in parliament by a vote of 57-48. Opponents of the law say it is discriminatory because it is mainly groups that oppose the policies of Israel's administration towards Palestinians which receive money from foreign governments and the EU. Private funds from overseas, such as money donated to Israeli groups that support Jewish settlements on occupied land Palestinians seek for a state, were not addressed in the bill. "This is a bill that is a very wrong bill meant to chase a specific NGOs that allegedly help the left wings, it's not right. The right wing has a lot of NGOs that helping them. There is a lot of money in the right wing that is going to the prime minister and others. If we want to make a bill that will inspect NGOs we should do it a general bill we should work on it," said Hilik Bar, deputy speaker, Zionist Union. The final version of the bill was watered down to remove a clause that would have required lobbyists for NGOs affected by the new rules to wear special name tags during visits to the legislature. "It's far from transparency, it's anti-democratic, it's triangulation of the left. Mainly they are targeting specific communities and associations. We are talking about B'Tselem, talking about Adalah, keeping the silence. They are acting in a fascist way exactly as what is done in the third world. People should be free in order to act and to resist and to be opponent to the government," said Israeli-Arab member of Knesset, Ahmad Tibi. Netanyahu, in defending the bill as "democratic and necessary", has seemed to allude to foreign monetary support for Israeli groups backing Palestinian statehood. Addressing members of his conservative Likud party earlier this year, Netanyahu drew parallels with Spain's Basque country where various separatist groups used peaceful or violent means to further their cause. More than 30,000 NGOs are registered in Israel, about half of them active. Around 70 of those groups deal with the Israeli-Palestinian conflict and receive funds either from the EU as a whole, or individual member governments, including Denmark, Sweden and Belgium, as well as non-member Norway. (Reuters)

Israel NGO bill seen as targeting left-wing groups becomes law

Sri Lanka today announced that it had raised $1.5 billion through a bond issue which was nearly four times oversubscribed despite volatility triggered by Britain&#39;s to leave the European Union (EU). 
 
The Central Bank of Sri Lanka said orders totalled $5.5 billion for the $1.5 billion bond issue on Monday. Sri Lanka offered $500 million in bonds with a tenure of 5.5 years and $1 billion for a period of 10 years. 
 
The shorter term debt was priced just below 6.125 per cent while the longer tenue was at 7.125 percent, the bank said, adding that the rate was well within its anticipated interest rate. 
 
&quot;Despite the high volatility in the global financial markets following the historic United Kingdom referendum in June regarding their membership of the European Union, the bonds saw strong interests from a wide range of high quality investors,&quot; the bank said. 
 
Sri Lanka has already appointed a high-powered panel to study the effects of Brexit on its $82 billion economy as 10 per cent of its exports to Britain are under European Union trade concessions. 
 
Sri Lanka&#39;s new government secured a $1.5 billion IMF bailout last month to address its balance of payments crisis after a spending spree to increase public sector salaries last year. 
 
President Maithripala Sirisena&#39;s administration sought an IMF bailout immediately after taking power in January last year, but the fund turned down the request, saying Sri Lanka&#39;s reserves were at a comfortable level then. 
 
However, the government faced a balance of payments crisis after it implemented its election pledges of lower fuel and utility prices. 
 
Sri Lanka enjoyed impressive economic growth rates averaging more than 8.0 percent for two years after a prolonged civil war ended in 2009. 
 
But the pace has since slowed, falling to 4.8 percent in 2015, down from 4.9 in the previous year, according to official data. 
 
(AFP)&nbsp; 
 
&nbsp;

Sri Lanka has already appointed a high-powered panel to study the effects of Brexit on its $82 billion economy

Sri Lanka today announced that it had raised $1.5 billion through a bond issue which was nearly four times oversubscribed despite volatility triggered by Britain's to leave the European Union (EU). The Central Bank of Sri Lanka said orders totalled $5.5 billion for the $1.5 billion bond issue on Monday. Sri Lanka offered $500 million in bonds with a tenure of 5.5 years and $1 billion for a period of 10 years. The shorter term debt was priced just below 6.125 per cent while the longer tenue was at 7.125 percent, the bank said, adding that the rate was well within its anticipated interest rate. "Despite the high volatility in the global financial markets following the historic United Kingdom referendum in June regarding their membership of the European Union, the bonds saw strong interests from a wide range of high quality investors," the bank said. Sri Lanka has already appointed a high-powered panel to study the effects of Brexit on its $82 billion economy as 10 per cent of its exports to Britain are under European Union trade concessions. Sri Lanka's new government secured a $1.5 billion IMF bailout last month to address its balance of payments crisis after a spending spree to increase public sector salaries last year. President Maithripala Sirisena's administration sought an IMF bailout immediately after taking power in January last year, but the fund turned down the request, saying Sri Lanka's reserves were at a comfortable level then. However, the government faced a balance of payments crisis after it implemented its election pledges of lower fuel and utility prices. Sri Lanka enjoyed impressive economic growth rates averaging more than 8.0 percent for two years after a prolonged civil war ended in 2009. But the pace has since slowed, falling to 4.8 percent in 2015, down from 4.9 in the previous year, according to official data. (AFP)

Despite Brexit volatility, Sri Lanka raises $1.5 billion

Militant groups smuggled some of their members into Europe in the wave of migrants who have fled from Syria, German chancellor Angela said on Monday (July&nbsp;11).

&quot;In part, the refugee flow was even used to smuggle terrorists,&quot; Merkel told a rally of her Christian Democrats in the eastern German Baltic Sea resort town of Zingst.

Merkel also warned that if young people in poor parts of the world did not get &quot;a perspective,&quot; &quot;they will all try to get somewhere else and that&#39;s not good for the countries and it&#39;s of course also not good for us.&quot;

&quot;Imagine a country like Togo, a small African country where 75 per cent of the population -- so three out of four people -- are younger than 25.&quot;

&quot;All these young people might not have electricity but if they just have a little bit of money they all have a smartphone. They can all watch what the world is like elsewhere,&quot; said Merkel.

More than 1 million migrants arrived in Germany last year, many of them Syrians.

The German chancellor also commented again on British voters&#39; recent decision to leave the European Union.

&quot;We will have difficult negotiations with Britain, it will not be easy,&quot; Merkel said.

&quot;But that is why we as 27 member states must ask &#39;how should our Europe look?,&quot; she added. 
 
(Reuters)

More than 1 million migrants arrived in Germany last year, many of them Syrians

Militant groups smuggled some of their members into Europe in the wave of migrants who have fled from Syria, German chancellor Angela said on Monday (July 11). "In part, the refugee flow was even used to smuggle terrorists," Merkel told a rally of her Christian Democrats in the eastern German Baltic Sea resort town of Zingst. Merkel also warned that if young people in poor parts of the world did not get "a perspective," "they will all try to get somewhere else and that's not good for the countries and it's of course also not good for us." "Imagine a country like Togo, a small African country where 75 per cent of the population -- so three out of four people -- are younger than 25." "All these young people might not have electricity but if they just have a little bit of money they all have a smartphone. They can all watch what the world is like elsewhere," said Merkel. More than 1 million migrants arrived in Germany last year, many of them Syrians. The German chancellor also commented again on British voters' recent decision to leave the European Union. "We will have difficult negotiations with Britain, it will not be easy," Merkel said. "But that is why we as 27 member states must ask 'how should our Europe look?," she added. (Reuters)

Terrorists smuggled into Europe with migrants: Angela Merkel

Prime Minister David Cameron said it was in Britain&#39;s fundamental interest to remain very close to the European Union (EU) when it renegotiates a new relationship with the bloc it voted to leave in a referendum last month. 
 
Speaking to global aerospace executives at the Farnborough airshow today, Cameron said Britain must accept the reality of the vote and must make it work, including forging a new relationship with its European partners. 
 
&quot;The big strategic decisions are for the next prime minister but the groundwork is underway,&quot; he said. 
 
&quot;All I would say about the outcome is this: I believe it is in our fundamental national and economic interest to remain very close to the European Union, for trade, for business, for security, for cooperation. So let that be our goal.&quot; 
 
Cameron announced his resignation the day after his campaign to remain in the EU was defeated in the referendum. 
 
He said Britain had already had a taste of the turbulence in global markets and in term of the value of the pound that he had warned would follow a leave victory. 
 
&quot;There will be other problems ahead but I want to be clear: we will deal with them from a position of strength, with a growing economy, a greatly reduced deficit, lower inflation and more jobs and businesses than ever before in our country,&quot; he said. 
 
&quot;Above all though, we must recognise we are in a new reality now, we must accept it and we must make it work.&quot; 
 
He said Britain needed to &quot;think big and think radically&quot; to ensure the best outcome in the new circumstances, including a much bigger push on trade and investment targeting fast-growing economies like India and China. 
 
(Reuters)

Britain needs to "think big and think radically" to ensure the best outcome in the new circumstances, insists PM David Cameron

Prime Minister David Cameron said it was in Britain's fundamental interest to remain very close to the European Union (EU) when it renegotiates a new relationship with the bloc it voted to leave in a referendum last month. Speaking to global aerospace executives at the Farnborough airshow today, Cameron said Britain must accept the reality of the vote and must make it work, including forging a new relationship with its European partners. "The big strategic decisions are for the next prime minister but the groundwork is underway," he said. "All I would say about the outcome is this: I believe it is in our fundamental national and economic interest to remain very close to the European Union, for trade, for business, for security, for cooperation. So let that be our goal." Cameron announced his resignation the day after his campaign to remain in the EU was defeated in the referendum. He said Britain had already had a taste of the turbulence in global markets and in term of the value of the pound that he had warned would follow a leave victory. "There will be other problems ahead but I want to be clear: we will deal with them from a position of strength, with a growing economy, a greatly reduced deficit, lower inflation and more jobs and businesses than ever before in our country," he said. "Above all though, we must recognise we are in a new reality now, we must accept it and we must make it work." He said Britain needed to "think big and think radically" to ensure the best outcome in the new circumstances, including a much bigger push on trade and investment targeting fast-growing economies like India and China. (Reuters)

After divorce, Cameron says UK must stay close to EU

The British government today formally rejected a petition signed by more than 4.125 million people calling for a second referendum on Britain&#39;s membership of the EU. 
 
&quot;We the undersigned call upon Her Majesty&#39;s government to implement a rule that if the remain or leave vote is less than 60 per cent based a turnout less than 75 per cent there should be another referendum,&quot; the petition said. 
 
On June 23, on a 72 per cent turnout, 52 per cent (17.4 million people) voted in favour of Britain leaving the European Union. 
 
When a petition on Parliament`s website tops 100,000 signatures, the Petitions Committee considers it for a parliamentary debate. 
More than 77,000 fraudulent signatures were removed from the EU referendum petition. 
 
In its response, the government said no minimum turnout threshold was set when the EU Referendum Act passed through parliament. 
 
It said that Prime Minister David Cameron had made clear to parliament on June 27 that the referendum was &quot;one of the biggest democratic exercises in British history&quot; with more than 33 million people voting. 
 
&quot;The prime minister and government have been clear that this was a once in a generation vote and, as the prime minister has said, the decision must be respected,&quot; the foreign office said on behalf of the government. 
 
&quot;We must now prepare for the process to exit the EU and the government is committed to ensuring the best possible outcome for the British people in the negotiations.&quot; 
 
Between 2,000 and 6,000 people were expected to join in the More In Common Picnic Against Brexit today. 
 
People who are against Britain leaving the EU were to gather in London`s Green Park, which is next to Buckingham Palace, Queen Elizabeth II`s official residence. 
 
A rally was held in London on July 3 when more than 40,000 people, according to organisers, marched through the British capital to vent their anger at the outgoing Cameron for calling the referendum. 
 
They waved European flags and chanted &quot;We love you EU&quot;. 
 
The referendum result triggered Cameron&#39;s resignation. Members of the governing centre-right Conservative Party will choose either interior minister Theresa May or energy minister Andrea Leadsom as their next leader -- and therefore the next prime minister. 
 
It will be down to the new premier to trigger Article 50 of the EU&#39;s Lisbon Treaty, which starts a two-year clock running on a country&#39;s exit from the bloc. 
 
(AFP)

'If the remain or leave vote is less than 60% based on a turnout less than 75% there should be another referendum' was rejected

The British government today formally rejected a petition signed by more than 4.125 million people calling for a second referendum on Britain's membership of the EU. "We the undersigned call upon Her Majesty's government to implement a rule that if the remain or leave vote is less than 60 per cent based a turnout less than 75 per cent there should be another referendum," the petition said. On June 23, on a 72 per cent turnout, 52 per cent (17.4 million people) voted in favour of Britain leaving the European Union. When a petition on Parliament`s website tops 100,000 signatures, the Petitions Committee considers it for a parliamentary debate. More than 77,000 fraudulent signatures were removed from the EU referendum petition. In its response, the government said no minimum turnout threshold was set when the EU Referendum Act passed through parliament. It said that Prime Minister David Cameron had made clear to parliament on June 27 that the referendum was "one of the biggest democratic exercises in British history" with more than 33 million people voting. "The prime minister and government have been clear that this was a once in a generation vote and, as the prime minister has said, the decision must be respected," the foreign office said on behalf of the government. "We must now prepare for the process to exit the EU and the government is committed to ensuring the best possible outcome for the British people in the negotiations." Between 2,000 and 6,000 people were expected to join in the More In Common Picnic Against Brexit today. People who are against Britain leaving the EU were to gather in London`s Green Park, which is next to Buckingham Palace, Queen Elizabeth II`s official residence. A rally was held in London on July 3 when more than 40,000 people, according to organisers, marched through the British capital to vent their anger at the outgoing Cameron for calling the referendum. They waved European flags and chanted "We love you EU". The referendum result triggered Cameron's resignation. Members of the governing centre-right Conservative Party will choose either interior minister Theresa May or energy minister Andrea Leadsom as their next leader -- and therefore the next prime minister. It will be down to the new premier to trigger Article 50 of the EU's Lisbon Treaty, which starts a two-year clock running on a country's exit from the bloc. (AFP)

UK government formally rejects petition signed by 4 million for second EU referendum

Forced together by fears of a Russian cyber attack, a migration crisis and failing states in Europe&#39;s neighbourhood, the challenges before NATO and EU require both a military response and a softer security approach, combating propaganda and providing training to stabilise governments. 
 
But while 22 of NATO&#39;s 28 members are also members of the EU, both institutions face limits on what they can do together because of territorial tensions between Turkey and Greece that limit information sharing. 
 
&quot;We want to be ready to respond and coordinate our actions if and when one of our members or institutions comes under hybrid threats. We equally want to prevent attacks,&quot; the head of the European Council, Donald Tusk, said. 
 
&quot;We have a united stance on Russia. The EU has delivered economic sanctions, NATO has delivered the greatest increase in our collected defense since the end of the Cold War,&quot; NATO secretary general Jens Stoltenberg said. 
 
Despite the signing a pact, problems could arise with a reluctance to undertake missions without United Nations&#39; support, which Russia, a UN security council member, is wary of granting with east-west ties at their lowest point since the Cold War over the crisis in Ukraine. 
 
(Reuters)

Alliance faces limits on what the two entities can do together because of territorial tensions between Turkey and Greece

Forced together by fears of a Russian cyber attack, a migration crisis and failing states in Europe's neighbourhood, the challenges before NATO and EU require both a military response and a softer security approach, combating propaganda and providing training to stabilise governments. But while 22 of NATO's 28 members are also members of the EU, both institutions face limits on what they can do together because of territorial tensions between Turkey and Greece that limit information sharing. "We want to be ready to respond and coordinate our actions if and when one of our members or institutions comes under hybrid threats. We equally want to prevent attacks," the head of the European Council, Donald Tusk, said. "We have a united stance on Russia. The EU has delivered economic sanctions, NATO has delivered the greatest increase in our collected defense since the end of the Cold War," NATO secretary general Jens Stoltenberg said. Despite the signing a pact, problems could arise with a reluctance to undertake missions without United Nations' support, which Russia, a UN security council member, is wary of granting with east-west ties at their lowest point since the Cold War over the crisis in Ukraine. (Reuters)

EU and NATO sign new pact to deter Russia, strengthen security

A commercial data transfer pact provisionally agreed by the European Union executive and the United States in February received the green light from EU governments on Friday, the European Commission said, paving the way for it to come into effect next week. 
 
Its introduction should end months of legal limbo for companies such as Google, Facebook and MasterCard after the EU&#39;s top court struck down the previous data transfer framework, Safe Harbour, on concerns about intrusive U.S. surveillance. 
 
Representatives of European Union member states voted in favour of the EU-US Privacy Shield, which will underpin over $250 billion of transatlantic trade in digital services by facilitating cross-border data transfers that are crucial to international business. 
 
&quot;Today member states have given their strong support to the EU-US Privacy Shield, the renewed safe framework for transatlantic data flows,&quot; Commission vice-president Andrus Ansip and justice commissioner Vera Jourova said in a statement. 
 
The Commission, the EU executive, will formally adopt the Privacy Shield on Tuesday. 
 
The Privacy Shield seeks to strengthen the protection of Europeans whose data is moved to US servers by giving EU citizens greater means to seek redress in case of disputes. 
 
For 15 years Safe Harbour allowed both US and European firms to get around tough EU data transferral rules by stating they complied with European privacy standards when storing information on US servers. 
 
Cross-border data transfers by businesses include payroll and human resources information as well as lucrative data used for targeted online advertising, which is of particular importance to technology companies. 
 
Brussels and Washington intensified negotiations to hammer out a replacement for Safe Harbour after the Court of Justice of the European Union in October declared it invalid because it did not sufficiently protect Europeans&#39; data from US snooping. 
 
Revelations three years ago from former US intelligence contractor Edward Snowden of mass US surveillance practices caused political outrage in Europe and stoked mistrust of big US tech companies. 
 
&quot;It (the Privacy Shield) is fundamentally different from the old Safe Harbour: It imposes clear and strong obligations on companies handling the data and makes sure that these rules are followed and enforced in practice,&quot; Ansip and Jourova said. 
 
The United States will also create an ombudsman within the State Department to field complaints from EU citizens about US spying. 
 
EU data protection authorities in April demanded that the framework be improved, citing concerns with the leeway they said it left for the United States to collect data in bulk. 
 
(Reuters)

The Privacy Shield will underpin over $250 billion of transatlantic trade in digital services by facilitating crucial data transfers

A commercial data transfer pact provisionally agreed by the European Union executive and the United States in February received the green light from EU governments on Friday, the European Commission said, paving the way for it to come into effect next week. Its introduction should end months of legal limbo for companies such as Google, Facebook and MasterCard after the EU's top court struck down the previous data transfer framework, Safe Harbour, on concerns about intrusive U.S. surveillance. Representatives of European Union member states voted in favour of the EU-US Privacy Shield, which will underpin over $250 billion of transatlantic trade in digital services by facilitating cross-border data transfers that are crucial to international business. "Today member states have given their strong support to the EU-US Privacy Shield, the renewed safe framework for transatlantic data flows," Commission vice-president Andrus Ansip and justice commissioner Vera Jourova said in a statement. The Commission, the EU executive, will formally adopt the Privacy Shield on Tuesday. The Privacy Shield seeks to strengthen the protection of Europeans whose data is moved to US servers by giving EU citizens greater means to seek redress in case of disputes. For 15 years Safe Harbour allowed both US and European firms to get around tough EU data transferral rules by stating they complied with European privacy standards when storing information on US servers. Cross-border data transfers by businesses include payroll and human resources information as well as lucrative data used for targeted online advertising, which is of particular importance to technology companies. Brussels and Washington intensified negotiations to hammer out a replacement for Safe Harbour after the Court of Justice of the European Union in October declared it invalid because it did not sufficiently protect Europeans' data from US snooping. Revelations three years ago from former US intelligence contractor Edward Snowden of mass US surveillance practices caused political outrage in Europe and stoked mistrust of big US tech companies. "It (the Privacy Shield) is fundamentally different from the old Safe Harbour: It imposes clear and strong obligations on companies handling the data and makes sure that these rules are followed and enforced in practice," Ansip and Jourova said. The United States will also create an ombudsman within the State Department to field complaints from EU citizens about US spying. EU data protection authorities in April demanded that the framework be improved, citing concerns with the leeway they said it left for the United States to collect data in bulk. (Reuters)

EU-US commercial data transfer pact clears final hurdle

Oil prices rebounded in Asia today after tanking nearly five per cent the day before on fresh worries about an oversupply, while traders await the release of key US jobs data. 
 
The commodity plunged Thursday in response to official figures showing US commercial inventories fell less than expected last week, indicating softer demand in the world&#39;s top oil consumer as the crucial driving season kicks in. 
 
The data added to an already downbeat mood on markets as investors worry about the longer-term fallout from Britain&#39;s vote to leave the European Union (EU). 
 
At around 0650 GMT, the US benchmark West Texas Intermediate was up 26 cents, or 0.58 per cent, at $45.40 and Brent gained 32 cents, or 0.69 per cent, to $46.72. 
 
WTI plunged 4.8 per cent and Brent sank 4.9 per cent on Thursday after the US Department of Energy (DoE) reported stockpiles fell 2.2 million barrels in the week ending July 1. The market was expecting a 2.5 million barrel drop, according to Bloomberg News. 
 
Both contracts are more than six per cent lower down from last Friday. 
 
The DoE also reported a much smaller than expected decline in petrol stockpiles during the peak summer driving season when Americans take to the road for their holidays. Gasoline stockpiles fell 100,000 barrels, well below the forecast 350,000. 
 
IG Markets analyst Bernard Aw said traders were looking for bargains after Thursday&#39;s &quot;substantial drop&quot; in prices, but added the oversupply concerns will linger. 
 
&quot;What&#39;s even more important was the lack of decline in the gasoline inventories, given that the summer driving season in the US still has two more months to go,&quot; Aw said. 
 
&quot;Traders now fear that we could see a worsening of the supply overhang when summer is over,&quot; he added.&nbsp; 
 
Prices were also given some support after a militant group in Nigeria, Africa&#39;s biggest oil producer, said it attacked more oil infrastructure in the country&#39;s south, ignoring a call for unity from President Muhammadu Buhari. 
 
(AFP)&nbsp; 
&nbsp;

The data added to an already downbeat mood on markets as investors worry about the longer-term Brexit fallout

Oil prices rebounded in Asia today after tanking nearly five per cent the day before on fresh worries about an oversupply, while traders await the release of key US jobs data. The commodity plunged Thursday in response to official figures showing US commercial inventories fell less than expected last week, indicating softer demand in the world's top oil consumer as the crucial driving season kicks in. The data added to an already downbeat mood on markets as investors worry about the longer-term fallout from Britain's vote to leave the European Union (EU). At around 0650 GMT, the US benchmark West Texas Intermediate was up 26 cents, or 0.58 per cent, at $45.40 and Brent gained 32 cents, or 0.69 per cent, to $46.72. WTI plunged 4.8 per cent and Brent sank 4.9 per cent on Thursday after the US Department of Energy (DoE) reported stockpiles fell 2.2 million barrels in the week ending July 1. The market was expecting a 2.5 million barrel drop, according to Bloomberg News. Both contracts are more than six per cent lower down from last Friday. The DoE also reported a much smaller than expected decline in petrol stockpiles during the peak summer driving season when Americans take to the road for their holidays. Gasoline stockpiles fell 100,000 barrels, well below the forecast 350,000. IG Markets analyst Bernard Aw said traders were looking for bargains after Thursday's "substantial drop" in prices, but added the oversupply concerns will linger. "What's even more important was the lack of decline in the gasoline inventories, given that the summer driving season in the US still has two more months to go," Aw said. "Traders now fear that we could see a worsening of the supply overhang when summer is over," he added. Prices were also given some support after a militant group in Nigeria, Africa's biggest oil producer, said it attacked more oil infrastructure in the country's south, ignoring a call for unity from President Muhammadu Buhari. (AFP)

Oil prices rebound in Asia as investors await key US jobs data

Britain said it would start preliminary talks with India on Friday about an eventual bilateral trade deal after last month&#39;s referendum vote to leave the European Union, which has forced London to rethink its trade ties with the rest of the world. 
 
British business secretary Sajid Javid also said Britain would have as many as 300 trade specialists in place before the end of the year, up from about 100 now, as the country tries to increase its firepower to operate as a solo trading nation. 
 
Britain has negotiated its trade deals through the EU for decades. 
 
&quot;Following the referendum result, my absolute priority is making sure the UK has the tools it needs to continue to compete on the global stage,&quot; Javid said in a statement 
 
&quot;Over the coming months, I will be conducting similar meetings with other key trade partners, outlining the government&#39;s vision for what the UK&#39;s future trade relationship might look like,&quot; he said. 
 
Javid&#39;s trip to New Delhi was likely to be followed in the coming months by discussions about trade with the United States, China, Japan and South Korea, the business ministry said. 
 
London also appears to be keen to tighten its trade ties with China. A source close to British finance minister George Osborne said he met senior officials from the world&#39;s second-largest economy in London on Thursday to discuss trade, agreeing to work to foster stronger ties between the two countries. 
 
Britain&#39;s decision to leave the EU at a referendum on June 23 has raised big questions about its future trading relationship with the rest of the bloc, which buys about 45 per cent of British exports, and with other economies. 
 
Brexit supporters have said that Britain will be able to strike a good deal with the EU and also reach agreements with other big economies more quickly on its own than as part of the 28-nation EU. 
 
For its part, the bloc has so far failed to do a deal with India.&nbsp;Formal negotiations between Britain and countries such as India and the United States will have to wait for London to settle its future ties with the EU, something that is likely to take years. 
 
India is by far the most populous nation in the 53-country Commonwealth, whose members are mostly former British colonies and represent a combined 2.2 billion people across the world. 
 
Britain was the biggest foreign investor among the Group of 20 nations in India in 2015, while India represents the third-largest source of foreign direct investment in Britain, the British business ministry said in a statement. 
 
Bilateral trade in goods and services last year was worth 16.55 billion pounds ($21.33 billion), it said. 
 
As one of the world&#39;s biggest and fastest-growing developing economies, India has long been a target for rich countries. It has demanded significant visa concessions for its citizens to work abroad, a source of tension with the United States. 
 
The leaders of Britain&#39;s &quot;Leave&quot; campaign in the referendum said they wanted to allow more skilled, non-EU workers into the country under a new selective immigration policy. 
 
On its part, Britain is likely to push for more access to India&#39;s financial services market. 
 
Javid was due to meet Indian finance minister Arun Jaitley and commerce and industry minister Nirmala Sitharaman on Friday. 
 
(Reuters)

After ending its tryst with the EU, Britain is now looking to strengthen its economic ties with countries like India, China and Japan

Britain said it would start preliminary talks with India on Friday about an eventual bilateral trade deal after last month's referendum vote to leave the European Union, which has forced London to rethink its trade ties with the rest of the world. British business secretary Sajid Javid also said Britain would have as many as 300 trade specialists in place before the end of the year, up from about 100 now, as the country tries to increase its firepower to operate as a solo trading nation. Britain has negotiated its trade deals through the EU for decades. "Following the referendum result, my absolute priority is making sure the UK has the tools it needs to continue to compete on the global stage," Javid said in a statement "Over the coming months, I will be conducting similar meetings with other key trade partners, outlining the government's vision for what the UK's future trade relationship might look like," he said. Javid's trip to New Delhi was likely to be followed in the coming months by discussions about trade with the United States, China, Japan and South Korea, the business ministry said. London also appears to be keen to tighten its trade ties with China. A source close to British finance minister George Osborne said he met senior officials from the world's second-largest economy in London on Thursday to discuss trade, agreeing to work to foster stronger ties between the two countries. Britain's decision to leave the EU at a referendum on June 23 has raised big questions about its future trading relationship with the rest of the bloc, which buys about 45 per cent of British exports, and with other economies. Brexit supporters have said that Britain will be able to strike a good deal with the EU and also reach agreements with other big economies more quickly on its own than as part of the 28-nation EU. For its part, the bloc has so far failed to do a deal with India. Formal negotiations between Britain and countries such as India and the United States will have to wait for London to settle its future ties with the EU, something that is likely to take years. India is by far the most populous nation in the 53-country Commonwealth, whose members are mostly former British colonies and represent a combined 2.2 billion people across the world. Britain was the biggest foreign investor among the Group of 20 nations in India in 2015, while India represents the third-largest source of foreign direct investment in Britain, the British business ministry said in a statement. Bilateral trade in goods and services last year was worth 16.55 billion pounds ($21.33 billion), it said. As one of the world's biggest and fastest-growing developing economies, India has long been a target for rich countries. It has demanded significant visa concessions for its citizens to work abroad, a source of tension with the United States. The leaders of Britain's "Leave" campaign in the referendum said they wanted to allow more skilled, non-EU workers into the country under a new selective immigration policy. On its part, Britain is likely to push for more access to India's financial services market. Javid was due to meet Indian finance minister Arun Jaitley and commerce and industry minister Nirmala Sitharaman on Friday. (Reuters)

UK launches bilateral trade talks with India

The European Commission on Thursday officially declared Spain and Portugal in violation of the EU rules on government overspending, the first step towards unprecedented penalties against members of the 28-country bloc. 
 
&quot;The Commission confirms that Spain and Portugal will not correct their excessive deficits by the recommended deadline,&quot; the EU&#39;s executive arm said in a statement. 
 
If endorsed by the EU&#39;s finance ministers, the commission is then legally obliged to propose fines against the two neighbouring countries, which were both hit hard by the financial crisis. 
 
&quot;Lately, the two countries have veered off track in the correction of their excessive deficits and have not met their budgetary targets,&quot; said Valdis Dombrovskis, the EU Commission&#39;s vice-president in charge of the Euro. 
 
&quot;We stand ready to work together with the Spanish and Portuguese authorities to define the best path ahead,&quot; he said. 
 
Many EU powers led by Germany have long hoped for the commission to finally crack down on public overspenders, but with populist fires burning after the Brexit vote, ministers meeting in Brussels on Tuesday could decide to delay their immediate endorsement. 
 
&quot;There is uncertainty creeping in light of the UK vote result,&quot; an EU diplomat told AFP. 
 
France and Italy will be the most willing to delay the penalty process, fearing that their own years of EU rule breaking would put them next in line for a sanction by Brussels. 
 
Ahead of the commission announcement, Portuguese Prime Minister Antonio Costa warned that Brussels would foster a rise in euroscepticism in Portugal if EU sanctions are applied. 
 
In a letter to the European Commission, Costa cited &quot;the results of the UK referendum and its impact on the European Union&quot; as reasons why the Commission should refrain from full implementation of the rules. 
 
(AFP)

It's the first step towards the imposition of unprecedented penalties

The European Commission on Thursday officially declared Spain and Portugal in violation of the EU rules on government overspending, the first step towards unprecedented penalties against members of the 28-country bloc. "The Commission confirms that Spain and Portugal will not correct their excessive deficits by the recommended deadline," the EU's executive arm said in a statement. If endorsed by the EU's finance ministers, the commission is then legally obliged to propose fines against the two neighbouring countries, which were both hit hard by the financial crisis. "Lately, the two countries have veered off track in the correction of their excessive deficits and have not met their budgetary targets," said Valdis Dombrovskis, the EU Commission's vice-president in charge of the Euro. "We stand ready to work together with the Spanish and Portuguese authorities to define the best path ahead," he said. Many EU powers led by Germany have long hoped for the commission to finally crack down on public overspenders, but with populist fires burning after the Brexit vote, ministers meeting in Brussels on Tuesday could decide to delay their immediate endorsement. "There is uncertainty creeping in light of the UK vote result," an EU diplomat told AFP. France and Italy will be the most willing to delay the penalty process, fearing that their own years of EU rule breaking would put them next in line for a sanction by Brussels. Ahead of the commission announcement, Portuguese Prime Minister Antonio Costa warned that Brussels would foster a rise in euroscepticism in Portugal if EU sanctions are applied. In a letter to the European Commission, Costa cited "the results of the UK referendum and its impact on the European Union" as reasons why the Commission should refrain from full implementation of the rules. (AFP)

EU declares Spain and Portugal in violation of deficit rules

The Kremlin said today it believed that the recent attack on Istanbul airport could be a result of Turkish and European security services ignoring Moscow&#39;s signals about suspected &quot;terrorists&quot; hiding in Turkey and Europe. 
 
&quot;Over the past many years, the Russian side has informed our Turkish and European colleagues that persons suspected of being linked to terrorism, find shelter both in Turkey and in a number of other European countries,&quot; Kremlin spokesman Dmitry Peskov told a conference call with journalists. 
 
&quot;In most cases such signals from the Russian side have not been given proper attention or any reaction by our colleagues. To our regret, these (Istanbul attacks) can be a consequence of such disregard,&quot; he added.&nbsp; 
 
(Reuters)

In most cases such signals from the Russian side have not been given proper attention or any reaction by our colleagues: Kremlin spokesman

The Kremlin said today it believed that the recent attack on Istanbul airport could be a result of Turkish and European security services ignoring Moscow's signals about suspected "terrorists" hiding in Turkey and Europe. "Over the past many years, the Russian side has informed our Turkish and European colleagues that persons suspected of being linked to terrorism, find shelter both in Turkey and in a number of other European countries," Kremlin spokesman Dmitry Peskov told a conference call with journalists. "In most cases such signals from the Russian side have not been given proper attention or any reaction by our colleagues. To our regret, these (Istanbul attacks) can be a consequence of such disregard," he added. (Reuters)

'Istanbul attack could be result of Turkey, EU ignoring Moscow's signals'

Britain&#39;s business minister Sajid Javid said the government should cut corporate and personal taxes to soften the blow from an expected slowdown after Britain&#39;s vote to leave the European Union (EU). 
 
Javid told the Financial Times the government needed to switch its focus from reducing the deficit to stimulating economic growth by introducing unfunded tax cuts to boost research and investment for companies. 
 
Confidence in Britain&#39;s economy has been rocked by the decision by voters to leave the world&#39;s largest trading bloc on June 23. The pound is trading at 31-year lows and the Bank of England has warned that the financial risks it highlighted ahead of the vote were starting to crystallise.&nbsp; 
 
Javid backs Osborne&#39;s approach&nbsp; 
 
Finance minister George Osborne has said he plans to cut Britain&#39;s corporation tax to below 15 per cent and has also dropped his aim of turning Britain&#39;s budget deficit into a surplus by 2020. 
 
Javid backed Osborne&#39;s softer approach to fixing the public finances. He told the FT it was hard to predict what would happen to the deficit. 
 
&quot;Does it mean 3 per cent becomes 4 per cent or 5 per cent? I don&#39;t think anyone can say at this point,&quot; he said.&nbsp; 
 
Britain&#39;s budget deficit was just under 4 per cent of gross domestic product in the financial year which ended in March. 
 
Javid said the government should double tax credits for research and development, exempt new plant and machinery from business rates and increase the annual investment allowance. He said the threshold at which people start paying income tax should also rise by 1,000 pounds. 
 
As well as the signals from the government of help for the economy from lower taxes, Bank of England Governor Mark Carney has said he expects the central bank to provide more monetary stimulus over the summer. On Tuesday, the BoE lowered a requirement for banks to set aside money to cover losses. 
 
It is not clear how long Osborne and Javid will remain in their jobs. Prime Minister David Cameron has said he will resign by September and the ruling Conservative Party is in the process of choosing a new leader. 
 
(Reuters)&nbsp;

Confidence in Britain's economy has been rocked by the decision by voters to leave the world's largest trading bloc on June 23

Britain's business minister Sajid Javid said the government should cut corporate and personal taxes to soften the blow from an expected slowdown after Britain's vote to leave the European Union (EU). Javid told the Financial Times the government needed to switch its focus from reducing the deficit to stimulating economic growth by introducing unfunded tax cuts to boost research and investment for companies. Confidence in Britain's economy has been rocked by the decision by voters to leave the world's largest trading bloc on June 23. The pound is trading at 31-year lows and the Bank of England has warned that the financial risks it highlighted ahead of the vote were starting to crystallise. Javid backs Osborne's approach Finance minister George Osborne has said he plans to cut Britain's corporation tax to below 15 per cent and has also dropped his aim of turning Britain's budget deficit into a surplus by 2020. Javid backed Osborne's softer approach to fixing the public finances. He told the FT it was hard to predict what would happen to the deficit. "Does it mean 3 per cent becomes 4 per cent or 5 per cent? I don't think anyone can say at this point," he said. Britain's budget deficit was just under 4 per cent of gross domestic product in the financial year which ended in March. Javid said the government should double tax credits for research and development, exempt new plant and machinery from business rates and increase the annual investment allowance. He said the threshold at which people start paying income tax should also rise by 1,000 pounds. As well as the signals from the government of help for the economy from lower taxes, Bank of England Governor Mark Carney has said he expects the central bank to provide more monetary stimulus over the summer. On Tuesday, the BoE lowered a requirement for banks to set aside money to cover losses. It is not clear how long Osborne and Javid will remain in their jobs. Prime Minister David Cameron has said he will resign by September and the ruling Conservative Party is in the process of choosing a new leader. (Reuters)

UK business minister calls for tax cuts to soften Brexit blow

Gold rose as much as 1 per cent today, hitting the highest in more than two years, as investors piled back into safe havens such as bullion amid renewed market jitters over Britain&#39;s decision to leave the European Union (EU).&nbsp; 
 
Asian shares also tumbled as fears over instability in the EU returned with a vengeance, sending the pound to three-decade low and hammering risky assets. 
 
Spot gold touched its highest since March 2014 at $1,371.40, and was trading up 0.9 per cent at $1,367.20 an ounce by 0401 GMT. It surpassed the $1,358.20 mark hit on June 24 in the immediate aftermath of the Brexit vote. 
 
US gold was up 0.8 per cent at $1,369.40. 
 
&quot;No one is able to understand how much risk is yet to be unravelled (from Brexit). That is an uncertainty that no one likes. This is what is driving gold prices higher,&quot; said Helen Lau, an analyst at Argonaut Securities in Hong Kong. 
 
Yellow metal is on track to log its biggest yearly gain since 2010&nbsp; 
 
The Bank of England took steps on Tuesday to ensure British banks keep lending as the financial consequences of the decision to leave the EU began to materialise. 
 
The yellow metal, often favoured as a hedge against economic and financial uncertainty, has risen about 29 per cent this year and is on track to log its biggest yearly gain since 2010. 
 
Further boosting gold, were comments from New York Federal Reserve President William Dudley, who said that the central bank can be patient on raising interest rates due to low inflation and uncertainties over US economic prospects. 
 
New orders for US factory goods fell in May on weak demand for transportation and defence capital goods, but growing order backlogs and lean inventories suggested the worst of the manufacturing downturn was probably over. 
 
Investors will be watching out for signs on the US Federal Reserve&#39;s thinking on rates from minutes of its June 14-15 meeting due later in the day. 
 
Holdings in SPDR Gold Trust, the world&#39;s largest gold-backed exchange-traded fund, increased 3.02 per cent to 982.72 tonnes on Tuesday, the highest since June 2013. 
 
SPDR gold holdings have jumped more than 50 per cent this year so far, heading for biggest annual rise since 2006. 
 
Spot silver&#39;s rally hit a bump on Tuesday as the metal fell 2 per cent, its biggest one-day loss in about three weeks. It was up 1.7 per cent at $20.26. 
 
Among other precious metals, platinum, which was trading at two-month highs, edged 0.2 per cent lower to $1,070.24 an ounce. 
 
Palladium was up 0.3 per cent at $599.47. 
 
(Reuters)&nbsp;

Asian shares also tumbled as fears over instability in the EU returned with a vengeance, sending the pound to three-decade low

Gold rose as much as 1 per cent today, hitting the highest in more than two years, as investors piled back into safe havens such as bullion amid renewed market jitters over Britain's decision to leave the European Union (EU). Asian shares also tumbled as fears over instability in the EU returned with a vengeance, sending the pound to three-decade low and hammering risky assets. Spot gold touched its highest since March 2014 at $1,371.40, and was trading up 0.9 per cent at $1,367.20 an ounce by 0401 GMT. It surpassed the $1,358.20 mark hit on June 24 in the immediate aftermath of the Brexit vote. US gold was up 0.8 per cent at $1,369.40. "No one is able to understand how much risk is yet to be unravelled (from Brexit). That is an uncertainty that no one likes. This is what is driving gold prices higher," said Helen Lau, an analyst at Argonaut Securities in Hong Kong. Yellow metal is on track to log its biggest yearly gain since 2010 The Bank of England took steps on Tuesday to ensure British banks keep lending as the financial consequences of the decision to leave the EU began to materialise. The yellow metal, often favoured as a hedge against economic and financial uncertainty, has risen about 29 per cent this year and is on track to log its biggest yearly gain since 2010. Further boosting gold, were comments from New York Federal Reserve President William Dudley, who said that the central bank can be patient on raising interest rates due to low inflation and uncertainties over US economic prospects. New orders for US factory goods fell in May on weak demand for transportation and defence capital goods, but growing order backlogs and lean inventories suggested the worst of the manufacturing downturn was probably over. Investors will be watching out for signs on the US Federal Reserve's thinking on rates from minutes of its June 14-15 meeting due later in the day. Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, increased 3.02 per cent to 982.72 tonnes on Tuesday, the highest since June 2013. SPDR gold holdings have jumped more than 50 per cent this year so far, heading for biggest annual rise since 2006. Spot silver's rally hit a bump on Tuesday as the metal fell 2 per cent, its biggest one-day loss in about three weeks. It was up 1.7 per cent at $20.26. Among other precious metals, platinum, which was trading at two-month highs, edged 0.2 per cent lower to $1,070.24 an ounce. Palladium was up 0.3 per cent at $599.47. (Reuters)

Gold at highest in over two years over renewed Brexit concerns

The European Union&#39;s authority is fraying as governments and politicians in many members challenge EU policies and take aim at &#39;Brussels bureaucracy&#39; in the aftermath of Britain&#39;s vote to leave the 28-nation bloc. 
 
The Czech President and some contenders for the French presidency have called for their own referendums on continued membership of the pan-European economic and political community, although no such plebiscite is on the cards in the near future. 
 
Verbal assaults on the role of the European commission and the European parliament since the British shock almost two weeks back look more like an attempt to appease domestic public opinion than a concerted drive to strip Brussels of its main powers. 
 
But they could further undermine the legitimacy of the EU&#39;s common institutions in the eyes of citizens. 
 
France, facing a presidential election next year, has threatened to stop obeying EU rules on workers posted from one member state to another, which it says undercuts the jobs of native employees. President Francois Hollande has also demanded a rewriting of EU merger control rules and restrictions on state aid to industry to enable the creation of &quot;European champions&quot;. 
 
Socialist Prime Minister Manuel Valls said on Sunday an EU regulation allowing employers to pay seconded workers less than their local counterparts must be changed soon or Paris would stop applying it. 
 
Employers are not now obliged to pay posted workers more than the minimum wage of the host country, often well below the average wage in the sector, and they pay social contributions in their home country welfare systems which are usually far lower than those in western Europe. Central and east European governments oppose moves to reduce the gap. 
 
&quot;There must be equal treatment upwards to fight social dumping,&quot; Valls said. 
 
Spooked by a surge of support for anti-EU nationalist Marine Le Pen, conservative candidate Alain Juppe called on Monday for a new balance of power between Brussels and member states and a halt to further EU enlargement, ending Turkey&#39;s membership bid. He called last week for a referendum on a &quot;new Europe&quot;. 
 
Italy is demanding a loosening of recently adopted EU regulations that make shareholders, bondholders and depositors liable for the losses of failed banks before taxpayers. 
 
&#39;A technocracy with no soul&#39; 
 
Italian Prime Minister Matteo Renzi, who has fought to bend EU budget deficit rules and now seeks to pump billions of euros into his country&#39;s ailing banks if needed to shore them up, said on Monday the EU was run by &quot;a technocracy with no soul&quot;. 
 
He also opposed sanctions against fellow southern members Spain and Portugal for violating the EU&#39;s deficit limits last year, a step the commission is due to consider on Tuesday in a German-backed drive to uphold the much-abused budget rules. 
 
Italy&#39;s banks are saddled with 360 billion euros ($401.18 billion) in bad loans and their share prices plunged after last month&#39;s Brexit vote. Rome is in talks with the EU commission to devise a plan to recapitalise its lenders with public money limiting losses for bank investors. 
 
Dutch and German ministers have attacked a Commission decision that the European Parliament can approve a trade pact with Canada without referring it to national parliaments. The Dutch parliament was assured it would have a chance to weigh in on the treaty. 
 
But perhaps most worryingly for the EU, senior ministers in Germany, the bloc&#39;s reluctant hegemon, are advocating shrinking the executive commission, trimming its powers, and bypassing common European institutions to take more decisions by inter-governmental agreement. 
 
A call from veteran German finance minister Wolfgang Schaeuble, long an advocate of closer integration, to shift more policy decision-making to governments for expediency&#39;s sake was among the most striking indicators of the mood around Europe. 
 
&quot;If the commission doesn&#39;t get involved, then we should take the matter into our own hands and solve problems between governments,&quot; Schaeuble told Welt am Sonntag newspaper, saying now was a time for pragmatism. 
 
&quot;This inter-governmental approach proved successful during the euro zone crisis,&quot; he added. 
 
Berlin insisted on setting up the euro zone&#39;s rescue fund as an intergovernmental body outside the control of the EU&#39;s common institutions, giving itself a veto on each stage of bail-outs for distressed states and the decisive say on fiscal policy conditions. 
 
Many experts say further moves towards intergovernmentalism would accentuate German dominance and increase resentment among other EU members. 
 
Among some former communist countries that joined the bloc in 2004, there is resentment at perceived meddling by Brussels, notably on issues concerning the rule of law and media freedom, as well as environmental regulation. 
 
The Polish and Czech foreign ministers called last week for European commission president Jean-Claude Juncker to resign as a scapegoat for the June 23 British vote. 
 
The Visegrad Group of four central European countries, Poland, Hungary, the Czech Republic and Slovakia, demanded that the powers of the EU executive be reined in and more competences be returned to capitals. 
 
&quot;We need to change the overall functioning of the EU and I think it is needed to change the functioning of the European commission,&quot; said Czech Prime Minister Bohuslav Sobotka. 
 
(Reuters)

Inter-governmentalism would accentuate German dominance and increase resentment among other EU members

The European Union's authority is fraying as governments and politicians in many members challenge EU policies and take aim at 'Brussels bureaucracy' in the aftermath of Britain's vote to leave the 28-nation bloc. The Czech President and some contenders for the French presidency have called for their own referendums on continued membership of the pan-European economic and political community, although no such plebiscite is on the cards in the near future. Verbal assaults on the role of the European commission and the European parliament since the British shock almost two weeks back look more like an attempt to appease domestic public opinion than a concerted drive to strip Brussels of its main powers. But they could further undermine the legitimacy of the EU's common institutions in the eyes of citizens. France, facing a presidential election next year, has threatened to stop obeying EU rules on workers posted from one member state to another, which it says undercuts the jobs of native employees. President Francois Hollande has also demanded a rewriting of EU merger control rules and restrictions on state aid to industry to enable the creation of "European champions". Socialist Prime Minister Manuel Valls said on Sunday an EU regulation allowing employers to pay seconded workers less than their local counterparts must be changed soon or Paris would stop applying it. Employers are not now obliged to pay posted workers more than the minimum wage of the host country, often well below the average wage in the sector, and they pay social contributions in their home country welfare systems which are usually far lower than those in western Europe. Central and east European governments oppose moves to reduce the gap. "There must be equal treatment upwards to fight social dumping," Valls said. Spooked by a surge of support for anti-EU nationalist Marine Le Pen, conservative candidate Alain Juppe called on Monday for a new balance of power between Brussels and member states and a halt to further EU enlargement, ending Turkey's membership bid. He called last week for a referendum on a "new Europe". Italy is demanding a loosening of recently adopted EU regulations that make shareholders, bondholders and depositors liable for the losses of failed banks before taxpayers. 'A technocracy with no soul' Italian Prime Minister Matteo Renzi, who has fought to bend EU budget deficit rules and now seeks to pump billions of euros into his country's ailing banks if needed to shore them up, said on Monday the EU was run by "a technocracy with no soul". He also opposed sanctions against fellow southern members Spain and Portugal for violating the EU's deficit limits last year, a step the commission is due to consider on Tuesday in a German-backed drive to uphold the much-abused budget rules. Italy's banks are saddled with 360 billion euros ($401.18 billion) in bad loans and their share prices plunged after last month's Brexit vote. Rome is in talks with the EU commission to devise a plan to recapitalise its lenders with public money limiting losses for bank investors. Dutch and German ministers have attacked a Commission decision that the European Parliament can approve a trade pact with Canada without referring it to national parliaments. The Dutch parliament was assured it would have a chance to weigh in on the treaty. But perhaps most worryingly for the EU, senior ministers in Germany, the bloc's reluctant hegemon, are advocating shrinking the executive commission, trimming its powers, and bypassing common European institutions to take more decisions by inter-governmental agreement. A call from veteran German finance minister Wolfgang Schaeuble, long an advocate of closer integration, to shift more policy decision-making to governments for expediency's sake was among the most striking indicators of the mood around Europe. "If the commission doesn't get involved, then we should take the matter into our own hands and solve problems between governments," Schaeuble told Welt am Sonntag newspaper, saying now was a time for pragmatism. "This inter-governmental approach proved successful during the euro zone crisis," he added. Berlin insisted on setting up the euro zone's rescue fund as an intergovernmental body outside the control of the EU's common institutions, giving itself a veto on each stage of bail-outs for distressed states and the decisive say on fiscal policy conditions. Many experts say further moves towards intergovernmentalism would accentuate German dominance and increase resentment among other EU members. Among some former communist countries that joined the bloc in 2004, there is resentment at perceived meddling by Brussels, notably on issues concerning the rule of law and media freedom, as well as environmental regulation. The Polish and Czech foreign ministers called last week for European commission president Jean-Claude Juncker to resign as a scapegoat for the June 23 British vote. The Visegrad Group of four central European countries, Poland, Hungary, the Czech Republic and Slovakia, demanded that the powers of the EU executive be reined in and more competences be returned to capitals. "We need to change the overall functioning of the EU and I think it is needed to change the functioning of the European commission," said Czech Prime Minister Bohuslav Sobotka. (Reuters)

EU authority fraying in reaction to Brexit vote

European Union leaders on Monday sought to reassure Balkan nations that talks on their becoming members of the bloc will continue despite Britain&#39;s vote to leave the union. 
 
French President Francois Hollande, German Chancellor Angela Merkel and EU foreign policy chief Federica Mogherini held a meeting with Balkan leaders in Paris during which they underlined their determination to continue the accession talks. 
 
On the sidelines of the meeting Balkan leaders from Croatia, Serbia, Albania, Montenegro and Kosovo spoke with the media outside the Elysee Palace. 
 
&quot;I think there were three main topics we discussed; one obviously the migration crisis, we share common threats or challenges. Clearly, the migration challenges are something we are dealing through or dealing with both in terms of the western Balkans and Europe in general. And then terrorism obviously... And the third topic which probably was also the most relevant in light of the recent Brexit announcement is to make sure that further integration of the Western Balkans proceeds. And I think that was the key message that we wanted to deliver today, that the process is moving forward and that as a result of Brexit, it will not stop,&quot; said Croatian Prime Minister Tihomir Oreskovic. 
 
The six countries are all at different stages in joining the EU. Serbia aims to complete accession talks by 2019. Croatia and Slovenia are already EU members. 
 
Balkans leaders told journalists the negotiation talks should continue and they did not fear that would be stopped by Brexit. 
 
In Serbia, another aspiring EU member, support for the bloc is less clear-cut. 
 
&quot;I think that this is a good indication that all countries of the western Balkans are welcome to the European Union. I don&#39;t like pledges like we are pledging to you. We don&#39;t have a subservient relationship to the union. But that is the place where the future is the best for our people and our countries. And I&#39;m happy about that and I want to congratulate the citizens of Serbia I will congratulate them on the 19th. We have a lot of work and efforts to make in front of us and obligations. But it seems to me that we have a clear and unequivocal European prospects,&quot; said Serbian Prime Minister Aleksandar Vucic. 
 
Backing for the EU in Kosovo and Albania is between 80 and 90 per cent, levels that British supporters of EU membership could only have dreamt of. 
 
&quot;For many European Prime Ministers, the problem is the euroscepticism but for me it is the &#39;europtimism&#39;. Albanians whether they come from Albania or Kosovo are very optimistic about the european integration. We are probably the most willing to join the EU at this stage,&quot; said Albanian Prime Minister, Edi Rama. 
 
During the summit German Chancellor Angela told leaders of Albania, Bosnia, Kosovo, Macedonia, Montenegro and Serbia, which endured war and upheaval in the 1990s, that Britain&#39;s decision to leave the bloc had changed nothing in terms of their accession ambitions. 
 
France&#39;s Francois Hollande also sought to reassure Balkan hopefuls that the accession process will remain underway. 
 
(Reuters)

EU leaders assured Balkan nations that talks on their becoming members of the bloc will continue despite Britain's vote to leave the union

European Union leaders on Monday sought to reassure Balkan nations that talks on their becoming members of the bloc will continue despite Britain's vote to leave the union. French President Francois Hollande, German Chancellor Angela Merkel and EU foreign policy chief Federica Mogherini held a meeting with Balkan leaders in Paris during which they underlined their determination to continue the accession talks. On the sidelines of the meeting Balkan leaders from Croatia, Serbia, Albania, Montenegro and Kosovo spoke with the media outside the Elysee Palace. "I think there were three main topics we discussed; one obviously the migration crisis, we share common threats or challenges. Clearly, the migration challenges are something we are dealing through or dealing with both in terms of the western Balkans and Europe in general. And then terrorism obviously... And the third topic which probably was also the most relevant in light of the recent Brexit announcement is to make sure that further integration of the Western Balkans proceeds. And I think that was the key message that we wanted to deliver today, that the process is moving forward and that as a result of Brexit, it will not stop," said Croatian Prime Minister Tihomir Oreskovic. The six countries are all at different stages in joining the EU. Serbia aims to complete accession talks by 2019. Croatia and Slovenia are already EU members. Balkans leaders told journalists the negotiation talks should continue and they did not fear that would be stopped by Brexit. In Serbia, another aspiring EU member, support for the bloc is less clear-cut. "I think that this is a good indication that all countries of the western Balkans are welcome to the European Union. I don't like pledges like we are pledging to you. We don't have a subservient relationship to the union. But that is the place where the future is the best for our people and our countries. And I'm happy about that and I want to congratulate the citizens of Serbia I will congratulate them on the 19th. We have a lot of work and efforts to make in front of us and obligations. But it seems to me that we have a clear and unequivocal European prospects," said Serbian Prime Minister Aleksandar Vucic. Backing for the EU in Kosovo and Albania is between 80 and 90 per cent, levels that British supporters of EU membership could only have dreamt of. "For many European Prime Ministers, the problem is the euroscepticism but for me it is the 'europtimism'. Albanians whether they come from Albania or Kosovo are very optimistic about the european integration. We are probably the most willing to join the EU at this stage," said Albanian Prime Minister, Edi Rama. During the summit German Chancellor Angela told leaders of Albania, Bosnia, Kosovo, Macedonia, Montenegro and Serbia, which endured war and upheaval in the 1990s, that Britain's decision to leave the bloc had changed nothing in terms of their accession ambitions. France's Francois Hollande also sought to reassure Balkan hopefuls that the accession process will remain underway. (Reuters)

Balkan leaders discuss migrant crisis, terror with European leaders at summit

Hungary will hold a referendum on October 2 on European Union (EU) &nbsp;plans to relocate migrants among member states, a scheme fiercely opposed by right-wing Prime Minister Viktor Orban, the President said today. 
 
&quot;As president of the republic I decree that the referendum will be held on October 2,&quot; President Janos Ader said in a statement.&nbsp; 
 
Orban`s government voted against the EU plan to relocate 160,000 migrants around the 28-nation bloc via mandatory quotas but the scheme was approved by a majority of member states in September. 
 
Joining Slovakia in filing a legal challenge against the plan, Orban said earlier this year that the government would put the issue to a referendum. 
 
Voters will be asked: &quot;Do you want the EU to prescribe the mandatory relocation of non-Hungarian citizens to Hungary without the approval of the Hungarian parliament?&quot; 
 
Budapest says that the plan which has been extremely slow to get going -violates its national sovereignty and that &quot;terrorists&quot; might enter the country disguised as migrants. 
 
Orban has said that Brussels has no right to &quot;redraw Europe&#39;s cultural and religious identity&quot;. 
 
Around 400,000 migrants and refugees passed through Hungary in 2015 before the government sealed off the southern borders with razor wire and fences in the autumn. 
 
The authorities also brought in tough new laws punishing illegal entry and vandalism of the fences.&nbsp; 
 
(AFP)

Around 400,000 migrants and refugees passed through Hungary in 2015 before the government sealed southern borders with razor wire and fences

Hungary will hold a referendum on October 2 on European Union (EU) plans to relocate migrants among member states, a scheme fiercely opposed by right-wing Prime Minister Viktor Orban, the President said today. "As president of the republic I decree that the referendum will be held on October 2," President Janos Ader said in a statement. Orban`s government voted against the EU plan to relocate 160,000 migrants around the 28-nation bloc via mandatory quotas but the scheme was approved by a majority of member states in September. Joining Slovakia in filing a legal challenge against the plan, Orban said earlier this year that the government would put the issue to a referendum. Voters will be asked: "Do you want the EU to prescribe the mandatory relocation of non-Hungarian citizens to Hungary without the approval of the Hungarian parliament?" Budapest says that the plan which has been extremely slow to get going -violates its national sovereignty and that "terrorists" might enter the country disguised as migrants. Orban has said that Brussels has no right to "redraw Europe's cultural and religious identity". Around 400,000 migrants and refugees passed through Hungary in 2015 before the government sealed off the southern borders with razor wire and fences in the autumn. The authorities also brought in tough new laws punishing illegal entry and vandalism of the fences. (AFP)

Hungary to hold October referendum on EU migrant scheme

Former London mayor Boris Johnson, who shocked Britain last week when he decided not to stand to replace Prime Minister David Cameron, criticised the government on Monday for not having a positive plan to make a British exit from the EU work. 
 
Johnson, who led the campaign to take Britain out of the European Union, said &quot;hysteria&quot; had gripped those who had supported staying in the bloc, and the government needed to explain the truth about the impact of Brexit. 
 
&quot;There is, among a section of the population, a kind of hysteria, a contagious mourning of the kind that I remember in 1997 after the death of (Diana) the Princess of Wales,&quot; Johnson wrote in the Daily Telegraph newspaper. 
 
&quot;It was wrong of the government to offer the public a binary choice on the EU without being willing, in the event that people voted Leave, to explain how this can be made to work in the interests of the UK and Europe. We cannot wait until mid-September, and a new PM.&quot; 
 
The flamboyant and popular Johnson, one of the most prominent Brexit campaigners, had been expected to join the contest to be the new Conservative leader after Cameron announced he would quit following the referendum vote to leave the EU. 
 
However, he pulled out when his ally, justice secretary Michael Gove, decided to run for the job himself, calling Johnson&#39;s abilities into question, which Johnson&#39;s supporters described as an act of Machiavellian treachery. 
 
A new leader is expected to be in place by early September. 
 
Johnson said fears about the impact of leaving the EU had been wildly overdone, saying the stock market had not collapsed and the emergency budget with spending cuts and tax rises had not materialised as finance minister and Remain supporter George Osborne had warned. 
 
Conservative lawmaker Ben Wallace, who was running Johnson&#39;s campaign, said he thought Gove himself was unfit to be the leader himself, calling him a gossip. 
 
&quot;Michael seems to have an emotional need to gossip, particularly when drink is taken, as it all too often seemed to be,&quot; Wallace wrote in the Telegraph. 
 
(Reuters)

'There is, among a section of the population, a contagious mourning of the kind that I remember in 1997 after the death of Princess Diana'

Former London mayor Boris Johnson, who shocked Britain last week when he decided not to stand to replace Prime Minister David Cameron, criticised the government on Monday for not having a positive plan to make a British exit from the EU work. Johnson, who led the campaign to take Britain out of the European Union, said "hysteria" had gripped those who had supported staying in the bloc, and the government needed to explain the truth about the impact of Brexit. "There is, among a section of the population, a kind of hysteria, a contagious mourning of the kind that I remember in 1997 after the death of (Diana) the Princess of Wales," Johnson wrote in the Daily Telegraph newspaper. "It was wrong of the government to offer the public a binary choice on the EU without being willing, in the event that people voted Leave, to explain how this can be made to work in the interests of the UK and Europe. We cannot wait until mid-September, and a new PM." The flamboyant and popular Johnson, one of the most prominent Brexit campaigners, had been expected to join the contest to be the new Conservative leader after Cameron announced he would quit following the referendum vote to leave the EU. However, he pulled out when his ally, justice secretary Michael Gove, decided to run for the job himself, calling Johnson's abilities into question, which Johnson's supporters described as an act of Machiavellian treachery. A new leader is expected to be in place by early September. Johnson said fears about the impact of leaving the EU had been wildly overdone, saying the stock market had not collapsed and the emergency budget with spending cuts and tax rises had not materialised as finance minister and Remain supporter George Osborne had warned. Conservative lawmaker Ben Wallace, who was running Johnson's campaign, said he thought Gove himself was unfit to be the leader himself, calling him a gossip. "Michael seems to have an emotional need to gossip, particularly when drink is taken, as it all too often seemed to be," Wallace wrote in the Telegraph. (Reuters)

Ex-London mayor Boris Johnson says UK government needs to spell out Brexit benefits

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

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

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

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

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

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

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

Asian markets extend rally on central bank hopes

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

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

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

Legal challenge to Britain's EU exit

Israel has approved hundreds of new settler homes in the occupied West Bank, an official said Monday, in a move likely to further raise tensions following a series of Palestinian attacks. 
 
The approval comes days after a key international report warned that Israel&#39;s settlement expansion and land confiscation were eroding the possibility of a two-state solution to the conflict. 
 
The report from the diplomatic Quartet, the United States, European Union, United Nations and Russia, also called on Palestinians to halt attacks and incitement to violence. 
 
Under the new approval granted by Israeli Prime Minister Benjamin Netanyahu and Defence Minister Avigdor Lieberman, planning for 560 new homes in the large Maale Adumim settlement east of Jerusalem will be allowed to move forward. 
 
The Maale Adumim mayor was informed of the decision on Sunday night, a spokesman for him told AFP. The settlement established in 1975 already includes a population of more than 37,000. 
 
Netanyahu also gave approval for the planning of 240 new homes in east Jerusalem settlement neighbourhoods, as well as for 600 units for Palestinians in the city&#39;s Beit Safafa district, media reported. 
 
The offices of Netanyahu and Lieberman refused to comment on the reports of the approvals for homes in east Jerusalem or Maale Adumim. 
 
The decision follows calls among Israelis for a harsh response to a spate of Palestinian attacks in recent days. 
 
On Thursday, 13-year-old Israeli-American Hallel Yaffa Ariel was fatally stabbed in the settlement of Kiryat Arba on the outskirts of the flashpoint West Bank city of Hebron. 
 
Her 19-year-old Palestinian assailant was then shot dead by a security guard. 
 
A day later, Sarah Tarayra, 27, was shot dead after drawing a knife on Israeli forces in Hebron. She was a relative of the Kiryat Arba attacker, and both were from Bani Naim, a village just outside Hebron. 
 
Also on Friday, 48-year-old Israeli Michael Mark was killed after his car was fired on by suspected Palestinian gunmen south of Hebron. 
 
&#39;Aggressive measures&#39; 
 
Israel on Friday announced a lockdown in Hebron as it searched for the gunmen and a reduction in monthly tax payments to the Palestinian Authority after the attacks. 
 
The amount is to be cut by the equivalent of the fiscal support paid to militants&#39; families, Netanyahu&#39;s office said. 
 
Israel transfers around $127 million in customs duties levied on goods destined for Palestinian markets that transit through Israeli ports monthly. 
 
The measures, which also included increasing Israel&#39;s military presence in the West Bank, were described by the army as &quot;the most substantial&quot; in two years. 
 
&quot;We are using various means, including aggressive measures that we have not used in the past,&quot; Netanyahu told a cabinet meeting on Sunday. 
 
&quot;This includes cordoning off the entire Hebron district -- 700,000 people,&quot; he said, referring to the city and surrounding area. 
 
Checkpoints and closures were still in place at entrances to the city on Monday. 
 
Hebron has long been a flashpoint in the conflict, with hundreds of Jewish settlers living under heavy military guard in the heart of the city among some 200,000 Palestinians. 
 
A wave of violence since October has killed at least 214 Palestinians, 34 Israelis, two Americans, an Eritrean and a Sudanese. 
 
Most of the Palestinians killed were carrying out knife, gun or car-ramming attacks, Israeli authorities say. 
 
Others were shot dead by Israeli security forces during protests and clashes or killed in Israeli air strikes in the Gaza Strip. 
 
The violence had subsided in recent weeks, but a deadly shooting at a cafe in Tel Aviv by two Palestinians on June 8 and last week&#39;s series of attacks have raised concern. 
 
During a recent visit to Israel and the Palestinian territories, UN chief Ban Ki-moon condemned Palestinian attacks as &quot;terrorism&quot; but also said Israel must act to address &quot;key underlying causes of violence.&quot; 
 
They included &quot;growing Palestinian anger, the paralysis of the peace process, the nearly a half-century of occupation,&quot; Ban said. 
 
Peace talks have been at a complete standstill since a US-led initiative collapsed in April 2014. 
 
(AFP)

The decision follows calls among Israelis for a harsh response to a spate of Palestinian attacks in recent days

Israel has approved hundreds of new settler homes in the occupied West Bank, an official said Monday, in a move likely to further raise tensions following a series of Palestinian attacks. The approval comes days after a key international report warned that Israel's settlement expansion and land confiscation were eroding the possibility of a two-state solution to the conflict. The report from the diplomatic Quartet, the United States, European Union, United Nations and Russia, also called on Palestinians to halt attacks and incitement to violence. Under the new approval granted by Israeli Prime Minister Benjamin Netanyahu and Defence Minister Avigdor Lieberman, planning for 560 new homes in the large Maale Adumim settlement east of Jerusalem will be allowed to move forward. The Maale Adumim mayor was informed of the decision on Sunday night, a spokesman for him told AFP. The settlement established in 1975 already includes a population of more than 37,000. Netanyahu also gave approval for the planning of 240 new homes in east Jerusalem settlement neighbourhoods, as well as for 600 units for Palestinians in the city's Beit Safafa district, media reported. The offices of Netanyahu and Lieberman refused to comment on the reports of the approvals for homes in east Jerusalem or Maale Adumim. The decision follows calls among Israelis for a harsh response to a spate of Palestinian attacks in recent days. On Thursday, 13-year-old Israeli-American Hallel Yaffa Ariel was fatally stabbed in the settlement of Kiryat Arba on the outskirts of the flashpoint West Bank city of Hebron. Her 19-year-old Palestinian assailant was then shot dead by a security guard. A day later, Sarah Tarayra, 27, was shot dead after drawing a knife on Israeli forces in Hebron. She was a relative of the Kiryat Arba attacker, and both were from Bani Naim, a village just outside Hebron. Also on Friday, 48-year-old Israeli Michael Mark was killed after his car was fired on by suspected Palestinian gunmen south of Hebron. 'Aggressive measures' Israel on Friday announced a lockdown in Hebron as it searched for the gunmen and a reduction in monthly tax payments to the Palestinian Authority after the attacks. The amount is to be cut by the equivalent of the fiscal support paid to militants' families, Netanyahu's office said. Israel transfers around $127 million in customs duties levied on goods destined for Palestinian markets that transit through Israeli ports monthly. The measures, which also included increasing Israel's military presence in the West Bank, were described by the army as "the most substantial" in two years. "We are using various means, including aggressive measures that we have not used in the past," Netanyahu told a cabinet meeting on Sunday. "This includes cordoning off the entire Hebron district -- 700,000 people," he said, referring to the city and surrounding area. Checkpoints and closures were still in place at entrances to the city on Monday. Hebron has long been a flashpoint in the conflict, with hundreds of Jewish settlers living under heavy military guard in the heart of the city among some 200,000 Palestinians. A wave of violence since October has killed at least 214 Palestinians, 34 Israelis, two Americans, an Eritrean and a Sudanese. Most of the Palestinians killed were carrying out knife, gun or car-ramming attacks, Israeli authorities say. Others were shot dead by Israeli security forces during protests and clashes or killed in Israeli air strikes in the Gaza Strip. The violence had subsided in recent weeks, but a deadly shooting at a cafe in Tel Aviv by two Palestinians on June 8 and last week's series of attacks have raised concern. During a recent visit to Israel and the Palestinian territories, UN chief Ban Ki-moon condemned Palestinian attacks as "terrorism" but also said Israel must act to address "key underlying causes of violence." They included "growing Palestinian anger, the paralysis of the peace process, the nearly a half-century of occupation," Ban said. Peace talks have been at a complete standstill since a US-led initiative collapsed in April 2014. (AFP)

Israel approves hundreds of new settler homes after attacks

Financial movers and shakers gathered in France on Saturday urged a clear and timely political response to lift the uncertainty caused by Britain&#39;s shock vote to leave the European Union. 
 
A raft of top business leaders and intellectuals have gathered in the southern French city of Aix-en-Provence for a three-day meeting to discuss how to react to the fallout from last week&#39;s &quot;Brexit&quot; vote. 
 
Participants swiftly agreed on at least one thing - nobody is quite sure what is going to happen next, the underlying source of their worries. 
 
Britain has not yet begun the process of disengaging itself from the European Union, with arguments raging after the country was split 52 per cent to 48 per cent in the referendum. 
 
Renault-Nissan automaker giant head Carlos Ghosn said the loss of Britain in itself from the EU bloc was not so much the problem as that the uncertainties such a move would provoke. 
 
&quot;Worried? Yes,&quot; said Ghosn. &quot;Not because of Brexit but worried by the uncertainty that has engendered.&quot; 
 
For Ghosn, &quot;companies, good or bad, are capable of adapting to everything. All kinds of situations&quot;. 
 
But with Britain&#39;s new status regarding the European Union not clear he said firms would have to live with uncertainty. &quot;We are going to navigate as we go along,&quot; said Ghosn, not least regarding the post-Brexit future of Nissan&#39;s factory employing 8,000 in the north east of England. 
 
&#39;Could cause damage&#39; 
 
Oil giant Total&#39;s CEO Patrick Pouyanne said for his part that Brexit would &quot;not have a direct impact&quot; as likely sterling weakness could bring down production costs for the group&#39;s North Sea operations. 
 
&quot;On the other hand, Brexit will have European growth impacts on the macro-economic front and that could cause damage,&quot; Pouyanne said. 
 
&quot;There is an element of more uncertainty, instability, in a world which is already facing up to a range of geopolitical difficulties, with Daesh (Islamic State), Ukraine, a swathe of financial crises and now Brexit.&quot; 
 
US ratings agency SP Global Ratings cut its rating for the EU by one notch last Thursday citing the uncertainty created by the Brexit vote. 
 
&quot;The only message I would like to transmit is we have to act fast,&quot; said Pouyanne or risk allowing uncertainty to &quot;destroy confidence&quot; in the whole bloc. 
 
Time to make decisions 
 
Politicians indicated they understand that message and its urgency. 
 
&quot;The first thing to do is lift the uncertainty as soon as possible so that economic actors are able to take decisions quickly, including decisions pertaining to investment and development,&quot; French minister of finance Michel Sapin said on Friday. 
 
&quot;Today,&quot; Sapin added, &quot;I feel economic actors are demanding political decisions - perhaps a revamping of politics?&quot; 
 
Paris is looking to use Brexit as a chance to bolster the attractiveness of France, and Prime Minister Manuel Valls gave an interview to Saturday&#39;s Le Parisien in which he set out France&#39;s stall to that end. 
 
&quot;We are working on means of reinforcing our attractiveness. I am thinking notably of tax policy or the status of expatriates. So I say to large international companies - Welcome to Paris! Come and invest in France,&quot; said Valls. 
 
&quot;We are the number one financial market place in the eurozone in terms of direct and indirect employment with 1.2 million jobs,&quot; Muriel Penicaud, director general of Business France, a public body tasked with showing off France&#39;s plus points to the business world, told AFP. 
 
The group has just published a paper highlighting reasons to do business in Paris, insisting the capital offers &quot;a robust stock market regulatory and financial system&quot;. 
 
(AFP)

Elites gathered for three days to panic about Brexit uncertainty in the markets

Financial movers and shakers gathered in France on Saturday urged a clear and timely political response to lift the uncertainty caused by Britain's shock vote to leave the European Union. A raft of top business leaders and intellectuals have gathered in the southern French city of Aix-en-Provence for a three-day meeting to discuss how to react to the fallout from last week's "Brexit" vote. Participants swiftly agreed on at least one thing - nobody is quite sure what is going to happen next, the underlying source of their worries. Britain has not yet begun the process of disengaging itself from the European Union, with arguments raging after the country was split 52 per cent to 48 per cent in the referendum. Renault-Nissan automaker giant head Carlos Ghosn said the loss of Britain in itself from the EU bloc was not so much the problem as that the uncertainties such a move would provoke. "Worried? Yes," said Ghosn. "Not because of Brexit but worried by the uncertainty that has engendered." For Ghosn, "companies, good or bad, are capable of adapting to everything. All kinds of situations". But with Britain's new status regarding the European Union not clear he said firms would have to live with uncertainty. "We are going to navigate as we go along," said Ghosn, not least regarding the post-Brexit future of Nissan's factory employing 8,000 in the north east of England. 'Could cause damage' Oil giant Total's CEO Patrick Pouyanne said for his part that Brexit would "not have a direct impact" as likely sterling weakness could bring down production costs for the group's North Sea operations. "On the other hand, Brexit will have European growth impacts on the macro-economic front and that could cause damage," Pouyanne said. "There is an element of more uncertainty, instability, in a world which is already facing up to a range of geopolitical difficulties, with Daesh (Islamic State), Ukraine, a swathe of financial crises and now Brexit." US ratings agency SP Global Ratings cut its rating for the EU by one notch last Thursday citing the uncertainty created by the Brexit vote. "The only message I would like to transmit is we have to act fast," said Pouyanne or risk allowing uncertainty to "destroy confidence" in the whole bloc. Time to make decisions Politicians indicated they understand that message and its urgency. "The first thing to do is lift the uncertainty as soon as possible so that economic actors are able to take decisions quickly, including decisions pertaining to investment and development," French minister of finance Michel Sapin said on Friday. "Today," Sapin added, "I feel economic actors are demanding political decisions - perhaps a revamping of politics?" Paris is looking to use Brexit as a chance to bolster the attractiveness of France, and Prime Minister Manuel Valls gave an interview to Saturday's Le Parisien in which he set out France's stall to that end. "We are working on means of reinforcing our attractiveness. I am thinking notably of tax policy or the status of expatriates. So I say to large international companies - Welcome to Paris! Come and invest in France," said Valls. "We are the number one financial market place in the eurozone in terms of direct and indirect employment with 1.2 million jobs," Muriel Penicaud, director general of Business France, a public body tasked with showing off France's plus points to the business world, told AFP. The group has just published a paper highlighting reasons to do business in Paris, insisting the capital offers "a robust stock market regulatory and financial system". (AFP)

Business leaders urge swift response to Brexit worries

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

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

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

Thousands of Londoners gather, protest agains Brexit

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

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

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

Theresa May: Britain needs clear negotiating stance before article 50

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

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

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

France says post-Brexit Britain must relinquish Euro business

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

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

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

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

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

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

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

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

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