Scotland sees its future in the European Union (EU) despite Britain&#39;s vote to leave, first minister Nicola Sturgeon said today, raising the spectre of a new Scottish independence vote and the possible dissolution of the United Kingdom. 
 
Scotland voted by a margin of 62 per cent to 38 per cent to remain in the EU in a referendum on Thursday that put it at odds with Britain as a whole, which voted 52-48 in favour of Leave. 
 
&quot;Scotland has delivered a strong, unequivocal vote to remain in the EU, and I welcome that endorsement of our European status,&quot; said Sturgeon, head of the Scottish National Party. 
 
Former first minister Alex Salmond explicitly said Scotland is now likely to push for a second independence referendum after the conditions spelled out in the SNP manifesto before re-election in May appeared to have been met. 
 
One key reason Scots rejected independence in a referendum almost three years ago was because independence meant leaving the EU too. After Thursday&#39;s vote, the question is whether some Scots who wavered but eventually voted to stick with the UK in 2014, may now prefer to join the secessionists. 
 
Splitting Scotland from the UK would end three centuries of shared history, upending another successful economic relationship shortly after the now-impending divorce between Britain and the EU. 
 
Most voters in Northern Ireland also voted to remain and Irish nationalist leaders there called for a poll on leaving the United Kingdom and uniting with Ireland. 
 
Calling a new Scottish vote would not be quick or simple and the SNP, marked by caution since Sturgeon took over as leader, would want to first ensure a new vote could be won. 
 
Where the last Scottish independence campaign fell down is considered to be the economic argument; a new Scotland was then projected to stick with its old currency, the pound, and was underpinned by an oil price then over $100 but which is now roughly a half of that level. 
 
Sturgeon would have to build a robust economic independence strategy to convince those emotionally persuaded in 2014 but not economically so. 
 
She would also have to make sure that the maelstrom around Britain&#39;s EU exit does not sweep away some of the support the SNP currently has. 
 
There are other big factors hindering a divorce. One may fear that a lightweight EU, without Britain, is a less attractive partner for Scotland, which sends two thirds of its output to the rest of the UK. 
 
Another rests on concerns about what a border between England and Scotland would do to both security and the economy. 
 
&quot;It could be that in the panic that ensues after a British exit, some people might want to stick with what we still have,&rdquo; said an SNP lawmaker speaking on condition of anonymity. 
 
Polls do not indicate that support for secession has changed much since 2014, but there are several other factors, beyond leaving the EU, which mean that could change. 
 
The biggest is Sturgeon herself, a skilled politician, highly rated by both political friends and foes. 
 
With approval ratings of 60 percent among Scots according to pollster Yougov, she is a convincing messenger for independence which she told Reuters last week she &quot;desperately&quot; wants. 
 
Yet Sturgeon needed to play it cautiously for &quot;good reason,&quot; said Anand Menon of think tank UK in a Changing Europe. 
 
&quot;Nicola Sturgeon knows that if Scotland is independent and England is out of the EU, you have an external EU border between Scotland and England. An external border means the prospects of terrorists, its means the prospect of different regulations, and trade will be obstructed,&quot; Menon said. 
 
Many voters remain sceptical but acknowledge the departure of Britain from the EU shone a new light on the issue. 
 
&quot;The SNP will have to come back with a better argument for independence in a European context to convince me,&quot; said Catherine, a 41-year-old operations manager from Aberdeen. 
 
&quot;If they come back with some real proper facts and figures I would think about it. We&rsquo;re a small country, we definitely don&rsquo;t want to be on our own.&quot; 
 
(Reuters)

It voted 62 to 38% to remain, is now likely to push for a second independence referendum which could mean the dissolution of the UK

Scotland sees its future in the European Union (EU) despite Britain's vote to leave, first minister Nicola Sturgeon said today, raising the spectre of a new Scottish independence vote and the possible dissolution of the United Kingdom. Scotland voted by a margin of 62 per cent to 38 per cent to remain in the EU in a referendum on Thursday that put it at odds with Britain as a whole, which voted 52-48 in favour of Leave. "Scotland has delivered a strong, unequivocal vote to remain in the EU, and I welcome that endorsement of our European status," said Sturgeon, head of the Scottish National Party. Former first minister Alex Salmond explicitly said Scotland is now likely to push for a second independence referendum after the conditions spelled out in the SNP manifesto before re-election in May appeared to have been met. One key reason Scots rejected independence in a referendum almost three years ago was because independence meant leaving the EU too. After Thursday's vote, the question is whether some Scots who wavered but eventually voted to stick with the UK in 2014, may now prefer to join the secessionists. Splitting Scotland from the UK would end three centuries of shared history, upending another successful economic relationship shortly after the now-impending divorce between Britain and the EU. Most voters in Northern Ireland also voted to remain and Irish nationalist leaders there called for a poll on leaving the United Kingdom and uniting with Ireland. Calling a new Scottish vote would not be quick or simple and the SNP, marked by caution since Sturgeon took over as leader, would want to first ensure a new vote could be won. Where the last Scottish independence campaign fell down is considered to be the economic argument; a new Scotland was then projected to stick with its old currency, the pound, and was underpinned by an oil price then over $100 but which is now roughly a half of that level. Sturgeon would have to build a robust economic independence strategy to convince those emotionally persuaded in 2014 but not economically so. She would also have to make sure that the maelstrom around Britain's EU exit does not sweep away some of the support the SNP currently has. There are other big factors hindering a divorce. One may fear that a lightweight EU, without Britain, is a less attractive partner for Scotland, which sends two thirds of its output to the rest of the UK. Another rests on concerns about what a border between England and Scotland would do to both security and the economy. "It could be that in the panic that ensues after a British exit, some people might want to stick with what we still have,” said an SNP lawmaker speaking on condition of anonymity. Polls do not indicate that support for secession has changed much since 2014, but there are several other factors, beyond leaving the EU, which mean that could change. The biggest is Sturgeon herself, a skilled politician, highly rated by both political friends and foes. With approval ratings of 60 percent among Scots according to pollster Yougov, she is a convincing messenger for independence which she told Reuters last week she "desperately" wants. Yet Sturgeon needed to play it cautiously for "good reason," said Anand Menon of think tank UK in a Changing Europe. "Nicola Sturgeon knows that if Scotland is independent and England is out of the EU, you have an external EU border between Scotland and England. An external border means the prospects of terrorists, its means the prospect of different regulations, and trade will be obstructed," Menon said. Many voters remain sceptical but acknowledge the departure of Britain from the EU shone a new light on the issue. "The SNP will have to come back with a better argument for independence in a European context to convince me," said Catherine, a 41-year-old operations manager from Aberdeen. "If they come back with some real proper facts and figures I would think about it. We’re a small country, we definitely don’t want to be on our own." (Reuters)

Divided Kingdom? Scotland says its future lies in the EU

Executives at&nbsp;Asian&nbsp;automakers with factories in Britain, largely set up to export to the European Union, say they could slow investments in Britain or pause them for now, after the country voted to leave the 28-nation bloc.

Automakers, including Toyota &nbsp;and Nissan, had been among the manufacturers that have warned that a period of uncertainty would follow a Brexit vote, as trade and labour deals with Europe are renegotiated. Most on Friday estimated it could take around two years.

Toyota and Nissan had said in the run-up to the vote that continued membership of the European Union was preferable for their operations: a vote to leave would create new challenges for an industry that employs some 800,000 people in Britain.

&quot;We don&#39;t have any choice but to be more cautious with our investment decisions, including moves like whether to produce a new or significantly redesigned vehicle model in the UK,&quot; said one official at a global automaker with manufacturing capacity in Britain, speaking on condition of anonymity.

Tata Motors&#39; Jaguar Land Rover is Britain&#39;s largest carmaker, followed by Nissan, which has been in Britain for three decades and makes 475,000 cars a year in the country, most of them for export inside the European Union and beyond.

Sunderland in northern England, where Nissan has its operations, was among the constituencies that surprised pundits by voting to leave. 
 
&quot;Big question for automakers, is what kind of trade deals with the EU would be negotiated. That is the big unknown,&quot; a second executive at a global automaker said.

&nbsp;

TARIFF-FREE EXPORTS

Exports from Britain to the European Union are free of tariffs and duties. Toyota has said duties under new trading deals could be as much as 10 per cent, hitting either prices or margins, and denting sales.

Toyota produced about 190,000 cars in Britain last year. Of that, 75 per cent went to the European Union. Only 10 per cent was shipped and sold within Britain.

South Korea&#39;s auto association said it was worried a departure could revive a 10-per cent tariff on exports of passenger vehicles to UK -- unless a separate deal is negotiated.

&nbsp;&quot;This could inevitably undermine the price competitiveness of South Korean automakers in UK, as opposed to Japanese and German rivals which have production bases there,&quot; said Kim Tae-nyen, vice president at the Korea Automobile Manufacturers Association (KAMA).

Aside from Toyota, Tata and Nissan, others manufacturing in Britain include BMW, GM and Honda.

Honda produces around 140,000 vehicles per year, including the CR-V crossover SUV and Civic sedan at its plant in Swindon. Half of its production is exported to the EU.

Some industry officials have said the exit even raises the prospects of those automakers moving Britain-based manufacturing capacity elsewhere in the EU bloc.

For now, officials said efforts would turn to lobbying hard for better trade deals.

&quot;Obviously, trading deals to be worked out subsequently could be a worse situation than we have now, or better, or all the same. We don&rsquo;t know, and that&rsquo;s the problem,&quot; said the second executive.

(Reuters)

According to Toyota and Nissan, Britain's exit will create new challenges for the industry that employs 800,000 people in Britain

Executives at Asian automakers with factories in Britain, largely set up to export to the European Union, say they could slow investments in Britain or pause them for now, after the country voted to leave the 28-nation bloc. Automakers, including Toyota and Nissan, had been among the manufacturers that have warned that a period of uncertainty would follow a Brexit vote, as trade and labour deals with Europe are renegotiated. Most on Friday estimated it could take around two years. Toyota and Nissan had said in the run-up to the vote that continued membership of the European Union was preferable for their operations: a vote to leave would create new challenges for an industry that employs some 800,000 people in Britain. "We don't have any choice but to be more cautious with our investment decisions, including moves like whether to produce a new or significantly redesigned vehicle model in the UK," said one official at a global automaker with manufacturing capacity in Britain, speaking on condition of anonymity. Tata Motors' Jaguar Land Rover is Britain's largest carmaker, followed by Nissan, which has been in Britain for three decades and makes 475,000 cars a year in the country, most of them for export inside the European Union and beyond. Sunderland in northern England, where Nissan has its operations, was among the constituencies that surprised pundits by voting to leave. "Big question for automakers, is what kind of trade deals with the EU would be negotiated. That is the big unknown," a second executive at a global automaker said. TARIFF-FREE EXPORTS Exports from Britain to the European Union are free of tariffs and duties. Toyota has said duties under new trading deals could be as much as 10 per cent, hitting either prices or margins, and denting sales. Toyota produced about 190,000 cars in Britain last year. Of that, 75 per cent went to the European Union. Only 10 per cent was shipped and sold within Britain. South Korea's auto association said it was worried a departure could revive a 10-per cent tariff on exports of passenger vehicles to UK -- unless a separate deal is negotiated. "This could inevitably undermine the price competitiveness of South Korean automakers in UK, as opposed to Japanese and German rivals which have production bases there," said Kim Tae-nyen, vice president at the Korea Automobile Manufacturers Association (KAMA). Aside from Toyota, Tata and Nissan, others manufacturing in Britain include BMW, GM and Honda. Honda produces around 140,000 vehicles per year, including the CR-V crossover SUV and Civic sedan at its plant in Swindon. Half of its production is exported to the EU. Some industry officials have said the exit even raises the prospects of those automakers moving Britain-based manufacturing capacity elsewhere in the EU bloc. For now, officials said efforts would turn to lobbying hard for better trade deals. "Obviously, trading deals to be worked out subsequently could be a worse situation than we have now, or better, or all the same. We don’t know, and that’s the problem," said the second executive. (Reuters)

Asian car makers fret over uncertainty ahead after Brexit vote

Bank of England governor Mark Carney said on Friday the central bank was ready to provide 250 billion Pounds ($345.93 billion) of additional funds to support financial markets after Britain voted to leave the European Union. 
 
&quot;We are well prepared for this. Her Majesty&#39;s Treasury and the Bank of England have engaged in extensive contingency planning and the Chancellor and I have remained in close contact, including through the night and this morning,&quot; he said. 
 
Carney also said the central bank will consider whether to take additional policy responses in the coming weeks. 
 
&quot;In the future we will not hesitate to take any additional measures required to meet our responsibilities as the United Kingdom moves forward,&quot; he said. 
 
Global financial markets plunged as results from Thursday&#39;s referendum showed a near 52-48 per cent split for leaving. 
 
(Reuters)

Her Majesty's Treasury and the central bank have been planning a contingency scheme, says Mark Carney

Bank of England governor Mark Carney said on Friday the central bank was ready to provide 250 billion Pounds ($345.93 billion) of additional funds to support financial markets after Britain voted to leave the European Union. "We are well prepared for this. Her Majesty's Treasury and the Bank of England have engaged in extensive contingency planning and the Chancellor and I have remained in close contact, including through the night and this morning," he said. Carney also said the central bank will consider whether to take additional policy responses in the coming weeks. "In the future we will not hesitate to take any additional measures required to meet our responsibilities as the United Kingdom moves forward," he said. Global financial markets plunged as results from Thursday's referendum showed a near 52-48 per cent split for leaving. (Reuters)

Bank of England to supply 250 billion Pounds to help markets after Brexit vote

Most people in Gibraltar are British citizens with British passports and a majority voted for Britain's continued membership in the EU

Spain will seek co-sovereignty on Gibraltar following Britain's vote to leave the European Union, acting foreign minister Jose Manuel Garcia-Margallo said on Friday, saying the vote completely changed the outlook on the future of the peninsula. The small peninsula off the South coast of Spain, a British Overseas Territory since 1713 and known to its 30,000 residents as "the Rock", is a major point of contention in Anglo-Spanish relations. "It`s a complete change of outlook that opens up new possibilities on Gibraltar not seen for a very long time. I hope the formula of co-sovereignty - to be clear, the Spanish flag on the Rock - is much closer than before," he said. A spokesman for Gibraltar's government declined to comment on the Brexit vote and referred to previous statements made on how co-sovereignty had already been rejected by around 99 per cent of Gibraltarians in a previous local referendum. Spain will push for Gibraltar to stay out of any general negotiations with the European Union following Britain's exit from the bloc and will aim for bilateral talks to seek co-sovereignty and eventually Spanish control of the peninsula, Garcia-Margallo said. Gibraltar voted overwhelmingly in favour of Britain remaining in the European Union on a large turnout in the first result of the EU referendum vote count on Thursday evening. The majority of those living in Gibraltar are British citizens with British passports, although thousands of Spaniards cross from mainland Spain to work on the peninsula every day. Spain's acting Prime Minister Mariano Rajoy said on Friday that Britain's vote to leave the EU would not affect the rights of these Spanish workers, who he said would be able to continue to move freely between the two territories. Spain itself is facing an election on Sunday, its second in six months after an inconclusive vote in December. Polls forecast a fragmented result with no clear winner, potentially leading to weeks of negotiations over the formation of a coalition government. (Reuters)?

Spain to seek co-sovereignty on Gibraltar after Brexit

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

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

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

Britain&#39;s vote to become the first country to leave the EU, as projected by national media, is a shattering blow that threatens the survival of the post-war European project, officials and analysts said. 
 
The loss of one of its biggest members will at the very least force major changes on an embattled bloc already struggling to deal with growing populism, a migration crisis and economic woes. 
 
In the long-run, &quot;Brexit&quot; may lead to other countries holding referendums, a far looser union, and possibly even the disintegration of a grouping set up 60 years ago to bring security and prosperity after World War II. 
 
EU President Donald Tusk warned in the run-up to the vote that Brexit could lead to the &quot;destruction of not only the EU but also of Western political civilisation.&quot; 
 
With Europe facing a resurgent Russia and the threat of terrorism, Tusk said &quot;our enemies... will open a bottle of champagne if the result of referendum is negative for us.&quot; 
 
In a less doom-laden assessment, European Commission Chief Jean-Claude Juncker said last week that the EU was not &quot;in danger of death&quot; from a Brexit but that it would have to learn lessons. 
 
&#39;Very serious blow&#39; 
Chris Bickerton, a lecturer at Britain&#39;s Cambridge University and author of &quot;The European Union: A Citizen&#39;s Guide&quot;, said it was a &quot;very serious blow&quot; but not terminal, given the &quot;core role&quot; of the EU in much of European political life. 
 
But he added that it would probably drift towards a &quot;looser, ad hoc&quot; union. 
 
&quot;I don&#39;t think it would suddenly disappear but over the longer term, we might see it slowly decline and become something different,&quot; he told AFP. 
 
The next steps for the EU would be difficult, he added. 
 
&quot;We are very much in uncharted territory,&quot; he said. &quot;I don&#39;t think anyone really thought Brexit was really likely, certainly not when they were negotiating with Cameron, otherwise they would have done a very different deal.&quot; 
 
In the immediate aftermath of the British vote, seven years of potentially bitter divorce negotiations between Brussels and London loom. 
 
The remaining EU countries will likely be keen to move ahead. France and Germany, the main EU heavyweights, have already been working on a joint plan for the future. 
 
But with Berlin and Paris at loggerheads over future integration of the eurozone, any plan is likely to be a modest affair that deals only with issues such as security and defence. 
 
Even without Britain in the club, the drift away from &quot;ever closer union&quot; and federalism is likely to increase, with growing talk of a &quot;two-speed Europe&quot; that allows states opt-outs from key rules. 
 
One major step could be making membership of the euro non-compulsory, which would help Poland, which appears to have no intention of joining the single currency but is officially meant to. 
 
Domino effect? 
The main fear in many European capitals is that either way, the result could trigger a domino effect of referendums in other countries. 
 
French far-right leader Marine Le Pen on Tuesday urged all EU states to follow Britain&#39;s example, and eurosceptics in the Netherlands, Denmark and Sweden have made similar calls for referendums. 
 
Vivien Pertusot, Brussels-based analyst with the French Institute of International Relations (IFRI), said the EU was likely to survive but be weakened. 
 
&quot;Institutions rarely die,&quot; he told AFP. &quot;Maybe there will not be disintegration, but a loss of relevance. The EU will lose, bit by bit, its centrality for all the most political projects.&quot; 
 
The danger for the EU is that even after if makes changes following the British referendum, it will still not be able to quell the forces of history tearing it apart. 
 
&quot;The EU is in a negative spiral,&quot; Janis Emmanouilidis, director of studies at Brussels-based think tank European Policy Centre, told AFP. 
 
The question of what could replace the EU if it does collapse is even more vexed. 
 
&quot;It might sound as if yes, this story has ended, a new one has began, but that&#39;s not not easy. Especially after the experience of failure,&quot; said Emmanouilidis. 
 
(AFP)

Britain leaving may lead to the disintegration of a grouping set up 60 years ago to bring security and prosperity after World War II

Britain's vote to become the first country to leave the EU, as projected by national media, is a shattering blow that threatens the survival of the post-war European project, officials and analysts said. The loss of one of its biggest members will at the very least force major changes on an embattled bloc already struggling to deal with growing populism, a migration crisis and economic woes. In the long-run, "Brexit" may lead to other countries holding referendums, a far looser union, and possibly even the disintegration of a grouping set up 60 years ago to bring security and prosperity after World War II. EU President Donald Tusk warned in the run-up to the vote that Brexit could lead to the "destruction of not only the EU but also of Western political civilisation." With Europe facing a resurgent Russia and the threat of terrorism, Tusk said "our enemies... will open a bottle of champagne if the result of referendum is negative for us." In a less doom-laden assessment, European Commission Chief Jean-Claude Juncker said last week that the EU was not "in danger of death" from a Brexit but that it would have to learn lessons. 'Very serious blow' Chris Bickerton, a lecturer at Britain's Cambridge University and author of "The European Union: A Citizen's Guide", said it was a "very serious blow" but not terminal, given the "core role" of the EU in much of European political life. But he added that it would probably drift towards a "looser, ad hoc" union. "I don't think it would suddenly disappear but over the longer term, we might see it slowly decline and become something different," he told AFP. The next steps for the EU would be difficult, he added. "We are very much in uncharted territory," he said. "I don't think anyone really thought Brexit was really likely, certainly not when they were negotiating with Cameron, otherwise they would have done a very different deal." In the immediate aftermath of the British vote, seven years of potentially bitter divorce negotiations between Brussels and London loom. The remaining EU countries will likely be keen to move ahead. France and Germany, the main EU heavyweights, have already been working on a joint plan for the future. But with Berlin and Paris at loggerheads over future integration of the eurozone, any plan is likely to be a modest affair that deals only with issues such as security and defence. Even without Britain in the club, the drift away from "ever closer union" and federalism is likely to increase, with growing talk of a "two-speed Europe" that allows states opt-outs from key rules. One major step could be making membership of the euro non-compulsory, which would help Poland, which appears to have no intention of joining the single currency but is officially meant to. Domino effect? The main fear in many European capitals is that either way, the result could trigger a domino effect of referendums in other countries. French far-right leader Marine Le Pen on Tuesday urged all EU states to follow Britain's example, and eurosceptics in the Netherlands, Denmark and Sweden have made similar calls for referendums. Vivien Pertusot, Brussels-based analyst with the French Institute of International Relations (IFRI), said the EU was likely to survive but be weakened. "Institutions rarely die," he told AFP. "Maybe there will not be disintegration, but a loss of relevance. The EU will lose, bit by bit, its centrality for all the most political projects." The danger for the EU is that even after if makes changes following the British referendum, it will still not be able to quell the forces of history tearing it apart. "The EU is in a negative spiral," Janis Emmanouilidis, director of studies at Brussels-based think tank European Policy Centre, told AFP. The question of what could replace the EU if it does collapse is even more vexed. "It might sound as if yes, this story has ended, a new one has began, but that's not not easy. Especially after the experience of failure," said Emmanouilidis. (AFP)

With Britain gone, can the EU survive?

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

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

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

Britain may Remain but EU doomed anyway: UKIP chief

Britain has voted to leave the European Union, forcing the resignation of Prime Minister David Cameron and dealing the biggest blow to the European project of greater unity since World War Two.

Global financial markets plunged on Friday as results from a referendum showed a near 52-48 percent split for leaving a bloc it joined more than 40 years ago.

The pound fell as much as 10 percent against the dollar to levels last seen in 1985, on fears the decision could hit investment in the world&#39;s fifth-largest economy, threaten London&#39;s role as a global financial capital and usher in months of political uncertainty.

World stocks headed for one of the biggest slumps on record, and billions of dollars were wiped off the value of European companies. Britain&#39;s big banks took a $130 billion battering, with Lloyds and Barclays falling as much as 30 percent.

An emotional Cameron, who led the &quot;Remain&quot; campaign to defeat, losing the gamble he took when he called the referendum three years ago, said he would leave office by October.

&quot;The British people have made the very clear decision to take a different path and as such I think the country requires fresh leadership to take it in this direction,&quot; he said in a televised address outside his Downing Street office.

&quot;I do not think it would be right for me to be the captain that steers our country to its next destination.&quot;
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/UK%20and%20the%20EU_A%20rocky%20relationship_timeline-20160624101010.jpg" />
 
Quitting the EU could cost Britain access to the EU&#39;s trade barrier-free single market and mean it must seek new trade accords with countries around the world. The United Kingdom itself could break apart, with politicians in Scotland - where nearly two-thirds of voters wanted to stay in the EU - calling for a new vote on independence. 
 
The EU for its part will be economically and politically damaged, facing the departure not only of its most free-market proponent but also a member with a UN&nbsp;Security Council veto, a powerful army and nuclear capability. In one go, the bloc will lose around a sixth of its economic output.

The result emboldened eurosceptics in other member states with populist leaders in France and the Netherlands demanding their own referendums to leave.

The vote will initiate at least two years of divorce proceedings with the EU, the first exit by any member state. Cameron - who has been premier for six years and called the referendum in a bid to head off pressure from domestic eurosceptics, including within his own party - said it would be up to his successor to formally start the exit process.

His Conservative Party rival Boris Johnson, the former London mayor who became the most recognisable face of the &quot;leave&quot; camp, is now widely tipped to seek his job. Johnson made no comment as he left his home to jeers from a crowd in the mainly pro-EU capital. 
 
&nbsp;

<img alt="" class="img-responsive" src="http://s.wionews.com/photos/How%20the%20old%20and%20the%20young%20of%20Britain%20voted%20(1)-20160624022607.jpg" /> 
 
 
&#39;Independence Day&#39; 
There was euphoria among Britain&#39;s eurosceptic forces, claiming a victory over the political establishment, big business and foreign leaders including U.S. President Barack Obama who had urged Britain to stay in.

&quot;Dare to dream that the dawn is breaking on an independent United Kingdom,&quot; said Nigel Farage, leader of the eurosceptic UK Independence Party, describing the EU as &quot;doomed&quot; and &quot;dying&quot;.

&quot;This will be a victory for real people, a victory for ordinary people, a victory for decent people ... Let June 23 go down in our history as our independence day.&quot;

European politicians reacted with dismay.

&quot;The news from Britain is really sobering. It looks like a sad day for Europe and Britain,&quot; said German foreign minister Frank-Walter Steinmeier.

&quot;Please tell me I&#39;m still sleeping and this is all just a bad nightmare!&quot; former Finnish Prime Minister Alexander Stubb tweeted.

The shock hits a European bloc already reeling from a euro zone debt crisis, unprecedented mass migration and confrontation with Russia over Ukraine. Anti-immigrant and anti-EU political parties have been surging across the continent, placing unprecedented pressure on the centre-left and centre-right establishment that has governed Europe for generations.

French National Front leader Marine Le Pen called for a similar referendum in France, changed her Twitter profile to a Union Jack and declared &quot;Victory for freedom!&quot;

Dutch far right leader Geert Wilders, also demanding a referendum, said: &ldquo;We want be in charge of our own country, our own money, our own borders, and our own immigration policy.&quot;

U.S. presidential candidate Donald Trump, whose rise has been fuelled by disenchantment with the political establishment in the United States that has parallels with populism in Europe, declared that Britons &quot;took back control of their country&quot;. He was in Scotland opening a golf club.

Britain has always been ambivalent about its relations with the rest of post-war Europe. A&nbsp;firm supporter of free trade, tearing down internal economic barriers and expanding the EU to take in ex-communist eastern states, it opted out of joining the euro single currency or the Schengen border-free zone.

Cameron&#39;s ruling Conservatives in particular have harboured an anti-EU wing for generations, and it was partly to silence such figures that he called the referendum in 2013.

World leaders including Obama, Chinese President Xi Jinping, German Chancellor Angela Merkel, NATO and Commonwealth governments had all urged a &quot;Remain&quot; vote, saying Britain would be stronger and more influential in the EU than outside.

The four-month campaign was among the divisive ever waged in Britain, with accusations of lying and scare-mongering on both sides and rows on immigration which critics said at times unleashed overt racism.

It also revealed deeper splits in British society, with the pro-Brexit side drawing support from millions of voters who felt left behind by globalisation and believed they saw no benefits from Britain&#39;s ethnic diversity and free-market economy.

At the darkest moment, a pro-EU member of parliament was stabbed and shot to death in the street by an attacker who later told a court his name was &quot;Death to traitors, freedom for Britain&quot;.

Older voters backed Brexit; the young mainly wanted to stay in. London and Scotland supported the EU, but wide swathes of middle England, which have not shared in the capital&#39;s prosperity, voted to leave.

Concerns over uncontrolled immigration, loss of sovereignty and remote rule from Brussels appear to have trumped almost unanimous warnings of the economic perils of going it alone.

 
Threat of UK break-up 
The United Kingdom itself now faces a threat to its survival; Scottish First Minister Nicola Sturgeon said Thursday&#39;s vote &quot;makes clear that the people of Scotland see their future as part of the European Union.&quot;
<a name="UKTimeline"> </a>

<a name="UKTimeline">Her predecessor, Alex Salmond, said Scotland was now likely to push for a second independence referendum. It voted against seceding in 2014. Northern Ireland&#39;s largest Irish nationalist party, Sinn Fein, said the result intensified the case for a vote on whether to quit the United Kingdom.</a>
<a name="UKTimeline"> </a>

<a name="UKTimeline">The global financial turmoil was the worst shock since the 2008 economic crisis, and comes at a time when interest rates around the world are already at or near zero, leaving policymakers without the usual tools to respond.</a>
<a name="UKTimeline"> </a>

<a name="UKTimeline">The body blow to global confidence could prevent the Federal Reserve from raising interest rates as planned this year, and might even provoke a new round of emergency policy easing from all major central banks, despite their limited options.</a>
<a name="UKTimeline"> </a>

<a name="UKTimeline">The Bank of England said it would take all necessary steps to secure monetary and financial stability. Japanese Finance Minister Taro Aso promising to &quot;respond as needed&quot; in the currency market.</a>
<a name="UKTimeline"> </a>

<a name="UKTimeline">EU affairs ministers and ambassadors from member states gather in Luxembourg by 10 am&nbsp;(0800 GMT) for previously-scheduled talks that will provide the first chance for many to react.</a>
<a name="UKTimeline"> </a>

<a name="UKTimeline">Left unclear is the relationship Britain can negotiate with the EU once it leaves.</a>
<a name="UKTimeline"> </a>

<a name="UKTimeline">To retain access to the single market, vital for its giant financial services sector, London may have to adopt all EU regulation without having a say in its shaping, contribute to Brussels coffers, and continue to allow free movement as Norway and Switzerland do - all things the Leave campaign vowed to end.</a>
<a name="UKTimeline"> </a>

<a name="UKTimeline">EU officials have said UK-based banks and financial firms would lose automatic &quot;passport&quot; access to sell services across Europe if Britain ceased to apply the EU principles of free movement of goods, capital, services and people.</a>
<a name="UKTimeline"> </a>

<a name="UKTimeline">Aside from trade, huge questions now face the millions of British expatriates who live freely elsewhere in the bloc and enjoy equal access to health and other benefits, as well as millions of EU citizens who live and work in Britain.&nbsp; 
 
(Reuters)</a>
<a name="UKTimeline"> </a>

The UK votes 52 to 48 per cent to leave the European Union and Cameron says he will go by October

Britain has voted to leave the European Union, forcing the resignation of Prime Minister David Cameron and dealing the biggest blow to the European project of greater unity since World War Two. Global financial markets plunged on Friday as results from a referendum showed a near 52-48 percent split for leaving a bloc it joined more than 40 years ago. The pound fell as much as 10 percent against the dollar to levels last seen in 1985, on fears the decision could hit investment in the world's fifth-largest economy, threaten London's role as a global financial capital and usher in months of political uncertainty. World stocks headed for one of the biggest slumps on record, and billions of dollars were wiped off the value of European companies. Britain's big banks took a $130 billion battering, with Lloyds and Barclays falling as much as 30 percent. An emotional Cameron, who led the "Remain" campaign to defeat, losing the gamble he took when he called the referendum three years ago, said he would leave office by October. "The British people have made the very clear decision to take a different path and as such I think the country requires fresh leadership to take it in this direction," he said in a televised address outside his Downing Street office. "I do not think it would be right for me to be the captain that steers our country to its next destination." Quitting the EU could cost Britain access to the EU's trade barrier-free single market and mean it must seek new trade accords with countries around the world. The United Kingdom itself could break apart, with politicians in Scotland - where nearly two-thirds of voters wanted to stay in the EU - calling for a new vote on independence. The EU for its part will be economically and politically damaged, facing the departure not only of its most free-market proponent but also a member with a UN Security Council veto, a powerful army and nuclear capability. In one go, the bloc will lose around a sixth of its economic output. The result emboldened eurosceptics in other member states with populist leaders in France and the Netherlands demanding their own referendums to leave. The vote will initiate at least two years of divorce proceedings with the EU, the first exit by any member state. Cameron - who has been premier for six years and called the referendum in a bid to head off pressure from domestic eurosceptics, including within his own party - said it would be up to his successor to formally start the exit process. His Conservative Party rival Boris Johnson, the former London mayor who became the most recognisable face of the "leave" camp, is now widely tipped to seek his job. Johnson made no comment as he left his home to jeers from a crowd in the mainly pro-EU capital. 'Independence Day' There was euphoria among Britain's eurosceptic forces, claiming a victory over the political establishment, big business and foreign leaders including U.S. President Barack Obama who had urged Britain to stay in. "Dare to dream that the dawn is breaking on an independent United Kingdom," said Nigel Farage, leader of the eurosceptic UK Independence Party, describing the EU as "doomed" and "dying". "This will be a victory for real people, a victory for ordinary people, a victory for decent people ... Let June 23 go down in our history as our independence day." European politicians reacted with dismay. "The news from Britain is really sobering. It looks like a sad day for Europe and Britain," said German foreign minister Frank-Walter Steinmeier. "Please tell me I'm still sleeping and this is all just a bad nightmare!" former Finnish Prime Minister Alexander Stubb tweeted. The shock hits a European bloc already reeling from a euro zone debt crisis, unprecedented mass migration and confrontation with Russia over Ukraine. Anti-immigrant and anti-EU political parties have been surging across the continent, placing unprecedented pressure on the centre-left and centre-right establishment that has governed Europe for generations. French National Front leader Marine Le Pen called for a similar referendum in France, changed her Twitter profile to a Union Jack and declared "Victory for freedom!" Dutch far right leader Geert Wilders, also demanding a referendum, said: “We want be in charge of our own country, our own money, our own borders, and our own immigration policy." U.S. presidential candidate Donald Trump, whose rise has been fuelled by disenchantment with the political establishment in the United States that has parallels with populism in Europe, declared that Britons "took back control of their country". He was in Scotland opening a golf club. Britain has always been ambivalent about its relations with the rest of post-war Europe. A firm supporter of free trade, tearing down internal economic barriers and expanding the EU to take in ex-communist eastern states, it opted out of joining the euro single currency or the Schengen border-free zone. Cameron's ruling Conservatives in particular have harboured an anti-EU wing for generations, and it was partly to silence such figures that he called the referendum in 2013. World leaders including Obama, Chinese President Xi Jinping, German Chancellor Angela Merkel, NATO and Commonwealth governments had all urged a "Remain" vote, saying Britain would be stronger and more influential in the EU than outside. The four-month campaign was among the divisive ever waged in Britain, with accusations of lying and scare-mongering on both sides and rows on immigration which critics said at times unleashed overt racism. It also revealed deeper splits in British society, with the pro-Brexit side drawing support from millions of voters who felt left behind by globalisation and believed they saw no benefits from Britain's ethnic diversity and free-market economy. At the darkest moment, a pro-EU member of parliament was stabbed and shot to death in the street by an attacker who later told a court his name was "Death to traitors, freedom for Britain". Older voters backed Brexit; the young mainly wanted to stay in. London and Scotland supported the EU, but wide swathes of middle England, which have not shared in the capital's prosperity, voted to leave. Concerns over uncontrolled immigration, loss of sovereignty and remote rule from Brussels appear to have trumped almost unanimous warnings of the economic perils of going it alone. Threat of UK break-up The United Kingdom itself now faces a threat to its survival; Scottish First Minister Nicola Sturgeon said Thursday's vote "makes clear that the people of Scotland see their future as part of the European Union." Her predecessor, Alex Salmond, said Scotland was now likely to push for a second independence referendum. It voted against seceding in 2014. Northern Ireland's largest Irish nationalist party, Sinn Fein, said the result intensified the case for a vote on whether to quit the United Kingdom. The global financial turmoil was the worst shock since the 2008 economic crisis, and comes at a time when interest rates around the world are already at or near zero, leaving policymakers without the usual tools to respond. The body blow to global confidence could prevent the Federal Reserve from raising interest rates as planned this year, and might even provoke a new round of emergency policy easing from all major central banks, despite their limited options. The Bank of England said it would take all necessary steps to secure monetary and financial stability. Japanese Finance Minister Taro Aso promising to "respond as needed" in the currency market. EU affairs ministers and ambassadors from member states gather in Luxembourg by 10 am (0800 GMT) for previously-scheduled talks that will provide the first chance for many to react. Left unclear is the relationship Britain can negotiate with the EU once it leaves. To retain access to the single market, vital for its giant financial services sector, London may have to adopt all EU regulation without having a say in its shaping, contribute to Brussels coffers, and continue to allow free movement as Norway and Switzerland do - all things the Leave campaign vowed to end. EU officials have said UK-based banks and financial firms would lose automatic "passport" access to sell services across Europe if Britain ceased to apply the EU principles of free movement of goods, capital, services and people. Aside from trade, huge questions now face the millions of British expatriates who live freely elsewhere in the bloc and enjoy equal access to health and other benefits, as well as millions of EU citizens who live and work in Britain. (Reuters)

Britain leaves and Cameron follows

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

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

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

World leaders respond to Brexit

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

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

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

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

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

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

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

Bitcoin price drops below $600 as Brexit hopes falter

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

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

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

Brexit: Key facts on polling day

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

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

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

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

New issues including innovation, digitisation and investment rules will figure at the three-day meet of G20 Sherpas at Xiamen in China beginning June 23, which will be attended by National Institute of Transforming India Aayog Vice-Chairman Arvind Panagariya. 
 
This will be the third meeting of Sherpas under the Presidency of China and will prepare a broad agenda for discussion for the G20 Summit to held at Hangzhou, the capital city of Zhejiang Province on China&#39;s southeastern coast. 
 
&quot;Among the new issues China has brought to the table under its G20 Presidency are the role of innovation, digitisation and new industrial revolution in growth and guidelines on investment rules,&quot; Panagariya told PTI. 
 
Besides, he said the regular issues such as climate change, trade and energy will also be discussed at the meet. 
 
The meet will also discuss the global economic situation and review the progress on preparation for Hangzhou Sumit to be held in September this year. 
 
The other issue which will come up for detailed deliberation are anti-corruption, counter terrorism financing, refugee crisis and AMR (Antimicrobial resistance). 
 
According to World Health Organisation, antimicrobial resistance threatens the effective prevention and treatment of an ever-increasing range of infections caused by bacteria, parasites, viruses and fungi. 
 
It is an increasingly serious threat to public health that requires action across all government sectors and society. 
 
Earlier before Sherpas meet at Beijing in January, Panagariya had said India will push for poverty alleviation and sustainable development besides trade and investment at the G20 forum. 
 
India intends to eliminate poverty by 2030. It wants to boost trade and investment as these are instruments of eliminating poverty. 
 
G20 members include G8 countries, namely, the US, Japan, Germany, the UK, France, Italy, Canada and Russia; and the 11 emerging and developing countries, namely, Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Saudi Arabia, South Korea, South Africa and Turkey; and the EU. 
 
(PTI)

The other issues which will come up for detailed deliberation are corruption, counter-terrorism financing and refugee crisis

New issues including innovation, digitisation and investment rules will figure at the three-day meet of G20 Sherpas at Xiamen in China beginning June 23, which will be attended by National Institute of Transforming India Aayog Vice-Chairman Arvind Panagariya. This will be the third meeting of Sherpas under the Presidency of China and will prepare a broad agenda for discussion for the G20 Summit to held at Hangzhou, the capital city of Zhejiang Province on China's southeastern coast. "Among the new issues China has brought to the table under its G20 Presidency are the role of innovation, digitisation and new industrial revolution in growth and guidelines on investment rules," Panagariya told PTI. Besides, he said the regular issues such as climate change, trade and energy will also be discussed at the meet. The meet will also discuss the global economic situation and review the progress on preparation for Hangzhou Sumit to be held in September this year. The other issue which will come up for detailed deliberation are anti-corruption, counter terrorism financing, refugee crisis and AMR (Antimicrobial resistance). According to World Health Organisation, antimicrobial resistance threatens the effective prevention and treatment of an ever-increasing range of infections caused by bacteria, parasites, viruses and fungi. It is an increasingly serious threat to public health that requires action across all government sectors and society. Earlier before Sherpas meet at Beijing in January, Panagariya had said India will push for poverty alleviation and sustainable development besides trade and investment at the G20 forum. India intends to eliminate poverty by 2030. It wants to boost trade and investment as these are instruments of eliminating poverty. G20 members include G8 countries, namely, the US, Japan, Germany, the UK, France, Italy, Canada and Russia; and the 11 emerging and developing countries, namely, Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Saudi Arabia, South Korea, South Africa and Turkey; and the EU. (PTI)

Innovation and investment rules among others to be discussed in G20 Sherpas meet

Former England soccer captain David Beckham on Tuesday backed the &quot;In&quot; campaign in Britain`s European Union membership referendum this week, to the delight of Prime Minister David Cameron and those who want Britons to stay in the bloc. 
 
In a statement issued by &#39;Britain Stronger in Europe&#39; campaign ahead of Thursday&#39;s vote, the popular and influential Beckham explained he came to his decision by recalling how colleagues from across Europe had helped him triumph while he was in Manchester United. 
 
He said the core of the team that won English and European titles had been made up of British players &quot;but we were a better and more successful team because of a Danish goalkeeper, Peter Schmeichel, the leadership of an Irishman Roy Keane and the skill of a Frenchman in Eric Cantona.&quot; 
 
Beckham also said he had been privileged to play and live in Madrid, Milan and Paris during his career. 
 
&quot;We live in a vibrant and connected world where together as a people we are strong. For our children and their children we should be facing the problems of the world together and not alone,&quot; Beckham said in the statement issued on Tuesday. 
 
&quot;For these reasons I am voting to Remain.&quot; 
 
On Monday, the head of the Premier League said the top soccer clubs of England and Wales backed a &quot;Remain&quot; vote because leaving the EU will run counter to their global approach to business. 
 
&quot;I&#39;m delighted to see David Beckham is supporting Stronger IN and will vote Remain,&quot; Cameron said on Twitter. &quot;David Beckham is clear: we should be facing the problems of the world together and not alone.&quot; 
 
?(Reuters)

Beckham said he voted to 'Remain' because it was with the help of his colleagues from across Europe that he triumphed in Manchester United

Former England soccer captain David Beckham on Tuesday backed the "In" campaign in Britain`s European Union membership referendum this week, to the delight of Prime Minister David Cameron and those who want Britons to stay in the bloc. In a statement issued by 'Britain Stronger in Europe' campaign ahead of Thursday's vote, the popular and influential Beckham explained he came to his decision by recalling how colleagues from across Europe had helped him triumph while he was in Manchester United. He said the core of the team that won English and European titles had been made up of British players "but we were a better and more successful team because of a Danish goalkeeper, Peter Schmeichel, the leadership of an Irishman Roy Keane and the skill of a Frenchman in Eric Cantona." Beckham also said he had been privileged to play and live in Madrid, Milan and Paris during his career. "We live in a vibrant and connected world where together as a people we are strong. For our children and their children we should be facing the problems of the world together and not alone," Beckham said in the statement issued on Tuesday. "For these reasons I am voting to Remain." On Monday, the head of the Premier League said the top soccer clubs of England and Wales backed a "Remain" vote because leaving the EU will run counter to their global approach to business. "I'm delighted to see David Beckham is supporting Stronger IN and will vote Remain," Cameron said on Twitter. "David Beckham is clear: we should be facing the problems of the world together and not alone." ?(Reuters)

David Beckham backs 'Remain' campaign in EU referendum

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

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

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

EU banking watchdog to leave London in case of Brexit

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

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

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

Tracing global market thread that could be unraveled by Brexit

<div style="text-align: justify;">Reeling from the murder of Labour MP Jo Cox, the EU referendum campaign&nbsp;resumed on Sunday, with just four days to go until the critical vote that will shape Britain&#39;s future. 
 
The Remain and Leave camps suspended campaign&nbsp;for three days after the killing of Cox on Thursday. A 52-year-old man has appeared in court charged with her murder. 
 
The polls too close to call, leaders were to hit the television studios on Sunday to begin their final push for votes. 
 
Prime Minister David Cameron, who wants Britain to stay in the European Union, said the country was facing an &quot;an existential choice&quot; from which there would be &quot;no turning back&quot;. 
 
Meanwhile Britain&#39;s Sunday newspapers picked sides in their final editions before the referendum. 
 
The Mail on Sunday and The Observer gave their support to the Remain camp, while The Sunday Times and The Sunday Telegraph broadsheets backed quitting the EU. 
 
Resuming the campaign, Cameron said the British economy &quot;hangs in the balance&quot;, with trade and investment set to suffer in the event of a Leave vote and a &quot;probable recession&quot; that would leave the UK &quot;permanently poorer&quot;. 
 
&quot;If you&#39;re not sure, don&#39;t take the risk of leaving. If you don&#39;t know, don&#39;t go,&quot; he wrote in The Sunday Telegraph. 
 
&quot;If we were to leave and it quickly turned out to be a big mistake, there wouldn&#39;t be a way of changing our minds and having another go. This is it.&quot; 
 
Cameron, finance minister George Osborne and opposition Labour leader Jeremy Corbyn, from the Remain camp, were all set for major TV appearances on Sunday. 
 
Meanwhile Nigel Farage, leader of the UK Independence Party, was set to do the same for the Leave camp. 
 
Remain poll rise after murder 
 
The What UK Thinks website&#39;s average of the last six polls, conducted between June 10 and Saturday, put the Remain and Leave camps absolutely level on 50-50, excluding undecided voters. 
 
The Leave camp had been a few percentage points ahead in recent polling, but fresh surveys showing a rise in support for remaining brought the average neck-and-neck. 
 
They included the first carried out since Cox&#39;s murder: a Survation poll on Friday and Saturday that put the Remain on 45 per cent and Leave on 42 per cent. 
 
The results were the reverse on Survation&#39;s Thursday poll, which had Leave ahead by 45 to 42. 
 
Labour MP Cox had campaigned for Britain to stay in the EU. 
 
She was shot and stabbed in the street in what police called a &quot;targeted&quot; daylight attack in her constituency. 
 
Cox&#39;s alleged killer Thomas Mair said &quot;Death to traitors, freedom for Britain&quot; when asked to give his name at Westminster Magistrates Court in London on Saturday. 
 
He was remanded in custody until his next court appearance on Monday at England&#39;s central criminal court, and a psychiatric report has been requested. 
 
Cox, 41, is survived by her husband Brendan and their children Lejla, five, and three-year-old Cuillin. 
 
The murder, the first of a sitting British member of parliament since 1990, sent shockwaves around the world, drawing tributes from leaders including US President Barack Obama. 
 
A fund created in Cox&#39;s memory by her friends and family has raised more than $820,000&nbsp;for charities close to her heart. 
 
Weekly newspapers split 
 
In making their decisions, Britain&#39;s Sunday newspapers tried to sway their readers in how to vote. 
 
The Mail On Sunday warned it was &quot;not the time to risk the peace and prosperity&quot; of the UK. 
 
&quot;Our deepest desires must somehow be moderated to suit the increasingly tough reality of a competitive world,&quot; the tabloid said. 
 
&quot;Those who would have you believe in the plucky Little England of the past are selling a dangerous illusion.&quot; 
 
The Observer said: &quot;For an international, liberal and open Britain, we need to be part of the EU.&quot; 
 
The choice was between &quot;going it alone&quot; or a &quot;messy, imperfect collective&quot;, but &quot;outside the EU, our role in the world would be diminished.&quot; 
 
The Sunday Telegraph, meanwhile, backed Brexit, declaring that the EU &quot;belongs to the past&quot;. 
 
&quot;The Leave campaign has articulated an ambitious vision for Britain as an independent nation, once again free to make its own decisions,&quot; it said. 
 
The Sunday Times said &quot;Yes, we must be prepared for difficulties, but we should hold our nerve&quot; in voting Leave. 
 
&quot;This vote may be the only opportunity we shall ever have to call a halt to the onward march of the centralising European project. 
 
&quot;We can help our friends face a better future.&quot; 
(AFP)</div>

Sunday newspapers picked sides in their final editions before the referendum. 'Plucky Little England' no longer the way ahead, said The Mail

Reeling from the murder of Labour MP Jo Cox, the EU referendum campaign resumed on Sunday, with just four days to go until the critical vote that will shape Britain's future. The Remain and Leave camps suspended campaign for three days after the killing of Cox on Thursday. A 52-year-old man has appeared in court charged with her murder. The polls too close to call, leaders were to hit the television studios on Sunday to begin their final push for votes. Prime Minister David Cameron, who wants Britain to stay in the European Union, said the country was facing an "an existential choice" from which there would be "no turning back". Meanwhile Britain's Sunday newspapers picked sides in their final editions before the referendum. The Mail on Sunday and The Observer gave their support to the Remain camp, while The Sunday Times and The Sunday Telegraph broadsheets backed quitting the EU. Resuming the campaign, Cameron said the British economy "hangs in the balance", with trade and investment set to suffer in the event of a Leave vote and a "probable recession" that would leave the UK "permanently poorer". "If you're not sure, don't take the risk of leaving. If you don't know, don't go," he wrote in The Sunday Telegraph. "If we were to leave and it quickly turned out to be a big mistake, there wouldn't be a way of changing our minds and having another go. This is it." Cameron, finance minister George Osborne and opposition Labour leader Jeremy Corbyn, from the Remain camp, were all set for major TV appearances on Sunday. Meanwhile Nigel Farage, leader of the UK Independence Party, was set to do the same for the Leave camp. Remain poll rise after murder The What UK Thinks website's average of the last six polls, conducted between June 10 and Saturday, put the Remain and Leave camps absolutely level on 50-50, excluding undecided voters. The Leave camp had been a few percentage points ahead in recent polling, but fresh surveys showing a rise in support for remaining brought the average neck-and-neck. They included the first carried out since Cox's murder: a Survation poll on Friday and Saturday that put the Remain on 45 per cent and Leave on 42 per cent. The results were the reverse on Survation's Thursday poll, which had Leave ahead by 45 to 42. Labour MP Cox had campaigned for Britain to stay in the EU. She was shot and stabbed in the street in what police called a "targeted" daylight attack in her constituency. Cox's alleged killer Thomas Mair said "Death to traitors, freedom for Britain" when asked to give his name at Westminster Magistrates Court in London on Saturday. He was remanded in custody until his next court appearance on Monday at England's central criminal court, and a psychiatric report has been requested. Cox, 41, is survived by her husband Brendan and their children Lejla, five, and three-year-old Cuillin. The murder, the first of a sitting British member of parliament since 1990, sent shockwaves around the world, drawing tributes from leaders including US President Barack Obama. A fund created in Cox's memory by her friends and family has raised more than $820,000 for charities close to her heart. Weekly newspapers split In making their decisions, Britain's Sunday newspapers tried to sway their readers in how to vote. The Mail On Sunday warned it was "not the time to risk the peace and prosperity" of the UK. "Our deepest desires must somehow be moderated to suit the increasingly tough reality of a competitive world," the tabloid said. "Those who would have you believe in the plucky Little England of the past are selling a dangerous illusion." The Observer said: "For an international, liberal and open Britain, we need to be part of the EU." The choice was between "going it alone" or a "messy, imperfect collective", but "outside the EU, our role in the world would be diminished." The Sunday Telegraph, meanwhile, backed Brexit, declaring that the EU "belongs to the past". "The Leave campaign has articulated an ambitious vision for Britain as an independent nation, once again free to make its own decisions," it said. The Sunday Times said "Yes, we must be prepared for difficulties, but we should hold our nerve" in voting Leave. "This vote may be the only opportunity we shall ever have to call a halt to the onward march of the centralising European project. "We can help our friends face a better future." (AFP)

'If you don't know, don't go,' Cameron says as Brexit campaign resumes

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

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

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

France warns Britain of Brexit consequences

The IMF has warned Brexit could deal the British economy a &quot;negative and substantial&quot; blow as Vladimir Putin suggested David Cameron was trying to &quot;blackmail&quot; Europe with the EU referendum. 
 
Meanwhile The Times newspaper came out&nbsp;Saturday&nbsp;in favour of Britain staying in the European Union, five days ahead of the vote on whether the UK should stay in the bloc or leave. 
 
The pound rallied as investors leaned towards a Remain outcome from&nbsp;Thursday&#39;s&nbsp;closely-contested referendum. 
 
IMF warns of contagion&nbsp; 
 
With less than a week until the referendum, the International Monetary Fund warned that a so-called Brexit would harm the British economy while &quot;contagion effects&quot; could hit markets worldwide. 
 
In the worst-case scenario, the UK economy would sink into recession next year and overall economic output would be 5.6 per cent lower than otherwise forecast by 2019, with unemployment rising back above six per cent, it said today. 
 
&quot;While there is much uncertainty about the precise economic effects of an exit from the EU, they are likely negative and substantial,&quot; the Washington-based global crisis lender revealed in its annual British economic check-up. 
 
&quot;An exit would precipitate a protracted period of heightened uncertainty that could weigh on confidence and investment and increase financial market volatility.&quot; 
 
In addition, &quot;contagion effects could result in spillovers to regional and global markets, although the primary impact would be felt domestically&quot;. 
 
While in a &quot;limited impact&quot; scenario the IMF said the economy would only lose 1.4 per cent from the current outlook by 2019, the report gave one of the starkest pictures yet of the impact of Brexit. 
 
Putin wades in&nbsp; 
 
Meanwhile Russian President Vladimir Putin suggested British Prime Minister David Cameron had called the referendum to &quot;blackmail&quot; and &quot;scare&quot; Europe. 
 
&quot;Why has he set up this referendum? To blackmail Europe? Or to scare it? What is the purpose if he himself is against Britain leaving the EU,&quot; Putin said today during a meeting with representatives of news agencies. 
 
&quot;Some experts say a Brexit will be to the detriment of Europe. But others say that the EU will be more stable,&quot; Putin said, pointing to the example of British fishermen. 
 
&quot;They explain how hard it is to live with the restrictions on fishing. But there are advantages in other sectors.&nbsp;If you consider all these things, it&#39;s very complicated to choose,&quot; he added. 
 
The What UK Thinks average of the last six opinion polls puts the Remain camp on 52 per cent to 48 per cent for the Leave campaign, excluding undecided voters. 
 
Times&#39; &#39;pragmatic&#39; Remain case 
&nbsp; 
The Times swung behind the Remain camp&nbsp;on Saturday, in opposition to its stablemate The Sun, Britain&#39;s biggest-selling newspaper, which is backing a Leave vote. 
 
&quot;The best outcome of next week&#39;s referendum would be a new alliance of sovereign EU nations dedicated to free trade and reform, led by Britain,&quot; it said in a 2,000-word editorial. 
 
The Times said voting to stay was a &quot;pragmatic rather than enthusiastic choice&quot;. 
 
&quot;Brexit is unquestionably economically riskier than a vote to remain,&quot; the daily said. 
 
&quot;On balance we believe Britain would be better off leading a renewed drive for reform within the EU rather than starting afresh outside it.&quot; 
 
The pound rallied&nbsp;Friday&nbsp;as investors swung their bets towards Britain voting to stay in the EU, in part due to the three-day suspension of campaigning over Cox&#39;s murder. 
 
&quot;The shocking news was seen, at least on the margin, as hurting public sentiment toward the Brexit move,&quot; said Omer Esiner of Commonwealth Foreign Exchange. 
 
Long-running fears of a pro-Brexit vote had been hammering the pound, and they were heightened in recent weeks as the &quot;Leave&quot; campaign pulled ahead in the polls. 
 
The pound surged about one per cent against the dollar to $1.4348. It was up 0.5 per cent against the euro at 78.62 pence. 
 
Meanwhile French National Front leader Marine Le Pen, enthused by the British referendum, addressed a 2,000-strong Vienna rally of far-right European &quot;patriots&quot;. 
 
The elites of Europe &quot;are scared that the United Kingdom is regaining its liberty, its freedom to trade with whom it pleases,&quot; she said. 
(AFP)

'While there is much uncertainty about the precise economic effects of an exit from the EU, they are likely negative and substantial'

The IMF has warned Brexit could deal the British economy a "negative and substantial" blow as Vladimir Putin suggested David Cameron was trying to "blackmail" Europe with the EU referendum. Meanwhile The Times newspaper came out Saturday in favour of Britain staying in the European Union, five days ahead of the vote on whether the UK should stay in the bloc or leave. The pound rallied as investors leaned towards a Remain outcome from Thursday's closely-contested referendum. IMF warns of contagion With less than a week until the referendum, the International Monetary Fund warned that a so-called Brexit would harm the British economy while "contagion effects" could hit markets worldwide. In the worst-case scenario, the UK economy would sink into recession next year and overall economic output would be 5.6 per cent lower than otherwise forecast by 2019, with unemployment rising back above six per cent, it said today. "While there is much uncertainty about the precise economic effects of an exit from the EU, they are likely negative and substantial," the Washington-based global crisis lender revealed in its annual British economic check-up. "An exit would precipitate a protracted period of heightened uncertainty that could weigh on confidence and investment and increase financial market volatility." In addition, "contagion effects could result in spillovers to regional and global markets, although the primary impact would be felt domestically". While in a "limited impact" scenario the IMF said the economy would only lose 1.4 per cent from the current outlook by 2019, the report gave one of the starkest pictures yet of the impact of Brexit. Putin wades in Meanwhile Russian President Vladimir Putin suggested British Prime Minister David Cameron had called the referendum to "blackmail" and "scare" Europe. "Why has he set up this referendum? To blackmail Europe? Or to scare it? What is the purpose if he himself is against Britain leaving the EU," Putin said today during a meeting with representatives of news agencies. "Some experts say a Brexit will be to the detriment of Europe. But others say that the EU will be more stable," Putin said, pointing to the example of British fishermen. "They explain how hard it is to live with the restrictions on fishing. But there are advantages in other sectors. If you consider all these things, it's very complicated to choose," he added. The What UK Thinks average of the last six opinion polls puts the Remain camp on 52 per cent to 48 per cent for the Leave campaign, excluding undecided voters. Times' 'pragmatic' Remain case The Times swung behind the Remain camp on Saturday, in opposition to its stablemate The Sun, Britain's biggest-selling newspaper, which is backing a Leave vote. "The best outcome of next week's referendum would be a new alliance of sovereign EU nations dedicated to free trade and reform, led by Britain," it said in a 2,000-word editorial. The Times said voting to stay was a "pragmatic rather than enthusiastic choice". "Brexit is unquestionably economically riskier than a vote to remain," the daily said. "On balance we believe Britain would be better off leading a renewed drive for reform within the EU rather than starting afresh outside it." The pound rallied Friday as investors swung their bets towards Britain voting to stay in the EU, in part due to the three-day suspension of campaigning over Cox's murder. "The shocking news was seen, at least on the margin, as hurting public sentiment toward the Brexit move," said Omer Esiner of Commonwealth Foreign Exchange. Long-running fears of a pro-Brexit vote had been hammering the pound, and they were heightened in recent weeks as the "Leave" campaign pulled ahead in the polls. The pound surged about one per cent against the dollar to $1.4348. It was up 0.5 per cent against the euro at 78.62 pence. Meanwhile French National Front leader Marine Le Pen, enthused by the British referendum, addressed a 2,000-strong Vienna rally of far-right European "patriots". The elites of Europe "are scared that the United Kingdom is regaining its liberty, its freedom to trade with whom it pleases," she said. (AFP)

Brexit could harm British economy and hit markets worldwide, IMF warns

British lawmaker Jo Cox&#39;s alleged killer ranted against &quot;traitors&quot; during a brief court appearance on Saturday, as the European Union referendum campaigning was suspended for a third day in tribute to her. 
 
&quot;Death to traitors, freedom for Britain,&quot; 52-year-old Thomas Mair said when asked to give his name at Westminster Magistrates&#39; Court in London after being charged with murder, the Press Association reported. 
 
Both sides in the deeply divisive campaign ahead of a referendum on EU membership on next Thursday have cancelled events amid calls for a less acrimonious political debate. 
 
A member of the opposition Labour Party and former aid worker, Cox was an advocate for refugee rights and immigration and wanted Britain to remain in the European Union. 
 
She was shot and stabbed in the street in a daylight attack on Thursday in her constituency in northern England as she was heading for a meeting with local residents. 
 
Although the motive is undetermined, some politicians and commentators have pointed to the heated referendum debate, where sensitive issues like national identity and immigration have featured prominently. 
 
Prime Minister David Cameron and Labour leader Jeremy Corbyn on Friday brought bouquets to a floral tribute near the scene of the attack in Birstall in Yorkshire. 
 
Cameron spoke out for &quot;tolerance&quot; and against &quot;hatred&quot; in British politics, saying the country was &quot;rightly shocked&quot; at the killing of the 41-year-old mother of two. 
 
The murder, the first of a British member of parliament since 1990, has sent shockwaves around the world. 
 
US President Barack Obama on Friday phoned Cox&#39;s husband Brendan to offer condolences. 
 
&quot;The president noted that the world is a better place because of her selfless service to others, and that there can be no justification for this heinous crime,&quot; the White House said in a statement. 
 
Flowers on the river 
 
Eyewitness Hichem Ben Abdallah, 56, told AFP on Friday that he heard two shots and saw her on the ground. 
 
&quot;Her face was full of blood,&quot; said Ben Abdallah, who campaigned alongside the Labour politician before she was elected to parliament for the first time last year. 
 
&quot;She stood for peace and transparency, fighting corruption, wanted justice for all. I think her flame will carry on,&quot; he said. 
 
&quot;I hope we learn lessons from this,&quot; he added. 
 
A 77-year-old man remains in hospital after being injured trying to help Cox during the attack. 
 
A fund created in Cox&#39;s memory by her friends and family has raised more than $359,000 so far, for charities close to her heart. 
 
The money will support the Royal Voluntary Service which helps combat loneliness in her constituency; the Hope Not Hate anti-extremism group and the White Helmets volunteer search and rescue workers in Syria. 
 
At a vigil in London&#39;s Parliament Square on Friday evening, hundreds of people gathered to lay flowers and pay their respects, holding a minute&#39;s silence. 
 
Cox lived with her husband Brendan and their two children, aged three and five, on a houseboat moored on the River Thames in London, close to the city&#39;s iconic Tower Bridge. 
 
Mourners laid flowers on the roof of the converted barge along with pictures of the slain MP. 
(AFP)

Some politicians and commentators have pointed to the heated referendum debate as a possible motive

British lawmaker Jo Cox's alleged killer ranted against "traitors" during a brief court appearance on Saturday, as the European Union referendum campaigning was suspended for a third day in tribute to her. "Death to traitors, freedom for Britain," 52-year-old Thomas Mair said when asked to give his name at Westminster Magistrates' Court in London after being charged with murder, the Press Association reported. Both sides in the deeply divisive campaign ahead of a referendum on EU membership on next Thursday have cancelled events amid calls for a less acrimonious political debate. A member of the opposition Labour Party and former aid worker, Cox was an advocate for refugee rights and immigration and wanted Britain to remain in the European Union. She was shot and stabbed in the street in a daylight attack on Thursday in her constituency in northern England as she was heading for a meeting with local residents. Although the motive is undetermined, some politicians and commentators have pointed to the heated referendum debate, where sensitive issues like national identity and immigration have featured prominently. Prime Minister David Cameron and Labour leader Jeremy Corbyn on Friday brought bouquets to a floral tribute near the scene of the attack in Birstall in Yorkshire. Cameron spoke out for "tolerance" and against "hatred" in British politics, saying the country was "rightly shocked" at the killing of the 41-year-old mother of two. The murder, the first of a British member of parliament since 1990, has sent shockwaves around the world. US President Barack Obama on Friday phoned Cox's husband Brendan to offer condolences. "The president noted that the world is a better place because of her selfless service to others, and that there can be no justification for this heinous crime," the White House said in a statement. Flowers on the river Eyewitness Hichem Ben Abdallah, 56, told AFP on Friday that he heard two shots and saw her on the ground. "Her face was full of blood," said Ben Abdallah, who campaigned alongside the Labour politician before she was elected to parliament for the first time last year. "She stood for peace and transparency, fighting corruption, wanted justice for all. I think her flame will carry on," he said. "I hope we learn lessons from this," he added. A 77-year-old man remains in hospital after being injured trying to help Cox during the attack. A fund created in Cox's memory by her friends and family has raised more than $359,000 so far, for charities close to her heart. The money will support the Royal Voluntary Service which helps combat loneliness in her constituency; the Hope Not Hate anti-extremism group and the White Helmets volunteer search and rescue workers in Syria. At a vigil in London's Parliament Square on Friday evening, hundreds of people gathered to lay flowers and pay their respects, holding a minute's silence. Cox lived with her husband Brendan and their two children, aged three and five, on a houseboat moored on the River Thames in London, close to the city's iconic Tower Bridge. Mourners laid flowers on the roof of the converted barge along with pictures of the slain MP. (AFP)

British MP murder suspect Thomas Mair appears in court, says 'death to traitors, freedom to Britain'

Medical aid charity Medecins Sans Frontieres (MSF) said it will reject all funding from the European Union and its member states in protest against&nbsp;a deal to stem the influx of migrants and refugees that the EU reached with Turkey.

Under the deal, struck in March to cut off a human tide that brought a million refugees and migrants to Europe in 2015, Turkey agreed to halt illegal migration through its territory in return for financial and political rewards.

Jerome Oberreit,&nbsp;MSF&#39;s International Secretary General, said the agreement went against the fundamental principles of providing assistance to people in need.

&quot;This is jeopardising the very concept of the refugee,&quot; he told Reuters in an interview on Friday.

Oberreit said&nbsp;MSF, also known as Doctors Without Borders and active in disaster zones across the world, will lose Euro&nbsp;37 million ($41.6 million) of funding from EU states and Euro 19 million&nbsp;from EU institutions.

In the short term it would cover the shortfall from emergency reserves.

&quot;It&#39;s really important to see the real people instead of the political football that they have become,&quot; he said. &quot;We&#39;re talking about Europe&#39;s refugee shame.&quot;

European Commission spokesman Margaritis Schinas said&nbsp;MSF&nbsp;was not an implementing partner of EU humanitarian aid in Turkey and&nbsp;MSF&#39;s decision would not affect life-saving EU humanitarian aid for refugees in Turkey or&nbsp;MSF&#39;s operations that currently get EU funding.

&quot;As to ...the legality of the EU-Turkey agreement, the Commission prefers the interpretation of our 28 member states... and of the United Nations that are closer to our analysis of the deal rather than the one&nbsp;MSF&nbsp;did today.&quot;

Many EU officials acknowledge privately that the measures taken to curb migration have stretched the limits of legality but they also defend the strategy as a political imperative driven by European voters who have made clear their unwillingness to accept large numbers of migrants.

Oberreit said the deal with Turkey did nothing to address the chronic deficiencies of EU policy, but simply outsourced European obligations.

It also set a precedent that risked triggering a global domino effect as other countries also turned their backs on their obligations. &quot;It&#39;s clearly sending a message that caring for people forced from their homes is optional, that you can buy your way out.&quot;

The EU was in talks for similar deals with 16 other countries &quot;with the single goal of denying people their right to asylum&quot;. The talks include Eritrea, Somalia, Sudan and Afghanistan, four of the biggest sources of refugees, he said.

&quot;This would potentially mean locking people into war zones or places where they face persecution.&quot;

Kenya has also cited the EU-Turkey deal as a justification for its plans to close the world&#39;s largest refugee camp. &quot;This would involve ...sending 330,000 people back into Somalia, a country at war,&quot; Oberreit said.

MSF&nbsp;gets 92 percent of its funding from private donations, Oberreit said. 
 
(Reuters)

The medical aid charity is protesting against EU's march deal with Turkey aimed at cutting off the influx of migrants

Medical aid charity Medecins Sans Frontieres (MSF) said it will reject all funding from the European Union and its member states in protest against a deal to stem the influx of migrants and refugees that the EU reached with Turkey. Under the deal, struck in March to cut off a human tide that brought a million refugees and migrants to Europe in 2015, Turkey agreed to halt illegal migration through its territory in return for financial and political rewards. Jerome Oberreit, MSF's International Secretary General, said the agreement went against the fundamental principles of providing assistance to people in need. "This is jeopardising the very concept of the refugee," he told Reuters in an interview on Friday. Oberreit said MSF, also known as Doctors Without Borders and active in disaster zones across the world, will lose Euro 37 million ($41.6 million) of funding from EU states and Euro 19 million from EU institutions. In the short term it would cover the shortfall from emergency reserves. "It's really important to see the real people instead of the political football that they have become," he said. "We're talking about Europe's refugee shame." European Commission spokesman Margaritis Schinas said MSF was not an implementing partner of EU humanitarian aid in Turkey and MSF's decision would not affect life-saving EU humanitarian aid for refugees in Turkey or MSF's operations that currently get EU funding. "As to ...the legality of the EU-Turkey agreement, the Commission prefers the interpretation of our 28 member states... and of the United Nations that are closer to our analysis of the deal rather than the one MSF did today." Many EU officials acknowledge privately that the measures taken to curb migration have stretched the limits of legality but they also defend the strategy as a political imperative driven by European voters who have made clear their unwillingness to accept large numbers of migrants. Oberreit said the deal with Turkey did nothing to address the chronic deficiencies of EU policy, but simply outsourced European obligations. It also set a precedent that risked triggering a global domino effect as other countries also turned their backs on their obligations. "It's clearly sending a message that caring for people forced from their homes is optional, that you can buy your way out." The EU was in talks for similar deals with 16 other countries "with the single goal of denying people their right to asylum". The talks include Eritrea, Somalia, Sudan and Afghanistan, four of the biggest sources of refugees, he said. "This would potentially mean locking people into war zones or places where they face persecution." Kenya has also cited the EU-Turkey deal as a justification for its plans to close the world's largest refugee camp. "This would involve ...sending 330,000 people back into Somalia, a country at war," Oberreit said. MSF gets 92 percent of its funding from private donations, Oberreit said. (Reuters)

Medecins Sans Frontieres spurns EU funding in protest against refugee deal

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

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

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

Gold falls from two-year high as Brexit campaign suspended

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

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

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

Sterling gains as Brexit campaign suspended

Crude futures fell on Wednesday as mounting concerns about Britain&#39;s possible exit from the European Union and a surprise build in&nbsp;the&nbsp;US&nbsp;inventories left investors ignoring an International Energy Agency declaration that oil markets are now in balance. 
 
US&nbsp;crude fell to a three-week low of $47.55 as the contract dropped for a fifth day. It was trading down 52 cents at $47.97 a barrel 
 
Brent was also down for a fifth day to hit its lowest in around two weeks. The global benchmark was 52 cents lower at $49.29 a barrel. 
 
Data from the American Petroleum Institute showed US&nbsp;crude inventories rose by 1.2 million barrels in the week to June 10 to 536.7 million, compared with analyst expectations for a decrease of 2.3 million barrels. 
 
But the impending vote on the so-called Brexit is dominating everything from currency markets to German Bunds, yields of which fell below zero for the first time on Tuesday after polls showed the &quot;Out&quot; campaign gaining over &quot;In&quot;. 
 
&quot;The broad picture at the moment is that oil is being swept up in a broad risk off move associated with Brexit primarily,&quot; said Ric Spooner, chief market analyst at CMC Markets in Sydney. 
 
The influential Sun newspaper, long a scourge of alleged European Union excess, also came out in support of Britain leaving the European Union. 
 
If Britain votes to exit the EU, investors fear the bloc could slip into a recession that would undermine oil demand. 
 
The oil market is now in balance due to unplanned outages and robust demand, particularly from emerging economies, but this equilibrium will tip into surplus again early in 2017, the International Energy Agency (IEA) said on Tuesday. 
 
But there is plenty of oil flowing into the market with Iran&#39;s exports on track to hit the highest in almost 4.5&nbsp;years in June, as shipments to Europe recover to near pre-sanctions level, a source with knowledge of the country&#39;s crude lifting plans has told Reuters.

US crude drops by 52 cents at $47.55 due to scaling agitation regarding the possibilities of Britain's exit from EU

Crude futures fell on Wednesday as mounting concerns about Britain's possible exit from the European Union and a surprise build in the US inventories left investors ignoring an International Energy Agency declaration that oil markets are now in balance. US crude fell to a three-week low of $47.55 as the contract dropped for a fifth day. It was trading down 52 cents at $47.97 a barrel Brent was also down for a fifth day to hit its lowest in around two weeks. The global benchmark was 52 cents lower at $49.29 a barrel. Data from the American Petroleum Institute showed US crude inventories rose by 1.2 million barrels in the week to June 10 to 536.7 million, compared with analyst expectations for a decrease of 2.3 million barrels. But the impending vote on the so-called Brexit is dominating everything from currency markets to German Bunds, yields of which fell below zero for the first time on Tuesday after polls showed the "Out" campaign gaining over "In". "The broad picture at the moment is that oil is being swept up in a broad risk off move associated with Brexit primarily," said Ric Spooner, chief market analyst at CMC Markets in Sydney. The influential Sun newspaper, long a scourge of alleged European Union excess, also came out in support of Britain leaving the European Union. If Britain votes to exit the EU, investors fear the bloc could slip into a recession that would undermine oil demand. The oil market is now in balance due to unplanned outages and robust demand, particularly from emerging economies, but this equilibrium will tip into surplus again early in 2017, the International Energy Agency (IEA) said on Tuesday. But there is plenty of oil flowing into the market with Iran's exports on track to hit the highest in almost 4.5 years in June, as shipments to Europe recover to near pre-sanctions level, a source with knowledge of the country's crude lifting plans has told Reuters.

US oil falls to three-week low on inventory gains due to Brexit fears

The Federal Reserve is expected to keep interest rates unchanged and signal if it still plans to double the rates in 2016 amid concerns about a US hiring slowdown and Britain&#39;s possible exit from the European Union. 
 
The Fed had raised its key overnight lending rate in December for the first time in nearly a decade, but it has backed away from further monetary policy tightening this year largely due to a global economic slowdown and financial market volatility. 
 
The US central bank is scheduled to issue its latest policy statement and updated economic projections following a two-day meeting at 2 p.m. EDT (1800 GMT). Fed Chair Janet Yellen will hold a news conference today.&nbsp; 
 
The Fed&#39;s targeted overnight lending rate is forecast to remain in the current range of 0.25 per cent to 0.50 per cent, according to a Reuters poll of 151 economists. 
 
Fed forecasts in March pointed to two rate rises in 2016, but a sharp slowdown in US job gains in May and the prospect that Britain could vote next week to leave the EU have added to doubts about the economic outlook. 
 
With US hiring expected to bounce back in June and no financial meltdown from the Brexit vote currently seen, economists now expect the Fed to tighten monetary policy in July or September. 
 
Yellen, however, recently warned that a British exit from the EU could have a significant economic impact, a concern shared by other Fed policymakers. 
 
&quot;We shouldn&#39;t expect the Fed to be prepared to send a clear signal about a timing of rate hikes,&quot; said Roberto Perli, an economist at Cornerstone Macro. 
 
The Fed telegraphed December&#39;s rate increase by saying in October it would consider tightening at its next meeting. While such clarity appears unlikely today, policymakers could provide guidance through their updated economic forecasts. 
 
Perli and other analysts expect those forecasts will continue to point to two rate increases this year. They calculate eight of the Fed&#39;s 17 policymakers would need to shift their outlook for the closely-watched median forecast to move to only one increase. 
 
Prices for interest rate futures suggest investors are betting on just one rate rise this year, according to CME Group. 
 
Economists expect the Fed will raise rates at least once this year, based on a view of an improving US jobs market and the central bank coming under pressure to keep inflation from rising well above its 2 per cent target. 
 
&quot;With the unemployment rate at 4.7 per cent, wage growth clearly picking up, and financial conditions much easier, there is likely a limit to how long the Fed&#39;s pause can last,&quot; Goldman Sachs economists Jan Hatzius and Zach Pandl wrote in a recent note to clients. 
(Reuters)

The US Federal Reserve had raised its lending rate last December for the first time since 2006 by a quarter-percentage point

The Federal Reserve is expected to keep interest rates unchanged and signal if it still plans to double the rates in 2016 amid concerns about a US hiring slowdown and Britain's possible exit from the European Union. The Fed had raised its key overnight lending rate in December for the first time in nearly a decade, but it has backed away from further monetary policy tightening this year largely due to a global economic slowdown and financial market volatility. The US central bank is scheduled to issue its latest policy statement and updated economic projections following a two-day meeting at 2 p.m. EDT (1800 GMT). Fed Chair Janet Yellen will hold a news conference today. The Fed's targeted overnight lending rate is forecast to remain in the current range of 0.25 per cent to 0.50 per cent, according to a Reuters poll of 151 economists. Fed forecasts in March pointed to two rate rises in 2016, but a sharp slowdown in US job gains in May and the prospect that Britain could vote next week to leave the EU have added to doubts about the economic outlook. With US hiring expected to bounce back in June and no financial meltdown from the Brexit vote currently seen, economists now expect the Fed to tighten monetary policy in July or September. Yellen, however, recently warned that a British exit from the EU could have a significant economic impact, a concern shared by other Fed policymakers. "We shouldn't expect the Fed to be prepared to send a clear signal about a timing of rate hikes," said Roberto Perli, an economist at Cornerstone Macro. The Fed telegraphed December's rate increase by saying in October it would consider tightening at its next meeting. While such clarity appears unlikely today, policymakers could provide guidance through their updated economic forecasts. Perli and other analysts expect those forecasts will continue to point to two rate increases this year. They calculate eight of the Fed's 17 policymakers would need to shift their outlook for the closely-watched median forecast to move to only one increase. Prices for interest rate futures suggest investors are betting on just one rate rise this year, according to CME Group. Economists expect the Fed will raise rates at least once this year, based on a view of an improving US jobs market and the central bank coming under pressure to keep inflation from rising well above its 2 per cent target. "With the unemployment rate at 4.7 per cent, wage growth clearly picking up, and financial conditions much easier, there is likely a limit to how long the Fed's pause can last," Goldman Sachs economists Jan Hatzius and Zach Pandl wrote in a recent note to clients. (Reuters)

Fed expected to keep interest rates unchanged in wake of possible Brexit

Asian stocks slipped on Tuesday ahead of the US Federal Reserve&#39;s two-day meeting that begins later in the day&nbsp;amid growing worries that this month&#39;s referendum in Britain could see it exit the European Union. 
 
The Pound and Euro have suffered in recent sessions as economists fear a so-called Brexit would tip Europe back into recession. Voters appear divided ahead of the June 23-referendum, with the &quot;Out&quot; campaign widening its lead over the &quot;In&quot; camp, according to two opinion polls published by ICM on Monday. 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan was down 0.6 per cent&nbsp;after Wall Street lost ground for the third straight session. 
 
Japan&#39;s Nikkei stock index skidded 1.5 per cent after tumbling 3.5 per cent on Monday. 
 
&quot;Short-term hedge funds have started betting on Brexit&nbsp;and futures players will likely dominate the market&#39;s move today,&quot; said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. 
 
The benchmark 10-year Japanese government bond yield fell to as low as minus 0.175 per cent, a fresh record, before edging back to minus 0.170 per cent. 
 
Uncertainty over this week&#39;s Federal Reserve policy meeting has weighed on markets, even while the US central bank is widely expected to leave rates unchanged after the much weaker-than-expected May non-farm payrolls report. 
 
&quot;The committee was actively preparing markets for a June-July rate hike until the release of the May employment report and is unlikely to give up its tightening bias absent additional information that labour markets are weakening,&quot; analysts at Barclays wrote. 
 
&quot;Nevertheless, the abrupt slowing in employment and falling long-run inflation expectations should raise alarm bells, and risk management concerns suggest delaying action until after the outcome of the UK referendum,&quot; they said. 
 
The Bank of England, Swiss National Bank and the Bank of Japan will also meet this week, and are similarly expected to stand pat on policy with the Brexit vote looming. 
 
The dollar index, which tracks the greenback against a basket of six rival currencies, edged up slightly to 94.395, moving back toward the overnight high of 94.750. That was its highest since the downbeat US jobs report toppled the dollar on June 3. 
 
The perceived safe-haven Yen has benefited from investors&#39; risk aversion. The dollar was down 0.2 per cent at 105.99 Yen, moving back toward Monday&#39;s low of 105.735, its weakest level since early May. 
 
Japanese Finance Minister Taro Aso issued a fresh warning against renewed strength in the Yen, saying that he would &quot;firmly respond&quot; if rapid and speculative moves persisted in the foreign exchange market. 
 
The Euro was slightly lower at $1.1290. Against the Yen, it skidded 0.3 per cent to 119.69, moving back toward a more than three-year low plumbed in the previous session. 
 
Sterling also notched a three-year low against the Yen on Monday, and was last down 0.8 per cent at 150.35 Yen. Against the Dollar, the Pound dropped 0.6 per cent to $1.4180. 
 
Crude oil prices continued to slip, pressured by the strong US dollar and worrying economic prospects in Europe and Asia, though losses were contained by ongoing supply outages in Nigeria. 
 
Brent was down 1 per cent at $49.84 per barrel, while US crude shed 1.1 per cent to $48.34.

The Pound and Euro have both suffered over fears that UK leaving the EU will cause another European recession

Asian stocks slipped on Tuesday ahead of the US Federal Reserve's two-day meeting that begins later in the day amid growing worries that this month's referendum in Britain could see it exit the European Union. The Pound and Euro have suffered in recent sessions as economists fear a so-called Brexit would tip Europe back into recession. Voters appear divided ahead of the June 23-referendum, with the "Out" campaign widening its lead over the "In" camp, according to two opinion polls published by ICM on Monday. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.6 per cent after Wall Street lost ground for the third straight session. Japan's Nikkei stock index skidded 1.5 per cent after tumbling 3.5 per cent on Monday. "Short-term hedge funds have started betting on Brexit and futures players will likely dominate the market's move today," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. The benchmark 10-year Japanese government bond yield fell to as low as minus 0.175 per cent, a fresh record, before edging back to minus 0.170 per cent. Uncertainty over this week's Federal Reserve policy meeting has weighed on markets, even while the US central bank is widely expected to leave rates unchanged after the much weaker-than-expected May non-farm payrolls report. "The committee was actively preparing markets for a June-July rate hike until the release of the May employment report and is unlikely to give up its tightening bias absent additional information that labour markets are weakening," analysts at Barclays wrote. "Nevertheless, the abrupt slowing in employment and falling long-run inflation expectations should raise alarm bells, and risk management concerns suggest delaying action until after the outcome of the UK referendum," they said. The Bank of England, Swiss National Bank and the Bank of Japan will also meet this week, and are similarly expected to stand pat on policy with the Brexit vote looming. The dollar index, which tracks the greenback against a basket of six rival currencies, edged up slightly to 94.395, moving back toward the overnight high of 94.750. That was its highest since the downbeat US jobs report toppled the dollar on June 3. The perceived safe-haven Yen has benefited from investors' risk aversion. The dollar was down 0.2 per cent at 105.99 Yen, moving back toward Monday's low of 105.735, its weakest level since early May. Japanese Finance Minister Taro Aso issued a fresh warning against renewed strength in the Yen, saying that he would "firmly respond" if rapid and speculative moves persisted in the foreign exchange market. The Euro was slightly lower at $1.1290. Against the Yen, it skidded 0.3 per cent to 119.69, moving back toward a more than three-year low plumbed in the previous session. Sterling also notched a three-year low against the Yen on Monday, and was last down 0.8 per cent at 150.35 Yen. Against the Dollar, the Pound dropped 0.6 per cent to $1.4180. Crude oil prices continued to slip, pressured by the strong US dollar and worrying economic prospects in Europe and Asia, though losses were contained by ongoing supply outages in Nigeria. Brent was down 1 per cent at $49.84 per barrel, while US crude shed 1.1 per cent to $48.34.

Asian shares slip as Brexit vote looms

Gold inched down on Tuesday as investors waited for cues from a two-day US Federal Reserve meeting beginning later in the day and a June 23-referendum that will decide whether Britain will exit the European Union. 
 
Spot gold was down 0.4 per cent at $1,279.16 an ounce as of 0648 GMT, but has gained more than 5 per cent this month, hitting a peak of $1,287 on Monday, its highest since May 16. 
 
US gold fell 0.4 per cent to $1,282.30. 
 
&quot;I think investors have decided to take profits and some of them are staying on the sidelines before taking a decision on what to do next until the Fed makes an announcement,&quot; said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central. 
 
Bullion, which is often perceived as a hedge against economic and financial uncertainty, has been driven by rising investor risk aversion before key central bank meetings this week. 
 
Apart from the Fed, the Bank of England, Swiss National Bank and the Bank of Japan will meet this week, and are expected to hold monetary policies steady against a backdrop of caution about the global economic outlook. 
 
The safe-haven appeal of gold, which is near a four-week high hit in the previous session, could get a further boost if a vote by Britain to leave the 28-member group, dubbed &quot;Brexit&quot;, pushes Europe back into a recession. 
 
The British pound remained fragile near a two-month low against the dollar, while Asian stocks slipped on Tuesday on concerns ahead of the referendum. 
 
Britain&#39;s &quot;Out&quot; campaign widened its lead over the &quot;In&quot; camp ahead of the referendum according to two opinion polls published by ICM on Monday. 
 
&quot;We think that the risk of Britain leaving has now increased substantially and the Fed will therefore signal its willingness in no uncertain terms to &#39;stay the course&#39; in light of this potential &#39;Black Swan&#39; event,&quot; INTL FCStone analyst Edward Meir said in a note. 
 
&quot;This will likely enable gold to push even higher over the next few days, at least until the polls start to swing the other way.&quot; 
 
Meanwhile, Hong Kong Exchanges and Clearing Ltd is aiming to launch its planned physically-delivered gold futures contract in September, said&nbsp;its head on Tuesday. 
 
Holdings in SPDR Gold Trust, the world&#39;s largest gold-backed exchange-traded fund, rose 0.27 per cent to 896.30 tonnes on Monday, the highest since October 2013. 
 
Spot silver fell 0.8 percent to $17.29 per ounce, after touching a one-month high of $17.45 on Monday.

Gold is likely to get a further boost if a vote by Britain to leave the 28-member group dubbed "Brexit," pushes Europe back into a recession

Gold inched down on Tuesday as investors waited for cues from a two-day US Federal Reserve meeting beginning later in the day and a June 23-referendum that will decide whether Britain will exit the European Union. Spot gold was down 0.4 per cent at $1,279.16 an ounce as of 0648 GMT, but has gained more than 5 per cent this month, hitting a peak of $1,287 on Monday, its highest since May 16. US gold fell 0.4 per cent to $1,282.30. "I think investors have decided to take profits and some of them are staying on the sidelines before taking a decision on what to do next until the Fed makes an announcement," said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central. Bullion, which is often perceived as a hedge against economic and financial uncertainty, has been driven by rising investor risk aversion before key central bank meetings this week. Apart from the Fed, the Bank of England, Swiss National Bank and the Bank of Japan will meet this week, and are expected to hold monetary policies steady against a backdrop of caution about the global economic outlook. The safe-haven appeal of gold, which is near a four-week high hit in the previous session, could get a further boost if a vote by Britain to leave the 28-member group, dubbed "Brexit", pushes Europe back into a recession. The British pound remained fragile near a two-month low against the dollar, while Asian stocks slipped on Tuesday on concerns ahead of the referendum. Britain's "Out" campaign widened its lead over the "In" camp ahead of the referendum according to two opinion polls published by ICM on Monday. "We think that the risk of Britain leaving has now increased substantially and the Fed will therefore signal its willingness in no uncertain terms to 'stay the course' in light of this potential 'Black Swan' event," INTL FCStone analyst Edward Meir said in a note. "This will likely enable gold to push even higher over the next few days, at least until the polls start to swing the other way." Meanwhile, Hong Kong Exchanges and Clearing Ltd is aiming to launch its planned physically-delivered gold futures contract in September, said its head on Tuesday. Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.27 per cent to 896.30 tonnes on Monday, the highest since October 2013. Spot silver fell 0.8 percent to $17.29 per ounce, after touching a one-month high of $17.45 on Monday.

Gold dips, but lingers near four-week high ahead of Fed meeting

Billionaire entrepreneur James Dyson appeared&nbsp;in favour of Britain leaving the European Union, proving to be a significant endorsement for the &quot;Leave&quot; camp less than two weeks before a referendum.

Britons vote on June 23 on whether to stay in the 28-member bloc, with polls suggesting a tight race. A British exit, or &quot;Brexit&quot;, would have far-reaching implications for politics and the economy in Britain and far beyond.

The &quot;Remain&quot; campaign has received the backing of many well-known business leaders, big companies and banks as well as institutions such as the International Monetary Fund. Its &quot;Leave&quot; rivals have attracted less support from the ranks of big business.

Dyson, best known for inventing a bagless vacuum cleaner that made him a household name across Britain, told the Daily Telegraph newspaper that Britain has more to gain than to lose by quitting the European Union.

&quot;We will create more wealth and more jobs by being outside the EU than we will within it, and we will be in control of our destiny. And control, I think, is the most important thing in life and business,&quot; Dyson was quoted as saying.

Dyson dismissed warnings about the possible impact of Brexit on trade.

&quot;When the &#39;Remain&#39; campaign tells us no one will trade with us if we leave the EU, sorry, it&#39;s absolute cobblers,&quot; Dyson&nbsp;said, using a colloquial British term for nonsense.

&quot;If, as (Prime Minister) David Cameron suggested, they imposed a tariff of 10 per cent on us, we will do the same in return. ... Anyway, the EU would be committing commercial suicide to impose a tariff because we import 100 billion pounds ($143 billion) and we only send 10 billion there.&quot;

With upcoming polls on whether Britain should be a part of EU, British Citizen James Dyson supports the 'Leave' campaign

Billionaire entrepreneur James Dyson appeared in favour of Britain leaving the European Union, proving to be a significant endorsement for the "Leave" camp less than two weeks before a referendum. Britons vote on June 23 on whether to stay in the 28-member bloc, with polls suggesting a tight race. A British exit, or "Brexit", would have far-reaching implications for politics and the economy in Britain and far beyond. The "Remain" campaign has received the backing of many well-known business leaders, big companies and banks as well as institutions such as the International Monetary Fund. Its "Leave" rivals have attracted less support from the ranks of big business. Dyson, best known for inventing a bagless vacuum cleaner that made him a household name across Britain, told the Daily Telegraph newspaper that Britain has more to gain than to lose by quitting the European Union. "We will create more wealth and more jobs by being outside the EU than we will within it, and we will be in control of our destiny. And control, I think, is the most important thing in life and business," Dyson was quoted as saying. Dyson dismissed warnings about the possible impact of Brexit on trade. "When the 'Remain' campaign tells us no one will trade with us if we leave the EU, sorry, it's absolute cobblers," Dyson said, using a colloquial British term for nonsense. "If, as (Prime Minister) David Cameron suggested, they imposed a tariff of 10 per cent on us, we will do the same in return. ... Anyway, the EU would be committing commercial suicide to impose a tariff because we import 100 billion pounds ($143 billion) and we only send 10 billion there."

British entrepreneur Dyson backs exit from EU

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