This is a second time in a month that Indian High Commission in London has been targeted by Pakistanis. Watch this video to know more.

UK: Indian High Commission targeted again

Two persons were on Wednesday arrested after Pakistani diaspora along with Khalistanis launched a massive protest outside the Indian High Commission in London on Tuesday and broke a window pane, drawing widespread condemnation.

Pakistani protesters vandalise Indian High Commission in London

Indian Prime Minister Narendra Modi has spoken to his British counterpart Boris Johnson regarding the violence that took place outside Indian Embassy in London. Watch full video to know more.

PM Modi speaks to UK PM, raises concern over violence infront of Indian High Commission in London

The United Kingdom on Friday reacted on protests that took place outside the Indian High Commission on Thursday.&nbsp;

Indians gathered in London outside the Indian High Commission were reportedly attacked by Pakistanis.&nbsp;

While speaking to WION, British High Commission spokesperson said, "Yesterday’s protest outside the Indian High Commission in London was overwhelmingly peaceful. We were in close contact with our colleagues at the Indian High Commission throughout the day."

Meanwhile, reports have emerged stating that the London Police have arrested four Pak nationals in the matter.

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<blockquote class="twitter-tweet">
British High Commission <a href="https://twitter.com/UKinIndia?ref_src=twsrc%5Etfw">@UKinIndia</a> spokx to <a href="https://twitter.com/WIONews?ref_src=twsrc%5Etfw">@WIONews</a> : Yesterday’s protest outside the Indian High Commission in London was overwhelmingly peaceful. We were in close contact with our colleagues at the Indian High Commission throughout the day. <a href="https://t.co/IFZcscrJE0">https://t.co/IFZcscrJE0</a>
— Sidhant Sibal (@sidhant) <a href="https://twitter.com/sidhant/status/1162329716742742018?ref_src=twsrc%5Etfw">August 16, 2019</a></blockquote>
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Thousands of people protested outside the Indian High Commission in London on Thursday over Centre's recent move to <a href="https://www.wionews.com/india-news/preventive-restrictions-to-rollback-in-phased-manner-says-jk-chief-secretary-schools-offices-open-from-monday-243363">abrogate Article 370 in Jammu and Kashmir</a>.

A small counter-demonstration was kept apart from the main protest by the police, news agency Reuters reported.&nbsp;

Four people were arrested for affray, obstruction of police and possession of an offensive weapon, police said.

"One person was injured during the demonstrations," they said.

In a statement,&nbsp;London's Metropolitan Police&nbsp;said,&nbsp;"The event was largely peaceful but officers did have to react and deal with a small number of incidents as they happened. In total there were four arrests for Section 4 of the Public Order Act, affray, obstruction of police and possession of an offensive weapon".

"Public order trained officers were policing today's demonstration as part of a planned operation. One person was injured during the demonstrations," the statement added. &nbsp;

(With inputs from Reuters)

The United Kingdom on Friday reacted on protests that took place outside the Indian High Commission on Thursday. Indians gathered in London outside the Indian High Commission were reportedly attacked by Pakistanis.

The United Kingdom on Friday reacted on protests that took place outside the Indian High Commission on Thursday. Indians gathered in London outside the Indian High Commission were reportedly attacked by Pakistanis. While speaking to WION, British High Commission spokesperson said, "Yesterday’s protest outside the Indian High Commission in London was overwhelmingly peaceful. We were in close contact with our colleagues at the Indian High Commission throughout the day." Meanwhile, reports have emerged stating that the London Police have arrested four Pak nationals in the matter. British High Commission @UKinIndia spokx to @WIONews : Yesterday’s protest outside the Indian High Commission in London was overwhelmingly peaceful. We were in close contact with our colleagues at the Indian High Commission throughout the day. https://t.co/IFZcscrJE0 — Sidhant Sibal (@sidhant) August 16, 2019 × Thousands of people protested outside the Indian High Commission in London on Thursday over Centre's recent move to abrogate Article 370 in Jammu and Kashmir. A small counter-demonstration was kept apart from the main protest by the police, news agency Reuters reported. Four people were arrested for affray, obstruction of police and possession of an offensive weapon, police said. "One person was injured during the demonstrations," they said. In a statement, London's Metropolitan Police said, "The event was largely peaceful but officers did have to react and deal with a small number of incidents as they happened. In total there were four arrests for Section 4 of the Public Order Act, affray, obstruction of police and possession of an offensive weapon". "Public order trained officers were policing today's demonstration as part of a planned operation. One person was injured during the demonstrations," the statement added. (With inputs from Reuters)

'Overwhelmingly peaceful,' says British High Commission on protests outside Indian High Commission in London

Pakistanis attack peaceful Indians gathered in London. Watch video to know more.

Pakistanis attack peaceful Indians gathered in London

Swedish teenage climate activist <a href="https://www.wionews.com/world/teen-climate-activist-greta-thunberg-gets-amnesty-prize-225552">Greta Thunberg </a>will set sail for New York this week, crossing the Atlantic in a racing yacht to join protests in the United States and take part in a United Nations summit.

To avoid travelling by air, Thunberg is making her trans-Atlantic trip onboard the 60-ft yacht, the Malizia II, fitted with solar panels and underwater turbines that produce electricity on board, with the aim of making the journey zero-carbon.

On Monday, <a href="https://www.wionews.com/world/french-right-wingers-to-shun-greta-thunberg-at-parliament-237929">Thunberg </a>tweeted a picture of herself on board the boat with the caption: "Test sailing off the English coast today!"

Earlier this month, the boat's skipper told Reuters the 16-year-old activist, who has become a figurehead for young environmental protesters, faced an uncomfortable voyage onboard the yacht which is designed for speed rather than a luxury.

"Greta taking on this challenge of sailing across on a race boat with zero comforts really shows her commitment to the cause and how far she’s willing to push herself," Boris Herrmann said.

Thunberg is due to depart this week from an as-yet-undisclosed location in Britain and will be accompanied by her father, Svante, and a cameraman on the journey.

When she arrives, she will join the UN&nbsp;Climate Action Summit in New York in September and the COP 25 climate change conference in Santiago, Chile in December.

"Me speaking to the UN&nbsp;is not going to change the situation but if that can help to create awareness ... then I think that together we can try to ... make a change," Thunberg said on a visit to a German anti-coal protest camp on Friday.

Swedish teenage climate activist Greta Thunberg will set sail for New York this week, crossing the Atlantic in a racing yacht to join protests in the United States and take part in a United Nations summit.

Swedish teenage climate activist Greta Thunberg will set sail for New York this week, crossing the Atlantic in a racing yacht to join protests in the United States and take part in a United Nations summit. To avoid travelling by air, Thunberg is making her trans-Atlantic trip onboard the 60-ft yacht, the Malizia II, fitted with solar panels and underwater turbines that produce electricity on board, with the aim of making the journey zero-carbon. On Monday, Thunberg tweeted a picture of herself on board the boat with the caption: "Test sailing off the English coast today!" Earlier this month, the boat's skipper told Reuters the 16-year-old activist, who has become a figurehead for young environmental protesters, faced an uncomfortable voyage onboard the yacht which is designed for speed rather than a luxury. "Greta taking on this challenge of sailing across on a race boat with zero comforts really shows her commitment to the cause and how far she’s willing to push herself," Boris Herrmann said. Thunberg is due to depart this week from an as-yet-undisclosed location in Britain and will be accompanied by her father, Svante, and a cameraman on the journey. When she arrives, she will join the UN Climate Action Summit in New York in September and the COP 25 climate change conference in Santiago, Chile in December. "Me speaking to the UN is not going to change the situation but if that can help to create awareness ... then I think that together we can try to ... make a change," Thunberg said on a visit to a German anti-coal protest camp on Friday.

Climate campaigner Greta Thunberg prepares to sail to US to avoid flying

Global meat consumption must fall to curb global warming, reduce growing strains on land and water and improve food security, health, and biodiversity, a United Nations report on the effects of climate change concluded.

Global meat consumption must fall to curb global warming, reduce growing strains on land and water and improve food security, health, and biodiversity, a United Nations report on the effects of climate change concluded. Although the report stopped short of explicitly advocating going meat-free, it called for big changes to farming and eating habits to limit the impact of population growth and changing consumption patterns on stretched land and water resources. Plant-based foods and sustainable animal-sourced food could free up several million square kilometers of land by 2050 and cut 0.7-8.0 gigatonnes a year of carbon dioxide equivalent, the U.N.'s Intergovernmental Panel on Climate Change (IPCC) said. "There are certain kinds of diets that have a lower carbon footprint and put less pressure on land," Jim Skea, professor at London's Imperial College, said on Thursday. The IPCC met this week in Geneva, Switzerland to finalize its report which should help to guide the government's meeting this year in Chile on ways to implement the 2015 Paris Agreement. "The IPCC does not recommend people's diets ... Dietary choices are very often shaped or influenced by local production practices and cultural habits," Skea, who is one of the report's authors, told reporters in Geneva. Land can be both a source and sink of carbon dioxide, the main greenhouse gas blamed for global warming, and better land management can help to tackle climate change, the IPCC said. But it is not the only solution and cutting emissions from all sectors is essential to quickly curtail global warming. "The window for making these changes is closing fast. If there is a further delay in reducing emissions, we will miss the opportunity to successfully manage the climate change transition in the land sector," it said. Since the pre-industrial era, the land surface air temperature has risen by 1.53 degrees Celsius, twice as much as the global average temperature (0.87C), causing more heatwaves, droughts, and heavy rain, as well as land degradation and desertification. Human use directly affects more than 70 per cent of the global, ice-free land surface and agriculture accounts for 70 per cent of freshwater use, the IPCC added in the report. Agriculture, forestry and other land use activities accounted for 23 per cent of total net man-made greenhouse gas emissions from 2007-2016. When pre- and post-production activities in the food system are included, that rises to up to 37 per cent . Last year the IPCC's first special report warned that keeping the Earth's temperature rise to 1.5 degrees Celsius (2.7 degrees Fahrenheit), rather than the 2C target agreed under the Paris accord, required rapid change across society. FOOD SECURITY The IPCC warned of more disruption to global food chains as extreme weather becomes more frequent due to climate change and said environmental costs should be factored into food. It projects a median increase of 7.6 per cent in cereal prices by 2050, meaning higher food prices and an increased risk of hunger. While an estimated 821 million people are undernourished, changing consumption habits have already contributed to about 2 billion adults being overweight or obese. Per capita supply of vegetable oils and meat has more than doubled based on data since 1961 but 25-30 per cent of the total food produced is still lost or wasted. Yields of crops such as maize and wheat have declined in some regions, while those of maize, wheat, and sugar beets have increased in others in recent decades. FOREST FACTOR While forests can soak up heat-trapping gases from the atmosphere, desertification and deforestation can amplify warming due to the loss of vegetation cover and soil erosion. Measures to cut emissions, such as the production of biofuels, biochar - made from biomass - as well as planting trees, will also increase demand for land conversion. Reducing deforestation and forest degradation could result in a reduction of 0.4-5.8 gigatonnes of CO2 equivalent, the report said. The Amazon, about 60 per cent of which lies in Brazil, is sometimes called the "lungs of the world" due to the amount of CO2 it can absorb but it was not directly mentioned in the IPCC's summary for policymakers. Brazil's President Jair Bolsonaro has supported opening up protected areas of the world's largest tropical rainforest to facilitate agriculture and mining since taking office in January. The report text is prepared by over 100 scientists but has to be approved by governments. In those discussions, Brazil and India were very active to protect their national agro-industrial interests, a source familiar with the talks said.

UN flags need to cut meat to curb land use impact on global warming

Arsenal could bolster their defence significantly in the final 24 hours before the Premier League transfer window closes on Thursday with the signings of Kieran Tierney and David Luiz, according to reports.

Arsenal could bolster their defence significantly in the final 24 hours before the Premier League transfer window closes on Thursday with the signings of Kieran Tierney and David Luiz, according to reports. Scottish left-back Tierney has been a target all summer for the Gunners, who have had two bids previously rejected by Celtic. However, Tierney, who sat out Celtic's 1-1 draw with CFR Cluj in Romania on Wednesday as he recovers from a hernia operation, is set to travel to London after the clubs finally agreed on the payment structure of a £25 million move according to widespread reports. "I've said the last few days it wouldn't surprise me," Celtic boss Neil Lennon told the BBC on the possibility of losing Tierney. "If he goes, he goes with everyone's best wishes. He's an outstanding talent and a great kid." Arsenal's long search for centre-back cover could also be resolved on Thursday should Luiz move across London from Chelsea. The 32-year-old did not train with the rest of his Chelsea teammates on Wednesday. "If we can on the last day, we will try to sign another centre-back, but one who has the capacity to help us," said Arsenal coach Unai Emery. Arsenal conceded 51 goals in the Premier League last season to miss out on Champions League football for a third consecutive season.

Arsenal agree deal for Tierney, closing in on Luiz

HSBC on Monday announced its Group Chief Executive John Flint had stepped down after less than two years on the job, as the banking giant revealed decent first-half profits but warned it faced "challenging" geopolitics.

The surprise announcement came shortly before an earlier than expected results release in which the London-headquartered behemoth reported pre-tax profit was up 15.8 per cent at $12.4 billion for the first half of the year.

Flint, who has spent three decades at HSBC, was keen to lower costs with the Asia-focused bank facing the double uncertainties caused by both the US-China trade war and Britain's impending departure from the European Union.

HSBC gave no specific reason for Flint's sudden departure, but said it needed a change at the top as it warned investors of difficult times ahead.&nbsp;

"In the increasingly complex and challenging global environment in which the bank operates, the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us," Group Chairman Mark Tucker said.

Flint, 51, said: "I have agreed with the board that today's good interim results indicate that this is the right time for change, both for me and the bank."

HSBC said it would look both internally and externally for a new leader and that Noel Quinn, head of the commercial banking division, will be interim CEO in the meantime.

"Although not carrying out his day-to-day duties after today, he (Flint) remains available to assist HSBC with the transition," the bank said in a statement.&nbsp;

The move comes just weeks after its US chief Patrick Burke retired following a reorganisation of its North American business.

Flint's departure came despite the good results announced on Tuesday with pre-tax profit of $6.2 billion for the second quarter.&nbsp;

The bank also said it would soon begin a buyback of up to $1 billion, according to a statement on the Hong Kong Stock Exchange.

But there are headwinds on the horizon.&nbsp;

In Asia -- which is acutely vulnerable to the ongoing trade war between Washington and Beijing -- the bank said the outlook "is less certain". 
Brexit was also weighing on the bank's future.&nbsp;

"The outlook has changed. Interest rates in the US dollar bloc are now expected to fall rather than rise, and geopolitical issues could impact a significant number of our major markets," the bank said.&nbsp;

"In the near term, the nature and impact of the UK's departure from the European Union remain highly uncertain," it added.

"We are managing operating expenses and investment spending in line with the increased risks to revenue," the Asia-focused firm said.

HSBC on Monday announced its Group Chief Executive John Flint had stepped down after less than two years on the job, as the banking giant revealed decent first-half profits but warned it faced "challenging" geopolitics.

HSBC on Monday announced its Group Chief Executive John Flint had stepped down after less than two years on the job, as the banking giant revealed decent first-half profits but warned it faced "challenging" geopolitics. The surprise announcement came shortly before an earlier than expected results release in which the London-headquartered behemoth reported pre-tax profit was up 15.8 per cent at $12.4 billion for the first half of the year. Flint, who has spent three decades at HSBC, was keen to lower costs with the Asia-focused bank facing the double uncertainties caused by both the US-China trade war and Britain's impending departure from the European Union. HSBC gave no specific reason for Flint's sudden departure, but said it needed a change at the top as it warned investors of difficult times ahead. "In the increasingly complex and challenging global environment in which the bank operates, the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us," Group Chairman Mark Tucker said. Flint, 51, said: "I have agreed with the board that today's good interim results indicate that this is the right time for change, both for me and the bank." HSBC said it would look both internally and externally for a new leader and that Noel Quinn, head of the commercial banking division, will be interim CEO in the meantime. "Although not carrying out his day-to-day duties after today, he (Flint) remains available to assist HSBC with the transition," the bank said in a statement. The move comes just weeks after its US chief Patrick Burke retired following a reorganisation of its North American business. Flint's departure came despite the good results announced on Tuesday with pre-tax profit of $6.2 billion for the second quarter. The bank also said it would soon begin a buyback of up to $1 billion, according to a statement on the Hong Kong Stock Exchange. But there are headwinds on the horizon. In Asia -- which is acutely vulnerable to the ongoing trade war between Washington and Beijing -- the bank said the outlook "is less certain". Brexit was also weighing on the bank's future. "The outlook has changed. Interest rates in the US dollar bloc are now expected to fall rather than rise, and geopolitical issues could impact a significant number of our major markets," the bank said. "In the near term, the nature and impact of the UK's departure from the European Union remain highly uncertain," it added. "We are managing operating expenses and investment spending in line with the increased risks to revenue," the Asia-focused firm said.

HSBC CEO John Flint resigns as bank faces 'challenging' geopolitics

Oil prices rose more than 2% on Friday, regaining some ground after their biggest falls in years on US&nbsp;President Donald Trump's threat to impose more tariffs on Chinese imports.

The move, due to take effect on September&nbsp;1, intensifies a trade war between the world's top two economies and oil consumers that has disrupted global supply chains and roiled financial markets.

Any resulting economic slowdown could dent oil demand.

Benchmark Brent rose $1.56, or 2.6%, to $62.06 a barrel by 1210 GMT on Friday, after slumping more than 7% on Thursday, their steepest drop in more than three years.

US crude gained $1.29, or 2.4%, to $55.24 on Friday, after tumbling nearly 8% the previous day when they posted their biggest drop in more than four years.

Thursday's slide ended a fragile rally built on steady drawdowns in US inventories, even though global demand looked shaky due to the trade dispute.

"Given the latest turn in US-Sino trade relations, sustaining this uplift may be subject to how China chooses to respond to President Trump's new tariff initiative", said Harry Tchilinguirian, global oil strategist at BNP Paribas in London.

"The rise in oil prices may be simply the result of a technical bounce back from an oversold close," he told the Reuters Global Oil Forum, referring to Thursday's tumble.

Trump said on Thursday he would impose a 10% tariff on $300 billion of Chinese imports and could raise tariffs further if China's President Xi Jinping failed to move more quickly to strike a trade deal.

The announcement extends Trump's tariffs to nearly all of China's imports into the United States.

China said it would not accept any "intimidation or blackmail" and pledged countermeasures should the tariffs go into effect.

The US&nbsp;economy expanded by 2.1% in the second quarter, government data showed on July 26, beating economists' expectations although it was lower than first-quarter growth.

Still, there are signs of the economic toll of the trade dispute between the United States and China, which this week reported slowing manufacturing activity in July.

US&nbsp;manufacturing activity also slipped last month, dropping to a near three-year low, and construction spending fell in June as an investment in private construction projects tumbled to its lowest level in 1-1/2 years, data showed.

Oil prices rose more than 2% on Friday, regaining some ground after their biggest falls in years on US President Donald Trump's threat to impose more tariffs on Chinese imports.

Oil prices rose more than 2% on Friday, regaining some ground after their biggest falls in years on US President Donald Trump's threat to impose more tariffs on Chinese imports. The move, due to take effect on September 1, intensifies a trade war between the world's top two economies and oil consumers that has disrupted global supply chains and roiled financial markets. Any resulting economic slowdown could dent oil demand. Benchmark Brent rose $1.56, or 2.6%, to $62.06 a barrel by 1210 GMT on Friday, after slumping more than 7% on Thursday, their steepest drop in more than three years. US crude gained $1.29, or 2.4%, to $55.24 on Friday, after tumbling nearly 8% the previous day when they posted their biggest drop in more than four years. Thursday's slide ended a fragile rally built on steady drawdowns in US inventories, even though global demand looked shaky due to the trade dispute. "Given the latest turn in US-Sino trade relations, sustaining this uplift may be subject to how China chooses to respond to President Trump's new tariff initiative", said Harry Tchilinguirian, global oil strategist at BNP Paribas in London. "The rise in oil prices may be simply the result of a technical bounce back from an oversold close," he told the Reuters Global Oil Forum, referring to Thursday's tumble. Trump said on Thursday he would impose a 10% tariff on $300 billion of Chinese imports and could raise tariffs further if China's President Xi Jinping failed to move more quickly to strike a trade deal. The announcement extends Trump's tariffs to nearly all of China's imports into the United States. China said it would not accept any "intimidation or blackmail" and pledged countermeasures should the tariffs go into effect. The US economy expanded by 2.1% in the second quarter, government data showed on July 26, beating economists' expectations although it was lower than first-quarter growth. Still, there are signs of the economic toll of the trade dispute between the United States and China, which this week reported slowing manufacturing activity in July. US manufacturing activity also slipped last month, dropping to a near three-year low, and construction spending fell in June as an investment in private construction projects tumbled to its lowest level in 1-1/2 years, data showed.

Oil prices rebound more than 2% after plunging on Donald Trump's tariff plan

Indians working on the merchant vessels are stuck in the cold war between the UK-Iran. 4 Indians are set to face judicial processes for violating EU sanctions.

Iran-UK tanker row: 4 Indians charged for violating EU sanctions

Prime Minister Boris Johnson promised on Tuesday to lead Britain out of the European Union on October 31 "no matter what" as <a href="https://www.wionews.com/business-economy/stormy-sterling-sinks-again-stocks-wilt-before-fed-239448">sterling tumbled</a> and Ireland warned that the bloc would not be renegotiating the thrice defeated divorce deal.

The British pound fell on Tuesday as investors bet Johnson's Brexit brinkmanship could trigger a messy divorce that would sow chaos through the world economy and financial markets.

Sterling crashed through trading barriers, falling to an intraday low of $1.2120 in shallower overnight Asian trade, the lowest since March 2017. The pound has lost 3.6 cents since Johnson was named Britain's new prime minister a week ago.

"The prime minister made clear that the UK will be leaving the EU on October 31, no matter what," Johnson's Downing Street office said in a statement about a phone call with Irish Prime Minister Leo Varadkar.

Johnson demanded again that one of the most hotly contested elements of the Brexit divorce agreement - the Irish border backstop - would have to be struck out if there was to be a deal.

"The prime minister made clear that the government will approach any negotiations which take place with determination and energy and in a spirit of friendship, and that his clear preference is to leave the EU with a deal, but it must be one that abolishes the backstop," Downing Street said.

The backstop is a provision in the deal that would require Britain to obey some EU rules if no other way can be found to keep the land border open between British-ruled Northern Ireland and EU member Ireland. Johnson rejects it as "undemocratic".

Ireland said the backstop was necessary because of the positions Britain had taken in earlier talks, and that the EU would not renegotiate the Withdrawal Agreement struck by former Prime Minister Theresa May.

"The Taoiseach explained that the EU was united in its view that the Withdrawal Agreement could not be reopened," the Irish government said.

"Alternative arrangements could replace the backstop in the future... but thus far satisfactory options have yet to be identified and demonstrated," the Irish government said.

Ever since the 2016 EU referendum, the pound has gyrated to the rhetoric of the Brexit divorce: after the result was announced, it had the biggest one-day fall since the era of free-floating exchange rates was introduced in the early 1970s.

Since the 2016 vote, sterling has now lost 28 cents. It was trading at $1.2177 at 1230 GMT. It also fell sharply against the euro and the Japanese yen.

"We see little chance of Brexit fears calming in the near-term, and if anything will likely escalate further as we head closer to the October 31st deadline," said Mohammed Kazmi, a portfolio manager at UBP which has $136 billion of assets under management.

Brexit Crisis

Sterling briefly shot as low as $1.1450 on October 7, 2016, during a so-called 'flash crash' in Asian trading that lasted only for a few minutes. But otherwise, the fall under Johnson has brought it close to the 32-year lows struck in late 2016 and early 2017.

On entering Downing Street on Wednesday, Johnson set up a showdown with the EU by vowing to negotiate a new deal and threatening that, if the bloc refused, he would take Britain out on October 31 without a deal to limit economic dislocation.

Irish government bond yield spreads over Germany hit their widest levels in over a month on Tuesday, as worries grow over the potential impact of a no-deal Brexit on Ireland.

Many investors say a no-deal Brexit would send shock waves through the world economy, tip Britain's economy into a recession, roil financial markets and weaken London's position as the pre-eminent international financial centre.

Supporters of Brexit say that while there would be some short-term difficulties, the disruption of a no-deal Brexit has been overplayed and that in the long-term, the United Kingdom would thrive if it left the European Union.

Johnson was expected to tell Welsh farmers on Tuesday they will get a better deal after Brexit, part of a countrywide tour to win support for his "do or die" pledge to leave the European Union by October 31.

Prime Minister Boris Johnson promised on Tuesday to lead Britain out of the European Union on October 31 "no matter what" as sterling tumbled and Ireland warned that the bloc would not be renegotiating the thrice defeated divorce deal.

Prime Minister Boris Johnson promised on Tuesday to lead Britain out of the European Union on October 31 "no matter what" as sterling tumbled and Ireland warned that the bloc would not be renegotiating the thrice defeated divorce deal. The British pound fell on Tuesday as investors bet Johnson's Brexit brinkmanship could trigger a messy divorce that would sow chaos through the world economy and financial markets. Sterling crashed through trading barriers, falling to an intraday low of $1.2120 in shallower overnight Asian trade, the lowest since March 2017. The pound has lost 3.6 cents since Johnson was named Britain's new prime minister a week ago. "The prime minister made clear that the UK will be leaving the EU on October 31, no matter what," Johnson's Downing Street office said in a statement about a phone call with Irish Prime Minister Leo Varadkar. Johnson demanded again that one of the most hotly contested elements of the Brexit divorce agreement - the Irish border backstop - would have to be struck out if there was to be a deal. "The prime minister made clear that the government will approach any negotiations which take place with determination and energy and in a spirit of friendship, and that his clear preference is to leave the EU with a deal, but it must be one that abolishes the backstop," Downing Street said. The backstop is a provision in the deal that would require Britain to obey some EU rules if no other way can be found to keep the land border open between British-ruled Northern Ireland and EU member Ireland. Johnson rejects it as "undemocratic". Ireland said the backstop was necessary because of the positions Britain had taken in earlier talks, and that the EU would not renegotiate the Withdrawal Agreement struck by former Prime Minister Theresa May. "The Taoiseach explained that the EU was united in its view that the Withdrawal Agreement could not be reopened," the Irish government said. "Alternative arrangements could replace the backstop in the future... but thus far satisfactory options have yet to be identified and demonstrated," the Irish government said. Ever since the 2016 EU referendum, the pound has gyrated to the rhetoric of the Brexit divorce: after the result was announced, it had the biggest one-day fall since the era of free-floating exchange rates was introduced in the early 1970s. Since the 2016 vote, sterling has now lost 28 cents. It was trading at $1.2177 at 1230 GMT. It also fell sharply against the euro and the Japanese yen. "We see little chance of Brexit fears calming in the near-term, and if anything will likely escalate further as we head closer to the October 31st deadline," said Mohammed Kazmi, a portfolio manager at UBP which has $136 billion of assets under management. Brexit Crisis Sterling briefly shot as low as $1.1450 on October 7, 2016, during a so-called 'flash crash' in Asian trading that lasted only for a few minutes. But otherwise, the fall under Johnson has brought it close to the 32-year lows struck in late 2016 and early 2017. On entering Downing Street on Wednesday, Johnson set up a showdown with the EU by vowing to negotiate a new deal and threatening that, if the bloc refused, he would take Britain out on October 31 without a deal to limit economic dislocation. Irish government bond yield spreads over Germany hit their widest levels in over a month on Tuesday, as worries grow over the potential impact of a no-deal Brexit on Ireland. Many investors say a no-deal Brexit would send shock waves through the world economy, tip Britain's economy into a recession, roil financial markets and weaken London's position as the pre-eminent international financial centre. Supporters of Brexit say that while there would be some short-term difficulties, the disruption of a no-deal Brexit has been overplayed and that in the long-term, the United Kingdom would thrive if it left the European Union. Johnson was expected to tell Welsh farmers on Tuesday they will get a better deal after Brexit, part of a countrywide tour to win support for his "do or die" pledge to leave the European Union by October 31.

Brexit 'no matter what', Prime Minister Johnson promises as sterling falls

Sterling hit a two-year low on Monday as Prime Minister Boris Johnson's government said it now assumed there would be a <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/no-deal-brexit-had-become-a-serious-possibility-cbi-chief-carolyn-fairbairn-239206&amp;sa=U&amp;ved=2ahUKEwi9xcXFitrjAhVO7mEKHQlcAkYQFjABegQIDxAC&amp;usg=AOvVaw07JQut3Vw9Gy2-8QTnDxFn">no-deal Brexit</a> because a "stubborn" European Union was refusing to renegotiate their divorce.

Many investors say a no-deal Brexit would send shock waves through the world economy, tip Britain's economy into a recession, roil financial markets and weaken London's position as the pre-eminent international financial centre.

The pound, which was trading at $1.50 on the day of the 2016 referendum, dropped 0.4% to $1.2325, the lowest level since March 2017.

Johnson bets that the threat of a no-deal Brexit will persuade the EU's biggest powers - Germany and France - to agree to revise the divorce deal that Theresa May agreed to last November but failed three times to push through the British parliament.

The 27 other EU members, though, say publicly and privately that the divorce settlement - including the Irish border backstop - is not up for barter. Many EU diplomats say an election is highly likely.

"There must be some change from the EU and if the EU is not willing to move at all we must be ready to give the country some finality," <a href="https://www.wionews.com/world/iran-should-respect-international-laws-britains-foreign-minister-239218">Foreign Secretary Dominic Raab</a> said, adding that London was "turbo-charging" no-deal preparations.

Raab said the United Kingdom wanted a deal but repeatedly cast the bloc as "stubborn". Asked if he was threatening the EU - whose $15.9 trillion economy is nearly six times that of the United Kingdom's - Raab said: "I am not doing any threatening."

Hedge funds increased their net short sterling positions to the highest level in nearly a year. And in a sign investors are scrambling for protection against currency swings around the time of the October 31 exit, three-month implied volatility surged to a four-month high.

Johnson has told EU leaders he will sit down for Brexit talks when they indicate they are ready to shift on the divorce deal, otherwise Britain will prepare for leaving without a deal, his spokeswoman said on Monday.

Our&nbsp;Union

Differences over Brexit have strained the bonds that tie the United Kingdom. While the country voted 52-48 to leave in 2016, Scotland and Northern Ireland voted to stay in the EU while Wales and England vote to leave.

The question of the unification of Ireland and British-ruled Northern Ireland will inevitably arise if Britain leaves the European Union without a divorce deal on October 31, Irish Prime Minister Leo Varadkar said.

Varadkar also suggested that a so-called hard Brexit could undermine Scotland's place in the United Kingdom.

Johnson makes his first visit to Scotland as prime minister on Monday, as his Conservative Party's leader there said she would refuse to support a no-deal Brexit.

"Our Union is the most successful political and economic union in history. We are a global brand and together we are safer, stronger and more prosperous," Johnson said in a statement ahead of the visit.

"So as we prepare for our bright future after Brexit, it's vital we renew the ties that bind our United Kingdom."

Johnson's promise to deliver Brexit, with or without a deal, has put him at odds with some in his party who oppose a "no-deal" exit - including its Scottish leader Ruth Davidson.

Gordon Brown, a Scot and a former prime minister, said this month that Johnson could be the United Kingdom's last prime minister as he could be on a collision course with Scottish nationalists.

Last week, Scotland's nationalist leader Nicola Sturgeon wrote to Johnson telling him his Brexit plans would hurt the Scottish economy and that she would continue preparations for a second independence referendum.

Sterling hit a two-year low on Monday as Prime Minister Boris Johnson's government said it now assumed there would be a no-deal Brexit because a "stubborn" European Union was refusing to renegotiate their divorce.

Sterling hit a two-year low on Monday as Prime Minister Boris Johnson's government said it now assumed there would be a no-deal Brexit because a "stubborn" European Union was refusing to renegotiate their divorce. Many investors say a no-deal Brexit would send shock waves through the world economy, tip Britain's economy into a recession, roil financial markets and weaken London's position as the pre-eminent international financial centre. The pound, which was trading at $1.50 on the day of the 2016 referendum, dropped 0.4% to $1.2325, the lowest level since March 2017. Johnson bets that the threat of a no-deal Brexit will persuade the EU's biggest powers - Germany and France - to agree to revise the divorce deal that Theresa May agreed to last November but failed three times to push through the British parliament. The 27 other EU members, though, say publicly and privately that the divorce settlement - including the Irish border backstop - is not up for barter. Many EU diplomats say an election is highly likely. "There must be some change from the EU and if the EU is not willing to move at all we must be ready to give the country some finality," Foreign Secretary Dominic Raab said, adding that London was "turbo-charging" no-deal preparations. Raab said the United Kingdom wanted a deal but repeatedly cast the bloc as "stubborn". Asked if he was threatening the EU - whose $15.9 trillion economy is nearly six times that of the United Kingdom's - Raab said: "I am not doing any threatening." Hedge funds increased their net short sterling positions to the highest level in nearly a year. And in a sign investors are scrambling for protection against currency swings around the time of the October 31 exit, three-month implied volatility surged to a four-month high. Johnson has told EU leaders he will sit down for Brexit talks when they indicate they are ready to shift on the divorce deal, otherwise Britain will prepare for leaving without a deal, his spokeswoman said on Monday. Our Union Differences over Brexit have strained the bonds that tie the United Kingdom. While the country voted 52-48 to leave in 2016, Scotland and Northern Ireland voted to stay in the EU while Wales and England vote to leave. The question of the unification of Ireland and British-ruled Northern Ireland will inevitably arise if Britain leaves the European Union without a divorce deal on October 31, Irish Prime Minister Leo Varadkar said. Varadkar also suggested that a so-called hard Brexit could undermine Scotland's place in the United Kingdom. Johnson makes his first visit to Scotland as prime minister on Monday, as his Conservative Party's leader there said she would refuse to support a no-deal Brexit. "Our Union is the most successful political and economic union in history. We are a global brand and together we are safer, stronger and more prosperous," Johnson said in a statement ahead of the visit. "So as we prepare for our bright future after Brexit, it's vital we renew the ties that bind our United Kingdom." Johnson's promise to deliver Brexit, with or without a deal, has put him at odds with some in his party who oppose a "no-deal" exit - including its Scottish leader Ruth Davidson. Gordon Brown, a Scot and a former prime minister, said this month that Johnson could be the United Kingdom's last prime minister as he could be on a collision course with Scottish nationalists. Last week, Scotland's nationalist leader Nicola Sturgeon wrote to Johnson telling him his Brexit plans would hurt the Scottish economy and that she would continue preparations for a second independence referendum.

UK plays hardball with 'stubborn' European Union, pound tumbles to a 28-month low on Brexit woes

Brewing <a href="https://www.wionews.com/business-economy/asia-stocks-higher-ahead-of-fed-pound-pressured-by-fresh-brexit-pain-239341">no-deal Brexit</a> worries sent the pound sinking towards a two-year low versus the euro and roughed up Irish bonds on Tuesday, while stock markets wilted before what is expected to be the first cut in rates since the financial crisis.

Europe's markets suffered a stormy start as the pound followed its worst day of the year with another 0.5% swoon against all the major currencies.

A blizzard of fiery talk on Monday that included the new UK Prime Minister Boris Johnson called his predecessor's Brexit plans dead and its new foreign minister labelling the European Union "stubborn" kept the slide intact.

<a href="https://www.wionews.com/world/uk-plays-brexit-hardball-with-stubborn-european-union-pound-falls-to-a-two-year-low-239235">Sterling fell</a> as far as $1.2120, which was its lowest against the dollar since March 2017, and to 91.85 pence per euro, the weakest since September 2017.

Options markets were pointing to more pain too. Three-month implied volatility, a contract that expires just before the October&nbsp;31 Brexit deadline, jumped to over 11 vols, the highest since before March 29, the original date for Britain to leave the European Union.

"The pound is in a very precarious state, it is as simple as that," said TD Securities' European head of currency strategy Ned Rumpeltin.

"We are now in a different regime," he said, referring to Johnson's explicit agenda of taking Britain out of the EU, whether or not transitional trading agreements are in place.

It was not just sterling reeling either.

Irish government bond yield spreads over Germany hit their widest levels in over a month at 24 basis points, on worries about the damage a no-deal Brexit would do to Ireland's economy.

Other eurozone government bond yields were holding near recent lows ahead of the Federal Reserve meeting which is expected to deliver a 25 basis point rate cut on Wednesday and potentially signal more on the way.

Germany's 10-year government bond yield was hovering near the minus 0.40% mark.

European shares slipped as grim forecasts from German chemicals and drugs giant Bayer and airline Lufthansa soured sentiment, although the weakness of the pound kept London's blue-chip FTSE index just about out of the red.

With concerns about global growth still bubbling among investors, a GfK survey also showed German consumer morale worsening for the third month in a row heading into August as trade disputes bit in Europe's biggest exporter.

"Most markets are down this morning," said Simona Gambarini, a markets economist at Capital Economics. "The S&amp;P closed lower yesterday. We have a few data releases regarding the eurozone that could push equity prices down but I think everyone is waiting for the Fed meeting."

Aussie Gold

Asia had been a bit more positive overnight.

Japan's Nikkei rose 0.4%, showing a limited reaction to the Bank of Japan's widely anticipated decision to stand pat on monetary policy. Shanghai rose 0.3% and Hong Kong's Hang Seng edged up 0.2%.

Australian stocks stole the glory again though with another record high, as buoyant mining shares added to tech-driven gains the previous day.

The BOJ added that it would ease policy again "without hesitation" if the economy loses momentum for achieving the central bank's 2% inflation target.

Also drawing some attention were US-China trade negotiations which begin in Shanghai on Tuesday, although expectations for progress during the two-day meeting are low with the markets hoping the two sides can at least detail commitments for "goodwill" gestures.

Among commodities, crude oil prices extended the previous day's gains, with the Fed's expected easing fuelling optimism that it would boost the economy and fuel demand in the world's biggest oil consumer.

US crude futures were up 0.65% at $57.24 per barrel and Brent crude added 0.6% to $64.09. Gold was down 0.1% at $1,425 per ounce.

Brewing no-deal Brexit worries sent the pound sinking towards a two-year low versus the euro and roughed up Irish bonds on Tuesday, while stock markets wilted before what is expected to be the first cut in rates since the financial crisis.

Brewing no-deal Brexit worries sent the pound sinking towards a two-year low versus the euro and roughed up Irish bonds on Tuesday, while stock markets wilted before what is expected to be the first cut in rates since the financial crisis. Europe's markets suffered a stormy start as the pound followed its worst day of the year with another 0.5% swoon against all the major currencies. A blizzard of fiery talk on Monday that included the new UK Prime Minister Boris Johnson called his predecessor's Brexit plans dead and its new foreign minister labelling the European Union "stubborn" kept the slide intact. Sterling fell as far as $1.2120, which was its lowest against the dollar since March 2017, and to 91.85 pence per euro, the weakest since September 2017. Options markets were pointing to more pain too. Three-month implied volatility, a contract that expires just before the October 31 Brexit deadline, jumped to over 11 vols, the highest since before March 29, the original date for Britain to leave the European Union. "The pound is in a very precarious state, it is as simple as that," said TD Securities' European head of currency strategy Ned Rumpeltin. "We are now in a different regime," he said, referring to Johnson's explicit agenda of taking Britain out of the EU, whether or not transitional trading agreements are in place. It was not just sterling reeling either. Irish government bond yield spreads over Germany hit their widest levels in over a month at 24 basis points, on worries about the damage a no-deal Brexit would do to Ireland's economy. Other eurozone government bond yields were holding near recent lows ahead of the Federal Reserve meeting which is expected to deliver a 25 basis point rate cut on Wednesday and potentially signal more on the way. Germany's 10-year government bond yield was hovering near the minus 0.40% mark. European shares slipped as grim forecasts from German chemicals and drugs giant Bayer and airline Lufthansa soured sentiment, although the weakness of the pound kept London's blue-chip FTSE index just about out of the red. With concerns about global growth still bubbling among investors, a GfK survey also showed German consumer morale worsening for the third month in a row heading into August as trade disputes bit in Europe's biggest exporter. "Most markets are down this morning," said Simona Gambarini, a markets economist at Capital Economics. "The S&P closed lower yesterday. We have a few data releases regarding the eurozone that could push equity prices down but I think everyone is waiting for the Fed meeting." Aussie Gold Asia had been a bit more positive overnight. Japan's Nikkei rose 0.4%, showing a limited reaction to the Bank of Japan's widely anticipated decision to stand pat on monetary policy. Shanghai rose 0.3% and Hong Kong's Hang Seng edged up 0.2%. Australian stocks stole the glory again though with another record high, as buoyant mining shares added to tech-driven gains the previous day. The BOJ added that it would ease policy again "without hesitation" if the economy loses momentum for achieving the central bank's 2% inflation target. Also drawing some attention were US-China trade negotiations which begin in Shanghai on Tuesday, although expectations for progress during the two-day meeting are low with the markets hoping the two sides can at least detail commitments for "goodwill" gestures. Among commodities, crude oil prices extended the previous day's gains, with the Fed's expected easing fuelling optimism that it would boost the economy and fuel demand in the world's biggest oil consumer. US crude futures were up 0.65% at $57.24 per barrel and Brent crude added 0.6% to $64.09. Gold was down 0.1% at $1,425 per ounce.

Stormy sterling sinks again, stocks wilt before Fed

A group of Iranians living in the United Kingdom rallied in central London on Saturday (July 27) calling for tougher sanctions against the Iranian regime. Several hundred demonstrators protested, waved signs and flags and chanted in Trafalgar Square. The National Council of Resistance of Iran group, which organized the demonstration, is calling for the UK to take on a tougher stance as tensions between the West and Iran continue to grow. The group also called on the Iranian Revolutionary Guards, the Iranian Ministry of Intelligence and the Iranian supreme leader Ali Khamenei's office to be listed as terrorist entities by the United Kingdom, a press release stated. Member of Parliament for Hendon, Matthew Offord, who attended the rally said he was using it as an opportunity to send a message to new British Prime Minister Boris Johnson.

Iranians demonstrate in central London, calling for sanctions against regime

Hundreds of demonstrators gathered in central London on July 24 to protest against Britain's newly appointed Prime Minister Boris Johnson. Watch this video to know more.

Protests against UK PM Boris Johnson, protesters reject new UK PM

Boris Johnson's use of 'verbal flamboyance' unique, linguists say

Thousands of anti-Brexit protesters took to the streets of London in a 'No to Boris, Yes to Europe' march on Saturday (July 20). Colorful banners and European Union flags filled the streets, with crowds singing and chanting as they marched towards Parliament Square. The protesters are calling for a second referendum, while some saying they want a complete stop to the Brexit process. The European Union is preparing to offer Boris Johnson, the favorite to be Britain's next prime minister, a no-deal Brexit extension beyond October 31, the Guardian newspaper reported on Friday (July 19). Brexit without a divorce deal would abruptly wrench the world's fifth-largest economy away from the bloc. Critics say this would undermine global growth, buffet financial markets and weaken London's position as the pre-eminent international financial centre. Britain is yet to leave the EU, more than three years after the country voted by 52% to 48% in a referendum to leave the bloc.

Thousands protest in London, say 'No to Boris, Yes to Europe’

British foreign secretary Jeremy Hunt is the other candidate left in the race to replace Prime Minister Theresa May, alongside the fervent Brexit campaigner Boris Johnson who is odds-on favourite to win next month.

Hunt in final days of battle with Johnson to become UK

Outgoing British Prime Minister <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/sports/free-from-brexit-burden-pm-theresa-may-watches-england-vs-south-africa-world-cup-match-222792&amp;sa=U&amp;ved=2ahUKEwi64oSDu7njAhWa7HMBHeduBTMQFjABegQIEBAC&amp;usg=AOvVaw15MyZDQYk2o7MVFQEeICrE">Theresa May</a> on Tuesday told her top ministers to keep engaging with businesses over <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/pro-brexit-meps-turn-backs-at-european-anthem-in-european-parliament-232506&amp;sa=U&amp;ved=2ahUKEwjIpcflurnjAhXKsY8KHaHSAfsQFjAAegQIBhAC&amp;usg=AOvVaw205L7JO00I5SR-Zm2aU1Wq">Brexit</a>, and that firms expect her successor to keep up infrastructure investment and continue developing an industrial strategy.

"The PM noted the resilience of the economy despite the uncertainty of recent years and the importance for the government to keep engaging intensely with business as we approach and after we leave the European Union," May's spokeswoman said.

The comments came as May reported the findings of her meetings with different business groups in recent months, and just over a week before she hands over power to a new prime minister.

"She said there had been a common theme of messaging from businesses which included further investment in infrastructure outside London and the South East, and further support for the industrial strategy," May's spokeswoman said.

"Businesses expect these proposals to be reflected in future policy initiatives."

Later on Tuesday, May is due to meet business leaders from the industrial, infrastructure and manufacturing sectors - one of five consultation groups she set up in November last year to try to improve relations with business over Brexit.

Outgoing British Prime Minister Theresa May on Tuesday told her top ministers to keep engaging with businesses over Brexit, and that firms expect her successor to keep up infrastructure investment and continue developing an industrial strategy.

Outgoing British Prime Minister Theresa May on Tuesday told her top ministers to keep engaging with businesses over Brexit, and that firms expect her successor to keep up infrastructure investment and continue developing an industrial strategy. "The PM noted the resilience of the economy despite the uncertainty of recent years and the importance for the government to keep engaging intensely with business as we approach and after we leave the European Union," May's spokeswoman said. The comments came as May reported the findings of her meetings with different business groups in recent months, and just over a week before she hands over power to a new prime minister. "She said there had been a common theme of messaging from businesses which included further investment in infrastructure outside London and the South East, and further support for the industrial strategy," May's spokeswoman said. "Businesses expect these proposals to be reflected in future policy initiatives." Later on Tuesday, May is due to meet business leaders from the industrial, infrastructure and manufacturing sectors - one of five consultation groups she set up in November last year to try to improve relations with business over Brexit.

Keep talking to businesses as Brexit nears: UK PM May

Cricket fans celebrated England's maiden win in the Cricket World Cup at the Oval on Monday.England beat New Zealand on Sunday in a nail-biting final that went into a super over.Watch full video to know more.

England win maiden men's World Cup title at Lord's

Britain is not seeking to escalate the situation with Iran, foreign minister Jeremy Hunt said on Friday, as tensions continue between London and Tehran over a seized Iranian tanker and the passage of vessels through the Strait of Hormuz.

Relations between Iran and the West have been increasingly strained after Britain seized an Iranian tanker in Gibraltar and London said the British Heritage, operated by oil company BP, had been approached by Iranian vessels in the strait between Iran and the Arabian peninsula.

"We are reacting to what is happening in a measured and careful way and we are being clear to Iran that we are not seeking to escalate this situation," Jeremy Hunt told Sky News.

Britain is not seeking to escalate the situation with Iran, foreign minister Jeremy Hunt said on Friday, as tensions continue between London and Tehran over a seized Iranian tanker and the passage of vessels through the Strait of Hormuz.

Britain is not seeking to escalate the situation with Iran, foreign minister Jeremy Hunt said on Friday, as tensions continue between London and Tehran over a seized Iranian tanker and the passage of vessels through the Strait of Hormuz. Relations between Iran and the West have been increasingly strained after Britain seized an Iranian tanker in Gibraltar and London said the British Heritage, operated by oil company BP, had been approached by Iranian vessels in the strait between Iran and the Arabian peninsula. "We are reacting to what is happening in a measured and careful way and we are being clear to Iran that we are not seeking to escalate this situation," Jeremy Hunt told Sky News.

UK says it does not want to increase tension with Iran

<a href="https://www.wionews.com/india-news/switzerland-steps-up-process-to-share-banking-information-11-indians-get-notices-in-a-day-221821">Reinsurance group Swiss Re</a> has suspended plans for a &nbsp;4.1 billion dollar initial public offering (IPO) of British life insurer ReAssure, which was set to start trading in London on Thursday, citing weak demand from institutional investors.

The cancellation comes as global share listings hit their lowest level in three years in the first six months, with a prolonged slowdown in Europe.

Listings that did go ahead, such as Volkswagen's truckmaker Traton, were cut in volume and priced at the low end of expectations.

Reuters reported on Wednesday that Swiss Re was considering postponing or restructuring the London listing due to limited investor appetite.

A Swiss Re spokeswoman said the Zurich-based group was not at present considering re-starting the IPO process for ReAssure this year but long-term options remained open.

Chief Financial Officer John Dacey said the group still intended to reduce its ownership in ReAssure.

"There has been no pressing need for Swiss Re to divest shares at a price that we consider to be unrepresentative of ReAssure's value and prospects," he added.

Swiss Re shares were indicated at 0.4 per cent lower in pre-market activity.

Under the flotation plans, Swiss Re would have cut its stake in ReAssure to below 50 per cent from 75 per cent now. Japan's MS&amp;AD Insurance Group Holdings intended to keep its holding at 25 per cent.

Swiss Re had set a price range of 2.80 to 3.30 pounds per share for ReAssure, Britain's sixth-largest life insurer, valuing it at up to 3.3 billion pounds ($4.14 billion).

Swiss Re wanted to spin off ReAssure to put the business under a more favourable regulatory regime and give it easier access to capital to fund its expansion.

It hired Credit Suisse, Morgan Stanley, and UBS to work as joint global coordinators, while BNP Paribas and HSBC acted as joint book runners.

($1 = 0.7980 pounds)

Reinsurance group Swiss Re has suspended plans for a 4.1 billion dollar initial public offering (IPO) of British life insurer ReAssure, which was set to start trading in London on Thursday, citing weak demand from institutional investors.

Reinsurance group Swiss Re has suspended plans for a 4.1 billion dollar initial public offering (IPO) of British life insurer ReAssure, which was set to start trading in London on Thursday, citing weak demand from institutional investors. The cancellation comes as global share listings hit their lowest level in three years in the first six months, with a prolonged slowdown in Europe. Listings that did go ahead, such as Volkswagen's truckmaker Traton, were cut in volume and priced at the low end of expectations. Reuters reported on Wednesday that Swiss Re was considering postponing or restructuring the London listing due to limited investor appetite. A Swiss Re spokeswoman said the Zurich-based group was not at present considering re-starting the IPO process for ReAssure this year but long-term options remained open. Chief Financial Officer John Dacey said the group still intended to reduce its ownership in ReAssure. "There has been no pressing need for Swiss Re to divest shares at a price that we consider to be unrepresentative of ReAssure's value and prospects," he added. Swiss Re shares were indicated at 0.4 per cent lower in pre-market activity. Under the flotation plans, Swiss Re would have cut its stake in ReAssure to below 50 per cent from 75 per cent now. Japan's MS&AD Insurance Group Holdings intended to keep its holding at 25 per cent. Swiss Re had set a price range of 2.80 to 3.30 pounds per share for ReAssure, Britain's sixth-largest life insurer, valuing it at up to 3.3 billion pounds ($4.14 billion). Swiss Re wanted to spin off ReAssure to put the business under a more favourable regulatory regime and give it easier access to capital to fund its expansion. It hired Credit Suisse, Morgan Stanley, and UBS to work as joint global coordinators, while BNP Paribas and HSBC acted as joint book runners. ($1 = 0.7980 pounds)

Swiss Re puts off $4 billion ReAssure IPO amid weak demand

<a href="https://www.wionews.com/world/europe-needs-to-find-candidate-to-head-imf-france-233585">Bank of England governor Mark Carney</a> on Thursday gave outgoing IMF chief Christine Lagarde his warm support as she heads to the <a href="https://www.wionews.com/world/european-central-bank-chief-draghi-brushes-off-donald-trumps-charge-of-currency-manipulation-228456">European Central Bank</a>, but evaded questions about whether he wants to succeed her.

The Canadian is due to end his posting in London at the end of January and has been judged by bookmakers as an early favorite to take over at the International Monetary Fund once Lagarde is confirmed at the Frankfurt-based ECB.

"I do want to take the opportunity to praise the role that Christine Lagarde has played and the leadership she's played at the IMF," Carney told a news conference marking the publication of the BoE's latest Financial Stability Report.

He said it had been an "absolute privilege" to serve as head of Britain's central bank, but declined to go further on what the future might hold.

The process to pick a new IMF managing director "should be open, transparent and merit-based, so there'll come a time when that process launches, and that's probably the right time to answer that question."

Carney also holds British and Irish passports, so would qualify to replace Lagarde under an arrangement whereby a European leads the IMF and an American the World Bank.&nbsp;

That convention has come under strain in recent years from developing economies demanding a greater say at the Washington-based institutions, although the American David Malpass was elected unopposed in April to head the World Bank.

Lagarde is leaving the IMF two years ahead of schedule after European Union leaders, at a summit this month, nominated her to succeed Mario Draghi as ECB president.&nbsp;

Draghi himself has been mentioned as a possible pick at the IMF. Other names in the mix include Bank of France governor Francois Villeroy de Galhau, EU finance commissioner Pierre Moscovici of France, and former British finance minister George Osborne.

Bank of England governor Mark Carney on Thursday gave outgoing IMF chief Christine Lagarde his warm support as she heads to the European Central Bank, but evaded questions about whether he wants to succeed her.

Bank of England governor Mark Carney on Thursday gave outgoing IMF chief Christine Lagarde his warm support as she heads to the European Central Bank, but evaded questions about whether he wants to succeed her. The Canadian is due to end his posting in London at the end of January and has been judged by bookmakers as an early favorite to take over at the International Monetary Fund once Lagarde is confirmed at the Frankfurt-based ECB. "I do want to take the opportunity to praise the role that Christine Lagarde has played and the leadership she's played at the IMF," Carney told a news conference marking the publication of the BoE's latest Financial Stability Report. He said it had been an "absolute privilege" to serve as head of Britain's central bank, but declined to go further on what the future might hold. The process to pick a new IMF managing director "should be open, transparent and merit-based, so there'll come a time when that process launches, and that's probably the right time to answer that question." Carney also holds British and Irish passports, so would qualify to replace Lagarde under an arrangement whereby a European leads the IMF and an American the World Bank. That convention has come under strain in recent years from developing economies demanding a greater say at the Washington-based institutions, although the American David Malpass was elected unopposed in April to head the World Bank. Lagarde is leaving the IMF two years ahead of schedule after European Union leaders, at a summit this month, nominated her to succeed Mario Draghi as ECB president. Draghi himself has been mentioned as a possible pick at the IMF. Other names in the mix include Bank of France governor Francois Villeroy de Galhau, EU finance commissioner Pierre Moscovici of France, and former British finance minister George Osborne.

Bank of England boss dodges International Monetary Fund speculation

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