British Conservative lawmaker Stephen Crabb pulled out of the race to be the next prime minister on Tuesday and endorsed front-runner Theresa May as the list of candidates was reduced to three.

Crabb, 43, withdrew after he came fourth out of five in the first round of voting, securing support from just 34 out of 330 Conservative lawmakers.

Interior minister Theresa May secured 165 votes, ahead of Andrea Leadsom and Michael Gove. Liam Fox, who finished last, was eliminated from the contest earlier in the evening.

&quot;I&#39;ll be lending my wholehearted support to Theresa May,&quot; Crabb said, describing her as the only candidate who could unite the party and lead a strong and cohesive government. 
 
(Reuters)

He secured support from 34 out of 330 Conservative lawmakers. The list for UK prime ministerial candidates has now been reduced to three

British Conservative lawmaker Stephen Crabb pulled out of the race to be the next prime minister on Tuesday and endorsed front-runner Theresa May as the list of candidates was reduced to three. Crabb, 43, withdrew after he came fourth out of five in the first round of voting, securing support from just 34 out of 330 Conservative lawmakers. Interior minister Theresa May secured 165 votes, ahead of Andrea Leadsom and Michael Gove. Liam Fox, who finished last, was eliminated from the contest earlier in the evening. "I'll be lending my wholehearted support to Theresa May," Crabb said, describing her as the only candidate who could unite the party and lead a strong and cohesive government. (Reuters)

UK PM candidate Stephen Crabb withdraws from race, endorses May

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

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

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

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

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

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

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

Asian markets extend rally on central bank hopes

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

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

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

Thousands of Londoners gather, protest agains Brexit

The number of hate crimes reported to British police online, including some assaults, has increased by more than 500 per cent in the week after the country voted to leave the European Union (EU), a senior police chief said on Thursday. 
 
The number of hate crimes reported to police through its online portal - one of several ways incidents can be reported - was 331 since the vote, compared with a weekly average of 63, said Sara Thornton, chair of the National Police Chiefs&#39; Council. 
 
The increase supports anecdotal evidence of abuse towards Muslims and Eastern Europeans following the referendum, in which concern about immigration drove many people to vote to leave the 28-country EU. 
 
&quot;I have been shocked and disgusted at some of the cases of racial or anti-immigrant abuse that have been reported this week,&quot; Thornton said in a statement posted online. 
 
&quot;Migrants are reporting verbal abuse, negative social media commentary including xenophobic language, anti-migrant leafleting and, in very limited numbers, physical assaults,&rdquo; the statement added.&nbsp; 
 
Critics accuse some in the &quot;Leave&quot; campaign of stoking xenophobia and racism, as part of a message that leaving the EU would allow Britain to stop uncontrolled immigration, which many Britons blame for putting pressure on jobs and public services. 
 
Thornton said all British police forces would now be asked to provide weekly data on such crimes to build a clear picture of the scale of the problem. 
 
On Wednesday, Prime Minister David Cameron promised to clamp down on hate crime after a number of lawmakers expressed concern about reported incidents in their regions. The issue was also raised at a meeting of EU leaders in Brussels. 
 
The government has promised extra funding to tackle hate crime, to improve reporting of offences and to provide security at potentially vulnerable institutions. 
 
A week before the vote, opposition Labour lawmaker Jo Cox, a strong supporter of remaining in the EU, was shot and stabbed to death in her constituency in northern England. 
 
(Reuters)&nbsp;

'Migrants are reporting verbal abuse, xenophobic language, anti-migrant leafleting,' says England's National Police Chiefs' Council chair

The number of hate crimes reported to British police online, including some assaults, has increased by more than 500 per cent in the week after the country voted to leave the European Union (EU), a senior police chief said on Thursday. The number of hate crimes reported to police through its online portal - one of several ways incidents can be reported - was 331 since the vote, compared with a weekly average of 63, said Sara Thornton, chair of the National Police Chiefs' Council. The increase supports anecdotal evidence of abuse towards Muslims and Eastern Europeans following the referendum, in which concern about immigration drove many people to vote to leave the 28-country EU. "I have been shocked and disgusted at some of the cases of racial or anti-immigrant abuse that have been reported this week," Thornton said in a statement posted online. "Migrants are reporting verbal abuse, negative social media commentary including xenophobic language, anti-migrant leafleting and, in very limited numbers, physical assaults,” the statement added. Critics accuse some in the "Leave" campaign of stoking xenophobia and racism, as part of a message that leaving the EU would allow Britain to stop uncontrolled immigration, which many Britons blame for putting pressure on jobs and public services. Thornton said all British police forces would now be asked to provide weekly data on such crimes to build a clear picture of the scale of the problem. On Wednesday, Prime Minister David Cameron promised to clamp down on hate crime after a number of lawmakers expressed concern about reported incidents in their regions. The issue was also raised at a meeting of EU leaders in Brussels. The government has promised extra funding to tackle hate crime, to improve reporting of offences and to provide security at potentially vulnerable institutions. A week before the vote, opposition Labour lawmaker Jo Cox, a strong supporter of remaining in the EU, was shot and stabbed to death in her constituency in northern England. (Reuters)

After Brexit, hate crimes reported to police online up by over 500%

Expressing regret and sadness over Britain&#39;s decision to leave the European Union (EU), Prime Minister David Cameron said on Tuesday the country would not turn its back on Europe and would instead build the strongest ties it could. 
 
At what he said would be his last EU summit, Cameron told a news conference that as a democrat he had accepted the will of the people and other leaders had also respected the choice in a mood &quot;of sadness and regret&quot;. 
 
&quot;I threw myself in head, heart and soul to keep Britain in the European Union and I didn&#39;t succeed,&quot; he said. &quot;And when you lose you have to say right I&#39;ve lost that argument, I&#39;ve lost that ... debate and it&#39;s right to hand over to someone else who will take the country forward. 
 
&quot;Now of course I am sad about that, but frankly I&#39;m more concerned about Britain getting its relationship right with Europe.&quot; 
 
He stressed Britain would leave the European Union, seeking to quash suggestions it could avoid a Brexit or preserve access to the bloc&#39;s prized single market if it curbed flows of migrant workers from the EU. 
 
&quot;If you want the full benefits of the single market, you&#39;ll have to be part of every part of it,&quot; he said. 
 
(Reuters)&nbsp;

'Now of course I am sad about that, but frankly I'm more concerned about Britain getting its relationship right with Europe'

Expressing regret and sadness over Britain's decision to leave the European Union (EU), Prime Minister David Cameron said on Tuesday the country would not turn its back on Europe and would instead build the strongest ties it could. At what he said would be his last EU summit, Cameron told a news conference that as a democrat he had accepted the will of the people and other leaders had also respected the choice in a mood "of sadness and regret". "I threw myself in head, heart and soul to keep Britain in the European Union and I didn't succeed," he said. "And when you lose you have to say right I've lost that argument, I've lost that ... debate and it's right to hand over to someone else who will take the country forward. "Now of course I am sad about that, but frankly I'm more concerned about Britain getting its relationship right with Europe." He stressed Britain would leave the European Union, seeking to quash suggestions it could avoid a Brexit or preserve access to the bloc's prized single market if it curbed flows of migrant workers from the EU. "If you want the full benefits of the single market, you'll have to be part of every part of it," he said. (Reuters)

Cameron regretful after EU divorce, insists on building strongest ties

Britain&#39;s vote to leave the European Union may lead to further volatility in financial markets, finance minister George Osborne said on Monday, but &#39;world&#39;s fifth-biggest economy would cope with the challenge ahead&#39;, he asserted.&nbsp; 
 
Osborne, who was speaking publicly for the first time since Britain voted to leave the bloc on Thursday, said the government had put in place robust contingency plans and there was more action that it and the Bank of England could take. 
 
&quot;Our economy is about as strong as it could be to confront the challenge our country now faces,&quot; he told a news conference at Britain&#39;s finance ministry.&nbsp; 
 
 
Osborne to clarify his political future in coming days&nbsp; 
Osborne&#39;s future as finance minister has come under question after he was on the losing side in the referendum.&nbsp;During the campaign, he said he would have to raise taxes and cut spending in the event of a vote to leave the EU. 
 
On Monday, however, he said the government should wait until the successor to Prime Minister David Cameron is in place before deciding on how to change its fiscal plans in response to the expected slowdown in the economy. 
 
Cameron said on Friday he would stand down but would stay in the job until his successor was in place in October. 
 
&quot;There will be an adjustment in our economy because of the decision that the British people have taken,&quot; Osborne said. 
 
&quot;There will have to be action to deal with the impact on the public finances, but of course it&#39;s perfectly sensible to wait until we have a new prime minister to determine what that will look like,&quot; he said. 
 
Sterling, which fell more than 8 percent against the US dollar on Friday, trimmed some of its losses on Monday as Osborne spoke. 
 
Further, Osborne, who was once the favourite to succeed Cameron, said he would clarify his political future in the coming days. 
 
(Reuters)&nbsp; 
 
 
&nbsp;

Osborne said UK government should wait until David Cameron's successor is in place before deciding on how to change its fiscal plans

Britain's vote to leave the European Union may lead to further volatility in financial markets, finance minister George Osborne said on Monday, but 'world's fifth-biggest economy would cope with the challenge ahead', he asserted. Osborne, who was speaking publicly for the first time since Britain voted to leave the bloc on Thursday, said the government had put in place robust contingency plans and there was more action that it and the Bank of England could take. "Our economy is about as strong as it could be to confront the challenge our country now faces," he told a news conference at Britain's finance ministry. Osborne to clarify his political future in coming days Osborne's future as finance minister has come under question after he was on the losing side in the referendum. During the campaign, he said he would have to raise taxes and cut spending in the event of a vote to leave the EU. On Monday, however, he said the government should wait until the successor to Prime Minister David Cameron is in place before deciding on how to change its fiscal plans in response to the expected slowdown in the economy. Cameron said on Friday he would stand down but would stay in the job until his successor was in place in October. "There will be an adjustment in our economy because of the decision that the British people have taken," Osborne said. "There will have to be action to deal with the impact on the public finances, but of course it's perfectly sensible to wait until we have a new prime minister to determine what that will look like," he said. Sterling, which fell more than 8 percent against the US dollar on Friday, trimmed some of its losses on Monday as Osborne spoke. Further, Osborne, who was once the favourite to succeed Cameron, said he would clarify his political future in the coming days. (Reuters)

Economy strong enough to face Brexit vote, Osborne calls for patient approach

Brexit has apparently pushed the anxiety button in London as the British capital fears investors and bankers could flee the city after the nationwide vote arguably threatened its coveted reputation as a global financial hub. 
 
Some 60 percent of Londoners voted to stay in the EU in Thursday&#39;s historic referendum but the rest of the country cast their ballots overwhelmingly to leave.&nbsp; 
 
&#39;A fifth of all global banking activity takes place in London&#39;&nbsp; 
The capital&#39;s 8.6 million residents, whose GDP is about the same as that of oil-rich Norway, are anxious about the impact on the city&#39;s economy. The fear is that London will no longer be able to claim to serve as the gateway for US and Asian businesses into Europe&#39;s vast single market. 
 
&quot;Some firms that saw&nbsp;London&nbsp;as a platform for serving the integrated EU market will relocate at least part of their headquarters&#39; functions to other cities within the EU,&quot; said Greg Clark of the Brookings Institution. 
 
A first bank, US giant JP Morgan which employs around 16,000 staff in the United Kingdom, said Friday that it &quot;may need to make changes to our European legal entity structure and the location of some roles&quot;. 
 
It gave no figures, but chairman and chief executive Jamie Dimon previously said that up to 4,000 jobs could move out of the UK. 
 
According to ratings agency Standard and Poor&#39;s, a fifth of all global banking activity takes place in London.&nbsp;Speculations are rife that a haemorrhaging of bankers would hit the city. 
 
It may be also be underlined that the financial sector provides one in three jobs, or some 1.25 million. &nbsp;Services overall represent 85 percent of jobs, having completely supplanted manufacturing which historically was the driving force of the capital. 
 
&quot;Although we will be outside the EU, it is crucial that we remain part of the single market,&quot; pro-EU&nbsp;London&nbsp;Mayor Sadiq Khan said Friday. 
 
&quot;It is crucial that&nbsp;London&nbsp;has a voice at the table during those renegotiations,&quot; added the Labour mayor, who took over in May from Conservative Boris Johnson, who went on to spearhead the &quot;Leave&quot; camp. 
 
A petition for&nbsp;London&nbsp;to have independence from the United Kingdom and make an application to join the EU started partly as a stunt. 
 
But it highlighted deep concerns and had by Saturday evening garnered more than 150,000 signatures for a so-called &quot;Lexit&rdquo;.&nbsp; 
 
&#39;Net job losses may not be high&#39;&nbsp; 
Despite these&nbsp;fears, Clark of the Brookings Institution said that in the end &quot;the total number of net job losses in&nbsp;London&nbsp;may not be high, as corporations will re-organise rather than leave&quot;. 
 
&quot;London&nbsp;will remain a good location to service global markets,&quot; he added. 
 
The city, whose GDP grew by 3.3 percent last year against 2.3 percent for the whole country, remains well-placed: it speaks English, the international language of business, as well as being cosmopolitan and culturally rich. 
 
London&#39;s successful hosting of the 2012 Olympics, which saw huge investment notably in transport infrastructure, burnished its reputation as a global capital. 
 
Real estate on frontline 
If well-paid bankers and other expatriates flee London for Frankfurt, Paris or Dublin, a whole swathe of the economy which depends on higher spending power will suffer, from luxury real estate agencies to select private schools. 
 
The first sector to pay the price might be bricks and mortar. 
 
&quot;In our view the decision to leave the EU will be most keenly felt in the&nbsp;Londonhousing market which is fully valued and already facing headwinds,&quot; said real estate specialists Hometrack. 
 
&quot;History shows that external shocks have led to falls in turnover by as much as 20 percent,&quot; it added. 
 
That kind of slump could put downward pressure on prices, actually good news finally for many prospective buyers and renters in a city where homes have become increasingly unaffordable, and where prices have been rising by 13 percent a year. 
 
Seeking silver linings, Clark also points out another potential advantage. 
 
&quot;London&nbsp;will also present a diversification opportunity for investors who want to hedge against the EU,&quot; for example if another euro currency crisis hits, &quot;but be part of Europe&#39;s growth story&quot;, he said. 
 
&quot;London&nbsp;may even garner a &#39;first (EU) leaver&#39; advantage. The British pound has always served as a currency hedge for the euro, and this function may even strengthen it,&quot; he said.&nbsp; 
 
(AFP)&nbsp; 
&nbsp;

The fear is that?London?will no longer be able to claim to serve as the gateway for US and Asian businesses into Europe's vast single market

Brexit has apparently pushed the anxiety button in London as the British capital fears investors and bankers could flee the city after the nationwide vote arguably threatened its coveted reputation as a global financial hub. Some 60 percent of Londoners voted to stay in the EU in Thursday's historic referendum but the rest of the country cast their ballots overwhelmingly to leave. 'A fifth of all global banking activity takes place in London' The capital's 8.6 million residents, whose GDP is about the same as that of oil-rich Norway, are anxious about the impact on the city's economy. The fear is that London will no longer be able to claim to serve as the gateway for US and Asian businesses into Europe's vast single market. "Some firms that saw London as a platform for serving the integrated EU market will relocate at least part of their headquarters' functions to other cities within the EU," said Greg Clark of the Brookings Institution. A first bank, US giant JP Morgan which employs around 16,000 staff in the United Kingdom, said Friday that it "may need to make changes to our European legal entity structure and the location of some roles". It gave no figures, but chairman and chief executive Jamie Dimon previously said that up to 4,000 jobs could move out of the UK. According to ratings agency Standard and Poor's, a fifth of all global banking activity takes place in London. Speculations are rife that a haemorrhaging of bankers would hit the city. It may be also be underlined that the financial sector provides one in three jobs, or some 1.25 million. Services overall represent 85 percent of jobs, having completely supplanted manufacturing which historically was the driving force of the capital. "Although we will be outside the EU, it is crucial that we remain part of the single market," pro-EU London Mayor Sadiq Khan said Friday. "It is crucial that London has a voice at the table during those renegotiations," added the Labour mayor, who took over in May from Conservative Boris Johnson, who went on to spearhead the "Leave" camp. A petition for London to have independence from the United Kingdom and make an application to join the EU started partly as a stunt. But it highlighted deep concerns and had by Saturday evening garnered more than 150,000 signatures for a so-called "Lexit”. 'Net job losses may not be high' Despite these fears, Clark of the Brookings Institution said that in the end "the total number of net job losses in London may not be high, as corporations will re-organise rather than leave". "London will remain a good location to service global markets," he added. The city, whose GDP grew by 3.3 percent last year against 2.3 percent for the whole country, remains well-placed: it speaks English, the international language of business, as well as being cosmopolitan and culturally rich. London's successful hosting of the 2012 Olympics, which saw huge investment notably in transport infrastructure, burnished its reputation as a global capital. Real estate on frontline If well-paid bankers and other expatriates flee London for Frankfurt, Paris or Dublin, a whole swathe of the economy which depends on higher spending power will suffer, from luxury real estate agencies to select private schools. The first sector to pay the price might be bricks and mortar. "In our view the decision to leave the EU will be most keenly felt in the Londonhousing market which is fully valued and already facing headwinds," said real estate specialists Hometrack. "History shows that external shocks have led to falls in turnover by as much as 20 percent," it added. That kind of slump could put downward pressure on prices, actually good news finally for many prospective buyers and renters in a city where homes have become increasingly unaffordable, and where prices have been rising by 13 percent a year. Seeking silver linings, Clark also points out another potential advantage. "London will also present a diversification opportunity for investors who want to hedge against the EU," for example if another euro currency crisis hits, "but be part of Europe's growth story", he said. "London may even garner a 'first (EU) leaver' advantage. The British pound has always served as a currency hedge for the euro, and this function may even strengthen it," he said. (AFP)

Brexit effect: Possible hemorrhaging of bankers may hit London's long-booming economy?

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

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

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

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

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

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

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

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

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

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

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

Ireland anticipates damaging economic, political fallout after Brexit

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

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