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

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

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

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

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

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

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

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

Declared a proclaimed offender in a money laundering case and wanted in India, liquor baron Vijay Mallya was spotted at a book launch event at the London School of Economics this week that was attended by Indian High Commissioner Navtej Sarna, causing flutters back home. 
 
Social media was in a frenzy after it emerged that Sarna, who was one of the special guests at the event on Thursday evening to mark the launch of socialite Suhel Seth&#39;s new book, was also present at the event when the business tycoon arrived. 
 
As television news channels showed pictures of Sarna and Mallya in the hall where the event was held, questions were raised over the presence of the high commissioner at an event where a personality wanted by enforcement agencies in India was also present. 
 
While Suhel Seth contended that it was an open event at the LSE, where anyone could come because of the open invitation, Mallya was not invited to the high commission reception nor was he present. 
 
The Ministry of External Affairs (MEA) also got into the act when it issued a statement, saying Sarna left the event without waiting for the interactive session after he spotted Mallya. 
 
&quot;When the High Commissioner spotted Mallya in the audience he left the stage and venue immediately after making his comments and without waiting for the interactive session,&quot; the MEA said in the statement. 
 
The MEA said, &quot;there were two clear segments, the book launch by UK Minister Jo Johnson and discussion at LSE, and later a reception at the High Commission for select guests. 
 
&quot;The list of invitations for the LSE event was determined by LSE. They have written to the High Commissioner that Mallya was not on their list. They have also said that the event was advertised widely through social media and attendees were not required to register in advance. 
 
&quot;Mallya was certainly not an invitee to the reception at the High Commission for which the invitations were issued by the High Commission, and was not present.&quot; 
(PTI)&nbsp;

Questions are being raised after India's high commissioner and a man wanted by enforcement agencies appear in the same room on TV

Declared a proclaimed offender in a money laundering case and wanted in India, liquor baron Vijay Mallya was spotted at a book launch event at the London School of Economics this week that was attended by Indian High Commissioner Navtej Sarna, causing flutters back home. Social media was in a frenzy after it emerged that Sarna, who was one of the special guests at the event on Thursday evening to mark the launch of socialite Suhel Seth's new book, was also present at the event when the business tycoon arrived. As television news channels showed pictures of Sarna and Mallya in the hall where the event was held, questions were raised over the presence of the high commissioner at an event where a personality wanted by enforcement agencies in India was also present. While Suhel Seth contended that it was an open event at the LSE, where anyone could come because of the open invitation, Mallya was not invited to the high commission reception nor was he present. The Ministry of External Affairs (MEA) also got into the act when it issued a statement, saying Sarna left the event without waiting for the interactive session after he spotted Mallya. "When the High Commissioner spotted Mallya in the audience he left the stage and venue immediately after making his comments and without waiting for the interactive session," the MEA said in the statement. The MEA said, "there were two clear segments, the book launch by UK Minister Jo Johnson and discussion at LSE, and later a reception at the High Commission for select guests. "The list of invitations for the LSE event was determined by LSE. They have written to the High Commissioner that Mallya was not on their list. They have also said that the event was advertised widely through social media and attendees were not required to register in advance. "Mallya was certainly not an invitee to the reception at the High Commission for which the invitations were issued by the High Commission, and was not present." (PTI)

Mallya seen at book launch event attended by India's UK envoy

Appointing a new Dior creative director is a &quot;work in progress&quot;, the French fashion house`s chief executive said on Tuesday, with the luxury label still to name a head designer some six months after Raf Simons left to set up his own brand. 
 
Dior, one of the world`s most famous designer houses, announced Simons` surprise departure in October after some three years at the helm. An in-house creative team has been working on collections since. 
 
&quot;(It is a) work in progress, work in progress and we`re giving it a little bit of time,&quot; Chief Executive Sidney Toledano told Reuters. &quot;It`s an important position.&quot; 
 
Toledano was speaking at a preview for Dior`s new London boutique opening this week, a four-floor store selling clothes, accessories, children`s wear as well as a home collection. 
 
&quot;The UK market in London business for us is doing very well, we still have double digit growth,&quot; he said, adding however that last year`s Islamist militant attacks in Paris had hurt tourism and sales in France. 
 
&quot;...What happened in November had a real impact on the first quarter but still we will continue developing our presence in Paris. We have a five-year plan and in September we`ll open a new fine jewellery boutique.&quot; 
 
Dior also presented its cruise collection on Tuesday at Blenheim Palace near Oxford, Winston Churchill`s birthplace and where the label hosted fashion shows in 1954 and 1958. 
 
Cruise collections, originally designed for wealthy fashionistas holidaying on yachts or cruises during the winter months, are outfits produced by stylists on top of seasonal lines. 
 
Lucie Meier and Serge Ruffieux, who are leading Dior`s creative team, took inspiration from &quot;not only the post-war high society`s wardrobes but also the restlessness and wanderlust (that) characterized the period&quot;, according to show notes. 
 
Models, such as new Dior makeup ambassador Bella Hadid, strutted down the catwalk in tops, dresses and skirts adorned in floral as well as Asian and African prints and embroidery.&nbsp; 
 
Sleeves were voluminous and up to the elbow, worn with trousers flared and cut above the ankle or slim skirts.&nbsp; 
 
Dior`s signature Bar jacket, usually cinched at the waist, was slightly longer and covering hips, while its well-known bows were loosened to resemble scarves. Several outfits were layered, such as skirts over trousers.&nbsp;

Appointing a new Dior creative director is a "work in progress", the French fashion house`s chief executive said on Tuesday, with the luxury label still to name a head designer some six months after Raf Simons left to set up his own brand. Dior, one of the world`s most famous designer houses, announced Simons` surprise departure in October after some three years at the helm

Appointing a new Dior creative director is a "work in progress", the French fashion house`s chief executive said on Tuesday, with the luxury label still to name a head designer some six months after Raf Simons left to set up his own brand. Dior, one of the world`s most famous designer houses, announced Simons` surprise departure in October after some three years at the helm. An in-house creative team has been working on collections since. "(It is a) work in progress, work in progress and we`re giving it a little bit of time," Chief Executive Sidney Toledano told Reuters. "It`s an important position." Toledano was speaking at a preview for Dior`s new London boutique opening this week, a four-floor store selling clothes, accessories, children`s wear as well as a home collection. "The UK market in London business for us is doing very well, we still have double digit growth," he said, adding however that last year`s Islamist militant attacks in Paris had hurt tourism and sales in France. "...What happened in November had a real impact on the first quarter but still we will continue developing our presence in Paris. We have a five-year plan and in September we`ll open a new fine jewellery boutique." Dior also presented its cruise collection on Tuesday at Blenheim Palace near Oxford, Winston Churchill`s birthplace and where the label hosted fashion shows in 1954 and 1958. Cruise collections, originally designed for wealthy fashionistas holidaying on yachts or cruises during the winter months, are outfits produced by stylists on top of seasonal lines. Lucie Meier and Serge Ruffieux, who are leading Dior`s creative team, took inspiration from "not only the post-war high society`s wardrobes but also the restlessness and wanderlust (that) characterized the period", according to show notes. Models, such as new Dior makeup ambassador Bella Hadid, strutted down the catwalk in tops, dresses and skirts adorned in floral as well as Asian and African prints and embroidery. Sleeves were voluminous and up to the elbow, worn with trousers flared and cut above the ankle or slim skirts. Dior`s signature Bar jacket, usually cinched at the waist, was slightly longer and covering hips, while its well-known bows were loosened to resemble scarves. Several outfits were layered, such as skirts over trousers.

Dior says new designer ''work in progress''

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

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

Mallya seen at book launch event attended by India's UK envoy

Dior says new designer ''work in progress''