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City and pound slide as Osborne fails to slay Brexit dragon
So much for the British finance minister’s calming words. George Osborne broke his post- Brexit silence on Monday to assure the markets that Britain was ready for the challenges ahead and was in good shape to overcome them. This was...
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Britain loses its triple A credit rating as pound plunges
Uncertainty over when and even if Britain is leaving the EU hammered London’s financial markets on Monday. At one point sterling hit at 31 year low against the dollar, falling to just 1.31 dollars. In all forty billion dollars has been...
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Nigel Farage causes ruckus at EU general assembly
'Well I have to say, you're not laughing now, are you?'
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Standard & Poor’s strips UK of AAA credit rating
Britain’s economic standing has suffered a further blow with the ratings agency Standard & Poor’s stripping the UK of its last remaining AAA credit rating. It was reduced to AA, and was the first time S&P had chopped an AAA-rated...
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ECB’s Draghi focuses on monetary policy alignment rather than Brexit
Despite all the Brexit turmoil the European Central Bank head Mario Draghi had nothing to say about it in a major speech at an ECB forum in Sintra, Portugal on Tuesday. He stuck to his prepared text on how central banks should align...
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UK’s Cameron faces EU leaders after Brexit vote
Some in Brussels say that David Cameron was never very much in love with Europe. But now the British Prime Minister is preparing the country he leads for a divorce from the EU. Cameron announced that he would step down on Friday, just...
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The EU is finished after Brexit vote, says UKIP’s Farage
UKIP leader Nigel Farage said on Tuesday that the EU is “dead” and predicted that more countries would hold referendums on their membership of the 28-member bloc. Speaking in an interview with Danish television, the MEP said that the EU...
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UK PM Cameron bows out at ‘final EU summit’
British Prime Minister David Cameron has bowed out of his final Eu summit by urging his successor to forge strong ties with the bloc. “This is a sad night for me,” says Cameron. “I threw myself in, head, heart and soul. And I didn’t...
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Europe launches reform “reflection” after Brexit shock
Hoping to stave off a broader political crisis after Britain’s shock decision to leave the EU, European leaders agreed on Wednesday to spend the next nine months developing proposals for an overhaul of the bloc amid deep divisions...
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European share bounce back continues, weaker dollar helps the pound
The bounce back continues for Europe’s stock markets. London was a particular standout; Britain’s FTSE 100 index of leading company shares closed up 3.58 percent, at its highest level since April on Wednesday having recovered all its...
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Brexit: EU correspondents weigh in on UK referendum
More than 1,000 journalists were in Brussels on Tuesday to cover what is likely to be British Prime Minister David Cameron’s final EU summit. Efi Koutsokosta spoke to some of them to see how the UK’s vote to leave the EU was being seen...
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Birdy takes wing and summer tours new album “Beautiful Lies”
Birdy seems to have been around forever, the British singer surging into the limelight at the tender age of 14 with a cover of Bon Iver’s “Skinny Love”, and a voice that seemed especially well-suited for taking other people’s songs and...
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George Soros says Brexit can lead to positives for Europe
Billionaire investor and philanthropist George Soros has given his view of what happens now to Europe after the Brexit vote. Addressing the European Parliament in Brussels, he warned Europe’s banking system will be “severely tested” but...
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Bank of England flags up summer stimulus to counter Brexit effects
The Bank of England’s Governor Mark Carney has said more stimulus will probably been needed for the UK economy over the summer to counter the effects of Brexit. The financial markets expect the British central bank’s Monetary Policy...
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S&P cuts European Union’s credit rating
Standard & Poor’s has cut its long-term credit rating on the European Union to ‘AA’ from ‘AA+’. The ratings agency said it was doing that because of concerns about the unity of the bloc after Britain’s decision to leave. “Revenue...
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Easyjet ‘seeking air operator certificate outside Britain after Brexit’
British airline easyJet has reportedly started the process to get an air operator certificate in a different European Union country after the Brexit vote. That would give the low-cost carrier a legal base in another country and the right...
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British, US and European bond yields tumble on the prospect of lower interest rates
The amount of interest Britain is having to offer to investors in its government bonds has fallen to a record low. That is because the financial markets believe central banks will now have to cut interest rates and print money to buy...
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State of the Union: UK-Russia war of words hits fever pitch
In this edition of State of the Union, the UK-Russia war of words reaches fever pitch in the wake of the poisoning of a former spy in England and Putin’s recent election win. It’s also on the minds of EU leaders as they meet for a summit...
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Big job cuts in Britain’s oil and gas sector
As many as 120,000 workers will have lost their jobs in Britain’s oil and gas sector by the end of the year, according to the industry’s lobby group. Oil and Gas UK said that would mean a 25 percent fall in the workforce since mid-2014...
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Michael Moore invades Europe in bid to make America great again
Where to Invade Next is Michael Moore’s recipe on how he can America be better. In the writer and director’s first movie in six years, he playfully visits various countries as a one-man “invader” with the idea of pinching their best bits...
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Brexit – good or bad for British tourism?
The two sides in the referendum over whether Britain stays in the European Union are arguing about every aspect of the decision and the effects it will have on the UK’s economy. Tourism is one area which the remain camp says will be hit...
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Asian and European shares tumble over Brexit fears
Fears that Britain looks set to leave the European Union has sent jitters through the financial Markets. Asian and European shares fell sharply and the pound hit an eight-week low. The latest opinion polls show the ‘Leave’ camp with a...
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Markets fear major turbulence if UK votes ‘Leave’
The world’s major financial institutions, including Citi and Goldman Sachs, are to call in senior traders to work through the night following the Brexit vote. The immediate aftermath of the referendum is set to be the most volatile 24...
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UK jobless levels lowest since 2005
Unemployment in the UK has fallen to its lowest levels since 2005, according to the latest figures. The number out of work fell to 1.67m from February to April that is 20,000 down on the last quarter. Unemployment in NW fell by 2,000 in...