NewsBreak – Scottish High Court Rules U.K. Prorogation Unlawful

© Reuters.  © Reuters.

Investing.com – Three judges on the Scottish High Court ruled that U.K. Prime Minister’s Boris Johnson’s decision to suspend parliament is unlawful. An appeal is expected to be heard in the Supreme Court on Tuesday.

• rose 0.1% to 1.2356 as of 5:23 AM ET (9:23 GMT).

• fell 0.2% to 0.8921.

• The yield rose 5.5% to 0.674.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Forex News

Forex – Pound Little Changed; Boris Johnson Chosen as New U.K. Leader

© Reuters.  © Reuters.

Investing.com – The British pound was little changed against the U.S. dollar on Wednesday in Asia following news that Boris Johnson was chosen as the new U.K. leader.

The pair last traded at 1.2429 by 11:30 PM ET (03:30 GMT), down 0.04%.

Johnson, known for his hardline stance on Brexit, was named Prime Minister and leader of the Conservative Party. Johnson defeated Jeremy Hunt by a margin of 2 to 1.

Johnson said after the announcement on Tuesday that he would unite Britain.

“Like some slumbering giant we are going to rise and ping off the guy-ropes of self-doubt and negativity with better education, better infrastructure, more police, fantastic full-fiber broadband sprouting in every household. We are going to unite this amazing country and we are going to take it forward,” he told the audience.

“I know that there will be people around the place who will question the wisdom of your decision and there may be some people here who still wonder what they have done, and I will just point out to you that no one party, no party has a monopoly of wisdom.”

Johnson has recently insisted that the U.K. must leave the EU on Oct. 31 “do or die, come what may” despite widespread concern over a “no-deal” Brexit.

Meanwhile, the U.S. dollar surged towards four-week highs on Tuesday after U.S. President Donald Trump and Congress struck a deal to raise the debt ceiling, easing fears of the government defaulting.

The dollar was also supported by news that the officials from the U.S. and China will begin in-person trade talks sometime next week, although reports suggested that it could take months at the minimum to agree on a trade deal.

In other news, the International Monetary Fund reduced its global growth outlook for the second time this year.

The world economy will expand 3.2% this year and 3.5% next year, the fund said in its latest quarterly World Economic Outlook released Tuesday. Both rates were down 0.1% from the funds’ April projections.

“The projected growth pickup in 2020 is precarious, presuming stabilization in currently stressed emerging market and developing economies and progress toward resolving trade policy differences,” the IMF said.

“The principal risk factor to the global economy is that adverse developments – including further U.S.-China tariffs, U.S. auto tariffs, or a no-deal Brexit – sap confidence, weaken investment, dislocate global supply chains, and severely slow global growth below the baseline,” the IMF said.

The pair was near flat at 108.18.

The pair and the pair were down 0.3% and 0.1% respectively.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Forex News

Iran tried to block British vessel in Strait of Hormuz, U.K. says

Dubai, United Arab Emirates — Britain says three Iranian vessels unsuccessfully tried to impede the passage of a British commercial vessel through the Strait of Hormuz, but Tehran denies it.

The British government said in a statement Thursday that the Iranian vessels only turned away after receiving “verbal warnings” from a U.K. navy vessel, the Montrose, accompanying the commercial vessel British Heritage. The Montrose got between the Iranian vessels and the British Heritage, London said.

The statement added, “We are concerned by this action and continue to urge the Iranian authorities to de-escalate the situation in the region.” It said Iran’s vessels broke international law.

Trending News

But Iran’s Revolutionary Guard denied that there was a confrontation in the strait, saying if it had received orders to seize any ships it would have executed them immediately.

The semi-official Fars news agency carried a statement from the Guard’s navy early Thursday saying, “There were no clashes with alien boats, especially English boats.”

CBS News national security correspondent David Martin reports no shots were fired and the British Heritage continued on its way through the strait out of the Persian Gulf.

He said the British Heritage is a tanker and the Iranian vessels were fast boats.

A senior U.S. defense official told Martin he expects the British to escort all their tankers in and out of the Gulf.

The incident marked the latest escalation of tensions in the Persian Gulf over the 2015 nuclear deal between Iran and world powers, which the Trump administration abandoned last year.

Martin notes that Iran threatened to seize a tanker after British Royal Marines seized an Iranian supertanker off Gibraltar last week. The Iranian vessel was suspected of carrying oil to Syria in violation of Western sanctions. 

Let’s block ads! (Why?)

World – CBSNews.com

Throwing milkshakes as a political statement makes a splash in U.K.

U.K. protesters hurl milkshakes at pols

London — A warm welcome for British politician Nigel Farage took a cold turn at a campaign stop in England this week. The divisive Brexit Party leader was hit by a banana-and-salted-caramel milkshake.

He and his tailored suit became the latest target of “milkshaking,” a political statement making a splash in Britain. Protesters are targeting right-wing politicians on the campaign trail.

Brexit Party leader Nigel Farage gestures after being hit with a milkshake while arriving for a Brexit Party campaign event in Newcastle, Britain, May 20, 2019.
Brexit Party leader Nigel Farage gestures after being hit with a milkshake while arriving for a Brexit Party campaign event in Newcastle, Britain, May 20, 2019. Reuters/Scott Heppell

Controversial candidate Carl Benjamin has been hit four times in just a week. Far-right politician Tommy Robinson was attacked too, but fought back.

Trending News

Milkshaking has gained so much popularity on social media that fast-food chains are even weighing in. McDonald’s has made the decision to stop selling milkshakes when there’s a Brexit rally nearby.

Its competitor is taking a different approach. Burger King U.K. came under fire after tweeting, “Dear people of Scotland. We’re selling milkshakes all weekend. Have fun.”

But police aren’t laughing. They arrested Farage’s attacker and charged him with assault.

A man is detained by police after throwing a milkshake on Brexit Party leader Nigel Farage before a Brexit Party campaign event in Newcastle, Britain, May 20, 2019.
A man is detained by police after throwing a milkshake on Brexit Party leader Nigel Farage before a Brexit Party campaign event in Newcastle, Britain, May 20, 2019. Reuters/Scott Heppell

Spilled milk or not, Farage’s Brexit Party is set to do well in this week’s European elections, and milkshaking isn’t expected to stop any time soon. Another milkshake protest is being planned at a campaign event in northern England later this week.

Let’s block ads! (Why?)

World – CBSNews.com

U.K. talk show cancelled after guest’s reported suicide

jeremy-kyle-itv-80977493.jpg
Jeremy Kyle poses at the British Soap Awards at BBC Television Centre, May 3, 2008 in London, England.  Getty

London — British broadcaster ITV on Wednesday canceled a popular, long-running daytime talk show after the death of a guest who failed a lie-detector test during a recording. ITV chief executive Carolyn McCall said “The Jeremy Kyle Show” was being scrapped “given the gravity of recent events.”

The tabloid-style talk show, which had run for 14 years, was pulled after 63-year-old Steve Dymond was found dead at a home in Portsmouth, southern England, on May 9.

Media reported that he had killed himself. Police said the death was not suspicious, and a post-mortem will be held to determine the cause.

Trending News

On an episode filmed earlier this month, Dymond took a lie-detector test to convince his fiancee that he had not been unfaithful, but was told he had failed.

The episode has not been aired.

Dymond’s death has heightened concern in Britain about the stress put on people appearing on reality television and online shows, and program-makers’ duty to protect their guests.

It’s a debate that has raged, off and on, for close to two decades since Britain began making home-grown equivalents of sensationalist U.S. programs like “The Jerry Springer Show” and putting ordinary people under intense scrutiny on reality shows such as “Big Brother.”

ITV was already under pressure following the deaths of two former contestants, Sophie Gradon and Mike Thalassitis, on reality show “Love Island.” Gradon’s 2018 death was ruled a suicide at an inquest. An inquest has not yet been held for Thalassitis, who died in March.

Lawmaker Damian Collins, chairman of the House of Commons Digital, Culture, Media and Sport Committee, said the panel would discuss “what should be done to review the duty of care support for people appearing in reality TV shows” during a private meeting on Wednesday.

Simon Wessely, a former head of the Royal College of Psychiatrists, said shows like “Jeremy Kyle” were “the theatre of cruelty.”

“And yes, it might entertain a million people a day, but then again, so did Christians versus lions,” he said, alluding to the spectacle of Christians and other persecuted people being mauled by wild animals in the stadiums of the ancient Roman empire.

Let’s block ads! (Why?)

World – CBSNews.com

Forex – U.K. Lawmakers Vote for Brexit Delay; Pound Trims Losses

© Reuters. © Reuters.

Investing.com – Sterling fell Wednesday as U.K. lawmakers voted in favor of requesting a delay to Brexit beyond March 29 by a vote of 412 to 202.

traded at $ 1.3255 during the voting process, but trimmed losses just after the result.

Many are expecting lawmakers in Brussels to grant the U.K. a short delay to Brexit, but remain wary the EU could attached strings to an extension. EU leaders will be meeting on March 21 to discuss whether to grant the U.K. an extension to Brexit.

The length of an extension and the conditionality, if any, the EU attaches will determine the market response, senior economist at Aberdeen Standard Investments.

Ahead of the EU summit, Prime Minister Theresa May said she will make a third attempt to get her withdrawal deal through parliament in a vote on Tuesday. May’s withdrawal deal was voted down earlier this week and at a vote in January.

The vote to delay Brexit comes a day after the lawmakers voted to reject a no-deal Brexit under any circumstances.

In the run-up to the final vote, lawmakers voted to reject a series of amendments, the highlight of which was Labour MP’s Hilary Benn’s amendment, which would have allowed lawmakers to put forward alternative Brexit options, taking control of the process.

Labour MP Lucy Powell’s amendment, which specifies that Article 50 should only be extended until 30 June, was narrowly rejected.

Independent Group MP Sarah Wollaston’s amendment, which called for an extension of Article 50 to allow another referendum to take place, was rejected by 334 votes to 85.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Forex News

Dollar Rises After BoJ's Kuroda Talks Down Yen; ZEW, U.K. Jobs Data Eyed

© Reuters.  © Reuters.

Investing.com — The dollar was broadly flat against the euro and sterling in early trade in Europe Tuesday but rose against the yen after Bank of Japan Governor Haruhiko Kuroda said he was willing to take action to stop the currency rising too far.

At 03:00 AM ET (0800 GMT), the dollar was at 110.75 , up from an earlier low of 110.45.

Answering questions from lawmakers, said the BoJ would ramp up stimulus if a sharp rise in the yen hurt the economy and made it harder to reach the bank’s 2% inflation target.

The yen strengthened sharply at the end of last year as the collapse in risk appetite led traders to unwind carry trades funded in the Japanese currency. It had spent most of 2019 giving up those gains until turning up after last week’s shockingly weak U.S. economic data.

In Europe, the has continued its rise back above $ 1.13 in early trading ahead of a flood of data over the next few days that will show whether the slowdown has bottomed out or is getting worse. Tuesday’s data calendar is dominated by the German sentiment index, due at 5:00 AM ET (10:00 GMT).

The , which measures the greenback against a basket of currencies, weakened as the euro rose, and was at 96.672 by 3:40 AM ET (8:40 GMT).

The was little changed at $ 1.2929, ahead of the monthly from the Office for National Statistics, due at 4:30 AM (9:30 GMT).

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Forex News

Uncertainty mounts as U.K. leader seeks to delay key Brexit vote

LONDON — Prime Minister Theresa May reportedly decided on Monday to cancel a long-awaited parliamentary vote on the Brexit deal she struck with the European Union as she was heading for near-certain defeat. She was due to address parliament Monday and what happens next could open up a dizzying array of consequences that could increase volatility in global financial markets, especially for the British pound.

Failure to approve May’s deal could suggest Britain is one step closer to dropping out of the EU in March with no deal, a worst case scenario that most economic commentators, including the Bank of England, say would lead to a savage recession.

But it could also lead to scenarios under which the country remains close to — or even stays in — the EU.

With Tuesday’s vote expected to be canceled — though it remained unclear how, procedurally, May’s government might force a delay in the vote — she could seek to draft a new version with the EU and submit it for a parliamentary vote.

Parliament could coalesce around another Brexit deal that would see Britain retain very close links to the European single market. There could even be a second referendum on Britain’s exit from the EU.

“It is important to keep these scenarios in mind,” says said Erik Nelson, currency strategist at Wells Fargo Bank, as the risk to markets from Brexit “perhaps becomes even more acute in the coming days and weeks.”

Market reaction could guide the process

How markets react could itself influence the politics of Brexit by either striking fear of economic chaos in the hearts of British politicians or – in case of an immediate lack of volatility – encouraging them to take risks.

The prospect of financial Armageddon can be a big motivator for lawmakers. In October 2008, U.S. stock markets nosedived almost 10 percent in a day after Congress rejected a $ 700 billion financial bailout program, known as TARP. Days later, they approved it.

In Europe, Greece’s government came to power in 2015 with a declared mission to scrap the country’s bailout program and its tough economic measures. Fears that the country was going to have to ditch the euro currency almost led to a run on the banks, eventually leading the government to sign up to another onerous bailout.

Given the passions involved in the Brexit debate, it’s unclear how anyone will respond to financial chaos.

The pound will likely be at the forefront of any market reaction. It is the main indicator for international confidence in the British economy, as opposed to the FTSE 100 stock index, which is full of multinationals that make their money around the world.

The pound took the biggest hit in June 2016, when the country voted to leave the EU. It slid 15-20 percent against other major currencies – an immediate cut to the wealth of the British that stoked inflation by raising the price of imports. There’s concern that the pound could endure a similar drop if Britain crashes out of the EU without a deal. The Bank of England says it could fall toward 1-to-1 with the dollar. On Monday, it hit an 18-month low of $ 1.2628, down 0.8 percent on the day.

International markets could also be roiled if investors believe Britain will leave the EU without a deal. Among other things, such a scenario would see tariffs imposed on hundreds of billions of dollars in trade. Britain would drop out of Europe-wide agreements that govern area such as aviation and prescription drugs, threatening to ground flights and disrupt supplies of drugs. That would create huge uncertainties in a country and region that are home to many of the world’s biggest multinationals.

The market reaction will likely depend on what May does next and how British politicians react. That will all give investors clues as to whether a “no-deal” Brexit becomes more or less likely. And that may not be become clear for days, and possibly not until the new year.

Europe leaves door open for a turn-around

Hours before May’s government made it clear she hoped to delay the vote on her doomed proposal, a top European Union court made it clear that it wasn’t too late for Britain to change its mind, and that I could do so unilaterally.

The European Court of Justice ruled Monday that when an EU member country has notified its intent to leave, “that member state is free to revoke unilaterally that notification.”

Britain voted in 2016 to leave the 28-nation bloc, and invoked Article 50 of the EU’s Lisbon Treaty in March 2017, triggering a two-year exit process. Article 50 contains few details, in part because the idea of any country leaving was considered unlikely.

The Luxembourg-based ECJ said that given the absence of any exit provision in Article 50, countries are able to change their mind in line with their own constitutional arrangements and that such a move “reflects a sovereign decision.”

The British government is free to do so as long as no withdrawal agreement has entered force.

Let’s block ads! (Why?)

World – CBSNews.com

3 members of U.K. leader's cabinet quit in massive blow to Brexit plans

Last Updated Nov 15, 2018 5:23 AM EST

LONDON — The morning after the night before was shaping up to be a rough one for British Prime Minister Theresa May. On Wednesday night, she won her cabinet’s backing for her draft proposal on how the U.K. should pull out of the European Union. On Thursday morning, May’s Brexit secretary, the man who led her negotiating team in Brussels to hammer out that draft, quit. He said he could not “in good conscious support the terms” of the deal he helped to craft.

Dominic Raab, the second of May’s Brexit secretaries to quit the role in as many years, said the draft agreement reached with Brussels would effectively leave Britain beholden to the rules and regulations of the European Union and even give the EU the power to stop the U.K. from extricating itself down the road.

Two other members of May’s cabinet also resigned on Thursday morning, her Northern Ireland Secretary and the Work and Pensions Secretary. Both said they could not support the almost-600-page draft deal May presented on Wednesday.

It was a huge political backlash over the deal, which is considered insufficient by Brexit backers as well as those who wanted to remain in the EU. Parliament needs to approve the deal and it is unclear whether May has the numbers to push it through.  

The prime minister’s team, led by Raab, made some major concessions to the EU to achieve the deal: Britain, for example, would remain tied to the European Union’s customs union during a transition period, and potentially for much longer.

Raab said the agreement was unacceptable, and he could not support the so-called “back-stop” agreement in the draft, “where the EU holds a veto over our ability to exit” the EU.

“No democratic nation has ever signed up to be bound by such an extensive regime, imposed externally without any democratic control over the laws to be applied, nor the ability to decide to exit the arrangement,” Raab said.

The resignations were a huge blow to May.

“I cannot overstate the seriousness of the situation the prime minister now finds herself in,” the opposition Labour Party’s Shadow Brexit Secretary Keir Starmer told BBC News on Thursday. He said “now there will be very serious attention to, ‘what are the other alternatives.'”

“All options need to be on the table, and that includes of option of campaigning for another vote,” Starmer said, alluding to a growing movement in the U.K. public, and among lawmakers from all parties, for another public referendum on any Brexit proposal eventually finalized by parliament.

Calls are mounting — and fast, after May herself appeared to indicate on Wednesday night that Brexit wasn’t inevitable — for any hypothetical second referendum to include a “no Brexit” option.

After months saying the choice facing Britain was either accept her deal with the EU, or crash out of the Union on March 29 with a “no-deal” Brexit, May admitted Wednesday that it was still possible the U.K. could remain in the union, in spite of her vows to uphold the will of the public which voted in 2016 to leave it.

May was to address lawmakers later Thursday morning.  

The British pound fell sharply after Raab announced his resignation from the government.

The currency dropped 1 percent, a relatively large decline for an established currency, to $ 1.2870 within minutes of Raab’s tweet announcing he could not support the proposal.

© 2018 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

Let’s block ads! (Why?)

World – CBSNews.com